Qurate Retail, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Recent Accounting Pronouncements (Tables)

Recent Accounting Pronouncements (Tables)

3 Months Ended

Mar. 31, 2018

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]


		Three months ended
		March 31, 2018
		QVC	HSN	zulily	Corporate and other	Total
	in millions
Home	$	759	227	116	147	1,249
Apparel		399	27	156	39	621
Beauty		383	67	12	—	462
Accessories		253	50	114	—	417
Electronics		113	86	4	—	203
Jewelry		150	37	12	—	199
Other revenue		36	15	5	23	79
Total Revenue	$	2,093	509	419	209	3,230

Schedule of cash, cash equivalents and restricted cash


		March 31,	December 31,
		2018	2017
		in millions
Cash and cash equivalents	$	1,055	903
Restricted cash included in other current assets		8	9
Total cash, cash equivalents and restricted cash in the condensed consolidated statement of cash flows	$	1,063	912

ASU 2014-09

Revenue, Initial Application Period Cumulative Effect Transition [Line Items]

Schedule of cumulative effect of accounting changes


		Balance at	Adjustments	Balance at
		December 31,	Due to ASU	January 1,
		2017	2014-09	2018
		in millions
Assets:
Inventory, net	$	1,411	(27)	1,384
Other current assets	$	125	(11)	114

Liabilities:
Other current liabilities	$	169	(46)	123
Deferred income tax liabilities	$	2,500	2	2,502

Equity:
Retained earnings	$	9,068	6	9,074

In accordance with the new revenue standard requirements, the following table illustrates the impact on our reported results in the condensed 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 condensed consolidated balance sheet as of March 31, 2018.


		As reported	Effect of Change	Balance without
		Three months ended	(Increase)/	adoption of
		March 31, 2018	Decrease	ASU 2014-09
		in millions
Net revenue	$	3,230	(65)	3,165

Cost of retail sales	$	2,093	15	2,108
Selling, general and administrative expenses, including stock-based compensation and transaction related costs	$	452	28	480
Operating	$	228	5	233
Income tax expense	$	(29)	3	(26)
Net income	$	384	(14)	370