Guarantor/Non-Guarantor Subsidiary Financial Information (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
|---|
| Guarantor Non-guarantor Subsidiary Financial Information [Abstract] |
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Current Period |
Condensed Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 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 |
$ |
2 |
|
135 |
|
226 |
|
— |
|
363 |
|
Restricted cash |
9 |
|
— |
|
3 |
|
— |
|
12 |
|
Accounts receivable, net |
660 |
|
— |
|
214 |
|
— |
|
874 |
|
Inventories |
899 |
|
— |
|
267 |
|
— |
|
1,166 |
|
Deferred income taxes |
175 |
|
26 |
|
11 |
|
— |
|
212 |
|
Prepaid expenses |
24 |
|
— |
|
29 |
|
— |
|
53 |
|
Total current assets |
1,769 |
|
161 |
|
750 |
|
— |
|
2,680 |
|
Property and equipment, net |
277 |
|
67 |
|
653 |
|
— |
|
997 |
|
Cable and satellite television distribution rights, net |
— |
|
315 |
|
49 |
|
— |
|
364 |
|
Goodwill |
4,191 |
|
— |
|
860 |
|
— |
|
5,051 |
|
Other intangible assets, net |
899 |
|
2,050 |
|
48 |
|
— |
|
2,997 |
|
Other noncurrent assets |
6 |
|
— |
|
52 |
|
— |
|
58 |
|
Investments in subsidiaries |
3,662 |
|
2,679 |
|
— |
|
(6,341 |
) |
— |
|
Total assets |
$ |
10,804 |
|
5,272 |
|
2,412 |
|
(6,341 |
) |
12,147 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
3 |
|
— |
|
6 |
|
— |
|
9 |
|
Accounts payable-trade |
493 |
|
— |
|
229 |
|
— |
|
722 |
|
Accrued liabilities |
136 |
|
160 |
|
418 |
|
— |
|
714 |
|
Intercompany accounts payable (receivable) |
500 |
|
1,303 |
|
(1,803 |
) |
— |
|
— |
|
Total current liabilities |
1,132 |
|
1,463 |
|
(1,150 |
) |
— |
|
1,445 |
|
Long-term portion of debt and capital lease obligations |
4,480 |
|
— |
|
54 |
|
— |
|
4,534 |
|
Deferred compensation |
14 |
|
— |
|
— |
|
— |
|
14 |
|
Deferred income taxes |
237 |
|
780 |
|
16 |
|
— |
|
1,033 |
|
Other long-term liabilities |
111 |
|
— |
|
72 |
|
— |
|
183 |
|
Total liabilities |
5,974 |
|
2,243 |
|
(1,008 |
) |
— |
|
7,209 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
4,830 |
|
3,029 |
|
3,312 |
|
(6,341 |
) |
4,830 |
|
Noncontrolling interest |
— |
|
— |
|
108 |
|
— |
|
108 |
|
Total equity |
4,830 |
|
3,029 |
|
3,420 |
|
(6,341 |
) |
4,938 |
|
Total liabilities and equity |
$ |
10,804 |
|
5,272 |
|
2,412 |
|
(6,341 |
) |
12,147 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Prior Period |
Condensed Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014 |
|
(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 |
|
123 |
|
222 |
|
— |
|
347 |
|
Restricted cash |
10 |
|
— |
|
2 |
|
— |
|
12 |
|
Accounts receivable, net |
909 |
|
— |
|
287 |
|
— |
|
1,196 |
|
Inventories |
680 |
|
— |
|
202 |
|
— |
|
882 |
|
Deferred income taxes |
192 |
|
— |
|
18 |
|
— |
|
210 |
|
Prepaid expenses |
25 |
|
— |
|
25 |
|
— |
|
50 |
|
Total current assets |
1,818 |
|
123 |
|
756 |
|
— |
|
2,697 |
|
Property and equipment, net |
273 |
|
68 |
|
685 |
|
— |
|
1,026 |
|
Cable and satellite television distribution rights, net |
— |
|
388 |
|
73 |
|
— |
|
461 |
|
Goodwill |
4,184 |
|
— |
|
907 |
|
— |
|
5,091 |
|
Other intangible assets, net |
1,023 |
|
2,051 |
|
69 |
|
— |
|
3,143 |
|
Other noncurrent assets |
1 |
|
— |
|
57 |
|
— |
|
58 |
|
Investments in subsidiaries |
4,681 |
|
1,386 |
|
— |
|
(6,067 |
) |
— |
|
Total assets |
$ |
11,980 |
|
4,016 |
|
2,547 |
|
(6,067 |
) |
12,476 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
2 |
|
— |
|
7 |
|
— |
|
9 |
|
Accounts payable-trade |
420 |
|
— |
|
209 |
|
— |
|
629 |
|
Accrued liabilities |
282 |
|
143 |
|
460 |
|
— |
|
885 |
|
Intercompany accounts payable (receivable) |
1,384 |
|
(921 |
) |
(463 |
) |
— |
|
— |
|
Total current liabilities |
2,088 |
|
(778 |
) |
213 |
|
— |
|
1,523 |
|
Long-term portion of debt and capital lease obligations |
4,565 |
|
— |
|
55 |
|
— |
|
4,620 |
|
Deferred compensation |
16 |
|
— |
|
1 |
|
— |
|
17 |
|
Deferred income taxes |
269 |
|
877 |
|
(25 |
) |
— |
|
1,121 |
|
Other long-term liabilities |
99 |
|
— |
|
50 |
|
— |
|
149 |
|
Total liabilities |
7,037 |
|
99 |
|
294 |
|
— |
|
7,430 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
4,943 |
|
3,917 |
|
2,150 |
|
(6,067 |
) |
4,943 |
|
Noncontrolling interest |
— |
|
— |
|
103 |
|
— |
|
103 |
|
Total equity |
4,943 |
|
3,917 |
|
2,253 |
|
(6,067 |
) |
5,046 |
|
Total liabilities and equity |
$ |
11,980 |
|
4,016 |
|
2,547 |
|
(6,067 |
) |
12,476 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Current Period |
Condensed Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2015 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
1,458 |
|
223 |
|
641 |
|
(315 |
) |
2,007 |
|
Cost of goods sold |
905 |
|
27 |
|
385 |
|
(51 |
) |
1,266 |
|
Gross profit |
553 |
|
196 |
|
256 |
|
(264 |
) |
741 |
|
Operating expenses: |
|
|
|
|
|
Operating |
95 |
|
63 |
|
88 |
|
(72 |
) |
174 |
|
Selling, general and administrative, including stock-based compensation |
255 |
|
— |
|
83 |
|
(192 |
) |
146 |
|
Depreciation |
11 |
|
2 |
|
20 |
|
— |
|
33 |
|
Amortization |
56 |
|
40 |
|
12 |
|
— |
|
108 |
|
|
417 |
|
105 |
|
203 |
|
(264 |
) |
461 |
|
Operating income |
136 |
|
91 |
|
53 |
|
— |
|
280 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(3 |
) |
— |
|
(3 |
) |
Interest expense, net |
(50 |
) |
— |
|
1 |
|
— |
|
(49 |
) |
Foreign currency gain |
2 |
|
7 |
|
3 |
|
— |
|
12 |
|
Intercompany interest (expense) income |
(1 |
) |
(21 |
) |
22 |
|
— |
|
— |
|
|
(49 |
) |
(14 |
) |
23 |
|
— |
|
(40 |
) |
Income before income taxes |
87 |
|
77 |
|
76 |
|
— |
|
240 |
|
Income tax expense |
(23 |
) |
(25 |
) |
(38 |
) |
— |
|
(86 |
) |
Equity in earnings of subsidiaries, net of tax |
90 |
|
37 |
|
— |
|
(127 |
) |
— |
|
Net income |
154 |
|
89 |
|
38 |
|
(127 |
) |
154 |
|
Less net income attributable to the noncontrolling interest |
(8 |
) |
— |
|
(8 |
) |
8 |
|
(8 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
146 |
|
89 |
|
30 |
|
(119 |
) |
146 |
|
Condensed Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2015 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
4,282 |
|
645 |
|
1,938 |
|
(922 |
) |
5,943 |
|
Cost of goods sold |
2,632 |
|
75 |
|
1,153 |
|
(139 |
) |
3,721 |
|
Gross profit |
1,650 |
|
570 |
|
785 |
|
(783 |
) |
2,222 |
|
Operating expenses: |
|
|
|
|
|
Operating |
294 |
|
181 |
|
266 |
|
(224 |
) |
517 |
|
Selling, general and administrative, including stock-based compensation |
757 |
|
— |
|
245 |
|
(559 |
) |
443 |
|
Depreciation |
32 |
|
6 |
|
63 |
|
— |
|
101 |
|
Amortization |
175 |
|
121 |
|
45 |
|
— |
|
341 |
|
|
1,258 |
|
308 |
|
619 |
|
(783 |
) |
1,402 |
|
Operating income |
392 |
|
262 |
|
166 |
|
— |
|
820 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(7 |
) |
— |
|
(7 |
) |
Interest expense, net |
(157 |
) |
— |
|
(1 |
) |
— |
|
(158 |
) |
Foreign currency gain (loss) |
7 |
|
(6 |
) |
10 |
|
— |
|
11 |
|
Loss on extinguishment of debt |
(21 |
) |
— |
|
— |
|
— |
|
(21 |
) |
Intercompany interest (expense) income |
(7 |
) |
(30 |
) |
37 |
|
— |
|
— |
|
|
(178 |
) |
(36 |
) |
39 |
|
— |
|
(175 |
) |
Income before income taxes |
214 |
|
226 |
|
205 |
|
— |
|
645 |
|
Income tax expense |
(63 |
) |
(101 |
) |
(79 |
) |
— |
|
(243 |
) |
Equity in earnings of subsidiaries, net of tax |
251 |
|
145 |
|
— |
|
(396 |
) |
— |
|
Net income |
402 |
|
270 |
|
126 |
|
(396 |
) |
402 |
|
Less net income attributable to the noncontrolling interest |
(25 |
) |
— |
|
(25 |
) |
25 |
|
(25 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
377 |
|
270 |
|
101 |
|
(371 |
) |
377 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Prior Period |
Condensed Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2014 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
4,133 |
|
601 |
|
2,196 |
|
(910 |
) |
6,020 |
|
Cost of goods sold |
2,565 |
|
75 |
|
1,308 |
|
(176 |
) |
3,772 |
|
Gross profit |
1,568 |
|
526 |
|
888 |
|
(734 |
) |
2,248 |
|
Operating expenses: |
|
|
|
|
|
Operating |
276 |
|
174 |
|
295 |
|
(209 |
) |
536 |
|
Selling, general and administrative, including stock-based compensation |
713 |
|
— |
|
268 |
|
(525 |
) |
456 |
|
Depreciation |
29 |
|
4 |
|
67 |
|
— |
|
100 |
|
Amortization |
166 |
|
115 |
|
55 |
|
— |
|
336 |
|
|
1,184 |
|
293 |
|
685 |
|
(734 |
) |
1,428 |
|
Operating income |
384 |
|
233 |
|
203 |
|
— |
|
820 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(5 |
) |
— |
|
(5 |
) |
Interest expense, net |
(173 |
) |
— |
|
(9 |
) |
— |
|
(182 |
) |
Foreign currency gain (loss) |
3 |
|
(2 |
) |
1 |
|
— |
|
2 |
|
Loss on extinguishment of debt |
(48 |
) |
— |
|
— |
|
— |
|
(48 |
) |
Intercompany interest and other (expense) income |
(16 |
) |
39 |
|
(3 |
) |
(20 |
) |
— |
|
|
(234 |
) |
37 |
|
(16 |
) |
(20 |
) |
(233 |
) |
Income before income taxes |
150 |
|
270 |
|
187 |
|
(20 |
) |
587 |
|
Income tax expense |
(22 |
) |
(81 |
) |
(119 |
) |
— |
|
(222 |
) |
Equity in earnings (losses) of subsidiaries, net of tax |
237 |
|
(6 |
) |
— |
|
(231 |
) |
— |
|
Net income |
365 |
|
183 |
|
68 |
|
(251 |
) |
365 |
|
Less net income attributable to the noncontrolling interest |
(27 |
) |
— |
|
(27 |
) |
27 |
|
(27 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
338 |
|
183 |
|
41 |
|
(224 |
) |
338 |
|
Condensed Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2014 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
1,404 |
|
210 |
|
745 |
|
(339 |
) |
2,020 |
|
Cost of goods sold |
873 |
|
27 |
|
430 |
|
(64 |
) |
1,266 |
|
Gross profit |
531 |
|
183 |
|
315 |
|
(275 |
) |
754 |
|
Operating expenses: |
|
|
|
|
|
Operating |
115 |
|
61 |
|
95 |
|
(93 |
) |
178 |
|
Selling, general and administrative, including stock-based compensation |
250 |
|
— |
|
85 |
|
(182 |
) |
153 |
|
Depreciation |
10 |
|
1 |
|
23 |
|
— |
|
34 |
|
Amortization |
56 |
|
39 |
|
18 |
|
— |
|
113 |
|
|
431 |
|
101 |
|
221 |
|
(275 |
) |
478 |
|
Operating income |
100 |
|
82 |
|
94 |
|
— |
|
276 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(2 |
) |
— |
|
(2 |
) |
Interest expense, net |
(60 |
) |
— |
|
— |
|
— |
|
(60 |
) |
Foreign currency gain (loss) |
6 |
|
(2 |
) |
(2 |
) |
— |
|
2 |
|
Loss on extinguishment of debt |
(48 |
) |
— |
|
— |
|
— |
|
(48 |
) |
Intercompany interest (expense) income |
(6 |
) |
13 |
|
(7 |
) |
— |
|
— |
|
|
(108 |
) |
11 |
|
(11 |
) |
— |
|
(108 |
) |
(Loss) income before income taxes |
(8 |
) |
93 |
|
83 |
|
— |
|
168 |
|
Income tax expense |
(15 |
) |
(29 |
) |
(21 |
) |
— |
|
(65 |
) |
Equity in earnings of subsidiaries, net of tax |
126 |
|
13 |
|
— |
|
(139 |
) |
— |
|
Net income |
103 |
|
77 |
|
62 |
|
(139 |
) |
103 |
|
Less net income attributable to the noncontrolling interest |
(8 |
) |
— |
|
(8 |
) |
8 |
|
(8 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
95 |
|
77 |
|
54 |
|
(131 |
) |
95 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Current Period |
Condensed Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2015 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
402 |
|
270 |
|
126 |
|
(396 |
) |
402 |
|
Foreign currency translation adjustments |
(77 |
) |
— |
|
(77 |
) |
77 |
|
(77 |
) |
Total comprehensive income |
325 |
|
270 |
|
49 |
|
(319 |
) |
325 |
|
Comprehensive income attributable to noncontrolling interest |
(25 |
) |
— |
|
(25 |
) |
25 |
|
(25 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
300 |
|
270 |
|
24 |
|
(294 |
) |
300 |
|
Condensed Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2015 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
154 |
|
89 |
|
38 |
|
(127 |
) |
154 |
|
Foreign currency translation adjustments |
3 |
|
— |
|
3 |
|
(3 |
) |
3 |
|
Total comprehensive income |
157 |
|
89 |
|
41 |
|
(130 |
) |
157 |
|
Comprehensive income attributable to noncontrolling interest |
(11 |
) |
— |
|
(11 |
) |
11 |
|
(11 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
146 |
|
89 |
|
30 |
|
(119 |
) |
146 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Prior Period |
Condensed Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2014 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
365 |
|
183 |
|
68 |
|
(251 |
) |
365 |
|
Foreign currency translation adjustments |
(98 |
) |
— |
|
(98 |
) |
98 |
|
(98 |
) |
Total comprehensive income (loss) |
267 |
|
183 |
|
(30 |
) |
(153 |
) |
267 |
|
Comprehensive income attributable to noncontrolling interest |
(23 |
) |
— |
|
(23 |
) |
23 |
|
(23 |
) |
Comprehensive income (loss) attributable to QVC, Inc. stockholder |
$ |
244 |
|
183 |
|
(53 |
) |
(130 |
) |
244 |
|
Condensed Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2014 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
103 |
|
77 |
|
62 |
|
(139 |
) |
103 |
|
Foreign currency translation adjustments |
(116 |
) |
— |
|
(116 |
) |
116 |
|
(116 |
) |
Total comprehensive (loss) income |
(13 |
) |
77 |
|
(54 |
) |
(23 |
) |
(13 |
) |
Comprehensive income attributable to noncontrolling interest |
(1 |
) |
— |
|
(1 |
) |
1 |
|
(1 |
) |
Comprehensive (loss) income attributable to QVC, Inc. stockholder |
$ |
(14 |
) |
77 |
|
(55 |
) |
(22 |
) |
(14 |
) |
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Current Period |
Condensed Consolidating Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 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 |
$ |
351 |
|
152 |
|
277 |
|
— |
|
780 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(90 |
) |
(6 |
) |
(36 |
) |
— |
|
(132 |
) |
Expenditures for cable and satellite television distribution rights, net |
— |
|
(45 |
) |
(3 |
) |
— |
|
(48 |
) |
Decrease (increase) in restricted cash |
1 |
|
— |
|
(1 |
) |
— |
|
— |
|
Changes in other noncurrent assets |
— |
|
— |
|
(1 |
) |
— |
|
(1 |
) |
Other investing activities |
2 |
|
— |
|
— |
|
— |
|
2 |
|
Intercompany investing activities |
339 |
|
382 |
|
— |
|
(721 |
) |
— |
|
Net cash provided by (used in) investing activities |
252 |
|
331 |
|
(41 |
) |
(721 |
) |
(179 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(1,560 |
) |
— |
|
(5 |
) |
— |
|
(1,565 |
) |
Principal borrowings of debt from senior secured credit facility |
1,470 |
|
— |
|
— |
|
— |
|
1,470 |
|
Payment of debt origination fees |
(3 |
) |
— |
|
— |
|
— |
|
(3 |
) |
Payment of bond premium fees |
(18 |
) |
— |
|
— |
|
— |
|
(18 |
) |
Other financing activities |
(1 |
) |
— |
|
— |
|
— |
|
(1 |
) |
Dividends paid to Liberty |
(444 |
) |
— |
|
— |
|
— |
|
(444 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(20 |
) |
— |
|
(20 |
) |
Net short-term intercompany debt (repayments) borrowings |
(884 |
) |
2,224 |
|
(1,340 |
) |
— |
|
— |
|
Other intercompany financing activities |
837 |
|
(2,695 |
) |
1,137 |
|
721 |
|
— |
|
Net cash (used in) provided by financing activities |
(603 |
) |
(471 |
) |
(228 |
) |
721 |
|
(581 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
— |
|
— |
|
(4 |
) |
— |
|
(4 |
) |
Net increase in cash and cash equivalents |
— |
|
12 |
|
4 |
|
— |
|
16 |
|
Cash and cash equivalents, beginning of period |
2 |
|
123 |
|
222 |
|
— |
|
347 |
|
Cash and cash equivalents, end of period |
$ |
2 |
|
135 |
|
226 |
|
— |
|
363 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Prior Period |
Condensed Consolidating Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 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 |
$ |
311 |
|
273 |
|
228 |
|
— |
|
812 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(103 |
) |
(3 |
) |
27 |
|
(20 |
) |
(99 |
) |
Expenditures for cable and satellite television distribution rights, net |
— |
|
(30 |
) |
— |
|
— |
|
(30 |
) |
Decrease in restricted cash |
1 |
|
— |
|
1 |
|
— |
|
2 |
|
Changes in other noncurrent assets |
(1 |
) |
— |
|
— |
|
— |
|
(1 |
) |
Other investing activities |
1 |
|
— |
|
— |
|
— |
|
1 |
|
Intercompany investing activities |
258 |
|
78 |
|
— |
|
(336 |
) |
— |
|
Net cash provided by (used in) investing activities |
156 |
|
45 |
|
28 |
|
(356 |
) |
(127 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(2,388 |
) |
— |
|
(8 |
) |
— |
|
(2,396 |
) |
Principal borrowings of debt from senior secured credit facility |
726 |
|
— |
|
— |
|
— |
|
726 |
|
Proceeds from issuance of senior secured notes, net of original issue discount |
1,997 |
|
— |
|
— |
|
— |
|
1,997 |
|
Payment of debt origination fees |
(25 |
) |
— |
|
— |
|
— |
|
(25 |
) |
Payment of bond premium fees |
(32 |
) |
— |
|
— |
|
— |
|
(32 |
) |
Other financing activities |
(5 |
) |
— |
|
— |
|
— |
|
(5 |
) |
Dividends paid to Liberty |
(764 |
) |
— |
|
— |
|
— |
|
(764 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(25 |
) |
— |
|
(25 |
) |
Net short-term intercompany debt borrowings (repayments) |
90 |
|
76 |
|
(166 |
) |
— |
|
— |
|
Other intercompany financing activities |
(143 |
) |
(302 |
) |
89 |
|
356 |
|
— |
|
Net cash used in financing activities |
(544 |
) |
(226 |
) |
(110 |
) |
356 |
|
(524 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
— |
|
— |
|
(32 |
) |
— |
|
(32 |
) |
Net (decrease) increase in cash and cash equivalents |
(77 |
) |
92 |
|
114 |
|
— |
|
129 |
|
Cash and cash equivalents, beginning of period |
78 |
|
133 |
|
246 |
|
— |
|
457 |
|
Cash and cash equivalents, end of period |
$ |
1 |
|
225 |
|
360 |
|
— |
|
586 |
|
|