Guarantor/Non-Guarantor Subsidiary Financial Information (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Guarantor Non-guarantor Subsidiary Financial Information [Abstract] |
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Current Period |
Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016 |
|
(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 |
|
97 |
|
185 |
|
— |
|
284 |
|
Restricted cash |
8 |
|
— |
|
2 |
|
— |
|
10 |
|
Accounts receivable, net |
958 |
|
— |
|
288 |
|
— |
|
1,246 |
|
Inventories |
726 |
|
— |
|
224 |
|
— |
|
950 |
|
Prepaid expenses and other current assets |
22 |
|
— |
|
24 |
|
— |
|
46 |
|
Total current assets |
1,716 |
|
97 |
|
723 |
|
— |
|
2,536 |
|
Property and equipment, net |
317 |
|
63 |
|
651 |
|
— |
|
1,031 |
|
Cable and satellite television distribution rights, net |
— |
|
167 |
|
16 |
|
— |
|
183 |
|
Goodwill |
4,190 |
|
— |
|
805 |
|
— |
|
4,995 |
|
Other intangible assets, net |
666 |
|
2,049 |
|
23 |
|
— |
|
2,738 |
|
Other noncurrent assets |
15 |
|
— |
|
47 |
|
— |
|
62 |
|
Investments in subsidiaries |
3,389 |
|
1,030 |
|
— |
|
(4,419 |
) |
— |
|
Total assets |
$ |
10,293 |
|
3,406 |
|
2,265 |
|
(4,419 |
) |
11,545 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
3 |
|
— |
|
11 |
|
— |
|
14 |
|
Accounts payable-trade |
425 |
|
— |
|
253 |
|
— |
|
678 |
|
Accrued liabilities |
74 |
|
234 |
|
461 |
|
— |
|
769 |
|
Intercompany accounts payable (receivable) |
623 |
|
(246 |
) |
(377 |
) |
— |
|
— |
|
Total current liabilities |
1,125 |
|
(12 |
) |
348 |
|
— |
|
1,461 |
|
Long-term portion of debt and capital lease obligations |
5,132 |
|
— |
|
143 |
|
— |
|
5,275 |
|
Deferred income taxes |
145 |
|
707 |
|
(74 |
) |
— |
|
778 |
|
Other long-term liabilities |
96 |
|
— |
|
40 |
|
— |
|
136 |
|
Total liabilities |
6,498 |
|
695 |
|
457 |
|
— |
|
7,650 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
3,795 |
|
2,711 |
|
1,708 |
|
(4,419 |
) |
3,795 |
|
Noncontrolling interest |
— |
|
— |
|
100 |
|
— |
|
100 |
|
Total equity |
3,795 |
|
2,711 |
|
1,808 |
|
(4,419 |
) |
3,895 |
|
Total liabilities and equity |
$ |
10,293 |
|
3,406 |
|
2,265 |
|
(4,419 |
) |
11,545 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Prior Period |
Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
(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 |
$ |
— |
|
112 |
|
215 |
|
— |
|
327 |
|
Restricted cash |
9 |
|
— |
|
2 |
|
— |
|
11 |
|
Accounts receivable, net |
1,114 |
|
— |
|
256 |
|
— |
|
1,370 |
|
Inventories |
714 |
|
— |
|
215 |
|
— |
|
929 |
|
Prepaid expenses and other current assets |
18 |
|
— |
|
24 |
|
— |
|
42 |
|
Total current assets |
1,855 |
|
112 |
|
712 |
|
— |
|
2,679 |
|
Property and equipment, net |
295 |
|
67 |
|
640 |
|
— |
|
1,002 |
|
Cable and satellite television distribution rights, net |
— |
|
297 |
|
42 |
|
— |
|
339 |
|
Goodwill |
4,190 |
|
— |
|
845 |
|
— |
|
5,035 |
|
Other intangible assets, net |
842 |
|
2,050 |
|
44 |
|
— |
|
2,936 |
|
Other noncurrent assets |
5 |
|
— |
|
62 |
|
— |
|
67 |
|
Investments in subsidiaries |
3,569 |
|
2,687 |
|
— |
|
(6,256 |
) |
— |
|
Total assets |
$ |
10,756 |
|
5,213 |
|
2,345 |
|
(6,256 |
) |
12,058 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
3 |
|
— |
|
6 |
|
— |
|
9 |
|
Accounts payable-trade |
396 |
|
— |
|
262 |
|
— |
|
658 |
|
Accrued liabilities |
229 |
|
207 |
|
436 |
|
— |
|
872 |
|
Intercompany accounts payable (receivable) |
562 |
|
1,271 |
|
(1,833 |
) |
— |
|
— |
|
Total current liabilities |
1,190 |
|
1,478 |
|
(1,129 |
) |
— |
|
1,539 |
|
Long-term portion of debt and capital lease obligations |
5,342 |
|
— |
|
51 |
|
— |
|
5,393 |
|
Deferred income taxes |
94 |
|
744 |
|
(11 |
) |
— |
|
827 |
|
Other long-term liabilities |
112 |
|
— |
|
69 |
|
— |
|
181 |
|
Total liabilities |
6,738 |
|
2,222 |
|
(1,020 |
) |
— |
|
7,940 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
4,018 |
|
2,991 |
|
3,265 |
|
(6,256 |
) |
4,018 |
|
Noncontrolling interest |
— |
|
— |
|
100 |
|
— |
|
100 |
|
Total equity |
4,018 |
|
2,991 |
|
3,365 |
|
(6,256 |
) |
4,118 |
|
Total liabilities and equity |
$ |
10,756 |
|
5,213 |
|
2,345 |
|
(6,256 |
) |
12,058 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Current Period |
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 |
|
Cost of goods sold |
3,855 |
|
169 |
|
1,726 |
|
(210 |
) |
5,540 |
|
Gross profit |
2,324 |
|
832 |
|
1,061 |
|
(1,075 |
) |
3,142 |
|
Operating expenses: |
|
|
|
|
|
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 |
|
|
1,832 |
|
434 |
|
748 |
|
(1,075 |
) |
1,939 |
|
Operating income |
492 |
|
398 |
|
313 |
|
— |
|
1,203 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(6 |
) |
— |
|
(6 |
) |
Gain on financial instruments |
2 |
|
— |
|
— |
|
— |
|
2 |
|
Interest expense, net |
(211 |
) |
— |
|
1 |
|
— |
|
(210 |
) |
Foreign currency gain (loss) |
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, Statements of Operations, Prior Period |
Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2015 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
6,416 |
|
962 |
|
2,717 |
|
(1,352 |
) |
8,743 |
|
Cost of goods sold |
4,018 |
|
109 |
|
1,624 |
|
(223 |
) |
5,528 |
|
Gross profit |
2,398 |
|
853 |
|
1,093 |
|
(1,129 |
) |
3,215 |
|
Operating expenses: |
|
|
|
|
|
Operating |
338 |
|
265 |
|
293 |
|
(289 |
) |
607 |
|
Selling, general and administrative, including stock-based compensation |
1,180 |
|
1 |
|
404 |
|
(840 |
) |
745 |
|
Depreciation |
43 |
|
8 |
|
83 |
|
— |
|
134 |
|
Amortization |
233 |
|
163 |
|
58 |
|
— |
|
454 |
|
|
1,794 |
|
437 |
|
838 |
|
(1,129 |
) |
1,940 |
|
Operating income |
604 |
|
416 |
|
255 |
|
— |
|
1,275 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(9 |
) |
— |
|
(9 |
) |
Interest expense, net |
(205 |
) |
— |
|
(3 |
) |
— |
|
(208 |
) |
Foreign currency gain (loss) |
15 |
|
(1 |
) |
— |
|
— |
|
14 |
|
Loss on extinguishment of debt |
(21 |
) |
— |
|
— |
|
— |
|
(21 |
) |
Intercompany interest (expense) income |
(7 |
) |
(51 |
) |
58 |
|
— |
|
— |
|
|
(218 |
) |
(52 |
) |
46 |
|
— |
|
(224 |
) |
Income before income taxes |
386 |
|
364 |
|
301 |
|
— |
|
1,051 |
|
Income tax expense |
(136 |
) |
(153 |
) |
(100 |
) |
— |
|
(389 |
) |
Equity in earnings of subsidiaries, net of tax |
412 |
|
262 |
|
— |
|
(674 |
) |
— |
|
Net income |
662 |
|
473 |
|
201 |
|
(674 |
) |
662 |
|
Less net income attributable to the noncontrolling interest |
(34 |
) |
— |
|
(34 |
) |
34 |
|
(34 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
628 |
|
473 |
|
167 |
|
(640 |
) |
628 |
|
Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2014 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
6,198 |
|
920 |
|
2,992 |
|
(1,309 |
) |
8,801 |
|
Cost of goods sold |
3,907 |
|
108 |
|
1,807 |
|
(275 |
) |
5,547 |
|
Gross profit |
2,291 |
|
812 |
|
1,185 |
|
(1,034 |
) |
3,254 |
|
Operating expenses: |
|
|
|
|
|
Operating |
288 |
|
269 |
|
296 |
|
(235 |
) |
618 |
|
Selling, general and administrative, including stock-based compensation |
1,142 |
|
1 |
|
426 |
|
(799 |
) |
770 |
|
Depreciation |
39 |
|
5 |
|
91 |
|
— |
|
135 |
|
Amortization |
223 |
|
153 |
|
76 |
|
— |
|
452 |
|
|
1,692 |
|
428 |
|
889 |
|
(1,034 |
) |
1,975 |
|
Operating income |
599 |
|
384 |
|
296 |
|
— |
|
1,279 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(8 |
) |
— |
|
(8 |
) |
Interest expense, net |
(230 |
) |
— |
|
(9 |
) |
— |
|
(239 |
) |
Foreign currency gain (loss) |
16 |
|
(3 |
) |
(10 |
) |
— |
|
3 |
|
Loss on extinguishment of debt |
(48 |
) |
— |
|
— |
|
— |
|
(48 |
) |
Intercompany interest and other (expense) income |
(22 |
) |
51 |
|
(9 |
) |
(20 |
) |
— |
|
|
(284 |
) |
48 |
|
(36 |
) |
(20 |
) |
(292 |
) |
Income before income taxes |
315 |
|
432 |
|
260 |
|
(20 |
) |
987 |
|
Income tax expense |
(73 |
) |
(135 |
) |
(146 |
) |
— |
|
(354 |
) |
Equity in earnings of subsidiaries, net of tax |
391 |
|
25 |
|
— |
|
(416 |
) |
— |
|
Net income |
633 |
|
322 |
|
114 |
|
(436 |
) |
633 |
|
Less net income attributable to the noncontrolling interest |
(39 |
) |
— |
|
(39 |
) |
39 |
|
(39 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
594 |
|
322 |
|
75 |
|
(397 |
) |
594 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Current Period |
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 |
(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, Comprehensive Income (Loss), Prior Period |
Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2014 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
633 |
|
322 |
|
114 |
|
(436 |
) |
633 |
|
Foreign currency translation adjustments |
(191 |
) |
— |
|
(191 |
) |
191 |
|
(191 |
) |
Total comprehensive income (loss) |
442 |
|
322 |
|
(77 |
) |
(245 |
) |
442 |
|
Comprehensive income attributable to noncontrolling interest |
(26 |
) |
— |
|
(26 |
) |
26 |
|
(26 |
) |
Comprehensive income (loss) attributable to QVC, Inc. stockholder |
$ |
416 |
|
322 |
|
(103 |
) |
(219 |
) |
416 |
|
Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2015 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
662 |
|
473 |
|
201 |
|
(674 |
) |
662 |
|
Foreign currency translation adjustments |
(102 |
) |
— |
|
(102 |
) |
102 |
|
(102 |
) |
Total comprehensive income |
560 |
|
473 |
|
99 |
|
(572 |
) |
560 |
|
Comprehensive income attributable to noncontrolling interest |
(33 |
) |
— |
|
(33 |
) |
33 |
|
(33 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
527 |
|
473 |
|
66 |
|
(539 |
) |
527 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Current Period |
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 cable and satellite television distribution rights |
— |
|
(38 |
) |
— |
|
— |
|
(38 |
) |
Decrease in restricted cash |
1 |
|
— |
|
— |
|
— |
|
1 |
|
Changes in other noncurrent assets |
(2 |
) |
— |
|
1 |
|
— |
|
(1 |
) |
Other investing activities |
(12 |
) |
— |
|
9 |
|
— |
|
(3 |
) |
Intercompany investing activities |
452 |
|
131 |
|
— |
|
(583 |
) |
— |
|
Net cash provided by (used in) investing activities |
298 |
|
91 |
|
(26 |
) |
(583 |
) |
(220 |
) |
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 Liberty |
(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 and cash equivalents |
— |
|
— |
|
(20 |
) |
— |
|
(20 |
) |
Net increase (decrease) in cash and cash equivalents |
2 |
|
(15 |
) |
(30 |
) |
— |
|
(43 |
) |
Cash and cash equivalents, beginning of period |
— |
|
112 |
|
215 |
|
— |
|
327 |
|
Cash and cash equivalents, end of period |
$ |
2 |
|
97 |
|
185 |
|
— |
|
284 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Prior Period |
Consolidating Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2015 |
|
(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 |
$ |
274 |
|
314 |
|
440 |
|
— |
|
1,028 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(154 |
) |
(9 |
) |
(52 |
) |
— |
|
(215 |
) |
Expenditures for cable and satellite television distribution rights |
— |
|
(68 |
) |
(4 |
) |
— |
|
(72 |
) |
Decrease (increase) in restricted cash |
1 |
|
— |
|
(1 |
) |
— |
|
— |
|
Other investing activities |
2 |
|
— |
|
— |
|
— |
|
2 |
|
Changes in other noncurrent assets |
12 |
|
— |
|
(12 |
) |
— |
|
— |
|
Intercompany investing activities |
525 |
|
413 |
|
— |
|
(938 |
) |
— |
|
Net cash provided by (used in) investing activities |
386 |
|
336 |
|
(69 |
) |
(938 |
) |
(285 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(2,170 |
) |
— |
|
(7 |
) |
— |
|
(2,177 |
) |
Principal borrowings of debt from senior secured credit facility |
2,974 |
|
— |
|
— |
|
— |
|
2,974 |
|
Payment of debt origination fees |
(3 |
) |
— |
|
— |
|
— |
|
(3 |
) |
Payment of bond premium fees |
(18 |
) |
— |
|
— |
|
— |
|
(18 |
) |
Dividends paid to Liberty |
(1,485 |
) |
— |
|
— |
|
— |
|
(1,485 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(36 |
) |
— |
|
(36 |
) |
Other financing activities |
(15 |
) |
— |
|
— |
|
— |
|
(15 |
) |
Net short-term intercompany debt (repayments) borrowings |
(822 |
) |
2,192 |
|
(1,370 |
) |
— |
|
— |
|
Other intercompany financing activities |
877 |
|
(2,853 |
) |
1,038 |
|
938 |
|
— |
|
Net cash used in financing activities |
(662 |
) |
(661 |
) |
(375 |
) |
938 |
|
(760 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
— |
|
— |
|
(3 |
) |
— |
|
(3 |
) |
Net decrease in cash and cash equivalents |
(2 |
) |
(11 |
) |
(7 |
) |
— |
|
(20 |
) |
Cash and cash equivalents, beginning of period |
2 |
|
123 |
|
222 |
|
— |
|
347 |
|
Cash and cash equivalents, end of period |
$ |
— |
|
112 |
|
215 |
|
— |
|
327 |
|
Consolidating Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, 2014 |
|
(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 |
$ |
359 |
|
459 |
|
411 |
|
— |
|
1,229 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(161 |
) |
(7 |
) |
5 |
|
(20 |
) |
(183 |
) |
Expenditures for cable and satellite television distribution rights |
— |
|
(31 |
) |
— |
|
— |
|
(31 |
) |
Decrease in restricted cash |
1 |
|
— |
|
1 |
|
— |
|
2 |
|
Other investing activities |
1 |
|
— |
|
— |
|
— |
|
1 |
|
Intercompany investing activities |
607 |
|
267 |
|
— |
|
(874 |
) |
— |
|
Net cash provided by (used in) investing activities |
448 |
|
229 |
|
6 |
|
(894 |
) |
(211 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(3,039 |
) |
— |
|
(10 |
) |
— |
|
(3,049 |
) |
Principal borrowings of debt from senior secured credit facility |
1,852 |
|
— |
|
— |
|
— |
|
1,852 |
|
Proceeds from issuance of senior secured notes, net of original issue discount |
1,997 |
|
— |
|
— |
|
— |
|
1,997 |
|
Payment of debt origination fees |
(24 |
) |
— |
|
— |
|
— |
|
(24 |
) |
Payment of bond premium fees |
(32 |
) |
— |
|
— |
|
— |
|
(32 |
) |
Dividends paid to Liberty |
(1,765 |
) |
— |
|
— |
|
— |
|
(1,765 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(42 |
) |
— |
|
(42 |
) |
Other financing activities |
(19 |
) |
— |
|
— |
|
— |
|
(19 |
) |
Net short-term intercompany debt borrowings (repayments) |
365 |
|
(42 |
) |
(323 |
) |
— |
|
— |
|
Other intercompany financing activities |
(218 |
) |
(656 |
) |
(20 |
) |
894 |
|
— |
|
Net cash used in financing activities |
(883 |
) |
(698 |
) |
(395 |
) |
894 |
|
(1,082 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
— |
|
— |
|
(46 |
) |
— |
|
(46 |
) |
Net decrease in cash and cash equivalents |
(76 |
) |
(10 |
) |
(24 |
) |
— |
|
(110 |
) |
Cash and cash equivalents, beginning of period |
78 |
|
133 |
|
246 |
|
— |
|
457 |
|
Cash and cash equivalents, end of period |
$ |
2 |
|
123 |
|
222 |
|
— |
|
347 |
|
|