Information about QVC's Operating Segments (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Segment Reporting [Abstract] |
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| Schedule of Revenue and Adjusted OIBDA by Segment |
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Years ended December 31, |
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2020 |
2019 |
2018 |
| (in millions) |
Net
revenue |
Adjusted
OIBDA |
Net
revenue |
Adjusted
OIBDA |
Net
revenue |
Adjusted
OIBDA |
| QxH |
$ |
8,505 |
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1,547 |
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8,277 |
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1,536 |
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8,544 |
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1,630 |
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| QVC-International |
2,967 |
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510 |
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2,709 |
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446 |
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2,738 |
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429 |
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| Consolidated QVC |
$ |
11,472 |
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2,057 |
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10,986 |
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1,982 |
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11,282 |
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2,059 |
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| Schedule of Depreciation and Amortization by Segment |
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Years ended December 31, |
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2020 |
2019 |
2018 |
| (in millions) |
Depreciation |
Amortization |
Depreciation |
Amortization |
Depreciation |
Amortization |
| QxH |
$ |
116 |
|
270 |
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113 |
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269 |
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118 |
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227 |
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| QVC-International |
55 |
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12 |
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73 |
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13 |
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56 |
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10 |
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| Consolidated QVC |
$ |
171 |
|
282 |
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186 |
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282 |
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174 |
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237 |
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| Schedule of Capital Expenditures and Total Assets by Segment |
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Years ended December 31, |
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2020 |
2019 |
| (in millions) |
Total
assets |
Capital
expenditures |
Total
assets |
Capital
expenditures |
| QxH |
$ |
14,103 |
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182 |
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12,659 |
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257 |
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| QVC-International |
2,455 |
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36 |
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2,268 |
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34 |
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| Consolidated QVC |
$ |
16,558 |
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218 |
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14,927 |
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291 |
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The increase in total assets at December 31, 2020 is primarily due to the note receivable issued to the Company as part of the common control transaction with Qurate Retail in December 2020, which resides in the QxH reportable segment (see note 2 (r) and 14).
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| Property and equipment, net by Segment |
Property and equipment, net of accumulated depreciation, by segment were as follows:
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December 31, |
| (in millions) |
2020 |
2019 |
| QxH |
$ |
771 |
|
800 |
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| QVC-International |
407 |
|
415 |
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| Consolidated QVC |
$ |
1,178 |
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1,215 |
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| Reconciliation of Adjusted OIBDA to Income before Income Taxes |
The following table provides a reconciliation of Adjusted OIBDA to income before income taxes:
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Years ended December 31, |
| (in millions) |
2020 |
2019 |
2018 |
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| Adjusted OIBDA |
$ |
2,057 |
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1,982 |
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2,059 |
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| Impairment loss |
— |
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(147) |
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(30) |
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| Transaction related costs |
— |
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(1) |
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(60) |
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| Stock-based compensation |
(37) |
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(39) |
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(46) |
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| Depreciation and amortization |
(453) |
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(468) |
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(411) |
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| Operating Income |
1,567 |
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1,327 |
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1,512 |
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| Equity in losses of investee |
(30) |
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— |
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(3) |
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| Gains (losses) on financial instruments |
3 |
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(5) |
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(2) |
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| Interest expense, net |
(257) |
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(240) |
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(243) |
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| Foreign currency gain (loss) |
6 |
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(3) |
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— |
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| Loss on extinguishment of debt |
(42) |
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— |
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(2) |
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| Income before income taxes |
$ |
1,247 |
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1,079 |
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1,262 |
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| 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:
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Years ended December 31, |
| (in millions) |
2020 |
2019 |
2018 |
| United States |
$ |
8,505 |
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8,277 |
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8,544 |
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| Japan |
1,132 |
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1,028 |
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947 |
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| Germany |
978 |
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890 |
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943 |
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| United Kingdom |
696 |
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640 |
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679 |
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| Other countries |
161 |
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151 |
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169 |
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| Consolidated QVC |
$ |
11,472 |
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10,986 |
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11,282 |
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| Long-lived Assets by Geographic Areas |
The following table summarizes property and equipment, net of accumulated depreciation, based on physical location:
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December 31, |
| (in millions) |
2020 |
2019 |
| United States |
$ |
771 |
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800 |
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| Germany |
150 |
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154 |
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| Japan |
149 |
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153 |
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| United Kingdom |
75 |
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75 |
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| Other countries |
33 |
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33 |
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| Consolidated QVC |
$ |
1,178 |
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1,215 |
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