|
Guarantor/Non-Guarantor Subsidiary Financial Information (Tables)
|
6 Months Ended |
|
Jun. 30, 2014
|
| Guarantor Non-guarantor Subsidiary Financial Information [Abstract] |
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Current Year |
Condensed consolidating balance sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2014 |
|
(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 |
$ |
18 |
|
162 |
|
368 |
|
— |
|
548 |
|
Restricted cash |
11 |
|
— |
|
3 |
|
— |
|
14 |
|
Accounts receivable, net |
490 |
|
— |
|
266 |
|
— |
|
756 |
|
Inventories |
725 |
|
— |
|
264 |
|
— |
|
989 |
|
Deferred income taxes |
147 |
|
— |
|
18 |
|
— |
|
165 |
|
Prepaid expenses |
28 |
|
— |
|
29 |
|
— |
|
57 |
|
Total current assets |
1,419 |
|
162 |
|
948 |
|
— |
|
2,529 |
|
Property and equipment, net |
253 |
|
66 |
|
757 |
|
— |
|
1,076 |
|
Cable and satellite television distribution rights, net |
— |
|
441 |
|
99 |
|
— |
|
540 |
|
Goodwill |
4,169 |
|
— |
|
1,041 |
|
— |
|
5,210 |
|
Other intangible assets, net |
1,092 |
|
2,049 |
|
102 |
|
— |
|
3,243 |
|
Other noncurrent assets |
9 |
|
— |
|
60 |
|
— |
|
69 |
|
Investments in subsidiaries |
4,893 |
|
1,601 |
|
— |
|
(6,494 |
) |
— |
|
Total assets |
$ |
11,835 |
|
4,319 |
|
3,007 |
|
(6,494 |
) |
12,667 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
2 |
|
— |
|
9 |
|
— |
|
11 |
|
Accounts payable-trade |
275 |
|
— |
|
195 |
|
— |
|
470 |
|
Accrued liabilities |
150 |
|
86 |
|
507 |
|
— |
|
743 |
|
Intercompany accounts payable (receivable) |
1,084 |
|
(814 |
) |
(270 |
) |
— |
|
— |
|
Total current liabilities |
1,511 |
|
(728 |
) |
441 |
|
— |
|
1,224 |
|
Long-term portion of debt and capital lease obligations |
3,886 |
|
— |
|
51 |
|
— |
|
3,937 |
|
Deferred compensation |
14 |
|
— |
|
— |
|
— |
|
14 |
|
Deferred income taxes |
319 |
|
901 |
|
3 |
|
— |
|
1,223 |
|
Other long-term liabilities |
109 |
|
— |
|
48 |
|
— |
|
157 |
|
Total liabilities |
5,839 |
|
173 |
|
543 |
|
— |
|
6,555 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
5,996 |
|
4,146 |
|
2,348 |
|
(6,494 |
) |
5,996 |
|
Noncontrolling interest |
— |
|
— |
|
116 |
|
— |
|
116 |
|
Total equity |
5,996 |
|
4,146 |
|
2,464 |
|
(6,494 |
) |
6,112 |
|
Total liabilities and equity |
$ |
11,835 |
|
4,319 |
|
3,007 |
|
(6,494 |
) |
12,667 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Prior Year |
Condensed consolidating balance sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 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 |
$ |
78 |
|
133 |
|
246 |
|
— |
|
457 |
|
Restricted cash |
11 |
|
— |
|
3 |
|
— |
|
14 |
|
Accounts receivable, net |
816 |
|
— |
|
295 |
|
— |
|
1,111 |
|
Inventories |
684 |
|
— |
|
247 |
|
— |
|
931 |
|
Deferred income taxes |
146 |
|
— |
|
16 |
|
— |
|
162 |
|
Prepaid expenses |
20 |
|
— |
|
27 |
|
— |
|
47 |
|
Total current assets |
1,755 |
|
133 |
|
834 |
|
— |
|
2,722 |
|
Property and equipment, net |
265 |
|
67 |
|
774 |
|
— |
|
1,106 |
|
Cable and satellite television distribution rights, net |
— |
|
510 |
|
114 |
|
— |
|
624 |
|
Goodwill |
4,169 |
|
— |
|
1,028 |
|
— |
|
5,197 |
|
Other intangible assets, net |
1,128 |
|
2,050 |
|
158 |
|
— |
|
3,336 |
|
Other noncurrent assets |
8 |
|
— |
|
63 |
|
— |
|
71 |
|
Investments in subsidiaries |
4,894 |
|
1,628 |
|
— |
|
(6,522 |
) |
— |
|
Total assets |
$ |
12,219 |
|
4,388 |
|
2,971 |
|
(6,522 |
) |
13,056 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
2 |
|
— |
|
11 |
|
— |
|
13 |
|
Accounts payable-trade |
336 |
|
— |
|
158 |
|
— |
|
494 |
|
Accrued liabilities |
393 |
|
96 |
|
471 |
|
— |
|
960 |
|
Intercompany accounts payable (receivable) |
1,019 |
|
(879 |
) |
(140 |
) |
— |
|
— |
|
Total current liabilities |
1,750 |
|
(783 |
) |
500 |
|
— |
|
1,467 |
|
Long-term portion of debt and capital lease obligations |
3,745 |
|
— |
|
55 |
|
— |
|
3,800 |
|
Deferred compensation |
13 |
|
— |
|
1 |
|
— |
|
14 |
|
Deferred income taxes |
399 |
|
923 |
|
4 |
|
— |
|
1,326 |
|
Other long-term liabilities |
90 |
|
— |
|
18 |
|
— |
|
108 |
|
Total liabilities |
5,997 |
|
140 |
|
578 |
|
— |
|
6,715 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
6,222 |
|
4,248 |
|
2,274 |
|
(6,522 |
) |
6,222 |
|
Noncontrolling interest |
— |
|
— |
|
119 |
|
— |
|
119 |
|
Total equity |
6,222 |
|
4,248 |
|
2,393 |
|
(6,522 |
) |
6,341 |
|
Total liabilities and equity |
$ |
12,219 |
|
4,388 |
|
2,971 |
|
(6,522 |
) |
13,056 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Prior Year |
Condensed consolidating statements of operations - Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
$ |
1,326 |
|
182 |
|
681 |
|
(228 |
) |
1,961 |
|
Cost of goods sold |
836 |
|
23 |
|
427 |
|
(59 |
) |
1,227 |
|
Gross profit |
490 |
|
159 |
|
254 |
|
(169 |
) |
734 |
|
Operating expenses: |
|
|
|
|
|
Operating |
38 |
|
48 |
|
85 |
|
— |
|
171 |
|
Selling, general and administrative, including stock-based compensation |
227 |
|
— |
|
80 |
|
(169 |
) |
138 |
|
Depreciation |
9 |
|
2 |
|
22 |
|
— |
|
33 |
|
Amortization |
51 |
|
36 |
|
20 |
|
— |
|
107 |
|
Intercompany management expense (income) |
15 |
|
(4 |
) |
(11 |
) |
— |
|
— |
|
|
340 |
|
82 |
|
196 |
|
(169 |
) |
449 |
|
Operating income |
150 |
|
77 |
|
58 |
|
— |
|
285 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(2 |
) |
— |
|
(2 |
) |
Gains on financial instruments |
— |
|
— |
|
3 |
|
— |
|
3 |
|
Interest (expense) income, net |
(50 |
) |
(1 |
) |
1 |
|
— |
|
(50 |
) |
Foreign currency (loss) gain |
(1 |
) |
— |
|
1 |
|
— |
|
— |
|
Loss on extinguishment of debt |
(16 |
) |
— |
|
— |
|
— |
|
(16 |
) |
Intercompany interest and other (expense) income |
(4 |
) |
12 |
|
(8 |
) |
— |
|
— |
|
|
(71 |
) |
11 |
|
(5 |
) |
— |
|
(65 |
) |
Income before income taxes |
79 |
|
88 |
|
53 |
|
— |
|
220 |
|
Income tax expense |
(21 |
) |
(32 |
) |
(28 |
) |
— |
|
(81 |
) |
Equity in earnings of subsidiaries, net of tax |
81 |
|
11 |
|
— |
|
(92 |
) |
— |
|
Net income |
139 |
|
67 |
|
25 |
|
(92 |
) |
139 |
|
Less net income attributable to the noncontrolling interest |
(13 |
) |
— |
|
(13 |
) |
13 |
|
(13 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
126 |
|
67 |
|
12 |
|
(79 |
) |
126 |
|
Condensed consolidating statements of operations - Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
$ |
2,640 |
|
365 |
|
1,389 |
|
(459 |
) |
3,935 |
|
Cost of goods sold |
1,679 |
|
49 |
|
871 |
|
(120 |
) |
2,479 |
|
Gross profit |
961 |
|
316 |
|
518 |
|
(339 |
) |
1,456 |
|
Operating expenses: |
|
|
|
|
|
Operating |
75 |
|
93 |
|
176 |
|
— |
|
344 |
|
Selling, general and administrative, including stock-based compensation |
463 |
|
— |
|
169 |
|
(339 |
) |
293 |
|
Depreciation |
19 |
|
3 |
|
41 |
|
— |
|
63 |
|
Amortization |
102 |
|
70 |
|
39 |
|
— |
|
211 |
|
Intercompany management expense (income) |
32 |
|
(7 |
) |
(25 |
) |
— |
|
— |
|
|
691 |
|
159 |
|
400 |
|
(339 |
) |
911 |
|
Operating income |
270 |
|
157 |
|
118 |
|
— |
|
545 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(1 |
) |
— |
|
(1 |
) |
Gains on financial instruments |
12 |
|
— |
|
3 |
|
— |
|
15 |
|
Interest expense, net |
(112 |
) |
(1 |
) |
— |
|
— |
|
(113 |
) |
Foreign currency (loss) gain |
(2 |
) |
(1 |
) |
2 |
|
— |
|
(1 |
) |
Loss on extinguishment of debt |
(57 |
) |
— |
|
— |
|
— |
|
(57 |
) |
Intercompany interest and other (expense) income |
(7 |
) |
25 |
|
(18 |
) |
— |
|
— |
|
|
(166 |
) |
23 |
|
(14 |
) |
— |
|
(157 |
) |
Income before income taxes |
104 |
|
180 |
|
104 |
|
— |
|
388 |
|
Income tax expense |
(32 |
) |
(60 |
) |
(51 |
) |
— |
|
(143 |
) |
Equity in earnings of subsidiaries, net of tax |
173 |
|
26 |
|
— |
|
(199 |
) |
— |
|
Net income |
245 |
|
146 |
|
53 |
|
(199 |
) |
245 |
|
Less net income attributable to the noncontrolling interest |
(25 |
) |
— |
|
(25 |
) |
25 |
|
(25 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
220 |
|
146 |
|
28 |
|
(174 |
) |
220 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Current Year |
Condensed consolidating statements of operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2014 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
2,692 |
|
364 |
|
1,399 |
|
(455 |
) |
4,000 |
|
Cost of goods sold |
1,692 |
|
48 |
|
878 |
|
(112 |
) |
2,506 |
|
Gross profit |
1,000 |
|
316 |
|
521 |
|
(343 |
) |
1,494 |
|
Operating expenses: |
|
|
|
|
|
Operating |
82 |
|
95 |
|
181 |
|
— |
|
358 |
|
Selling, general and administrative, including stock-based compensation |
466 |
|
(1 |
) |
181 |
|
(343 |
) |
303 |
|
Depreciation |
19 |
|
3 |
|
44 |
|
— |
|
66 |
|
Amortization |
110 |
|
77 |
|
36 |
|
— |
|
223 |
|
Intercompany management expense (income) |
40 |
|
(8 |
) |
(32 |
) |
— |
|
— |
|
|
717 |
|
166 |
|
410 |
|
(343 |
) |
950 |
|
Operating income |
283 |
|
150 |
|
111 |
|
— |
|
544 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(3 |
) |
— |
|
(3 |
) |
Interest expense, net |
(113 |
) |
— |
|
(9 |
) |
— |
|
(122 |
) |
Foreign currency (loss) gain |
(3 |
) |
— |
|
3 |
|
— |
|
— |
|
Intercompany interest and other (expense) income |
(10 |
) |
26 |
|
4 |
|
(20 |
) |
— |
|
|
(126 |
) |
26 |
|
(5 |
) |
(20 |
) |
(125 |
) |
Income before income taxes |
157 |
|
176 |
|
106 |
|
(20 |
) |
419 |
|
Income tax expense |
(7 |
) |
(52 |
) |
(98 |
) |
— |
|
(157 |
) |
Equity in earnings (losses) of subsidiaries, net of tax |
112 |
|
(19 |
) |
— |
|
(93 |
) |
— |
|
Net income |
262 |
|
105 |
|
8 |
|
(113 |
) |
262 |
|
Less net income attributable to the noncontrolling interest |
(19 |
) |
— |
|
(19 |
) |
19 |
|
(19 |
) |
Net income (loss) attributable to QVC, Inc. stockholder |
$ |
243 |
|
105 |
|
(11 |
) |
(94 |
) |
243 |
|
Condensed consolidating statements of operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2014 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
1,368 |
|
187 |
|
692 |
|
(233 |
) |
2,014 |
|
Cost of goods sold |
850 |
|
23 |
|
432 |
|
(55 |
) |
1,250 |
|
Gross profit |
518 |
|
164 |
|
260 |
|
(178 |
) |
764 |
|
Operating expenses: |
|
|
|
|
|
Operating |
42 |
|
49 |
|
89 |
|
— |
|
180 |
|
Selling, general and administrative, including stock-based compensation |
243 |
|
1 |
|
89 |
|
(178 |
) |
155 |
|
Depreciation |
10 |
|
1 |
|
22 |
|
— |
|
33 |
|
Amortization |
58 |
|
38 |
|
16 |
|
— |
|
112 |
|
Intercompany management expense (income) |
20 |
|
(5 |
) |
(15 |
) |
— |
|
— |
|
|
373 |
|
84 |
|
201 |
|
(178 |
) |
480 |
|
Operating income |
145 |
|
80 |
|
59 |
|
— |
|
284 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(2 |
) |
— |
|
(2 |
) |
Interest expense, net |
(60 |
) |
— |
|
— |
|
— |
|
(60 |
) |
Foreign currency (loss) gain |
(1 |
) |
— |
|
2 |
|
— |
|
1 |
|
Intercompany interest and other (expense) income |
(5 |
) |
13 |
|
12 |
|
(20 |
) |
— |
|
|
(66 |
) |
13 |
|
12 |
|
(20 |
) |
(61 |
) |
Income before income taxes |
79 |
|
93 |
|
71 |
|
(20 |
) |
223 |
|
Income tax expense |
(27 |
) |
(28 |
) |
(28 |
) |
— |
|
(83 |
) |
Equity in earnings of subsidiaries, net of tax |
88 |
|
29 |
|
— |
|
(117 |
) |
— |
|
Net income |
140 |
|
94 |
|
43 |
|
(137 |
) |
140 |
|
Less net income attributable to the noncontrolling interest |
(10 |
) |
— |
|
(10 |
) |
10 |
|
(10 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
130 |
|
94 |
|
33 |
|
(127 |
) |
130 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Prior Year |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
$ |
139 |
|
67 |
|
25 |
|
(92 |
) |
139 |
|
Foreign currency translation adjustments |
(16 |
) |
— |
|
(16 |
) |
16 |
|
(16 |
) |
Total comprehensive income |
123 |
|
67 |
|
9 |
|
(76 |
) |
123 |
|
Comprehensive income attributable to noncontrolling interest |
(7 |
) |
— |
|
(7 |
) |
7 |
|
(7 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
116 |
|
67 |
|
2 |
|
(69 |
) |
116 |
|
Condensed consolidating statements of comprehensive income - Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
$ |
245 |
|
146 |
|
53 |
|
(199 |
) |
245 |
|
Foreign currency translation adjustments |
(107 |
) |
— |
|
(107 |
) |
107 |
|
(107 |
) |
Total comprehensive income (loss) |
138 |
|
146 |
|
(54 |
) |
(92 |
) |
138 |
|
Comprehensive income attributable to noncontrolling interest |
(6 |
) |
— |
|
(6 |
) |
6 |
|
(6 |
) |
Comprehensive income (loss) attributable to QVC, Inc. stockholder |
$ |
132 |
|
146 |
|
(60 |
) |
(86 |
) |
132 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Current Year |
Condensed consolidating statements of comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2014 |
|
(in millions) |
Subsidiary
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
140 |
|
94 |
|
43 |
|
(137 |
) |
140 |
|
Foreign currency translation adjustments |
2 |
|
— |
|
2 |
|
(2 |
) |
2 |
|
Total comprehensive income |
142 |
|
94 |
|
45 |
|
(139 |
) |
142 |
|
Comprehensive income attributable to noncontrolling interest |
(10 |
) |
— |
|
(10 |
) |
10 |
|
(10 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
132 |
|
94 |
|
35 |
|
(129 |
) |
132 |
|
Condensed consolidating statements of comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2014 |
|
(in millions) |
Subsidiary
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
262 |
|
105 |
|
8 |
|
(113 |
) |
262 |
|
Foreign currency translation adjustments |
18 |
|
— |
|
18 |
|
(18 |
) |
18 |
|
Total comprehensive income |
280 |
|
105 |
|
26 |
|
(131 |
) |
280 |
|
Comprehensive income attributable to noncontrolling interest |
(22 |
) |
— |
|
(22 |
) |
22 |
|
(22 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
258 |
|
105 |
|
4 |
|
(109 |
) |
258 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Current Year |
Condensed consolidating statements of cash flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2014 |
|
(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 |
$ |
217 |
|
172 |
|
160 |
|
— |
|
549 |
|
Investing activities: |
|
|
|
|
|
|
|
|
|
|
Capital expenditures, net |
(74 |
) |
(1 |
) |
38 |
|
(20 |
) |
(57 |
) |
Expenditures for cable and satellite television distribution rights, net |
— |
|
(8 |
) |
— |
|
— |
|
(8 |
) |
Intercompany investing activities |
114 |
|
27 |
|
— |
|
(141 |
) |
— |
|
Net cash provided by (used in) investing activities |
40 |
|
18 |
|
38 |
|
(161 |
) |
(65 |
) |
Financing activities: |
|
|
|
|
|
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(1,414 |
) |
— |
|
(5 |
) |
— |
|
(1,419 |
) |
Principal borrowings of debt from senior secured credit facility |
554 |
|
— |
|
— |
|
— |
|
554 |
|
Proceeds from issuance of senior secured notes, net of original issue discount |
999 |
|
— |
|
— |
|
— |
|
999 |
|
Payment of debt origination fees |
(12 |
) |
— |
|
— |
|
— |
|
(12 |
) |
Other financing activities |
(4 |
) |
— |
|
— |
|
— |
|
(4 |
) |
Dividends paid to Liberty |
(480 |
) |
— |
|
— |
|
— |
|
(480 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(25 |
) |
— |
|
(25 |
) |
Net short-term intercompany debt borrowings (repayments) |
65 |
|
65 |
|
(130 |
) |
— |
|
— |
|
Intercompany financing activities |
(25 |
) |
(226 |
) |
90 |
|
161 |
|
— |
|
Net cash used in financing activities |
(317 |
) |
(161 |
) |
(70 |
) |
161 |
|
(387 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
— |
|
— |
|
(6 |
) |
— |
|
(6 |
) |
Net (decrease) increase in cash and cash equivalents |
(60 |
) |
29 |
|
122 |
|
— |
|
91 |
|
Cash and cash equivalents, beginning of period |
78 |
|
133 |
|
246 |
|
— |
|
457 |
|
Cash and cash equivalents, end of period |
$ |
18 |
|
162 |
|
368 |
|
— |
|
548 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Prior Year |
Condensed consolidating statements of cash flows - Adjusted
|
|
|
|
|
|
|
|
|
|
|
|
|
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 operating activities |
$ |
275 |
|
115 |
|
52 |
|
— |
|
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 |
258 |
|
149 |
|
— |
|
(407 |
) |
— |
|
Net cash provided by (used in) investing activities |
229 |
|
124 |
|
(46 |
) |
(407 |
) |
(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 |
(765 |
) |
— |
|
— |
|
— |
|
(765 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(25 |
) |
— |
|
(25 |
) |
Net short-term intercompany debt (repayments) borrowings |
(21 |
) |
86 |
|
(65 |
) |
— |
|
— |
|
Intercompany financing activities |
(143 |
) |
(326 |
) |
62 |
|
407 |
|
— |
|
Net cash used in financing activities |
(571 |
) |
(240 |
) |
(33 |
) |
407 |
|
(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 |
|
|