|
Guarantor/Non-Guarantor Subsidiary Financial Information (Tables)
|
6 Months Ended |
|
Jun. 30, 2013
|
| Guarantor Non-guarantor Subsidiary Financial Information [Abstract] |
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Current Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2013 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Assets |
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
8 |
|
164 |
|
244 |
|
— |
|
416 |
|
Restricted cash |
13 |
|
— |
|
2 |
|
— |
|
15 |
|
Accounts receivable, net |
460 |
|
— |
|
242 |
|
— |
|
702 |
|
Inventories |
687 |
|
— |
|
264 |
|
— |
|
951 |
|
Deferred income taxes |
137 |
|
— |
|
22 |
|
— |
|
159 |
|
Prepaid expenses |
21 |
|
— |
|
40 |
|
— |
|
61 |
|
Total current assets |
1,326 |
|
164 |
|
814 |
|
— |
|
2,304 |
|
Property, plant and equipment, net |
242 |
|
64 |
|
755 |
|
— |
|
1,061 |
|
Cable and satellite television distribution rights, net |
— |
|
554 |
|
125 |
|
— |
|
679 |
|
Goodwill |
4,169 |
|
— |
|
1,001 |
|
— |
|
5,170 |
|
Other intangible assets, net |
1,206 |
|
2,049 |
|
166 |
|
— |
|
3,421 |
|
Other noncurrent assets |
10 |
|
— |
|
65 |
|
— |
|
75 |
|
Investments in subsidiaries |
3,586 |
|
1,715 |
|
— |
|
(5,301 |
) |
— |
|
Total assets |
$ |
10,539 |
|
4,546 |
|
2,926 |
|
(5,301 |
) |
12,710 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
2 |
|
— |
|
9 |
|
— |
|
11 |
|
Accounts payable-trade |
236 |
|
— |
|
208 |
|
— |
|
444 |
|
Accrued liabilities |
232 |
|
45 |
|
414 |
|
— |
|
691 |
|
Intercompany accounts (receivable) payable |
(364 |
) |
(309 |
) |
673 |
|
— |
|
— |
|
Total current liabilities |
106 |
|
(264 |
) |
1,304 |
|
— |
|
1,146 |
|
Long-term portion of debt and capital lease obligations |
3,813 |
|
— |
|
57 |
|
— |
|
3,870 |
|
Deferred compensation |
13 |
|
— |
|
1 |
|
— |
|
14 |
|
Deferred income taxes |
417 |
|
944 |
|
(14 |
) |
— |
|
1,347 |
|
Other long-term liabilities |
132 |
|
— |
|
18 |
|
— |
|
150 |
|
Total liabilities |
4,481 |
|
680 |
|
1,366 |
|
— |
|
6,527 |
|
Equity: |
|
|
|
|
|
QVC, Inc. shareholder's equity |
6,058 |
|
3,866 |
|
1,435 |
|
(5,301 |
) |
6,058 |
|
Noncontrolling interest |
— |
|
— |
|
125 |
|
— |
|
125 |
|
Total equity |
6,058 |
|
3,866 |
|
1,560 |
|
(5,301 |
) |
6,183 |
|
Total liabilities and equity |
$ |
10,539 |
|
4,546 |
|
2,926 |
|
(5,301 |
) |
12,710 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Prior Period |
Condensed consolidated balance sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Assets |
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
75 |
|
165 |
|
300 |
|
— |
|
540 |
|
Restricted cash |
13 |
|
— |
|
2 |
|
— |
|
15 |
|
Accounts receivable, net |
747 |
|
— |
|
308 |
|
— |
|
1,055 |
|
Inventories |
691 |
|
— |
|
218 |
|
— |
|
909 |
|
Deferred income taxes |
131 |
|
— |
|
20 |
|
— |
|
151 |
|
Prepaid expenses |
19 |
|
— |
|
34 |
|
— |
|
53 |
|
Total current assets |
1,676 |
|
165 |
|
882 |
|
— |
|
2,723 |
|
Property, plant and equipment, net |
247 |
|
67 |
|
817 |
|
— |
|
1,131 |
|
Cable and satellite television distribution rights, net |
— |
|
618 |
|
146 |
|
— |
|
764 |
|
Goodwill |
4,169 |
|
— |
|
1,065 |
|
— |
|
5,234 |
|
Other intangible assets, net |
1,280 |
|
2,049 |
|
180 |
|
— |
|
3,509 |
|
Other noncurrent assets |
14 |
|
— |
|
63 |
|
— |
|
77 |
|
Investments in subsidiaries |
3,789 |
|
1,838 |
|
— |
|
(5,627 |
) |
— |
|
Total assets |
$ |
11,175 |
|
4,737 |
|
3,153 |
|
(5,627 |
) |
13,438 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
2 |
|
— |
|
10 |
|
— |
|
12 |
|
Accounts payable-trade |
324 |
|
— |
|
242 |
|
— |
|
566 |
|
Accrued liabilities |
402 |
|
106 |
|
447 |
|
— |
|
955 |
|
Intercompany accounts (receivable) payable |
(226 |
) |
(411 |
) |
637 |
|
— |
|
— |
|
Total current liabilities |
502 |
|
(305 |
) |
1,336 |
|
— |
|
1,533 |
|
Long-term portion of debt and capital lease obligations |
3,404 |
|
— |
|
61 |
|
— |
|
3,465 |
|
Deferred compensation |
11 |
|
— |
|
1 |
|
— |
|
12 |
|
Deferred income taxes |
431 |
|
964 |
|
15 |
|
— |
|
1,410 |
|
Other long-term liabilities |
137 |
|
17 |
|
30 |
|
— |
|
184 |
|
Total liabilities |
4,485 |
|
676 |
|
1,443 |
|
— |
|
6,604 |
|
Equity: |
|
|
|
|
|
QVC, Inc. shareholder's equity |
6,690 |
|
4,061 |
|
1,566 |
|
(5,627 |
) |
6,690 |
|
Noncontrolling interest |
— |
|
— |
|
144 |
|
— |
|
144 |
|
Total equity |
6,690 |
|
4,061 |
|
1,710 |
|
(5,627 |
) |
6,834 |
|
Total liabilities and equity |
$ |
11,175 |
|
4,737 |
|
3,153 |
|
(5,627 |
) |
13,438 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Current Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2013 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
2,752 |
|
365 |
|
1,277 |
|
(459 |
) |
3,935 |
|
Cost of goods sold |
1,690 |
|
49 |
|
860 |
|
(120 |
) |
2,479 |
|
Gross profit |
1,062 |
|
316 |
|
417 |
|
(339 |
) |
1,456 |
|
Operating expenses: |
|
|
|
|
|
Operating |
92 |
|
93 |
|
159 |
|
— |
|
344 |
|
Selling, general and administrative, including stock-based compensation |
463 |
|
— |
|
169 |
|
(339 |
) |
293 |
|
Depreciation |
19 |
|
3 |
|
41 |
|
— |
|
63 |
|
Amortization of intangible assets |
102 |
|
70 |
|
39 |
|
— |
|
211 |
|
Intercompany management expense (income) |
32 |
|
(7 |
) |
(25 |
) |
— |
|
— |
|
|
708 |
|
159 |
|
383 |
|
(339 |
) |
911 |
|
Operating income |
354 |
|
157 |
|
34 |
|
— |
|
545 |
|
Other income (expense): |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(1 |
) |
— |
|
(1 |
) |
Gains on financial instruments |
12 |
|
— |
|
3 |
|
— |
|
15 |
|
Interest expense |
(112 |
) |
(1 |
) |
— |
|
— |
|
(113 |
) |
Foreign currency (loss) gain |
(2 |
) |
(1 |
) |
2 |
|
— |
|
(1 |
) |
Loss on extinguishment of debt |
(57 |
) |
— |
|
— |
|
— |
|
(57 |
) |
Intercompany interest (expense) income |
(7 |
) |
25 |
|
(18 |
) |
— |
|
— |
|
|
(166 |
) |
23 |
|
(14 |
) |
— |
|
(157 |
) |
Income before income taxes |
188 |
|
180 |
|
20 |
|
— |
|
388 |
|
Income tax expense |
(32 |
) |
(60 |
) |
(51 |
) |
— |
|
(143 |
) |
Equity in earnings of subsidiaries, net of tax |
89 |
|
26 |
|
— |
|
(115 |
) |
— |
|
Net income (loss) |
245 |
|
146 |
|
(31 |
) |
(115 |
) |
245 |
|
Less net income attributable to the noncontrolling interest |
(25 |
) |
— |
|
(25 |
) |
25 |
|
(25 |
) |
Net income (loss) attributable to QVC, Inc. shareholder |
$ |
220 |
|
146 |
|
(56 |
) |
(90 |
) |
220 |
|
Condensed consolidated statements of operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2013 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
1,384 |
|
182 |
|
623 |
|
(228 |
) |
1,961 |
|
Cost of goods sold |
836 |
|
23 |
|
427 |
|
(59 |
) |
1,227 |
|
Gross profit |
548 |
|
159 |
|
196 |
|
(169 |
) |
734 |
|
Operating expenses: |
|
|
|
|
|
Operating |
47 |
|
48 |
|
76 |
|
— |
|
171 |
|
Selling, general and administrative, including stock-based compensation |
227 |
|
— |
|
80 |
|
(169 |
) |
138 |
|
Depreciation |
9 |
|
2 |
|
22 |
|
— |
|
33 |
|
Amortization of intangible assets |
51 |
|
36 |
|
20 |
|
— |
|
107 |
|
Intercompany management expense (income) |
15 |
|
(4 |
) |
(11 |
) |
— |
|
— |
|
|
349 |
|
82 |
|
187 |
|
(169 |
) |
449 |
|
Operating income |
199 |
|
77 |
|
9 |
|
— |
|
285 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(2 |
) |
— |
|
(2 |
) |
Gains on financial instruments |
— |
|
— |
|
3 |
|
— |
|
3 |
|
Interest (expense) income |
(50 |
) |
(1 |
) |
1 |
|
— |
|
(50 |
) |
Foreign currency (loss) gain |
(1 |
) |
— |
|
1 |
|
— |
|
— |
|
Loss on extinguishment of debt |
(16 |
) |
— |
|
— |
|
— |
|
(16 |
) |
Intercompany interest (expense) income |
(4 |
) |
12 |
|
(8 |
) |
— |
|
— |
|
|
(71 |
) |
11 |
|
(5 |
) |
— |
|
(65 |
) |
Income before income taxes |
128 |
|
88 |
|
4 |
|
— |
|
220 |
|
Income tax expense |
(21 |
) |
(32 |
) |
(28 |
) |
— |
|
(81 |
) |
Equity in earnings of subsidiaries, net of tax |
32 |
|
11 |
|
— |
|
(43 |
) |
— |
|
Net income (loss) |
139 |
|
67 |
|
(24 |
) |
(43 |
) |
139 |
|
Less net income attributable to the noncontrolling interest |
(13 |
) |
— |
|
(13 |
) |
13 |
|
(13 |
) |
Net income (loss) attributable to QVC, Inc. shareholder |
$ |
126 |
|
67 |
|
(37 |
) |
(30 |
) |
126 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Prior Period |
Condensed consolidated statements of operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2012 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
1,352 |
|
182 |
|
670 |
|
(230 |
) |
1,974 |
|
Cost of goods sold |
830 |
|
27 |
|
437 |
|
(60 |
) |
1,234 |
|
Gross profit |
522 |
|
155 |
|
233 |
|
(170 |
) |
740 |
|
Operating expenses: |
|
|
|
|
|
Operating |
45 |
|
47 |
|
84 |
|
— |
|
176 |
|
Selling, general and administrative, including stock-based compensation |
217 |
|
— |
|
87 |
|
(170 |
) |
134 |
|
Depreciation |
9 |
|
1 |
|
23 |
|
— |
|
33 |
|
Amortization of intangible assets |
48 |
|
33 |
|
15 |
|
— |
|
96 |
|
Intercompany management expense (income) |
44 |
|
(18 |
) |
(26 |
) |
— |
|
— |
|
|
363 |
|
63 |
|
183 |
|
(170 |
) |
439 |
|
Operating income |
159 |
|
92 |
|
50 |
|
— |
|
301 |
|
Other income (expense): |
|
|
|
|
|
Gains on financial instruments |
12 |
|
— |
|
1 |
|
— |
|
13 |
|
Interest expense |
(56 |
) |
— |
|
(1 |
) |
— |
|
(57 |
) |
Foreign currency loss |
(3 |
) |
(5 |
) |
— |
|
— |
|
(8 |
) |
Intercompany interest (expense) income |
(3 |
) |
12 |
|
(9 |
) |
— |
|
— |
|
|
(50 |
) |
7 |
|
(9 |
) |
— |
|
(52 |
) |
Income before income taxes |
109 |
|
99 |
|
41 |
|
— |
|
249 |
|
Income tax expense |
(29 |
) |
(29 |
) |
(34 |
) |
— |
|
(92 |
) |
Equity in earnings of subsidiaries, net of tax |
77 |
|
17 |
|
— |
|
(94 |
) |
— |
|
Net income (loss) |
157 |
|
87 |
|
7 |
|
(94 |
) |
157 |
|
Less net income attributable to the noncontrolling interest |
(15 |
) |
— |
|
(15 |
) |
15 |
|
(15 |
) |
Net income (loss) attributable to QVC, Inc. shareholder |
$ |
142 |
|
87 |
|
(8 |
) |
(79 |
) |
142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2012 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
2,662 |
|
354 |
|
1,342 |
|
(452 |
) |
3,906 |
|
Cost of goods sold |
1,653 |
|
54 |
|
876 |
|
(119 |
) |
2,464 |
|
Gross profit |
1,009 |
|
300 |
|
466 |
|
(333 |
) |
1,442 |
|
Operating expenses: |
|
|
|
|
|
Operating |
88 |
|
92 |
|
171 |
|
— |
|
351 |
|
Selling, general and administrative, including stock-based compensation |
440 |
|
— |
|
169 |
|
(333 |
) |
276 |
|
Depreciation |
17 |
|
2 |
|
45 |
|
— |
|
64 |
|
Amortization of intangible assets |
96 |
|
65 |
|
31 |
|
— |
|
192 |
|
Intercompany management expense (income) |
40 |
|
(15 |
) |
(25 |
) |
— |
|
— |
|
|
681 |
|
144 |
|
391 |
|
(333 |
) |
883 |
|
Operating income |
328 |
|
156 |
|
75 |
|
— |
|
559 |
|
Other income (expense): |
|
|
|
|
|
Gains on financial instruments |
24 |
|
— |
|
— |
|
— |
|
24 |
|
Interest expense |
(111 |
) |
— |
|
— |
|
— |
|
(111 |
) |
Foreign currency (loss) gain |
(5 |
) |
— |
|
3 |
|
— |
|
(2 |
) |
Intercompany interest (expense) income |
(6 |
) |
25 |
|
(19 |
) |
— |
|
— |
|
|
(98 |
) |
25 |
|
(16 |
) |
— |
|
(89 |
) |
Income before income taxes |
230 |
|
181 |
|
59 |
|
— |
|
470 |
|
Income tax expense |
(63 |
) |
(54 |
) |
(57 |
) |
— |
|
(174 |
) |
Equity in earnings of subsidiaries, net of tax |
129 |
|
34 |
|
— |
|
(163 |
) |
— |
|
Net income (loss) |
296 |
|
161 |
|
2 |
|
(163 |
) |
296 |
|
Less net income attributable to the noncontrolling interest |
(29 |
) |
— |
|
(29 |
) |
29 |
|
(29 |
) |
Net income (loss) attributable to QVC, Inc. shareholder |
$ |
267 |
|
161 |
|
(27 |
) |
(134 |
) |
267 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Current Year |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2013 |
|
(in millions) |
Subsidiary
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income (loss) |
$ |
245 |
|
146 |
|
(31 |
) |
(115 |
) |
245 |
|
Foreign currency translation adjustments |
(107 |
) |
— |
|
(107 |
) |
107 |
|
(107 |
) |
Total comprehensive income (loss) |
138 |
|
146 |
|
(138 |
) |
(8 |
) |
138 |
|
Comprehensive (income) loss attributable to noncontrolling interest |
(6 |
) |
— |
|
(6 |
) |
6 |
|
(6 |
) |
Comprehensive income (loss) attributable to QVC, Inc. shareholder |
$ |
132 |
|
146 |
|
(144 |
) |
(2 |
) |
132 |
|
Condensed consolidated statements of comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2013 |
|
(in millions) |
Subsidiary
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income (loss) |
$ |
139 |
|
67 |
|
(24 |
) |
(43 |
) |
139 |
|
Foreign currency translation adjustments |
(16 |
) |
— |
|
(16 |
) |
16 |
|
(16 |
) |
Total comprehensive income (loss) |
123 |
|
67 |
|
(40 |
) |
(27 |
) |
123 |
|
Comprehensive (income) loss attributable to noncontrolling interest |
(7 |
) |
— |
|
(7 |
) |
7 |
|
(7 |
) |
Comprehensive income (loss) attributable to QVC, Inc. shareholder |
116 |
|
67 |
|
(47 |
) |
(20 |
) |
116 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Prior Year |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2012 |
|
(in millions) |
Subsidiary
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income (loss) |
$ |
296 |
|
161 |
|
2 |
|
(163 |
) |
296 |
|
Foreign currency translation adjustments |
(36 |
) |
— |
|
(36 |
) |
36 |
|
(36 |
) |
Total comprehensive income (loss) |
260 |
|
161 |
|
(34 |
) |
(127 |
) |
260 |
|
Comprehensive (income) loss attributable to noncontrolling interest |
(23 |
) |
— |
|
(23 |
) |
23 |
|
(23 |
) |
Comprehensive income (loss) attributable to QVC, Inc. shareholder |
$ |
237 |
|
161 |
|
(57 |
) |
(104 |
) |
237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2012 |
|
(in millions) |
Subsidiary
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income (loss) |
$ |
157 |
|
87 |
|
7 |
|
(94 |
) |
157 |
|
Foreign currency translation adjustments |
(49 |
) |
— |
|
(49 |
) |
49 |
|
(49 |
) |
Total comprehensive income (loss) |
108 |
|
87 |
|
(42 |
) |
(45 |
) |
108 |
|
Comprehensive (income) loss attributable to noncontrolling interest |
(19 |
) |
— |
|
(19 |
) |
19 |
|
(19 |
) |
Comprehensive income (loss) attributable to QVC, Inc. shareholder |
89 |
|
87 |
|
(61 |
) |
(26 |
) |
89 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Current Year |
Condensed consolidated statements of cash flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2013 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Operating activities: |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
$ |
358 |
|
115 |
|
(31 |
) |
— |
|
442 |
|
Investing activities: |
|
|
|
|
|
|
|
|
|
|
Capital expenditures, net |
(33 |
) |
— |
|
(42 |
) |
— |
|
(75 |
) |
Expenditures for cable and satellite television distribution rights, net |
— |
|
(25 |
) |
(1 |
) |
— |
|
(26 |
) |
Changes in other noncurrent assets |
4 |
|
— |
|
(3 |
) |
— |
|
1 |
|
Intercompany investing activities |
292 |
|
149 |
|
— |
|
(441 |
) |
— |
|
Net cash provided by (used in) investing activities |
263 |
|
124 |
|
(46 |
) |
(441 |
) |
(100 |
) |
Financing activities: |
|
|
|
|
|
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(1,690 |
) |
— |
|
(5 |
) |
— |
|
(1,695 |
) |
Principal borrowings of debt from senior secured credit facility |
1,053 |
|
— |
|
— |
|
— |
|
1,053 |
|
Proceeds from issuance of senior secured notes, net of original issue discount |
1,050 |
|
— |
|
— |
|
— |
|
1,050 |
|
Payment of debt origination fees |
(16 |
) |
— |
|
— |
|
— |
|
(16 |
) |
Payment of bond premium fees |
(46 |
) |
— |
|
— |
|
— |
|
(46 |
) |
Other financing activities |
7 |
|
— |
|
— |
|
— |
|
7 |
|
Dividends paid to Liberty, net |
(765 |
) |
— |
|
— |
|
— |
|
(765 |
) |
Dividend paid to noncontrolling interest |
— |
|
— |
|
(25 |
) |
— |
|
(25 |
) |
Net short-term intercompany debt (repayments) borrowings |
(138 |
) |
102 |
|
36 |
|
— |
|
— |
|
Intercompany financing activities |
(143 |
) |
(342 |
) |
44 |
|
441 |
|
— |
|
Net cash (used in) provided by financing activities |
(688 |
) |
(240 |
) |
50 |
|
441 |
|
(437 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
— |
|
— |
|
(29 |
) |
— |
|
(29 |
) |
Net decrease in cash and cash equivalents |
(67 |
) |
(1 |
) |
(56 |
) |
— |
|
(124 |
) |
Cash and cash equivalents, beginning of period |
75 |
|
165 |
|
300 |
|
— |
|
540 |
|
Cash and cash equivalents, end of period |
$ |
8 |
|
164 |
|
244 |
|
— |
|
416 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Prior Year |
Condensed consolidated statements of cash flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2012 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Operating activities: |
|
|
|
|
|
Net cash provided by operating activities |
$ |
403 |
|
171 |
|
69 |
|
— |
|
643 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures, net |
(20 |
) |
(1 |
) |
(80 |
) |
— |
|
(101 |
) |
Expenditures for cable and satellite television distribution rights, net |
— |
|
(1 |
) |
(1 |
) |
— |
|
(2 |
) |
Cash paid for joint ventures and acquisitions of businesses, net of cash received |
— |
|
— |
|
(27 |
) |
— |
|
(27 |
) |
Decrease in restricted cash |
2 |
|
— |
|
— |
|
— |
|
2 |
|
Changes in other noncurrent assets |
2 |
|
(1 |
) |
— |
|
— |
|
1 |
|
Intercompany investing activities |
306 |
|
189 |
|
— |
|
(495 |
) |
— |
|
Net cash provided by (used in) investing activities |
290 |
|
186 |
|
(108 |
) |
(495 |
) |
(127 |
) |
Financing activities: |
|
|
|
|
|
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(774 |
) |
— |
|
(5 |
) |
— |
|
(779 |
) |
Principal borrowings of debt from senior secured credit facility |
648 |
|
— |
|
— |
|
— |
|
648 |
|
Dividends paid to Liberty, net |
(458 |
) |
— |
|
— |
|
— |
|
(458 |
) |
Dividend paid to noncontrolling interest |
— |
|
— |
|
(29 |
) |
— |
|
(29 |
) |
Net short-term intercompany debt (repayments) borrowings |
(45 |
) |
24 |
|
21 |
|
— |
|
— |
|
Intercompany financing activities |
(64 |
) |
(441 |
) |
10 |
|
495 |
|
— |
|
Net cash used in financing activities |
(693 |
) |
(417 |
) |
(3 |
) |
495 |
|
(618 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
— |
|
— |
|
(12 |
) |
— |
|
(12 |
) |
Net decrease in cash and cash equivalents |
— |
|
(60 |
) |
(54 |
) |
— |
|
(114 |
) |
Cash and cash equivalents, beginning of period |
3 |
|
223 |
|
334 |
|
— |
|
560 |
|
Cash and cash equivalents, end of period |
$ |
3 |
|
163 |
|
280 |
|
— |
|
446 |
|
|