Guarantor/Non-Guarantor Subsidiary Financial Information (Tables)
|
9 Months Ended |
Sep. 30, 2017 |
|---|
| Guarantor Non-guarantor Subsidiary Financial Information [Abstract] |
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Current Period |
Condensed Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
September 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 |
$ |
3 |
|
50 |
|
290 |
|
— |
|
343 |
|
Restricted cash |
8 |
|
— |
|
3 |
|
— |
|
11 |
|
Accounts receivable, net |
628 |
|
— |
|
260 |
|
— |
|
888 |
|
Inventories |
868 |
|
— |
|
296 |
|
— |
|
1,164 |
|
Prepaid expenses and other current assets |
26 |
|
1 |
|
28 |
|
— |
|
55 |
|
Total current assets |
1,533 |
|
51 |
|
877 |
|
— |
|
2,461 |
|
Property and equipment, net |
286 |
|
59 |
|
653 |
|
— |
|
998 |
|
Television distribution rights, net |
— |
|
78 |
|
— |
|
— |
|
78 |
|
Goodwill |
4,190 |
|
— |
|
876 |
|
— |
|
5,066 |
|
Other intangible assets, net |
534 |
|
2,048 |
|
17 |
|
— |
|
2,599 |
|
Other noncurrent assets |
15 |
|
— |
|
46 |
|
— |
|
61 |
|
Investments in subsidiaries |
3,190 |
|
64 |
|
— |
|
(3,254 |
) |
— |
|
Total assets |
$ |
9,748 |
|
2,300 |
|
2,469 |
|
(3,254 |
) |
11,263 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
3 |
|
— |
|
14 |
|
— |
|
17 |
|
Accounts payable-trade |
458 |
|
— |
|
268 |
|
— |
|
726 |
|
Accrued liabilities |
70 |
|
157 |
|
403 |
|
— |
|
630 |
|
Intercompany accounts payable (receivable) |
270 |
|
(1,434 |
) |
1,164 |
|
— |
|
— |
|
Total current liabilities |
801 |
|
(1,277 |
) |
1,849 |
|
— |
|
1,373 |
|
Long-term portion of debt and capital lease obligations |
4,927 |
|
— |
|
146 |
|
— |
|
5,073 |
|
Deferred income taxes |
73 |
|
718 |
|
(61 |
) |
— |
|
730 |
|
Other long-term liabilities |
102 |
|
— |
|
25 |
|
— |
|
127 |
|
Total liabilities |
5,903 |
|
(559 |
) |
1,959 |
|
— |
|
7,303 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
3,845 |
|
2,859 |
|
395 |
|
(3,254 |
) |
3,845 |
|
Noncontrolling interest |
— |
|
— |
|
115 |
|
— |
|
115 |
|
Total equity |
3,845 |
|
2,859 |
|
510 |
|
(3,254 |
) |
3,960 |
|
Total liabilities and equity |
$ |
9,748 |
|
2,300 |
|
2,469 |
|
(3,254 |
) |
11,263 |
|
|
| 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 September 30, 2017 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
1,419 |
|
234 |
|
688 |
|
(331 |
) |
2,010 |
|
Cost of goods sold |
864 |
|
37 |
|
422 |
|
(41 |
) |
1,282 |
|
Gross profit |
555 |
|
197 |
|
266 |
|
(290 |
) |
728 |
|
Operating expenses: |
|
|
|
|
|
Operating |
106 |
|
64 |
|
70 |
|
(95 |
) |
145 |
|
Selling, general and administrative, including stock-based compensation |
262 |
|
— |
|
113 |
|
(195 |
) |
180 |
|
Depreciation |
17 |
|
2 |
|
19 |
|
— |
|
38 |
|
Amortization |
47 |
|
35 |
|
9 |
|
— |
|
91 |
|
|
432 |
|
101 |
|
211 |
|
(290 |
) |
454 |
|
Operating income |
123 |
|
96 |
|
55 |
|
— |
|
274 |
|
Other (expense) income: |
|
|
|
|
|
Interest expense, net |
(54 |
) |
— |
|
— |
|
— |
|
(54 |
) |
Foreign currency (loss) gain |
(1 |
) |
1 |
|
4 |
|
— |
|
4 |
|
Intercompany interest (expense) income |
(1 |
) |
23 |
|
(22 |
) |
— |
|
— |
|
|
(56 |
) |
24 |
|
(18 |
) |
— |
|
(50 |
) |
Income before income taxes |
67 |
|
120 |
|
37 |
|
— |
|
224 |
|
Income tax expense |
(13 |
) |
(24 |
) |
(21 |
) |
— |
|
(58 |
) |
Equity in earnings of subsidiaries, net of tax |
112 |
|
19 |
|
— |
|
(131 |
) |
— |
|
Net income |
166 |
|
115 |
|
16 |
|
(131 |
) |
166 |
|
Less net income attributable to the noncontrolling interest |
(12 |
) |
— |
|
(12 |
) |
12 |
|
(12 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
154 |
|
115 |
|
4 |
|
(119 |
) |
154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2017 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
4,225 |
|
679 |
|
1,992 |
|
(942 |
) |
5,954 |
|
Cost of goods sold |
2,557 |
|
106 |
|
1,210 |
|
(118 |
) |
3,755 |
|
Gross profit |
1,668 |
|
573 |
|
782 |
|
(824 |
) |
2,199 |
|
Operating expenses: |
|
|
|
|
|
Operating |
301 |
|
182 |
|
204 |
|
(268 |
) |
419 |
|
Selling, general and administrative, including stock-based compensation |
743 |
|
— |
|
302 |
|
(556 |
) |
489 |
|
Depreciation |
50 |
|
6 |
|
60 |
|
— |
|
116 |
|
Amortization |
167 |
|
125 |
|
32 |
|
— |
|
324 |
|
|
1,261 |
|
313 |
|
598 |
|
(824 |
) |
1,348 |
|
Operating income |
407 |
|
260 |
|
184 |
|
— |
|
851 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(3 |
) |
— |
|
(3 |
) |
Interest expense, net |
(163 |
) |
— |
|
(2 |
) |
— |
|
(165 |
) |
Foreign currency (loss) gain |
(4 |
) |
1 |
|
(3 |
) |
— |
|
(6 |
) |
Intercompany interest (expense) income |
(3 |
) |
68 |
|
(65 |
) |
— |
|
— |
|
|
(170 |
) |
69 |
|
(73 |
) |
— |
|
(174 |
) |
Income before income taxes |
237 |
|
329 |
|
111 |
|
— |
|
677 |
|
Income tax expense |
(84 |
) |
(86 |
) |
(55 |
) |
— |
|
(225 |
) |
Equity in earnings of subsidiaries, net of tax |
299 |
|
34 |
|
— |
|
(333 |
) |
— |
|
Net income |
452 |
|
277 |
|
56 |
|
(333 |
) |
452 |
|
Less net income attributable to the noncontrolling interest |
(33 |
) |
— |
|
(33 |
) |
33 |
|
(33 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
419 |
|
277 |
|
23 |
|
(300 |
) |
419 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Prior Period |
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 |
|
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2017 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
452 |
|
277 |
|
56 |
|
(333 |
) |
452 |
|
Foreign currency translation adjustments, net of tax |
110 |
|
— |
|
110 |
|
(110 |
) |
110 |
|
Total comprehensive income |
562 |
|
277 |
|
166 |
|
(443 |
) |
562 |
|
Comprehensive income attributable to noncontrolling interest |
(37 |
) |
— |
|
(37 |
) |
37 |
|
(37 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
525 |
|
277 |
|
129 |
|
(406 |
) |
525 |
|
Condensed Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2017 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
166 |
|
115 |
|
16 |
|
(131 |
) |
166 |
|
Foreign currency translation adjustments, net of tax |
28 |
|
— |
|
28 |
|
(28 |
) |
28 |
|
Total comprehensive income |
194 |
|
115 |
|
44 |
|
(159 |
) |
194 |
|
Comprehensive income attributable to noncontrolling interest |
(12 |
) |
— |
|
(12 |
) |
12 |
|
(12 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
182 |
|
115 |
|
32 |
|
(147 |
) |
182 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Prior 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 income |
$ |
419 |
|
284 |
|
78 |
|
(362 |
) |
419 |
|
Foreign currency translation adjustments, net of tax |
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, net of tax |
(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, Schedule of Cash Flows, Current Period |
Condensed Consolidating Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 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 |
$ |
550 |
|
306 |
|
51 |
|
— |
|
907 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(54 |
) |
(2 |
) |
(27 |
) |
— |
|
(83 |
) |
Expenditures for television distribution rights |
— |
|
(35 |
) |
— |
|
— |
|
(35 |
) |
Changes in other noncurrent assets |
(1 |
) |
— |
|
(1 |
) |
— |
|
(2 |
) |
Intercompany investing activities |
385 |
|
(1,087 |
) |
— |
|
702 |
|
— |
|
Net cash provided by (used in) investing activities |
330 |
|
(1,124 |
) |
(28 |
) |
702 |
|
(120 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(1,785 |
) |
— |
|
(6 |
) |
— |
|
(1,791 |
) |
Principal borrowings of debt from senior secured credit facility |
1,574 |
|
— |
|
— |
|
— |
|
1,574 |
|
Dividends paid to Liberty Interactive Corporation
|
(491 |
) |
— |
|
— |
|
— |
|
(491 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(22 |
) |
— |
|
(22 |
) |
Other financing activities |
(10 |
) |
— |
|
— |
|
— |
|
(10 |
) |
Net short-term intercompany debt (repayments) borrowings |
(353 |
) |
(1,188 |
) |
1,541 |
|
— |
|
— |
|
Other intercompany financing activities |
186 |
|
1,959 |
|
(1,443 |
) |
(702 |
) |
— |
|
Net cash (used in) provided by financing activities |
(879 |
) |
771 |
|
70 |
|
(702 |
) |
(740 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
— |
|
— |
|
12 |
|
— |
|
12 |
|
Net increase (decrease) in cash and cash equivalents |
1 |
|
(47 |
) |
105 |
|
— |
|
59 |
|
Cash and cash equivalents, beginning of period |
2 |
|
97 |
|
185 |
|
— |
|
284 |
|
Cash and cash equivalents, end of period |
$ |
3 |
|
50 |
|
290 |
|
— |
|
343 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Prior 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 television distribution rights |
— |
|
(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 Interactive Corporation
|
(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 |
|
|