Information about QVC's Operating Segments (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Segment Reporting [Abstract] |
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| Schedule of Revenue and Adjusted OIBDA by Segment |
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Years ended December 31, |
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2022 |
2021 |
2020 |
| (in millions) |
Net
revenue |
Adjusted
OIBDA |
Net
revenue |
Adjusted
OIBDA |
Net
revenue |
Adjusted
OIBDA |
| QxH |
$ |
7,359 |
|
750 |
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8,277 |
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1,439 |
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8,505 |
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1,547 |
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| QVC-International |
2,528 |
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358 |
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3,077 |
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562 |
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2,967 |
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510 |
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| Consolidated QVC |
$ |
9,887 |
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1,108 |
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11,354 |
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2,001 |
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11,472 |
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2,057 |
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| Schedule of Depreciation and Amortization by Segment |
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Years ended December 31, |
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2022 |
2021 |
2020 |
| (in millions) |
Depreciation |
Amortization |
Depreciation |
Amortization |
Depreciation |
Amortization |
| QxH |
$ |
77 |
|
277 |
|
105 |
|
256 |
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116 |
|
270 |
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| QVC-International |
34 |
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13 |
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54 |
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14 |
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55 |
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12 |
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| Consolidated QVC |
$ |
111 |
|
290 |
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159 |
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270 |
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171 |
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282 |
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| Schedule of Capital Expenditures and Total Assets by Segment |
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Years ended December 31, |
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2022 |
2021 |
| (in millions) |
Total
assets |
Capital
expenditures |
Total
assets |
Capital
expenditures |
| QxH |
$ |
10,471 |
|
178 |
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13,927 |
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169 |
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| QVC-International |
1,933 |
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38 |
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2,214 |
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41 |
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| Consolidated QVC |
$ |
12,404 |
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216 |
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16,141 |
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210 |
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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) |
2022 |
2021 |
| QxH |
$ |
280 |
|
575 |
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| QVC-International |
192 |
|
344 |
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| Consolidated QVC |
$ |
472 |
|
919 |
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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) |
2022 |
2021 |
2020 |
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| Adjusted OIBDA |
$ |
1,108 |
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2,001 |
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2,057 |
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Gains on sale leaseback transactions |
520 |
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— |
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— |
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Restructuring and fire related costs, net of (recoveries) (including Rocky Mount inventory losses) |
10 |
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(21) |
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— |
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| Impairment losses |
(2,600) |
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— |
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— |
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| Stock-based compensation |
(36) |
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(44) |
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(37) |
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| Depreciation and amortization |
(401) |
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(429) |
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(453) |
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| Operating (loss) income |
(1,399) |
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1,507 |
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1,567 |
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| Equity in losses of investee |
— |
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(2) |
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(30) |
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| (Losses) gains on financial instruments |
(9) |
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8 |
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3 |
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| Interest expense, net |
(228) |
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(249) |
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(257) |
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| Foreign currency gain (loss) |
32 |
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(9) |
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6 |
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| Loss on extinguishment of debt |
(6) |
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(7) |
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(42) |
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| Other Income |
20 |
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11 |
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— |
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| (Loss) income before income taxes |
$ |
(1,590) |
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1,259 |
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1,247 |
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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) |
2022 |
2021 |
2020 |
| United States |
$ |
7,359 |
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8,277 |
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8,505 |
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| Japan |
1,017 |
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1,167 |
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1,132 |
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| Germany |
813 |
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1,027 |
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978 |
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| United Kingdom |
565 |
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722 |
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696 |
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| Other countries |
133 |
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161 |
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161 |
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| Consolidated QVC |
$ |
9,887 |
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11,354 |
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11,472 |
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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) |
2022 |
2021 |
| United States |
$ |
280 |
|
575 |
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| Japan |
104 |
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123 |
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| Germany |
36 |
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121 |
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| United Kingdom |
25 |
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71 |
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| Other countries |
27 |
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29 |
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| Consolidated QVC |
$ |
472 |
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919 |
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