(13) Information About Liberty's Operating Segments The Company, through its ownership interests in subsidiaries and other companies, is primarily engaged in the media, communications and entertainment industries. The Company identifies its reportable segments as (A) those consolidated subsidiaries that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) or total assets and (B) those equity method affiliates whose share of earnings represent 10% or more of the Company's annual pre-tax earnings. The Company evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue and Adjusted OIBDA (as defined below). In addition, the Company reviews nonfinancial measures such as subscriber growth, churn and penetration. For the three months ended March 31, 2019, the Company has identified the following subsidiaries as its reportable segments:  SIRIUS XM Holdings is a consolidated subsidiary that operates two complementary audio entertainment businesses, SIRIUS XM and Pandora. SIRIUS XM transmits music, sports, entertainment, comedy, talk, news, traffic and weather channels as well as infotainment services, in the United States on a subscription fee basis through its two proprietary satellite radio systems. SIRIUS XM also provides connected vehicle services and a suite of in-vehicle data services. The Pandora business operates a music discovery platform. Pandora is available as an ad-supported radio service, a radio subscription service, called Pandora Plus, and an on-demand subscription service, called Pandora Premium. SIRIUS XM Holdings acquired Pandora on February 1, 2019, at which time it began consolidating the results of the Pandora business.  Formula 1 is a global motorsports business that holds exclusive commercial rights with respect to the World Championship, an annual, approximately nine-month long, motor race-based competition in which teams compete for the Constructors' Championship and drivers compete for the Drivers' Championship. The World Championship takes place on various circuits with a varying number of events taking place in different countries around the world each season. Formula 1 is responsible for the commercial exploitation and development of the World Championship as well as various aspects of its management and administration. The Company's segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, differing revenue sources and marketing strategies. The significant accounting policies of the segments are the same as those described in the Company's summary of significant policies in the Company's annual financial statements filed on Form 10-K. Performance Measures The following table disaggregates revenue by segment and by source: Three months ended March 31, 2019 2018 amounts in millions Liberty SiriusXM Group SIRIUS XM Holdings: Subscriber $ 1,458 1,258 Advertising 209 42 Equipment 41 35 Other 36 40 Total Liberty SiriusXM Group 1,744 1,375 Braves Group Corporate and other: Baseball 14 20 Development 8 8 Total Braves Group 22 28 Formula One Group Formula 1: Primary 198 85 Other 48 29 Total Formula One Group 246 114 Consolidated Liberty $ 2,012 1,517 Our subsidiaries customers generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in our unaudited condensed consolidated statement of operations as the services are provided. Changes in the contract liability balance for SIRIUS XM Holdings during the three months ended March 31, 2019 were not materially impacted by other factors. The opening and closing balances for our deferred revenue related to Formula 1 and Braves Holdings for the three months ended March 31, 2019 were approximately $154 million and $512 million, respectively. The primary cause for the increase related to the receipt of cash from our customers in advance of satisfying our performance obligations. Significant portions of the transaction prices for Formula 1 and Braves Holdings are related to undelivered performance obligations that are under contractual arrangements that extend beyond one year. The Company anticipates recognizing revenue from the delivery of such performance obligations of approximately $1,796 million for the remainder of 2019, $1,858 million in 2020, $1,398 million in 2021, $3,728 million in 2022 through 2027, and $274 million thereafter, primarily recognized through 2035. We have not included any amounts in the undelivered performance obligations amounts for Formula 1 and Braves Holdings for those performance obligations that relate to a contract with an original expected duration of one year or less. The Company defines Adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses excluding all stock-based compensation, separately reported litigation settlements and restructuring and impairment charges. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, including each business's ability to service debt and fund capital expenditures. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The Company generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices. Adjusted OIBDA is summarized as follows: Three months ended March 31, 2019 2018 amounts in millions Liberty SiriusXM Group SIRIUS XM Holdings $ 590 530 Corporate and other (2) (5) Total Liberty SiriusXM Group 588 525 Braves Group Corporate and other (33) (35) Total Braves Group (33) (35) Formula One Group Formula 1 65 3 Corporate and other (6) (4) Total Formula One Group 59 (1) Consolidated Liberty $ 614 489 Other Information March 31, 2019 Total Investments Capital assets in affiliates expenditures amounts in millions Liberty SiriusXM Group SIRIUS XM Holdings $ 30,844 641 90 Corporate and other 529   Total Liberty SiriusXM Group 31,373 641 90 Braves Group Corporate and other 1,479 97 15 Total Braves Group 1,479 97 15 Formula One Group Formula 1 9,260  8 Corporate and other 2,107 903  Total Formula One Group 11,367 903 8 Elimination (1) (309)   Consolidated Liberty $ 43,910 1,641 113 (1) This is primarily the intergroup interest in the Braves Group held by the Formula One Group, as discussed in note 2. The intergroup interest attributable to the Formula One Group is presented as an asset and the intergroup interest attributable to the Braves Group is presented as a liability in the attributed financial statements and the offsetting amounts between tracking stock groups are eliminated in consolidation. The following table provides a reconciliation of Consolidated segment Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes: Three months ended March 31, 2019 2018 amounts in millions Consolidated segment Adjusted OIBDA $ 614 489 Legal settlement (note 12) (25)  Stock-based compensation (65) (46) Acquisition and other related costs (note 3) (76)  Depreciation and amortization (248) (216) Operating income (loss) 200 227 Interest expense (159) (150) Share of earnings (losses) of affiliates, net (20) (8) Realized and unrealized gains (losses) on financial instruments, net (98) 153 Other, net 8 6 Earnings (loss) before income taxes $ (69) 228