Information about QVC's Operating Segments (Tables)
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12 Months Ended |
Dec. 31, 2018 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Revenue and Adjusted OIBDA by Segment |
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Years ended December 31, |
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|
2018 |
|
2017 |
|
2016 |
|
(in millions) |
Net
revenue |
|
Adjusted
OIBDA |
|
Net
revenue |
|
Adjusted
OIBDA |
|
Net
revenue |
|
Adjusted
OIBDA |
|
QVC-U.S. |
$ |
6,349 |
|
1,417 |
|
6,140 |
|
1,455 |
|
6,120 |
|
1,435 |
|
QVC-International |
2,738 |
|
429 |
|
2,631 |
|
451 |
|
2,562 |
|
405 |
|
HSN |
2,202 |
|
213 |
|
— |
|
— |
|
— |
|
— |
|
Intersegment eliminations |
(7 |
) |
— |
|
— |
|
— |
|
— |
|
— |
|
Consolidated QVC |
$ |
11,282 |
|
2,059 |
|
8,771 |
|
1,906 |
|
8,682 |
|
1,840 |
|
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| Schedule of Depreciation and Amortization by Segment |
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Years ended December 31, |
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|
2018 |
|
2017 |
|
2016 |
|
(in millions) |
Depreciation |
|
Amortization |
|
Depreciation |
|
Amortization |
|
Depreciation |
|
Amortization |
|
QVC-U.S. |
$ |
90 |
|
147 |
|
93 |
|
330 |
|
78 |
|
414 |
|
QVC-International |
56 |
|
10 |
|
62 |
|
34 |
|
64 |
|
49 |
|
HSN |
28 |
|
80 |
|
— |
|
— |
|
— |
|
— |
|
Consolidated QVC |
$ |
174 |
|
237 |
|
155 |
|
364 |
|
142 |
|
463 |
|
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| Schedule of Capital Expenditures and Total Assets by Segment |
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Years ended December 31, |
|
|
2018 |
|
2017 |
|
(in millions) |
Total
assets |
|
Capital
expenditures |
|
Total
assets |
|
Capital
expenditures |
|
QVC-U.S. |
$ |
9,785 |
|
143 |
|
9,429 |
|
116 |
|
QVC-International |
2,154 |
|
67 |
|
2,121 |
|
36 |
|
HSN |
2,917 |
|
18 |
|
2,769 |
|
— |
|
Consolidated QVC |
$ |
14,856 |
|
228 |
|
14,319 |
|
152 |
|
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| Property and equipment, net by Segment |
Property and equipment, net of accumulated depreciation, by segment were as follows:
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December 31, |
|
(in millions) |
2018 |
|
2017 |
|
QVC-U.S. |
$ |
555 |
|
559 |
|
QVC-International |
454 |
|
446 |
|
HSN |
156 |
|
165 |
|
Consolidated QVC |
$ |
1,165 |
|
1,170 |
|
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| Reconciliation of Adjusted OIBDA to Income before Income Taxes |
The following table provides a reconciliation of Adjusted OIBDA to income before income taxes:
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Years ended December 31, |
|
(in millions) |
2018 |
|
2017 |
|
2016 |
|
Adjusted OIBDA |
$ |
2,059 |
|
1,906 |
|
1,840 |
|
Impairment loss |
(30 |
) |
— |
|
— |
|
Transaction related costs |
(60 |
) |
(39 |
) |
— |
|
Stock-based compensation |
(46 |
) |
(39 |
) |
(32 |
) |
Depreciation and amortization |
(411 |
) |
(519 |
) |
(605 |
) |
Equity in losses of investee |
(3 |
) |
(3 |
) |
(6 |
) |
(Losses) gains on financial instruments |
(2 |
) |
— |
|
2 |
|
Interest expense, net |
(243 |
) |
(214 |
) |
(210 |
) |
Foreign currency (loss) gain |
— |
|
(6 |
) |
38 |
|
Loss on extinguishment of debt |
(2 |
) |
— |
|
— |
|
Income before income taxes |
$ |
1,262 |
|
1,086 |
|
1,027 |
|
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| Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area |
The following table summarizes net revenues based on revenues generated by subsidiaries located within the identified geographic area:
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Years ended December 31, |
|
(in millions) |
2018 |
|
2017 |
|
2016 |
|
United States |
$ |
8,544 |
|
6,140 |
|
6,120 |
|
Japan |
947 |
|
934 |
|
897 |
|
Germany |
943 |
|
899 |
|
865 |
|
United Kingdom |
679 |
|
640 |
|
654 |
|
Other countries |
169 |
|
158 |
|
146 |
|
Consolidated QVC |
$ |
11,282 |
|
8,771 |
|
8,682 |
|
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| Long-lived Assets by Geographic Areas |
The following table summarizes property and equipment, net of accumulated depreciation, based on physical location:
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December 31, |
|
(in millions) |
2018 |
|
2017 |
|
United States |
$ |
712 |
|
724 |
|
Germany |
161 |
|
164 |
|
Japan |
165 |
|
143 |
|
United Kingdom |
77 |
|
84 |
|
Other countries |
50 |
|
55 |
|
Consolidated QVC |
$ |
1,165 |
|
1,170 |
|
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