QVC Group, Inc. Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2011

The Company's financial instruments are summarized as follows:



Type of financial instrument	September 30, 2011				December 31, 2010
	amounts in millions
Liabilities
Borrowed shares(1)	$	1,076			1,219
Other	9				11
	1,085				1,230
Less current portion	(1,085		)	—	(1,222	)
	$	—			8

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(1)	The market values of borrowed shares are as follows:

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(a)	In January 2011, the Company unwound a portion of the borrowed share position with respect to approximately 25 million Sprint shares and 2 million CenturyLink shares through the delivery of such shares to the counterparty. The asset associated with these AFS securities ($115 million and $74 million, respectively) was retired as well as the liability ($115 million and $74 million, respectively).


(b)	As discussed in note 6, Motorola Inc. separated into two companies effective January 4, 2011 through a stock distribution and reverse stock split.

Realized and Unrealized Gains (Losses) on Financial Instruments

Realized and unrealized gains (losses) on financial instruments are comprised of changes in the fair value of the following:



	Three months ended September 30,					Nine months ended September 30,
	2011			2010		2011		2010
	amounts in millions
Non-strategic Securities(1)	$	(337	)	392		48		422
Borrowed shares(1)	72			(244	)	(46	)	(183	)
Net change from Non-strategic securities(1)	(265		)	148		2		239
Exchangeable senior debentures	—			(76	)	(85	)	(82	)
Equity collars	—			—		—		(2	)
Other	8			(2	)	2		(31	)
	$	(257	)	70		(81	)	124

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(1)	As described above, gains and (losses) on borrowed shares completely offset the gains and (losses) on the same Non-strategic Securities owned by the Company.