Annual report [Section 13 and 15(d), not S-K Item 405]

Related Party Transactions (Notes)

v3.25.0.1
Related Party Transactions (Notes)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block] Related Party Transactions
During the years ended December 31, 2023 and 2022, QVC and Zulily engaged in multiple transactions relating to sales, sourcing of merchandise, marketing initiatives, and business advisory services. Prior to QVC Group’s divestiture of Zulily, QVC allocated expenses of $3 million and $6 million to Zulily for the years ended December 31, 2023 and 2022, respectively. Zulily allocated expenses of $3 million and $9 million to QVC for the years ended December 31, 2023 and 2022, respectively.
During the years ended December 31, 2024, 2023 and 2022, QVC and CBI engaged in multiple transactions relating to personnel and business advisory services. QVC allocated expenses of $28 million, $25 million and $29 million to CBI for the years ended December 31, 2024, 2023 and 2022, respectively. CBI allocated expenses of $1 million to QVC for each of the years ended December 31, 2024, 2023 and 2022.
CBI is a co-borrower under the Fifth Amended and Restated Credit Agreement (see note 7). In accordance with the accounting guidance for obligations resulting from joint and several liability arrangements, QVC will record a liability for amounts it has borrowed under the senior secured credit facility plus any additional amount it expects to repay on behalf of CBI. There were no borrowings by CBI outstanding on the Fifth Amended and Restated Credit Agreement as of December 31, 2024 and 2023.
On December 30, 2020, the Company and LIC completed an internal realignment of the Company's global finance structure that resulted in a common control transaction with QVC Group. As part of the common control transaction, Liberty Interactive LLC issued a promissory note (“LIC Note”) to a subsidiary of the Company with an initial face amount of $1.8 billion, a stated interest rate of 0.48% and a maturity of December 29, 2029. Interest on the LIC Note is paid annually. QVC recorded $8 million, $9 million, and $9 million of related party interest income for the years ended December 31, 2024, 2023, and 2022, respectively, included in interest expense, net in the consolidated statement of operations.