Qurate Retail, Inc. Annual report pursuant to Section 13 and 15(d)

Leases, Codification Topic 842 (Tables)

Leases, Codification Topic 842 (Tables)

12 Months Ended

Dec. 31, 2023

The components of lease cost for the years ended December 31, 2023, 2022 and 2021, were as follows:


			Year ended December 31,
(in millions)	2023		2022	2021
Finance lease cost
Depreciation of leased assets	$	2	5	19
Interest on lease liabilities	—		3	8
Total finance lease cost	2		8	27
Operating lease cost (1)	121		73	42
Total lease cost	$	123	81	69

(1) Included within operating lease costs were short-term lease costs and variable lease costs, which were not material to the financial statements.

Weighted average lease term and discount rate [Table Text Block]

The remaining weighted-average lease term and the weighted-average discount rate were as follows:


	December 31, 2023
Weighted-average remaining lease term (years):
Finance leases	1.4
Operating leases	13.5
Weighted-average discount rate:
Finance leases	2.3	%
Operating leases	14.1	%

Leases, Supplemental Balance Sheet Information [Table Text Block]

Supplemental balance sheet information related to leases was as follows:


	December 31,
(in millions)	2023		2022
Operating Leases:
Operating lease right-of-use assets	$	510	419
Accrued liabilities	$	27	35
Other long-term liabilities	488		377
Total operating lease liabilities	$	515	412
Finance Leases:
Property and equipment	$	10	17
Accumulated depreciation	(8)		(13)
Property and equipment, net	$	2	4
Current portion of debt and finance lease obligations	$	1	2
Long-term portion of debt and finance lease obligations	1		2
Total finance lease liabilities	$	2	4

Leases, Supplemental Cash Flow Information [Table Text Block]

Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 was as follows:


	Year ended December 31,
(in millions)	2023		2022	2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	90	57	38
Operating cash flows for finance leases	—		3	8
Financing cash flows for finance leases	2		6	18
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	133		256	11
Finance leases	$	—	—	11

Future minimum lease payments

Future payments under noncancelable operating leases and finance leases with initial terms of one year or more as of December 31, 2023 consisted of the following:


(in millions)	Finance leases		Operating leases	Total leases
2024	$	1	87	88
2025	1		84	85
2026	—		83	83
2027	—		83	83
2028	—		84	84
Thereafter	—		790	790
Total lease payments	2		1,211	1,213
Less: imputed interest	—		(696)	(696)
Total lease liabilities	$	2	515	517