Guarantor/Non-Guarantor Subsidiary Financial Information (Tables)
|
6 Months Ended |
Jun. 30, 2017 |
|---|
| Guarantor Non-guarantor Subsidiary Financial Information [Abstract] |
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Current Period |
Condensed Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2017 |
|
(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 |
$ |
1 |
|
119 |
|
186 |
|
— |
|
306 |
|
Restricted cash |
8 |
|
— |
|
3 |
|
— |
|
11 |
|
Accounts receivable, net |
581 |
|
— |
|
258 |
|
— |
|
839 |
|
Inventories |
807 |
|
— |
|
264 |
|
— |
|
1,071 |
|
Prepaid expenses and other current assets |
27 |
|
— |
|
36 |
|
— |
|
63 |
|
Total current assets |
1,424 |
|
119 |
|
747 |
|
— |
|
2,290 |
|
Property and equipment, net |
289 |
|
60 |
|
653 |
|
— |
|
1,002 |
|
Television distribution rights, net |
— |
|
106 |
|
5 |
|
— |
|
111 |
|
Goodwill |
4,190 |
|
— |
|
856 |
|
— |
|
5,046 |
|
Other intangible assets, net |
570 |
|
2,048 |
|
19 |
|
— |
|
2,637 |
|
Other noncurrent assets |
15 |
|
— |
|
45 |
|
— |
|
60 |
|
Investments in subsidiaries |
3,379 |
|
198 |
|
— |
|
(3,577 |
) |
— |
|
Total assets |
$ |
9,867 |
|
2,531 |
|
2,325 |
|
(3,577 |
) |
11,146 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
3 |
|
— |
|
13 |
|
— |
|
16 |
|
Accounts payable-trade |
371 |
|
— |
|
247 |
|
— |
|
618 |
|
Accrued liabilities (1) |
(88 |
) |
231 |
|
496 |
|
— |
|
639 |
|
Intercompany accounts payable (receivable) |
627 |
|
(1,273 |
) |
646 |
|
— |
|
— |
|
Total current liabilities |
913 |
|
(1,042 |
) |
1,402 |
|
— |
|
1,273 |
|
Long-term portion of debt and capital lease obligations |
4,828 |
|
— |
|
147 |
|
— |
|
4,975 |
|
Deferred income taxes |
104 |
|
704 |
|
(65 |
) |
— |
|
743 |
|
Other long-term liabilities |
106 |
|
— |
|
30 |
|
— |
|
136 |
|
Total liabilities |
5,951 |
|
(338 |
) |
1,514 |
|
— |
|
7,127 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
3,916 |
|
2,869 |
|
708 |
|
(3,577 |
) |
3,916 |
|
Noncontrolling interest |
— |
|
— |
|
103 |
|
— |
|
103 |
|
Total equity |
3,916 |
|
2,869 |
|
811 |
|
(3,577 |
) |
4,019 |
|
Total liabilities and equity |
$ |
9,867 |
|
2,531 |
|
2,325 |
|
(3,577 |
) |
11,146 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Prior Period |
Condensed Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 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 |
|
97 |
|
185 |
|
— |
|
284 |
|
Restricted cash |
8 |
|
— |
|
2 |
|
— |
|
10 |
|
Accounts receivable, net |
958 |
|
— |
|
288 |
|
— |
|
1,246 |
|
Inventories |
726 |
|
— |
|
224 |
|
— |
|
950 |
|
Prepaid expenses and other current assets |
22 |
|
— |
|
24 |
|
— |
|
46 |
|
Total current assets |
1,716 |
|
97 |
|
723 |
|
— |
|
2,536 |
|
Property and equipment, net |
317 |
|
63 |
|
651 |
|
— |
|
1,031 |
|
Television distribution rights, net |
— |
|
167 |
|
16 |
|
— |
|
183 |
|
Goodwill |
4,190 |
|
— |
|
805 |
|
— |
|
4,995 |
|
Other intangible assets, net |
666 |
|
2,049 |
|
23 |
|
— |
|
2,738 |
|
Other noncurrent assets |
15 |
|
— |
|
47 |
|
— |
|
62 |
|
Investments in subsidiaries |
3,389 |
|
1,030 |
|
— |
|
(4,419 |
) |
— |
|
Total assets |
$ |
10,293 |
|
3,406 |
|
2,265 |
|
(4,419 |
) |
11,545 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
3 |
|
— |
|
11 |
|
— |
|
14 |
|
Accounts payable-trade |
425 |
|
— |
|
253 |
|
— |
|
678 |
|
Accrued liabilities |
74 |
|
234 |
|
461 |
|
— |
|
769 |
|
Intercompany accounts payable (receivable) |
623 |
|
(246 |
) |
(377 |
) |
— |
|
— |
|
Total current liabilities |
1,125 |
|
(12 |
) |
348 |
|
— |
|
1,461 |
|
Long-term portion of debt and capital lease obligations |
5,132 |
|
— |
|
143 |
|
— |
|
5,275 |
|
Deferred income taxes |
145 |
|
707 |
|
(74 |
) |
— |
|
778 |
|
Other long-term liabilities |
96 |
|
— |
|
40 |
|
— |
|
136 |
|
Total liabilities |
6,498 |
|
695 |
|
457 |
|
— |
|
7,650 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
3,795 |
|
2,711 |
|
1,708 |
|
(4,419 |
) |
3,795 |
|
Noncontrolling interest |
— |
|
— |
|
100 |
|
— |
|
100 |
|
Total equity |
3,795 |
|
2,711 |
|
1,808 |
|
(4,419 |
) |
3,895 |
|
Total liabilities and equity |
$ |
10,293 |
|
3,406 |
|
2,265 |
|
(4,419 |
) |
11,545 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Current Period |
Condensed Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2017 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
1,402 |
|
220 |
|
660 |
|
(303 |
) |
1,979 |
|
Cost of goods sold |
838 |
|
32 |
|
397 |
|
(37 |
) |
1,230 |
|
Gross profit |
564 |
|
188 |
|
263 |
|
(266 |
) |
749 |
|
Operating expenses: |
|
|
|
|
|
Operating |
95 |
|
60 |
|
66 |
|
(84 |
) |
137 |
|
Selling, general and administrative, including stock-based compensation |
239 |
|
— |
|
95 |
|
(182 |
) |
152 |
|
Depreciation |
16 |
|
2 |
|
19 |
|
— |
|
37 |
|
Amortization |
60 |
|
45 |
|
12 |
|
— |
|
117 |
|
|
410 |
|
107 |
|
192 |
|
(266 |
) |
443 |
|
Operating income |
154 |
|
81 |
|
71 |
|
— |
|
306 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(1 |
) |
— |
|
(1 |
) |
Interest expense, net |
(54 |
) |
— |
|
(2 |
) |
— |
|
(56 |
) |
Foreign currency loss |
(2 |
) |
— |
|
(6 |
) |
— |
|
(8 |
) |
Intercompany interest (expense) income |
(1 |
) |
23 |
|
(22 |
) |
— |
|
— |
|
|
(57 |
) |
23 |
|
(31 |
) |
— |
|
(65 |
) |
Income before income taxes |
97 |
|
104 |
|
40 |
|
— |
|
241 |
|
Income tax expense |
(39 |
) |
(32 |
) |
(19 |
) |
— |
|
(90 |
) |
Equity in earnings (losses) of subsidiaries, net of tax |
93 |
|
(2 |
) |
— |
|
(91 |
) |
— |
|
Net income |
151 |
|
70 |
|
21 |
|
(91 |
) |
151 |
|
Less net income attributable to the noncontrolling interest |
(10 |
) |
— |
|
(10 |
) |
10 |
|
(10 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
141 |
|
70 |
|
11 |
|
(81 |
) |
141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2017 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
2,806 |
|
445 |
|
1,304 |
|
(611 |
) |
3,944 |
|
Cost of goods sold |
1,693 |
|
69 |
|
788 |
|
(77 |
) |
2,473 |
|
Gross profit |
1,113 |
|
376 |
|
516 |
|
(534 |
) |
1,471 |
|
Operating expenses: |
|
|
|
|
|
Operating |
195 |
|
118 |
|
134 |
|
(173 |
) |
274 |
|
Selling, general and administrative, including stock-based compensation |
481 |
|
— |
|
189 |
|
(361 |
) |
309 |
|
Depreciation |
33 |
|
4 |
|
41 |
|
— |
|
78 |
|
Amortization |
120 |
|
90 |
|
23 |
|
— |
|
233 |
|
|
829 |
|
212 |
|
387 |
|
(534 |
) |
894 |
|
Operating income |
284 |
|
164 |
|
129 |
|
— |
|
577 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(3 |
) |
— |
|
(3 |
) |
Interest expense, net |
(109 |
) |
— |
|
(2 |
) |
— |
|
(111 |
) |
Foreign currency loss |
(3 |
) |
— |
|
(7 |
) |
— |
|
(10 |
) |
Intercompany interest (expense) income |
(2 |
) |
45 |
|
(43 |
) |
— |
|
— |
|
|
(114 |
) |
45 |
|
(55 |
) |
— |
|
(124 |
) |
Income before income taxes |
170 |
|
209 |
|
74 |
|
— |
|
453 |
|
Income tax expense |
(71 |
) |
(62 |
) |
(34 |
) |
— |
|
(167 |
) |
Equity in earnings of subsidiaries, net of tax |
187 |
|
15 |
|
— |
|
(202 |
) |
— |
|
Net income |
286 |
|
162 |
|
40 |
|
(202 |
) |
286 |
|
Less net income attributable to the noncontrolling interest |
(21 |
) |
— |
|
(21 |
) |
21 |
|
(21 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
265 |
|
162 |
|
19 |
|
(181 |
) |
265 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Prior Period |
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 |
(40 |
) |
(33 |
) |
(31 |
) |
— |
|
(104 |
) |
Equity in earnings of subsidiaries, net of tax |
99 |
|
50 |
|
— |
|
(149 |
) |
— |
|
Net income |
168 |
|
106 |
|
43 |
|
(149 |
) |
168 |
|
Less net income attributable to the noncontrolling interest |
(11 |
) |
— |
|
(11 |
) |
11 |
|
(11 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
157 |
|
106 |
|
32 |
|
(138 |
) |
157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
(64 |
) |
(59 |
) |
(57 |
) |
— |
|
(180 |
) |
Equity in earnings of subsidiaries, net of tax |
182 |
|
82 |
|
— |
|
(264 |
) |
— |
|
Net income |
301 |
|
203 |
|
61 |
|
(264 |
) |
301 |
|
Less net income attributable to the noncontrolling interest |
(19 |
) |
— |
|
(19 |
) |
19 |
|
(19 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
282 |
|
203 |
|
42 |
|
(245 |
) |
282 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2017 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
286 |
|
162 |
|
40 |
|
(202 |
) |
286 |
|
Foreign currency translation adjustments, net of tax |
82 |
|
— |
|
82 |
|
(82 |
) |
82 |
|
Total comprehensive income |
368 |
|
162 |
|
122 |
|
(284 |
) |
368 |
|
Comprehensive income attributable to noncontrolling interest |
(25 |
) |
— |
|
(25 |
) |
25 |
|
(25 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
343 |
|
162 |
|
97 |
|
(259 |
) |
343 |
|
Condensed Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2017 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
151 |
|
70 |
|
21 |
|
(91 |
) |
151 |
|
Foreign currency translation adjustments, net of tax |
55 |
|
— |
|
55 |
|
(55 |
) |
55 |
|
Total comprehensive income |
206 |
|
70 |
|
76 |
|
(146 |
) |
206 |
|
Comprehensive income attributable to noncontrolling interest |
(8 |
) |
— |
|
(8 |
) |
8 |
|
(8 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
198 |
|
70 |
|
68 |
|
(138 |
) |
198 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Prior 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 income |
$ |
301 |
|
203 |
|
61 |
|
(264 |
) |
301 |
|
Foreign currency translation adjustments, net of tax |
39 |
|
— |
|
39 |
|
(39 |
) |
39 |
|
Total comprehensive income |
340 |
|
203 |
|
100 |
|
(303 |
) |
340 |
|
Comprehensive income attributable to noncontrolling interest |
(35 |
) |
— |
|
(35 |
) |
35 |
|
(35 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
305 |
|
203 |
|
65 |
|
(268 |
) |
305 |
|
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 |
$ |
168 |
|
106 |
|
43 |
|
(149 |
) |
168 |
|
Foreign currency translation adjustments, net of tax |
5 |
|
— |
|
5 |
|
(5 |
) |
5 |
|
Total comprehensive income |
173 |
|
106 |
|
48 |
|
(154 |
) |
173 |
|
Comprehensive income attributable to noncontrolling interest |
(20 |
) |
— |
|
(20 |
) |
20 |
|
(20 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
153 |
|
106 |
|
28 |
|
(134 |
) |
153 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Current Period |
Condensed Consolidating Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2017 |
|
(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 |
$ |
318 |
|
235 |
|
110 |
|
— |
|
663 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(29 |
) |
— |
|
(15 |
) |
— |
|
(44 |
) |
Expenditures for television distribution rights |
— |
|
(29 |
) |
— |
|
— |
|
(29 |
) |
Changes in other noncurrent assets |
(1 |
) |
— |
|
— |
|
— |
|
(1 |
) |
Intercompany investing activities |
270 |
|
(668 |
) |
— |
|
398 |
|
— |
|
Net cash provided by (used in) investing activities |
240 |
|
(697 |
) |
(15 |
) |
398 |
|
(74 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(1,402 |
) |
— |
|
(4 |
) |
— |
|
(1,406 |
) |
Principal borrowings of debt from senior secured credit facility |
1,094 |
|
— |
|
— |
|
— |
|
1,094 |
|
Dividends paid to Liberty |
(233 |
) |
— |
|
— |
|
— |
|
(233 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(22 |
) |
— |
|
(22 |
) |
Other financing activities |
(9 |
) |
— |
|
— |
|
— |
|
(9 |
) |
Net short-term intercompany debt borrowings (repayments) |
4 |
|
(1,027 |
) |
1,023 |
|
— |
|
— |
|
Other intercompany financing activities |
(13 |
) |
1,511 |
|
(1,100 |
) |
(398 |
) |
— |
|
Net cash (used in) provided by financing activities |
(559 |
) |
484 |
|
(103 |
) |
(398 |
) |
(576 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
— |
|
— |
|
9 |
|
— |
|
9 |
|
Net (decrease) increase in cash and cash equivalents |
(1 |
) |
22 |
|
1 |
|
— |
|
22 |
|
Cash and cash equivalents, beginning of period |
2 |
|
97 |
|
185 |
|
— |
|
284 |
|
Cash and cash equivalents, end of period |
$ |
1 |
|
119 |
|
186 |
|
— |
|
306 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Prior 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 (used in) operating activities |
$ |
428 |
|
182 |
|
(3 |
) |
— |
|
607 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(75 |
) |
(3 |
) |
(20 |
) |
— |
|
(98 |
) |
Expenditures for television distribution rights |
— |
|
(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 |
(8 |
) |
— |
|
— |
|
— |
|
(8 |
) |
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 |
(661 |
) |
(275 |
) |
(6 |
) |
443 |
|
(499 |
) |
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 |
|
|