Related Party Transactions (Notes) |
12 Months Ended |
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Dec. 31, 2020 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions Disclosure [Text Block] | Related Party Transactions During the years ended December 31, 2020, 2019 and 2018, QVC and Zulily engaged in multiple transactions relating to sales, sourcing of merchandise, marketing initiatives, and business advisory services. QVC allocated expenses of $8 million, $7 million, and $5 million to Zulily for the years ended December 31, 2020, 2019, and 2018, respectively. Zulily allocated expenses of $11 million, $9 million, and $6 million to QVC for the years ended December 31, 2020, 2019, and 2018, respectively.
Zulily is a co-borrower under the Fourth Amended and Restated Credit Agreement (see note 8). In accordance with the accounting guidance for obligations resulting from joint and several liability arrangements, QVC will record a liability for amounts it has borrowed under the senior secured credit facility plus any additional amount it expects to repay on behalf of Zulily. As of December 31, 2020, there were no borrowings outstanding on the $400 million tranche of the senior secured credit facility. In addition, Zulily had $9 million outstanding in standby letters of credit as of December 31, 2020.
In September 2020, QVC and Zulily executed a Master Promissory Note ("Promissory Note") whereby Zulily may borrow up to $100 million at a variable interest rate equal to the LIBOR rate plus an applicable margin rate. The Promissory Note matures in September 2030. As of December 31, 2020, there were no borrowings on the Promissory Note.
As part of the common control transaction (see note 2(r)) with Qurate Retail in December 2020, LIC issued a promissory note (“LIC Note”) to the Company with an initial face amount of $1.8 billion, a stated interest rate of 0.48% and a maturity of December 29, 2029. Interest on the LIC Note is to be paid annually beginning on December 29, 2021. During the years ended December 31, 2020, 2019 and 2018, QVC and CBI engaged in multiple transactions relating to personnel and business advisory services. QVC allocated expenses of $23 million, $28 million and $50 million to CBI for the years ended December 31, 2020, 2019 and 2018, respectively. CBI allocated expenses of $1 million, $1 million and $5 million to QVC for the years ended December 31, 2020, 2019 and 2018, respectively. CBI also repaid a $29 million
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