Guarantor/Non-Guarantor Subsidiary Financial Information (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Guarantor Non-guarantor Subsidiary Financial Information [Abstract] |
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Current Period |
Condensed Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
September 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 |
$ |
2 |
|
99 |
|
218 |
|
— |
|
319 |
|
Restricted cash |
9 |
|
— |
|
2 |
|
— |
|
11 |
|
Accounts receivable, net |
564 |
|
— |
|
230 |
|
— |
|
794 |
|
Inventories |
845 |
|
— |
|
278 |
|
— |
|
1,123 |
|
Prepaid expenses and other current assets |
25 |
|
— |
|
25 |
|
— |
|
50 |
|
Total current assets |
1,445 |
|
99 |
|
753 |
|
— |
|
2,297 |
|
Property and equipment, net |
318 |
|
65 |
|
704 |
|
— |
|
1,087 |
|
Cable and satellite television distribution rights, net |
— |
|
181 |
|
24 |
|
— |
|
205 |
|
Goodwill |
4,190 |
|
— |
|
879 |
|
— |
|
5,069 |
|
Other intangible assets, net |
716 |
|
2,049 |
|
28 |
|
— |
|
2,793 |
|
Other noncurrent assets |
6 |
|
— |
|
81 |
|
— |
|
87 |
|
Investments in subsidiaries |
3,492 |
|
1,064 |
|
— |
|
(4,556 |
) |
— |
|
Total assets |
$ |
10,167 |
|
3,458 |
|
2,469 |
|
(4,556 |
) |
11,538 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
3 |
|
— |
|
10 |
|
— |
|
13 |
|
Accounts payable-trade |
395 |
|
— |
|
242 |
|
— |
|
637 |
|
Accrued liabilities |
8 |
|
183 |
|
435 |
|
— |
|
626 |
|
Intercompany accounts payable (receivable) |
479 |
|
(203 |
) |
(276 |
) |
— |
|
— |
|
Total current liabilities |
885 |
|
(20 |
) |
411 |
|
— |
|
1,276 |
|
Long-term portion of debt and capital lease obligations |
5,105 |
|
— |
|
149 |
|
— |
|
5,254 |
|
Deferred income taxes |
90 |
|
716 |
|
(56 |
) |
— |
|
750 |
|
Other long-term liabilities |
107 |
|
— |
|
46 |
|
|
|
153 |
|
Total liabilities |
6,187 |
|
696 |
|
550 |
|
— |
|
7,433 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
3,980 |
|
2,762 |
|
1,794 |
|
(4,556 |
) |
3,980 |
|
Noncontrolling interest |
— |
|
— |
|
125 |
|
— |
|
125 |
|
Total equity |
3,980 |
|
2,762 |
|
1,919 |
|
(4,556 |
) |
4,105 |
|
Total liabilities and equity |
$ |
10,167 |
|
3,458 |
|
2,469 |
|
(4,556 |
) |
11,538 |
|
|
| 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 and other current assets |
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 income taxes |
94 |
|
744 |
|
(11 |
) |
— |
|
827 |
|
Other long-term liabilities |
112 |
|
— |
|
69 |
|
— |
|
181 |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2016 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
4,272 |
|
688 |
|
2,009 |
|
(945 |
) |
6,024 |
|
Cost of goods sold |
2,594 |
|
116 |
|
1,245 |
|
(139 |
) |
3,816 |
|
Gross profit |
1,678 |
|
572 |
|
764 |
|
(806 |
) |
2,208 |
|
Operating expenses: |
|
|
|
|
|
Operating |
296 |
|
180 |
|
204 |
|
(252 |
) |
428 |
|
Selling, general and administrative, including stock-based compensation |
773 |
|
— |
|
314 |
|
(554 |
) |
533 |
|
Depreciation |
41 |
|
5 |
|
57 |
|
— |
|
103 |
|
Amortization |
182 |
|
125 |
|
38 |
|
— |
|
345 |
|
|
1,292 |
|
310 |
|
613 |
|
(806 |
) |
1,409 |
|
Operating income |
386 |
|
262 |
|
151 |
|
— |
|
799 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(4 |
) |
— |
|
(4 |
) |
Interest expense, net |
(159 |
) |
— |
|
— |
|
— |
|
(159 |
) |
Foreign currency gain |
12 |
|
— |
|
15 |
|
— |
|
27 |
|
Intercompany interest (expense) income |
(1 |
) |
1 |
|
— |
|
— |
|
— |
|
|
(148 |
) |
1 |
|
11 |
|
— |
|
(136 |
) |
Income before income taxes |
238 |
|
263 |
|
162 |
|
— |
|
663 |
|
Income tax expense |
(75 |
) |
(85 |
) |
(84 |
) |
— |
|
(244 |
) |
Equity in earnings of subsidiaries, net of tax |
256 |
|
106 |
|
— |
|
(362 |
) |
— |
|
Net income |
419 |
|
284 |
|
78 |
|
(362 |
) |
419 |
|
Less net income attributable to the noncontrolling interest |
(28 |
) |
— |
|
(28 |
) |
28 |
|
(28 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
391 |
|
284 |
|
50 |
|
(334 |
) |
391 |
|
Condensed Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2016 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
1,369 |
|
224 |
|
662 |
|
(307 |
) |
1,948 |
|
Cost of goods sold |
847 |
|
38 |
|
416 |
|
(50 |
) |
1,251 |
|
Gross profit |
522 |
|
186 |
|
246 |
|
(257 |
) |
697 |
|
Operating expenses: |
|
|
|
|
|
Operating |
94 |
|
61 |
|
64 |
|
(79 |
) |
140 |
|
Selling, general and administrative, including stock-based compensation |
246 |
|
— |
|
104 |
|
(178 |
) |
172 |
|
Depreciation |
16 |
|
1 |
|
21 |
|
— |
|
38 |
|
Amortization |
62 |
|
41 |
|
13 |
|
— |
|
116 |
|
|
418 |
|
103 |
|
202 |
|
(257 |
) |
466 |
|
Operating income |
104 |
|
83 |
|
44 |
|
— |
|
231 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(2 |
) |
— |
|
(2 |
) |
Interest expense, net |
(52 |
) |
— |
|
— |
|
— |
|
(52 |
) |
Foreign currency gain |
3 |
|
— |
|
2 |
|
— |
|
5 |
|
Intercompany interest (expense) income |
— |
|
— |
|
— |
|
— |
|
— |
|
|
(49 |
) |
— |
|
— |
|
— |
|
(49 |
) |
Income before income taxes |
55 |
|
83 |
|
44 |
|
— |
|
182 |
|
Income tax expense |
(13 |
) |
(26 |
) |
(27 |
) |
— |
|
(66 |
) |
Equity in earnings of subsidiaries, net of tax |
74 |
|
24 |
|
— |
|
(98 |
) |
— |
|
Net income |
116 |
|
81 |
|
17 |
|
(98 |
) |
116 |
|
Less net income attributable to the noncontrolling interest |
(9 |
) |
— |
|
(9 |
) |
9 |
|
(9 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
107 |
|
81 |
|
8 |
|
(89 |
) |
107 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Prior Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2015 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
4,282 |
|
645 |
|
1,938 |
|
(922 |
) |
5,943 |
|
Cost of goods sold |
2,632 |
|
75 |
|
1,153 |
|
(139 |
) |
3,721 |
|
Gross profit |
1,650 |
|
570 |
|
785 |
|
(783 |
) |
2,222 |
|
Operating expenses: |
|
|
|
|
|
Operating |
253 |
|
181 |
|
214 |
|
(224 |
) |
424 |
|
Selling, general and administrative, including stock-based compensation |
803 |
|
— |
|
292 |
|
(559 |
) |
536 |
|
Depreciation |
32 |
|
6 |
|
63 |
|
— |
|
101 |
|
Amortization |
175 |
|
121 |
|
45 |
|
— |
|
341 |
|
|
1,263 |
|
308 |
|
614 |
|
(783 |
) |
1,402 |
|
Operating income |
387 |
|
262 |
|
171 |
|
— |
|
820 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(7 |
) |
— |
|
(7 |
) |
Interest expense, net |
(157 |
) |
— |
|
(1 |
) |
— |
|
(158 |
) |
Foreign currency gain (loss) |
12 |
|
(6 |
) |
5 |
|
— |
|
11 |
|
Loss on extinguishment of debt |
(21 |
) |
— |
|
— |
|
— |
|
(21 |
) |
Intercompany interest (expense) income |
(7 |
) |
(30 |
) |
37 |
|
— |
|
— |
|
|
(173 |
) |
(36 |
) |
34 |
|
— |
|
(175 |
) |
Income before income taxes |
214 |
|
226 |
|
205 |
|
— |
|
645 |
|
Income tax expense |
(63 |
) |
(101 |
) |
(79 |
) |
— |
|
(243 |
) |
Equity in earnings of subsidiaries, net of tax |
251 |
|
145 |
|
— |
|
(396 |
) |
— |
|
Net income |
402 |
|
270 |
|
126 |
|
(396 |
) |
402 |
|
Less net income attributable to the noncontrolling interest |
(25 |
) |
— |
|
(25 |
) |
25 |
|
(25 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
377 |
|
270 |
|
101 |
|
(371 |
) |
377 |
|
Condensed Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2015 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
1,458 |
|
223 |
|
641 |
|
(315 |
) |
2,007 |
|
Cost of goods sold |
905 |
|
27 |
|
385 |
|
(51 |
) |
1,266 |
|
Gross profit |
553 |
|
196 |
|
256 |
|
(264 |
) |
741 |
|
Operating expenses: |
|
|
|
|
|
Operating |
81 |
|
63 |
|
72 |
|
(72 |
) |
144 |
|
Selling, general and administrative, including stock-based compensation |
271 |
|
— |
|
97 |
|
(192 |
) |
176 |
|
Depreciation |
11 |
|
2 |
|
20 |
|
— |
|
33 |
|
Amortization |
56 |
|
40 |
|
12 |
|
— |
|
108 |
|
|
419 |
|
105 |
|
201 |
|
(264 |
) |
461 |
|
Operating income |
134 |
|
91 |
|
55 |
|
— |
|
280 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(3 |
) |
— |
|
(3 |
) |
Interest expense, net |
(50 |
) |
— |
|
1 |
|
— |
|
(49 |
) |
Foreign currency gain |
4 |
|
7 |
|
1 |
|
— |
|
12 |
|
Intercompany interest (expense) income |
(1 |
) |
(21 |
) |
22 |
|
— |
|
— |
|
|
(47 |
) |
(14 |
) |
21 |
|
— |
|
(40 |
) |
Income before income taxes |
87 |
|
77 |
|
76 |
|
— |
|
240 |
|
Income tax expense |
(23 |
) |
(25 |
) |
(38 |
) |
— |
|
(86 |
) |
Equity in earnings of subsidiaries, net of tax |
90 |
|
37 |
|
— |
|
(127 |
) |
— |
|
Net income |
154 |
|
89 |
|
38 |
|
(127 |
) |
154 |
|
Less net income attributable to the noncontrolling interest |
(8 |
) |
— |
|
(8 |
) |
8 |
|
(8 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
146 |
|
89 |
|
30 |
|
(119 |
) |
146 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2016 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
419 |
|
284 |
|
78 |
|
(362 |
) |
419 |
|
Foreign currency translation adjustments |
36 |
|
— |
|
36 |
|
(36 |
) |
36 |
|
Total comprehensive income |
455 |
|
284 |
|
114 |
|
(398 |
) |
455 |
|
Comprehensive income attributable to noncontrolling interest |
(46 |
) |
— |
|
(46 |
) |
46 |
|
(46 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
409 |
|
284 |
|
68 |
|
(352 |
) |
409 |
|
Condensed Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2016 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
116 |
|
81 |
|
17 |
|
(98 |
) |
116 |
|
Foreign currency translation adjustments |
(3 |
) |
— |
|
(3 |
) |
3 |
|
(3 |
) |
Total comprehensive income |
113 |
|
81 |
|
14 |
|
(95 |
) |
113 |
|
Comprehensive income attributable to noncontrolling interest |
(11 |
) |
— |
|
(11 |
) |
11 |
|
(11 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
102 |
|
81 |
|
3 |
|
(84 |
) |
102 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Prior Period |
Condensed Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2015 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
154 |
|
89 |
|
38 |
|
(127 |
) |
154 |
|
Foreign currency translation adjustments |
3 |
|
— |
|
3 |
|
(3 |
) |
3 |
|
Total comprehensive income |
157 |
|
89 |
|
41 |
|
(130 |
) |
157 |
|
Comprehensive income attributable to noncontrolling interest |
(11 |
) |
— |
|
(11 |
) |
11 |
|
(11 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
146 |
|
89 |
|
30 |
|
(119 |
) |
146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2015 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
402 |
|
270 |
|
126 |
|
(396 |
) |
402 |
|
Foreign currency translation adjustments |
(77 |
) |
— |
|
(77 |
) |
77 |
|
(77 |
) |
Total comprehensive income |
325 |
|
270 |
|
49 |
|
(319 |
) |
325 |
|
Comprehensive income attributable to noncontrolling interest |
(25 |
) |
— |
|
(25 |
) |
25 |
|
(25 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
300 |
|
270 |
|
24 |
|
(294 |
) |
300 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Current Period |
Condensed Consolidating Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 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 |
$ |
586 |
|
256 |
|
7 |
|
— |
|
849 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(113 |
) |
(3 |
) |
(24 |
) |
— |
|
(140 |
) |
Expenditures for cable and satellite television distribution rights, net |
— |
|
(8 |
) |
— |
|
— |
|
(8 |
) |
Changes in other noncurrent assets |
6 |
|
— |
|
(8 |
) |
— |
|
(2 |
) |
Other investing activities |
(12 |
) |
— |
|
9 |
|
— |
|
(3 |
) |
Intercompany investing activities |
432 |
|
137 |
|
— |
|
(569 |
) |
— |
|
Net cash provided by (used in) investing activities |
313 |
|
126 |
|
(23 |
) |
(569 |
) |
(153 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(1,295 |
) |
— |
|
(5 |
) |
— |
|
(1,300 |
) |
Principal borrowings of debt from senior secured credit facility |
1,048 |
|
— |
|
— |
|
— |
|
1,048 |
|
Payment of debt origination fees |
(2 |
) |
— |
|
— |
|
— |
|
(2 |
) |
Dividends paid to Liberty |
(427 |
) |
— |
|
— |
|
— |
|
(427 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(21 |
) |
— |
|
(21 |
) |
Other financing activities |
(9 |
) |
— |
|
— |
|
— |
|
(9 |
) |
Net short-term intercompany debt (repayments) borrowings |
(83 |
) |
(1,474 |
) |
1,557 |
|
— |
|
— |
|
Other intercompany financing activities |
(129 |
) |
1,079 |
|
(1,519 |
) |
569 |
|
— |
|
Net cash (used in) provided by financing activities |
(897 |
) |
(395 |
) |
12 |
|
569 |
|
(711 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
— |
|
— |
|
7 |
|
— |
|
7 |
|
Net increase (decrease) in cash and cash equivalents |
2 |
|
(13 |
) |
3 |
|
— |
|
(8 |
) |
Cash and cash equivalents, beginning of period |
— |
|
112 |
|
215 |
|
— |
|
327 |
|
Cash and cash equivalents, end of period |
$ |
2 |
|
99 |
|
218 |
|
— |
|
319 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Prior Period |
Condensed Consolidating Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 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 |
$ |
359 |
|
152 |
|
282 |
|
— |
|
793 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(90 |
) |
(6 |
) |
(36 |
) |
— |
|
(132 |
) |
Expenditures for cable and satellite television distribution rights, net |
— |
|
(45 |
) |
(3 |
) |
— |
|
(48 |
) |
Decrease (increase) in restricted cash |
1 |
|
— |
|
(1 |
) |
— |
|
— |
|
Other investing activities |
2 |
|
— |
|
— |
|
— |
|
2 |
|
Changes in other noncurrent assets |
— |
|
— |
|
(1 |
) |
— |
|
(1 |
) |
Intercompany investing activities |
339 |
|
382 |
|
— |
|
(721 |
) |
— |
|
Net cash provided by (used in) investing activities |
252 |
|
331 |
|
(41 |
) |
(721 |
) |
(179 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(1,560 |
) |
— |
|
(5 |
) |
— |
|
(1,565 |
) |
Principal borrowings of debt from senior secured credit facility |
1,470 |
|
— |
|
— |
|
— |
|
1,470 |
|
Payment of debt origination fees |
(3 |
) |
— |
|
— |
|
— |
|
(3 |
) |
Payment of bond premium fees |
(18 |
) |
— |
|
— |
|
— |
|
(18 |
) |
Dividends paid to Liberty |
(444 |
) |
— |
|
— |
|
— |
|
(444 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(20 |
) |
— |
|
(20 |
) |
Other financing activities |
(14 |
) |
— |
|
— |
|
— |
|
(14 |
) |
Net short-term intercompany debt (repayments) borrowings |
(884 |
) |
2,224 |
|
(1,340 |
) |
— |
|
— |
|
Other intercompany financing activities |
837 |
|
(2,695 |
) |
1,137 |
|
721 |
|
— |
|
Net cash used in financing activities |
(616 |
) |
(471 |
) |
(228 |
) |
721 |
|
(594 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
— |
|
— |
|
(4 |
) |
— |
|
(4 |
) |
Net (decrease) increase in cash and cash equivalents |
(5 |
) |
12 |
|
9 |
|
— |
|
16 |
|
Cash and cash equivalents, beginning of period |
2 |
|
123 |
|
222 |
|
— |
|
347 |
|
Cash and cash equivalents, end of period |
$ |
(3 |
) |
135 |
|
231 |
|
— |
|
363 |
|
|