Guarantor/Non-Guarantor Subsidiary Financial Information (Tables)
|
6 Months Ended |
Jun. 30, 2018 |
|---|
| Guarantor Non-guarantor Subsidiary Financial Information [Abstract] |
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Current Period |
Condensed Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2018 |
|
(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 |
$ |
24 |
|
162 |
|
299 |
|
— |
|
485 |
|
Restricted cash |
5 |
|
— |
|
3 |
|
— |
|
8 |
|
Accounts receivable, net |
635 |
|
— |
|
261 |
|
— |
|
896 |
|
Inventories |
775 |
|
— |
|
263 |
|
— |
|
1,038 |
|
Prepaid expenses and other current assets |
60 |
|
— |
|
54 |
|
— |
|
114 |
|
Total current assets |
1,499 |
|
162 |
|
880 |
|
— |
|
2,541 |
|
Property and equipment, net |
274 |
|
56 |
|
649 |
|
— |
|
979 |
|
Television distribution rights, net |
— |
|
105 |
|
1 |
|
— |
|
106 |
|
Goodwill |
4,190 |
|
— |
|
872 |
|
— |
|
5,062 |
|
Other intangible assets, net |
526 |
|
2,048 |
|
17 |
|
— |
|
2,591 |
|
Other noncurrent assets |
11 |
|
— |
|
49 |
|
— |
|
60 |
|
Investments in subsidiaries |
3,732 |
|
1,622 |
|
— |
|
(5,354 |
) |
— |
|
Total assets |
$ |
10,232 |
|
3,993 |
|
2,468 |
|
(5,354 |
) |
11,339 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
403 |
|
— |
|
14 |
|
— |
|
417 |
|
Accounts payable-trade |
367 |
|
— |
|
229 |
|
— |
|
596 |
|
Accrued liabilities |
115 |
|
208 |
|
328 |
|
— |
|
651 |
|
Intercompany accounts payable (receivable) |
367 |
|
(1,477 |
) |
1,110 |
|
— |
|
— |
|
Total current liabilities |
1,252 |
|
(1,269 |
) |
1,681 |
|
— |
|
1,664 |
|
Long-term portion of debt and capital lease obligations |
4,473 |
|
— |
|
150 |
|
— |
|
4,623 |
|
Deferred income taxes |
66 |
|
466 |
|
(56 |
) |
— |
|
476 |
|
Other long-term liabilities |
95 |
|
— |
|
24 |
|
— |
|
119 |
|
Total liabilities |
5,886 |
|
(803 |
) |
1,799 |
|
— |
|
6,882 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
4,346 |
|
4,796 |
|
558 |
|
(5,354 |
) |
4,346 |
|
Noncontrolling interest |
— |
|
— |
|
111 |
|
— |
|
111 |
|
Total equity |
4,346 |
|
4,796 |
|
669 |
|
(5,354 |
) |
4,457 |
|
Total liabilities and equity |
$ |
10,232 |
|
3,993 |
|
2,468 |
|
(5,354 |
) |
11,339 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Prior Period |
Condensed 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, Statements of Operations, Current Period |
Condensed Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2018 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
1,460 |
|
218 |
|
704 |
|
(299 |
) |
2,083 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
Cost of goods sold (exclusive of depreciation and amortization shown separately below) |
858 |
|
32 |
|
433 |
|
(37 |
) |
1,286 |
|
Operating |
97 |
|
58 |
|
70 |
|
(81 |
) |
144 |
|
Selling, general and administrative, including transaction related costs and stock-based compensation |
273 |
|
1 |
|
116 |
|
(181 |
) |
209 |
|
Depreciation |
17 |
|
2 |
|
17 |
|
— |
|
36 |
|
Amortization |
19 |
|
17 |
|
2 |
|
— |
|
38 |
|
|
1,264 |
|
110 |
|
638 |
|
(299 |
) |
1,713 |
|
Operating income |
196 |
|
108 |
|
66 |
|
— |
|
370 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(2 |
) |
— |
|
(2 |
) |
Interest expense, net |
(57 |
) |
1 |
|
(2 |
) |
— |
|
(58 |
) |
Foreign currency gain (loss) |
6 |
|
— |
|
(4 |
) |
— |
|
2 |
|
Intercompany interest (expense) income |
(8 |
) |
38 |
|
(30 |
) |
— |
|
— |
|
|
(59 |
) |
39 |
|
(38 |
) |
— |
|
(58 |
) |
Income before income taxes |
137 |
|
147 |
|
28 |
|
— |
|
312 |
|
Income tax expense |
(38 |
) |
(25 |
) |
(13 |
) |
— |
|
(76 |
) |
Equity in earnings of subsidiaries, net of tax |
137 |
|
9 |
|
— |
|
(146 |
) |
— |
|
Net income |
236 |
|
131 |
|
15 |
|
(146 |
) |
236 |
|
Less net income attributable to the noncontrolling interest |
(11 |
) |
— |
|
(11 |
) |
11 |
|
(11 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
225 |
|
131 |
|
4 |
|
(135 |
) |
225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2018 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
2,915 |
|
441 |
|
1,432 |
|
(612 |
) |
4,176 |
|
Operating costs and expenses: |
|
|
|
|
|
Cost of goods sold (exclusive of depreciation and amortization shown separately below) |
1,736 |
|
67 |
|
880 |
|
(77 |
) |
2,606 |
|
Operating |
199 |
|
116 |
|
144 |
|
(170 |
) |
289 |
|
Selling, general and administrative, including transaction related costs and stock-based compensation |
552 |
|
1 |
|
229 |
|
(365 |
) |
417 |
|
Depreciation |
33 |
|
5 |
|
36 |
|
— |
|
74 |
|
Amortization |
39 |
|
33 |
|
5 |
|
— |
|
77 |
|
|
2,559 |
|
222 |
|
1,294 |
|
(612 |
) |
3,463 |
|
Operating income |
356 |
|
219 |
|
138 |
|
— |
|
713 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(1 |
) |
— |
|
(1 |
) |
Interest expense, net |
(114 |
) |
1 |
|
(2 |
) |
— |
|
(115 |
) |
Foreign currency gain (loss) |
2 |
|
— |
|
(1 |
) |
— |
|
1 |
|
Intercompany interest (expense) income |
(15 |
) |
76 |
|
(61 |
) |
— |
|
— |
|
|
(127 |
) |
77 |
|
(65 |
) |
— |
|
(115 |
) |
Income before income taxes |
229 |
|
296 |
|
73 |
|
— |
|
598 |
|
Income tax expense |
(60 |
) |
(59 |
) |
(36 |
) |
— |
|
(155 |
) |
Equity in earnings of subsidiaries, net of tax |
274 |
|
34 |
|
— |
|
(308 |
) |
— |
|
Net income |
443 |
|
271 |
|
37 |
|
(308 |
) |
443 |
|
Less net income attributable to the noncontrolling interest |
(22 |
) |
— |
|
(22 |
) |
22 |
|
(22 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
421 |
|
271 |
|
15 |
|
(286 |
) |
421 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Prior 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 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
Cost of goods sold (exclusive of depreciation and amortization shown separately below) |
838 |
|
32 |
|
397 |
|
(37 |
) |
1,230 |
|
Operating |
95 |
|
60 |
|
66 |
|
(84 |
) |
137 |
|
Selling, general and administrative, including transaction related costs and stock-based compensation |
239 |
|
— |
|
95 |
|
(182 |
) |
152 |
|
Depreciation |
16 |
|
2 |
|
19 |
|
— |
|
37 |
|
Amortization |
60 |
|
45 |
|
12 |
|
— |
|
117 |
|
|
1,248 |
|
139 |
|
589 |
|
(303 |
) |
1,673 |
|
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 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 |
|
Operating costs and expenses: |
|
|
|
|
|
Cost of goods sold (exclusive of depreciation and amortization shown separately below) |
1,693 |
|
69 |
|
788 |
|
(77 |
) |
2,473 |
|
Operating |
195 |
|
118 |
|
134 |
|
(173 |
) |
274 |
|
Selling, general and administrative, including transaction related costs and stock-based compensation |
481 |
|
— |
|
189 |
|
(361 |
) |
309 |
|
Depreciation |
33 |
|
4 |
|
41 |
|
— |
|
78 |
|
Amortization |
120 |
|
90 |
|
23 |
|
— |
|
233 |
|
|
2,522 |
|
281 |
|
1,175 |
|
(611 |
) |
3,367 |
|
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, Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2018 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
443 |
|
271 |
|
37 |
|
(308 |
) |
443 |
|
Foreign currency translation adjustments, net of tax |
(26 |
) |
— |
|
(26 |
) |
26 |
|
(26 |
) |
Total comprehensive income |
417 |
|
271 |
|
11 |
|
(282 |
) |
417 |
|
Comprehensive income attributable to noncontrolling interest |
(24 |
) |
— |
|
(24 |
) |
24 |
|
(24 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
393 |
|
271 |
|
(13 |
) |
(258 |
) |
393 |
|
Condensed Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2018 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
236 |
|
131 |
|
15 |
|
(146 |
) |
236 |
|
Foreign currency translation adjustments, net of tax |
(96 |
) |
— |
|
(96 |
) |
96 |
|
(96 |
) |
Total comprehensive income |
140 |
|
131 |
|
(81 |
) |
(50 |
) |
140 |
|
Comprehensive income attributable to noncontrolling interest |
(6 |
) |
— |
|
(6 |
) |
6 |
|
(6 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
134 |
|
131 |
|
(87 |
) |
(44 |
) |
134 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Prior Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
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, Schedule of Cash Flows, Current Period |
Condensed Consolidating Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2018 |
|
(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 |
$ |
345 |
|
254 |
|
54 |
|
— |
|
653 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(39 |
) |
(1 |
) |
(28 |
) |
— |
|
(68 |
) |
Expenditures for television distribution rights |
— |
|
(60 |
) |
(1 |
) |
— |
|
(61 |
) |
Changes in other noncurrent assets |
1 |
|
— |
|
(1 |
) |
|
— |
|
Intercompany investing activities |
89 |
|
(105 |
) |
— |
|
16 |
|
— |
|
Net cash provided by (used in) investing activities |
51 |
|
(166 |
) |
(30 |
) |
16 |
|
(129 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(1,442 |
) |
— |
|
(6 |
) |
— |
|
(1,448 |
) |
Principal borrowings of debt from senior secured credit facility |
1,278 |
|
— |
|
— |
|
— |
|
1,278 |
|
Capital contribution received from Qurate Retail, Inc. |
140 |
|
— |
|
— |
|
— |
|
140 |
|
Dividends paid to Qurate Retail, Inc. |
(243 |
) |
— |
|
— |
|
— |
|
(243 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(23 |
) |
— |
|
(23 |
) |
Other financing activities |
(7 |
) |
— |
|
— |
|
— |
|
(7 |
) |
Net short-term intercompany debt (repayments) borrowings |
(86 |
) |
36 |
|
50 |
|
— |
|
— |
|
Other intercompany financing activities |
(14 |
) |
5 |
|
25 |
|
(16 |
) |
— |
|
Net cash (used in) provided by financing activities |
(374 |
) |
41 |
|
46 |
|
(16 |
) |
(303 |
) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
— |
|
— |
|
4 |
|
— |
|
4 |
|
Net increase in cash, cash equivalents and restricted cash |
22 |
|
129 |
|
74 |
|
— |
|
225 |
|
Cash, cash equivalents and restricted cash, beginning of period |
7 |
|
33 |
|
228 |
|
— |
|
268 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
29 |
|
162 |
|
302 |
|
— |
|
493 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Prior 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 Qurate Retail, Inc. |
(233 |
) |
— |
|
— |
|
— |
|
(233 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(22 |
) |
— |
|
(22 |
) |
Other financing activities |
(9 |
) |
— |
|
— |
|
— |
|
(9 |
) |
Net short-term intercompany debt (repayments) borrowings |
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, cash equivalents and restricted cash |
— |
|
— |
|
10 |
|
— |
|
10 |
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
(1 |
) |
22 |
|
2 |
|
— |
|
23 |
|
Cash, cash equivalents and restricted cash, beginning of period |
10 |
|
97 |
|
187 |
|
— |
|
294 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
9 |
|
119 |
|
189 |
|
— |
|
317 |
|
|