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

Income Taxes Income Tax (Tables)

v3.25.0.1
Income Taxes Income Tax (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
Income tax expense consisted of the following:
Years ended December 31,
(in millions) 2024 2023 2022
Current:
U.S. federal $ 126  72  159 
State and local 24  (6) 38 
Foreign jurisdictions 78  84  84 
Total 228  150  281 
Deferred:
U.S. federal (189) 21  (43)
State and local (39) 7  1 
Foreign jurisdictions 3  27  (19)
Total (225) 55  (61)
Total income tax expense $ 3  205  220 
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
Pre-tax income (loss) was as follows:
Years ended December 31,
(in millions) 2024 2023 2022
QxH $ (1,253) 114  (1,812)
QVC-International 234  302  222 
Consolidated QVC $ (1,019) 416  (1,590)
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
Total income tax expense differs from the amounts computed by applying the U.S. federal income tax rate of 21% in 2024, 2023 and 2022, as a result of the following:
Years ended December 31,
2024 2023 2022
Provision at statutory rate $ (214) 87 (334)
State income taxes, net of federal benefit (12) 1 31
Foreign taxes 16  24 (7)
Goodwill impairment 189  68 508
Foreign net operating losses (245) —  — 
Valuation allowance 243  7 (1)
Tax on foreign earnings, net of federal tax benefits
 20  6 16
Other permanent differences 5  12 4
Other, net 1  —  3 
Total income tax expense $ 3  205 220
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The tax effects of temporary differences that gave rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below:
December 31,
(in millions) 2024 2023
Deferred tax assets:
Accounts receivable, principally due to the allowance for credit losses and related reserves for the uncollectible accounts $ 18  19 
Inventories, principally due to obsolescence reserves and additional costs of inventories for tax purposes pursuant to the Tax Reform Act of 1986
 37  37 
Allowance for sales returns
 19  21 
Deferred revenue
 43  68 
Debt - Original Issuance Discount (OID) 26  — 
Deferred compensation
 13  14 
Unrecognized federal and state tax benefits
 9  10 
Foreign net operating loss and other carryforwards 362  119 
Foreign tax credits carryforward
 57  57 
Lease obligations
 123  129 
Cumulative translation of foreign currencies
 6  5 
Accrued liabilities
 15  12 
Other
 —  2 
Subtotal
 728  493 
Valuation allowance
 (420) (177)
Total deferred tax assets
 308  316 
Deferred tax liabilities:
Depreciation and amortization
 (556) (779)
Lease assets
 (117) (126)
Other
 (4) — 
Total deferred tax liabilities
 (677) (905)
Net deferred tax liability
 $ (369) (589)
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the 2023 and 2024 beginning and ending amount of the liability for unrecognized tax benefits is as follows:
(in millions)
Balance at January 1, 2023 $ 76 
Increases related to prior year tax positions 7 
Decreases related to prior year tax positions (14)
Decreases related to settlements with taxing authorities (26)
Increases related to current year tax positions 4 
Balance at December 31, 2023 47 
Increases related to prior year tax positions 1 
Decreases related to prior year tax positions (8)
Decreases related to settlements with taxing authorities — 
Increases related to current year tax positions 2 
Balance at December 31, 2024 $ 42