Information about QVC's Operating Segments (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Revenue and Adjusted OIBDA by Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
2019 |
|
2018 |
|
2017 |
|
(in millions) |
Net
revenue |
|
Adjusted
OIBDA |
|
Net
revenue |
|
Adjusted
OIBDA |
|
Net
revenue |
|
Adjusted
OIBDA |
|
QxH |
$ |
8,277 |
|
1,536 |
|
8,544 |
|
1,630 |
|
6,140 |
|
1,455 |
|
QVC-International |
2,709 |
|
446 |
|
2,738 |
|
429 |
|
2,631 |
|
451 |
|
Consolidated QVC |
$ |
10,986 |
|
1,982 |
|
11,282 |
|
2,059 |
|
8,771 |
|
1,906 |
|
|
| Schedule of Depreciation and Amortization by Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
2019 |
|
2018 |
|
2017 |
|
(in millions) |
Depreciation |
|
Amortization |
|
Depreciation |
|
Amortization |
|
Depreciation |
|
Amortization |
|
QxH |
$ |
113 |
|
269 |
|
118 |
|
227 |
|
93 |
|
330 |
|
QVC-International |
73 |
|
13 |
|
56 |
|
10 |
|
62 |
|
34 |
|
Consolidated QVC |
$ |
186 |
|
282 |
|
174 |
|
237 |
|
155 |
|
364 |
|
|
| Schedule of Capital Expenditures and Total Assets by Segment |
|
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
|
2019 |
|
2018 |
|
(in millions) |
Total
assets |
|
Capital
expenditures |
|
Total
assets |
|
Capital
expenditures |
|
QxH |
$ |
12,659 |
|
257 |
|
12,702 |
|
161 |
|
QVC-International |
2,268 |
|
34 |
|
2,154 |
|
67 |
|
Consolidated QVC |
$ |
14,927 |
|
291 |
|
14,856 |
|
228 |
|
|
| Property and equipment, net by Segment |
Property and equipment, net of accumulated depreciation, by segment were as follows:
|
|
|
|
|
|
|
|
December 31, |
|
(in millions) |
2019 |
|
2018 |
|
QxH |
$ |
800 |
|
712 |
|
QVC-International |
415 |
|
453 |
|
Consolidated QVC |
$ |
1,215 |
|
1,165 |
|
|
| Reconciliation of Adjusted OIBDA to Income before Income Taxes |
The following table provides a reconciliation of Adjusted OIBDA to income before income taxes:
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
(in millions) |
2019 |
|
2018 |
|
2017 |
|
Adjusted OIBDA |
$ |
1,982 |
|
2,059 |
|
1,906 |
|
Impairment loss |
(147 |
) |
(30 |
) |
— |
|
Transaction related costs |
(1 |
) |
(60 |
) |
(39 |
) |
Stock-based compensation |
(39 |
) |
(46 |
) |
(39 |
) |
Depreciation and amortization |
(468 |
) |
(411 |
) |
(519 |
) |
Operating Income |
1,327 |
|
1,512 |
|
1,309 |
|
Equity in losses of investee |
— |
|
(3 |
) |
(3 |
) |
Losses on financial instruments |
(5 |
) |
(2 |
) |
— |
|
Interest expense, net |
(240 |
) |
(243 |
) |
(214 |
) |
Foreign currency loss |
(3 |
) |
— |
|
(6 |
) |
Loss on extinguishment of debt |
— |
|
(2 |
) |
— |
|
Income before income taxes |
$ |
1,079 |
|
1,262 |
|
1,086 |
|
|
| Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area |
The following table summarizes net revenues based on revenues generated by subsidiaries located within the identified geographic area:
|
|
|
|
|
|
|
|
|
|
Years ended December 31, |
|
(in millions) |
2019 |
|
2018 |
|
2017 |
|
United States |
$ |
8,277 |
|
8,544 |
|
6,140 |
|
Japan |
1,028 |
|
947 |
|
934 |
|
Germany |
890 |
|
943 |
|
899 |
|
United Kingdom |
640 |
|
679 |
|
640 |
|
Other countries |
151 |
|
169 |
|
158 |
|
Consolidated QVC |
$ |
10,986 |
|
11,282 |
|
8,771 |
|
|
| Long-lived Assets by Geographic Areas |
The following table summarizes property and equipment, net of accumulated depreciation, based on physical location:
|
|
|
|
|
|
|
|
December 31, |
|
(in millions) |
2019 |
|
2018 |
|
United States |
$ |
800 |
|
712 |
|
Germany |
154 |
|
161 |
|
Japan |
153 |
|
165 |
|
United Kingdom |
75 |
|
77 |
|
Other countries |
33 |
|
50 |
|
Consolidated QVC |
$ |
1,215 |
|
1,165 |
|
|