| Condensed Balance Sheet |
BALANCE SHEET INFORMATION
DecemberÌý31, 2014
(unaudited)
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
AttributedÌý(noteÌý1)
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
ÌýÌý
|
|
Ìý
|
ÌýÌýÌýÌý
|
QVC
|
ÌýÌýÌýÌý
|
Ventures
|
ÌýÌýÌýÌý
|
Inter-group
|
ÌýÌýÌýÌý
|
Consolidated
|
Ìý
|
|
Ìý
|
Ìý
|
Group
|
Ìý
|
Group
|
Ìý
|
eliminations
|
Ìý
|
Liberty
|
Ìý
|
|
Ìý
|
Ìý
|
amountsÌýinÌýmillions
|
Ìý
|
|
Assets
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Current assets:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Cash and cash equivalents
|
Ìý
|
$
|
422Ìý
|
Ìý
|
1,884Ìý
|
Ìý
|
—
|
Ìý
|
2,306Ìý
|
Ìý
|
|
Trade and other receivables, net
|
Ìý
|
Ìý
|
1,196Ìý
|
Ìý
|
36Ìý
|
Ìý
|
—
|
Ìý
|
1,232Ìý
|
Ìý
|
|
Inventory, net
|
Ìý
|
Ìý
|
882Ìý
|
Ìý
|
167Ìý
|
Ìý
|
—
|
Ìý
|
1,049Ìý
|
Ìý
|
|
Short-term marketable securities
|
Ìý
|
Ìý
|
21Ìý
|
Ìý
|
868Ìý
|
Ìý
|
—
|
Ìý
|
889Ìý
|
Ìý
|
|
Other current assets
|
Ìý
|
Ìý
|
262Ìý
|
Ìý
|
9Ìý
|
Ìý
|
(199)
|
Ìý
|
72Ìý
|
Ìý
|
|
Total current assets
|
Ìý
|
Ìý
|
2,783Ìý
|
Ìý
|
2,964Ìý
|
Ìý
|
(199)
|
Ìý
|
5,548Ìý
|
Ìý
|
|
Investments in available-for-sale securities and other cost investments (noteÌý2)
|
Ìý
|
Ìý
|
4Ìý
|
Ìý
|
1,220Ìý
|
Ìý
|
—
|
Ìý
|
1,224Ìý
|
Ìý
|
|
Investments in affiliates, accounted for using the equity method (noteÌý3)
|
Ìý
|
Ìý
|
375Ìý
|
Ìý
|
1,258Ìý
|
Ìý
|
—
|
Ìý
|
1,633Ìý
|
Ìý
|
|
Property and equipment, net
|
Ìý
|
Ìý
|
1,026Ìý
|
Ìý
|
67Ìý
|
Ìý
|
—
|
Ìý
|
1,093Ìý
|
Ìý
|
|
Intangible assets not subject to amortization, net
|
Ìý
|
Ìý
|
7,634Ìý
|
Ìý
|
259Ìý
|
Ìý
|
—
|
Ìý
|
7,893Ìý
|
Ìý
|
|
Intangible assets subject to amortization, net
|
Ìý
|
Ìý
|
1,130Ìý
|
Ìý
|
55Ìý
|
Ìý
|
—
|
Ìý
|
1,185Ìý
|
Ìý
|
|
Other assets, at cost, net of accumulated amortization
|
Ìý
|
Ìý
|
60Ìý
|
Ìý
|
5Ìý
|
Ìý
|
—
|
Ìý
|
65Ìý
|
Ìý
|
|
Total assets
|
Ìý
|
$
|
13,012Ìý
|
Ìý
|
5,828Ìý
|
Ìý
|
(199)
|
Ìý
|
18,641Ìý
|
Ìý
|
|
Liabilities and Equity
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Current liabilities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Intergroup payable (receivable)
|
Ìý
|
$
|
(5)
|
Ìý
|
5Ìý
|
Ìý
|
—
|
Ìý
|
—
|
Ìý
|
|
Accounts payable
|
Ìý
|
Ìý
|
629Ìý
|
Ìý
|
106Ìý
|
Ìý
|
—
|
Ìý
|
735Ìý
|
Ìý
|
|
Accrued liabilities
|
Ìý
|
Ìý
|
688Ìý
|
Ìý
|
55Ìý
|
Ìý
|
—
|
Ìý
|
743Ìý
|
Ìý
|
|
Current portion of debt (noteÌý4)
|
Ìý
|
Ìý
|
9Ìý
|
Ìý
|
937Ìý
|
Ìý
|
—
|
Ìý
|
946Ìý
|
Ìý
|
|
Deferred tax liabilities
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
1,171Ìý
|
Ìý
|
(199)
|
Ìý
|
972Ìý
|
Ìý
|
|
Other current liabilities
|
Ìý
|
Ìý
|
269Ìý
|
Ìý
|
74Ìý
|
Ìý
|
—
|
Ìý
|
343Ìý
|
Ìý
|
|
Total current liabilities
|
Ìý
|
Ìý
|
1,590Ìý
|
Ìý
|
2,348Ìý
|
Ìý
|
(199)
|
Ìý
|
3,739Ìý
|
Ìý
|
|
Long-term debt (noteÌý4)
|
Ìý
|
Ìý
|
5,851Ìý
|
Ìý
|
1,254Ìý
|
Ìý
|
—
|
Ìý
|
7,105Ìý
|
Ìý
|
|
Deferred income tax liabilities
|
Ìý
|
Ìý
|
1,033Ìý
|
Ìý
|
816Ìý
|
Ìý
|
—
|
Ìý
|
1,849Ìý
|
Ìý
|
|
Other liabilities
|
Ìý
|
Ìý
|
157Ìý
|
Ìý
|
11Ìý
|
Ìý
|
—
|
Ìý
|
168Ìý
|
Ìý
|
|
Total liabilities
|
Ìý
|
Ìý
|
8,631Ìý
|
Ìý
|
4,429Ìý
|
Ìý
|
(199)
|
Ìý
|
12,861Ìý
|
Ìý
|
|
Equity/Attributed net assets (liabilities)
|
Ìý
|
Ìý
|
4,280Ìý
|
Ìý
|
1,393Ìý
|
Ìý
|
—
|
Ìý
|
5,673Ìý
|
Ìý
|
|
Noncontrolling interests in equity of subsidiaries
|
Ìý
|
Ìý
|
101Ìý
|
Ìý
|
6Ìý
|
Ìý
|
—
|
Ìý
|
107Ìý
|
Ìý
|
|
Total liabilities and equity
|
Ìý
|
$
|
13,012Ìý
|
Ìý
|
5,828Ìý
|
Ìý
|
(199)
|
Ìý
|
18,641Ìý
|
Ìý
|
Ìý
BALANCE SHEET INFORMATION
DecemberÌý31, 2013
(unaudited)
Ìý
|
| Condensed Income Statement |
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
AttributedÌý(noteÌý1)
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
QVC
|
Ìý
|
Ventures
|
Ìý
|
Inter-group
|
Ìý
|
Consolidated
|
Ìý
|
|
Ìý
|
Ìý
|
Group
|
Ìý
|
Group
|
Ìý
|
eliminations
|
Ìý
|
Liberty
|
Ìý
|
|
Ìý
|
Ìý
|
amountsÌýinÌýmillions
|
Ìý
|
|
Assets
|
ÌýÌýÌýÌý
|
Ìý
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
Ìý
|
|
Current assets:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Cash and cash equivalents
|
Ìý
|
$
|
595Ìý
|
Ìý
|
307Ìý
|
Ìý
|
—
|
Ìý
|
902Ìý
|
Ìý
|
|
Trade and other receivables, net
|
Ìý
|
Ìý
|
1,148Ìý
|
Ìý
|
4Ìý
|
Ìý
|
—
|
Ìý
|
1,152Ìý
|
Ìý
|
|
Inventory, net
|
Ìý
|
Ìý
|
1,123Ìý
|
Ìý
|
—
|
Ìý
|
—
|
Ìý
|
1,123Ìý
|
Ìý
|
|
Short-term marketable securities
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
412Ìý
|
Ìý
|
—
|
Ìý
|
412Ìý
|
Ìý
|
|
Other current assets
|
Ìý
|
Ìý
|
354Ìý
|
Ìý
|
Ìý—
|
Ìý
|
(170)
|
Ìý
|
184Ìý
|
Ìý
|
|
Current assets of discontinued operations
|
Ìý
|
Ìý
|
25Ìý
|
Ìý
|
628Ìý
|
Ìý
|
Ìý—
|
Ìý
|
653Ìý
|
Ìý
|
|
Total current assets
|
Ìý
|
Ìý
|
3,245Ìý
|
Ìý
|
1,351Ìý
|
Ìý
|
(170)
|
Ìý
|
4,426Ìý
|
Ìý
|
|
Investments in available-for-sale securities and other cost investments (noteÌý2)
|
Ìý
|
Ìý
|
4Ìý
|
Ìý
|
1,309Ìý
|
Ìý
|
—
|
Ìý
|
1,313Ìý
|
Ìý
|
|
Investments in affiliates, accounted for using the equity method (noteÌý3)
|
Ìý
|
Ìý
|
343Ìý
|
Ìý
|
894Ìý
|
Ìý
|
—
|
Ìý
|
1,237Ìý
|
Ìý
|
|
Property and equipment, net
|
Ìý
|
Ìý
|
1,208Ìý
|
Ìý
|
Ìý—
|
Ìý
|
—
|
Ìý
|
1,208Ìý
|
Ìý
|
|
Intangible assets not subject to amortization, net
|
Ìý
|
Ìý
|
8,383Ìý
|
Ìý
|
Ìý—
|
Ìý
|
—
|
Ìý
|
8,383Ìý
|
Ìý
|
|
Intangible assets subject to amortization, net
|
Ìý
|
Ìý
|
1,587Ìý
|
Ìý
|
Ìý—
|
Ìý
|
—
|
Ìý
|
1,587Ìý
|
Ìý
|
|
Other assets, at cost, net of accumulated amortization
|
Ìý
|
Ìý
|
80Ìý
|
Ìý
|
Ìý—
|
Ìý
|
—
|
Ìý
|
80Ìý
|
Ìý
|
|
Noncurrent assets of discontinued operations
|
Ìý
|
Ìý
|
12Ìý
|
Ìý
|
6,430Ìý
|
Ìý
|
Ìý—
|
Ìý
|
6,442Ìý
|
Ìý
|
|
Total assets
|
Ìý
|
$
|
14,862Ìý
|
Ìý
|
9,984Ìý
|
Ìý
|
(170)
|
Ìý
|
24,676Ìý
|
Ìý
|
|
Liabilities and Equity
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Current liabilities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Intergroup payable (receivable)
|
Ìý
|
$
|
221Ìý
|
Ìý
|
(221)
|
Ìý
|
Ìý—
|
Ìý
|
Ìý—
|
Ìý
|
|
Accounts payable
|
Ìý
|
Ìý
|
606Ìý
|
Ìý
|
Ìý—
|
Ìý
|
—
|
Ìý
|
606Ìý
|
Ìý
|
|
Accrued liabilities
|
Ìý
|
Ìý
|
883Ìý
|
Ìý
|
20Ìý
|
Ìý
|
—
|
Ìý
|
903Ìý
|
Ìý
|
|
Current portion of debt (noteÌý4)
|
Ìý
|
Ìý
|
39Ìý
|
Ìý
|
870Ìý
|
Ìý
|
—
|
Ìý
|
909Ìý
|
Ìý
|
|
Deferred tax liabilities
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
1,095Ìý
|
Ìý
|
(170)
|
Ìý
|
925Ìý
|
Ìý
|
|
Other current liabilities
|
Ìý
|
Ìý
|
145Ìý
|
Ìý
|
3Ìý
|
Ìý
|
Ìý—
|
Ìý
|
148Ìý
|
Ìý
|
|
Current liabilities of discontinued operations
|
Ìý
|
Ìý
|
22Ìý
|
Ìý
|
243Ìý
|
Ìý
|
Ìý—
|
Ìý
|
265Ìý
|
Ìý
|
|
Total current liabilities
|
Ìý
|
Ìý
|
1,916Ìý
|
Ìý
|
2,010Ìý
|
Ìý
|
(170)
|
Ìý
|
3,756Ìý
|
Ìý
|
|
Long-term debt (noteÌý4)
|
Ìý
|
Ìý
|
5,044Ìý
|
Ìý
|
1,062Ìý
|
Ìý
|
—
|
Ìý
|
6,106Ìý
|
Ìý
|
|
Deferred income tax liabilities
|
Ìý
|
Ìý
|
1,207Ìý
|
Ìý
|
790Ìý
|
Ìý
|
4Ìý
|
Ìý
|
2,001Ìý
|
Ìý
|
|
Other liabilities
|
Ìý
|
Ìý
|
191Ìý
|
Ìý
|
Ìý—
|
Ìý
|
—
|
Ìý
|
191Ìý
|
Ìý
|
|
Noncurrent liabilities of discontinued operations
|
Ìý
|
Ìý
|
2Ìý
|
Ìý
|
1,189Ìý
|
Ìý
|
(4)
|
Ìý
|
1,187Ìý
|
Ìý
|
|
Total liabilities
|
Ìý
|
Ìý
|
8,360Ìý
|
Ìý
|
5,051Ìý
|
Ìý
|
(170)
|
Ìý
|
13,241Ìý
|
Ìý
|
|
Equity/Attributed net assets (liabilities)
|
Ìý
|
Ìý
|
6,378Ìý
|
Ìý
|
558Ìý
|
Ìý
|
—
|
Ìý
|
6,936Ìý
|
Ìý
|
|
Noncontrolling interests in equity of subsidiaries
|
Ìý
|
Ìý
|
124Ìý
|
Ìý
|
4,375Ìý
|
Ìý
|
—
|
Ìý
|
4,499Ìý
|
Ìý
|
|
Total liabilities and equity
|
Ìý
|
$
|
14,862Ìý
|
Ìý
|
9,984Ìý
|
Ìý
|
(170)
|
Ìý
|
24,676Ìý
|
Ìý
|
Ìý
STATEMENT OF OPERATIONS INFORMATION
Year ended December 31, 2014
(unaudited)
Ìý
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
AttributedÌý(noteÌý1)
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
QVC
|
Ìý
|
Ventures
|
Ìý
|
Consolidated
|
Ìý
|
|
Ìý
|
Ìý
|
Group
|
Ìý
|
Group
|
Ìý
|
Liberty
|
Ìý
|
|
Ìý
|
Ìý
|
amountsÌýinÌýmillions
|
Ìý
|
|
Total revenue, net
|
Ìý
|
$
|
10,028Ìý
|
Ìý
|
471Ìý
|
Ìý
|
10,499Ìý
|
Ìý
|
|
Operating costs and expenses:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Cost of retail sales (exclusive of depreciation shown separately below)
|
Ìý
|
Ìý
|
6,378Ìý
|
Ìý
|
306Ìý
|
Ìý
|
6,684Ìý
|
Ìý
|
|
Operating
|
Ìý
|
Ìý
|
854Ìý
|
Ìý
|
37Ìý
|
Ìý
|
891Ìý
|
Ìý
|
|
Selling, general and administrative, including stock-based compensation (noteÌý5)
|
Ìý
|
Ìý
|
940Ìý
|
Ìý
|
127Ìý
|
Ìý
|
1,067Ìý
|
Ìý
|
|
Depreciation and amortization
|
Ìý
|
Ìý
|
643Ìý
|
Ìý
|
19Ìý
|
Ìý
|
662Ìý
|
Ìý
|
|
Impairment of intangible assets
|
Ìý
|
Ìý
|
7Ìý
|
Ìý
|
Ìý—
|
Ìý
|
7Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
8,822Ìý
|
Ìý
|
489Ìý
|
Ìý
|
9,311Ìý
|
Ìý
|
|
Operating income (loss)
|
Ìý
|
Ìý
|
1,206Ìý
|
Ìý
|
(18)
|
Ìý
|
1,188Ìý
|
Ìý
|
|
Other income (expense):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Interest expense
|
Ìý
|
Ìý
|
(312)
|
Ìý
|
(75)
|
Ìý
|
(387)
|
Ìý
|
|
Share of earnings (losses) of affiliates, net (noteÌý3)
|
Ìý
|
Ìý
|
51Ìý
|
Ìý
|
(12)
|
Ìý
|
39Ìý
|
Ìý
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
Ìý
|
Ìý
|
(22)
|
Ìý
|
(35)
|
Ìý
|
(57)
|
Ìý
|
|
Gains (losses) on transactions, net
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
74Ìý
|
Ìý
|
74Ìý
|
Ìý
|
|
Other, net
|
Ìý
|
Ìý
|
(43)
|
Ìý
|
22Ìý
|
Ìý
|
(21)
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
(326)
|
Ìý
|
(26)
|
Ìý
|
(352)
|
Ìý
|
|
Earnings (loss) from continuing operations before income taxes
|
Ìý
|
Ìý
|
880Ìý
|
Ìý
|
(44)
|
Ìý
|
836Ìý
|
Ìý
|
|
Income tax benefit (expense)
|
Ìý
|
Ìý
|
(306)
|
Ìý
|
48Ìý
|
Ìý
|
(258)
|
Ìý
|
|
Net earnings (loss) from continuing operations
|
Ìý
|
Ìý
|
574Ìý
|
Ìý
|
4Ìý
|
Ìý
|
578Ìý
|
Ìý
|
|
Net earnings (loss) from discontinued operations, net of taxes
|
Ìý
|
Ìý
|
(15)
|
Ìý
|
63Ìý
|
Ìý
|
48Ìý
|
Ìý
|
|
Net earnings (loss)
|
Ìý
|
Ìý
|
559Ìý
|
Ìý
|
67Ìý
|
Ìý
|
626Ìý
|
Ìý
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
Ìý
|
Ìý
|
39Ìý
|
Ìý
|
50Ìý
|
Ìý
|
89Ìý
|
Ìý
|
|
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders
|
Ìý
|
$
|
520Ìý
|
Ìý
|
17Ìý
|
Ìý
|
537Ìý
|
Ìý
|
Ìý
STATEMENT OF OPERATIONS INFORMATION
Year ended December 31, 2013
(unaudited)
Ìý
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
AttributedÌý(noteÌý1)
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
QVC
|
Ìý
|
Ventures
|
Ìý
|
Consolidated
|
Ìý
|
|
Ìý
|
Ìý
|
Group
|
Ìý
|
Group
|
Ìý
|
Liberty
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
amountsÌýinÌýmillions
|
Ìý
|
|
Total revenue, net
|
Ìý
|
$
|
10,219Ìý
|
Ìý
|
Ìý—
|
Ìý
|
10,219Ìý
|
Ìý
|
|
Operating costs and expenses:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Cost of retail sales (exclusive of depreciation shown separately below)
|
Ìý
|
Ìý
|
6,533Ìý
|
Ìý
|
—
|
Ìý
|
6,533Ìý
|
Ìý
|
|
Operating
|
Ìý
|
Ìý
|
862Ìý
|
Ìý
|
Ìý—
|
Ìý
|
862Ìý
|
Ìý
|
|
Selling, general and administrative, including stock-based compensation (noteÌý5)
|
Ìý
|
Ìý
|
1,010Ìý
|
Ìý
|
19Ìý
|
Ìý
|
1,029Ìý
|
Ìý
|
|
Depreciation and amortization
|
Ìý
|
Ìý
|
629Ìý
|
Ìý
|
Ìý—
|
Ìý
|
629Ìý
|
Ìý
|
|
Impairment of intangible assets
|
Ìý
|
Ìý
|
30Ìý
|
Ìý
|
Ìý—
|
Ìý
|
30Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
9,064Ìý
|
Ìý
|
19Ìý
|
Ìý
|
9,083Ìý
|
Ìý
|
|
Operating income (loss)
|
Ìý
|
Ìý
|
1,155Ìý
|
Ìý
|
(19)
|
Ìý
|
1,136Ìý
|
Ìý
|
|
Other income (expense):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Interest expense
|
Ìý
|
Ìý
|
(290)
|
Ìý
|
(90)
|
Ìý
|
(380)
|
Ìý
|
|
Share of earnings (losses) of affiliates, net (noteÌý3)
|
Ìý
|
Ìý
|
48Ìý
|
Ìý
|
(15)
|
Ìý
|
33Ìý
|
Ìý
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
Ìý
|
Ìý
|
(12)
|
Ìý
|
(10)
|
Ìý
|
(22)
|
Ìý
|
|
Gains (losses) on transactions, net
|
Ìý
|
Ìý
|
(1)
|
Ìý
|
Ìý—
|
Ìý
|
(1)
|
Ìý
|
|
Other, net
|
Ìý
|
Ìý
|
(54)
|
Ìý
|
25Ìý
|
Ìý
|
(29)
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
(309)
|
Ìý
|
(90)
|
Ìý
|
(399)
|
Ìý
|
|
Earnings (loss) from continuing operations before income taxes
|
Ìý
|
Ìý
|
846Ìý
|
Ìý
|
(109)
|
Ìý
|
737Ìý
|
Ìý
|
|
Income tax benefit (expense)
|
Ìý
|
Ìý
|
(346)
|
Ìý
|
163Ìý
|
Ìý
|
(183)
|
Ìý
|
|
Earnings (loss) from continuing operations, net of taxes
|
Ìý
|
Ìý
|
500Ìý
|
Ìý
|
54Ìý
|
Ìý
|
554Ìý
|
Ìý
|
|
Earnings (loss) from discontinued operations, net of taxes
|
Ìý
|
Ìý
|
(17)
|
Ìý
|
43Ìý
|
Ìý
|
26Ìý
|
Ìý
|
|
Net earnings (loss)
|
Ìý
|
Ìý
|
483Ìý
|
Ìý
|
97Ìý
|
Ìý
|
580Ìý
|
Ìý
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
Ìý
|
Ìý
|
45Ìý
|
Ìý
|
34Ìý
|
Ìý
|
79Ìý
|
Ìý
|
|
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders
|
Ìý
|
$
|
438Ìý
|
Ìý
|
63Ìý
|
Ìý
|
501Ìý
|
Ìý
|
Ìý
STATEMENT OF OPERATIONS INFORMATION
Year ended December 31, 2012
(unaudited)
Ìý
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
AttributedÌý(noteÌý1)
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
QVC
|
Ìý
|
Ventures
|
Ìý
|
Consolidated
|
Ìý
|
|
Ìý
|
Ìý
|
Group
|
Ìý
|
Group
|
Ìý
|
Liberty
|
Ìý
|
|
Ìý
|
Ìý
|
amountsÌýinÌýmillions
|
Ìý
|
|
Total revenue, net
|
Ìý
|
$
|
9,888Ìý
|
Ìý
|
Ìý—
|
Ìý
|
9,888Ìý
|
Ìý
|
|
Operating costs and expenses:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Cost of retail sales (exclusive of depreciation shown separately below)
|
Ìý
|
Ìý
|
6,307Ìý
|
Ìý
|
Ìý—
|
Ìý
|
6,307Ìý
|
Ìý
|
|
Operating
|
Ìý
|
Ìý
|
819Ìý
|
Ìý
|
Ìý—
|
Ìý
|
819Ìý
|
Ìý
|
|
Selling, general and administrative, including stock-based compensation (noteÌý5)
|
Ìý
|
Ìý
|
943Ìý
|
Ìý
|
12Ìý
|
Ìý
|
955Ìý
|
Ìý
|
|
Depreciation and amortization
|
Ìý
|
Ìý
|
591Ìý
|
Ìý
|
Ìý—
|
Ìý
|
591Ìý
|
Ìý
|
|
Impairment of intangible assets
|
Ìý
|
Ìý
|
53Ìý
|
Ìý
|
Ìý—
|
Ìý
|
53Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
8,713Ìý
|
Ìý
|
12Ìý
|
Ìý
|
8,725Ìý
|
Ìý
|
|
Operating income (loss)
|
Ìý
|
Ìý
|
1,175Ìý
|
Ìý
|
(12)
|
Ìý
|
1,163Ìý
|
Ìý
|
|
Other income (expense):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Interest expense
|
Ìý
|
Ìý
|
(322)
|
Ìý
|
(144)
|
Ìý
|
(466)
|
Ìý
|
|
Share of earnings (losses) of affiliates, net (noteÌý3)
|
Ìý
|
Ìý
|
28Ìý
|
Ìý
|
19Ìý
|
Ìý
|
47Ìý
|
Ìý
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
Ìý
|
Ìý
|
51Ìý
|
Ìý
|
(402)
|
Ìý
|
(351)
|
Ìý
|
|
Gains (losses) on transactions, net
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
443Ìý
|
Ìý
|
443Ìý
|
Ìý
|
|
Other, net
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
47Ìý
|
Ìý
|
47Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
(243)
|
Ìý
|
(37)
|
Ìý
|
(280)
|
Ìý
|
|
Earnings (loss) before income taxes
|
Ìý
|
Ìý
|
932Ìý
|
Ìý
|
(49)
|
Ìý
|
883Ìý
|
Ìý
|
|
Income tax benefit (expense)
|
Ìý
|
Ìý
|
(357)
|
Ìý
|
79Ìý
|
Ìý
|
(278)
|
Ìý
|
|
Earnings (loss) from continuing operations
|
Ìý
|
Ìý
|
575Ìý
|
Ìý
|
30Ìý
|
Ìý
|
605Ìý
|
Ìý
|
|
Earnings (loss) from discontinued operations, net of taxes
|
Ìý
|
Ìý
|
(46)
|
Ìý
|
1,032Ìý
|
Ìý
|
986Ìý
|
Ìý
|
|
Net earnings (loss)
|
Ìý
|
Ìý
|
529Ìý
|
Ìý
|
1,062Ìý
|
Ìý
|
1,591Ìý
|
Ìý
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
Ìý
|
Ìý
|
63Ìý
|
Ìý
|
(2)
|
Ìý
|
61Ìý
|
Ìý
|
|
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders
|
Ìý
|
$
|
466Ìý
|
Ìý
|
1,064Ìý
|
Ìý
|
1,530Ìý
|
Ìý
|
Ìý
Ìý
Ìý
|
| Condensed Cash Flow Statement |
BALANCE SHEET INFORMATION
DecemberÌý31, 2014
(unaudited)
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
AttributedÌý(noteÌý1)
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
ÌýÌý
|
|
Ìý
|
ÌýÌýÌýÌý
|
QVC
|
ÌýÌýÌýÌý
|
Ventures
|
ÌýÌýÌýÌý
|
Inter-group
|
ÌýÌýÌýÌý
|
Consolidated
|
Ìý
|
|
Ìý
|
Ìý
|
Group
|
Ìý
|
Group
|
Ìý
|
eliminations
|
Ìý
|
Liberty
|
Ìý
|
|
Ìý
|
Ìý
|
amountsÌýinÌýmillions
|
Ìý
|
|
Assets
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Current assets:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Cash and cash equivalents
|
Ìý
|
$
|
422Ìý
|
Ìý
|
1,884Ìý
|
Ìý
|
—
|
Ìý
|
2,306Ìý
|
Ìý
|
|
Trade and other receivables, net
|
Ìý
|
Ìý
|
1,196Ìý
|
Ìý
|
36Ìý
|
Ìý
|
—
|
Ìý
|
1,232Ìý
|
Ìý
|
|
Inventory, net
|
Ìý
|
Ìý
|
882Ìý
|
Ìý
|
167Ìý
|
Ìý
|
—
|
Ìý
|
1,049Ìý
|
Ìý
|
|
Short-term marketable securities
|
Ìý
|
Ìý
|
21Ìý
|
Ìý
|
868Ìý
|
Ìý
|
—
|
Ìý
|
889Ìý
|
Ìý
|
|
Other current assets
|
Ìý
|
Ìý
|
262Ìý
|
Ìý
|
9Ìý
|
Ìý
|
(199)
|
Ìý
|
72Ìý
|
Ìý
|
|
Total current assets
|
Ìý
|
Ìý
|
2,783Ìý
|
Ìý
|
2,964Ìý
|
Ìý
|
(199)
|
Ìý
|
5,548Ìý
|
Ìý
|
|
Investments in available-for-sale securities and other cost investments (noteÌý2)
|
Ìý
|
Ìý
|
4Ìý
|
Ìý
|
1,220Ìý
|
Ìý
|
—
|
Ìý
|
1,224Ìý
|
Ìý
|
|
Investments in affiliates, accounted for using the equity method (noteÌý3)
|
Ìý
|
Ìý
|
375Ìý
|
Ìý
|
1,258Ìý
|
Ìý
|
—
|
Ìý
|
1,633Ìý
|
Ìý
|
|
Property and equipment, net
|
Ìý
|
Ìý
|
1,026Ìý
|
Ìý
|
67Ìý
|
Ìý
|
—
|
Ìý
|
1,093Ìý
|
Ìý
|
|
Intangible assets not subject to amortization, net
|
Ìý
|
Ìý
|
7,634Ìý
|
Ìý
|
259Ìý
|
Ìý
|
—
|
Ìý
|
7,893Ìý
|
Ìý
|
|
Intangible assets subject to amortization, net
|
Ìý
|
Ìý
|
1,130Ìý
|
Ìý
|
55Ìý
|
Ìý
|
—
|
Ìý
|
1,185Ìý
|
Ìý
|
|
Other assets, at cost, net of accumulated amortization
|
Ìý
|
Ìý
|
60Ìý
|
Ìý
|
5Ìý
|
Ìý
|
—
|
Ìý
|
65Ìý
|
Ìý
|
|
Total assets
|
Ìý
|
$
|
13,012Ìý
|
Ìý
|
5,828Ìý
|
Ìý
|
(199)
|
Ìý
|
18,641Ìý
|
Ìý
|
|
Liabilities and Equity
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Current liabilities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Intergroup payable (receivable)
|
Ìý
|
$
|
(5)
|
Ìý
|
5Ìý
|
Ìý
|
—
|
Ìý
|
—
|
Ìý
|
|
Accounts payable
|
Ìý
|
Ìý
|
629Ìý
|
Ìý
|
106Ìý
|
Ìý
|
—
|
Ìý
|
735Ìý
|
Ìý
|
|
Accrued liabilities
|
Ìý
|
Ìý
|
688Ìý
|
Ìý
|
55Ìý
|
Ìý
|
—
|
Ìý
|
743Ìý
|
Ìý
|
|
Current portion of debt (noteÌý4)
|
Ìý
|
Ìý
|
9Ìý
|
Ìý
|
937Ìý
|
Ìý
|
—
|
Ìý
|
946Ìý
|
Ìý
|
|
Deferred tax liabilities
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
1,171Ìý
|
Ìý
|
(199)
|
Ìý
|
972Ìý
|
Ìý
|
|
Other current liabilities
|
Ìý
|
Ìý
|
269Ìý
|
Ìý
|
74Ìý
|
Ìý
|
—
|
Ìý
|
343Ìý
|
Ìý
|
|
Total current liabilities
|
Ìý
|
Ìý
|
1,590Ìý
|
Ìý
|
2,348Ìý
|
Ìý
|
(199)
|
Ìý
|
3,739Ìý
|
Ìý
|
|
Long-term debt (noteÌý4)
|
Ìý
|
Ìý
|
5,851Ìý
|
Ìý
|
1,254Ìý
|
Ìý
|
—
|
Ìý
|
7,105Ìý
|
Ìý
|
|
Deferred income tax liabilities
|
Ìý
|
Ìý
|
1,033Ìý
|
Ìý
|
816Ìý
|
Ìý
|
—
|
Ìý
|
1,849Ìý
|
Ìý
|
|
Other liabilities
|
Ìý
|
Ìý
|
157Ìý
|
Ìý
|
11Ìý
|
Ìý
|
—
|
Ìý
|
168Ìý
|
Ìý
|
|
Total liabilities
|
Ìý
|
Ìý
|
8,631Ìý
|
Ìý
|
4,429Ìý
|
Ìý
|
(199)
|
Ìý
|
12,861Ìý
|
Ìý
|
|
Equity/Attributed net assets (liabilities)
|
Ìý
|
Ìý
|
4,280Ìý
|
Ìý
|
1,393Ìý
|
Ìý
|
—
|
Ìý
|
5,673Ìý
|
Ìý
|
|
Noncontrolling interests in equity of subsidiaries
|
Ìý
|
Ìý
|
101Ìý
|
Ìý
|
6Ìý
|
Ìý
|
—
|
Ìý
|
107Ìý
|
Ìý
|
|
Total liabilities and equity
|
Ìý
|
$
|
13,012Ìý
|
Ìý
|
5,828Ìý
|
Ìý
|
(199)
|
Ìý
|
18,641Ìý
|
Ìý
|
Ìý
BALANCE SHEET INFORMATION
DecemberÌý31, 2013
(unaudited)
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
AttributedÌý(noteÌý1)
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
QVC
|
Ìý
|
Ventures
|
Ìý
|
Inter-group
|
Ìý
|
Consolidated
|
Ìý
|
|
Ìý
|
Ìý
|
Group
|
Ìý
|
Group
|
Ìý
|
eliminations
|
Ìý
|
Liberty
|
Ìý
|
|
Ìý
|
Ìý
|
amountsÌýinÌýmillions
|
Ìý
|
|
Assets
|
ÌýÌýÌýÌý
|
Ìý
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
Ìý
|
|
Current assets:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Cash and cash equivalents
|
Ìý
|
$
|
595Ìý
|
Ìý
|
307Ìý
|
Ìý
|
—
|
Ìý
|
902Ìý
|
Ìý
|
|
Trade and other receivables, net
|
Ìý
|
Ìý
|
1,148Ìý
|
Ìý
|
4Ìý
|
Ìý
|
—
|
Ìý
|
1,152Ìý
|
Ìý
|
|
Inventory, net
|
Ìý
|
Ìý
|
1,123Ìý
|
Ìý
|
—
|
Ìý
|
—
|
Ìý
|
1,123Ìý
|
Ìý
|
|
Short-term marketable securities
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
412Ìý
|
Ìý
|
—
|
Ìý
|
412Ìý
|
Ìý
|
|
Other current assets
|
Ìý
|
Ìý
|
354Ìý
|
Ìý
|
Ìý—
|
Ìý
|
(170)
|
Ìý
|
184Ìý
|
Ìý
|
|
Current assets of discontinued operations
|
Ìý
|
Ìý
|
25Ìý
|
Ìý
|
628Ìý
|
Ìý
|
Ìý—
|
Ìý
|
653Ìý
|
Ìý
|
|
Total current assets
|
Ìý
|
Ìý
|
3,245Ìý
|
Ìý
|
1,351Ìý
|
Ìý
|
(170)
|
Ìý
|
4,426Ìý
|
Ìý
|
|
Investments in available-for-sale securities and other cost investments (noteÌý2)
|
Ìý
|
Ìý
|
4Ìý
|
Ìý
|
1,309Ìý
|
Ìý
|
—
|
Ìý
|
1,313Ìý
|
Ìý
|
|
Investments in affiliates, accounted for using the equity method (noteÌý3)
|
Ìý
|
Ìý
|
343Ìý
|
Ìý
|
894Ìý
|
Ìý
|
—
|
Ìý
|
1,237Ìý
|
Ìý
|
|
Property and equipment, net
|
Ìý
|
Ìý
|
1,208Ìý
|
Ìý
|
Ìý—
|
Ìý
|
—
|
Ìý
|
1,208Ìý
|
Ìý
|
|
Intangible assets not subject to amortization, net
|
Ìý
|
Ìý
|
8,383Ìý
|
Ìý
|
Ìý—
|
Ìý
|
—
|
Ìý
|
8,383Ìý
|
Ìý
|
|
Intangible assets subject to amortization, net
|
Ìý
|
Ìý
|
1,587Ìý
|
Ìý
|
Ìý—
|
Ìý
|
—
|
Ìý
|
1,587Ìý
|
Ìý
|
|
Other assets, at cost, net of accumulated amortization
|
Ìý
|
Ìý
|
80Ìý
|
Ìý
|
Ìý—
|
Ìý
|
—
|
Ìý
|
80Ìý
|
Ìý
|
|
Noncurrent assets of discontinued operations
|
Ìý
|
Ìý
|
12Ìý
|
Ìý
|
6,430Ìý
|
Ìý
|
Ìý—
|
Ìý
|
6,442Ìý
|
Ìý
|
|
Total assets
|
Ìý
|
$
|
14,862Ìý
|
Ìý
|
9,984Ìý
|
Ìý
|
(170)
|
Ìý
|
24,676Ìý
|
Ìý
|
|
Liabilities and Equity
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Current liabilities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Intergroup payable (receivable)
|
Ìý
|
$
|
221Ìý
|
Ìý
|
(221)
|
Ìý
|
Ìý—
|
Ìý
|
Ìý—
|
Ìý
|
|
Accounts payable
|
Ìý
|
Ìý
|
606Ìý
|
Ìý
|
Ìý—
|
Ìý
|
—
|
Ìý
|
606Ìý
|
Ìý
|
|
Accrued liabilities
|
Ìý
|
Ìý
|
883Ìý
|
Ìý
|
20Ìý
|
Ìý
|
—
|
Ìý
|
903Ìý
|
Ìý
|
|
Current portion of debt (noteÌý4)
|
Ìý
|
Ìý
|
39Ìý
|
Ìý
|
870Ìý
|
Ìý
|
—
|
Ìý
|
909Ìý
|
Ìý
|
|
Deferred tax liabilities
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
1,095Ìý
|
Ìý
|
(170)
|
Ìý
|
925Ìý
|
Ìý
|
|
Other current liabilities
|
Ìý
|
Ìý
|
145Ìý
|
Ìý
|
3Ìý
|
Ìý
|
Ìý—
|
Ìý
|
148Ìý
|
Ìý
|
|
Current liabilities of discontinued operations
|
Ìý
|
Ìý
|
22Ìý
|
Ìý
|
243Ìý
|
Ìý
|
Ìý—
|
Ìý
|
265Ìý
|
Ìý
|
|
Total current liabilities
|
Ìý
|
Ìý
|
1,916Ìý
|
Ìý
|
2,010Ìý
|
Ìý
|
(170)
|
Ìý
|
3,756Ìý
|
Ìý
|
|
Long-term debt (noteÌý4)
|
Ìý
|
Ìý
|
5,044Ìý
|
Ìý
|
1,062Ìý
|
Ìý
|
—
|
Ìý
|
6,106Ìý
|
Ìý
|
|
Deferred income tax liabilities
|
Ìý
|
Ìý
|
1,207Ìý
|
Ìý
|
790Ìý
|
Ìý
|
4Ìý
|
Ìý
|
2,001Ìý
|
Ìý
|
|
Other liabilities
|
Ìý
|
Ìý
|
191Ìý
|
Ìý
|
Ìý—
|
Ìý
|
—
|
Ìý
|
191Ìý
|
Ìý
|
|
Noncurrent liabilities of discontinued operations
|
Ìý
|
Ìý
|
2Ìý
|
Ìý
|
1,189Ìý
|
Ìý
|
(4)
|
Ìý
|
1,187Ìý
|
Ìý
|
|
Total liabilities
|
Ìý
|
Ìý
|
8,360Ìý
|
Ìý
|
5,051Ìý
|
Ìý
|
(170)
|
Ìý
|
13,241Ìý
|
Ìý
|
|
Equity/Attributed net assets (liabilities)
|
Ìý
|
Ìý
|
6,378Ìý
|
Ìý
|
558Ìý
|
Ìý
|
—
|
Ìý
|
6,936Ìý
|
Ìý
|
|
Noncontrolling interests in equity of subsidiaries
|
Ìý
|
Ìý
|
124Ìý
|
Ìý
|
4,375Ìý
|
Ìý
|
—
|
Ìý
|
4,499Ìý
|
Ìý
|
|
Total liabilities and equity
|
Ìý
|
$
|
14,862Ìý
|
Ìý
|
9,984Ìý
|
Ìý
|
(170)
|
Ìý
|
24,676Ìý
|
Ìý
|
Ìý
STATEMENT OF OPERATIONS INFORMATION
Year ended December 31, 2014
(unaudited)
Ìý
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
AttributedÌý(noteÌý1)
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
QVC
|
Ìý
|
Ventures
|
Ìý
|
Consolidated
|
Ìý
|
|
Ìý
|
Ìý
|
Group
|
Ìý
|
Group
|
Ìý
|
Liberty
|
Ìý
|
|
Ìý
|
Ìý
|
amountsÌýinÌýmillions
|
Ìý
|
|
Total revenue, net
|
Ìý
|
$
|
10,028Ìý
|
Ìý
|
471Ìý
|
Ìý
|
10,499Ìý
|
Ìý
|
|
Operating costs and expenses:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Cost of retail sales (exclusive of depreciation shown separately below)
|
Ìý
|
Ìý
|
6,378Ìý
|
Ìý
|
306Ìý
|
Ìý
|
6,684Ìý
|
Ìý
|
|
Operating
|
Ìý
|
Ìý
|
854Ìý
|
Ìý
|
37Ìý
|
Ìý
|
891Ìý
|
Ìý
|
|
Selling, general and administrative, including stock-based compensation (noteÌý5)
|
Ìý
|
Ìý
|
940Ìý
|
Ìý
|
127Ìý
|
Ìý
|
1,067Ìý
|
Ìý
|
|
Depreciation and amortization
|
Ìý
|
Ìý
|
643Ìý
|
Ìý
|
19Ìý
|
Ìý
|
662Ìý
|
Ìý
|
|
Impairment of intangible assets
|
Ìý
|
Ìý
|
7Ìý
|
Ìý
|
Ìý—
|
Ìý
|
7Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
8,822Ìý
|
Ìý
|
489Ìý
|
Ìý
|
9,311Ìý
|
Ìý
|
|
Operating income (loss)
|
Ìý
|
Ìý
|
1,206Ìý
|
Ìý
|
(18)
|
Ìý
|
1,188Ìý
|
Ìý
|
|
Other income (expense):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Interest expense
|
Ìý
|
Ìý
|
(312)
|
Ìý
|
(75)
|
Ìý
|
(387)
|
Ìý
|
|
Share of earnings (losses) of affiliates, net (noteÌý3)
|
Ìý
|
Ìý
|
51Ìý
|
Ìý
|
(12)
|
Ìý
|
39Ìý
|
Ìý
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
Ìý
|
Ìý
|
(22)
|
Ìý
|
(35)
|
Ìý
|
(57)
|
Ìý
|
|
Gains (losses) on transactions, net
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
74Ìý
|
Ìý
|
74Ìý
|
Ìý
|
|
Other, net
|
Ìý
|
Ìý
|
(43)
|
Ìý
|
22Ìý
|
Ìý
|
(21)
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
(326)
|
Ìý
|
(26)
|
Ìý
|
(352)
|
Ìý
|
|
Earnings (loss) from continuing operations before income taxes
|
Ìý
|
Ìý
|
880Ìý
|
Ìý
|
(44)
|
Ìý
|
836Ìý
|
Ìý
|
|
Income tax benefit (expense)
|
Ìý
|
Ìý
|
(306)
|
Ìý
|
48Ìý
|
Ìý
|
(258)
|
Ìý
|
|
Net earnings (loss) from continuing operations
|
Ìý
|
Ìý
|
574Ìý
|
Ìý
|
4Ìý
|
Ìý
|
578Ìý
|
Ìý
|
|
Net earnings (loss) from discontinued operations, net of taxes
|
Ìý
|
Ìý
|
(15)
|
Ìý
|
63Ìý
|
Ìý
|
48Ìý
|
Ìý
|
|
Net earnings (loss)
|
Ìý
|
Ìý
|
559Ìý
|
Ìý
|
67Ìý
|
Ìý
|
626Ìý
|
Ìý
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
Ìý
|
Ìý
|
39Ìý
|
Ìý
|
50Ìý
|
Ìý
|
89Ìý
|
Ìý
|
|
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders
|
Ìý
|
$
|
520Ìý
|
Ìý
|
17Ìý
|
Ìý
|
537Ìý
|
Ìý
|
Ìý
STATEMENT OF OPERATIONS INFORMATION
Year ended December 31, 2013
(unaudited)
Ìý
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
AttributedÌý(noteÌý1)
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
QVC
|
Ìý
|
Ventures
|
Ìý
|
Consolidated
|
Ìý
|
|
Ìý
|
Ìý
|
Group
|
Ìý
|
Group
|
Ìý
|
Liberty
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
amountsÌýinÌýmillions
|
Ìý
|
|
Total revenue, net
|
Ìý
|
$
|
10,219Ìý
|
Ìý
|
Ìý—
|
Ìý
|
10,219Ìý
|
Ìý
|
|
Operating costs and expenses:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Cost of retail sales (exclusive of depreciation shown separately below)
|
Ìý
|
Ìý
|
6,533Ìý
|
Ìý
|
—
|
Ìý
|
6,533Ìý
|
Ìý
|
|
Operating
|
Ìý
|
Ìý
|
862Ìý
|
Ìý
|
Ìý—
|
Ìý
|
862Ìý
|
Ìý
|
|
Selling, general and administrative, including stock-based compensation (noteÌý5)
|
Ìý
|
Ìý
|
1,010Ìý
|
Ìý
|
19Ìý
|
Ìý
|
1,029Ìý
|
Ìý
|
|
Depreciation and amortization
|
Ìý
|
Ìý
|
629Ìý
|
Ìý
|
Ìý—
|
Ìý
|
629Ìý
|
Ìý
|
|
Impairment of intangible assets
|
Ìý
|
Ìý
|
30Ìý
|
Ìý
|
Ìý—
|
Ìý
|
30Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
9,064Ìý
|
Ìý
|
19Ìý
|
Ìý
|
9,083Ìý
|
Ìý
|
|
Operating income (loss)
|
Ìý
|
Ìý
|
1,155Ìý
|
Ìý
|
(19)
|
Ìý
|
1,136Ìý
|
Ìý
|
|
Other income (expense):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Interest expense
|
Ìý
|
Ìý
|
(290)
|
Ìý
|
(90)
|
Ìý
|
(380)
|
Ìý
|
|
Share of earnings (losses) of affiliates, net (noteÌý3)
|
Ìý
|
Ìý
|
48Ìý
|
Ìý
|
(15)
|
Ìý
|
33Ìý
|
Ìý
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
Ìý
|
Ìý
|
(12)
|
Ìý
|
(10)
|
Ìý
|
(22)
|
Ìý
|
|
Gains (losses) on transactions, net
|
Ìý
|
Ìý
|
(1)
|
Ìý
|
Ìý—
|
Ìý
|
(1)
|
Ìý
|
|
Other, net
|
Ìý
|
Ìý
|
(54)
|
Ìý
|
25Ìý
|
Ìý
|
(29)
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
(309)
|
Ìý
|
(90)
|
Ìý
|
(399)
|
Ìý
|
|
Earnings (loss) from continuing operations before income taxes
|
Ìý
|
Ìý
|
846Ìý
|
Ìý
|
(109)
|
Ìý
|
737Ìý
|
Ìý
|
|
Income tax benefit (expense)
|
Ìý
|
Ìý
|
(346)
|
Ìý
|
163Ìý
|
Ìý
|
(183)
|
Ìý
|
|
Earnings (loss) from continuing operations, net of taxes
|
Ìý
|
Ìý
|
500Ìý
|
Ìý
|
54Ìý
|
Ìý
|
554Ìý
|
Ìý
|
|
Earnings (loss) from discontinued operations, net of taxes
|
Ìý
|
Ìý
|
(17)
|
Ìý
|
43Ìý
|
Ìý
|
26Ìý
|
Ìý
|
|
Net earnings (loss)
|
Ìý
|
Ìý
|
483Ìý
|
Ìý
|
97Ìý
|
Ìý
|
580Ìý
|
Ìý
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
Ìý
|
Ìý
|
45Ìý
|
Ìý
|
34Ìý
|
Ìý
|
79Ìý
|
Ìý
|
|
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders
|
Ìý
|
$
|
438Ìý
|
Ìý
|
63Ìý
|
Ìý
|
501Ìý
|
Ìý
|
Ìý
STATEMENT OF OPERATIONS INFORMATION
Year ended December 31, 2012
(unaudited)
Ìý
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
AttributedÌý(noteÌý1)
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
QVC
|
Ìý
|
Ventures
|
Ìý
|
Consolidated
|
Ìý
|
|
Ìý
|
Ìý
|
Group
|
Ìý
|
Group
|
Ìý
|
Liberty
|
Ìý
|
|
Ìý
|
Ìý
|
amountsÌýinÌýmillions
|
Ìý
|
|
Total revenue, net
|
Ìý
|
$
|
9,888Ìý
|
Ìý
|
Ìý—
|
Ìý
|
9,888Ìý
|
Ìý
|
|
Operating costs and expenses:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Cost of retail sales (exclusive of depreciation shown separately below)
|
Ìý
|
Ìý
|
6,307Ìý
|
Ìý
|
Ìý—
|
Ìý
|
6,307Ìý
|
Ìý
|
|
Operating
|
Ìý
|
Ìý
|
819Ìý
|
Ìý
|
Ìý—
|
Ìý
|
819Ìý
|
Ìý
|
|
Selling, general and administrative, including stock-based compensation (noteÌý5)
|
Ìý
|
Ìý
|
943Ìý
|
Ìý
|
12Ìý
|
Ìý
|
955Ìý
|
Ìý
|
|
Depreciation and amortization
|
Ìý
|
Ìý
|
591Ìý
|
Ìý
|
Ìý—
|
Ìý
|
591Ìý
|
Ìý
|
|
Impairment of intangible assets
|
Ìý
|
Ìý
|
53Ìý
|
Ìý
|
Ìý—
|
Ìý
|
53Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
8,713Ìý
|
Ìý
|
12Ìý
|
Ìý
|
8,725Ìý
|
Ìý
|
|
Operating income (loss)
|
Ìý
|
Ìý
|
1,175Ìý
|
Ìý
|
(12)
|
Ìý
|
1,163Ìý
|
Ìý
|
|
Other income (expense):
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Interest expense
|
Ìý
|
Ìý
|
(322)
|
Ìý
|
(144)
|
Ìý
|
(466)
|
Ìý
|
|
Share of earnings (losses) of affiliates, net (noteÌý3)
|
Ìý
|
Ìý
|
28Ìý
|
Ìý
|
19Ìý
|
Ìý
|
47Ìý
|
Ìý
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
Ìý
|
Ìý
|
51Ìý
|
Ìý
|
(402)
|
Ìý
|
(351)
|
Ìý
|
|
Gains (losses) on transactions, net
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
443Ìý
|
Ìý
|
443Ìý
|
Ìý
|
|
Other, net
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
47Ìý
|
Ìý
|
47Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
(243)
|
Ìý
|
(37)
|
Ìý
|
(280)
|
Ìý
|
|
Earnings (loss) before income taxes
|
Ìý
|
Ìý
|
932Ìý
|
Ìý
|
(49)
|
Ìý
|
883Ìý
|
Ìý
|
|
Income tax benefit (expense)
|
Ìý
|
Ìý
|
(357)
|
Ìý
|
79Ìý
|
Ìý
|
(278)
|
Ìý
|
|
Earnings (loss) from continuing operations
|
Ìý
|
Ìý
|
575Ìý
|
Ìý
|
30Ìý
|
Ìý
|
605Ìý
|
Ìý
|
|
Earnings (loss) from discontinued operations, net of taxes
|
Ìý
|
Ìý
|
(46)
|
Ìý
|
1,032Ìý
|
Ìý
|
986Ìý
|
Ìý
|
|
Net earnings (loss)
|
Ìý
|
Ìý
|
529Ìý
|
Ìý
|
1,062Ìý
|
Ìý
|
1,591Ìý
|
Ìý
|
|
Less net earnings (loss) attributable to noncontrolling interests
|
Ìý
|
Ìý
|
63Ìý
|
Ìý
|
(2)
|
Ìý
|
61Ìý
|
Ìý
|
|
Net earnings (loss) attributable to Liberty Interactive Corporation shareholders
|
Ìý
|
$
|
466Ìý
|
Ìý
|
1,064Ìý
|
Ìý
|
1,530Ìý
|
Ìý
|
Ìý
Ìý
Ìý
STATEMENT OF CASH FLOWS INFORMATION
Year ended December 31, 2014
(unaudited)
Ìý
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
ÌýÌýÌýÌý
|
AttributedÌý(noteÌý1)
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
Ìý
|
|
Ìý
|
Ìý
|
QVCÌýGroup
|
ÌýÌýÌýÌý
|
VenturesÌýGroup
|
Ìý
|
ConsolidatedÌýLiberty
|
Ìý
|
|
Ìý
|
Ìý
|
amountsÌýinÌýmillions
|
Ìý
|
|
Cash flows from operating activities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Net earnings (loss)
|
Ìý
|
$
|
559Ìý
|
Ìý
|
67Ìý
|
Ìý
|
626Ìý
|
Ìý
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
(Earnings) loss from discontinued operations
|
Ìý
|
Ìý
|
15Ìý
|
Ìý
|
(63)
|
Ìý
|
(48)
|
Ìý
|
|
Depreciation and amortization
|
Ìý
|
Ìý
|
643Ìý
|
Ìý
|
19Ìý
|
Ìý
|
662Ìý
|
Ìý
|
|
Stock-based compensation
|
Ìý
|
Ìý
|
83Ìý
|
Ìý
|
25Ìý
|
Ìý
|
108Ìý
|
Ìý
|
|
Cash payments for stock-based compensation
|
Ìý
|
Ìý
|
(13)
|
Ìý
|
(2)
|
Ìý
|
(15)
|
Ìý
|
|
Excess tax benefit from stock-based compensation
|
Ìý
|
Ìý
|
(20)
|
Ìý
|
(1)
|
Ìý
|
(21)
|
Ìý
|
|
Noncash interest expense
|
Ìý
|
Ìý
|
6Ìý
|
Ìý
|
Ìý—
|
Ìý
|
6Ìý
|
Ìý
|
|
Share of (earnings) losses of affiliates, net
|
Ìý
|
Ìý
|
(51)
|
Ìý
|
12Ìý
|
Ìý
|
(39)
|
Ìý
|
|
Cash receipts from returns on equity investments
|
Ìý
|
Ìý
|
22Ìý
|
Ìý
|
23Ìý
|
Ìý
|
45Ìý
|
Ìý
|
|
Realized and unrealized (gains) losses on financial instruments, net
|
Ìý
|
Ìý
|
22Ìý
|
Ìý
|
35Ìý
|
Ìý
|
57Ìý
|
Ìý
|
|
(Gains) losses on transactions, net
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
(74)
|
Ìý
|
(74)
|
Ìý
|
|
(Gains) losses on extinguishment of debt
|
Ìý
|
Ìý
|
48Ìý
|
Ìý
|
Ìý—
|
Ìý
|
48Ìý
|
Ìý
|
|
Impairment of intangible assets
|
Ìý
|
Ìý
|
7Ìý
|
Ìý
|
Ìý—
|
Ìý
|
7Ìý
|
Ìý
|
|
Deferred income tax expense (benefit)
|
Ìý
|
Ìý
|
(160)
|
Ìý
|
119Ìý
|
Ìý
|
(41)
|
Ìý
|
|
Intergroup tax allocation
|
Ìý
|
Ìý
|
169Ìý
|
Ìý
|
(169)
|
Ìý
|
Ìý—
|
Ìý
|
|
Intergroup tax payments
|
Ìý
|
Ìý
|
(388)
|
Ìý
|
388Ìý
|
Ìý
|
Ìý—
|
Ìý
|
|
Other noncash charges (credits), net
|
Ìý
|
Ìý
|
(3)
|
Ìý
|
1Ìý
|
Ìý
|
(2)
|
Ìý
|
|
Changes in operating assets and liabilities
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Current and other assets
|
Ìý
|
Ìý
|
(80)
|
Ìý
|
(4)
|
Ìý
|
(84)
|
Ìý
|
|
Payables and other liabilities
|
Ìý
|
Ìý
|
345Ìý
|
Ìý
|
60Ìý
|
Ìý
|
405Ìý
|
Ìý
|
|
Net cash provided (used) by operating activities
|
Ìý
|
Ìý
|
1,204Ìý
|
Ìý
|
436Ìý
|
Ìý
|
1,640Ìý
|
Ìý
|
|
Cash flows from investing activities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Cash proceeds from dispositions
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
163Ìý
|
Ìý
|
163Ìý
|
Ìý
|
|
Investment in and loans to cost and equity investees
|
Ìý
|
Ìý
|
(4)
|
Ìý
|
(87)
|
Ìý
|
(91)
|
Ìý
|
|
Capital expended for property and equipment
|
Ìý
|
Ìý
|
(226)
|
Ìý
|
(15)
|
Ìý
|
(241)
|
Ìý
|
|
Purchases of short term investments and other marketable securities
|
Ìý
|
Ìý
|
(73)
|
Ìý
|
(791)
|
Ìý
|
(864)
|
Ìý
|
|
Sales of short term investments and other marketable securities
|
Ìý
|
Ìý
|
52Ìý
|
Ìý
|
539Ìý
|
Ìý
|
591Ìý
|
Ìý
|
|
Other investing activities, net
|
Ìý
|
Ìý
|
(30)
|
Ìý
|
14Ìý
|
Ìý
|
(16)
|
Ìý
|
|
Net cash provided (used) by investing activities
|
Ìý
|
Ìý
|
(281)
|
Ìý
|
(177)
|
Ìý
|
(458)
|
Ìý
|
|
Cash flows from financing activities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Borrowings of debt
|
Ìý
|
Ìý
|
4,360Ìý
|
Ìý
|
146Ìý
|
Ìý
|
4,506Ìý
|
Ìý
|
|
Repayments of debt
|
Ìý
|
Ìý
|
(3,563)
|
Ìý
|
(186)
|
Ìý
|
(3,749)
|
Ìý
|
|
Intergroup receipts (payments), net
|
Ìý
|
Ìý
|
(1,035)
|
Ìý
|
1,035Ìý
|
Ìý
|
Ìý—
|
Ìý
|
|
Repurchases of Liberty Interactive common stock
|
Ìý
|
Ìý
|
(785)
|
Ìý
|
Ìý—
|
Ìý
|
(785)
|
Ìý
|
|
Taxes paid in lieu of shares issued for stock-based compensation
|
Ìý
|
Ìý
|
(25)
|
Ìý
|
(1)
|
Ìý
|
(26)
|
Ìý
|
|
Excess tax benefit from stock-based compensation
|
Ìý
|
Ìý
|
20Ìý
|
Ìý
|
1Ìý
|
Ìý
|
21Ìý
|
Ìý
|
|
Other financing activities, net
|
Ìý
|
Ìý
|
(8)
|
Ìý
|
(25)
|
Ìý
|
(33)
|
Ìý
|
|
Net cash provided (used) by financing activities
|
Ìý
|
Ìý
|
(1,036)
|
Ìý
|
970Ìý
|
Ìý
|
(66)
|
Ìý
|
|
Effect of foreign currency exchange rates on cash
|
Ìý
|
Ìý
|
(46)
|
Ìý
|
Ìý—
|
Ìý
|
(46)
|
Ìý
|
|
Net cash provided (used) by discontinued operations:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Cash provided (used) by operating activities
|
Ìý
|
Ìý
|
(20)
|
Ìý
|
293Ìý
|
Ìý
|
273Ìý
|
Ìý
|
|
Cash provided (used) by investing activities
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
(194)
|
Ìý
|
(194)
|
Ìý
|
|
Cash provided (used) by financing activities
|
Ìý
|
Ìý
|
3Ìý
|
Ìý
|
368Ìý
|
Ìý
|
371Ìý
|
Ìý
|
|
Change in available cash held by discontinued operations
|
Ìý
|
Ìý
|
3Ìý
|
Ìý
|
(119)
|
Ìý
|
(116)
|
Ìý
|
|
Net cash provided (used) by discontinued operations
|
Ìý
|
Ìý
|
(14)
|
Ìý
|
348Ìý
|
Ìý
|
334Ìý
|
Ìý
|
|
Net increase (decrease) in cash and cash equivalents
|
Ìý
|
Ìý
|
(173)
|
Ìý
|
1,577Ìý
|
Ìý
|
1,404Ìý
|
Ìý
|
|
Cash and cash equivalents at beginning of period
|
Ìý
|
Ìý
|
595Ìý
|
Ìý
|
307Ìý
|
Ìý
|
902Ìý
|
Ìý
|
|
Cash and cash equivalents at end of period
|
Ìý
|
$
|
422Ìý
|
Ìý
|
1,884Ìý
|
Ìý
|
2,306Ìý
|
Ìý
|
Ìý
Ìý
STATEMENT OF CASH FLOWS INFORMATION
Year ended December 31, 2013
(unaudited)
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
AttributedÌý(noteÌý1)
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Consolidated
|
Ìý
|
|
Ìý
|
Ìý
|
QVCÌýGroup
|
Ìý
|
VenturesÌýGroup
|
Ìý
|
Liberty
|
Ìý
|
|
Ìý
|
Ìý
|
amountsÌýinÌýmillions
|
Ìý
|
|
Cash flows from operating activities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Net earnings (loss)
|
Ìý
|
$
|
483Ìý
|
Ìý
|
97Ìý
|
Ìý
|
580Ìý
|
Ìý
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
(Earnings) loss from discontinued operations
|
Ìý
|
Ìý
|
17Ìý
|
Ìý
|
(43)
|
Ìý
|
(26)
|
Ìý
|
|
Depreciation and amortization
|
Ìý
|
Ìý
|
629Ìý
|
Ìý
|
Ìý—
|
Ìý
|
629Ìý
|
Ìý
|
|
Stock-based compensation
|
Ìý
|
Ìý
|
110Ìý
|
Ìý
|
8Ìý
|
Ìý
|
118Ìý
|
Ìý
|
|
Cash payments for stock-based compensation
|
Ìý
|
Ìý
|
(8)
|
Ìý
|
Ìý—
|
Ìý
|
(8)
|
Ìý
|
|
Excess tax benefit from stock-based compensation
|
Ìý
|
Ìý
|
(13)
|
Ìý
|
Ìý—
|
Ìý
|
(13)
|
Ìý
|
|
Noncash interest expense
|
Ìý
|
Ìý
|
12Ìý
|
Ìý
|
1Ìý
|
Ìý
|
13Ìý
|
Ìý
|
|
Share of losses (earnings) of affiliates, net
|
Ìý
|
Ìý
|
(48)
|
Ìý
|
15Ìý
|
Ìý
|
(33)
|
Ìý
|
|
Cash receipts from return on equity investments
|
Ìý
|
Ìý
|
16Ìý
|
Ìý
|
19Ìý
|
Ìý
|
35Ìý
|
Ìý
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
Ìý
|
Ìý
|
12Ìý
|
Ìý
|
10Ìý
|
Ìý
|
22Ìý
|
Ìý
|
|
(Gains) losses on transactions, net
|
Ìý
|
Ìý
|
1Ìý
|
Ìý
|
Ìý—
|
Ìý
|
1Ìý
|
Ìý
|
|
(Gains) losses on extinguishment of debt
|
Ìý
|
Ìý
|
57Ìý
|
Ìý
|
—
|
Ìý
|
57Ìý
|
Ìý
|
|
Impairment of intangible assets
|
Ìý
|
Ìý
|
30Ìý
|
Ìý
|
—
|
Ìý
|
30Ìý
|
Ìý
|
|
Deferred income tax (benefit) expense
|
Ìý
|
Ìý
|
(132)
|
Ìý
|
110Ìý
|
Ìý
|
(22)
|
Ìý
|
|
Intergroup tax allocation
|
Ìý
|
Ìý
|
272Ìý
|
Ìý
|
(272)
|
Ìý
|
Ìý—
|
Ìý
|
|
Intergroup tax payments
|
Ìý
|
Ìý
|
(52)
|
Ìý
|
52Ìý
|
Ìý
|
Ìý—
|
Ìý
|
|
Other noncash charges (credits), net
|
Ìý
|
Ìý
|
(14)
|
Ìý
|
11Ìý
|
Ìý
|
(3)
|
Ìý
|
|
Changes in operating assets and liabilities
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Current and other assets
|
Ìý
|
Ìý
|
(81)
|
Ìý
|
(3)
|
Ìý
|
(84)
|
Ìý
|
|
Payables and other current liabilities
|
Ìý
|
Ìý
|
(306)
|
Ìý
|
37Ìý
|
Ìý
|
(269)
|
Ìý
|
|
Net cash provided (used) by operating activities
|
Ìý
|
Ìý
|
985Ìý
|
Ìý
|
42Ìý
|
Ìý
|
1,027Ìý
|
Ìý
|
|
Cash flows from investing activities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Cash proceeds from dispositions
|
Ìý
|
Ìý
|
1Ìý
|
Ìý
|
1,136Ìý
|
Ìý
|
1,137Ìý
|
Ìý
|
|
Investments in and loans to cost and equity investees
|
Ìý
|
Ìý
|
(4)
|
Ìý
|
(380)
|
Ìý
|
(384)
|
Ìý
|
|
Capital expended for property and equipment
|
Ìý
|
Ìý
|
(291)
|
Ìý
|
Ìý—
|
Ìý
|
(291)
|
Ìý
|
|
Cash paid for acquisitions, net of cash acquired
|
Ìý
|
Ìý
|
(24)
|
Ìý
|
Ìý—
|
Ìý
|
(24)
|
Ìý
|
|
Purchases of short term and other marketable securities
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
(959)
|
Ìý
|
(959)
|
Ìý
|
|
Sales of short term investments and other marketable securities
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
400Ìý
|
Ìý
|
400Ìý
|
Ìý
|
|
Other investing activities, net
|
Ìý
|
Ìý
|
(38)
|
Ìý
|
(3)
|
Ìý
|
(41)
|
Ìý
|
|
Net cash provided (used) by investing activities
|
Ìý
|
Ìý
|
(356)
|
Ìý
|
194Ìý
|
Ìý
|
(162)
|
Ìý
|
|
Cash flows from financing activities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Borrowings of debt
|
Ìý
|
Ìý
|
3,520Ìý
|
Ìý
|
841Ìý
|
Ìý
|
4,361Ìý
|
Ìý
|
|
Repayments of debt
|
Ìý
|
Ìý
|
(3,052)
|
Ìý
|
(2,363)
|
Ìý
|
(5,415)
|
Ìý
|
|
Repurchases of Liberty Interactive common stock
|
Ìý
|
Ìý
|
(1,089)
|
Ìý
|
—
|
Ìý
|
(1,089)
|
Ìý
|
|
Taxes paid in lieu of shares issued for stock-based compensation
|
Ìý
|
Ìý
|
(21)
|
Ìý
|
Ìý—
|
Ìý
|
(21)
|
Ìý
|
|
Excess tax benefit from stock-based compensation
|
Ìý
|
Ìý
|
13Ìý
|
Ìý
|
Ìý—
|
Ìý
|
13Ìý
|
Ìý
|
|
Other financing activities, net
|
Ìý
|
Ìý
|
(57)
|
Ìý
|
Ìý—
|
Ìý
|
(57)
|
Ìý
|
|
Net cash provided (used) by financing activities
|
Ìý
|
Ìý
|
(686)
|
Ìý
|
(1,522)
|
Ìý
|
(2,208)
|
Ìý
|
|
Effect of foreign currency rates on cash
|
Ìý
|
Ìý
|
(24)
|
Ìý
|
—
|
Ìý
|
(24)
|
Ìý
|
|
Net cash provided (used) by discontinued operations:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Cash provided (used) by operating activities
|
Ìý
|
Ìý
|
(13)
|
Ìý
|
346Ìý
|
Ìý
|
333Ìý
|
Ìý
|
|
Cash provided (used) by investing activities
|
Ìý
|
Ìý
|
(6)
|
Ìý
|
(192)
|
Ìý
|
(198)
|
Ìý
|
|
Cash provided (used) by financing activities
|
Ìý
|
Ìý
|
(1)
|
Ìý
|
(171)
|
Ìý
|
(172)
|
Ìý
|
|
Change in available cash held by discontinued operations
|
Ìý
|
Ìý
|
(2)
|
Ìý
|
17Ìý
|
Ìý
|
15Ìý
|
Ìý
|
|
Net cash provided (used) by discontinued operations
|
Ìý
|
Ìý
|
(22)
|
Ìý
|
—
|
Ìý
|
(22)
|
Ìý
|
|
Net increase (decrease) in cash and cash equivalents
|
Ìý
|
Ìý
|
(103)
|
Ìý
|
(1,286)
|
Ìý
|
(1,389)
|
Ìý
|
|
Cash and cash equivalents at beginning of period
|
Ìý
|
Ìý
|
698Ìý
|
Ìý
|
1,593Ìý
|
Ìý
|
2,291Ìý
|
Ìý
|
|
Cash and cash equivalents at end period
|
Ìý
|
$
|
595Ìý
|
Ìý
|
307Ìý
|
Ìý
|
902Ìý
|
Ìý
|
Ìý
STATEMENT OF CASH FLOWS INFORMATION
Year ended DecemberÌý31, 2012
(unaudited)
Ìý
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
AttributedÌý(noteÌý1)
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Consolidated
|
Ìý
|
|
Ìý
|
Ìý
|
QVCÌýGroup
|
Ìý
|
VenturesÌýGroup
|
Ìý
|
Liberty
|
Ìý
|
|
Ìý
|
Ìý
|
amountsÌýinÌýmillions
|
Ìý
|
|
Cash flows from operating activities:
|
ÌýÌýÌýÌý
|
Ìý
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
ÌýÌýÌýÌý
|
Ìý
|
|
Net earnings (loss)
|
Ìý
|
$
|
529Ìý
|
Ìý
|
1,062Ìý
|
Ìý
|
1,591Ìý
|
Ìý
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
(Earnings) loss from discontinued operations
|
Ìý
|
Ìý
|
46Ìý
|
Ìý
|
(1,032)
|
Ìý
|
(986)
|
Ìý
|
|
Depreciation and amortization
|
Ìý
|
Ìý
|
591Ìý
|
Ìý
|
Ìý—
|
Ìý
|
591Ìý
|
Ìý
|
|
Stock-based compensation
|
Ìý
|
Ìý
|
84Ìý
|
Ìý
|
7Ìý
|
Ìý
|
91Ìý
|
Ìý
|
|
Cash payments for stock-based compensation
|
Ìý
|
Ìý
|
(12)
|
Ìý
|
—
|
Ìý
|
(12)
|
Ìý
|
|
Excess tax benefit from stock-based compensation
|
Ìý
|
Ìý
|
(56)
|
Ìý
|
(8)
|
Ìý
|
(64)
|
Ìý
|
|
Noncash interest expense
|
Ìý
|
Ìý
|
9Ìý
|
Ìý
|
—
|
Ìý
|
9Ìý
|
Ìý
|
|
Share of losses (earnings) of affiliates, net
|
Ìý
|
Ìý
|
(28)
|
Ìý
|
(19)
|
Ìý
|
(47)
|
Ìý
|
|
Cash receipts from return on equity investments
|
Ìý
|
Ìý
|
11Ìý
|
Ìý
|
34Ìý
|
Ìý
|
45Ìý
|
Ìý
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
Ìý
|
Ìý
|
(51)
|
Ìý
|
402Ìý
|
Ìý
|
351Ìý
|
Ìý
|
|
(Gains) losses on transactions, net
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
(443)
|
Ìý
|
(443)
|
Ìý
|
|
Impairment of intangible assets
|
Ìý
|
Ìý
|
53Ìý
|
Ìý
|
—
|
Ìý
|
53Ìý
|
Ìý
|
|
Deferred income tax (benefit) expense
|
Ìý
|
Ìý
|
(177)
|
Ìý
|
123Ìý
|
Ìý
|
(54)
|
Ìý
|
|
Intergroup tax allocation
|
Ìý
|
Ìý
|
152Ìý
|
Ìý
|
(152)
|
Ìý
|
Ìý—
|
Ìý
|
|
Intergroup tax payments
|
Ìý
|
Ìý
|
(33)
|
Ìý
|
33Ìý
|
Ìý
|
Ìý—
|
Ìý
|
|
Other noncash charges (credits), net
|
Ìý
|
Ìý
|
1Ìý
|
Ìý
|
1Ìý
|
Ìý
|
2Ìý
|
Ìý
|
|
Changes in operating assets and liabilities
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Current and other assets
|
Ìý
|
Ìý
|
(77)
|
Ìý
|
(1)
|
Ìý
|
(78)
|
Ìý
|
|
Payables and other current liabilities
|
Ìý
|
Ìý
|
430Ìý
|
Ìý
|
(32)
|
Ìý
|
398Ìý
|
Ìý
|
|
Net cash provided (used) by operating activities
|
Ìý
|
Ìý
|
1,472Ìý
|
Ìý
|
(25)
|
Ìý
|
1,447Ìý
|
Ìý
|
|
Cash flows from investing activities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Cash proceeds from dispositions
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
692Ìý
|
Ìý
|
692Ìý
|
Ìý
|
|
Proceeds (settlements) of financial instruments, net
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
(258)
|
Ìý
|
(258)
|
Ìý
|
|
Investments in and loans to cost and equity investees
|
Ìý
|
Ìý
|
(59)
|
Ìý
|
(177)
|
Ìý
|
(236)
|
Ìý
|
|
Capital expended for property and equipment
|
Ìý
|
Ìý
|
(333)
|
Ìý
|
Ìý—
|
Ìý
|
(333)
|
Ìý
|
|
Cash paid for acquisitions, net of cash acquired
|
Ìý
|
Ìý
|
(83)
|
Ìý
|
Ìý—
|
Ìý
|
(83)
|
Ìý
|
|
Purchases of short term investments and other marketable securities
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
(58)
|
Ìý
|
(58)
|
Ìý
|
|
Sales of short term investments and other marketable securities
|
Ìý
|
Ìý
|
46Ìý
|
Ìý
|
Ìý—
|
Ìý
|
46Ìý
|
Ìý
|
|
Other investing activities, net
|
Ìý
|
Ìý
|
(29)
|
Ìý
|
(10)
|
Ìý
|
(39)
|
Ìý
|
|
Net cash provided (used) by investing activities
|
Ìý
|
Ìý
|
(458)
|
Ìý
|
189Ìý
|
Ìý
|
(269)
|
Ìý
|
|
Cash flows from financing activities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Borrowings of debt
|
Ìý
|
Ìý
|
2,305Ìý
|
Ìý
|
—
|
Ìý
|
2,305Ìý
|
Ìý
|
|
Repayments of debt
|
Ìý
|
Ìý
|
(1,385)
|
Ìý
|
(115)
|
Ìý
|
(1,500)
|
Ìý
|
|
Intergroup receipts (payments), net
|
Ìý
|
Ìý
|
160Ìý
|
Ìý
|
(160)
|
Ìý
|
Ìý—
|
Ìý
|
|
Reattribution of cash between groups
|
Ìý
|
Ìý
|
(1,346)
|
Ìý
|
1,346Ìý
|
Ìý
|
Ìý—
|
Ìý
|
|
Repurchases of Liberty common stock
|
Ìý
|
Ìý
|
(815)
|
Ìý
|
—
|
Ìý
|
(815)
|
Ìý
|
|
Proceeds from rights offering
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
328Ìý
|
Ìý
|
328Ìý
|
Ìý
|
|
Taxes paid in lieu of shares issued for stock-based compensation
|
Ìý
|
Ìý
|
(112)
|
Ìý
|
(16)
|
Ìý
|
(128)
|
Ìý
|
|
Excess tax benefit from stock-based compensation
|
Ìý
|
Ìý
|
56Ìý
|
Ìý
|
8Ìý
|
Ìý
|
64Ìý
|
Ìý
|
|
Other financing activities, net
|
Ìý
|
Ìý
|
(5)
|
Ìý
|
Ìý—
|
Ìý
|
(5)
|
Ìý
|
|
Net cash provided (used) by financing activities
|
Ìý
|
Ìý
|
(1,142)
|
Ìý
|
1,391Ìý
|
Ìý
|
249Ìý
|
Ìý
|
|
Effect of foreign currency rates on cash
|
Ìý
|
Ìý
|
(20)
|
Ìý
|
—
|
Ìý
|
(20)
|
Ìý
|
|
Net cash provided (used) by discontinued operations:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Cash provided (used) by operating activities
|
Ìý
|
Ìý
|
(2)
|
Ìý
|
(13)
|
Ìý
|
(15)
|
Ìý
|
|
Cash provided (used) by investing activities
|
Ìý
|
Ìý
|
(4)
|
Ìý
|
426Ìý
|
Ìý
|
422Ìý
|
Ìý
|
|
Cash provided (used) by financing activities
|
Ìý
|
Ìý
|
6Ìý
|
Ìý
|
(7)
|
Ìý
|
(1)
|
Ìý
|
|
Change in available cash held by discontinued operations
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
(368)
|
Ìý
|
(368)
|
Ìý
|
|
Net cash provided (used) by discontinued operations
|
Ìý
|
Ìý
|
Ìý—
|
Ìý
|
38Ìý
|
Ìý
|
38Ìý
|
Ìý
|
|
Net increase (decrease) in cash and cash equivalents
|
Ìý
|
Ìý
|
(148)
|
Ìý
|
1,593Ìý
|
Ìý
|
1,445Ìý
|
Ìý
|
|
Cash and cash equivalents at beginning of period
|
Ìý
|
Ìý
|
846Ìý
|
Ìý
|
—
|
Ìý
|
846Ìý
|
Ìý
|
|
Cash and cash equivalents at end period
|
Ìý
|
$
|
698Ìý
|
Ìý
|
1,593Ìý
|
Ìý
|
2,291Ìý
|
Ìý
|
Ìý
|