|
Information about QVC's Operating Segments (Tables)
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3 Months Ended |
12 Months Ended |
|
Mar. 31, 2013
|
Dec. 31, 2012
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| Segment Reporting [Abstract] |
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| Schedule of Revenue and Adjusted OIBDA by Segment |
Performance measures
|
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Three months ended March 31, |
|
Three months ended March 31, |
|
|
2013 |
|
2012 |
|
(in millions) |
Net
revenue |
|
Adjusted
OIBDA |
|
Net
revenue |
|
Adjusted
OIBDA |
|
QVC-U.S. |
$ |
1,297 |
|
291 |
|
1,240 |
|
270 |
|
QVC-Japan |
256 |
|
54 |
|
289 |
|
63 |
|
QVC-Germany |
250 |
|
43 |
|
247 |
|
46 |
|
QVC-U.K. |
140 |
|
19 |
|
140 |
|
20 |
|
QVC-Italy |
31 |
|
(3 |
) |
16 |
|
(9 |
) |
Consolidated QVC |
$ |
1,974 |
|
404 |
|
1,932 |
|
390 |
|
|
|
Years ended December 31,
|
|
|
|
2012
|
|
2011
|
|
2010
|
|
|
(in millions)
|
Net
revenue
|
|
Adjusted
OIBDA
|
|
Net
revenue
|
|
Adjusted
OIBDA
|
|
Net
revenue
|
|
Adjusted
OIBDA
|
|
|
QVC-U.S.
|
$
|
5,585
|
|
1,292
|
|
5,412
|
|
1,225
|
|
5,241
|
|
1,191
|
|
|
QVC-Japan
|
1,247
|
|
279
|
|
1,127
|
|
241
|
|
1,015
|
|
224
|
|
|
QVC-Germany
|
956
|
|
179
|
|
1,068
|
|
199
|
|
956
|
|
181
|
|
|
QVC-U.K.
|
641
|
|
104
|
|
626
|
|
111
|
|
599
|
|
109
|
|
|
QVC-Italy
|
87
|
|
(26
|
)
|
35
|
|
(43
|
)
|
2
|
|
(32
|
)
|
|
Consolidated QVC
|
$
|
8,516
|
|
1,828
|
|
8,268
|
|
1,733
|
|
7,813
|
|
1,673
|
|
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| Schedule of Depreciation and Amortization by Segment |
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|
Three months ended March 31, |
|
Three months ended March 31, |
|
|
2013 |
|
2012 |
|
(in millions) |
Depreciation |
|
Amortization |
|
Depreciation |
|
Amortization |
|
QVC-U.S. |
$ |
13 |
|
88 |
|
13 |
|
80 |
|
QVC-Japan |
3 |
|
2 |
|
4 |
|
3 |
|
QVC-Germany |
8 |
|
9 |
|
9 |
|
8 |
|
QVC-U.K. |
4 |
|
3 |
|
3 |
|
3 |
|
QVC-Italy |
2 |
|
2 |
|
2 |
|
2 |
|
Consolidated QVC |
$ |
30 |
|
104 |
|
31 |
|
96 |
|
|
|
Years ended December 31,
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|
|
|
2012
|
|
2011
|
|
2010
|
|
|
(in millions)
|
Depreciation
|
|
Amortization
|
|
Depreciation
|
|
Amortization
|
|
Depreciation
|
|
Amortization
|
|
|
QVC-U.S.
|
$
|
51
|
|
338
|
|
52
|
|
376
|
|
55
|
|
334
|
|
|
QVC-Japan
|
16
|
|
10
|
|
29
|
|
12
|
|
24
|
|
14
|
|
|
QVC-Germany
|
31
|
|
33
|
|
33
|
|
36
|
|
32
|
|
36
|
|
|
QVC-U.K.
|
21
|
|
12
|
|
13
|
|
11
|
|
14
|
|
11
|
|
|
QVC-Italy
|
7
|
|
7
|
|
8
|
|
4
|
|
3
|
|
—
|
|
|
Consolidated QVC
|
$
|
126
|
|
400
|
|
135
|
|
439
|
|
128
|
|
395
|
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| Schedule of Capital Expenditures and Total Assets by Segment |
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March 31, |
|
December 31, |
|
|
2013 |
|
2012 |
|
(in millions) |
Total
assets |
|
Capital
expenditures |
|
Total
assets |
|
Capital
expenditures |
|
QVC-U.S. |
$ |
10,216 |
|
14 |
|
10,541 |
|
88 |
|
QVC-Japan |
819 |
|
11 |
|
969 |
|
105 |
|
QVC-Germany |
1,043 |
|
5 |
|
1,064 |
|
25 |
|
QVC-U.K. |
581 |
|
2 |
|
619 |
|
22 |
|
QVC-Italy |
239 |
|
1 |
|
245 |
|
6 |
|
Consolidated QVC |
$ |
12,898 |
|
33 |
|
13,438 |
|
246 |
|
|
|
December 31,
|
|
|
|
2012
|
|
2011
|
|
|
(in millions)
|
Total
assets
|
|
Capital
expenditures
|
|
Total
assets
|
|
Capital
expenditures
|
|
|
QVC-U.S.
|
$
|
10,541
|
|
88
|
|
10,682
|
|
101
|
|
|
QVC-Japan
|
969
|
|
105
|
|
959
|
|
63
|
|
|
QVC-Germany
|
1,064
|
|
25
|
|
1,112
|
|
35
|
|
|
QVC-U.K.
|
619
|
|
22
|
|
577
|
|
53
|
|
|
QVC-Italy
|
245
|
|
6
|
|
240
|
|
7
|
|
|
Consolidated QVC
|
$
|
13,438
|
|
246
|
|
13,570
|
|
259
|
|
|
| Long-Lived Assets by Segment |
Long-lived assets, net of accumulated depreciation, by geographic area were as follows:
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|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
(in millions) |
2013 |
|
2012 |
|
QVC-U.S. |
$ |
422 |
|
429 |
|
QVC-Japan |
264 |
|
280 |
|
QVC-Germany |
235 |
|
247 |
|
QVC-U.K. |
119 |
|
128 |
|
QVC-Italy |
44 |
|
47 |
|
Consolidated QVC |
$ |
1,084 |
|
1,131 |
|
|
Long-lived assets, net of accumulated depreciation, by geographic area were as follows:
|
|
|
|
|
|
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|
|
December 31,
|
|
|
(in millions)
|
2012
|
|
2011
|
|
|
QVC-U.S.
|
$
|
429
|
|
432
|
|
|
QVC-Japan
|
280
|
|
224
|
|
|
QVC-Germany
|
247
|
|
233
|
|
|
QVC-U.K.
|
128
|
|
143
|
|
|
QVC-Italy
|
47
|
|
52
|
|
|
Consolidated QVC
|
$
|
1,131
|
|
1,084
|
|
|
| Reconciliation of Adjusted OIBDA to Income before Income Taxes |
The following table provides a reconciliation of Adjusted OIBDA to income before income taxes:
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
(in millions) |
2013 |
|
2012 |
|
Adjusted OIBDA |
$ |
404 |
|
390 |
|
Stock‑based compensation |
(10 |
) |
(5 |
) |
Depreciation and amortization |
(134 |
) |
(127 |
) |
Equity in earnings of investee |
1 |
|
— |
|
Gain on financial instruments |
12 |
|
11 |
|
Interest expense |
(63 |
) |
(55 |
) |
Interest income |
— |
|
1 |
|
Foreign currency (loss) gain |
(1 |
) |
6 |
|
Loss on extinguishment of debt |
(41 |
) |
— |
|
Income before income taxes |
$ |
168 |
|
221 |
|
|
The following table provides a reconciliation of Adjusted OIBDA to income before income taxes:
|
|
|
|
|
|
|
|
|
|
|
Years ended December 31,
|
|
|
(in millions)
|
2012
|
|
2011
|
|
2010
|
|
|
Consolidated Adjusted OIBDA
|
$
|
1,828
|
|
1,733
|
|
1,673
|
|
|
Stock‑based compensation
|
(34
|
)
|
(22
|
)
|
(18
|
)
|
|
Depreciation and amortization
|
(526
|
)
|
(574
|
)
|
(523
|
)
|
|
(Loss) gain on investments
|
(4
|
)
|
(2
|
)
|
105
|
|
|
Gain on financial instruments
|
48
|
|
50
|
|
40
|
|
|
Interest expense
|
(235
|
)
|
(231
|
)
|
(415
|
)
|
|
Interest income
|
2
|
|
2
|
|
2
|
|
|
Foreign currency gain (loss)
|
2
|
|
(2
|
)
|
(8
|
)
|
|
Other
|
—
|
|
—
|
|
(23
|
)
|
|
Income before income taxes
|
$
|
1,081
|
|
954
|
|
833
|
|
|