Guarantor/Non-Guarantor Subsidiary Financial Information (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Guarantor Non-guarantor Subsidiary Financial Information [Abstract] |
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Current Period |
Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 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 |
$ |
73 |
|
192 |
|
278 |
|
— |
|
543 |
|
Restricted cash |
5 |
|
— |
|
2 |
|
— |
|
7 |
|
Accounts receivable, net |
1,166 |
|
307 |
|
314 |
|
— |
|
1,787 |
|
Inventories |
725 |
|
310 |
|
245 |
|
— |
|
1,280 |
|
Prepaid expenses and other current assets |
95 |
|
73 |
|
48 |
|
— |
|
216 |
|
Total current assets |
2,064 |
|
882 |
|
887 |
|
— |
|
3,833 |
|
Property and equipment, net |
281 |
|
213 |
|
671 |
|
— |
|
1,165 |
|
Television distribution rights, net |
— |
|
139 |
|
1 |
|
— |
|
140 |
|
Goodwill |
4,190 |
|
922 |
|
860 |
|
— |
|
5,972 |
|
Other intangible assets, net |
529 |
|
3,116 |
|
21 |
|
— |
|
3,666 |
|
Other noncurrent assets |
8 |
|
20 |
|
52 |
|
— |
|
80 |
|
Investments in subsidiaries |
5,523 |
|
885 |
|
— |
|
(6,408 |
) |
— |
|
Total assets |
$ |
12,595 |
|
6,177 |
|
2,492 |
|
(6,408 |
) |
14,856 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
403 |
|
1 |
|
17 |
|
— |
|
421 |
|
Accounts payable-trade |
494 |
|
201 |
|
313 |
|
— |
|
1,008 |
|
Accrued liabilities |
358 |
|
394 |
|
274 |
|
— |
|
1,026 |
|
Intercompany accounts (receivable) payable |
(95 |
) |
(1,015 |
) |
1,110 |
|
— |
|
— |
|
Total current liabilities |
1,160 |
|
(419 |
) |
1,714 |
|
— |
|
2,455 |
|
Long-term portion of debt and capital lease obligations |
4,540 |
|
6 |
|
153 |
|
— |
|
4,699 |
|
Deferred income taxes |
63 |
|
695 |
|
(58 |
) |
— |
|
700 |
|
Other long-term liabilities |
122 |
|
34 |
|
17 |
|
— |
|
173 |
|
Total liabilities |
5,885 |
|
316 |
|
1,826 |
|
— |
|
8,027 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
6,710 |
|
5,861 |
|
547 |
|
(6,408 |
) |
6,710 |
|
Noncontrolling interest |
— |
|
— |
|
119 |
|
— |
|
119 |
|
Total equity |
6,710 |
|
5,861 |
|
666 |
|
(6,408 |
) |
6,829 |
|
Total liabilities and equity |
$ |
12,595 |
|
6,177 |
|
2,492 |
|
(6,408 |
) |
14,856 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Prior 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 |
|
55 |
|
225 |
|
— |
|
282 |
|
Restricted cash |
5 |
|
— |
|
3 |
|
— |
|
8 |
|
Accounts receivable, net |
1,076 |
|
292 |
|
312 |
|
— |
|
1,680 |
|
Inventories |
758 |
|
185 |
|
261 |
|
— |
|
1,204 |
|
Prepaid expenses and other current assets |
28 |
|
20 |
|
23 |
|
— |
|
71 |
|
Total current assets |
1,869 |
|
552 |
|
824 |
|
— |
|
3,245 |
|
Property and equipment, net |
295 |
|
225 |
|
650 |
|
— |
|
1,170 |
|
Television distribution rights, net |
— |
|
78 |
|
— |
|
— |
|
78 |
|
Goodwill |
4,190 |
|
904 |
|
885 |
|
— |
|
5,979 |
|
Other intangible assets, net |
539 |
|
3,213 |
|
18 |
|
— |
|
3,770 |
|
Other noncurrent assets |
14 |
|
16 |
|
47 |
|
— |
|
77 |
|
Investments in subsidiaries |
5,233 |
|
1,626 |
|
— |
|
(6,859 |
) |
— |
|
Total assets |
$ |
12,140 |
|
6,614 |
|
2,424 |
|
(6,859 |
) |
14,319 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
3 |
|
— |
|
14 |
|
— |
|
17 |
|
Accounts payable-trade |
455 |
|
202 |
|
301 |
|
— |
|
958 |
|
Accrued liabilities |
366 |
|
412 |
|
279 |
|
— |
|
1,057 |
|
Intercompany accounts payable (receivable) |
453 |
|
(1,513 |
) |
1,060 |
|
— |
|
— |
|
Total current liabilities |
1,277 |
|
(899 |
) |
1,654 |
|
— |
|
2,032 |
|
Long-term portion of debt and capital lease obligations |
5,033 |
|
460 |
|
140 |
|
— |
|
5,633 |
|
Deferred income taxes |
52 |
|
725 |
|
(47 |
) |
— |
|
730 |
|
Other long-term liabilities |
92 |
|
11 |
|
25 |
|
— |
|
128 |
|
Total liabilities |
6,454 |
|
297 |
|
1,772 |
|
— |
|
8,523 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
5,686 |
|
6,317 |
|
542 |
|
(6,859 |
) |
5,686 |
|
Noncontrolling interest |
— |
|
— |
|
110 |
|
— |
|
110 |
|
Total equity |
5,686 |
|
6,317 |
|
652 |
|
(6,859 |
) |
5,796 |
|
Total liabilities and equity |
$ |
12,140 |
|
6,614 |
|
2,424 |
|
(6,859 |
) |
14,319 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Current Period |
Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2018 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
6,502 |
|
3,185 |
|
2,964 |
|
(1,369 |
) |
11,282 |
|
Operating costs and expenses: |
|
|
|
|
|
Cost of goods sold (exclusive of depreciation and amortization shown separately below) |
3,979 |
|
1,617 |
|
1,832 |
|
(180 |
) |
7,248 |
|
Operating |
442 |
|
533 |
|
288 |
|
(382 |
) |
881 |
|
Selling, general and administrative, including transaction related costs and stock-based compensation |
1,252 |
|
282 |
|
473 |
|
(807 |
) |
1,200 |
|
Depreciation |
65 |
|
37 |
|
72 |
|
— |
|
174 |
|
Amortization |
79 |
|
147 |
|
11 |
|
— |
|
237 |
|
Impairment loss |
— |
|
30 |
|
— |
|
— |
|
30 |
|
|
5,817 |
|
2,646 |
|
2,676 |
|
(1,369 |
) |
9,770 |
|
Operating income |
685 |
|
539 |
|
288 |
|
— |
|
1,512 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(3 |
) |
— |
|
(3 |
) |
Losses on financial instruments |
(1 |
) |
(1 |
) |
— |
|
— |
|
(2 |
) |
Interest expense, net |
(223 |
) |
(15 |
) |
(5 |
) |
— |
|
(243 |
) |
Foreign currency gain (loss) |
2 |
|
— |
|
(2 |
) |
— |
|
— |
|
Loss on extinguishment of debt |
— |
|
(2 |
) |
— |
|
— |
|
(2 |
) |
Intercompany interest (expense) income |
(34 |
) |
151 |
|
(117 |
) |
— |
|
— |
|
|
(256 |
) |
133 |
|
(127 |
) |
— |
|
(250 |
) |
Income before income taxes |
429 |
|
672 |
|
161 |
|
— |
|
1,262 |
|
Income tax expense |
(127 |
) |
(121 |
) |
(86 |
) |
— |
|
(334 |
) |
Equity in earnings of subsidiaries, net of tax |
626 |
|
50 |
|
— |
|
(676 |
) |
— |
|
Net income |
928 |
|
601 |
|
75 |
|
(676 |
) |
928 |
|
Less net income attributable to the noncontrolling interest |
(46 |
) |
— |
|
(46 |
) |
46 |
|
(46 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
882 |
|
601 |
|
29 |
|
(630 |
) |
882 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Prior 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 transaction related costs and stock-based compensation |
1,097 |
|
40 |
|
428 |
|
(821 |
) |
744 |
|
Depreciation |
67 |
|
7 |
|
81 |
|
— |
|
155 |
|
Amortization |
187 |
|
142 |
|
35 |
|
— |
|
364 |
|
|
5,661 |
|
611 |
|
2,565 |
|
(1,375 |
) |
7,462 |
|
Operating income |
637 |
|
389 |
|
283 |
|
— |
|
1,309 |
|
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 |
|
487 |
|
194 |
|
— |
|
1,086 |
|
Income tax (expense) benefit |
(129 |
) |
93 |
|
(103 |
) |
— |
|
(139 |
) |
Equity in earnings of subsidiaries, net of tax |
671 |
|
47 |
|
— |
|
(718 |
) |
— |
|
Net income |
947 |
|
627 |
|
91 |
|
(718 |
) |
947 |
|
Less net income attributable to the noncontrolling interest |
(46 |
) |
— |
|
(46 |
) |
46 |
|
(46 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
901 |
|
627 |
|
45 |
|
(672 |
) |
901 |
|
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 |
) |
Gains 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 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Current Period |
Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2018 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
928 |
|
601 |
|
75 |
|
(676 |
) |
928 |
|
Foreign currency translation adjustments, net of tax |
(48 |
) |
— |
|
(48 |
) |
48 |
|
(48 |
) |
Total comprehensive income |
880 |
|
601 |
|
27 |
|
(628 |
) |
880 |
|
Comprehensive income attributable to noncontrolling interest |
(49 |
) |
— |
|
(49 |
) |
49 |
|
(49 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
831 |
|
601 |
|
(22 |
) |
(579 |
) |
831 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Prior 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 |
$ |
947 |
|
627 |
|
91 |
|
(718 |
) |
947 |
|
Foreign currency translation adjustments, net of tax |
135 |
|
— |
|
135 |
|
(135 |
) |
135 |
|
Total comprehensive income |
1,082 |
|
627 |
|
226 |
|
(853 |
) |
1,082 |
|
Comprehensive income attributable to noncontrolling interest |
(50 |
) |
— |
|
(50 |
) |
50 |
|
(50 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
1,032 |
|
627 |
|
176 |
|
(803 |
) |
1,032 |
|
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, 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 |
$ |
461 |
|
592 |
|
103 |
|
— |
|
1,156 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(121 |
) |
(19 |
) |
(88 |
) |
— |
|
(228 |
) |
Expenditures for television distribution rights |
— |
|
(139 |
) |
(1 |
) |
— |
|
(140 |
) |
Changes in other noncurrent assets |
1 |
|
(4 |
) |
(13 |
) |
— |
|
(16 |
) |
Other investing activities |
— |
|
(29 |
) |
— |
|
— |
|
(29 |
) |
Intercompany investing activities |
433 |
|
(688 |
) |
— |
|
255 |
|
— |
|
Net cash provided by (used in) investing activities |
313 |
|
(879 |
) |
(102 |
) |
255 |
|
(413 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(2,680 |
) |
(851 |
) |
(10 |
) |
— |
|
(3,541 |
) |
Principal borrowings of debt from senior secured credit facility |
2,362 |
|
388 |
|
— |
|
— |
|
2,750 |
|
Proceeds from issuance of senior secured notes |
225 |
|
— |
|
— |
|
— |
|
225 |
|
Payment of debt origination fees |
(14 |
) |
— |
|
— |
|
— |
|
(14 |
) |
Capital contributions received from Qurate Retail, Inc. |
340 |
|
180 |
|
— |
|
— |
|
520 |
|
Dividends paid to Qurate Retail Inc. |
(367 |
) |
— |
|
— |
|
— |
|
(367 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(40 |
) |
— |
|
(40 |
) |
Other financing activities |
(10 |
) |
(8 |
) |
— |
|
— |
|
(18 |
) |
Net short-term intercompany debt (repayments) borrowings |
(548 |
) |
498 |
|
50 |
|
— |
|
— |
|
Other intercompany financing activities |
(11 |
) |
217 |
|
49 |
|
(255 |
) |
— |
|
Net cash (used in) provided by financing activities |
(703 |
) |
424 |
|
49 |
|
(255 |
) |
(485 |
) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
— |
|
— |
|
2 |
|
— |
|
2 |
|
Net increase in cash, cash equivalents and restricted cash |
71 |
|
137 |
|
52 |
|
— |
|
260 |
|
Cash, cash equivalents and restricted cash, beginning of period |
7 |
|
55 |
|
228 |
|
— |
|
290 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
78 |
|
192 |
|
280 |
|
— |
|
550 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Prior 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 |
) |
Changes in other noncurrent assets |
(1 |
) |
— |
|
— |
|
— |
|
(1 |
) |
Intercompany investing activities |
545 |
|
(1,507 |
) |
— |
|
962 |
|
— |
|
Common control transaction with Qurate Retail, Inc., net of cash received |
— |
|
22 |
|
— |
|
— |
|
22 |
|
Net cash provided by (used in) investing activities |
441 |
|
(1,539 |
) |
(45 |
) |
962 |
|
(181 |
) |
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 Qurate Retail, Inc. |
(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, cash equivalents and restricted cash |
— |
|
— |
|
13 |
|
— |
|
13 |
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
(3 |
) |
(42 |
) |
41 |
|
— |
|
(4 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
10 |
|
97 |
|
187 |
|
— |
|
294 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
7 |
|
55 |
|
228 |
|
— |
|
290 |
|
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 |
) |
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 |
297 |
|
91 |
|
(26 |
) |
(583 |
) |
(221 |
) |
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 Qurate Retail, Inc. |
(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, cash equivalents and restricted cash |
— |
|
— |
|
(20 |
) |
— |
|
(20 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
1 |
|
(15 |
) |
(30 |
) |
— |
|
(44 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
9 |
|
112 |
|
217 |
|
— |
|
338 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
10 |
|
97 |
|
187 |
|
— |
|
294 |
|
|