Information about QVC's Operating Segments (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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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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2023 |
2022 |
2021 |
| (in millions) |
Net
revenue |
Adjusted
OIBDA |
Net
revenue |
Adjusted
OIBDA |
Net
revenue |
Adjusted
OIBDA |
| QxH |
$ |
6,995 |
|
746 |
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7,359 |
|
750 |
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8,277 |
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1,439 |
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| QVC-International |
2,454 |
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325 |
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2,528 |
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358 |
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3,077 |
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562 |
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| Consolidated QVC |
$ |
9,449 |
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1,071 |
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9,887 |
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1,108 |
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11,354 |
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2,001 |
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| Schedule of Depreciation and Amortization by Segment |
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Years ended December 31, |
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2023 |
2022 |
2021 |
| (in millions) |
Depreciation |
Amortization |
Depreciation |
Amortization |
Depreciation |
Amortization |
| QxH |
$ |
59 |
|
265 |
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77 |
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277 |
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105 |
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256 |
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| QVC-International |
31 |
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17 |
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34 |
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13 |
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54 |
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14 |
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| Consolidated QVC |
$ |
90 |
|
282 |
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111 |
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290 |
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159 |
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270 |
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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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2023 |
2022 |
| (in millions) |
Total
assets |
Capital
expenditures |
Total
assets |
Capital
expenditures |
| QxH |
$ |
9,828 |
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128 |
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10,471 |
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178 |
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| QVC-International |
1,892 |
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54 |
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1,933 |
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38 |
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| Consolidated QVC |
$ |
11,720 |
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182 |
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12,404 |
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216 |
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| Property and equipment, net by Segment |
Property and equipment, net of accumulated depreciation, by segment was as follows:
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December 31, |
| (in millions) |
2023 |
2022 |
| QxH |
$ |
263 |
|
280 |
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| QVC-International |
164 |
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192 |
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| Consolidated QVC |
$ |
427 |
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472 |
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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) |
2023 |
2022 |
2021 |
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| Adjusted OIBDA |
$ |
1,071 |
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1,108 |
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2,001 |
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Gains on sale of assets and sale leaseback transactions |
113 |
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520 |
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— |
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Restructuring, penalties and fire related costs, net of (recoveries) (including Rocky Mount inventory losses) |
196 |
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10 |
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(21) |
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| Impairment losses |
(326) |
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(2,600) |
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— |
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| Stock-based compensation |
(37) |
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(36) |
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(44) |
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| Depreciation and amortization |
(372) |
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(401) |
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(429) |
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| Operating income (loss) |
645 |
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(1,399) |
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1,507 |
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| Equity in losses of investee |
— |
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— |
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(2) |
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| (Losses) gains on financial instruments |
(1) |
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(9) |
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8 |
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| Interest expense, net |
(228) |
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(228) |
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(249) |
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| Foreign currency (loss) gain |
(10) |
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32 |
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(9) |
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| Gain (loss) on extinguishment of debt |
10 |
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(6) |
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(7) |
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| Other income |
— |
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20 |
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11 |
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| Income (loss) before income taxes |
$ |
416 |
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(1,590) |
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1,259 |
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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) |
2023 |
2022 |
2021 |
| United States |
$ |
6,995 |
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7,359 |
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8,277 |
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| Japan |
945 |
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1,017 |
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1,167 |
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| Germany |
788 |
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813 |
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1,027 |
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| United Kingdom |
594 |
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565 |
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722 |
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| Other countries |
127 |
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133 |
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161 |
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| Consolidated QVC |
$ |
9,449 |
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9,887 |
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11,354 |
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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) |
2023 |
2022 |
| United States |
$ |
263 |
|
280 |
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| Japan |
91 |
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104 |
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| Germany |
19 |
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36 |
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| United Kingdom |
26 |
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25 |
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| Other countries |
28 |
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27 |
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| Consolidated QVC |
$ |
427 |
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472 |
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