Definitive revised proxy soliciting materials

Pay vs Performance Disclosure

v3.23.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]
PAY VERSUS PERFORMANCE
This section provides information about the relationship between compensation actually paid to our Principal Executive Officer and other named executive officers and certain financial performance measures of the Company. For purposes of this section, the amount of compensation actually paid to our Principal Executive Officer and other named executive officers is determined using the valuation methods prescribed by the SEC in Item 402(v) of Regulation S-K. Although the rules describe such amount as compensation actually paid, these amounts are not reflective of the taxable compensation actually paid to our named executive officers in a covered year. As described in more detail below, to determine the amount of compensation actually paid in a covered year, Item 402(v) of Regulation S-K requires that in each covered year we (1) deduct the grant date value of equity awards reported in the Stock Awards or Option Awards columns in the Summary Compensation Table from the Total column in the Summary Compensation Table; (2) add, for awards granted in the covered year, the fair value of the equity awards (i) as of the end of a covered year or (ii) as of the vesting date, as applicable; and (3) add or subtract, for awards granted in, and outstanding at the end of, a prior year (i) the change in the fair value from the end of the prior year to the end of the current year or (ii) from the end of the prior year to the date the awards vest in the covered year, as applicable.
Current PEO(1)
Former PEO(1)
Non-PEO NEOs(1)
Value of initial fixed $100
investment based on:
(millions)
Year
Summary
Compensation
Table Total for
Current PEO

($)(2)
Compensation
Actually Paid
to Current PEO

($)(3)
Summary
Compensation
Table Total for
Former PEO

($)(2)
Compensation
Actually Paid
to Former PEO

($)(3)
Average
Summary
Compensation
Table Total for
non-PEO NEOs

($)(2)
Average
Compensation
Actually Paid
to non-PEO
NEOs ($)
(3)
Total Shareholder
Return (“TSR”) ($)
(4)
Peer
Group
Total

TSR ($)(5)
Net
Income

($)(6)
Adjusted
OIBDA
($)
(7)
2022 4,959,754 (3,863,990) 1,496,276 (5,861,216) QRTEA 44.18 118.02 (2,532) 1,089
QRTEB 134.11
2021 16,225,908 12,457,043 14,937,691 11,160,011 6,235,544 1,751,786 QRTEA 205.99 169.06 421 2,126
QRTEB 201.04
2020 10,790,859 20,505,569 5,108,394 11,364,265 QRTEA 259.98 140.54 1,254 2,224
QRTEB 253.92
(1)
Michael George was our Principal Executive Officer in 2020 and a portion of 2021 (our Former PEO). On October 1, 2021, Mr. Rawlinson succeeded Mr. George as our Principal Executive Officer and remained our Principal Executive Officer through 2022 (our Current PEO). Our named executive officers other than our Principal Executive Officer (non-PEO NEOs) for each of the fiscal years indicated were Messrs. Maffei, Wendling and Rosenthaler and Ms. Wilm.
(2)
Reflects, for each of our Current PEO and our Former PEO, the total compensation reported in the Summary Compensation Table and for the non-PEO NEOs, the average total compensation reported in the Summary Compensation Table in each of the fiscal years indicated.
(3)
Represents the compensation actually paid to each of our Current PEO, Former PEO and the non-PEO NEOs in each of the fiscal years indicated as computed in accordance with Item 402(v) of Regulation S-K, as set forth below:
Compensation actually paid to PEO and Non-PEO NEOs
As Reported in Summary
Compensation Table
(a)
Equity Award Adjustments(b)
Year
Total
Stock
Awards
Option
Awards
Fair Value at
Year End of
Awards
Granted
During Year
that Remain
Outstanding
and
Unvested at
Year End
(c)
Year-over-
Year Change
in Fair Value
of Awards
Granted in
Prior Year
that Remain
Outstanding
and
Unvested at
Year End
(d)
Fair
Value at
Vesting
Date of
Awards
Granted
and
Vested in
Same
Year
(e)
Change in
Fair Value
from Prior
Year End to
Vesting Date
of Awards
Granted in
Prior Year
and Vested
in Covered
Year
(f)
Total
Compensation
Actually Paid
Current PEO
2022 4,959,754 (2,926,974) 971,684 (5,662,379) (1,206,074) (3,863,990)
2021 16,225,908 (6,841,422) (5,948,895) 8,492,897 528,554 12,457,043
2020
Former PEO
2022
2021 14,937,691 (10,923,797) 2,018,013 3,382,990 1,745,114 11,160,011
2020 10,790,859 (3,218,805) 10,815,762 2,117,753 20,505,569
Non-PEO NEOs
2022 1,496,276 (499,327) 445,786 (6,755,464) (548,486) (5,861,216)
2021 6,235,544 (4,643,301) 2,613,931 (2,747,860) 293,473 1,751,786
2020 5,108,394 (736,170) (1,720,161) 3,596,496 5,306,198 (190,492) 11,364,265
(a)
Reflects, for each of our Current PEO and Former PEO, the applicable amounts reported in the Summary Compensation Table and for the non-PEO NEOs, the average of the applicable amounts reported in the Summary Compensation Table in each of the fiscal years indicated.
(b)
The adjustments made to the fair value of equity awards in accordance with Item 402(v) of Regulation S-K do not include adjustments for dividends paid or the fair value of equity awards received in lieu of cash compensation foregone at a named executive officer’s election where such amounts are reported in the Salary, Bonus or All Other Compensation columns of the Summary Compensation Table in accordance with SEC guidance.
(c)
Reflects, with respect to each of our Current PEO and Former PEO, the fair value and, with respect to the non-PEO NEOs, the average of the fair values, as of the end of the covered fiscal year of awards granted in, and remaining outstanding and unvested (in whole or in part) as of the end of, the covered fiscal year.
(d)
Reflects, with respect to each of our Current PEO and Former PEO, the change in fair value, and with respect to the non-PEO NEOs, the average of the change in fair values, from the end of the prior fiscal year to the end of the covered fiscal year of awards granted in prior fiscal years that remained outstanding and unvested (in whole or in part) as of the end of the covered fiscal year.
(e)
Reflects, with respect to each of our Current PEO and Former PEO, the fair value, and with respect to the non-PEO NEOs, the average of the fair values, as of the day awards became vested in the covered fiscal year, when such awards were also granted in the covered fiscal year.
(f)
Reflects, with respect to each of our Current PEO and Former PEO, the change in fair value, and with respect to the non-PEO NEOs, the average of the change in fair values, from the end of the prior fiscal year to the day awards became vested in the covered fiscal year, when such awards were granted in a prior fiscal year.
(4)
For each covered fiscal year, represents the cumulative total stockholder return on an initial fixed $100 investment in each of our Series A and Series B common stock (Nasdaq: QRTEA and QRTEB) from December 31, 2019 through December 31 of each covered fiscal year.
(5)
For each covered fiscal year, represents the cumulative total stockholder return on an initial fixed $100 investment in the S&P 500 Retail Index from December 31, 2019 through December 31 of each covered fiscal year.
(6)
Represents the amount of net income reflected in our consolidated financial statements for each covered fiscal year.
(7)
We define Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, transaction related costs (including acquisition, restructuring, integration, and advisory fees), impairment charges and fire-related costs. For purposes of this disclosure, Adjusted OIBDA includes our attributable interests in our equity investments.
   
Company Selected Measure Name AdjustedOIBDA    
Named Executive Officers, Footnote [Text Block]
(1)
Michael George was our Principal Executive Officer in 2020 and a portion of 2021 (our Former PEO). On October 1, 2021, Mr. Rawlinson succeeded Mr. George as our Principal Executive Officer and remained our Principal Executive Officer through 2022 (our Current PEO). Our named executive officers other than our Principal Executive Officer (non-PEO NEOs) for each of the fiscal years indicated were Messrs. Maffei, Wendling and Rosenthaler and Ms. Wilm.
   
Peer Group Issuers, Footnote [Text Block]
(5)
For each covered fiscal year, represents the cumulative total stockholder return on an initial fixed $100 investment in the S&P 500 Retail Index from December 31, 2019 through December 31 of each covered fiscal year.
   
Adjustment To PEO Compensation, Footnote [Text Block]
(3)
Represents the compensation actually paid to each of our Current PEO, Former PEO and the non-PEO NEOs in each of the fiscal years indicated as computed in accordance with Item 402(v) of Regulation S-K, as set forth below:
Compensation actually paid to PEO and Non-PEO NEOs
As Reported in Summary
Compensation Table
(a)
Equity Award Adjustments(b)
Year
Total
Stock
Awards
Option
Awards
Fair Value at
Year End of
Awards
Granted
During Year
that Remain
Outstanding
and
Unvested at
Year End
(c)
Year-over-
Year Change
in Fair Value
of Awards
Granted in
Prior Year
that Remain
Outstanding
and
Unvested at
Year End
(d)
Fair
Value at
Vesting
Date of
Awards
Granted
and
Vested in
Same
Year
(e)
Change in
Fair Value
from Prior
Year End to
Vesting Date
of Awards
Granted in
Prior Year
and Vested
in Covered
Year
(f)
Total
Compensation
Actually Paid
Current PEO
2022 4,959,754 (2,926,974) 971,684 (5,662,379) (1,206,074) (3,863,990)
2021 16,225,908 (6,841,422) (5,948,895) 8,492,897 528,554 12,457,043
2020
Former PEO
2022
2021 14,937,691 (10,923,797) 2,018,013 3,382,990 1,745,114 11,160,011
2020 10,790,859 (3,218,805) 10,815,762 2,117,753 20,505,569
Non-PEO NEOs
2022 1,496,276 (499,327) 445,786 (6,755,464) (548,486) (5,861,216)
2021 6,235,544 (4,643,301) 2,613,931 (2,747,860) 293,473 1,751,786
2020 5,108,394 (736,170) (1,720,161) 3,596,496 5,306,198 (190,492) 11,364,265
(a)
Reflects, for each of our Current PEO and Former PEO, the applicable amounts reported in the Summary Compensation Table and for the non-PEO NEOs, the average of the applicable amounts reported in the Summary Compensation Table in each of the fiscal years indicated.
(b)
The adjustments made to the fair value of equity awards in accordance with Item 402(v) of Regulation S-K do not include adjustments for dividends paid or the fair value of equity awards received in lieu of cash compensation foregone at a named executive officer’s election where such amounts are reported in the Salary, Bonus or All Other Compensation columns of the Summary Compensation Table in accordance with SEC guidance.
(c)
Reflects, with respect to each of our Current PEO and Former PEO, the fair value and, with respect to the non-PEO NEOs, the average of the fair values, as of the end of the covered fiscal year of awards granted in, and remaining outstanding and unvested (in whole or in part) as of the end of, the covered fiscal year.
(d)
Reflects, with respect to each of our Current PEO and Former PEO, the change in fair value, and with respect to the non-PEO NEOs, the average of the change in fair values, from the end of the prior fiscal year to the end of the covered fiscal year of awards granted in prior fiscal years that remained outstanding and unvested (in whole or in part) as of the end of the covered fiscal year.
(e)
Reflects, with respect to each of our Current PEO and Former PEO, the fair value, and with respect to the non-PEO NEOs, the average of the fair values, as of the day awards became vested in the covered fiscal year, when such awards were also granted in the covered fiscal year.
(f)
Reflects, with respect to each of our Current PEO and Former PEO, the change in fair value, and with respect to the non-PEO NEOs, the average of the change in fair values, from the end of the prior fiscal year to the day awards became vested in the covered fiscal year, when such awards were granted in a prior fiscal year.
   
Non-PEO NEO Average Total Compensation Amount $ 1,496,276 $ 6,235,544 $ 5,108,394
Non-PEO NEO Average Compensation Actually Paid Amount $ (5,861,216) 1,751,786 11,364,265
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
(3)
Represents the compensation actually paid to each of our Current PEO, Former PEO and the non-PEO NEOs in each of the fiscal years indicated as computed in accordance with Item 402(v) of Regulation S-K, as set forth below:
Compensation actually paid to PEO and Non-PEO NEOs
As Reported in Summary
Compensation Table
(a)
Equity Award Adjustments(b)
Year
Total
Stock
Awards
Option
Awards
Fair Value at
Year End of
Awards
Granted
During Year
that Remain
Outstanding
and
Unvested at
Year End
(c)
Year-over-
Year Change
in Fair Value
of Awards
Granted in
Prior Year
that Remain
Outstanding
and
Unvested at
Year End
(d)
Fair
Value at
Vesting
Date of
Awards
Granted
and
Vested in
Same
Year
(e)
Change in
Fair Value
from Prior
Year End to
Vesting Date
of Awards
Granted in
Prior Year
and Vested
in Covered
Year
(f)
Total
Compensation
Actually Paid
Current PEO
2022 4,959,754 (2,926,974) 971,684 (5,662,379) (1,206,074) (3,863,990)
2021 16,225,908 (6,841,422) (5,948,895) 8,492,897 528,554 12,457,043
2020
Former PEO
2022
2021 14,937,691 (10,923,797) 2,018,013 3,382,990 1,745,114 11,160,011
2020 10,790,859 (3,218,805) 10,815,762 2,117,753 20,505,569
Non-PEO NEOs
2022 1,496,276 (499,327) 445,786 (6,755,464) (548,486) (5,861,216)
2021 6,235,544 (4,643,301) 2,613,931 (2,747,860) 293,473 1,751,786
2020 5,108,394 (736,170) (1,720,161) 3,596,496 5,306,198 (190,492) 11,364,265
(a)
Reflects, for each of our Current PEO and Former PEO, the applicable amounts reported in the Summary Compensation Table and for the non-PEO NEOs, the average of the applicable amounts reported in the Summary Compensation Table in each of the fiscal years indicated.
(b)
The adjustments made to the fair value of equity awards in accordance with Item 402(v) of Regulation S-K do not include adjustments for dividends paid or the fair value of equity awards received in lieu of cash compensation foregone at a named executive officer’s election where such amounts are reported in the Salary, Bonus or All Other Compensation columns of the Summary Compensation Table in accordance with SEC guidance.
(c)
Reflects, with respect to each of our Current PEO and Former PEO, the fair value and, with respect to the non-PEO NEOs, the average of the fair values, as of the end of the covered fiscal year of awards granted in, and remaining outstanding and unvested (in whole or in part) as of the end of, the covered fiscal year.
(d)
Reflects, with respect to each of our Current PEO and Former PEO, the change in fair value, and with respect to the non-PEO NEOs, the average of the change in fair values, from the end of the prior fiscal year to the end of the covered fiscal year of awards granted in prior fiscal years that remained outstanding and unvested (in whole or in part) as of the end of the covered fiscal year.
(e)
Reflects, with respect to each of our Current PEO and Former PEO, the fair value, and with respect to the non-PEO NEOs, the average of the fair values, as of the day awards became vested in the covered fiscal year, when such awards were also granted in the covered fiscal year.
(f)
Reflects, with respect to each of our Current PEO and Former PEO, the change in fair value, and with respect to the non-PEO NEOs, the average of the change in fair values, from the end of the prior fiscal year to the day awards became vested in the covered fiscal year, when such awards were granted in a prior fiscal year.
   
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
Relationship Between Compensation Actually Paid and Cumulative Total Shareholder Return
Current PEO and Former PEO
[MISSING IMAGE: bc_shareholderpoe-pn.jpg]
non-PEO NEOs
   
Compensation Actually Paid vs. Net Income [Text Block]
Relationship Between Compensation Actually Paid and Net Income
Current PEO and Former PEO
[MISSING IMAGE: bc_netincomepoe-pn.jpg]
non-PEO NEOs
   
Compensation Actually Paid vs. Company Selected Measure [Text Block]
Relationship Between Compensation Actually Paid and Adjusted OIBDA
Current PEO and Former PEO
[MISSING IMAGE: bc_adjustedoibdapoe-pn.jpg]
non-PEO NEOs
   
Tabular List [Table Text Block]
2022 Key Performance Measures
The table below contains an unranked list of the most important financial performance measures we use to link executive compensation actually paid to performance.
Key Financial Performance Measures
Revenue
Adjusted OIBDA
Free Cash Flow
   
Peer Group Total Shareholder Return Amount $ 118.02 169.06 140.54
Net Income (Loss) $ (2,532,000,000) $ 421,000,000 $ 1,254,000,000
Company Selected Measure Amount 1,089,000,000 2,126,000,000 2,224,000,000
PEO Name Mr. Rawlinson    
Total Shareholder Return Amount, Series A Common Stock $ 44.18 $ 205.99 $ 259.98
Total Shareholder Return Amount, Series B Common Stock $ 134.11 201.04 253.92
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Revenue    
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Adjusted OIBDA    
Non-GAAP Measure Description [Text Block]
(7)
We define Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, transaction related costs (including acquisition, restructuring, integration, and advisory fees), impairment charges and fire-related costs. For purposes of this disclosure, Adjusted OIBDA includes our attributable interests in our equity investments.
   
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Free Cash Flow    
Mr. Rawlinson [Member]      
Pay vs Performance Disclosure [Table]      
PEO Total Compensation Amount $ 4,959,754 16,225,908  
PEO Actually Paid Compensation Amount (3,863,990) 12,457,043  
Stock Awards (2,926,974) (6,841,422)  
Option Awards   (5,948,895)  
Mr. Rawlinson [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 971,684 8,492,897  
Mr. Rawlinson [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (5,662,379)    
Mr. Rawlinson [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (1,206,074)    
Mr. Rawlinson [Member] | Change In Fair Value As Of Vesting Date Of Current Year Awards Vested During Current Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   528,554  
Michael George [Member]      
Pay vs Performance Disclosure [Table]      
PEO Total Compensation Amount   14,937,691 10,790,859
PEO Actually Paid Compensation Amount   11,160,011 20,505,569
Stock Awards   (10,923,797) (3,218,805)
Michael George [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   2,018,013 10,815,762
Michael George [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   1,745,114 2,117,753
Michael George [Member] | Change In Fair Value As Of Vesting Date Of Current Year Awards Vested During Current Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   3,382,990  
Non-PEO NEO [Member]      
Pay vs Performance Disclosure [Table]      
Stock Awards (499,327) (4,643,301) (736,170)
Option Awards     (1,720,161)
Non-PEO NEO [Member] | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 445,786 2,613,931 3,596,496
Non-PEO NEO [Member] | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (6,755,464) (2,747,860) 5,306,198
Non-PEO NEO [Member] | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (548,486) $ 293,473 $ (190,492)