UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2019
OR
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number 001-35707
LIBERTY MEDIA CORPORATION
(Exact name of Registrant as specified in its charter)
|
State of Delaware |
|
37-1699499 |
|
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
|
|
|
|
|
12300 Liberty Boulevard
|
|
80112 |
|
(Address of principal executive offices) |
|
(Zip Code) |
Registrant's telephone number, including area code: (720) 875-5400
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
Trading Symbol |
Name of each exchange on which registered |
|
|
Series A Liberty SiriusXM Common Stock |
LSXMA |
The Nasdaq Stock Market LLC |
|
|
Series B Liberty SiriusXM Common Stock |
LSXMB |
The Nasdaq Stock Market LLC |
|
|
Series C Liberty SiriusXM Common Stock |
LSXMK |
The Nasdaq Stock Market LLC |
|
|
Series A Liberty Braves Common Stock |
BATRA |
The Nasdaq Stock Market LLC |
|
|
Series C Liberty Braves Common Stock |
BATRK |
The Nasdaq Stock Market LLC |
|
|
Series A Liberty Formula One Common Stock |
FWONA |
The Nasdaq Stock Market LLC |
|
|
Series C Liberty Formula One Common Stock |
FWONK |
The Nasdaq Stock Market LLC |
|
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer ☒ |
|
Accelerated filer ☐ |
|
Non-accelerated filer ☐ |
|
Smaller reporting company ☐ |
|
Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ☒
The number of outstanding shares of Liberty Media Corporation's common stock as of April 30, 2019 was:
|
|
|
|
|
|
|
|
|
|
|
|
Series A |
|
Series B |
|
Series C |
|
|
Liberty SiriusXM common stock |
|
|
|
|
|
|
|
|
Liberty Braves common stock |
|
|
|
|
|
|
|
|
Liberty Formula One common stock |
|
|
|
|
|
|
|
I-2
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(unaudited)
|
|
March 31, 2019 |
|
December 31, 2018 |
|
|
|
|
amounts in millions |
|
|||
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
633 |
|
358 |
|
|
Trade and other receivables, net |
|
728 |
|
364 |
|
|
Other current assets |
|
371 |
|
360 |
|
|
Total current assets |
|
1,732 |
|
1,082 |
|
|
Investments in debt and equity securities (note 7) |
|
787 |
|
1,278 |
|
|
Investments in affiliates, accounted for using the equity method (note 8) |
|
1,641 |
|
1,641 |
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
3,562 |
|
3,765 |
|
|
Accumulated depreciation |
|
(1,357) |
|
(1,296) |
|
|
|
|
2,205 |
|
2,469 |
|
|
Intangible assets not subject to amortization (note 9): |
|
|
|
|
|
|
Goodwill |
|
19,927 |
|
18,386 |
|
|
FCC licenses |
|
8,600 |
|
8,600 |
|
|
Other |
|
1,405 |
|
1,074 |
|
|
|
|
29,932 |
|
28,060 |
|
|
Intangible assets subject to amortization, net (note 9) |
|
6,367 |
|
5,715 |
|
|
Other assets |
|
1,246 |
|
583 |
|
|
Total assets |
$ |
43,910 |
|
40,828 |
|
|
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
1,347 |
|
1,116 |
|
|
Current portion of debt |
|
13 |
|
17 |
|
|
Deferred revenue |
|
2,499 |
|
2,079 |
|
|
Other current liabilities |
|
102 |
|
32 |
|
|
Total current liabilities |
|
3,961 |
|
3,244 |
|
|
Long-term debt, including $2,664 million and $2,487 million measured at fair value at March 31, 2019 and December 31, 2018, respectively (note 10) |
|
14,026 |
|
13,371 |
|
|
Deferred income tax liabilities |
|
1,750 |
|
1,651 |
|
|
Other liabilities |
|
978 |
|
864 |
|
|
Total liabilities |
|
20,715 |
|
19,130 |
|
(Continued)
See accompanying notes to condensed consolidated financial statements.
I-3
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Continued)
(unaudited)
|
|
|
March 31, 2019 |
|
December 31, 2018 |
|
|
|
|
|
amounts in millions, |
|
|||
|
|
|
except share amounts |
|
|||
|
Stockholders' equity: |
|
|
|
|
|
|
|
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued |
|
|
— |
|
— |
|
|
Series A Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 102,866,343 shares at March 31, 2019 and 102,809,736 shares at December 31, 2018 (note 2) |
|
|
1 |
|
1 |
|
|
Series A Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,248,506 shares at March 31, 2019 and 10,244,591 shares at December 31, 2018 (note 2) |
|
|
— |
|
— |
|
|
Series A Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 25,675,346 shares at March 31, 2019 and 25,675,346 shares at December 31, 2018 (note 2) |
|
|
— |
|
— |
|
|
Series B Liberty SiriusXM common stock, $.01 par value. Authorized 75,000,000 shares; issued and outstanding 9,821,531 shares at March 31, 2019 and December 31, 2018 (note 2) |
|
|
— |
|
— |
|
|
Series B Liberty Braves common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 981,860 shares at March 31, 2019 and December 31, 2018 (note 2) |
|
|
— |
|
— |
|
|
Series B Liberty Formula One common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,453,485 shares at March 31, 2019 and December 31, 2018 (note 2) |
|
|
— |
|
— |
|
|
Series C Liberty SiriusXM common stock, $.01 par value. Authorized 2,000,000,000 shares; issued and outstanding 207,632,108 shares at March 31, 2019 and 213,130,922 shares at December 31, 2018 (note 2) |
|
|
2 |
|
2 |
|
|
Series C Liberty Braves common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 39,768,174 shares at March 31, 2019 and 39,740,215 shares at December 31, 2018 (note 2) |
|
|
— |
|
— |
|
|
Series C Liberty Formula One common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 202,984,567 shares at March 31, 2019 and 202,887,872 shares at December 31, 2018 (note 2) |
|
|
2 |
|
2 |
|
|
Additional paid-in capital |
|
|
3,261 |
|
2,984 |
|
|
Accumulated other comprehensive earnings (loss), net of taxes |
|
|
(43) |
|
(38) |
|
|
Retained earnings |
|
|
13,484 |
|
13,644 |
|
|
Total stockholders' equity |
|
|
16,707 |
|
16,595 |
|
|
Noncontrolling interests in equity of subsidiaries |
|
|
6,488 |
|
5,103 |
|
|
Total equity |
|
|
23,195 |
|
21,698 |
|
|
Commitments and contingencies (note 12) |
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
43,910 |
|
40,828 |
|
See accompanying notes to condensed consolidated financial statements.
I-4
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(unaudited)
|
|
|
Three months ended |
|
|||
|
|
|
March 31, |
|
|||
|
|
|
2019 |
|
2018 |
|
|
|
|
|
amounts in millions, |
|
|||
|
|
|
except per share amounts |
|
|||
|
Revenue: |
|
|
|
|
|
|
|
SIRIUS XM Holdings revenue |
|
$ |
1,744 |
|
1,375 |
|
|
Formula 1 revenue |
|
|
246 |
|
114 |
|
|
Other revenue |
|
|
22 |
|
28 |
|
|
Total revenue |
|
|
2,012 |
|
1,517 |
|
|
Operating costs and expenses, including stock-based compensation (note 4): |
|
|
|
|
|
|
|
Cost of services (exclusive of depreciation shown separately below): |
|
|
|
|
|
|
|
Revenue share and royalties |
|
|
492 |
|
310 |
|
|
Programming and content |
|
|
106 |
|
101 |
|
|
Customer service and billing |
|
|
113 |
|
94 |
|
|
Other |
|
|
37 |
|
29 |
|
|
Cost of Formula 1 revenue |
|
|
148 |
|
81 |
|
|
Subscriber acquisition costs |
|
|
108 |
|
123 |
|
|
Other operating expense |
|
|
82 |
|
71 |
|
|
Selling, general and administrative |
|
|
402 |
|
265 |
|
|
Acquisition and other related costs (note 3) |
|
|
76 |
|
— |
|
|
Depreciation and amortization |
|
|
248 |
|
216 |
|
|
|
|
|
1,812 |
|
1,290 |
|
|
Operating income (loss) |
|
|
200 |
|
227 |
|
|
Other income (expense): |
|
|
|
|
|
|
|
Interest expense |
|
|
(159) |
|
(150) |
|
|
Share of earnings (losses) of affiliates, net (note 8) |
|
|
(20) |
|
(8) |
|
|
Realized and unrealized gains (losses) on financial instruments, net (note 6) |
|
|
(98) |
|
153 |
|
|
Other, net |
|
|
8 |
|
6 |
|
|
|
|
|
(269) |
|
1 |
|
|
Earnings (loss) before income taxes |
|
|
(69) |
|
228 |
|
|
Income tax (expense) benefit |
|
|
(58) |
|
(15) |
|
|
Net earnings (loss) |
|
|
(127) |
|
213 |
|
|
Less net earnings (loss) attributable to the noncontrolling interests |
|
|
31 |
|
82 |
|
|
Net earnings (loss) attributable to Liberty stockholders |
|
$ |
(158) |
|
131 |
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) attributable to Liberty stockholders: |
|
|
|
|
|
|
|
Liberty SiriusXM common stock |
|
$ |
61 |
|
200 |
|
|
Liberty Braves common stock |
|
|
(71) |
|
(52) |
|
|
Liberty Formula One common stock |
|
|
(148) |
|
(17) |
|
|
|
|
$ |
(158) |
|
131 |
|
(Continued)
See accompanying notes to condensed consolidated financial statements.
I-5
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations (Continued)
(unaudited)
|
|
|
Three months ended |
|
|||
|
|
|
March 31, |
|
|||
|
|
|
2019 |
|
2018 |
|
|
|
Basic net earnings (loss) attributable to Liberty stockholders per common share
|
|
|
|
|
|
|
|
Series A, B and C Liberty SiriusXM common stock |
|
|
0.19 |
|
0.60 |
|
|
Series A, B and C Liberty Braves common stock |
|
|
(1.39) |
|
(1.02) |
|
|
Series A, B and C Liberty Formula One common stock |
|
|
(0.64) |
|
(0.07) |
|
|
Diluted net earnings (loss) attributable to Liberty stockholders per common share
|
|
|
|
|
|
|
|
Series A, B and C Liberty SiriusXM common stock |
|
|
0.19 |
|
0.59 |
|
|
Series A, B and C Liberty Braves common stock |
|
|
(1.39) |
|
(1.02) |
|
|
Series A, B and C Liberty Formula One common stock |
|
|
(0.64) |
|
(0.07) |
|
See accompanying notes to condensed consolidated financial statements.
I-6
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Earnings (Loss)
(unaudited)
|
|
|
Three months ended |
|
|||
|
|
|
March 31, |
|
|||
|
|
|
2019 |
|
2018 |
|
|
|
|
|
amounts in millions |
|
|||
|
Net earnings (loss) |
|
$ |
(127) |
|
213 |
|
|
Other comprehensive earnings (loss), net of taxes: |
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
9 |
|
4 |
|
|
Credit risk on fair value debt instruments gains (losses) |
|
|
(13) |
|
(2) |
|
|
Unrealized holding gains (losses) arising during the period |
|
|
2 |
|
(2) |
|
|
Share of other comprehensive earnings (loss) of equity affiliates |
|
|
— |
|
(9) |
|
|
Comprehensive earnings (loss) |
|
|
(129) |
|
204 |
|
|
Less comprehensive earnings (loss) attributable to the noncontrolling interests |
|
|
34 |
|
79 |
|
|
Comprehensive earnings (loss) attributable to Liberty stockholders |
|
$ |
(163) |
|
125 |
|
|
|
|
|
|
|
|
|
|
Comprehensive earnings (loss) attributable to Liberty stockholders: |
|
|
|
|
|
|
|
Liberty SiriusXM common stock |
|
$ |
67 |
|
198 |
|
|
Liberty Braves common stock |
|
|
(69) |
|
(55) |
|
|
Liberty Formula One common stock |
|
|
(161) |
|
(18) |
|
|
|
|
$ |
(163) |
|
125 |
|
See accompanying notes to condensed consolidated financial statements.
I-7
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(unaudited)
|
|
|
Three months ended |
|
|||
|
|
|
March 31, |
|
|||
|
|
|
2019 |
|
2018 |
|
|
|
|
|
amounts in millions |
|
|||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net earnings |
|
$ |
(127) |
|
213 |
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
248 |
|
216 |
|
|
Stock-based compensation |
|
|
86 |
|
46 |
|
|
Share of (earnings) loss of affiliates, net |
|
|
20 |
|
8 |
|
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
98 |
|
(153) |
|
|
Noncash interest expense (benefit) |
|
|
2 |
|
— |
|
|
Deferred income tax expense (benefit) |
|
|
54 |
|
20 |
|
|
Other, net |
|
|
3 |
|
17 |
|
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
Current and other assets |
|
|
(19) |
|
(97) |
|
|
Payables and other liabilities |
|
|
284 |
|
354 |
|
|
Net cash provided (used) by operating activities |
|
|
649 |
|
624 |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Investments in equity method affiliates and debt and equity securities |
|
|
(11) |
|
(393) |
|
|
Cash proceeds from sale of investments |
|
|
72 |
|
9 |
|
|
Cash received from Pandora acquisition |
|
|
313 |
|
— |
|
|
Capital expended for property and equipment |
|
|
(113) |
|
(89) |
|
|
Other investing activities, net |
|
|
(7) |
|
49 |
|
|
Net cash provided (used) by investing activities |
|
|
254 |
|
(424) |
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Borrowings of debt |
|
|
913 |
|
1,317 |
|
|
Repayments of debt |
|
|
(741) |
|
(1,154) |
|
|
Series C Liberty SiriusXM stock repurchases |
|
|
(222) |
|
(31) |
|
|
Subsidiary shares repurchased by subsidiary |
|
|
(576) |
|
(309) |
|
|
Cash dividends paid by subsidiary |
|
|
(19) |
|
(15) |
|
|
Taxes paid in lieu of shares issued for stock-based compensation |
|
|
(40) |
|
(28) |
|
|
Other financing activities, net |
|
|
— |
|
50 |
|
|
Net cash provided (used) by financing activities |
|
|
(685) |
|
(170) |
|
|
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
|
|
1 |
|
2 |
|
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
219 |
|
32 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
452 |
|
1,047 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
671 |
|
1,079 |
|
The following table reconciles cash and cash equivalents and restricted cash reported in our condensed consolidated balance sheets to the total amount presented in our condensed consolidated statements of cash flows:
|
|
|
March 31, |
|
December 31, |
|
|
|
|
|
2019 |
|
2018 |
|
|
|
|
|
amounts in millions |
|
|||
|
Cash and cash equivalents |
|
$ |
|
|
|
|
|
Restricted cash included in other current assets |
|
|
|
|
|
|
|
Restricted cash included in other assets |
|
|
|
|
|
|
|
Total cash and cash equivalents and restricted cash at end of period |
|
$ |
|
|
|
|
See accompanying notes to condensed consolidated financial statements .
I-8
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statement of Equity
(unaudited)
Three Months ended March 31, 2019
|
|
|
Stockholders' equity |
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
Noncontrolling |
|
|
|
|
|
|
|
|
|
|
Additional |
|
other |
|
|
|
interest in |
|
|
|
||||||||||||||||||
|
|
|
Preferred |
|
Liberty Sirius XM |
|
Liberty Braves |
|
Liberty Formula One |
|
Paid-in |
|
comprehensive |
|
Retained |
|
equity of |
|
Total |
|
|||||||||||||
|
|
|
Stock |
|
Series A |
|
Series B |
|
Series C |
|
Series A |
|
Series B |
|
Series C |
|
Series A |
|
Series B |
|
Series C |
|
Capital |
|
earnings (loss) |
|
earnings |
|
subsidiaries |
|
equity |
|
|
|
|
|
amounts in millions |
|
|||||||||||||||||||||||||||||
|
Balance at January 1, 2019 |
|
$ |
— |
|
1 |
|
— |
|
2 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
2 |
|
2,984 |
|
(38) |
|
13,644 |
|
5,103 |
|
21,698 |
|
|
Net earnings |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(158) |
|
31 |
|
(127) |
|
|
Other comprehensive earnings (loss) |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(5) |
|
— |
|
3 |
|
(2) |
|
|
Cumulative effect of accounting change (note 11) |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(2) |
|
— |
|
(2) |
|
|
Stock-based compensation |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
66 |
|
— |
|
— |
|
23 |
|
89 |
|
|
Withholding taxes on net share settlements of stock-based compensation |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(40) |
|
— |
|
— |
|
— |
|
(40) |
|
|
Issuance of stock upon exercise of stock options |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
3 |
|
— |
|
— |
|
— |
|
3 |
|
|
Series C Liberty SiriusXM stock repurchases |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(222) |
|
— |
|
— |
|
— |
|
(222) |
|
|
Subsidiary shares issued as consideration in subsidiary acquisition |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
657 |
|
— |
|
— |
|
1,698 |
|
2,355 |
|
|
Equity component of subsidiary convertible note |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
68 |
|
68 |
|
|
Shares repurchased by subsidiary |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(164) |
|
— |
|
— |
|
(440) |
|
(604) |
|
|
Shares issued by subsidiary |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(21) |
|
— |
|
— |
|
21 |
|
— |
|
|
Dividends paid by subsidiary |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(19) |
|
(19) |
|
|
Other, net |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(2) |
|
— |
|
— |
|
— |
|
(2) |
|
|
Balance at March 31, 2019 |
|
$ |
— |
|
1 |
|
— |
|
2 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
2 |
|
3,261 |
|
(43) |
|
13,484 |
|
6,488 |
|
23,195 |
|
See accompanying notes to condensed consolidated financial statements.
I-9
LIBERTY MEDIA CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statement of Equity
(unaudited)
Three Months ended March 31, 2018
|
|
|
Stockholders' equity |
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
Noncontrolling |
|
|
|
|
|
|
|
|
|
|
Additional |
|
other |
|
|
|
interest in |
|
|
|
||||||||||||||||||
|
|
|
Preferred |
|
Liberty Sirius XM |
|
Liberty Braves |
|
Liberty Formula One |
|
Paid-in |
|
comprehensive |
|
Retained |
|
equity of |
|
Total |
|
|||||||||||||
|
|
|
Stock |
|
Series A |
|
Series B |
|
Series C |
|
Series A |
|
Series B |
|
Series C |
|
Series A |
|
Series B |
|
Series C |
|
Capital |
|
earnings (loss) |
|
earnings |
|
subsidiaries |
|
equity |
|
|
|
|
|
amounts in millions |
|
|||||||||||||||||||||||||||||
|
Balance at January 1, 2018 |
|
$ |
— |
|
1 |
|
— |
|
2 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
2 |
|
3,892 |
|
(35) |
|
13,081 |
|
5,631 |
|
22,574 |
|
|
Net earnings |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
131 |
|
82 |
|
213 |
|
|
Other comprehensive earnings (loss) |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(6) |
|
— |
|
(3) |
|
(9) |
|
|
Cumulative effect of accounting change |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
2 |
|
39 |
|
4 |
|
45 |
|
|
Stock-based compensation |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
32 |
|
— |
|
— |
|
9 |
|
41 |
|
|
Withholding taxes on net share settlements of stock-based compensation |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(28) |
|
— |
|
— |
|
— |
|
(28) |
|
|
Series C Liberty SiriusXM stock repurchases |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(31) |
|
— |
|
— |
|
— |
|
(31) |
|
|
Shares repurchased by subsidiary |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(80) |
|
— |
|
— |
|
(215) |
|
(295) |
|
|
Shares issued by subsidiary |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(13) |
|
— |
|
— |
|
13 |
|
— |
|
|
Dividends paid by subsidiary |
|
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(15) |
|
(15) |
|
|
Purchase of noncontrolling interest |
||||||||||||||||||||||||||||||||