Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2018 |
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| Summary of activity in the allowance for doubtful accounts |
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Balance
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Additions
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Balance
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beginning
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Charged
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Deductions-
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end of
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of year
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to expense
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Other
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write-offs
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year
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amounts in millions
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2018
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$
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92
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123
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3
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(101)
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117
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2017
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$
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99
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73
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(1)
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(79)
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92
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2016
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$
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87
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109
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(1)
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(96)
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99
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| Schedule of Property and Equipment |
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December 31,
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December 31,
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2018
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2017
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amounts in millions
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Land
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$
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128
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108
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Buildings and improvements
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1,194
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1,165
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Support equipment
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1,302
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1,240
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Projects in progress
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61
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51
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Total property and equipment
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$
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2,685
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2,564
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| Schedule of disaggregation of revenue |
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Year ended
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December 31, 2018
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QVC U.S.
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QVC Int'l
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HSN
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zulily
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Corp and other
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Total
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in millions
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Home
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$
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2,265
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1,023
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910
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511
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791
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5,500
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Apparel
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1,140
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453
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183
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684
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180
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2,640
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Beauty
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1,040
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640
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286
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50
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—
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2,016
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Accessories
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772
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273
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161
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472
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—
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1,678
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Electronics
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674
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119
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455
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18
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—
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1,266
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Jewelry
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324
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213
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149
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53
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—
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739
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Other revenue
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134
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17
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58
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29
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(7)
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231
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Total Revenue
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$
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6,349
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2,738
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2,202
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1,817
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964
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14,070
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| Schedule of net earnings attributable to stockholders |
Net earnings (loss) attributable to Qurate Retail stockholders is comprised of the following (amounts in millions):
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Years ended December 31,
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2018
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2017
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2016
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Qurate Retail
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Net earnings (loss) from continuing operations
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$
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674
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1,208
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473
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Net earnings (loss) from discontinued operations
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$
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NA
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NA
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NA
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Liberty Ventures
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Net earnings (loss) from continuing operations
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$
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101
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781
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263
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Net earnings (loss) from discontinued operations
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$
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141
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452
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499
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| Schedule of Weighted Average Number of Shares |
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Years ended December 31,
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2018
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2017
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2016
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number of shares in millions
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Basic WASO
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462
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445
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476
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Potentially dilutive shares
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3
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3
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5
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Diluted WASO
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465
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448
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481
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| Summary of activity in allowance for sales returns |
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Balance beginning of year
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Additions - charged to earnings
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Deductions
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Acquisition of HSN
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Balance end of year
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in millions
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2018 (1)
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$
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267
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2,281
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(2,282)
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-
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266
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2017
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$
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98
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1,027
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(1,023)
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35
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137
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2016
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$
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106
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1,051
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(1,060)
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-
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98
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Amounts in 2018 include the impact of adoption of ASC 606.
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| Liberty Ventures common stock |
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| Schedule of Weighted Average Number of Shares |
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Years ended December 31,
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2018 (1)
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2017
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2016
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number of shares in millions
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Basic WASO
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86
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86
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134
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Potentially dilutive shares
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1
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1
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1
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Diluted WASO
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87
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87
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135
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All of the outstanding shares of Liberty Ventures Series A and B common stock were redeemed for GCI Liberty Series A and B common stock as a result of the GCI Liberty Split-Off on March 9, 2018.
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| ASU 2014-09 |
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| Schedule of cumulative effect of accounting changes |
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Balance at
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Adjustments
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Balance at
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December 31,
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Due to ASU
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January 1,
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2017
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2014-09
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2018
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in millions
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Assets:
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Inventory, net
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$
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1,411
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(27)
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1,384
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Other current assets
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$
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125
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(11)
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114
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Liabilities:
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Other current liabilities
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$
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169
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(46)
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123
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Deferred income tax liabilities
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$
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2,500
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2
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2,502
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Equity:
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Retained earnings
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$
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9,068
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6
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9,074
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In accordance with the new revenue standard requirements, the following table illustrates the impact on our reported results in the consolidated statements of operations assuming we did not adopt the new revenue standard on January 1, 2018. Other than as previously discussed, upon the adoption of the new revenue standard on January 1, 2018, there were no additional material adjustments to our consolidated balance sheet as of December 31, 2018.
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As reported
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Balance without
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Year ended
|
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adoption of
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December 31, 2018
|
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Impact of ASC 606
|
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ASC 606
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in millions
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Net revenue
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$
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14,070
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(154)
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13,916
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Cost of retail sales
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$
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9,209
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(13)
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9,196
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Selling, general and administrative expenses, including stock-based compensation and transaction related costs
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$
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1,897
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(126)
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1,771
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Operating expense
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$
|
970
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(2)
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968
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Income tax (expense) benefit
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$
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(60)
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2
|
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(58)
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Net income
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$
|
916
|
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(11)
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905
|
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