Guarantor/Non-Guarantor Subsidiary Financial Information (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Guarantor Non-guarantor Subsidiary Financial Information [Abstract] |
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Current Period |
Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 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 |
$ |
2 |
|
33 |
|
225 |
|
— |
|
260 |
|
Restricted cash |
5 |
|
— |
|
3 |
|
— |
|
8 |
|
Accounts receivable, net |
1,076 |
|
— |
|
312 |
|
— |
|
1,388 |
|
Inventories |
758 |
|
— |
|
261 |
|
— |
|
1,019 |
|
Prepaid expenses and other current assets |
28 |
|
— |
|
23 |
|
— |
|
51 |
|
Total current assets |
1,869 |
|
33 |
|
824 |
|
— |
|
2,726 |
|
Property and equipment, net |
295 |
|
60 |
|
650 |
|
— |
|
1,005 |
|
Television distribution rights, net |
— |
|
78 |
|
— |
|
— |
|
78 |
|
Goodwill |
4,190 |
|
— |
|
885 |
|
— |
|
5,075 |
|
Other intangible assets, net |
539 |
|
2,048 |
|
18 |
|
— |
|
2,605 |
|
Other noncurrent assets |
14 |
|
— |
|
47 |
|
— |
|
61 |
|
Investments in subsidiaries |
3,579 |
|
1,626 |
|
— |
|
(5,205 |
) |
— |
|
Total assets |
$ |
10,486 |
|
3,845 |
|
2,424 |
|
(5,205 |
) |
11,550 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
3 |
|
— |
|
14 |
|
— |
|
17 |
|
Accounts payable-trade |
455 |
|
— |
|
301 |
|
— |
|
756 |
|
Accrued liabilities |
366 |
|
227 |
|
279 |
|
— |
|
872 |
|
Intercompany accounts payable (receivable) |
453 |
|
(1,513 |
) |
1,060 |
|
— |
|
— |
|
Total current liabilities |
1,277 |
|
(1,286 |
) |
1,654 |
|
— |
|
1,645 |
|
Long-term portion of debt and capital lease obligations |
5,033 |
|
— |
|
140 |
|
— |
|
5,173 |
|
Deferred income taxes |
52 |
|
468 |
|
(47 |
) |
— |
|
473 |
|
Other long-term liabilities |
92 |
|
— |
|
25 |
|
— |
|
117 |
|
Total liabilities |
6,454 |
|
(818 |
) |
1,772 |
|
— |
|
7,408 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
4,032 |
|
4,663 |
|
542 |
|
(5,205 |
) |
4,032 |
|
Noncontrolling interest |
— |
|
— |
|
110 |
|
— |
|
110 |
|
Total equity |
4,032 |
|
4,663 |
|
652 |
|
(5,205 |
) |
4,142 |
|
Total liabilities and equity |
$ |
10,486 |
|
3,845 |
|
2,424 |
|
(5,205 |
) |
11,550 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Prior Period |
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 |
Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2017 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
6,298 |
|
1,000 |
|
2,848 |
|
(1,375 |
) |
8,771 |
|
Operating costs and expenses: |
|
|
|
|
|
Cost of goods sold (exclusive of depreciation and amortization shown separately below) |
3,877 |
|
157 |
|
1,744 |
|
(180 |
) |
5,598 |
|
Operating |
433 |
|
265 |
|
277 |
|
(374 |
) |
601 |
|
Selling, general and administrative, including stock-based compensation |
1,097 |
|
2 |
|
428 |
|
(821 |
) |
706 |
|
Depreciation |
67 |
|
7 |
|
81 |
|
— |
|
155 |
|
Amortization |
187 |
|
142 |
|
35 |
|
— |
|
364 |
|
|
5,661 |
|
573 |
|
2,565 |
|
(1,375 |
) |
7,424 |
|
Operating income |
637 |
|
427 |
|
283 |
|
— |
|
1,347 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(3 |
) |
— |
|
(3 |
) |
Interest (expense) income, net |
(215 |
) |
1 |
|
— |
|
— |
|
(214 |
) |
Foreign currency (loss) gain |
(5 |
) |
1 |
|
(2 |
) |
— |
|
(6 |
) |
Intercompany interest (expense) income |
(12 |
) |
96 |
|
(84 |
) |
— |
|
— |
|
|
(232 |
) |
98 |
|
(89 |
) |
— |
|
(223 |
) |
Income before income taxes |
405 |
|
525 |
|
194 |
|
— |
|
1,124 |
|
Income tax (expense) benefit |
(129 |
) |
80 |
|
(103 |
) |
— |
|
(152 |
) |
Equity in earnings of subsidiaries, net of tax |
696 |
|
47 |
|
— |
|
(743 |
) |
— |
|
Net income |
972 |
|
652 |
|
91 |
|
(743 |
) |
972 |
|
Less net income attributable to the noncontrolling interest |
(46 |
) |
— |
|
(46 |
) |
46 |
|
(46 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
926 |
|
652 |
|
45 |
|
(697 |
) |
926 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Prior Period |
Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2016 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
6,179 |
|
1,001 |
|
2,787 |
|
(1,285 |
) |
8,682 |
|
Operating costs and expenses: |
|
|
|
|
|
Cost of goods sold (exclusive of depreciation and amortization shown separately below) |
3,855 |
|
169 |
|
1,726 |
|
(210 |
) |
5,540 |
|
Operating |
414 |
|
258 |
|
274 |
|
(340 |
) |
606 |
|
Selling, general and administrative, including stock-based compensation |
1,116 |
|
1 |
|
346 |
|
(735 |
) |
728 |
|
Depreciation |
57 |
|
7 |
|
78 |
|
— |
|
142 |
|
Amortization |
245 |
|
168 |
|
50 |
|
— |
|
463 |
|
|
5,687 |
|
603 |
|
2,474 |
|
(1,285 |
) |
7,479 |
|
Operating income |
492 |
|
398 |
|
313 |
|
— |
|
1,203 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(6 |
) |
— |
|
(6 |
) |
Gain on financial instruments |
2 |
|
— |
|
— |
|
— |
|
2 |
|
Interest (expense) income, net |
(211 |
) |
— |
|
1 |
|
— |
|
(210 |
) |
Foreign currency gain |
17 |
|
— |
|
21 |
|
— |
|
38 |
|
Intercompany interest (expense) income |
(2 |
) |
1 |
|
1 |
|
— |
|
— |
|
|
(194 |
) |
1 |
|
17 |
|
— |
|
(176 |
) |
Income before income taxes |
298 |
|
399 |
|
330 |
|
— |
|
1,027 |
|
Income tax expense |
(114 |
) |
(156 |
) |
(115 |
) |
— |
|
(385 |
) |
Equity in earnings of subsidiaries, net of tax |
458 |
|
189 |
|
— |
|
(647 |
) |
— |
|
Net income |
642 |
|
432 |
|
215 |
|
(647 |
) |
642 |
|
Less net income attributable to the noncontrolling interest |
(38 |
) |
— |
|
(38 |
) |
38 |
|
(38 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
604 |
|
432 |
|
177 |
|
(609 |
) |
604 |
|
Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2015 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
6,416 |
|
962 |
|
2,717 |
|
(1,352 |
) |
8,743 |
|
Operating costs and expenses: |
|
|
|
|
|
Cost of goods sold (exclusive of depreciation and amortization shown separately below) |
4,018 |
|
109 |
|
1,624 |
|
(223 |
) |
5,528 |
|
Operating |
338 |
|
265 |
|
293 |
|
(289 |
) |
607 |
|
Selling, general and administrative, including stock-based compensation |
1,180 |
|
1 |
|
404 |
|
(840 |
) |
745 |
|
Depreciation |
43 |
|
8 |
|
83 |
|
— |
|
134 |
|
Amortization |
233 |
|
163 |
|
58 |
|
— |
|
454 |
|
|
5,812 |
|
546 |
|
2,462 |
|
(1,352 |
) |
7,468 |
|
Operating income |
604 |
|
416 |
|
255 |
|
— |
|
1,275 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(9 |
) |
— |
|
(9 |
) |
Interest expense, net |
(205 |
) |
— |
|
(3 |
) |
— |
|
(208 |
) |
Foreign currency gain (loss) |
15 |
|
(1 |
) |
— |
|
— |
|
14 |
|
Loss on extinguishment of debt |
(21 |
) |
— |
|
— |
|
— |
|
(21 |
) |
Intercompany interest (expense) income |
(7 |
) |
(51 |
) |
58 |
|
— |
|
— |
|
|
(218 |
) |
(52 |
) |
46 |
|
— |
|
(224 |
) |
Income before income taxes |
386 |
|
364 |
|
301 |
|
— |
|
1,051 |
|
Income tax expense |
(136 |
) |
(153 |
) |
(100 |
) |
— |
|
(389 |
) |
Equity in earnings of subsidiaries, net of tax |
412 |
|
262 |
|
— |
|
(674 |
) |
— |
|
Net income |
662 |
|
473 |
|
201 |
|
(674 |
) |
662 |
|
Less net income attributable to the noncontrolling interest |
(34 |
) |
— |
|
(34 |
) |
34 |
|
(34 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
628 |
|
473 |
|
167 |
|
(640 |
) |
628 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Current Period |
Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2017 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
972 |
|
652 |
|
91 |
|
(743 |
) |
972 |
|
Foreign currency translation adjustments, net of tax |
135 |
|
— |
|
135 |
|
(135 |
) |
135 |
|
Total comprehensive income |
1,107 |
|
652 |
|
226 |
|
(878 |
) |
1,107 |
|
Comprehensive income attributable to noncontrolling interest |
(50 |
) |
— |
|
(50 |
) |
50 |
|
(50 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
1,057 |
|
652 |
|
176 |
|
(828 |
) |
1,057 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Prior Period |
Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2015 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
662 |
|
473 |
|
201 |
|
(674 |
) |
662 |
|
Foreign currency translation adjustments, net of tax |
(102 |
) |
— |
|
(102 |
) |
102 |
|
(102 |
) |
Total comprehensive income |
560 |
|
473 |
|
99 |
|
(572 |
) |
560 |
|
Comprehensive income attributable to noncontrolling interest |
(33 |
) |
— |
|
(33 |
) |
33 |
|
(33 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
527 |
|
473 |
|
66 |
|
(539 |
) |
527 |
|
Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2016 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
642 |
|
432 |
|
215 |
|
(647 |
) |
642 |
|
Foreign currency translation adjustments, net of tax |
(83 |
) |
— |
|
(83 |
) |
83 |
|
(83 |
) |
Total comprehensive income |
559 |
|
432 |
|
132 |
|
(564 |
) |
559 |
|
Comprehensive income attributable to noncontrolling interest |
(39 |
) |
— |
|
(39 |
) |
39 |
|
(39 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
520 |
|
432 |
|
93 |
|
(525 |
) |
520 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Current Period |
Consolidating Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 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 |
$ |
641 |
|
507 |
|
54 |
|
— |
|
1,202 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(103 |
) |
(4 |
) |
(45 |
) |
— |
|
(152 |
) |
Expenditures for television distribution rights |
— |
|
(50 |
) |
— |
|
— |
|
(50 |
) |
Decrease (increase) in restricted cash |
3 |
|
— |
|
(1 |
) |
— |
|
2 |
|
Changes in other noncurrent assets |
(1 |
) |
— |
|
— |
|
— |
|
(1 |
) |
Intercompany investing activities |
545 |
|
(1,507 |
) |
— |
|
962 |
|
— |
|
Net cash provided by (used in) investing activities |
444 |
|
(1,561 |
) |
(46 |
) |
962 |
|
(201 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(2,268 |
) |
— |
|
(10 |
) |
— |
|
(2,278 |
) |
Principal borrowings of debt from senior secured credit facility |
2,162 |
|
— |
|
— |
|
— |
|
2,162 |
|
Dividends paid to Liberty Interactive Corporation |
(866 |
) |
— |
|
— |
|
— |
|
(866 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(40 |
) |
— |
|
(40 |
) |
Other financing activities |
(16 |
) |
— |
|
— |
|
— |
|
(16 |
) |
Net short-term intercompany debt (repayments) borrowings |
(170 |
) |
(1,267 |
) |
1,437 |
|
— |
|
— |
|
Other intercompany financing activities |
73 |
|
2,257 |
|
(1,368 |
) |
(962 |
) |
— |
|
Net cash (used in) provided by financing activities |
(1,085 |
) |
990 |
|
19 |
|
(962 |
) |
(1,038 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
— |
|
— |
|
13 |
|
— |
|
13 |
|
Net (decrease) increase in cash and cash equivalents |
— |
|
(64 |
) |
40 |
|
— |
|
(24 |
) |
Cash and cash equivalents, beginning of period |
2 |
|
97 |
|
185 |
|
— |
|
284 |
|
Cash and cash equivalents, end of period |
$ |
2 |
|
33 |
|
225 |
|
— |
|
260 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Prior Period |
Consolidating Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 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 |
$ |
555 |
|
408 |
|
215 |
|
— |
|
1,178 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(141 |
) |
(2 |
) |
(36 |
) |
— |
|
(179 |
) |
Expenditures for television distribution rights |
— |
|
(38 |
) |
— |
|
— |
|
(38 |
) |
Decrease in restricted cash |
1 |
|
— |
|
— |
|
— |
|
1 |
|
Other investing activities |
(12 |
) |
— |
|
9 |
|
— |
|
(3 |
) |
Changes in other noncurrent assets |
(2 |
) |
— |
|
1 |
|
— |
|
(1 |
) |
Intercompany investing activities |
452 |
|
131 |
|
— |
|
(583 |
) |
— |
|
Net cash provided by (used in) investing activities |
298 |
|
91 |
|
(26 |
) |
(583 |
) |
(220 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(1,727 |
) |
— |
|
(6 |
) |
— |
|
(1,733 |
) |
Principal borrowings of debt from senior secured credit facility |
1,505 |
|
— |
|
— |
|
— |
|
1,505 |
|
Payment of debt origination fees |
(2 |
) |
— |
|
— |
|
— |
|
(2 |
) |
Dividends paid to Liberty |
(703 |
) |
— |
|
— |
|
— |
|
(703 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(39 |
) |
— |
|
(39 |
) |
Other financing activities |
(9 |
) |
— |
|
— |
|
— |
|
(9 |
) |
Net short-term intercompany debt borrowings (repayments) |
61 |
|
(1,517 |
) |
1,456 |
|
— |
|
— |
|
Other intercompany financing activities |
24 |
|
1,003 |
|
(1,610 |
) |
583 |
|
— |
|
Net cash used in financing activities |
(851 |
) |
(514 |
) |
(199 |
) |
583 |
|
(981 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
— |
|
— |
|
(20 |
) |
— |
|
(20 |
) |
Net increase (decrease) in cash and cash equivalents |
2 |
|
(15 |
) |
(30 |
) |
— |
|
(43 |
) |
Cash and cash equivalents, beginning of period |
— |
|
112 |
|
215 |
|
— |
|
327 |
|
Cash and cash equivalents, end of period |
$ |
2 |
|
97 |
|
185 |
|
— |
|
284 |
|
Consolidating Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 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 |
$ |
274 |
|
314 |
|
440 |
|
— |
|
1,028 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(154 |
) |
(9 |
) |
(52 |
) |
— |
|
(215 |
) |
Expenditures for television distribution rights |
— |
|
(68 |
) |
(4 |
) |
— |
|
(72 |
) |
Decrease (increase) in restricted cash |
1 |
|
— |
|
(1 |
) |
— |
|
— |
|
Other investing activities |
2 |
|
— |
|
— |
|
— |
|
2 |
|
Changes in other noncurrent assets |
12 |
|
— |
|
(12 |
) |
— |
|
— |
|
Intercompany investing activities |
525 |
|
413 |
|
— |
|
(938 |
) |
— |
|
Net cash provided by (used in) investing activities |
386 |
|
336 |
|
(69 |
) |
(938 |
) |
(285 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(2,170 |
) |
— |
|
(7 |
) |
— |
|
(2,177 |
) |
Principal borrowings of debt from senior secured credit facility |
2,974 |
|
— |
|
— |
|
— |
|
2,974 |
|
Payment of debt origination fees |
(3 |
) |
— |
|
— |
|
— |
|
(3 |
) |
Payment of bond premium fees |
(18 |
) |
— |
|
— |
|
— |
|
(18 |
) |
Dividends paid to Liberty |
(1,485 |
) |
— |
|
— |
|
— |
|
(1,485 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(36 |
) |
— |
|
(36 |
) |
Other financing activities |
(15 |
) |
— |
|
— |
|
— |
|
(15 |
) |
Net short-term intercompany debt (repayments) borrowings |
(822 |
) |
2,192 |
|
(1,370 |
) |
— |
|
— |
|
Other intercompany financing activities |
877 |
|
(2,853 |
) |
1,038 |
|
938 |
|
— |
|
Net cash used in financing activities |
(662 |
) |
(661 |
) |
(375 |
) |
938 |
|
(760 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
— |
|
— |
|
(3 |
) |
— |
|
(3 |
) |
Net decrease in cash and cash equivalents |
(2 |
) |
(11 |
) |
(7 |
) |
— |
|
(20 |
) |
Cash and cash equivalents, beginning of period |
2 |
|
123 |
|
222 |
|
— |
|
347 |
|
Cash and cash equivalents, end of period |
$ |
— |
|
112 |
|
215 |
|
— |
|
327 |
|
|