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Information about QVC's Operating Segments (Tables)
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6 Months Ended |
12 Months Ended |
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Jun. 30, 2014
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Dec. 31, 2013
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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 June 30, |
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Six months ended June 30, |
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2014 |
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2013 |
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2014 |
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2013 |
|
(in millions) |
Net
revenue |
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Adjusted
OIBDA |
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Net
revenue |
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Adjusted
OIBDA |
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Net
revenue |
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Adjusted
OIBDA |
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Net
revenue |
|
Adjusted
OIBDA |
|
QVC-U.S. |
$ |
1,352 |
|
325 |
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1,312 |
|
320 |
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2,657 |
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626 |
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2,609 |
|
611 |
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QVC-Japan |
223 |
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43 |
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260 |
|
57 |
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|
457 |
|
90 |
|
516 |
|
111 |
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QVC-Germany |
227 |
|
40 |
|
207 |
|
35 |
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|
477 |
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79 |
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457 |
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78 |
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QVC-U.K. |
178 |
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33 |
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153 |
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26 |
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343 |
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60 |
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293 |
|
45 |
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QVC-Italy |
34 |
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(2 |
) |
29 |
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(4 |
) |
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66 |
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(4 |
) |
60 |
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(7 |
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Consolidated QVC |
$ |
2,014 |
|
439 |
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1,961 |
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434 |
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4,000 |
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851 |
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3,935 |
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838 |
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Performance measures
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Years ended December 31, |
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2013 |
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2012 |
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2011 |
|
(in millions) |
Net
revenue |
|
Adjusted
OIBDA |
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Net
revenue |
|
Adjusted
OIBDA |
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Net
revenue |
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Adjusted
OIBDA |
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QVC-U.S. |
$ |
5,844 |
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1,352 |
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5,585 |
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1,292 |
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5,412 |
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1,225 |
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QVC-Japan |
1,024 |
|
212 |
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1,247 |
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279 |
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1,127 |
|
241 |
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QVC-Germany |
971 |
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173 |
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956 |
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179 |
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1,068 |
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199 |
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QVC-U.K. |
657 |
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118 |
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641 |
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104 |
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626 |
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111 |
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QVC-Italy |
127 |
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(14 |
) |
87 |
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(26 |
) |
35 |
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(43 |
) |
Consolidated QVC |
$ |
8,623 |
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1,841 |
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8,516 |
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1,828 |
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8,268 |
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1,733 |
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| Schedule of Depreciation and Amortization by Segment |
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Three months ended June 30, |
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Six months ended June 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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(in millions) |
Depreciation |
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Amortization |
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Depreciation |
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Amortization |
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Depreciation |
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Amortization |
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Depreciation |
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Amortization |
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QVC-U.S. |
$ |
14 |
|
99 |
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14 |
|
91 |
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27 |
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192 |
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27 |
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179 |
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QVC-Japan |
4 |
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2 |
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5 |
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2 |
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9 |
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4 |
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8 |
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4 |
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QVC-Germany |
8 |
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8 |
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8 |
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9 |
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16 |
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19 |
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16 |
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18 |
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QVC-U.K. |
4 |
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3 |
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5 |
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3 |
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8 |
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7 |
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9 |
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6 |
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QVC-Italy |
3 |
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— |
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1 |
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2 |
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6 |
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1 |
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3 |
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4 |
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Consolidated QVC |
$ |
33 |
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112 |
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33 |
|
107 |
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66 |
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223 |
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63 |
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211 |
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Years ended December 31, |
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2013 |
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2012 |
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2011 |
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(in millions) |
Depreciation |
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Amortization |
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Depreciation |
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Amortization |
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Depreciation |
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Amortization |
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QVC-U.S. |
$ |
55 |
|
362 |
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51 |
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338 |
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52 |
|
376 |
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QVC-Japan |
23 |
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9 |
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16 |
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10 |
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29 |
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12 |
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QVC-Germany |
30 |
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38 |
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31 |
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33 |
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33 |
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36 |
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QVC-U.K. |
12 |
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14 |
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21 |
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12 |
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13 |
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11 |
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QVC-Italy |
7 |
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8 |
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7 |
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7 |
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8 |
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4 |
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Consolidated QVC |
$ |
127 |
|
431 |
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126 |
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400 |
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135 |
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439 |
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| Schedule of Capital Expenditures and Total Assets by Segment |
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Six months ended June 30, |
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Year ended December 31, |
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2014 |
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2013 |
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(in millions) |
Total
assets |
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Capital
expenditures, net |
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Total
assets |
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Capital
expenditures, net |
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QVC-U.S. |
$ |
9,933 |
|
38 |
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10,322 |
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123 |
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QVC-Japan |
732 |
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(1 |
) |
732 |
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16 |
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QVC-Germany |
1,103 |
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4 |
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1,109 |
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28 |
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QVC-U.K. |
628 |
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6 |
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613 |
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16 |
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QVC-Italy |
271 |
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10 |
|
280 |
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28 |
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Consolidated QVC |
$ |
12,667 |
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57 |
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13,056 |
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211 |
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Years ended December 31, |
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|
2013 |
|
2012 |
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(in millions) |
Total
assets |
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Capital
expenditures |
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Total
assets |
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Capital
expenditures |
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QVC-U.S. |
$ |
10,322 |
|
123 |
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10,541 |
|
88 |
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QVC-Japan |
732 |
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16 |
|
969 |
|
105 |
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QVC-Germany |
1,109 |
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28 |
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1,064 |
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25 |
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QVC-U.K. |
613 |
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16 |
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619 |
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22 |
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QVC-Italy |
280 |
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28 |
|
245 |
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6 |
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Consolidated QVC |
$ |
13,056 |
|
211 |
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13,438 |
|
246 |
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| Long-Lived Assets by Segment |
Long-lived assets, net of accumulated depreciation, by geographic area were as follows:
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June 30, |
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December 31, |
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(in millions) |
2014 |
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2013 |
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QVC-U.S. |
$ |
436 |
|
448 |
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QVC-Japan |
218 |
|
220 |
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QVC-Germany |
225 |
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244 |
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QVC-U.K. |
129 |
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129 |
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QVC-Italy |
68 |
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65 |
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Consolidated QVC |
$ |
1,076 |
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1,106 |
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Long-lived assets, net of accumulated depreciation, by geographic area were as follows:
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December 31, |
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(in millions) |
2013 |
|
2012 |
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QVC-U.S. |
$ |
448 |
|
429 |
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QVC-Japan |
220 |
|
280 |
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QVC-Germany |
244 |
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247 |
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QVC-U.K. |
129 |
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128 |
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QVC-Italy |
65 |
|
47 |
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Consolidated QVC |
$ |
1,106 |
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1,131 |
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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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Three months ended June 30, |
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Six months ended June 30, |
|
(in millions) |
2014 |
|
2013 |
|
2014 |
|
2013 |
|
Adjusted OIBDA |
$ |
439 |
|
434 |
|
851 |
|
838 |
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Stock‑based compensation |
(10 |
) |
(9 |
) |
(18 |
) |
(19 |
) |
Depreciation and amortization |
(145 |
) |
(140 |
) |
(289 |
) |
(274 |
) |
Equity in losses of investee |
(2 |
) |
(2 |
) |
(3 |
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(1 |
) |
Gains on financial instruments |
— |
|
3 |
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— |
|
15 |
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Interest expense, net |
(60 |
) |
(50 |
) |
(122 |
) |
(113 |
) |
Foreign currency gain (loss) |
1 |
|
— |
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— |
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(1 |
) |
Loss on extinguishment of debt |
— |
|
(16 |
) |
— |
|
(57 |
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Income before income taxes |
$ |
223 |
|
220 |
|
419 |
|
388 |
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The following table provides a reconciliation of Adjusted OIBDA to income before income taxes:
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Years ended December 31, |
|
(in millions) |
2013 |
|
2012 |
|
2011 |
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Adjusted OIBDA |
$ |
1,841 |
|
1,828 |
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1,733 |
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Stock‑based compensation |
(38 |
) |
(34 |
) |
(22 |
) |
Depreciation and amortization |
(558 |
) |
(526 |
) |
(574 |
) |
Equity in losses of investee |
(4 |
) |
(4 |
) |
(2 |
) |
Gains on financial instruments |
15 |
|
48 |
|
50 |
|
Interest expense, net |
(214 |
) |
(233 |
) |
(229 |
) |
Foreign currency gain (loss) |
1 |
|
2 |
|
(2 |
) |
Loss on extinguishment of debt |
(57 |
) |
— |
|
— |
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Income before income taxes |
$ |
986 |
|
1,081 |
|
954 |
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