Guarantor/Non-Guarantor Subsidiary Financial Information (Tables)
|
6 Months Ended |
Jun. 30, 2015 |
|---|
| Guarantor Non-guarantor Subsidiary Financial Information [Abstract] |
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Current Period |
Condensed Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015 |
|
(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 |
$ |
52 |
|
183 |
|
210 |
|
— |
|
445 |
|
Restricted cash |
10 |
|
— |
|
2 |
|
— |
|
12 |
|
Accounts receivable, net |
558 |
|
— |
|
241 |
|
— |
|
799 |
|
Inventories |
727 |
|
— |
|
237 |
|
— |
|
964 |
|
Deferred income taxes |
175 |
|
— |
|
35 |
|
— |
|
210 |
|
Prepaid expenses |
26 |
|
— |
|
31 |
|
— |
|
57 |
|
Total current assets |
1,548 |
|
183 |
|
756 |
|
— |
|
2,487 |
|
Property and equipment, net |
275 |
|
68 |
|
639 |
|
— |
|
982 |
|
Cable and satellite television distribution rights, net |
— |
|
354 |
|
55 |
|
— |
|
409 |
|
Goodwill |
4,191 |
|
— |
|
858 |
|
— |
|
5,049 |
|
Other intangible assets, net |
935 |
|
2,051 |
|
51 |
|
— |
|
3,037 |
|
Other noncurrent assets |
6 |
|
— |
|
55 |
|
— |
|
61 |
|
Investments in subsidiaries |
3,695 |
|
1,129 |
|
1,354 |
|
(6,178 |
) |
— |
|
Total assets |
$ |
10,650 |
|
3,785 |
|
3,768 |
|
(6,178 |
) |
12,025 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
3 |
|
— |
|
6 |
|
— |
|
9 |
|
Accounts payable-trade |
336 |
|
— |
|
230 |
|
— |
|
566 |
|
Accrued liabilities |
138 |
|
145 |
|
406 |
|
— |
|
689 |
|
Intercompany accounts payable (receivable) |
437 |
|
1,341 |
|
(1,778 |
) |
— |
|
— |
|
Total current liabilities |
914 |
|
1,486 |
|
(1,136 |
) |
— |
|
1,264 |
|
Long-term portion of debt and capital lease obligations |
4,456 |
|
— |
|
51 |
|
— |
|
4,507 |
|
Deferred compensation |
13 |
|
— |
|
— |
|
— |
|
13 |
|
Deferred income taxes |
259 |
|
857 |
|
(37 |
) |
— |
|
1,079 |
|
Other long-term liabilities |
113 |
|
— |
|
57 |
|
— |
|
170 |
|
Total liabilities |
5,755 |
|
2,343 |
|
(1,065 |
) |
— |
|
7,033 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
4,895 |
|
1,442 |
|
4,736 |
|
(6,178 |
) |
4,895 |
|
Noncontrolling interest |
— |
|
— |
|
97 |
|
— |
|
97 |
|
Total equity |
4,895 |
|
1,442 |
|
4,833 |
|
(6,178 |
) |
4,992 |
|
Total liabilities and equity |
$ |
10,650 |
|
3,785 |
|
3,768 |
|
(6,178 |
) |
12,025 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Prior Period |
Condensed Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 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 |
$ |
2 |
|
123 |
|
222 |
|
— |
|
347 |
|
Restricted cash |
10 |
|
— |
|
2 |
|
— |
|
12 |
|
Accounts receivable, net |
909 |
|
— |
|
287 |
|
— |
|
1,196 |
|
Inventories |
680 |
|
— |
|
202 |
|
— |
|
882 |
|
Deferred income taxes |
192 |
|
— |
|
18 |
|
— |
|
210 |
|
Prepaid expenses |
25 |
|
— |
|
25 |
|
— |
|
50 |
|
Total current assets |
1,818 |
|
123 |
|
756 |
|
— |
|
2,697 |
|
Property and equipment, net |
273 |
|
68 |
|
685 |
|
— |
|
1,026 |
|
Cable and satellite television distribution rights, net |
— |
|
388 |
|
73 |
|
— |
|
461 |
|
Goodwill |
4,184 |
|
— |
|
907 |
|
— |
|
5,091 |
|
Other intangible assets, net |
1,023 |
|
2,051 |
|
69 |
|
— |
|
3,143 |
|
Other noncurrent assets |
1 |
|
— |
|
57 |
|
— |
|
58 |
|
Investments in subsidiaries |
4,681 |
|
1,386 |
|
— |
|
(6,067 |
) |
— |
|
Total assets |
$ |
11,980 |
|
4,016 |
|
2,547 |
|
(6,067 |
) |
12,476 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
2 |
|
— |
|
7 |
|
— |
|
9 |
|
Accounts payable-trade |
420 |
|
— |
|
209 |
|
— |
|
629 |
|
Accrued liabilities |
282 |
|
143 |
|
460 |
|
— |
|
885 |
|
Intercompany accounts payable (receivable) |
1,384 |
|
(921 |
) |
(463 |
) |
— |
|
— |
|
Total current liabilities |
2,088 |
|
(778 |
) |
213 |
|
— |
|
1,523 |
|
Long-term portion of debt and capital lease obligations |
4,565 |
|
— |
|
55 |
|
— |
|
4,620 |
|
Deferred compensation |
16 |
|
— |
|
1 |
|
— |
|
17 |
|
Deferred income taxes |
269 |
|
877 |
|
(25 |
) |
— |
|
1,121 |
|
Other long-term liabilities |
99 |
|
— |
|
50 |
|
— |
|
149 |
|
Total liabilities |
7,037 |
|
99 |
|
294 |
|
— |
|
7,430 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
4,943 |
|
3,917 |
|
2,150 |
|
(6,067 |
) |
4,943 |
|
Noncontrolling interest |
— |
|
— |
|
103 |
|
— |
|
103 |
|
Total equity |
4,943 |
|
3,917 |
|
2,253 |
|
(6,067 |
) |
5,046 |
|
Total liabilities and equity |
$ |
11,980 |
|
4,016 |
|
2,547 |
|
(6,067 |
) |
12,476 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Current Period |
Condensed Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2015 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
1,432 |
|
220 |
|
640 |
|
(294 |
) |
1,998 |
|
Cost of goods sold |
856 |
|
23 |
|
382 |
|
(27 |
) |
1,234 |
|
Gross profit |
576 |
|
197 |
|
258 |
|
(267 |
) |
764 |
|
Operating expenses: |
|
|
|
|
|
Operating |
98 |
|
61 |
|
89 |
|
(73 |
) |
175 |
|
Selling, general and administrative, including stock-based compensation |
260 |
|
— |
|
81 |
|
(194 |
) |
147 |
|
Depreciation |
11 |
|
1 |
|
23 |
|
— |
|
35 |
|
Amortization |
60 |
|
41 |
|
12 |
|
— |
|
113 |
|
|
429 |
|
103 |
|
205 |
|
(267 |
) |
470 |
|
Operating income |
147 |
|
94 |
|
53 |
|
— |
|
294 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(3 |
) |
— |
|
(3 |
) |
Interest expense, net |
(49 |
) |
— |
|
(1 |
) |
— |
|
(50 |
) |
Foreign currency (loss) gain |
(7 |
) |
(13 |
) |
9 |
|
— |
|
(11 |
) |
Loss on extinguishment of debt |
(21 |
) |
— |
|
— |
|
— |
|
(21 |
) |
Intercompany interest (expense) income |
— |
|
(20 |
) |
20 |
|
— |
|
— |
|
|
(77 |
) |
(33 |
) |
25 |
|
— |
|
(85 |
) |
Income before income taxes |
70 |
|
61 |
|
78 |
|
— |
|
209 |
|
Income tax expense |
(14 |
) |
(38 |
) |
(33 |
) |
— |
|
(85 |
) |
Equity in earnings of subsidiaries, net of tax |
68 |
|
28 |
|
47 |
|
(143 |
) |
— |
|
Net income |
124 |
|
51 |
|
92 |
|
(143 |
) |
124 |
|
Less net income attributable to the noncontrolling interest |
(8 |
) |
— |
|
(8 |
) |
8 |
|
(8 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
116 |
|
51 |
|
84 |
|
(135 |
) |
116 |
|
Condensed Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2015 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
2,812 |
|
422 |
|
1,297 |
|
(595 |
) |
3,936 |
|
Cost of goods sold |
1,715 |
|
48 |
|
768 |
|
(76 |
) |
2,455 |
|
Gross profit |
1,097 |
|
374 |
|
529 |
|
(519 |
) |
1,481 |
|
Operating expenses: |
|
|
|
|
|
Operating |
199 |
|
118 |
|
178 |
|
(152 |
) |
343 |
|
Selling, general and administrative, including stock-based compensation |
502 |
|
— |
|
162 |
|
(367 |
) |
297 |
|
Depreciation |
21 |
|
4 |
|
43 |
|
— |
|
68 |
|
Amortization |
119 |
|
81 |
|
33 |
|
— |
|
233 |
|
|
841 |
|
203 |
|
416 |
|
(519 |
) |
941 |
|
Operating income |
256 |
|
171 |
|
113 |
|
— |
|
540 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(4 |
) |
— |
|
(4 |
) |
Interest expense, net |
(107 |
) |
— |
|
(2 |
) |
— |
|
(109 |
) |
Foreign currency gain (loss) |
5 |
|
(13 |
) |
7 |
|
— |
|
(1 |
) |
Loss on extinguishment of debt |
(21 |
) |
— |
|
— |
|
— |
|
(21 |
) |
Intercompany interest (expense) income |
(6 |
) |
(9 |
) |
15 |
|
— |
|
— |
|
|
(129 |
) |
(22 |
) |
16 |
|
— |
|
(135 |
) |
Income before income taxes |
127 |
|
149 |
|
129 |
|
— |
|
405 |
|
Income tax expense |
(40 |
) |
(63 |
) |
(54 |
) |
— |
|
(157 |
) |
Equity in earnings of subsidiaries, net of tax |
161 |
|
39 |
|
47 |
|
(247 |
) |
— |
|
Net income |
248 |
|
125 |
|
122 |
|
(247 |
) |
248 |
|
Less net income attributable to the noncontrolling interest |
(17 |
) |
— |
|
(17 |
) |
17 |
|
(17 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
231 |
|
125 |
|
105 |
|
(230 |
) |
231 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Prior Period |
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 |
$ |
2,731 |
|
390 |
|
1,451 |
|
(572 |
) |
4,000 |
|
Cost of goods sold |
1,692 |
|
48 |
|
878 |
|
(112 |
) |
2,506 |
|
Gross profit |
1,039 |
|
342 |
|
573 |
|
(460 |
) |
1,494 |
|
Operating expenses: |
|
|
|
|
|
Operating |
161 |
|
113 |
|
201 |
|
(117 |
) |
358 |
|
Selling, general and administrative, including stock-based compensation |
466 |
|
(1 |
) |
181 |
|
(343 |
) |
303 |
|
Depreciation |
19 |
|
3 |
|
44 |
|
— |
|
66 |
|
Amortization |
110 |
|
77 |
|
36 |
|
— |
|
223 |
|
|
756 |
|
192 |
|
462 |
|
(460 |
) |
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 (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 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 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 |
$ |
1,388 |
|
199 |
|
719 |
|
(292 |
) |
2,014 |
|
Cost of goods sold |
850 |
|
23 |
|
432 |
|
(55 |
) |
1,250 |
|
Gross profit |
538 |
|
176 |
|
287 |
|
(237 |
) |
764 |
|
Operating expenses: |
|
|
|
|
|
Operating |
82 |
|
57 |
|
100 |
|
(59 |
) |
180 |
|
Selling, general and administrative, including stock-based compensation |
243 |
|
— |
|
90 |
|
(178 |
) |
155 |
|
Depreciation |
10 |
|
1 |
|
22 |
|
— |
|
33 |
|
Amortization |
58 |
|
38 |
|
16 |
|
— |
|
112 |
|
|
393 |
|
96 |
|
228 |
|
(237 |
) |
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 (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), Current Period |
Condensed Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2015 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
248 |
|
125 |
|
122 |
|
(247 |
) |
248 |
|
Foreign currency translation adjustments |
(80 |
) |
— |
|
(80 |
) |
80 |
|
(80 |
) |
Total comprehensive income |
168 |
|
125 |
|
42 |
|
(167 |
) |
168 |
|
Comprehensive income attributable to noncontrolling interest |
(14 |
) |
— |
|
(14 |
) |
14 |
|
(14 |
) |
Comprehensive income (loss) attributable to QVC, Inc. stockholder |
$ |
154 |
|
125 |
|
28 |
|
(153 |
) |
154 |
|
Condensed Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2015 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
124 |
|
51 |
|
92 |
|
(143 |
) |
124 |
|
Foreign currency translation adjustments |
22 |
|
— |
|
22 |
|
(22 |
) |
22 |
|
Total comprehensive income |
146 |
|
51 |
|
114 |
|
(165 |
) |
146 |
|
Comprehensive income attributable to noncontrolling interest |
(6 |
) |
— |
|
(6 |
) |
6 |
|
(6 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
140 |
|
51 |
|
108 |
|
(159 |
) |
140 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Prior Period |
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 |
|
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 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Current Period |
Condensed Consolidating Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2015 |
|
(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 |
$ |
352 |
|
166 |
|
87 |
|
— |
|
605 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures, net |
(55 |
) |
(5 |
) |
(19 |
) |
— |
|
(79 |
) |
Expenditures for cable and satellite television distribution rights, net |
— |
|
(45 |
) |
— |
|
— |
|
(45 |
) |
Changes in other noncurrent assets |
(1 |
) |
— |
|
(2 |
) |
— |
|
(3 |
) |
Intercompany investing activities |
1,147 |
|
296 |
|
(1,307 |
) |
(136 |
) |
— |
|
Net cash provided by (used in) investing activities |
1,091 |
|
246 |
|
(1,328 |
) |
(136 |
) |
(127 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(1,212 |
) |
— |
|
(4 |
) |
— |
|
(1,216 |
) |
Principal borrowings of debt from senior secured credit facility |
1,098 |
|
— |
|
— |
|
— |
|
1,098 |
|
Payment of debt origination fees |
(3 |
) |
— |
|
— |
|
— |
|
(3 |
) |
Payment of bond premium fees |
(18 |
) |
— |
|
— |
|
— |
|
(18 |
) |
Other financing activities |
(1 |
) |
— |
|
— |
|
— |
|
(1 |
) |
Dividends paid to Liberty |
(210 |
) |
— |
|
— |
|
— |
|
(210 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(20 |
) |
— |
|
(20 |
) |
Net short-term intercompany debt (repayments) borrowings |
(947 |
) |
2,262 |
|
(1,315 |
) |
— |
|
— |
|
Other intercompany financing activities |
(100 |
) |
(2,614 |
) |
2,578 |
|
136 |
|
— |
|
Net cash (used in) provided by financing activities |
(1,393 |
) |
(352 |
) |
1,239 |
|
136 |
|
(370 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
— |
|
— |
|
(10 |
) |
— |
|
(10 |
) |
Net increase (decrease) in cash and cash equivalents |
50 |
|
60 |
|
(12 |
) |
— |
|
98 |
|
Cash and cash equivalents, beginning of period |
2 |
|
123 |
|
222 |
|
— |
|
347 |
|
Cash and cash equivalents, end of period |
$ |
52 |
|
183 |
|
210 |
|
— |
|
445 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Prior Period |
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 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 |
) |
— |
|
— |
|
Other 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 |
|
|