Guarantor/Non-Guarantor Subsidiary Financial Information (Tables)
|
6 Months Ended |
Jun. 30, 2016 |
|---|
| Guarantor Non-guarantor Subsidiary Financial Information [Abstract] |
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Current Period |
Condensed Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2016 |
|
(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 |
$ |
3 |
|
137 |
|
195 |
|
— |
|
335 |
|
Restricted cash |
9 |
|
— |
|
2 |
|
— |
|
11 |
|
Accounts receivable, net |
620 |
|
— |
|
229 |
|
— |
|
849 |
|
Inventories |
778 |
|
— |
|
244 |
|
— |
|
1,022 |
|
Prepaid expenses |
26 |
|
— |
|
36 |
|
— |
|
62 |
|
Total current assets |
1,436 |
|
137 |
|
706 |
|
— |
|
2,279 |
|
Property and equipment, net |
313 |
|
66 |
|
716 |
|
— |
|
1,095 |
|
Cable and satellite television distribution rights, net |
— |
|
219 |
|
30 |
|
— |
|
249 |
|
Goodwill |
4,190 |
|
— |
|
876 |
|
— |
|
5,066 |
|
Other intangible assets, net |
763 |
|
2,050 |
|
33 |
|
— |
|
2,846 |
|
Other noncurrent assets |
6 |
|
— |
|
77 |
|
— |
|
83 |
|
Investments in subsidiaries |
3,532 |
|
1,060 |
|
— |
|
(4,592 |
) |
— |
|
Total assets |
$ |
10,240 |
|
3,532 |
|
2,438 |
|
(4,592 |
) |
11,618 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
3 |
|
— |
|
7 |
|
— |
|
10 |
|
Accounts payable-trade |
348 |
|
— |
|
196 |
|
— |
|
544 |
|
Accrued liabilities |
1 |
|
197 |
|
464 |
|
— |
|
662 |
|
Intercompany accounts payable (receivable) |
472 |
|
(202 |
) |
(270 |
) |
— |
|
— |
|
Total current liabilities |
824 |
|
(5 |
) |
397 |
|
— |
|
1,216 |
|
Long-term portion of debt and capital lease obligations |
5,210 |
|
— |
|
48 |
|
— |
|
5,258 |
|
Deferred compensation |
12 |
|
— |
|
(1 |
) |
— |
|
11 |
|
Deferred income taxes |
101 |
|
727 |
|
(47 |
) |
— |
|
781 |
|
Other long-term liabilities |
100 |
|
— |
|
145 |
|
— |
|
245 |
|
Total liabilities |
6,247 |
|
722 |
|
542 |
|
— |
|
7,511 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
3,993 |
|
2,810 |
|
1,782 |
|
(4,592 |
) |
3,993 |
|
Noncontrolling interest |
— |
|
— |
|
114 |
|
— |
|
114 |
|
Total equity |
3,993 |
|
2,810 |
|
1,896 |
|
(4,592 |
) |
4,107 |
|
Total liabilities and equity |
$ |
10,240 |
|
3,532 |
|
2,438 |
|
(4,592 |
) |
11,618 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Prior Period |
Condensed Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 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 |
$ |
— |
|
112 |
|
215 |
|
— |
|
327 |
|
Restricted cash |
9 |
|
— |
|
2 |
|
— |
|
11 |
|
Accounts receivable, net |
1,114 |
|
— |
|
256 |
|
— |
|
1,370 |
|
Inventories |
714 |
|
— |
|
215 |
|
— |
|
929 |
|
Prepaid expenses |
18 |
|
— |
|
24 |
|
— |
|
42 |
|
Total current assets |
1,855 |
|
112 |
|
712 |
|
— |
|
2,679 |
|
Property and equipment, net |
295 |
|
67 |
|
640 |
|
— |
|
1,002 |
|
Cable and satellite television distribution rights, net |
— |
|
297 |
|
42 |
|
— |
|
339 |
|
Goodwill |
4,190 |
|
— |
|
845 |
|
— |
|
5,035 |
|
Other intangible assets, net |
842 |
|
2,050 |
|
44 |
|
— |
|
2,936 |
|
Other noncurrent assets |
5 |
|
— |
|
62 |
|
— |
|
67 |
|
Investments in subsidiaries |
3,569 |
|
2,687 |
|
— |
|
(6,256 |
) |
— |
|
Total assets |
$ |
10,756 |
|
5,213 |
|
2,345 |
|
(6,256 |
) |
12,058 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
3 |
|
— |
|
6 |
|
— |
|
9 |
|
Accounts payable-trade |
396 |
|
— |
|
262 |
|
— |
|
658 |
|
Accrued liabilities |
229 |
|
207 |
|
436 |
|
— |
|
872 |
|
Intercompany accounts payable (receivable) |
562 |
|
1,271 |
|
(1,833 |
) |
— |
|
— |
|
Total current liabilities |
1,190 |
|
1,478 |
|
(1,129 |
) |
— |
|
1,539 |
|
Long-term portion of debt and capital lease obligations |
5,342 |
|
— |
|
51 |
|
— |
|
5,393 |
|
Deferred compensation |
14 |
|
— |
|
(1 |
) |
— |
|
13 |
|
Deferred income taxes |
94 |
|
744 |
|
(11 |
) |
— |
|
827 |
|
Other long-term liabilities |
98 |
|
— |
|
70 |
|
— |
|
168 |
|
Total liabilities |
6,738 |
|
2,222 |
|
(1,020 |
) |
— |
|
7,940 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
4,018 |
|
2,991 |
|
3,265 |
|
(6,256 |
) |
4,018 |
|
Noncontrolling interest |
— |
|
— |
|
100 |
|
— |
|
100 |
|
Total equity |
4,018 |
|
2,991 |
|
3,365 |
|
(6,256 |
) |
4,118 |
|
Total liabilities and equity |
$ |
10,756 |
|
5,213 |
|
2,345 |
|
(6,256 |
) |
12,058 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Current Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2016 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
2,903 |
|
464 |
|
1,347 |
|
(638 |
) |
4,076 |
|
Cost of goods sold |
1,747 |
|
78 |
|
829 |
|
(89 |
) |
2,565 |
|
Gross profit |
1,156 |
|
386 |
|
518 |
|
(549 |
) |
1,511 |
|
Operating expenses: |
|
|
|
|
|
Operating |
202 |
|
119 |
|
140 |
|
(173 |
) |
288 |
|
Selling, general and administrative, including stock-based compensation |
527 |
|
— |
|
210 |
|
(376 |
) |
361 |
|
Depreciation |
25 |
|
4 |
|
36 |
|
— |
|
65 |
|
Amortization |
120 |
|
84 |
|
25 |
|
— |
|
229 |
|
|
874 |
|
207 |
|
411 |
|
(549 |
) |
943 |
|
Operating income |
282 |
|
179 |
|
107 |
|
— |
|
568 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(2 |
) |
— |
|
(2 |
) |
Interest expense, net |
(107 |
) |
— |
|
— |
|
— |
|
(107 |
) |
Foreign currency gain |
9 |
|
— |
|
13 |
|
— |
|
22 |
|
Intercompany interest (expense) income |
(1 |
) |
1 |
|
— |
|
— |
|
— |
|
|
(99 |
) |
1 |
|
11 |
|
— |
|
(87 |
) |
Income before income taxes |
183 |
|
180 |
|
118 |
|
— |
|
481 |
|
Income tax expense |
(70 |
) |
(59 |
) |
(57 |
) |
— |
|
(186 |
) |
Equity in earnings of subsidiaries, net of tax |
182 |
|
82 |
|
— |
|
(264 |
) |
— |
|
Net income |
295 |
|
203 |
|
61 |
|
(264 |
) |
295 |
|
Less net income attributable to the noncontrolling interest |
(19 |
) |
— |
|
(19 |
) |
19 |
|
(19 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
276 |
|
203 |
|
42 |
|
(245 |
) |
276 |
|
Condensed Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2016 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
1,459 |
|
231 |
|
682 |
|
(309 |
) |
2,063 |
|
Cost of goods sold |
871 |
|
36 |
|
420 |
|
(42 |
) |
1,285 |
|
Gross profit |
588 |
|
195 |
|
262 |
|
(267 |
) |
778 |
|
Operating expenses: |
|
|
|
|
|
Operating |
93 |
|
60 |
|
68 |
|
(75 |
) |
146 |
|
Selling, general and administrative, including stock-based compensation |
264 |
|
— |
|
107 |
|
(192 |
) |
179 |
|
Depreciation |
13 |
|
2 |
|
16 |
|
— |
|
31 |
|
Amortization |
60 |
|
44 |
|
11 |
|
— |
|
115 |
|
|
430 |
|
106 |
|
202 |
|
(267 |
) |
471 |
|
Operating income |
158 |
|
89 |
|
60 |
|
— |
|
307 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(1 |
) |
— |
|
(1 |
) |
Interest expense, net |
(54 |
) |
— |
|
— |
|
— |
|
(54 |
) |
Foreign currency gain |
6 |
|
— |
|
14 |
|
— |
|
20 |
|
Intercompany interest (expense) income |
(1 |
) |
— |
|
1 |
|
— |
|
— |
|
|
(49 |
) |
— |
|
14 |
|
— |
|
(35 |
) |
Income before income taxes |
109 |
|
89 |
|
74 |
|
— |
|
272 |
|
Income tax expense |
(42 |
) |
(33 |
) |
(31 |
) |
— |
|
(106 |
) |
Equity in earnings of subsidiaries, net of tax |
99 |
|
50 |
|
— |
|
(149 |
) |
— |
|
Net income |
166 |
|
106 |
|
43 |
|
(149 |
) |
166 |
|
Less net income attributable to the noncontrolling interest |
(11 |
) |
— |
|
(11 |
) |
11 |
|
(11 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
155 |
|
106 |
|
32 |
|
(138 |
) |
155 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Prior Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
172 |
|
118 |
|
142 |
|
(152 |
) |
280 |
|
Selling, general and administrative, including stock-based compensation |
532 |
|
— |
|
195 |
|
(367 |
) |
360 |
|
Depreciation |
21 |
|
4 |
|
43 |
|
— |
|
68 |
|
Amortization |
119 |
|
81 |
|
33 |
|
— |
|
233 |
|
|
844 |
|
203 |
|
413 |
|
(519 |
) |
941 |
|
Operating income |
253 |
|
171 |
|
116 |
|
— |
|
540 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(4 |
) |
— |
|
(4 |
) |
Interest expense, net |
(107 |
) |
— |
|
(2 |
) |
— |
|
(109 |
) |
Foreign currency gain (loss) |
8 |
|
(13 |
) |
4 |
|
— |
|
(1 |
) |
Loss on extinguishment of debt |
(21 |
) |
— |
|
— |
|
— |
|
(21 |
) |
Intercompany interest (expense) income |
(6 |
) |
(9 |
) |
15 |
|
— |
|
— |
|
|
(126 |
) |
(22 |
) |
13 |
|
— |
|
(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 |
|
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 |
84 |
|
61 |
|
71 |
|
(73 |
) |
143 |
|
Selling, general and administrative, including stock-based compensation |
275 |
|
— |
|
98 |
|
(194 |
) |
179 |
|
Depreciation |
11 |
|
1 |
|
23 |
|
— |
|
35 |
|
Amortization |
60 |
|
41 |
|
12 |
|
— |
|
113 |
|
|
430 |
|
103 |
|
204 |
|
(267 |
) |
470 |
|
Operating income |
146 |
|
94 |
|
54 |
|
— |
|
294 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(3 |
) |
— |
|
(3 |
) |
Interest expense, net |
(49 |
) |
— |
|
(1 |
) |
— |
|
(50 |
) |
Foreign currency (loss) gain |
(6 |
) |
(13 |
) |
8 |
|
— |
|
(11 |
) |
Loss on extinguishment of debt |
(21 |
) |
— |
|
— |
|
— |
|
(21 |
) |
Intercompany interest (expense) income |
— |
|
(20 |
) |
20 |
|
— |
|
— |
|
|
(76 |
) |
(33 |
) |
24 |
|
— |
|
(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 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2016 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
295 |
|
203 |
|
61 |
|
(264 |
) |
295 |
|
Foreign currency translation adjustments |
39 |
|
— |
|
39 |
|
(39 |
) |
39 |
|
Total comprehensive income |
334 |
|
203 |
|
100 |
|
(303 |
) |
334 |
|
Comprehensive income attributable to noncontrolling interest |
(35 |
) |
— |
|
(35 |
) |
35 |
|
(35 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
299 |
|
203 |
|
65 |
|
(268 |
) |
299 |
|
Condensed Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2016 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
166 |
|
106 |
|
43 |
|
(149 |
) |
166 |
|
Foreign currency translation adjustments |
5 |
|
— |
|
5 |
|
(5 |
) |
5 |
|
Total comprehensive income |
171 |
|
106 |
|
48 |
|
(154 |
) |
171 |
|
Comprehensive income attributable to noncontrolling interest |
(20 |
) |
— |
|
(20 |
) |
20 |
|
(20 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
151 |
|
106 |
|
28 |
|
(134 |
) |
151 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Prior Period |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 attributable to QVC, Inc. stockholder |
$ |
154 |
|
125 |
|
28 |
|
(153 |
) |
154 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Current Period |
Condensed Consolidating Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2016 |
|
(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 |
$ |
422 |
|
182 |
|
(3 |
) |
— |
|
601 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(75 |
) |
(3 |
) |
(20 |
) |
— |
|
(98 |
) |
Expenditures for cable and satellite television distribution rights, net |
— |
|
(6 |
) |
— |
|
— |
|
(6 |
) |
Changes in other noncurrent assets |
1 |
|
— |
|
(3 |
) |
— |
|
(2 |
) |
Other investing activities |
(6 |
) |
— |
|
8 |
|
— |
|
2 |
|
Intercompany investing activities |
316 |
|
127 |
|
— |
|
(443 |
) |
— |
|
Net cash provided by (used in) investing activities |
236 |
|
118 |
|
(15 |
) |
(443 |
) |
(104 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(920 |
) |
— |
|
(3 |
) |
— |
|
(923 |
) |
Principal borrowings of debt from senior secured credit facility |
778 |
|
— |
|
— |
|
— |
|
778 |
|
Payment of debt origination fees |
(2 |
) |
— |
|
— |
|
— |
|
(2 |
) |
Dividends paid to Liberty |
(323 |
) |
— |
|
— |
|
— |
|
(323 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(21 |
) |
— |
|
(21 |
) |
Other financing activities |
(2 |
) |
— |
|
— |
|
— |
|
(2 |
) |
Net short-term intercompany debt (repayments) borrowings |
(90 |
) |
(1,473 |
) |
1,563 |
|
— |
|
— |
|
Other intercompany financing activities |
(96 |
) |
1,198 |
|
(1,545 |
) |
443 |
|
— |
|
Net cash used in financing activities |
(655 |
) |
(275 |
) |
(6 |
) |
443 |
|
(493 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
— |
|
— |
|
4 |
|
— |
|
4 |
|
Net increase (decrease) in cash and cash equivalents |
3 |
|
25 |
|
(20 |
) |
— |
|
8 |
|
Cash and cash equivalents, beginning of period |
— |
|
112 |
|
215 |
|
— |
|
327 |
|
Cash and cash equivalents, end of period |
$ |
3 |
|
137 |
|
195 |
|
— |
|
335 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Prior 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 |
$ |
349 |
|
166 |
|
90 |
|
— |
|
605 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(56 |
) |
(5 |
) |
(19 |
) |
— |
|
(80 |
) |
Expenditures for cable and satellite television distribution rights, net |
— |
|
(45 |
) |
— |
|
— |
|
(45 |
) |
Other investing activities |
1 |
|
— |
|
— |
|
— |
|
1 |
|
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 |
) |
Dividends paid to Liberty |
(210 |
) |
— |
|
— |
|
— |
|
(210 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(20 |
) |
— |
|
(20 |
) |
Other financing activities |
(1 |
) |
— |
|
— |
|
— |
|
(1 |
) |
Net short-term intercompany debt (repayments) borrowings |
(947 |
) |
2,262 |
|
(1,315 |
) |
— |
|
— |
|
Other intercompany financing activities |
(97 |
) |
(2,614 |
) |
2,575 |
|
136 |
|
— |
|
Net cash (used in) provided by financing activities |
(1,390 |
) |
(352 |
) |
1,236 |
|
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 |
|
|