| Investments In Affiliates Accounted For Using The Equity Method |
(7)ÌýÌýInvestments in Affiliates Accounted for Using the Equity Method
Liberty has various investments accounted for using the equity method. The following table includes the Company’s carrying amount and percentage ownership and market value (LevelÌý1) of the more significant investments in affiliates at DecemberÌý31, 2022, and the carrying amount at DecemberÌý31, 2021:
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¶Ù±ð³¦±ð³¾²ú±ð°ùÌý31,Ìý2022 |
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¶Ù±ð³¦±ð³¾²ú±ð°ùÌý31,Ìý2021 |
Ìý |
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ÌýÌýÌýÌý |
Percentage |
ÌýÌýÌýÌý |
Fair Value |
ÌýÌýÌýÌý |
Carrying |
ÌýÌýÌýÌý |
Carrying |
Ìý |
​ |
​ |
ownership |
​ |
(Level 1) |
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amount |
​ |
amount |
Ìý |
|
​ |
​ |
dollarÌýamountsÌýinÌýmillions |
Ìý |
Liberty SiriusXM Group |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
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Live Nation |
​ |
31% |
​ |
$ |
4,857 |
Ìý |
$ |
158 |
​ |
89 |
​ |
Sirius XM Canada |
​ |
70% |
​ |
​ |
NA |
Ìý |
​ |
597 |
Ìý |
642 |
​ |
Other |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
68 |
​ |
74 |
​ |
Total Liberty SiriusXM Group |
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​ |
​ |
​ |
​ |
​ |
​ |
823 |
​ |
805 |
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​ |
​ |
​ |
​ |
​ |
​ |
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​ |
​ |
​ |
​ |
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Braves Group |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
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Other |
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various |
​ |
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NA |
​ |
​ |
95 |
​ |
110 |
​ |
Total Braves Group |
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​ |
​ |
​ |
​ |
​ |
​ |
95 |
​ |
110 |
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​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
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Formula One Group |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Other |
Ìý |
various |
​ |
Ìý |
NA |
Ìý |
​ |
34 |
Ìý |
30 |
​ |
Total Formula One Group |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
34 |
Ìý |
30 |
​ |
Consolidated Liberty |
​ |
​ |
​ |
​ |
​ |
​ |
$ |
952 |
​ |
945 |
​ |
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The following table presents the Company’s share of earnings (losses) of affiliates:
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YearsÌýendedÌýDecemberÌý31, |
Ìý |
​ |
ÌýÌýÌýÌý |
2022 |
ÌýÌýÌýÌý |
2021 |
ÌýÌýÌýÌý |
2020 |
Ìý |
|
​ |
​ |
amountsÌýinÌýmillions |
Ìý |
Liberty SiriusXM Group |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Live Nation |
​ |
$ |
72 |
​ |
(235) |
​ |
(465) |
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Sirius XM Canada |
​ |
​ |
— |
Ìý |
4 |
Ìý |
5 |
​ |
Other |
​ |
​ |
(5) |
​ |
(22) |
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(24) |
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Total Liberty SiriusXM Group |
​ |
​ |
67 |
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(253) |
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(484) |
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​ |
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​ |
​ |
​ |
​ |
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Braves Group |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Other |
​ |
​ |
32 |
​ |
30 |
​ |
6 |
​ |
Total Braves Group |
​ |
​ |
32 |
​ |
30 |
​ |
6 |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Formula One Group |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Live Nation |
​ |
Ìý |
NA |
Ìý |
NA |
Ìý |
(112) |
​ |
Other |
​ |
Ìý |
— |
Ìý |
23 |
Ìý |
4 |
​ |
Total Formula One Group |
​ |
​ |
— |
​ |
23 |
​ |
(108) |
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Consolidated Liberty |
​ |
$ |
99 |
Ìý |
(200) |
Ìý |
(586) |
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Live Nation
Live Nation is considered the world’s leading live entertainment company and seeks to innovate and enhance the live entertainment experience for artists and fans before, during and after the show. Liberty’s interest in Live Nation was reattributed from the Formula One Group to the Liberty SiriusXM Group effective April 22, 2020.
Due to the impact of COVID-19, Live Nation recorded significant losses during the years ended December 31, 2021 and 2020. In September 2021, Live Nation completed an offering of approximately 5.2 million shares of its common stock, resulting in a gain on dilution of our investment in Live Nation. See noteÌý9 for details regarding the number and fair value of Live Nation common stock pledged as collateral pursuant to the Live Nation Margin Loan as of December 31, 2022.
Summarized financial information for Live Nation is as follows:
Consolidated Balance Sheets
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December 31, |
​ |
​ |
ÌýÌýÌýÌý |
2022 |
ÌýÌýÌýÌý |
2021 |
ÌýÌýÌýÌý |
|
​ |
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amounts in millions |
​ |
Current assets |
​ |
$ |
8,160 |
Ìý |
6,684 |
Ìý |
Property, plant and equipment, net |
​ |
Ìý |
1,488 |
Ìý |
1,092 |
Ìý |
Intangible assets |
​ |
​ |
1,419 |
​ |
1,395 |
​ |
Goodwill |
​ |
Ìý |
2,529 |
Ìý |
2,591 |
Ìý |
Other assets |
​ |
​ |
2,865 |
​ |
2,640 |
​ |
Total assets |
​ |
$ |
16,461 |
Ìý |
14,402 |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
​ |
Current liabilities |
​ |
$ |
8,303 |
​ |
6,856 |
​ |
Long-term debt, net |
​ |
​ |
5,283 |
​ |
5,145 |
​ |
Other liabilities |
​ |
​ |
2,111 |
​ |
2,037 |
​ |
Redeemable noncontrolling interests |
​ |
​ |
670 |
​ |
552 |
​ |
Equity |
​ |
​ |
94 |
​ |
(188) |
​ |
Total liabilities and equity |
​ |
$ |
16,461 |
​ |
14,402 |
​ |
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Consolidated Statements of Operations
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YearsÌýendedÌýDecemberÌý31, |
​ |
​ |
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2022 |
ÌýÌýÌýÌý |
2021 |
ÌýÌýÌýÌý |
2020 |
​ |
|
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amounts in millions |
​ |
Revenue |
​ |
$ |
16,681 |
Ìý |
6,268 |
Ìý |
1,861 |
​ |
Operating expenses: |
​ |
Ìý |
​ |
​ |
​ |
​ |
​ |
​ |
Direct operating expenses |
​ |
​ |
12,337 |
​ |
4,356 |
​ |
1,402 |
​ |
Selling, general and administrative expenses |
​ |
Ìý |
2,956 |
Ìý |
1,755 |
Ìý |
1,524 |
​ |
Depreciation and amortization |
​ |
​ |
450 |
​ |
416 |
​ |
485 |
​ |
Other operating expenses |
​ |
​ |
206 |
​ |
159 |
​ |
103 |
​ |
​ |
​ |
​ |
15,949 |
Ìý |
6,686 |
Ìý |
3,514 |
​ |
Operating income (loss) |
​ |
​ |
732 |
​ |
(418) |
​ |
(1,653) |
​ |
Interest expense |
​ |
​ |
(278) |
​ |
(282) |
​ |
(227) |
​ |
Other income (expense), net |
​ |
​ |
51 |
​ |
89 |
​ |
23 |
​ |
Earnings (loss) before income taxes |
​ |
​ |
505 |
​ |
(611) |
​ |
(1,857) |
​ |
Income tax (expense) benefit |
​ |
​ |
(96) |
​ |
2 |
​ |
29 |
​ |
Net earnings (loss) |
​ |
​ |
409 |
​ | |