jvid视频.
Reconciliation of jvid视频. ("jvid视频") Net Assets and
Net Earnings to Liberty Interactive LLC ("Liberty LLC") Net Assets and Net Earnings
March 31, 2023
(unaudited)
amounts in millions
| | | | |
Qurate Retail Net Assets |
| $ | 691 | |
Reconciling items: | | | | |
Zulily, LLC ("Zulily") net assets | | | (24) | |
Cornerstone Brands, Inc. ("CBI") net assets (1) | | | (251) | |
Cash held by jvid视频 | | | (471) | |
Tax sharing agreement with Liberty Media Corporation ("Liberty Media") | | | (5) | |
Equity investment in CBI held by Liberty LLC (1) | | | 89 | |
Tax sharing agreement with Liberty Broadband Corporation ("Liberty Broadband") | | | 15 | |
Preferred Stock liability (2) | | | 1,269 | |
Preferred restricted stock unit liability (2) | | | 12 | |
Accrued preferred dividends payable (2) | | | 4 | |
Liberty LLC Net Assets | | $ | 1,329 | |
| | | | |
jvid视频 Net Earnings | | $ | 33 | |
Reconciling items: | | | | |
Zulily net (earnings) loss | | | 35 | |
CBI net (earnings) loss (1) | | | 3 | |
CBI equity method investment share of earnings (loss) | | | (1) | |
Liberty Broadband tax sharing expense | | | 8 | |
Liberty Media tax sharing expense | | | (16) | |
Accrued preferred dividends payable (2) | | | 25 | |
jvid视频 dividend income | | | (4) | |
Liberty LLC Net Earnings | | $ | 83 | |
| | | | |
| (1) | On December 29, 2017, jvid视频 acquired the approximate remaining 62% of HSN, Inc. (which includes its televised shopping business “HSN” and its catalog retail business “CBI”) it did not already own. On December 31, 2018, jvid视频 transferred their 100% ownership interest in HSN to QVC, Inc. through a transaction amongst entities under common control and based on the guidance for accounting for transactions amongst entities under common control HSN’s results have been excluded for the entire period. Liberty LLC continues to hold 38% of CBI and accounts for its ownership in CBI as an equity method investment. |
| (2) | On September 14, 2020, jvid视频 issued the 8.0% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Preferred Stock”). Holders of the Preferred Stock are entitled to receive quarterly cash dividends at a fixed rate of 8.0% per year on a cumulative basis, beginning December 15, 2020 and thereafter on each of March 15, June 15, September 15 and December 15 during the term. As the Preferred Stock is subject to unconditional mandatory redemption in cash and was issued in the form of a share, jvid视频 concluded the Preferred Stock was a mandatorily redeemable financial instrument and should be classified as a liability in the condensed consolidated balance sheets. |