|
Financial Information for Tracking Stock Groups (Tables)
|
3 Months Ended |
|
Mar. 31, 2014
|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
March 31, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
|
|
Interactive
Group
|
|
Ventures Group |
|
Inter-group
eliminations
|
|
Consolidated
Liberty
|
|
amounts in millions |
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
682 |
|
|
802 |
|
|
— |
|
|
1,484 |
|
Trade and other receivables, net |
885 |
|
|
155 |
|
|
— |
|
|
1,040 |
|
Inventory, net |
1,213 |
|
|
— |
|
|
— |
|
|
1,213 |
|
Short term marketable securities |
— |
|
|
682 |
|
|
— |
|
|
682 |
|
Other current assets |
248 |
|
|
21 |
|
|
(159 |
) |
|
110 |
|
Total current assets |
3,028 |
|
|
1,660 |
|
|
(159 |
) |
|
4,529 |
|
Investments in available-for-sale securities and other cost investments (note 2) |
4 |
|
|
1,466 |
|
|
— |
|
|
1,470 |
|
Investments in affiliates, accounted for using the equity method (note 3) |
362 |
|
|
882 |
|
|
— |
|
|
1,244 |
|
Property and equipment, net |
1,203 |
|
|
69 |
|
|
— |
|
|
1,272 |
|
Intangible assets not subject to amortization, net |
8,393 |
|
|
5,290 |
|
|
— |
|
|
13,683 |
|
Intangible assets subject to amortization, net |
1,498 |
|
|
854 |
|
|
— |
|
|
2,352 |
|
Other assets, at cost, net of accumulated amortization |
92 |
|
|
20 |
|
|
— |
|
|
112 |
|
Total assets |
$ |
14,580 |
|
|
10,241 |
|
|
(159 |
) |
|
24,662 |
|
Liabilities and Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Intergroup payable (receivable) (note 7) |
$ |
50 |
|
|
(50 |
) |
|
— |
|
|
— |
|
Accounts payable |
650 |
|
|
74 |
|
|
— |
|
|
724 |
|
Accrued liabilities |
651 |
|
|
95 |
|
|
— |
|
|
746 |
|
Current portion of debt (note 4) |
36 |
|
|
947 |
|
|
— |
|
|
983 |
|
Deferred tax liabilities |
— |
|
|
1,056 |
|
|
(159 |
) |
|
897 |
|
Other current liabilities |
176 |
|
|
60 |
|
|
— |
|
|
236 |
|
Total current liabilities |
1,563 |
|
|
2,182 |
|
|
(159 |
) |
|
3,586 |
|
Long-term debt (note 4) |
5,251 |
|
|
1,357 |
|
|
— |
|
|
6,608 |
|
Deferred income tax liabilities |
1,151 |
|
|
1,680 |
|
|
— |
|
|
2,831 |
|
Other liabilities |
197 |
|
|
74 |
|
|
— |
|
|
271 |
|
Total liabilities |
8,162 |
|
|
5,293 |
|
|
(159 |
) |
|
13,296 |
|
Equity/Attributed net assets (liabilities) |
6,306 |
|
|
527 |
|
|
— |
|
|
6,833 |
|
Noncontrolling interests in equity of subsidiaries |
112 |
|
|
4,421 |
|
|
— |
|
|
4,533 |
|
Total liabilities and equity |
$ |
14,580 |
|
|
10,241 |
|
|
(159 |
) |
|
24,662 |
|
|
| Condensed Income Statement |
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
Interactive Group |
|
Ventures Group |
|
Consolidated Liberty |
|
amounts in millions |
Revenue: |
|
|
|
|
|
Net retail sales |
$ |
2,447 |
|
|
— |
|
|
2,447 |
|
Other revenue |
— |
|
|
281 |
|
|
281 |
|
Total revenue |
2,447 |
|
|
281 |
|
|
2,728 |
|
Operating costs and expenses: |
|
|
|
|
|
Cost of sales |
1,566 |
|
|
— |
|
|
1,566 |
|
Operating, including stock-based compensation (note 5) |
217 |
|
|
48 |
|
|
265 |
|
Selling, general and administrative, including stock-based compensation (note 5) |
257 |
|
|
132 |
|
|
389 |
|
Depreciation and amortization |
163 |
|
|
69 |
|
|
232 |
|
|
2,203 |
|
|
249 |
|
|
2,452 |
|
Operating income (loss) |
244 |
|
|
32 |
|
|
276 |
|
Other income (expense): |
|
|
|
|
|
Interest expense |
(77 |
) |
|
(22 |
) |
|
(99 |
) |
Share of earnings (losses) of affiliates, net (note 3) |
21 |
|
|
(23 |
) |
|
(2 |
) |
Realized and unrealized gains (losses) on financial instruments, net |
1 |
|
|
(26 |
) |
|
(25 |
) |
Other, net |
1 |
|
|
7 |
|
|
8 |
|
|
(54 |
) |
|
(64 |
) |
|
(118 |
) |
Earnings (loss) before income taxes |
190 |
|
|
(32 |
) |
|
158 |
|
Income tax benefit (expense) |
(70 |
) |
|
22 |
|
|
(48 |
) |
Net earnings (loss) |
120 |
|
|
(10 |
) |
|
110 |
|
Less net earnings (loss) attributable to noncontrolling interests |
10 |
|
|
18 |
|
|
28 |
|
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders |
$ |
110 |
|
|
(28 |
) |
|
82 |
|
STATEMENT OF OPERATIONS INFORMATION
Three months ended March 31, 2013
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
Interactive Group |
|
Ventures Group |
|
Consolidated Liberty |
|
amounts in millions |
Revenue: |
|
|
|
|
|
Net retail sales |
$ |
2,434 |
|
|
— |
|
|
2,434 |
|
Other revenue |
— |
|
|
230 |
|
|
230 |
|
Total revenue |
2,434 |
|
|
230 |
|
|
2,664 |
|
Operating costs and expenses: |
|
|
|
|
|
Cost of sales |
1,553 |
|
|
— |
|
|
1,553 |
|
Operating |
208 |
|
|
36 |
|
|
244 |
|
Selling, general and administrative, including stock-based compensation (note 5) |
260 |
|
|
106 |
|
|
366 |
|
Depreciation and amortization |
153 |
|
|
77 |
|
|
230 |
|
|
2,174 |
|
|
219 |
|
|
2,393 |
|
Operating income (loss) |
260 |
|
|
11 |
|
|
271 |
|
Other income (expense): |
|
|
|
|
|
|
|
Interest expense |
(84 |
) |
|
(27 |
) |
|
(111 |
) |
Share of earnings (losses) of affiliates, net (note 3) |
16 |
|
|
(27 |
) |
|
(11 |
) |
Realized and unrealized gains (losses) on financial instruments, net |
13 |
|
|
(86 |
) |
|
(73 |
) |
Other, net |
(40 |
) |
|
2 |
|
|
(38 |
) |
|
(95 |
) |
|
(138 |
) |
|
(233 |
) |
Earnings (loss) from continuing operations before income taxes |
165 |
|
|
(127 |
) |
|
38 |
|
Income tax benefit (expense) |
(58 |
) |
|
73 |
|
|
15 |
|
Net earnings (loss) |
107 |
|
|
(54 |
) |
|
53 |
|
Less net earnings (loss) attributable to noncontrolling interests |
12 |
|
|
14 |
|
|
26 |
|
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders |
$ |
95 |
|
|
(68 |
) |
|
27 |
|
|
| Condensed Cash Flow Statement |
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2014
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
Interactive
Group
|
|
Ventures Group |
|
Consolidated
Liberty
|
|
amounts in millions |
Cash flows from operating activities: |
|
|
|
|
|
Net earnings (loss) |
$ |
120 |
|
|
(10 |
) |
|
110 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
163 |
|
|
69 |
|
|
232 |
|
Stock-based compensation |
24 |
|
|
18 |
|
|
42 |
|
Cash payments for stock based compensation |
(3 |
) |
|
(1 |
) |
|
(4 |
) |
Excess tax benefit from stock-based compensation |
(8 |
) |
|
(11 |
) |
|
(19 |
) |
Share of losses (earnings) of affiliates, net |
(21 |
) |
|
23 |
|
|
2 |
|
Cash receipts from return on equity investments |
5 |
|
|
5 |
|
|
10 |
|
Realized and unrealized gains (losses) on financial instruments, net |
(1 |
) |
|
26 |
|
|
25 |
|
Deferred income tax (benefit) expense |
(49 |
) |
|
2 |
|
|
(47 |
) |
Other, net |
1 |
|
|
— |
|
|
1 |
|
Intergroup tax allocation |
50 |
|
|
(50 |
) |
|
— |
|
Intergroup tax payment |
(225 |
) |
|
225 |
|
|
— |
|
Changes in operating assets and liabilities |
|
|
|
|
|
Current and other assets |
178 |
|
|
(33 |
) |
|
145 |
|
Payables and other current liabilities |
(59 |
) |
|
88 |
|
|
29 |
|
Net cash provided (used) by operating activities |
175 |
|
|
351 |
|
|
526 |
|
Cash flows from investing activities: |
|
|
|
|
|
Cash proceeds from dispositions |
— |
|
|
25 |
|
|
25 |
|
Investments in and loans to cost and equity investees |
— |
|
|
(18 |
) |
|
(18 |
) |
Capital expended for property and equipment |
(41 |
) |
|
(47 |
) |
|
(88 |
) |
Purchases of short-term and other marketable securities |
— |
|
|
(310 |
) |
|
(310 |
) |
Sales of short term and other marketable securities |
— |
|
|
165 |
|
|
165 |
|
Other investing activities, net |
(10 |
) |
|
2 |
|
|
(8 |
) |
Net cash provided (used) by investing activities |
(51 |
) |
|
(183 |
) |
|
(234 |
) |
Cash flows from financing activities: |
|
|
|
|
|
Borrowings of debt |
1,551 |
|
|
2 |
|
|
1,553 |
|
Repayments of debt |
(1,347 |
) |
|
(15 |
) |
|
(1,362 |
) |
Intergroup receipts (payments), net |
2 |
|
|
(2 |
) |
|
— |
|
Repurchases of Liberty common stock |
(213 |
) |
|
— |
|
|
(213 |
) |
Minimum withholding taxes on net settlements of stock-based compensation |
(6 |
) |
|
(20 |
) |
|
(26 |
) |
Excess tax benefit from stock-based compensation |
8 |
|
|
11 |
|
|
19 |
|
Other financing activities, net |
(35 |
) |
|
— |
|
|
(35 |
) |
Net cash provided (used) by financing activities |
(40 |
) |
|
(24 |
) |
|
(64 |
) |
Net increase (decrease) in cash and cash equivalents |
84 |
|
|
144 |
|
|
228 |
|
Cash and cash equivalents at beginning of period |
598 |
|
|
658 |
|
|
1,256 |
|
Cash and cash equivalents at end period |
$ |
682 |
|
|
802 |
|
|
1,484 |
|
STATEMENT OF CASH FLOWS INFORMATION
Three months ended March 31, 2013
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Attributed (note 1) |
|
|
|
Interactive
Group
|
|
Ventures Group |
|
Consolidated
Liberty
|
|
amounts in millions |
Cash flows from operating activities: |
|
|
|
|
|
Net earnings (loss) |
$ |
107 |
|
|
(54 |
) |
|
53 |
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
153 |
|
|
77 |
|
|
230 |
|
Stock-based compensation |
24 |
|
|
18 |
|
|
42 |
|
Cash payments for stock based compensation |
(2 |
) |
|
(1 |
) |
|
(3 |
) |
Excess tax benefits on stock-based compensation |
(3 |
) |
|
— |
|
|
(3 |
) |
Share of losses (earnings) of affiliates, net |
(16 |
) |
|
27 |
|
|
11 |
|
Cash receipts from return on equity investments |
4 |
|
|
3 |
|
|
7 |
|
Realized and unrealized gains (losses) on financial instruments, net |
(13 |
) |
|
86 |
|
|
73 |
|
Deferred income tax (benefit) expense |
(27 |
) |
|
(192 |
) |
|
(219 |
) |
Other, net |
11 |
|
|
— |
|
|
11 |
|
Intergroup tax allocation |
41 |
|
|
(41 |
) |
|
— |
|
Changes in operating assets and liabilities |
|
|
|
|
|
Current and other assets |
259 |
|
|
(53 |
) |
|
206 |
|
Payables and other current liabilities |
(390 |
) |
|
82 |
|
|
(308 |
) |
Net cash provided (used) by operating activities |
148 |
|
|
(48 |
) |
|
100 |
|
Cash flows from investing activities: |
|
|
|
|
|
Cash proceeds from dispositions |
— |
|
|
37 |
|
|
37 |
|
Investments in and loans to cost and equity investees |
— |
|
|
(38 |
) |
|
(38 |
) |
Capital expended for property and equipment |
(50 |
) |
|
(9 |
) |
|
(59 |
) |
Purchases of short-term and other marketable securities |
— |
|
|
(707 |
) |
|
(707 |
) |
Sales of short term and other marketable securities |
— |
|
|
49 |
|
|
49 |
|
Other investing activities, net |
(30 |
) |
|
(6 |
) |
|
(36 |
) |
Net cash provided (used) by investing activities |
(80 |
) |
|
(674 |
) |
|
(754 |
) |
Cash flows from financing activities: |
|
|
|
|
|
Borrowings of debt |
1,383 |
|
|
4 |
|
|
1,387 |
|
Repayments of debt |
(1,251 |
) |
|
(452 |
) |
|
(1,703 |
) |
Excess tax benefit from stock-based compensation |
3 |
|
|
— |
|
|
3 |
|
Minimum withholding taxes on net settlements of stock-based compensation |
(5 |
) |
|
(6 |
) |
|
(11 |
) |
Intergroup receipts (payments), net |
2 |
|
|
(2 |
) |
|
— |
|
Repurchases of Liberty common stock |
(252 |
) |
|
— |
|
|
(252 |
) |
Other financing activities, net |
(37 |
) |
|
— |
|
|
(37 |
) |
Net cash provided (used) by financing activities |
(157 |
) |
|
(456 |
) |
|
(613 |
) |
Effect of foreign currency rates on cash |
(23 |
) |
|
— |
|
|
(23 |
) |
Net increase (decrease) in cash and cash equivalents |
(112 |
) |
|
(1,178 |
) |
|
(1,290 |
) |
Cash and cash equivalents at beginning of period |
699 |
|
|
1,961 |
|
|
2,660 |
|
Cash and cash equivalents at end period |
$ |
587 |
|
|
783 |
|
|
1,370 |
|
|