Guarantor/Non-Guarantor Subsidiary Financial Information (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
|---|
| Guarantor Non-guarantor Subsidiary Financial Information [Abstract] |
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Current Period |
Condensed Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018 |
|
(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 |
$ |
45 |
|
90 |
|
253 |
|
— |
|
388 |
|
Restricted cash |
5 |
|
— |
|
2 |
|
— |
|
7 |
|
Accounts receivable, net |
686 |
|
— |
|
265 |
|
— |
|
951 |
|
Inventories |
870 |
|
— |
|
303 |
|
— |
|
1,173 |
|
Prepaid expenses and other current assets |
62 |
|
— |
|
52 |
|
— |
|
114 |
|
Total current assets |
1,668 |
|
90 |
|
875 |
|
— |
|
2,633 |
|
Property and equipment, net |
269 |
|
56 |
|
656 |
|
— |
|
981 |
|
Television distribution rights, net |
— |
|
106 |
|
1 |
|
— |
|
107 |
|
Goodwill |
4,190 |
|
— |
|
861 |
|
— |
|
5,051 |
|
Other intangible assets, net |
523 |
|
2,048 |
|
19 |
|
— |
|
2,590 |
|
Other noncurrent assets |
10 |
|
— |
|
48 |
|
— |
|
58 |
|
Investments in subsidiaries |
3,689 |
|
1,650 |
|
— |
|
(5,339 |
) |
— |
|
Total assets |
$ |
10,349 |
|
3,950 |
|
2,460 |
|
(5,339 |
) |
11,420 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
403 |
|
— |
|
16 |
|
— |
|
419 |
|
Accounts payable-trade |
515 |
|
— |
|
269 |
|
— |
|
784 |
|
Accrued liabilities |
148 |
|
218 |
|
313 |
|
— |
|
679 |
|
Intercompany accounts payable (receivable) |
438 |
|
(1,529 |
) |
1,091 |
|
— |
|
— |
|
Total current liabilities |
1,504 |
|
(1,311 |
) |
1,689 |
|
— |
|
1,882 |
|
Long-term portion of debt and capital lease obligations |
4,030 |
|
— |
|
153 |
|
— |
|
4,183 |
|
Deferred income taxes |
58 |
|
459 |
|
(53 |
) |
— |
|
464 |
|
Other long-term liabilities |
121 |
|
— |
|
15 |
|
— |
|
136 |
|
Total liabilities |
5,713 |
|
(852 |
) |
1,804 |
|
— |
|
6,665 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
4,636 |
|
4,802 |
|
537 |
|
(5,339 |
) |
4,636 |
|
Noncontrolling interest |
— |
|
— |
|
119 |
|
— |
|
119 |
|
Total equity |
4,636 |
|
4,802 |
|
656 |
|
(5,339 |
) |
4,755 |
|
Total liabilities and equity |
$ |
10,349 |
|
3,950 |
|
2,460 |
|
(5,339 |
) |
11,420 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Prior Period |
Condensed Consolidating Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
(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 |
|
33 |
|
225 |
|
— |
|
260 |
|
Restricted cash |
5 |
|
— |
|
3 |
|
— |
|
8 |
|
Accounts receivable, net |
1,076 |
|
— |
|
312 |
|
— |
|
1,388 |
|
Inventories |
758 |
|
— |
|
261 |
|
— |
|
1,019 |
|
Prepaid expenses and other current assets |
28 |
|
— |
|
23 |
|
— |
|
51 |
|
Total current assets |
1,869 |
|
33 |
|
824 |
|
— |
|
2,726 |
|
Property and equipment, net |
295 |
|
60 |
|
650 |
|
— |
|
1,005 |
|
Television distribution rights, net |
— |
|
78 |
|
— |
|
— |
|
78 |
|
Goodwill |
4,190 |
|
— |
|
885 |
|
— |
|
5,075 |
|
Other intangible assets, net |
539 |
|
2,048 |
|
18 |
|
— |
|
2,605 |
|
Other noncurrent assets |
14 |
|
— |
|
47 |
|
— |
|
61 |
|
Investments in subsidiaries |
3,579 |
|
1,626 |
|
— |
|
(5,205 |
) |
— |
|
Total assets |
$ |
10,486 |
|
3,845 |
|
2,424 |
|
(5,205 |
) |
11,550 |
|
Liabilities and equity |
Current liabilities: |
|
|
|
|
|
Current portion of debt and capital lease obligations |
$ |
3 |
|
— |
|
14 |
|
— |
|
17 |
|
Accounts payable-trade |
455 |
|
— |
|
301 |
|
— |
|
756 |
|
Accrued liabilities |
366 |
|
227 |
|
279 |
|
— |
|
872 |
|
Intercompany accounts payable (receivable) |
453 |
|
(1,513 |
) |
1,060 |
|
— |
|
— |
|
Total current liabilities |
1,277 |
|
(1,286 |
) |
1,654 |
|
— |
|
1,645 |
|
Long-term portion of debt and capital lease obligations |
5,033 |
|
— |
|
140 |
|
— |
|
5,173 |
|
Deferred income taxes |
52 |
|
468 |
|
(47 |
) |
— |
|
473 |
|
Other long-term liabilities |
92 |
|
— |
|
25 |
|
— |
|
117 |
|
Total liabilities |
6,454 |
|
(818 |
) |
1,772 |
|
— |
|
7,408 |
|
Equity: |
|
|
|
|
|
QVC, Inc. stockholder's equity |
4,032 |
|
4,663 |
|
542 |
|
(5,205 |
) |
4,032 |
|
Noncontrolling interest |
— |
|
— |
|
110 |
|
— |
|
110 |
|
Total equity |
4,032 |
|
4,663 |
|
652 |
|
(5,205 |
) |
4,142 |
|
Total liabilities and equity |
$ |
10,486 |
|
3,845 |
|
2,424 |
|
(5,205 |
) |
11,550 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Current Period |
Condensed Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2018 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
1,459 |
|
231 |
|
701 |
|
(333 |
) |
2,058 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
Cost of goods sold (exclusive of depreciation and amortization shown separately below) |
879 |
|
36 |
|
431 |
|
(46 |
) |
1,300 |
|
Operating |
109 |
|
68 |
|
70 |
|
(103 |
) |
144 |
|
Selling, general and administrative, including transaction related costs and stock-based compensation |
303 |
|
— |
|
116 |
|
(184 |
) |
235 |
|
Depreciation |
16 |
|
2 |
|
18 |
|
— |
|
36 |
|
Amortization |
21 |
|
18 |
|
3 |
|
— |
|
42 |
|
|
1,328 |
|
124 |
|
638 |
|
(333 |
) |
1,757 |
|
Operating income |
131 |
|
107 |
|
63 |
|
— |
|
301 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(1 |
) |
— |
|
(1 |
) |
Interest (expense) income, net |
(57 |
) |
1 |
|
(1 |
) |
— |
|
(57 |
) |
Foreign currency loss |
— |
|
— |
|
(1 |
) |
— |
|
(1 |
) |
Intercompany interest (expense) income |
(8 |
) |
38 |
|
(30 |
) |
— |
|
— |
|
|
(65 |
) |
39 |
|
(33 |
) |
— |
|
(59 |
) |
Income before income taxes |
66 |
|
146 |
|
30 |
|
— |
|
242 |
|
Income tax expense |
(27 |
) |
(29 |
) |
(13 |
) |
— |
|
(69 |
) |
Equity in earnings of subsidiaries, net of tax |
134 |
|
4 |
|
— |
|
(138 |
) |
— |
|
Net income |
173 |
|
121 |
|
17 |
|
(138 |
) |
173 |
|
Less net income attributable to the noncontrolling interest |
(11 |
) |
— |
|
(11 |
) |
11 |
|
(11 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
162 |
|
121 |
|
6 |
|
(127 |
) |
162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2018 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
4,374 |
|
672 |
|
2,133 |
|
(945 |
) |
6,234 |
|
Operating costs and expenses: |
|
|
|
|
|
Cost of goods sold (exclusive of depreciation and amortization shown separately below) |
2,615 |
|
103 |
|
1,311 |
|
(123 |
) |
3,906 |
|
Operating |
308 |
|
184 |
|
214 |
|
(273 |
) |
433 |
|
Selling, general and administrative, including transaction related costs and stock-based compensation |
855 |
|
1 |
|
345 |
|
(549 |
) |
652 |
|
Depreciation |
49 |
|
7 |
|
54 |
|
— |
|
110 |
|
Amortization |
60 |
|
51 |
|
8 |
|
— |
|
119 |
|
|
3,887 |
|
346 |
|
1,932 |
|
(945 |
) |
5,220 |
|
Operating income |
487 |
|
326 |
|
201 |
|
— |
|
1,014 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(2 |
) |
— |
|
(2 |
) |
Interest (expense) income, net |
(171 |
) |
2 |
|
(3 |
) |
— |
|
(172 |
) |
Foreign currency gain (loss) |
2 |
|
— |
|
(2 |
) |
— |
|
— |
|
Intercompany interest (expense) income |
(23 |
) |
114 |
|
(91 |
) |
— |
|
— |
|
|
(192 |
) |
116 |
|
(98 |
) |
— |
|
(174 |
) |
Income before income taxes |
295 |
|
442 |
|
103 |
|
— |
|
840 |
|
Income tax expense |
(87 |
) |
(88 |
) |
(49 |
) |
— |
|
(224 |
) |
Equity in earnings of subsidiaries, net of tax |
408 |
|
38 |
|
— |
|
(446 |
) |
— |
|
Net income |
616 |
|
392 |
|
54 |
|
(446 |
) |
616 |
|
Less net income attributable to the noncontrolling interest |
(33 |
) |
— |
|
(33 |
) |
33 |
|
(33 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
583 |
|
392 |
|
21 |
|
(413 |
) |
583 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Prior Period |
Condensed Consolidating Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2017 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
1,419 |
|
234 |
|
688 |
|
(331 |
) |
2,010 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
Cost of goods sold (exclusive of depreciation and amortization shown separately below) |
864 |
|
37 |
|
422 |
|
(41 |
) |
1,282 |
|
Operating |
106 |
|
64 |
|
70 |
|
(95 |
) |
145 |
|
Selling, general and administrative, including transaction related costs and stock-based compensation |
262 |
|
— |
|
113 |
|
(195 |
) |
180 |
|
Depreciation |
17 |
|
2 |
|
19 |
|
— |
|
38 |
|
Amortization |
47 |
|
35 |
|
9 |
|
— |
|
91 |
|
|
1,296 |
|
138 |
|
633 |
|
(331 |
) |
1,736 |
|
Operating income |
123 |
|
96 |
|
55 |
|
— |
|
274 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
— |
|
— |
|
— |
|
Interest expense, net |
(54 |
) |
— |
|
— |
|
— |
|
(54 |
) |
Foreign currency (loss) gain |
(1 |
) |
1 |
|
4 |
|
— |
|
4 |
|
Intercompany interest (expense) income |
(1 |
) |
23 |
|
(22 |
) |
— |
|
— |
|
|
(56 |
) |
24 |
|
(18 |
) |
— |
|
(50 |
) |
Income before income taxes |
67 |
|
120 |
|
37 |
|
— |
|
224 |
|
Income tax expense |
(13 |
) |
(24 |
) |
(21 |
) |
— |
|
(58 |
) |
Equity in earnings of subsidiaries, net of tax |
112 |
|
19 |
|
— |
|
(131 |
) |
— |
|
Net income |
166 |
|
115 |
|
16 |
|
(131 |
) |
166 |
|
Less net income attributable to the noncontrolling interest |
(12 |
) |
— |
|
(12 |
) |
12 |
|
(12 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
154 |
|
115 |
|
4 |
|
(119 |
) |
154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2017 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net revenue |
$ |
4,225 |
|
679 |
|
1,992 |
|
(942 |
) |
5,954 |
|
Operating costs and expenses: |
|
|
|
|
|
Cost of goods sold (exclusive of depreciation and amortization shown separately below) |
2,557 |
|
106 |
|
1,210 |
|
(118 |
) |
3,755 |
|
Operating |
301 |
|
182 |
|
204 |
|
(268 |
) |
419 |
|
Selling, general and administrative, including transaction related costs and stock-based compensation |
743 |
|
— |
|
302 |
|
(556 |
) |
489 |
|
Depreciation |
50 |
|
6 |
|
60 |
|
— |
|
116 |
|
Amortization |
167 |
|
125 |
|
32 |
|
— |
|
324 |
|
|
3,818 |
|
419 |
|
1,808 |
|
(942 |
) |
5,103 |
|
Operating income |
407 |
|
260 |
|
184 |
|
— |
|
851 |
|
Other (expense) income: |
|
|
|
|
|
Equity in losses of investee |
— |
|
— |
|
(3 |
) |
— |
|
(3 |
) |
Interest expense, net |
(163 |
) |
— |
|
(2 |
) |
— |
|
(165 |
) |
Foreign currency (loss) gain |
(4 |
) |
1 |
|
(3 |
) |
— |
|
(6 |
) |
Intercompany interest (expense) income |
(3 |
) |
68 |
|
(65 |
) |
— |
|
— |
|
|
(170 |
) |
69 |
|
(73 |
) |
— |
|
(174 |
) |
Income before income taxes |
237 |
|
329 |
|
111 |
|
— |
|
677 |
|
Income tax expense |
(84 |
) |
(86 |
) |
(55 |
) |
— |
|
(225 |
) |
Equity in earnings of subsidiaries, net of tax |
299 |
|
34 |
|
— |
|
(333 |
) |
— |
|
Net income |
452 |
|
277 |
|
56 |
|
(333 |
) |
452 |
|
Less net income attributable to the noncontrolling interest |
(33 |
) |
— |
|
(33 |
) |
33 |
|
(33 |
) |
Net income attributable to QVC, Inc. stockholder |
$ |
419 |
|
277 |
|
23 |
|
(300 |
) |
419 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2018 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
616 |
|
392 |
|
54 |
|
(446 |
) |
616 |
|
Foreign currency translation adjustments, net of tax |
(48 |
) |
— |
|
(48 |
) |
48 |
|
(48 |
) |
Total comprehensive income |
568 |
|
392 |
|
6 |
|
(398 |
) |
568 |
|
Comprehensive income attributable to noncontrolling interest |
(32 |
) |
— |
|
(32 |
) |
32 |
|
(32 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
536 |
|
392 |
|
(26 |
) |
(366 |
) |
536 |
|
Condensed Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2018 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
173 |
|
121 |
|
17 |
|
(138 |
) |
173 |
|
Foreign currency translation adjustments, net of tax |
(22 |
) |
— |
|
(22 |
) |
22 |
|
(22 |
) |
Total comprehensive income |
151 |
|
121 |
|
(5 |
) |
(116 |
) |
151 |
|
Comprehensive income attributable to noncontrolling interest |
(8 |
) |
— |
|
(8 |
) |
8 |
|
(8 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
143 |
|
121 |
|
(13 |
) |
(108 |
) |
143 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Prior Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2017 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
452 |
|
277 |
|
56 |
|
(333 |
) |
452 |
|
Foreign currency translation adjustments, net of tax |
110 |
|
— |
|
110 |
|
(110 |
) |
110 |
|
Total comprehensive income |
562 |
|
277 |
|
166 |
|
(443 |
) |
562 |
|
Comprehensive income attributable to noncontrolling interest |
(37 |
) |
— |
|
(37 |
) |
37 |
|
(37 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
525 |
|
277 |
|
129 |
|
(406 |
) |
525 |
|
Condensed Consolidating Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2017 |
|
(in millions) |
Parent
issuer-
QVC, Inc. |
|
Combined
subsidiary
guarantors |
|
Combined
non-guarantor
subsidiaries |
|
Eliminations |
|
Consolidated-
QVC, Inc. and
subsidiaries |
|
Net income |
$ |
166 |
|
115 |
|
16 |
|
(131 |
) |
166 |
|
Foreign currency translation adjustments, net of tax |
28 |
|
— |
|
28 |
|
(28 |
) |
28 |
|
Total comprehensive income |
194 |
|
115 |
|
44 |
|
(159 |
) |
194 |
|
Comprehensive income attributable to noncontrolling interest |
(12 |
) |
— |
|
(12 |
) |
12 |
|
(12 |
) |
Comprehensive income attributable to QVC, Inc. stockholder |
$ |
182 |
|
115 |
|
32 |
|
(147 |
) |
182 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Current Period |
Condensed Consolidating Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2018 |
|
(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 |
$ |
484 |
|
394 |
|
62 |
|
— |
|
940 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(68 |
) |
(3 |
) |
(54 |
) |
— |
|
(125 |
) |
Expenditures for television distribution rights |
— |
|
(79 |
) |
(1 |
) |
— |
|
(80 |
) |
Changes in other noncurrent assets |
2 |
|
— |
|
(1 |
) |
— |
|
1 |
|
Intercompany investing activities |
233 |
|
(552 |
) |
— |
|
319 |
|
— |
|
Net cash provided by (used in) investing activities |
167 |
|
(634 |
) |
(56 |
) |
319 |
|
(204 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(2,277 |
) |
— |
|
(8 |
) |
— |
|
(2,285 |
) |
Principal borrowings of debt from senior secured credit facility |
1,451 |
|
— |
|
— |
|
— |
|
1,451 |
|
Proceeds from issuance of senior secured notes |
225 |
|
— |
|
— |
|
— |
|
225 |
|
Payment of debt origination fees |
(8 |
) |
— |
|
— |
|
— |
|
(8 |
) |
Capital contributions received from Qurate Retail, Inc. |
340 |
|
— |
|
— |
|
— |
|
340 |
|
Dividends paid to Qurate Retail, Inc. |
(297 |
) |
— |
|
— |
|
— |
|
(297 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(23 |
) |
— |
|
(23 |
) |
Other financing activities |
(10 |
) |
— |
|
— |
|
— |
|
(10 |
) |
Net short-term intercompany debt (repayments) borrowings |
(15 |
) |
(16 |
) |
31 |
|
— |
|
— |
|
Other intercompany financing activities |
(17 |
) |
313 |
|
23 |
|
(319 |
) |
— |
|
Net cash (used in) provided by financing activities |
(608 |
) |
297 |
|
23 |
|
(319 |
) |
(607 |
) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
— |
|
— |
|
(2 |
) |
— |
|
(2 |
) |
Net increase in cash, cash equivalents and restricted cash |
43 |
|
57 |
|
27 |
|
— |
|
127 |
|
Cash, cash equivalents and restricted cash, beginning of period |
7 |
|
33 |
|
228 |
|
— |
|
268 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
50 |
|
90 |
|
255 |
|
— |
|
395 |
|
|
| Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Prior Period |
Condensed Consolidating Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2017 |
|
(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 |
$ |
550 |
|
306 |
|
51 |
|
— |
|
907 |
|
Investing activities: |
|
|
|
|
|
Capital expenditures |
(54 |
) |
(2 |
) |
(27 |
) |
— |
|
(83 |
) |
Expenditures for television distribution rights |
— |
|
(35 |
) |
— |
|
— |
|
(35 |
) |
Changes in other noncurrent assets |
(1 |
) |
— |
|
(1 |
) |
— |
|
(2 |
) |
Intercompany investing activities |
385 |
|
(1,087 |
) |
— |
|
702 |
|
— |
|
Net cash provided by (used in) investing activities |
330 |
|
(1,124 |
) |
(28 |
) |
702 |
|
(120 |
) |
Financing activities: |
|
|
|
|
|
Principal payments of debt and capital lease obligations |
(1,785 |
) |
— |
|
(6 |
) |
— |
|
(1,791 |
) |
Principal borrowings of debt from senior secured credit facility |
1,574 |
|
— |
|
— |
|
— |
|
1,574 |
|
Dividends paid to Qurate Retail, Inc. |
(491 |
) |
— |
|
— |
|
— |
|
(491 |
) |
Dividends paid to noncontrolling interest |
— |
|
— |
|
(22 |
) |
— |
|
(22 |
) |
Other financing activities |
(10 |
) |
— |
|
— |
|
— |
|
(10 |
) |
Net short-term intercompany debt (repayments) borrowings |
(353 |
) |
(1,188 |
) |
1,541 |
|
— |
|
— |
|
Other intercompany financing activities |
186 |
|
1,959 |
|
(1,443 |
) |
(702 |
) |
— |
|
Net cash (used in) provided by financing activities |
(879 |
) |
771 |
|
70 |
|
(702 |
) |
(740 |
) |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
— |
|
— |
|
13 |
|
— |
|
13 |
|
Net (decrease) increase in cash, cash equivalents and restricted cash |
1 |
|
(47 |
) |
106 |
|
— |
|
60 |
|
Cash, cash equivalents and restricted cash, beginning of period |
10 |
|
97 |
|
187 |
|
— |
|
294 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
11 |
|
50 |
|
293 |
|
— |
|
354 |
|
|