Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended |
Sep. 30, 2013 | |
Document Information [Abstract] | ' |
Entity Registrant Name | 'QVC INC |
Entity Central Index Key | '0001254699 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 1 |
Document Type | '10-Q |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Amendment Flag | 'false |
Entity Current Reporting Status submitted electronically | 'Yes |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $369 | $540 |
Restricted cash | 13 | 15 |
Accounts receivable, less allowance for doubtful accounts of $76 million at September 30, 2013 and $74 million at December 31, 2012 | 730 | 1,055 |
Inventories | 1,123 | 909 |
Deferred income taxes | 156 | 151 |
Prepaid expenses | 63 | 53 |
Total current assets | 2,454 | 2,723 |
Noncurrent assets: | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $905 million at September 30, 2013 and $867 million at December 31, 2012 | 1,081 | 1,131 |
Cable and satellite television distribution rights, net | 654 | 764 |
Goodwill | 5,205 | 5,234 |
Other intangible assets, net | 3,374 | 3,509 |
Other noncurrent assets | 77 | 77 |
Total assets | 12,845 | 13,438 |
Current liabilities: | ' | ' |
Current portion of debt and capital lease obligations | 310 | 12 |
Accounts payable-trade | 535 | 566 |
Accrued liabilities | 716 | 955 |
Total current liabilities | 1,561 | 1,533 |
Noncurrent liabilities: | ' | ' |
Long-term portion of debt and capital lease obligations | 3,552 | 3,465 |
Deferred compensation | 15 | 12 |
Deferred income taxes | 1,324 | 1,410 |
Other long-term liabilities | 155 | 184 |
Total liabilities | 6,607 | 6,604 |
QVC, Inc. shareholder's equity: | ' | ' |
Common stock, $0.01 par value | 0 | 0 |
Additional paid-in capital | 6,695 | 6,665 |
Accumulated deficit | -757 | -161 |
Accumulated other comprehensive income | 164 | 186 |
Total QVC, Inc. shareholder's equity | 6,102 | 6,690 |
Noncontrolling interest | 136 | 144 |
Total equity | 6,238 | 6,834 |
Total liabilities and equity | $12,845 | $13,438 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Allowance for D/A | $76 | $74 |
Accumulated depreciation | $905 | $867 |
Common stock par value | $0.01 | $0.01 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Net revenue | $1,947 | ' | ' | $1,918 | ' | $5,882 | $5,824 |
Cost of goods sold | 1,222 | ' | ' | 1,216 | ' | 3,701 | 3,680 |
Gross profit | 725 | ' | ' | 702 | ' | 2,181 | 2,144 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | 176 | ' | ' | 171 | ' | 520 | 522 |
Selling, general and administrative, including stock-based compensation | 151 | ' | ' | 142 | ' | 444 | 418 |
Depreciation | 26 | ' | ' | 28 | ' | 89 | 92 |
Amortization of intangible assets | 113 | ' | ' | 101 | ' | 324 | 293 |
Operating expenses | 466 | ' | ' | 442 | ' | 1,377 | 1,325 |
Operating income | 259 | ' | ' | 260 | ' | 804 | 819 |
Other (expense) income: | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of investee | -2 | ' | ' | -3 | ' | -3 | -3 |
Gains on financial instruments | 0 | ' | ' | 12 | ' | 15 | 36 |
Interest expense, net | -52 | ' | ' | -61 | ' | -165 | -172 |
Foreign currency (loss) gain | -1 | ' | ' | 1 | ' | -2 | -1 |
Loss on extinguishment of debt | 0 | ' | ' | 0 | ' | -57 | 0 |
Nonoperating (expense) income | -55 | ' | ' | -51 | ' | -212 | -140 |
Income before income taxes | 204 | ' | ' | 209 | ' | 592 | 679 |
Income tax expense | -70 | ' | ' | -73 | ' | -213 | -247 |
Net income | 134 | 139 | 106 | 136 | 245 | 379 | 432 |
Less net income attributable to the noncontrolling interest | -9 | ' | ' | -15 | ' | -34 | -44 |
Net income (loss) attributable to QVC, Inc. shareholder | $125 | ' | ' | $121 | ' | $345 | $388 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income Statement (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $134 | $139 | $106 | $136 | $245 | $379 | $432 |
Foreign currency translation adjustments | 68 | ' | ' | 35 | ' | -39 | -1 |
Total comprehensive income | 202 | ' | ' | 171 | ' | 340 | 431 |
Comprehensive income attributable to noncontrolling interest | -11 | ' | ' | -18 | ' | -17 | -41 |
Comprehensive income attributable to QVC, Inc. shareholder | $191 | ' | ' | $153 | ' | $323 | $390 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $379 | $432 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Equity in losses of investee | 3 | 3 |
Deferred income taxes | -84 | -109 |
Foreign currency loss | 2 | 1 |
Depreciation | 89 | 92 |
Amortization of intangible assets | 324 | 293 |
Change in fair value of financial instruments and noncash interest | -8 | -30 |
Loss on extinguishment of debt | 57 | 0 |
Stock-based compensation | 29 | 21 |
Change in other long-term liabilities | 7 | 15 |
Effects of changes in working capital items | -195 | 157 |
Net cash provided by operating activities | 603 | 875 |
Investing activities: | ' | ' |
Capital expenditures, net | -121 | -165 |
Expenditures for cable and satellite television distribution rights, net | -41 | -1 |
Cash paid for joint ventures and acquisitions of businesses, net of cash received | 0 | -71 |
Decrease in restricted cash | 2 | 2 |
Changes in other noncurrent assets | -1 | -1 |
Net cash used in investing activities | -161 | -236 |
Financing activities: | ' | ' |
Principal payments of debt and capital lease obligations | -2,161 | -1,080 |
Principal borrowings of debt from senior secured credit facility | 1,198 | 1,493 |
Proceeds from issuance of senior secured notes, net of original issue discount | 1,050 | 500 |
Proceeds from master promissory note with Liberty | 300 | 0 |
Payment of debt origination fees | -16 | -8 |
Payment of bond premium fees | -46 | 0 |
Other financing activities | 9 | 0 |
Dividends paid to Liberty | -900 | -1,682 |
Dividend paid to noncontrolling interest | -25 | -29 |
Net cash used in financing activities | -591 | -806 |
Effect of foreign exchange rate changes on cash and cash equivalents | -22 | -7 |
Net (decrease) increase in cash and cash equivalents | -171 | -174 |
Cash and cash equivalents, beginning of period | 540 | 560 |
Cash and cash equivalents, end of period | 369 | 386 |
Effects of changes in working capital items: | ' | ' |
Decrease in accounts receivable | 319 | 332 |
Increase in inventories | -211 | -129 |
Increase in prepaid expenses | -12 | 0 |
(Decrease) increase in accounts payablebtrade | -19 | 50 |
Decrease in accrued liabilities and other | -272 | -96 |
Effects of changes in working capital items | ($195) | $157 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement of Equity (USD $) | Total | Common stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income | Noncontrolling interest |
Balance, December 31, 2012 at Dec. 31, 2012 | $6,834,000,000 | $0 | $6,665,000,000 | ($161,000,000) | $186,000,000 | $144,000,000 |
Balance, January 1, 2013 (in shares) at Dec. 31, 2012 | ' | 1 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 379,000,000 | ' | 0 | 345,000,000 | 0 | 34,000,000 |
Other comprehensive (expense) income: | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | -39,000,000 | ' | 0 | 0 | -22,000,000 | -17,000,000 |
Dividend paid to Liberty and noncontrolling interest | -974,000,000 | ' | -8,000,000 | -941,000,000 | 0 | -25,000,000 |
Tax benefit resulting from exercise of employee stock options | 9,000,000 | ' | 9,000,000 | 0 | 0 | 0 |
Stockbbased compensation | 29,000,000 | ' | 29,000,000 | 0 | 0 | 0 |
Balance, September 30, 2013 at Sep. 30, 2013 | $6,238,000,000 | $0 | $6,695,000,000 | ($757,000,000) | $164,000,000 | $136,000,000 |
Balance, September 30, 2013 (in shares) at Sep. 30, 2013 | ' | 1 | ' | ' | ' | ' |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
QVC, Inc. (unless otherwise indicated or required by the context, the terms "we," "our," "us," the "Company" and "QVC" refer to QVC, Inc. and its consolidated subsidiaries) is a retailer of a wide range of consumer products, which are marketed and sold primarily by merchandise‑focused televised shopping programs, the internet and mobile applications. In the United States, QVC's live programming is distributed via its nationally televised shopping program 24 hours a day, 364 days per year ("QVC-U.S."). Internationally, QVC's program services are based in Japan ("QVC-Japan"), Germany ("QVC-Germany"), the United Kingdom ("QVC-U.K.") and Italy ("QVC-Italy"). QVC-Japan distributes live programming 24 hours a day, QVC-Germany distributes its program 24 hours a day with 23 hours of live programming and QVC-U.K. distributes its program 24 hours a day with 17 hours of live programming. QVC-Italy distributes programming live for 17 hours a day on satellite and digital terrestrial television and an additional seven hours a day of recorded programming on satellite and seven hours a day of general interest programming on digital terrestrial television. | |
On July 4, 2012, QVC entered into a joint venture with China Broadcasting Corporation, a limited liability company owned by China National Radio (''CNR''), for a 49% interest in a CNR subsidiary, CNR Home Shopping Co., Ltd. (''CNRS''). CNRS distributes live programming for 15 hours a day and recorded programming for 9 hours a day. This joint venture is being accounted for as an equity method investment recorded as equity in losses of investee in the condensed consolidated statements of operations. | |
The Company has a joint venture with Mitsui & Co. LTD ("Mitsui") for a television and multimedia retailing service in Japan. QVC-Japan is owned 60% by the Company and 40% by Mitsui. The Company and Mitsui share in all profits and losses based on their respective ownership interests. During the nine months ended September 30, 2013 and 2012, QVC-Japan paid dividends to Mitsui of $25 million and $29 million, respectively. | |
We are an indirect wholly owned subsidiary of Liberty Interactive Corporation ("Liberty") (Nasdaq: LINTA, LINTB, LVNTA and LVNTB), which owns interests in a broad range of digital commerce businesses. We are attributed to the Liberty Interactive tracking stock, which tracks the assets and liabilities of Liberty's Interactive Group (the "Interactive Group"). The Interactive Group does not represent a separate legal entity; rather, it represents those businesses, assets and liabilities that are attributed to that group. Liberty attributes to its Interactive Group those businesses primarily focused on digital commerce. Liberty also attributes to its Interactive Group its 38% ownership interest in HSN, Inc. ("HSN"), one of our two closest televised shopping competitors. | |
Liberty announced that its board has authorized management to pursue a plan to recapitalize (the "Recapitalization") its Liberty Interactive Group tracking stock into two new tracking stocks, one (currently the Liberty Interactive common stock) to be renamed the QVC Group common stock and the other to be designated as the Liberty Digital Commerce common stock. In the Recapitalization, record holders of Series A and Series B Liberty Interactive common stock would receive one share of the corresponding series of Liberty Digital Commerce common stock for each 10 shares of the renamed QVC Group common stock held by them as of the effective date. Liberty intends to attribute to the Liberty Digital Commerce Group its operating subsidiaries Provide Commerce, Inc.; Backcountry.com, Inc.; Bodybuilding.com, LLC; CommerceHub; Right Start and Evite along with cash and certain liabilities. The QVC Group, which is currently known as the Liberty Interactive Group, would have attributed to it our Company and Liberty’s approximate 38% interest in HSN, along with cash and certain liabilities. | |
The condensed consolidated financial statements include the accounts of the Company and its majority‑owned subsidiaries. All significant intercompany accounts and transactions were eliminated in consolidation. | |
The accompanying (a) condensed consolidated balance sheet as of December 31, 2012, which has been derived from audited financial statements, and (b) interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and notes thereto contained in QVC's Annual Report on Form 10-K for the year ended December 31, 2012. | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates include, but are not limited to, sales returns, uncollectible receivables, inventory obsolescence, depreciable lives of fixed assets, internally‑developed software, valuation of acquired intangible assets and goodwill, income taxes and stock‑based compensation. | |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, which amends Accounting Standards Codification ("ASC") Topic 220, Comprehensive Income and requires that companies present information about reclassification adjustments from accumulated other comprehensive income in their interim and annual financial statements. The standard requires that companies present either in a single note, or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, companies will instead cross reference to the related footnote for additional information. QVC adopted this guidance as of January 1, 2013, and adoption did not have an impact on QVC's condensed consolidated financial position, results of operations or cash flows. | |
Certain prior period amounts have been reclassified to conform with current period presentation. |
Cable_and_Satellite_Television
Cable and Satellite Television Distribution Rights, Net | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Cable and Satellite Television Distribution Rights [Abstract] | ' | |||||
Cable and Satellite Television Distribution Rights, Net | ' | |||||
Cable and Satellite Television Distribution Rights, Net | ||||||
Cable and satellite television distribution rights consisted of the following: | ||||||
September 30, | December 31, | |||||
(in millions) | 2013 | 2012 | ||||
Cable and satellite television distribution rights | $ | 2,307 | 2,304 | |||
Less accumulated amortization | (1,653 | ) | (1,540 | ) | ||
Cable and satellite television distribution rights, net | $ | 654 | 764 | |||
Amortization expense for cable and satellite television distribution rights was $45 million and $41 million for the three months ended September 30, 2013 and 2012, respectively. For the nine months ended September 30, 2013 and 2012, amortization expense for cable and satellite television distribution rights was $131 million and $122 million, respectively. | ||||||
As of September 30, 2013, related amortization expense for each of the next five years ended December 31 was as follows (in millions): | ||||||
Remainder of 2013 | $ | 46 | ||||
2014 | 177 | |||||
2015 | 168 | |||||
2016 | 163 | |||||
2017 | 112 | |||||
Goodwill
Goodwill | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Goodwill Disclosure | ' | |||||||||||||
Goodwill | ||||||||||||||
The changes in the carrying amount of goodwill were as follows: | ||||||||||||||
(in millions) | QVC-U.S. | QVC-Japan | QVC-Germany | QVC-U.K. | QVC-Italy | Total | ||||||||
Balance as of December 31, 2012 | $ | 4,190 | 349 | 334 | 212 | 149 | 5,234 | |||||||
Exchange rate fluctuations | — | (41 | ) | 9 | (1 | ) | 4 | (29 | ) | |||||
Balance as of September 30, 2013 | $ | 4,190 | 308 | 343 | 211 | 153 | 5,205 | |||||||
Other_Intangible_Assets_Net
Other Intangible Assets, Net | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Other Intangible Assets [Abstract] | ' | |||||||||
Intangible Assets Disclosure | ' | |||||||||
Other Intangible Assets, Net | ||||||||||
Other intangible assets consisted of the following: | ||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||
(in millions) | Gross | Accumulated | Gross | Accumulated | ||||||
cost | amortization | cost | amortization | |||||||
Purchased and internally developed software | $ | 589 | (374 | ) | 575 | (352 | ) | |||
Affiliate and customer relationships | 2,448 | (1,757 | ) | 2,445 | (1,624 | ) | ||||
Debt origination fees | 51 | (11 | ) | 54 | (18 | ) | ||||
Trademarks (indefinite life) | 2,428 | — | 2,429 | — | ||||||
$ | 5,516 | (2,142 | ) | 5,503 | (1,994 | ) | ||||
Amortization expense for other intangible assets was $68 million and $60 million for the three months ended September 30, 2013 and 2012, respectively. For the nine months ended September 30, 2013 and 2012, amortization expense for other intangible assets was $193 million and $171 million, respectively. | ||||||||||
In regards to software amortization, during the third quarter of 2013, the amortization of certain capitalized software in Germany, the UK and Italy was accelerated in the amount of $6 million. | ||||||||||
As of September 30, 2013, the related amortization expense and interest expense for each of the next five years ended December 31 was as follows (in millions): | ||||||||||
Remainder of 2013 | $ | 74 | ||||||||
2014 | 273 | |||||||||
2015 | 246 | |||||||||
2016 | 206 | |||||||||
2017 | 121 | |||||||||
Accrued_Liabilities
Accrued Liabilities | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Accrued Liabilities [Abstract] | ' | |||||
Accrued Liabilities | ' | |||||
Accrued Liabilities | ||||||
Accrued liabilities consisted of the following: | ||||||
September 30, | December 31, | |||||
(in millions) | 2013 | 2012 | ||||
Accounts payable non-trade | $ | 199 | 264 | |||
Deferred revenue | 103 | 85 | ||||
Accrued compensation and benefits | 101 | 100 | ||||
Allowance for sales returns | 76 | 92 | ||||
Accrued interest | 55 | 50 | ||||
Sales and other taxes | 47 | 62 | ||||
Liability for consigned goods sold | 47 | 56 | ||||
Income taxes | 17 | 154 | ||||
Other | 71 | 92 | ||||
$ | 716 | 955 | ||||
LongTerm_Debt_and_Interest_Rat
Long-Term Debt and Interest Rate Swap Arrangements | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Debt Disclosure | ' | |||||
Long-Term Debt and Interest Rate Swap Arrangements | ||||||
Long-term debt consisted of the following: | ||||||
September 30, | December 31, | |||||
(in millions) | 2013 | 2012 | ||||
7.125% Senior Secured Notes due 2017 | $ | — | 500 | |||
7.5% Senior Secured Notes due 2019, net of original issue discount | 760 | 988 | ||||
7.375% Senior Secured Notes due 2020 | 500 | 500 | ||||
5.125% Senior Secured Notes due 2022 | 500 | 500 | ||||
4.375% Senior Secured Notes due 2023, net of original issue discount | 750 | — | ||||
5.95% Senior Secured Notes due 2043, net of original issue discount | 300 | — | ||||
Senior secured credit facility | 673 | 903 | ||||
Master promissory note with Liberty | 300 | — | ||||
Capital lease obligations | 79 | 86 | ||||
Total debt | 3,862 | 3,477 | ||||
Less current portion | (310 | ) | (12 | ) | ||
Long-term portion of debt and capital lease obligations | $ | 3,552 | 3,465 | |||
Master Promissory Note with Liberty | ||||||
On September 16, 2013, QVC entered into a master promissory note with Liberty to borrow a principal amount of $300 million. Interest on the outstanding principal balance will accrue at a fixed rate of 0.5% per annum, payable quarterly. The proceeds from this loan were used to pay down a portion of the Company's outstanding senior secured credit facility balance. The master promissory note is payable in full on March 15, 2014. All or any portion of the outstanding balance of the master promissory note may be prepaid at any time without penalty or premium. The master promissory note is unsecured and not guaranteed by any QVC subsidiaries. | ||||||
Senior Secured Credit Facility | ||||||
On March 1, 2013, we amended and restated our senior secured credit facility, which provides for a $2.0 billion revolving credit facility with a $250 million sub-limit for standby letters of credit and $1.0 billion of uncommitted incremental revolving loan commitments or incremental term loans. QVC may elect that the loans extended under the senior secured credit facility bear interest at a rate per annum equal to the ABR Rate or LIBOR, as each is defined in the senior secured credit facility agreement, plus a margin of 0.25% to 2.00% depending on various factors. Each loan may be prepaid at any time and from time to time without penalty other than customary breakage costs. Any amounts prepaid on the revolving credit facility may be reborrowed. Payment of loans may be accelerated following certain customary events of default. The senior secured credit facility is a multi-currency facility. The senior secured credit facility is secured by the stock of QVC. We had $1.3 billion available under the terms of the senior secured credit facility at September 30, 2013. The interest rate on the senior secured credit facility was 2.0% at September 30, 2013. | ||||||
The purpose of the amendment was to, among other things, extend the maturity of our senior secured credit facility to March 1, 2018 and lower the interest rate on borrowings. | ||||||
The senior secured credit facility contains certain affirmative and negative covenants, including certain restrictions with respect to, among other things: incurring additional indebtedness; creating liens on property or assets; making certain loans or investments; selling or disposing of assets; paying certain dividends and other restricted payments; dissolving, consolidating or merging; entering into certain transactions with affiliates; entering into sale or leaseback transactions; restricting subsidiary distributions; and limiting QVC's ratio of consolidated total debt to consolidated Adjusted OIBDA (as defined in note 11). | ||||||
Senior Secured Notes | ||||||
On March 4, 2013, QVC announced the commencement of cash tender offers (the "Offers") for any and all of its outstanding $500 million in aggregate principal amount of 7.125% Senior Secured Notes due 2017 and up to $250 million in aggregate principal amount of its 7.5% Senior Secured Notes due 2019. On March 18, 2013, $124 million of the 7.125% Senior Secured Notes due 2017 were tendered pursuant to the Offers, whereby holders of the 7.125% Senior Secured Notes due 2017 received consideration of $1,039.40 for each $1,000 principal amount of tendered 7.125% Senior Secured Notes due 2017. On March 18, 2013, $231 million of the 7.5% Senior Secured Notes due 2019 were tendered pursuant to the Offers, whereby holders of the 7.5% Senior Secured Notes due 2019 received consideration of $1,120 for each $1,000 principal amount of tendered 7.5% Senior Secured Notes due 2019. On April 17, 2013, QVC completed the redemption of the remaining $376 million principal amount of its 7.125% Senior Secured Notes due 2017, whereby holders received consideration of $1,035.63 for each $1,000 principal amount of tendered 7.125% Senior Secured Notes due 2017. | ||||||
On March 18, 2013, QVC issued $750 million principal amount of 4.375% Senior Secured Notes due 2023 at an issue price of 99.968% and issued $300 million principal amount of 5.95% Senior Secured Notes due 2043 at an issue price of 99.973%. These notes are secured by the stock of QVC, pari passu with the senior secured credit facility and QVC's existing notes. Interest is payable semi-annually. | ||||||
The net proceeds from the issuance of these instruments were used to reduce the outstanding principal under QVC's existing 7.125% Senior Secured Notes due 2017, the 7.5% Senior Secured Notes due 2019 and the senior secured credit facility, as well as for general corporate purposes. | ||||||
Additionally, as a result of these refinancing transactions, we incurred an extinguishment loss of $57 million for the nine months ended September 30, 2013, recorded as loss on extinguishment of debt in the condensed consolidated statements of operations. | ||||||
Interest Rate Swap Arrangements | ||||||
In March 2013, QVC's notional interest rate swaps of $3.1 billion expired. These swap arrangements did not qualify as cash flow hedges under U.S. GAAP. Accordingly, changes in the fair value of the swaps were reflected in gain on financial instruments in the accompanying condensed consolidated statements of operations. | ||||||
At December 31, 2012, the fair value of the swap instruments was a net liability position of $12 million, of which $13 million was included in accrued liabilities, offset by $1 million included in prepaid expenses in the condensed consolidated balance sheet. | ||||||
Other Debt Related Information | ||||||
QVC was in compliance with all of its debt covenants at September 30, 2013. | ||||||
During the quarter, there were no significant changes to QVC's debt credit ratings. | ||||||
The weighted average rate applicable to all of the outstanding debt (excluding capital leases) was 4.9% as of September 30, 2013. |
Leases_and_Transponder_Service
Leases and Transponder Service Agreements | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Leases and Transponder Service Agreements [Abstract] | ' | |||||
Leases of Lessee Disclosure | ' | |||||
Leases and Transponder Service Arrangements | ||||||
Future minimum payments under noncancelable operating leases and capital transponder leases with initial terms of one year or more at September 30, 2013 consisted of the following: | ||||||
(in millions) | Capital transponders | Operating leases | ||||
Remainder of 2013 | $ | 4 | 10 | |||
2014 | 12 | 17 | ||||
2015 | 11 | 15 | ||||
2016 | 11 | 12 | ||||
2017 | 11 | 9 | ||||
Thereafter | 40 | 107 | ||||
Total | $ | 89 | 170 | |||
The Company has entered into ten separate agreements with transponder suppliers to transmit its signals in the U.S., Germany and the U.K. via various satellites at an aggregate monthly cost of $1 million. Depreciation expense related to the transponders was $3 million and $2 million for the three months ended September 30, 2013 and 2012, respectively. For the nine months ended September 30, 2013 and 2012, depreciation expense related to the transponders was $9 million and $9 million, respectively. Total future minimum capital lease payments of $89 million include $9 million of imputed interest. Our transponder service agreement for our U.S. transponders expires at the earlier of the end of the lives of the satellites or the service agreement, which are currently estimated to be either 2019 or 2020, respectively. Our transponder service agreements for our international transponders expire between 2013 and 2022. | ||||||
Expenses for operating leases, principally for data processing equipment and facilities and for satellite uplink service agreements, amounted to $7 million and $7 million for the three months ended September 30, 2013 and 2012, respectively. For the nine months ended September 30, 2013 and 2012, expenses for operating leases were $21 million and $24 million, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure | ' |
Income Taxes | |
The Company calculates its interim income tax provision by applying its best estimate of the annual expected effective tax rate to its ordinary year-to-date income or loss. The tax or benefit related to significant, unusual or extraordinary items that will be separately reported or reported net of their related tax effect are individually computed and recognized in the interim period in which those items occur. | |
The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in foreign jurisdictions, permanent and temporary differences as a result of differences between amounts measured and recognized in accordance with tax laws and financial accounting standards, and the likelihood of recovering deferred tax assets. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained or as the tax environment changes. To the extent that the estimated annual effective tax rate changes during a quarter, the effect of the change on the prior quarters is included in the tax expense for the current quarter. | |
For the three months ended September 30, 2013, the Company recorded a tax provision of $70 million, which represented an effective tax rate of 34.3%. For the nine months ended September 30, 2013, the Company recorded a tax provision of $213 million, which represented an effective tax rate of 36.0%. The three month rate differs from U.S. federal income tax rate of 35.0% primarily due to state tax expense and state law changes, whereas the nine month rate differs from the U.S. federal income tax rate of 35.0% primarily due to state tax expense. | |
QVC is party to ongoing discussions with the Internal Revenue Service under the Compliance Assurance Process audit program. The Company files Federal tax returns on a consolidated basis with its parent company, Liberty. The Company, or one of its subsidiaries, files income tax returns in various states and foreign jurisdictions. As of September 30, 2013, the Company, or one of its subsidiaries, was under examination in California, Minnesota, New Jersey, New York, the City of New York and Pennsylvania, as well as in Germany and the U.K. | |
The amounts of the tax-related balances due to Liberty at September 30, 2013 and December 31, 2012 were $8 million and $70 million, respectively, and were included in accrued liabilities in the accompanying condensed consolidated balance sheets. | |
The Company entered into a Tax Liability Allocation and Indemnification Agreement (the “Tax Agreement”), dated April 26, 2004, with Liberty. The Tax Agreement establishes the methodology for the calculation and payment of income taxes in connection with the consolidation of the Company with Liberty for income tax purposes. Generally, the Tax Agreement provides that the Company will pay Liberty an amount equal to the tax liability, if any, that it would have if it were to file as a consolidated group separate and apart from Liberty, with exceptions for the treatment and timing of certain items, including but not limited to deferred intercompany transactions, credits, and net operating and capital losses. To the extent that the separate company tax expense is different from the payment terms of the Tax Agreement, the difference is recorded as either a dividend or capital contribution. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
The Company has contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. Although it is reasonably possible the Company may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made. In the opinion of management, it is expected that the amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying condensed consolidated financial statements. | |
Network and information systems, including the internet and telecommunication systems, third party delivery services and other technologies are critical to our business activities. Substantially all our customer orders, fulfillment and delivery services are dependent upon the use of network and information systems, including the use of third party telecommunication and delivery service providers. If information systems including the internet or telecommunication services are disrupted, or if the third party delivery services experience a disruption in their transportation delivery services, we could face a significant disruption in fulfilling our customer orders and shipment of our products. We have active disaster recovery programs in place to help mitigate risks associated with these critical business activities. |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Fair Value [Abstract] | ' | |||||||||
Fair Value Disclosures | ' | |||||||||
Assets and Liabilities Measured at Fair Value | ||||||||||
For assets and liabilities required to be reported or disclosed at fair value, U.S. GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. | ||||||||||
The Company's assets and liabilities measured or disclosed at fair value were as follows: | ||||||||||
Fair value measurements | ||||||||||
at September 30, 2013 using | ||||||||||
(in millions) | Total | Quoted prices | Significant | Significant | ||||||
in active | other | unobservable | ||||||||
markets for | observable | inputs | ||||||||
identical | inputs | (Level 3) | ||||||||
assets | (Level 2) | |||||||||
(Level 1) | ||||||||||
Current assets: | ||||||||||
Cash equivalents | $ | 295 | 295 | — | — | |||||
Current liabilities: | ||||||||||
Debt (note 6) | 300 | — | 300 | — | ||||||
Long-term liabilities: | ||||||||||
Debt (note 6) | 3,501 | — | 3,501 | — | ||||||
Fair value measurements | ||||||||||
at December 31, 2012 using | ||||||||||
(in millions) | Total | Quoted prices | Significant | Significant | ||||||
in active | other | unobservable | ||||||||
markets for | observable | inputs | ||||||||
identical | inputs | (Level 3) | ||||||||
assets | (Level 2) | |||||||||
(Level 1) | ||||||||||
Current assets: | ||||||||||
Cash equivalents | $ | 424 | 424 | — | — | |||||
Interest rate swap arrangements (note 6) | 1 | — | 1 | — | ||||||
Current liabilities: | ||||||||||
Interest rate swap arrangements (note 6) | 13 | — | 13 | — | ||||||
Long-term liabilities: | ||||||||||
Debt (note 6) | 3,626 | — | 3,626 | — | ||||||
The majority of the Company's Level 2 financial assets and liabilities are debt instruments with quoted market prices that are not considered to be traded on “active markets,” as defined in U.S. GAAP. Accordingly, the financial instruments are reported in the foregoing tables as Level 2 fair value instruments. | ||||||||||
U.S. GAAP requires the incorporation of a credit risk valuation adjustment in the Company's fair value measurements to estimate the impact of both its own nonperformance risk and the nonperformance risk of its counterparties. The Company estimates credit risk associated with its own and its counterparties' nonperformance primarily by using observable credit default swap rates for terms similar to those of the remaining life of the instrument, adjusted for any master netting arrangements or other factors that provide an estimate of nonperformance risk. These are Level 3 inputs. However, as the credit risk valuation adjustments were not significant, the Company reported its interest rate swaps as Level 2. The counterparties to the Company's interest rate swap arrangements were all major international financial institutions. |
Information_about_QVCs_Operati
Information about QVC's Operating Segments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Segment Reporting Disclosure | ' | ||||||||||||||||||
Information about QVC's Operating Segments | |||||||||||||||||||
Each of the Company's operating segments are retailers of a wide range of consumer products, which are marketed and sold primarily by merchandise-focused televised-shopping programs as well as via the internet and mobile applications in certain markets. The Company has operations in the United States, Japan, Germany, the United Kingdom and Italy. As such, the Company has identified five reportable segments: the United States, Japan, Germany, the United Kingdom and Italy. | |||||||||||||||||||
The Company evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as net revenue, Adjusted OIBDA, gross margin, average sales price per unit, number of units shipped and revenue or sales per subscriber equivalent. The Company defines Adjusted OIBDA as revenue less cost of sales, operating expenses, and selling, general and administrative expenses (excluding stock-based compensation). The Company believes this measure is an important indicator of the operational strength and performance of its segments, including the ability to service debt and fund capital expenditures. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking among our businesses and identify strategies to improve performance. This measure of performance excludes depreciation, amortization and stock-based compensation, that are included in the measurement of operating income pursuant to U.S. GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with U.S. GAAP. | |||||||||||||||||||
Performance measures | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
(in millions) | Net | Adjusted | Net | Adjusted | Net | Adjusted | Net | Adjusted | |||||||||||
revenue | OIBDA | revenue | OIBDA | revenue | OIBDA | revenue | OIBDA | ||||||||||||
QVC-U.S. | $ | 1,303 | 304 | 1,237 | 278 | 3,912 | 915 | 3,757 | 863 | ||||||||||
QVC-Japan | 236 | 46 | 301 | 67 | 752 | 157 | 900 | 200 | |||||||||||
QVC-Germany | 224 | 37 | 211 | 36 | 681 | 115 | 668 | 121 | |||||||||||
QVC-U.K. | 156 | 26 | 149 | 21 | 449 | 71 | 445 | 62 | |||||||||||
QVC-Italy | 28 | (5 | ) | 20 | (5 | ) | 88 | (12 | ) | 54 | (21 | ) | |||||||
Consolidated QVC | $ | 1,947 | 408 | 1,918 | 397 | 5,882 | 1,246 | 5,824 | 1,225 | ||||||||||
Net revenue amounts by product category are not available from our general purpose financial statements. | |||||||||||||||||||
Other information | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
(in millions) | Depreciation | Amortization | Depreciation | Amortization | Depreciation | Amortization | Depreciation | Amortization | |||||||||||
QVC-U.S. | $ | 14 | 90 | 12 | 86 | 41 | 269 | 38 | 248 | ||||||||||
QVC-Japan | 5 | 2 | 4 | 3 | 13 | 6 | 12 | 8 | |||||||||||
QVC-Germany | 6 | 12 | 7 | 8 | 22 | 30 | 24 | 24 | |||||||||||
QVC-U.K. | (1 | ) | 6 | 3 | 3 | 8 | 12 | 13 | 9 | ||||||||||
QVC-Italy | 2 | 3 | 2 | 1 | 5 | 7 | 5 | 4 | |||||||||||
Consolidated QVC | $ | 26 | 113 | 28 | 101 | 89 | 324 | 92 | 293 | ||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
(in millions) | Total Assets | Capital expenditures | Total | Capital | |||||||||||||||
assets | expenditures | ||||||||||||||||||
QVC-U.S. | $ | 10,140 | 69 | 10,541 | 88 | ||||||||||||||
QVC-Japan | 772 | 14 | 969 | 105 | |||||||||||||||
QVC-Germany | 1,068 | 20 | 1,064 | 25 | |||||||||||||||
QVC-U.K. | 597 | 8 | 619 | 22 | |||||||||||||||
QVC-Italy | 268 | 10 | 245 | 6 | |||||||||||||||
Consolidated QVC | $ | 12,845 | 121 | 13,438 | 246 | ||||||||||||||
Long-lived assets, net of accumulated depreciation, by geographic area were as follows: | |||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
(in millions) | 2013 | 2012 | |||||||||||||||||
QVC-U.S. | $ | 424 | 429 | ||||||||||||||||
QVC-Japan | 243 | 280 | |||||||||||||||||
QVC-Germany | 244 | 247 | |||||||||||||||||
QVC-U.K. | 122 | 128 | |||||||||||||||||
QVC-Italy | 48 | 47 | |||||||||||||||||
Consolidated QVC | $ | 1,081 | 1,131 | ||||||||||||||||
The following table provides a reconciliation of Adjusted OIBDA to income before income taxes: | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Adjusted OIBDA | $ | 408 | 397 | 1,246 | 1,225 | ||||||||||||||
Stock‑based compensation | (10 | ) | (8 | ) | (29 | ) | (21 | ) | |||||||||||
Depreciation and amortization | (139 | ) | (129 | ) | (413 | ) | (385 | ) | |||||||||||
Equity in losses of investee | (2 | ) | (3 | ) | (3 | ) | (3 | ) | |||||||||||
Gains on financial instruments | — | 12 | 15 | 36 | |||||||||||||||
Interest expense, net | (52 | ) | (61 | ) | (165 | ) | (172 | ) | |||||||||||
Foreign currency (loss) gain | (1 | ) | 1 | (2 | ) | (1 | ) | ||||||||||||
Loss on extinguishment of debt | — | — | (57 | ) | — | ||||||||||||||
Income before income taxes | $ | 204 | 209 | 592 | 679 | ||||||||||||||
Other_Comprehensive_Income
Other Comprehensive Income | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||
Comprehensive Income (Loss) | ' | |||||||
Other Comprehensive Income | ||||||||
The change in the component of accumulated other comprehensive income, net of taxes ("AOCI"), is summarized as follows: | ||||||||
(in millions) | Foreign currency translation adjustments | AOCI | ||||||
Balance at January 1, 2012 | $ | 194 | 194 | |||||
Other comprehensive income attributable to QVC, Inc. shareholder | 2 | 2 | ||||||
Balance at September 30, 2012 | 196 | 196 | ||||||
Balance at January 1, 2013 | $ | 186 | 186 | |||||
Other comprehensive loss attributable to QVC, Inc. shareholder | (22 | ) | (22 | ) | ||||
Balance at September 30, 2013 | 164 | 164 | ||||||
The component of other comprehensive income is reflected in QVC's condensed consolidated statements of comprehensive income, net of taxes. The following table summarizes the tax effects related to the component of other comprehensive income: | ||||||||
(in millions) | Before-tax amount | Tax (expense) benefit | Net-of-tax amount | |||||
Three months ended September 30, 2013: | ||||||||
Foreign currency translation adjustments | $ | 77 | (9 | ) | 68 | |||
Other comprehensive income (loss) | 77 | (9 | ) | 68 | ||||
Three months ended September 30, 2012: | ||||||||
Foreign currency translation adjustments | $ | 45 | (10 | ) | 35 | |||
Other comprehensive income (loss) | 45 | (10 | ) | 35 | ||||
Nine months ended September 30, 2013: | ||||||||
Foreign currency translation adjustments | $ | (52 | ) | 13 | (39 | ) | ||
Other comprehensive (loss) income | (52 | ) | 13 | (39 | ) | |||
Nine months ended September 30, 2012: | ||||||||
Foreign currency translation adjustments | $ | (3 | ) | 2 | (1 | ) | ||
Other comprehensive (loss) income | (3 | ) | 2 | (1 | ) | |||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
QVC repaid $150 million of the outstanding principal balance on the master promissory note with Liberty subsequent to September 30, 2013. |
GuarantorNonGuarantor_Subsidia
Guarantor/Non-Guarantor Subsidiary Financial Information | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Guarantor Non-guarantor Subsidiary Financial Information [Abstract] | ' | |||||||||||
Guarantor/Non-guarantor Subsidiary Financial Information | ' | |||||||||||
(14) Guarantor/Non-guarantor Subsidiary Financial Information | ||||||||||||
The following information contains the condensed consolidating financial statements for the Company, the parent on a stand-alone basis (QVC, Inc.), the combined subsidiary guarantors (Affiliate Relations Holdings, Inc.; Affiliate Investment, Inc.; AMI 2, Inc.; ER Marks, Inc.; QVC International LLC; QVC Rocky Mount, Inc. and QVC San Antonio, LLC) and the combined non-guarantor subsidiaries pursuant to Rule 3-10 of Regulation S-X. Certain non-guarantor subsidiaries are majority-owned by QVC International LLC, which is a guarantor subsidiary. | ||||||||||||
These condensed consolidating financial statements have been prepared from the Company’s financial information on the same basis of accounting as the Company’s condensed consolidated financial statements. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, such as management fees, royalty revenue and expense and interest income and expense. Goodwill and other intangible assets have been allocated to the subsidiaries based on management’s estimates. Certain costs have been partially allocated to all of the subsidiaries of the Company. | ||||||||||||
The subsidiary guarantors are 100% owned by the Company. All guarantees are full and unconditional and are joint and several. There are no significant restrictions on the ability of the Company to obtain funds from its U.S. subsidiaries, including the guarantors, by dividend or loan. The Company has not presented separate notes and other disclosures concerning the subsidiary guarantors as the Company has determined that such material information is available in the notes to the Company’s condensed consolidated financial statements. | ||||||||||||
The master promissory note with Liberty is not guaranteed by any QVC subsidiaries. | ||||||||||||
The Company adjusted the condensed consolidating financial statements to correctly classify transactions among QVC Inc., the combined subsidiary guarantors and the combined non-guarantor subsidiaries. | ||||||||||||
The adjustments to the condensed consolidating balance sheets: | ||||||||||||
• | increased intercompany accounts receivable of the combined non-guarantor subsidiaries and increased intercompany accounts payable of QVC, Inc. related to cumulative revenue net of cumulative cost of goods sold and cumulative operating expenses, which have been attributed from QVC, Inc. to the combined non-guarantor subsidiaries; and | |||||||||||
• | increased shareholder’s equity for the combined guarantor subsidiaries and combined subsidiary guarantors with an equal and offsetting increase in the investment in subsidiaries of QVC, Inc. and its corresponding elimination. | |||||||||||
The adjustments to the condensed consolidating statements of operations: | ||||||||||||
• | attributed elements of revenue, cost of goods sold and operating expenses from QVC, Inc. to the combined non-guarantor subsidiaries and recognized equal and offsetting increases in the equity in earnings of subsidiaries of QVC, Inc.; and | |||||||||||
• | recognized net income attributable to noncontrolling interests of QVC, Inc. and eliminated that income in consolidation. | |||||||||||
The adjustments to the condensed consolidating statements of cash flows: | ||||||||||||
• | attributed net cash provided by operating activities from QVC, Inc. to the combined non-guarantor subsidiaries related to revenue net of cost of goods sold and operating expenses, which have been attributed from QVC, Inc. to the combined non-guarantor subsidiaries; | |||||||||||
• | attributed cash paid for joint ventures and acquisitions of businesses from QVC, Inc. to the combined non-guarantor subsidiaries; and | |||||||||||
• | increased net cash provided by the financing activities of QVC, Inc. and increased net cash used in the financing activities of the non-guarantor subsidiaries. | |||||||||||
The adjustments had no impact to the Company's condensed consolidated balance sheets, condensed consolidated statements of operations, condensed consolidated statements of comprehensive income, condensed consolidated statements of changes in equity or condensed consolidated statements of cash flows for any current and previously reported period. | ||||||||||||
Condensed consolidating balance sheets | ||||||||||||
September 30, 2013 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 8 | 170 | 191 | — | 369 | ||||||
Restricted cash | 11 | — | 2 | — | 13 | |||||||
Accounts receivable, net | 494 | — | 236 | — | 730 | |||||||
Inventories | 800 | — | 323 | — | 1,123 | |||||||
Deferred income taxes | 139 | — | 17 | — | 156 | |||||||
Prepaid expenses | 19 | — | 44 | — | 63 | |||||||
Total current assets | 1,471 | 170 | 813 | — | 2,454 | |||||||
Property, plant and equipment, net | 248 | 65 | 768 | — | 1,081 | |||||||
Cable and satellite television distribution rights, net | — | 533 | 121 | — | 654 | |||||||
Goodwill | 4,169 | — | 1,036 | — | 5,205 | |||||||
Other intangible assets, net | 1,165 | 2,050 | 159 | — | 3,374 | |||||||
Other noncurrent assets | 11 | — | 66 | — | 77 | |||||||
Investments in subsidiaries | 4,829 | 1,702 | — | (6,531 | ) | — | ||||||
Total assets | $ | 11,893 | 4,520 | 2,963 | (6,531 | ) | 12,845 | |||||
Liabilities and equity | ||||||||||||
Current liabilities: | ||||||||||||
Current portion of debt and capital lease obligations | $ | 302 | — | 8 | — | 310 | ||||||
Accounts payable-trade | 292 | — | 243 | — | 535 | |||||||
Accrued liabilities | 281 | 58 | 377 | — | 716 | |||||||
Intercompany accounts payable (receivable) | 867 | (761 | ) | (106 | ) | — | — | |||||
Total current liabilities | 1,742 | (703 | ) | 522 | — | 1,561 | ||||||
Long-term portion of debt and capital lease obligations | 3,496 | — | 56 | — | 3,552 | |||||||
Deferred compensation | 14 | — | 1 | — | 15 | |||||||
Deferred income taxes | 404 | 933 | (13 | ) | — | 1,324 | ||||||
Other long-term liabilities | 135 | — | 20 | — | 155 | |||||||
Total liabilities | 5,791 | 230 | 586 | — | 6,607 | |||||||
Equity: | ||||||||||||
QVC, Inc. shareholder's equity | 6,102 | 4,290 | 2,241 | (6,531 | ) | 6,102 | ||||||
Noncontrolling interest | — | — | 136 | — | 136 | |||||||
Total equity | 6,102 | 4,290 | 2,377 | (6,531 | ) | 6,238 | ||||||
Total liabilities and equity | $ | 11,893 | 4,520 | 2,963 | (6,531 | ) | 12,845 | |||||
Condensed consolidating balance sheet - Adjusted | ||||||||||||
December 31, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 75 | 165 | 300 | — | 540 | ||||||
Restricted cash | 13 | — | 2 | — | 15 | |||||||
Accounts receivable, net | 747 | — | 308 | — | 1,055 | |||||||
Inventories | 691 | — | 218 | — | 909 | |||||||
Deferred income taxes | 131 | — | 20 | — | 151 | |||||||
Prepaid expenses | 19 | — | 34 | — | 53 | |||||||
Total current assets | 1,676 | 165 | 882 | — | 2,723 | |||||||
Property, plant and equipment, net | 247 | 67 | 817 | — | 1,131 | |||||||
Cable and satellite television distribution rights, net | — | 618 | 146 | — | 764 | |||||||
Goodwill | 4,169 | — | 1,065 | — | 5,234 | |||||||
Other intangible assets, net | 1,280 | 2,049 | 180 | — | 3,509 | |||||||
Other noncurrent assets | 14 | — | 63 | — | 77 | |||||||
Investments in subsidiaries | 4,844 | 1,838 | — | (6,682 | ) | — | ||||||
Total assets | $ | 12,230 | 4,737 | 3,153 | (6,682 | ) | 13,438 | |||||
Liabilities and equity | ||||||||||||
Current liabilities: | ||||||||||||
Current portion of debt and capital lease obligations | $ | 2 | — | 10 | — | 12 | ||||||
Accounts payable-trade | 324 | — | 242 | — | 566 | |||||||
Accrued liabilities | 402 | 106 | 447 | — | 955 | |||||||
Intercompany accounts payable (receivable) | 829 | (816 | ) | (13 | ) | — | — | |||||
Total current liabilities | 1,557 | (710 | ) | 686 | — | 1,533 | ||||||
Long-term portion of debt and capital lease obligations | 3,404 | — | 61 | — | 3,465 | |||||||
Deferred compensation | 11 | — | 1 | — | 12 | |||||||
Deferred income taxes | 431 | 964 | 15 | — | 1,410 | |||||||
Other long-term liabilities | 137 | 17 | 30 | — | 184 | |||||||
Total liabilities | 5,540 | 271 | 793 | — | 6,604 | |||||||
Equity: | ||||||||||||
QVC, Inc. shareholder's equity | 6,690 | 4,466 | 2,216 | (6,682 | ) | 6,690 | ||||||
Noncontrolling interest | — | — | 144 | — | 144 | |||||||
Total equity | 6,690 | 4,466 | 2,360 | (6,682 | ) | 6,834 | ||||||
Total liabilities and equity | $ | 12,230 | 4,737 | 3,153 | (6,682 | ) | 13,438 | |||||
Condensed consolidating statements of operations | ||||||||||||
Three months ended September 30, 2013 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net revenue | $ | 1,319 | 190 | 675 | (237 | ) | 1,947 | |||||
Cost of goods sold | 833 | 26 | 427 | (64 | ) | 1,222 | ||||||
Gross profit | 486 | 164 | 248 | (173 | ) | 725 | ||||||
Operating expenses: | ||||||||||||
Operating | 39 | 49 | 88 | — | 176 | |||||||
Selling, general and administrative, including stock-based compensation | 237 | 1 | 86 | (173 | ) | 151 | ||||||
Depreciation | 10 | 1 | 15 | — | 26 | |||||||
Amortization of intangible assets | 51 | 37 | 25 | — | 113 | |||||||
Intercompany management expense (income) | 14 | (1 | ) | (13 | ) | — | — | |||||
351 | 87 | 201 | (173 | ) | 466 | |||||||
Operating income | 135 | 77 | 47 | — | 259 | |||||||
Other (expense) income: | ||||||||||||
Equity in losses of investee | — | — | (2 | ) | — | (2 | ) | |||||
Interest expense, net | (52 | ) | — | — | — | (52 | ) | |||||
Foreign currency (loss) gain | (9 | ) | — | 8 | — | (1 | ) | |||||
Intercompany interest (expense) income | (4 | ) | 13 | (9 | ) | — | — | |||||
(65 | ) | 13 | (3 | ) | — | (55 | ) | |||||
Income before income taxes | 70 | 90 | 44 | — | 204 | |||||||
Income tax expense | (21 | ) | (27 | ) | (22 | ) | — | (70 | ) | |||
Equity in earnings of subsidiaries, net of tax | 85 | 3 | — | (88 | ) | — | ||||||
Net income | 134 | 66 | 22 | (88 | ) | 134 | ||||||
Less net income attributable to the noncontrolling interest | (9 | ) | — | (9 | ) | 9 | (9 | ) | ||||
Net income attributable to QVC, Inc. shareholder | $ | 125 | 66 | 13 | (79 | ) | 125 | |||||
Condensed consolidating statements of operations - Adjusted | ||||||||||||
Three months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net revenue | $ | 1,249 | 180 | 719 | (230 | ) | 1,918 | |||||
Cost of goods sold | 801 | 27 | 454 | (66 | ) | 1,216 | ||||||
Gross profit | 448 | 153 | 265 | (164 | ) | 702 | ||||||
Operating expenses: | ||||||||||||
Operating | 37 | 46 | 88 | — | 171 | |||||||
Selling, general and administrative, including stock-based compensation | 226 | — | 80 | (164 | ) | 142 | ||||||
Depreciation | 9 | 1 | 18 | — | 28 | |||||||
Amortization of intangible assets | 52 | 33 | 16 | — | 101 | |||||||
Intercompany management expense (income) | 14 | (5 | ) | (9 | ) | — | — | |||||
338 | 75 | 193 | (164 | ) | 442 | |||||||
Operating income | 110 | 78 | 72 | — | 260 | |||||||
Other (expense) income: | ||||||||||||
Equity in losses of investee | — | — | (3 | ) | — | (3 | ) | |||||
Gains on financial instruments | 12 | — | — | — | 12 | |||||||
Interest expense, net | (61 | ) | — | — | — | (61 | ) | |||||
Foreign currency (loss) gain | (6 | ) | 2 | 5 | — | 1 | ||||||
Intercompany interest (expense) income | (3 | ) | 12 | (9 | ) | — | — | |||||
(58 | ) | 14 | (7 | ) | — | (51 | ) | |||||
Income before income taxes | 52 | 92 | 65 | — | 209 | |||||||
Income tax expense | (17 | ) | (30 | ) | (26 | ) | — | (73 | ) | |||
Equity in earnings of subsidiaries, net of tax | 101 | 23 | — | (124 | ) | — | ||||||
Net income | 136 | 85 | 39 | (124 | ) | 136 | ||||||
Less net income attributable to the noncontrolling interest | (15 | ) | — | (15 | ) | 15 | (15 | ) | ||||
Net income attributable to QVC, Inc. shareholder | $ | 121 | 85 | 24 | (109 | ) | 121 | |||||
Condensed consolidating statements of operations | ||||||||||||
Nine months ended September 30, 2013 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net revenue | $ | 3,959 | 555 | 2,065 | (697 | ) | 5,882 | |||||
Cost of goods sold | 2,512 | 74 | 1,300 | (185 | ) | 3,701 | ||||||
Gross profit | 1,447 | 481 | 765 | (512 | ) | 2,181 | ||||||
Operating expenses: | ||||||||||||
Operating | 114 | 143 | 263 | — | 520 | |||||||
Selling, general and administrative, including stock-based compensation | 700 | 1 | 255 | (512 | ) | 444 | ||||||
Depreciation | 28 | 4 | 57 | — | 89 | |||||||
Amortization of intangible assets | 153 | 107 | 64 | — | 324 | |||||||
Intercompany management expense (income) | 46 | (8 | ) | (38 | ) | — | — | |||||
1,041 | 247 | 601 | (512 | ) | 1,377 | |||||||
Operating income | 406 | 234 | 164 | — | 804 | |||||||
Other (expense) income: | ||||||||||||
Equity in losses of investee | — | — | (3 | ) | — | (3 | ) | |||||
Gains on financial instruments | 12 | — | 3 | — | 15 | |||||||
Interest expense, net | (164 | ) | (1 | ) | — | — | (165 | ) | ||||
Foreign currency (loss) gain | (12 | ) | (1 | ) | 11 | — | (2 | ) | ||||
Loss on extinguishment of debt | (57 | ) | — | — | — | (57 | ) | |||||
Intercompany interest (expense) income | (11 | ) | 37 | (26 | ) | — | — | |||||
(232 | ) | 35 | (15 | ) | — | (212 | ) | |||||
Income before income taxes | 174 | 269 | 149 | — | 592 | |||||||
Income tax expense | (52 | ) | (87 | ) | (74 | ) | — | (213 | ) | |||
Equity in earnings of subsidiaries, net of tax | 257 | 29 | — | (286 | ) | — | ||||||
Net income | 379 | 211 | 75 | (286 | ) | 379 | ||||||
Less net income attributable to the noncontrolling interest | (34 | ) | — | (34 | ) | 34 | (34 | ) | ||||
Net income attributable to QVC, Inc. shareholder | $ | 345 | 211 | 41 | (252 | ) | 345 | |||||
Condensed consolidating statements of operations - Adjusted | ||||||||||||
Nine months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net revenue | $ | 3,804 | 534 | 2,168 | (682 | ) | 5,824 | |||||
Cost of goods sold | 2,421 | 81 | 1,363 | (185 | ) | 3,680 | ||||||
Gross profit | 1,383 | 453 | 805 | (497 | ) | 2,144 | ||||||
Operating expenses: | ||||||||||||
Operating | 110 | 137 | 275 | — | 522 | |||||||
Selling, general and administrative, including stock-based compensation | 666 | — | 249 | (497 | ) | 418 | ||||||
Depreciation | 26 | 3 | 63 | — | 92 | |||||||
Amortization of intangible assets | 148 | 98 | 47 | — | 293 | |||||||
Intercompany management expense (income) | 54 | (20 | ) | (34 | ) | — | — | |||||
1,004 | 218 | 600 | (497 | ) | 1,325 | |||||||
Operating income | 379 | 235 | 205 | — | 819 | |||||||
Other (expense) income: | ||||||||||||
Equity in losses of investee | — | — | (3 | ) | — | (3 | ) | |||||
Gains on financial instruments | 36 | — | — | — | 36 | |||||||
Interest (expense) income | (173 | ) | — | 1 | — | (172 | ) | |||||
Foreign currency (loss) gain | (11 | ) | 2 | 8 | — | (1 | ) | |||||
Intercompany interest (expense) income | (10 | ) | 37 | (27 | ) | — | — | |||||
(158 | ) | 39 | (21 | ) | — | (140 | ) | |||||
Income before income taxes | 221 | 274 | 184 | — | 679 | |||||||
Income tax expense | (81 | ) | (84 | ) | (82 | ) | — | (247 | ) | |||
Equity in earnings of subsidiaries, net of tax | 292 | 57 | — | (349 | ) | — | ||||||
Net income | 432 | 247 | 102 | (349 | ) | 432 | ||||||
Less net income attributable to the noncontrolling interest | (44 | ) | — | (44 | ) | 44 | (44 | ) | ||||
Net income attributable to QVC, Inc. shareholder | $ | 388 | 247 | 58 | (305 | ) | 388 | |||||
Condensed consolidating statements of comprehensive income | ||||||||||||
Three months ended September 30, 2013 | ||||||||||||
(in millions) | Subsidiary | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net income | $ | 134 | 66 | 22 | (88 | ) | 134 | |||||
Foreign currency translation adjustments | 68 | — | 68 | (68 | ) | 68 | ||||||
Total comprehensive income | 202 | 66 | 90 | (156 | ) | 202 | ||||||
Comprehensive income attributable to noncontrolling interest | (11 | ) | — | (11 | ) | 11 | (11 | ) | ||||
Comprehensive income attributable to QVC, Inc. shareholder | $ | 191 | 66 | 79 | (145 | ) | 191 | |||||
Three months ended September 30, 2012 | ||||||||||||
(in millions) | Subsidiary | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net income | $ | 136 | 85 | 39 | (124 | ) | 136 | |||||
Foreign currency translation adjustments | 35 | — | 35 | (35 | ) | 35 | ||||||
Total comprehensive income | 171 | 85 | 74 | (159 | ) | 171 | ||||||
Comprehensive income attributable to noncontrolling interest | (18 | ) | — | (18 | ) | 18 | (18 | ) | ||||
Comprehensive income attributable to QVC, Inc. shareholder | $ | 153 | 85 | 56 | (141 | ) | 153 | |||||
Condensed consolidating statements of comprehensive income | ||||||||||||
Nine months ended September 30, 2013 | ||||||||||||
(in millions) | Subsidiary | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net income | $ | 379 | 211 | 75 | (286 | ) | 379 | |||||
Foreign currency translation adjustments | (39 | ) | — | (39 | ) | 39 | (39 | ) | ||||
Total comprehensive income | 340 | 211 | 36 | (247 | ) | 340 | ||||||
Comprehensive income attributable to noncontrolling interest | (17 | ) | — | (17 | ) | 17 | (17 | ) | ||||
Comprehensive income attributable to QVC, Inc. shareholder | $ | 323 | 211 | 19 | (230 | ) | 323 | |||||
Nine months ended September 30, 2012 | ||||||||||||
(in millions) | Subsidiary | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net income | $ | 432 | 247 | 102 | (349 | ) | 432 | |||||
Foreign currency translation adjustments | (1 | ) | — | (1 | ) | 1 | (1 | ) | ||||
Total comprehensive income | 431 | 247 | 101 | (348 | ) | 431 | ||||||
Comprehensive income attributable to noncontrolling interest | (41 | ) | — | (41 | ) | 41 | (41 | ) | ||||
Comprehensive income attributable to QVC, Inc. shareholder | $ | 390 | 247 | 60 | (307 | ) | 390 | |||||
Condensed consolidating statements of cash flows | ||||||||||||
Nine months ended September 30, 2013 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Operating activities: | ||||||||||||
Net cash provided by operating activities | $ | 355 | 217 | 31 | — | 603 | ||||||
Investing activities: | ||||||||||||
Capital expenditures, net | (58 | ) | (3 | ) | (60 | ) | — | (121 | ) | |||
Expenditures for cable and satellite television distribution rights, net | — | (41 | ) | — | — | (41 | ) | |||||
Decrease in restricted cash | 2 | — | — | — | 2 | |||||||
Changes in other noncurrent assets | 3 | — | (4 | ) | — | (1 | ) | |||||
Intercompany investing activities | 272 | 165 | — | (437 | ) | — | ||||||
Net cash provided by (used in) investing activities | 219 | 121 | (64 | ) | (437 | ) | (161 | ) | ||||
Financing activities: | ||||||||||||
Principal payments of debt and capital lease obligations | (2,154 | ) | — | (7 | ) | — | (2,161 | ) | ||||
Principal borrowings of debt from senior secured credit facility | 1,198 | — | — | — | 1,198 | |||||||
Proceeds from issuance of senior secured notes, net of original issue discount | 1,050 | — | — | — | 1,050 | |||||||
Proceeds from master promissory note with Liberty | 300 | — | — | — | 300 | |||||||
Payment of debt origination fees | (16 | ) | — | — | — | (16 | ) | |||||
Payment of bond premium fees | (46 | ) | — | — | — | (46 | ) | |||||
Other financing activities | 9 | — | — | — | 9 | |||||||
Dividends paid to Liberty | (900 | ) | — | — | — | (900 | ) | |||||
Dividend paid to noncontrolling interest | — | — | (25 | ) | — | (25 | ) | |||||
Net short-term intercompany debt borrowings (repayments) | 38 | 55 | (93 | ) | — | — | ||||||
Intercompany financing activities | (120 | ) | (388 | ) | 71 | 437 | — | |||||
Net cash used in financing activities | (641 | ) | (333 | ) | (54 | ) | 437 | (591 | ) | |||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (22 | ) | — | (22 | ) | |||||
Net (decrease) increase in cash and cash equivalents | (67 | ) | 5 | (109 | ) | — | (171 | ) | ||||
Cash and cash equivalents, beginning of period | 75 | 165 | 300 | — | 540 | |||||||
Cash and cash equivalents, end of period | $ | 8 | 170 | 191 | — | 369 | ||||||
Condensed consolidating statements of cash flows - Adjusted | ||||||||||||
Nine months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Operating activities: | ||||||||||||
Net cash provided by operating activities | $ | 418 | 252 | 205 | — | 875 | ||||||
Investing activities: | ||||||||||||
Capital expenditures, net | (38 | ) | (2 | ) | (125 | ) | — | (165 | ) | |||
Expenditures for cable and satellite television distribution rights, net | — | (1 | ) | — | — | (1 | ) | |||||
Cash paid for joint ventures and acquisitions of businesses, net of cash received | — | — | (71 | ) | — | (71 | ) | |||||
Decrease in restricted cash | 2 | — | — | — | 2 | |||||||
Changes in other noncurrent assets | 4 | (1 | ) | (4 | ) | — | (1 | ) | ||||
Intercompany investing activities | 485 | 231 | — | (716 | ) | — | ||||||
Net cash provided by (used in) investing activities | 453 | 227 | (200 | ) | (716 | ) | (236 | ) | ||||
Financing activities: | ||||||||||||
Principal payments of debt and capital lease obligations | (1,073 | ) | — | (7 | ) | — | (1,080 | ) | ||||
Principal borrowings of debt from senior secured credit facility | 1,493 | — | — | — | 1,493 | |||||||
Proceeds from issuance of senior secured notes | 500 | — | — | — | 500 | |||||||
Payment of debt origination fees | (8 | ) | — | — | — | (8 | ) | |||||
Dividends paid to Liberty | (1,682 | ) | — | — | — | (1,682 | ) | |||||
Dividend paid to noncontrolling interest | — | — | (29 | ) | — | (29 | ) | |||||
Net short-term intercompany debt borrowings (repayments) | 123 | (35 | ) | (88 | ) | — | — | |||||
Intercompany financing activities | (211 | ) | (554 | ) | 49 | 716 | — | |||||
Net cash used in financing activities | (858 | ) | (589 | ) | (75 | ) | 716 | (806 | ) | |||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (7 | ) | — | (7 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 13 | (110 | ) | (77 | ) | — | (174 | ) | ||||
Cash and cash equivalents, beginning of period | 3 | 223 | 334 | — | 560 | |||||||
Cash and cash equivalents, end of period | $ | 16 | 113 | 257 | — | 386 | ||||||
The following tables present the statements as they were previously reported and the adjustments to each financial statement line item. | ||||||||||||
Condensed consolidating balance sheets - As previously reported | ||||||||||||
December 31, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 75 | 165 | 300 | — | 540 | ||||||
Restricted cash | 13 | — | 2 | — | 15 | |||||||
Accounts receivable, net | 747 | — | 308 | — | 1,055 | |||||||
Inventories | 691 | — | 218 | — | 909 | |||||||
Deferred income taxes | 131 | — | 20 | — | 151 | |||||||
Prepaid expenses | 19 | — | 34 | — | 53 | |||||||
Total current assets | 1,676 | 165 | 882 | — | 2,723 | |||||||
Property, plant and equipment, net | 247 | 67 | 817 | — | 1,131 | |||||||
Cable and satellite television distribution rights, net | — | 618 | 146 | — | 764 | |||||||
Goodwill | 4,169 | — | 1,065 | — | 5,234 | |||||||
Other intangible assets, net | 1,280 | 2,049 | 180 | — | 3,509 | |||||||
Other noncurrent assets | 14 | — | 63 | — | 77 | |||||||
Investments in subsidiaries | 3,789 | 1,838 | — | (5,627 | ) | — | ||||||
Total assets | $ | 11,175 | 4,737 | 3,153 | (5,627 | ) | 13,438 | |||||
Liabilities and equity | ||||||||||||
Current liabilities: | ||||||||||||
Current portion of debt and capital lease obligations | $ | 2 | — | 10 | — | 12 | ||||||
Accounts payable-trade | 324 | — | 242 | — | 566 | |||||||
Accrued liabilities | 402 | 106 | 447 | — | 955 | |||||||
Intercompany accounts (receivable) payable | (226 | ) | (411 | ) | 637 | — | — | |||||
Total current liabilities | 502 | (305 | ) | 1,336 | — | 1,533 | ||||||
Long-term portion of debt and capital lease obligations | 3,404 | — | 61 | — | 3,465 | |||||||
Deferred compensation | 11 | — | 1 | — | 12 | |||||||
Deferred income taxes | 431 | 964 | 15 | — | 1,410 | |||||||
Other long-term liabilities | 137 | 17 | 30 | — | 184 | |||||||
Total liabilities | 4,485 | 676 | 1,443 | — | 6,604 | |||||||
Equity: | ||||||||||||
QVC, Inc. shareholder's equity | 6,690 | 4,061 | 1,566 | (5,627 | ) | 6,690 | ||||||
Noncontrolling interest | — | — | 144 | — | 144 | |||||||
Total equity | 6,690 | 4,061 | 1,710 | (5,627 | ) | 6,834 | ||||||
Total liabilities and equity | $ | 11,175 | 4,737 | 3,153 | (5,627 | ) | 13,438 | |||||
Condensed consolidating balance sheets - Adjustments | ||||||||||||
December 31, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | — | — | — | — | — | ||||||
Restricted cash | — | — | — | — | — | |||||||
Accounts receivable, net | — | — | — | — | — | |||||||
Inventories | — | — | — | — | — | |||||||
Deferred income taxes | — | — | — | — | — | |||||||
Prepaid expenses | — | — | — | — | — | |||||||
Total current assets | — | — | — | — | — | |||||||
Property, plant and equipment, net | — | — | — | — | — | |||||||
Cable and satellite television distribution rights, net | — | — | — | — | — | |||||||
Goodwill | — | — | — | — | — | |||||||
Other intangible assets, net | — | — | — | — | — | |||||||
Other noncurrent assets | — | — | — | — | — | |||||||
Investments in subsidiaries | 1,055 | — | — | (1,055 | ) | — | ||||||
Total assets | $ | 1,055 | — | — | (1,055 | ) | — | |||||
Liabilities and equity | ||||||||||||
Current liabilities: | ||||||||||||
Current portion of debt and capital lease obligations | $ | — | — | — | — | — | ||||||
Accounts payable-trade | — | — | — | — | — | |||||||
Accrued liabilities | — | — | — | — | — | |||||||
Intercompany accounts payable (receivable) | 1,055 | (405 | ) | (650 | ) | — | — | |||||
Total current liabilities | 1,055 | (405 | ) | (650 | ) | — | — | |||||
Long-term portion of debt and capital lease obligations | — | |||||||||||
Deferred compensation | — | — | — | — | — | |||||||
Deferred income taxes | — | — | — | — | — | |||||||
Other long-term liabilities | — | — | — | — | — | |||||||
Total liabilities | 1,055 | (405 | ) | (650 | ) | — | — | |||||
Equity: | ||||||||||||
QVC, Inc. shareholder's equity | — | 405 | 650 | (1,055 | ) | — | ||||||
Noncontrolling interest | — | — | — | — | — | |||||||
Total equity | — | 405 | 650 | (1,055 | ) | — | ||||||
Total liabilities and equity | $ | 1,055 | — | — | (1,055 | ) | — | |||||
Condensed consolidating statements of operations - As previously reported | ||||||||||||
Three months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net revenue | $ | 1,301 | 180 | 667 | (230 | ) | 1,918 | |||||
Cost of goods sold | 817 | 27 | 438 | (66 | ) | 1,216 | ||||||
Gross profit | 484 | 153 | 229 | (164 | ) | 702 | ||||||
Operating expenses: | ||||||||||||
Operating | 44 | 46 | 81 | — | 171 | |||||||
Selling, general and administrative, including stock-based compensation | 226 | — | 80 | (164 | ) | 142 | ||||||
Depreciation | 9 | 1 | 18 | — | 28 | |||||||
Amortization of intangible assets | 52 | 33 | 16 | — | 101 | |||||||
Intercompany management expense (income) | 14 | (5 | ) | (9 | ) | — | — | |||||
345 | 75 | 186 | (164 | ) | 442 | |||||||
Operating income | 139 | 78 | 43 | — | 260 | |||||||
Other (expense) income: | ||||||||||||
Equity in losses of investee | — | — | (3 | ) | — | (3 | ) | |||||
Gains on financial instruments | 12 | — | — | — | 12 | |||||||
Interest expense, net | (61 | ) | — | — | — | (61 | ) | |||||
Foreign currency (loss) gain | (6 | ) | 2 | 5 | — | 1 | ||||||
Intercompany interest (expense) income | (3 | ) | 12 | (9 | ) | — | — | |||||
(58 | ) | 14 | (7 | ) | — | (51 | ) | |||||
Income before income taxes | 81 | 92 | 36 | — | 209 | |||||||
Income tax expense | (17 | ) | (30 | ) | (26 | ) | — | (73 | ) | |||
Equity in earnings of subsidiaries, net of tax | 57 | 23 | — | (80 | ) | — | ||||||
Net income | 121 | 85 | 10 | (80 | ) | 136 | ||||||
Less net income attributable to the noncontrolling interest | — | — | (15 | ) | — | (15 | ) | |||||
Net income (loss) attributable to QVC, Inc. shareholder | $ | 121 | 85 | (5 | ) | (80 | ) | 121 | ||||
Condensed consolidating statements of operations - Adjustments | ||||||||||||
Three months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net revenue | $ | (52 | ) | — | 52 | — | — | |||||
Cost of goods sold | (16 | ) | — | 16 | — | — | ||||||
Gross profit | (36 | ) | — | 36 | — | — | ||||||
Operating expenses: | ||||||||||||
Operating | (7 | ) | — | 7 | — | — | ||||||
Selling, general and administrative, including stock-based compensation | — | — | — | — | — | |||||||
Depreciation | — | — | — | — | — | |||||||
Amortization of intangible assets | — | — | — | — | — | |||||||
Intercompany management expense (income) | — | — | — | — | — | |||||||
(7 | ) | — | 7 | — | — | |||||||
Operating income | (29 | ) | — | 29 | — | — | ||||||
Other (expense) income: | ||||||||||||
Equity in losses of investee | — | — | — | — | — | |||||||
Gains on financial instruments | — | — | — | — | — | |||||||
Interest expense, net | — | — | — | — | — | |||||||
Foreign currency (loss) gain | — | — | — | — | — | |||||||
Intercompany interest (expense) income | — | — | — | — | — | |||||||
— | — | — | — | — | ||||||||
Income before income taxes | (29 | ) | — | 29 | — | — | ||||||
Income tax expense | — | — | — | — | — | |||||||
Equity in earnings of subsidiaries, net of tax | 44 | — | — | (44 | ) | — | ||||||
Net income | 15 | — | 29 | (44 | ) | — | ||||||
Less net income attributable to the noncontrolling interest | (15 | ) | — | — | 15 | — | ||||||
Net income attributable to QVC, Inc. shareholder | $ | — | — | 29 | (29 | ) | — | |||||
Condensed consolidating statements of operations - As previously reported | ||||||||||||
Nine months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net revenue | $ | 3,963 | 534 | 2,009 | (682 | ) | 5,824 | |||||
Cost of goods sold | 2,470 | 81 | 1,314 | (185 | ) | 3,680 | ||||||
Gross profit | 1,493 | 453 | 695 | (497 | ) | 2,144 | ||||||
Operating expenses: | ||||||||||||
Operating | 132 | 137 | 253 | — | 522 | |||||||
Selling, general and administrative, including stock-based compensation | 666 | — | 249 | (497 | ) | 418 | ||||||
Depreciation | 26 | 3 | 63 | — | 92 | |||||||
Amortization of intangible assets | 148 | 98 | 47 | — | 293 | |||||||
Intercompany management expense (income) | 54 | (20 | ) | (34 | ) | — | — | |||||
1,026 | 218 | 578 | (497 | ) | 1,325 | |||||||
Operating income | 467 | 235 | 117 | — | 819 | |||||||
Other (expense) income: | ||||||||||||
Equity in losses of investee | — | — | (3 | ) | — | (3 | ) | |||||
Gains on financial instruments | 36 | — | — | — | 36 | |||||||
Interest (expense) income | (173 | ) | — | 1 | — | (172 | ) | |||||
Foreign currency (loss) gain | (11 | ) | 2 | 8 | — | (1 | ) | |||||
Intercompany interest (expense) income | (10 | ) | 37 | (27 | ) | — | — | |||||
(158 | ) | 39 | (21 | ) | — | (140 | ) | |||||
Income before income taxes | 309 | 274 | 96 | — | 679 | |||||||
Income tax expense | (81 | ) | (84 | ) | (82 | ) | — | (247 | ) | |||
Equity in earnings of subsidiaries, net of tax | 160 | 57 | — | (217 | ) | — | ||||||
Net income | 388 | 247 | 14 | (217 | ) | 432 | ||||||
Less net income attributable to the noncontrolling interest | — | — | (44 | ) | — | (44 | ) | |||||
Net income (loss) attributable to QVC, Inc. shareholder | $ | 388 | 247 | (30 | ) | (217 | ) | 388 | ||||
Condensed consolidating statements of operations - Adjustments | ||||||||||||
Nine months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net revenue | $ | (159 | ) | — | 159 | — | — | |||||
Cost of goods sold | (49 | ) | — | 49 | — | — | ||||||
Gross profit | (110 | ) | — | 110 | — | — | ||||||
Operating expenses: | ||||||||||||
Operating | (22 | ) | — | 22 | — | — | ||||||
Selling, general and administrative, including stock-based compensation | — | — | — | — | — | |||||||
Depreciation | — | — | — | — | — | |||||||
Amortization of intangible assets | — | — | — | — | — | |||||||
Intercompany management expense (income) | — | — | — | — | — | |||||||
(22 | ) | — | 22 | — | — | |||||||
Operating income | (88 | ) | — | 88 | — | — | ||||||
Other (expense) income: | ||||||||||||
Equity in losses of investee | — | — | — | — | — | |||||||
Gains on financial instruments | — | — | — | — | — | |||||||
Interest expense (income) | — | — | — | — | — | |||||||
Foreign currency (loss) gain | — | — | — | — | — | |||||||
Intercompany interest (expense) income | — | — | — | — | — | |||||||
— | — | — | — | — | ||||||||
Income before income taxes | (88 | ) | — | 88 | — | — | ||||||
Income tax expense | — | — | — | — | — | |||||||
Equity in earnings of subsidiaries, net of tax | 132 | — | — | (132 | ) | — | ||||||
Net income | 44 | — | 88 | (132 | ) | — | ||||||
Less net income attributable to the noncontrolling interest | (44 | ) | — | — | 44 | — | ||||||
Net income attributable to QVC, Inc. shareholder | $ | — | — | 88 | (88 | ) | — | |||||
Condensed consolidating statements of cash flows - As previously reported | ||||||||||||
Nine months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Operating activities: | ||||||||||||
Net cash provided by operating activities | $ | 506 | 252 | 117 | — | 875 | ||||||
Investing activities: | ||||||||||||
Capital expenditures, net | (38 | ) | (2 | ) | (125 | ) | — | (165 | ) | |||
Expenditures for cable and satellite television distribution rights | — | (1 | ) | — | — | (1 | ) | |||||
Cash paid for joint ventures and acquisitions of businesses, net of cash received | (16 | ) | — | (55 | ) | — | (71 | ) | ||||
Decrease in restricted cash | 2 | — | — | — | 2 | |||||||
Changes in other noncurrent assets and liabilities | 4 | (1 | ) | (4 | ) | — | (1 | ) | ||||
Intercompany investing activities | 304 | 231 | — | (535 | ) | — | ||||||
Net cash provided by (used in) investing activities | 256 | 227 | (184 | ) | (535 | ) | (236 | ) | ||||
Financing activities: | ||||||||||||
Principal payments of debt and capital lease obligations | (1,073 | ) | — | (7 | ) | — | (1,080 | ) | ||||
Principal borrowings of debt from senior secured credit facility | 1,493 | — | — | — | 1,493 | |||||||
Proceeds from issuance of senior secured notes | 500 | — | — | — | 500 | |||||||
Payment of debt origination fees | (8 | ) | — | — | — | (8 | ) | |||||
Dividends paid to Liberty | (1,682 | ) | — | — | — | (1,682 | ) | |||||
Dividend paid to noncontrolling interest | — | — | (29 | ) | — | (29 | ) | |||||
Net short-term intercompany debt borrowings (repayments) | 25 | (21 | ) | (4 | ) | — | — | |||||
Intercompany financing activities | (4 | ) | (568 | ) | 37 | 535 | — | |||||
Net cash used in financing activities | (749 | ) | (589 | ) | (3 | ) | 535 | (806 | ) | |||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (7 | ) | — | (7 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 13 | (110 | ) | (77 | ) | — | (174 | ) | ||||
Cash and cash equivalents, beginning of period | 3 | 223 | 334 | — | 560 | |||||||
Cash and cash equivalents, end of period | $ | 16 | 113 | 257 | — | 386 | ||||||
Condensed consolidating statements of cash flows - Adjustments | ||||||||||||
Nine months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Operating activities: | ||||||||||||
Net cash (used in) provided by operating activities | $ | (88 | ) | — | 88 | — | — | |||||
Investing activities: | ||||||||||||
Capital expenditures, net | — | — | — | — | — | |||||||
Expenditures for cable and satellite television distribution rights, net | — | — | — | — | — | |||||||
Cash paid for joint ventures and acquisitions of businesses, net of cash received | 16 | — | (16 | ) | — | — | ||||||
Decrease in restricted cash | — | — | — | — | — | |||||||
Changes in other noncurrent assets | — | — | — | — | — | |||||||
Intercompany investing activities | 181 | — | — | (181 | ) | — | ||||||
Net cash provided by (used in) investing activities | 197 | — | (16 | ) | (181 | ) | — | |||||
Financing activities: | ||||||||||||
Principal payments of debt and capital lease obligations | — | — | — | — | — | |||||||
Principal borrowings of debt from senior secured credit facility | — | — | — | — | — | |||||||
Proceeds from issuance of senior secured notes | — | — | — | — | — | |||||||
Payment of debt origination fees | — | — | — | — | — | |||||||
Dividends paid to Liberty | — | — | — | — | — | |||||||
Dividend paid to noncontrolling interest | — | — | — | — | — | |||||||
Net short-term intercompany debt borrowings (repayments) | 98 | (14 | ) | (84 | ) | — | — | |||||
Intercompany financing activities | (207 | ) | 14 | 12 | 181 | — | ||||||
Net cash used in financing activities | (109 | ) | — | (72 | ) | 181 | — | |||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | — | — | — | |||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | |||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | |||||||
Cash and cash equivalents, end of period | $ | — | — | — | — | — | ||||||
The effect of the adjustment on equity as of January 1, 2012 was as follows: | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
As previously reported | $ | 7,890 | 3,465 | 1,716 | (5,052 | ) | 8,019 | |||||
Adjustment | — | 450 | 465 | (915 | ) | — | ||||||
Adjusted | $ | 7,890 | 3,915 | 2,181 | (5,967 | ) | 8,019 | |||||
The adjusted net income for each prior interim period in the current fiscal year is presented in the below tables. | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Three months ended June 30, 2013: | ||||||||||||
Net income - Adjusted | $ | 139 | 66 | 26 | (92 | ) | 139 | |||||
Six months ended June 30, 2013 | ||||||||||||
Net income - Adjusted | 245 | 145 | 53 | (198 | ) | 245 | ||||||
Three months ended March 31, 2013: | ||||||||||||
Net income - Adjusted | 106 | 79 | 27 | (106 | ) | 106 | ||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Three months ended June 30, 2013: | ||||||||||||
Net income (loss) - As previously reported | $ | 139 | 66 | (23 | ) | (43 | ) | 139 | ||||
Six months ended June 30, 2013 | ||||||||||||
Net income (loss) - As previously reported | 245 | 145 | (31 | ) | (114 | ) | 245 | |||||
Three months ended March 31, 2013: | ||||||||||||
Net income (loss) - As previously reported | 106 | 79 | (8 | ) | (71 | ) | 106 | |||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Three months ended June 30, 2013: | ||||||||||||
Net income - Adjustment | $ | — | — | 49 | (49 | ) | — | |||||
Six months ended June 30, 2013 | ||||||||||||
Net income - Adjustment | — | — | 84 | (84 | ) | — | ||||||
Three months ended March 31, 2013: | ||||||||||||
Net income - Adjustment | — | — | 35 | (35 | ) | — | ||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | ' |
Consolidation policy | ' |
The condensed consolidated financial statements include the accounts of the Company and its majority‑owned subsidiaries. All significant intercompany accounts and transactions were eliminated in consolidation. | |
The accompanying (a) condensed consolidated balance sheet as of December 31, 2012, which has been derived from audited financial statements, and (b) interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and notes thereto contained in QVC's Annual Report on Form 10-K for the year ended December 31, 2012. | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates include, but are not limited to, sales returns, uncollectible receivables, inventory obsolescence, depreciable lives of fixed assets, internally‑developed software, valuation of acquired intangible assets and goodwill, income taxes and stock‑based compensation. | |
New accounting pronouncements policy | ' |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, which amends Accounting Standards Codification ("ASC") Topic 220, Comprehensive Income and requires that companies present information about reclassification adjustments from accumulated other comprehensive income in their interim and annual financial statements. The standard requires that companies present either in a single note, or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, companies will instead cross reference to the related footnote for additional information. QVC adopted this guidance as of January 1, 2013, and adoption did not have an impact on QVC's condensed consolidated financial position, results of operations or cash flows. |
Cable_and_Satellite_Television1
Cable and Satellite Television Distribution Rights, Net (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Cable and Satellite Television Distribution Rights [Abstract] | ' | |||||
Schedule of Cable and Satellite Television Distribution Rights | ' | |||||
Cable and satellite television distribution rights consisted of the following: | ||||||
September 30, | December 31, | |||||
(in millions) | 2013 | 2012 | ||||
Cable and satellite television distribution rights | $ | 2,307 | 2,304 | |||
Less accumulated amortization | (1,653 | ) | (1,540 | ) | ||
Cable and satellite television distribution rights, net | $ | 654 | 764 | |||
Schedule of Expected Amortization Expense | ' | |||||
As of September 30, 2013, related amortization expense for each of the next five years ended December 31 was as follows (in millions): | ||||||
Remainder of 2013 | $ | 46 | ||||
2014 | 177 | |||||
2015 | 168 | |||||
2016 | 163 | |||||
2017 | 112 | |||||
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Schedule of Goodwill | ' | |||||||||||||
The changes in the carrying amount of goodwill were as follows: | ||||||||||||||
(in millions) | QVC-U.S. | QVC-Japan | QVC-Germany | QVC-U.K. | QVC-Italy | Total | ||||||||
Balance as of December 31, 2012 | $ | 4,190 | 349 | 334 | 212 | 149 | 5,234 | |||||||
Exchange rate fluctuations | — | (41 | ) | 9 | (1 | ) | 4 | (29 | ) | |||||
Balance as of September 30, 2013 | $ | 4,190 | 308 | 343 | 211 | 153 | 5,205 | |||||||
Other_Intangible_Assets_Net_Ta
Other Intangible Assets, Net (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Other Intangible Assets [Abstract] | ' | |||||||||
Schedule of Acquired Intangible Assets by Class | ' | |||||||||
Other intangible assets consisted of the following: | ||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||
(in millions) | Gross | Accumulated | Gross | Accumulated | ||||||
cost | amortization | cost | amortization | |||||||
Purchased and internally developed software | $ | 589 | (374 | ) | 575 | (352 | ) | |||
Affiliate and customer relationships | 2,448 | (1,757 | ) | 2,445 | (1,624 | ) | ||||
Debt origination fees | 51 | (11 | ) | 54 | (18 | ) | ||||
Trademarks (indefinite life) | 2,428 | — | 2,429 | — | ||||||
$ | 5,516 | (2,142 | ) | 5,503 | (1,994 | ) | ||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | |||||||||
As of September 30, 2013, the related amortization expense and interest expense for each of the next five years ended December 31 was as follows (in millions): | ||||||||||
Remainder of 2013 | $ | 74 | ||||||||
2014 | 273 | |||||||||
2015 | 246 | |||||||||
2016 | 206 | |||||||||
2017 | 121 | |||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Accrued Liabilities [Abstract] | ' | |||||
Schedule of Accrued Liabilities | ' | |||||
Accrued liabilities consisted of the following: | ||||||
September 30, | December 31, | |||||
(in millions) | 2013 | 2012 | ||||
Accounts payable non-trade | $ | 199 | 264 | |||
Deferred revenue | 103 | 85 | ||||
Accrued compensation and benefits | 101 | 100 | ||||
Allowance for sales returns | 76 | 92 | ||||
Accrued interest | 55 | 50 | ||||
Sales and other taxes | 47 | 62 | ||||
Liability for consigned goods sold | 47 | 56 | ||||
Income taxes | 17 | 154 | ||||
Other | 71 | 92 | ||||
$ | 716 | 955 | ||||
LongTerm_Debt_and_Interest_Rat1
Long-Term Debt and Interest Rate Swap Arrangements (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Schedule of Debt | ' | |||||
Long-term debt consisted of the following: | ||||||
September 30, | December 31, | |||||
(in millions) | 2013 | 2012 | ||||
7.125% Senior Secured Notes due 2017 | $ | — | 500 | |||
7.5% Senior Secured Notes due 2019, net of original issue discount | 760 | 988 | ||||
7.375% Senior Secured Notes due 2020 | 500 | 500 | ||||
5.125% Senior Secured Notes due 2022 | 500 | 500 | ||||
4.375% Senior Secured Notes due 2023, net of original issue discount | 750 | — | ||||
5.95% Senior Secured Notes due 2043, net of original issue discount | 300 | — | ||||
Senior secured credit facility | 673 | 903 | ||||
Master promissory note with Liberty | 300 | — | ||||
Capital lease obligations | 79 | 86 | ||||
Total debt | 3,862 | 3,477 | ||||
Less current portion | (310 | ) | (12 | ) | ||
Long-term portion of debt and capital lease obligations | $ | 3,552 | 3,465 | |||
Leases_and_Transponder_Service1
Leases and Transponder Service Agreements (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Leases and Transponder Service Agreements [Abstract] | ' | |||||
Future Minimum Lease Payments | ' | |||||
Future minimum payments under noncancelable operating leases and capital transponder leases with initial terms of one year or more at September 30, 2013 consisted of the following: | ||||||
(in millions) | Capital transponders | Operating leases | ||||
Remainder of 2013 | $ | 4 | 10 | |||
2014 | 12 | 17 | ||||
2015 | 11 | 15 | ||||
2016 | 11 | 12 | ||||
2017 | 11 | 9 | ||||
Thereafter | 40 | 107 | ||||
Total | $ | 89 | 170 | |||
Assets_and_Liabilities_Measure1
Assets and Liabilities Measured at Fair Value (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||
The Company's assets and liabilities measured or disclosed at fair value were as follows: | ||||||||||
Fair value measurements | ||||||||||
at September 30, 2013 using | ||||||||||
(in millions) | Total | Quoted prices | Significant | Significant | ||||||
in active | other | unobservable | ||||||||
markets for | observable | inputs | ||||||||
identical | inputs | (Level 3) | ||||||||
assets | (Level 2) | |||||||||
(Level 1) | ||||||||||
Current assets: | ||||||||||
Cash equivalents | $ | 295 | 295 | — | — | |||||
Current liabilities: | ||||||||||
Debt (note 6) | 300 | — | 300 | — | ||||||
Long-term liabilities: | ||||||||||
Debt (note 6) | 3,501 | — | 3,501 | — | ||||||
Fair value measurements | ||||||||||
at December 31, 2012 using | ||||||||||
(in millions) | Total | Quoted prices | Significant | Significant | ||||||
in active | other | unobservable | ||||||||
markets for | observable | inputs | ||||||||
identical | inputs | (Level 3) | ||||||||
assets | (Level 2) | |||||||||
(Level 1) | ||||||||||
Current assets: | ||||||||||
Cash equivalents | $ | 424 | 424 | — | — | |||||
Interest rate swap arrangements (note 6) | 1 | — | 1 | — | ||||||
Current liabilities: | ||||||||||
Interest rate swap arrangements (note 6) | 13 | — | 13 | — | ||||||
Long-term liabilities: | ||||||||||
Debt (note 6) | 3,626 | — | 3,626 | — | ||||||
Information_about_QVCs_Operati1
Information about QVC's Operating Segments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||
Schedule of Revenue and Adjusted OIBDA by Segment | ' | ||||||||||||||||||
Performance measures | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
(in millions) | Net | Adjusted | Net | Adjusted | Net | Adjusted | Net | Adjusted | |||||||||||
revenue | OIBDA | revenue | OIBDA | revenue | OIBDA | revenue | OIBDA | ||||||||||||
QVC-U.S. | $ | 1,303 | 304 | 1,237 | 278 | 3,912 | 915 | 3,757 | 863 | ||||||||||
QVC-Japan | 236 | 46 | 301 | 67 | 752 | 157 | 900 | 200 | |||||||||||
QVC-Germany | 224 | 37 | 211 | 36 | 681 | 115 | 668 | 121 | |||||||||||
QVC-U.K. | 156 | 26 | 149 | 21 | 449 | 71 | 445 | 62 | |||||||||||
QVC-Italy | 28 | (5 | ) | 20 | (5 | ) | 88 | (12 | ) | 54 | (21 | ) | |||||||
Consolidated QVC | $ | 1,947 | 408 | 1,918 | 397 | 5,882 | 1,246 | 5,824 | 1,225 | ||||||||||
Schedule of Depreciation and Amortization by Segment | ' | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
(in millions) | Depreciation | Amortization | Depreciation | Amortization | Depreciation | Amortization | Depreciation | Amortization | |||||||||||
QVC-U.S. | $ | 14 | 90 | 12 | 86 | 41 | 269 | 38 | 248 | ||||||||||
QVC-Japan | 5 | 2 | 4 | 3 | 13 | 6 | 12 | 8 | |||||||||||
QVC-Germany | 6 | 12 | 7 | 8 | 22 | 30 | 24 | 24 | |||||||||||
QVC-U.K. | (1 | ) | 6 | 3 | 3 | 8 | 12 | 13 | 9 | ||||||||||
QVC-Italy | 2 | 3 | 2 | 1 | 5 | 7 | 5 | 4 | |||||||||||
Consolidated QVC | $ | 26 | 113 | 28 | 101 | 89 | 324 | 92 | 293 | ||||||||||
Schedule of Capital Expenditures and Total Assets by Segment | ' | ||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
(in millions) | Total Assets | Capital expenditures | Total | Capital | |||||||||||||||
assets | expenditures | ||||||||||||||||||
QVC-U.S. | $ | 10,140 | 69 | 10,541 | 88 | ||||||||||||||
QVC-Japan | 772 | 14 | 969 | 105 | |||||||||||||||
QVC-Germany | 1,068 | 20 | 1,064 | 25 | |||||||||||||||
QVC-U.K. | 597 | 8 | 619 | 22 | |||||||||||||||
QVC-Italy | 268 | 10 | 245 | 6 | |||||||||||||||
Consolidated QVC | $ | 12,845 | 121 | 13,438 | 246 | ||||||||||||||
Long-Lived Assets by Segment | ' | ||||||||||||||||||
Long-lived assets, net of accumulated depreciation, by geographic area were as follows: | |||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
(in millions) | 2013 | 2012 | |||||||||||||||||
QVC-U.S. | $ | 424 | 429 | ||||||||||||||||
QVC-Japan | 243 | 280 | |||||||||||||||||
QVC-Germany | 244 | 247 | |||||||||||||||||
QVC-U.K. | 122 | 128 | |||||||||||||||||
QVC-Italy | 48 | 47 | |||||||||||||||||
Consolidated QVC | $ | 1,081 | 1,131 | ||||||||||||||||
Reconciliation of Adjusted OIBDA to Income before Income Taxes | ' | ||||||||||||||||||
The following table provides a reconciliation of Adjusted OIBDA to income before income taxes: | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Adjusted OIBDA | $ | 408 | 397 | 1,246 | 1,225 | ||||||||||||||
Stock‑based compensation | (10 | ) | (8 | ) | (29 | ) | (21 | ) | |||||||||||
Depreciation and amortization | (139 | ) | (129 | ) | (413 | ) | (385 | ) | |||||||||||
Equity in losses of investee | (2 | ) | (3 | ) | (3 | ) | (3 | ) | |||||||||||
Gains on financial instruments | — | 12 | 15 | 36 | |||||||||||||||
Interest expense, net | (52 | ) | (61 | ) | (165 | ) | (172 | ) | |||||||||||
Foreign currency (loss) gain | (1 | ) | 1 | (2 | ) | (1 | ) | ||||||||||||
Loss on extinguishment of debt | — | — | (57 | ) | — | ||||||||||||||
Income before income taxes | $ | 204 | 209 | 592 | 679 | ||||||||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||
The change in the component of accumulated other comprehensive income, net of taxes ("AOCI"), is summarized as follows: | ||||||||
(in millions) | Foreign currency translation adjustments | AOCI | ||||||
Balance at January 1, 2012 | $ | 194 | 194 | |||||
Other comprehensive income attributable to QVC, Inc. shareholder | 2 | 2 | ||||||
Balance at September 30, 2012 | 196 | 196 | ||||||
Balance at January 1, 2013 | $ | 186 | 186 | |||||
Other comprehensive loss attributable to QVC, Inc. shareholder | (22 | ) | (22 | ) | ||||
Balance at September 30, 2013 | 164 | 164 | ||||||
Schedule of Component of Comprehensive Income (Loss) | ' | |||||||
The following table summarizes the tax effects related to the component of other comprehensive income: | ||||||||
(in millions) | Before-tax amount | Tax (expense) benefit | Net-of-tax amount | |||||
Three months ended September 30, 2013: | ||||||||
Foreign currency translation adjustments | $ | 77 | (9 | ) | 68 | |||
Other comprehensive income (loss) | 77 | (9 | ) | 68 | ||||
Three months ended September 30, 2012: | ||||||||
Foreign currency translation adjustments | $ | 45 | (10 | ) | 35 | |||
Other comprehensive income (loss) | 45 | (10 | ) | 35 | ||||
Nine months ended September 30, 2013: | ||||||||
Foreign currency translation adjustments | $ | (52 | ) | 13 | (39 | ) | ||
Other comprehensive (loss) income | (52 | ) | 13 | (39 | ) | |||
Nine months ended September 30, 2012: | ||||||||
Foreign currency translation adjustments | $ | (3 | ) | 2 | (1 | ) | ||
Other comprehensive (loss) income | (3 | ) | 2 | (1 | ) | |||
GuarantorNonGuarantor_Subsidia1
Guarantor/Non-Guarantor Subsidiary Financial Information (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Guarantor Non-guarantor Subsidiary Financial Information [Abstract] | ' | |||||||||||
Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Current Period | ' | |||||||||||
September 30, 2013 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 8 | 170 | 191 | — | 369 | ||||||
Restricted cash | 11 | — | 2 | — | 13 | |||||||
Accounts receivable, net | 494 | — | 236 | — | 730 | |||||||
Inventories | 800 | — | 323 | — | 1,123 | |||||||
Deferred income taxes | 139 | — | 17 | — | 156 | |||||||
Prepaid expenses | 19 | — | 44 | — | 63 | |||||||
Total current assets | 1,471 | 170 | 813 | — | 2,454 | |||||||
Property, plant and equipment, net | 248 | 65 | 768 | — | 1,081 | |||||||
Cable and satellite television distribution rights, net | — | 533 | 121 | — | 654 | |||||||
Goodwill | 4,169 | — | 1,036 | — | 5,205 | |||||||
Other intangible assets, net | 1,165 | 2,050 | 159 | — | 3,374 | |||||||
Other noncurrent assets | 11 | — | 66 | — | 77 | |||||||
Investments in subsidiaries | 4,829 | 1,702 | — | (6,531 | ) | — | ||||||
Total assets | $ | 11,893 | 4,520 | 2,963 | (6,531 | ) | 12,845 | |||||
Liabilities and equity | ||||||||||||
Current liabilities: | ||||||||||||
Current portion of debt and capital lease obligations | $ | 302 | — | 8 | — | 310 | ||||||
Accounts payable-trade | 292 | — | 243 | — | 535 | |||||||
Accrued liabilities | 281 | 58 | 377 | — | 716 | |||||||
Intercompany accounts payable (receivable) | 867 | (761 | ) | (106 | ) | — | — | |||||
Total current liabilities | 1,742 | (703 | ) | 522 | — | 1,561 | ||||||
Long-term portion of debt and capital lease obligations | 3,496 | — | 56 | — | 3,552 | |||||||
Deferred compensation | 14 | — | 1 | — | 15 | |||||||
Deferred income taxes | 404 | 933 | (13 | ) | — | 1,324 | ||||||
Other long-term liabilities | 135 | — | 20 | — | 155 | |||||||
Total liabilities | 5,791 | 230 | 586 | — | 6,607 | |||||||
Equity: | ||||||||||||
QVC, Inc. shareholder's equity | 6,102 | 4,290 | 2,241 | (6,531 | ) | 6,102 | ||||||
Noncontrolling interest | — | — | 136 | — | 136 | |||||||
Total equity | 6,102 | 4,290 | 2,377 | (6,531 | ) | 6,238 | ||||||
Total liabilities and equity | $ | 11,893 | 4,520 | 2,963 | (6,531 | ) | 12,845 | |||||
Guarantor Non-guarantor Subsidiary Financial Information, Balance Sheets, Prior Period | ' | |||||||||||
Condensed consolidating balance sheet - Adjusted | ||||||||||||
December 31, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 75 | 165 | 300 | — | 540 | ||||||
Restricted cash | 13 | — | 2 | — | 15 | |||||||
Accounts receivable, net | 747 | — | 308 | — | 1,055 | |||||||
Inventories | 691 | — | 218 | — | 909 | |||||||
Deferred income taxes | 131 | — | 20 | — | 151 | |||||||
Prepaid expenses | 19 | — | 34 | — | 53 | |||||||
Total current assets | 1,676 | 165 | 882 | — | 2,723 | |||||||
Property, plant and equipment, net | 247 | 67 | 817 | — | 1,131 | |||||||
Cable and satellite television distribution rights, net | — | 618 | 146 | — | 764 | |||||||
Goodwill | 4,169 | — | 1,065 | — | 5,234 | |||||||
Other intangible assets, net | 1,280 | 2,049 | 180 | — | 3,509 | |||||||
Other noncurrent assets | 14 | — | 63 | — | 77 | |||||||
Investments in subsidiaries | 4,844 | 1,838 | — | (6,682 | ) | — | ||||||
Total assets | $ | 12,230 | 4,737 | 3,153 | (6,682 | ) | 13,438 | |||||
Liabilities and equity | ||||||||||||
Current liabilities: | ||||||||||||
Current portion of debt and capital lease obligations | $ | 2 | — | 10 | — | 12 | ||||||
Accounts payable-trade | 324 | — | 242 | — | 566 | |||||||
Accrued liabilities | 402 | 106 | 447 | — | 955 | |||||||
Intercompany accounts payable (receivable) | 829 | (816 | ) | (13 | ) | — | — | |||||
Total current liabilities | 1,557 | (710 | ) | 686 | — | 1,533 | ||||||
Long-term portion of debt and capital lease obligations | 3,404 | — | 61 | — | 3,465 | |||||||
Deferred compensation | 11 | — | 1 | — | 12 | |||||||
Deferred income taxes | 431 | 964 | 15 | — | 1,410 | |||||||
Other long-term liabilities | 137 | 17 | 30 | — | 184 | |||||||
Total liabilities | 5,540 | 271 | 793 | — | 6,604 | |||||||
Equity: | ||||||||||||
QVC, Inc. shareholder's equity | 6,690 | 4,466 | 2,216 | (6,682 | ) | 6,690 | ||||||
Noncontrolling interest | — | — | 144 | — | 144 | |||||||
Total equity | 6,690 | 4,466 | 2,360 | (6,682 | ) | 6,834 | ||||||
Total liabilities and equity | $ | 12,230 | 4,737 | 3,153 | (6,682 | ) | 13,438 | |||||
Condensed consolidating balance sheets - Adjustments | ||||||||||||
December 31, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | — | — | — | — | — | ||||||
Restricted cash | — | — | — | — | — | |||||||
Accounts receivable, net | — | — | — | — | — | |||||||
Inventories | — | — | — | — | — | |||||||
Deferred income taxes | — | — | — | — | — | |||||||
Prepaid expenses | — | — | — | — | — | |||||||
Total current assets | — | — | — | — | — | |||||||
Property, plant and equipment, net | — | — | — | — | — | |||||||
Cable and satellite television distribution rights, net | — | — | — | — | — | |||||||
Goodwill | — | — | — | — | — | |||||||
Other intangible assets, net | — | — | — | — | — | |||||||
Other noncurrent assets | — | — | — | — | — | |||||||
Investments in subsidiaries | 1,055 | — | — | (1,055 | ) | — | ||||||
Total assets | $ | 1,055 | — | — | (1,055 | ) | — | |||||
Liabilities and equity | ||||||||||||
Current liabilities: | ||||||||||||
Current portion of debt and capital lease obligations | $ | — | — | — | — | — | ||||||
Accounts payable-trade | — | — | — | — | — | |||||||
Accrued liabilities | — | — | — | — | — | |||||||
Intercompany accounts payable (receivable) | 1,055 | (405 | ) | (650 | ) | — | — | |||||
Total current liabilities | 1,055 | (405 | ) | (650 | ) | — | — | |||||
Long-term portion of debt and capital lease obligations | — | |||||||||||
Deferred compensation | — | — | — | — | — | |||||||
Deferred income taxes | — | — | — | — | — | |||||||
Other long-term liabilities | — | — | — | — | — | |||||||
Total liabilities | 1,055 | (405 | ) | (650 | ) | — | — | |||||
Equity: | ||||||||||||
QVC, Inc. shareholder's equity | — | 405 | 650 | (1,055 | ) | — | ||||||
Noncontrolling interest | — | — | — | — | — | |||||||
Total equity | — | 405 | 650 | (1,055 | ) | — | ||||||
Total liabilities and equity | $ | 1,055 | — | — | (1,055 | ) | — | |||||
Condensed consolidating balance sheets - As previously reported | ||||||||||||
December 31, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 75 | 165 | 300 | — | 540 | ||||||
Restricted cash | 13 | — | 2 | — | 15 | |||||||
Accounts receivable, net | 747 | — | 308 | — | 1,055 | |||||||
Inventories | 691 | — | 218 | — | 909 | |||||||
Deferred income taxes | 131 | — | 20 | — | 151 | |||||||
Prepaid expenses | 19 | — | 34 | — | 53 | |||||||
Total current assets | 1,676 | 165 | 882 | — | 2,723 | |||||||
Property, plant and equipment, net | 247 | 67 | 817 | — | 1,131 | |||||||
Cable and satellite television distribution rights, net | — | 618 | 146 | — | 764 | |||||||
Goodwill | 4,169 | — | 1,065 | — | 5,234 | |||||||
Other intangible assets, net | 1,280 | 2,049 | 180 | — | 3,509 | |||||||
Other noncurrent assets | 14 | — | 63 | — | 77 | |||||||
Investments in subsidiaries | 3,789 | 1,838 | — | (5,627 | ) | — | ||||||
Total assets | $ | 11,175 | 4,737 | 3,153 | (5,627 | ) | 13,438 | |||||
Liabilities and equity | ||||||||||||
Current liabilities: | ||||||||||||
Current portion of debt and capital lease obligations | $ | 2 | — | 10 | — | 12 | ||||||
Accounts payable-trade | 324 | — | 242 | — | 566 | |||||||
Accrued liabilities | 402 | 106 | 447 | — | 955 | |||||||
Intercompany accounts (receivable) payable | (226 | ) | (411 | ) | 637 | — | — | |||||
Total current liabilities | 502 | (305 | ) | 1,336 | — | 1,533 | ||||||
Long-term portion of debt and capital lease obligations | 3,404 | — | 61 | — | 3,465 | |||||||
Deferred compensation | 11 | — | 1 | — | 12 | |||||||
Deferred income taxes | 431 | 964 | 15 | — | 1,410 | |||||||
Other long-term liabilities | 137 | 17 | 30 | — | 184 | |||||||
Total liabilities | 4,485 | 676 | 1,443 | — | 6,604 | |||||||
Equity: | ||||||||||||
QVC, Inc. shareholder's equity | 6,690 | 4,061 | 1,566 | (5,627 | ) | 6,690 | ||||||
Noncontrolling interest | — | — | 144 | — | 144 | |||||||
Total equity | 6,690 | 4,061 | 1,710 | (5,627 | ) | 6,834 | ||||||
Total liabilities and equity | $ | 11,175 | 4,737 | 3,153 | (5,627 | ) | 13,438 | |||||
Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Current Period | ' | |||||||||||
Condensed consolidating statements of operations | ||||||||||||
Three months ended September 30, 2013 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net revenue | $ | 1,319 | 190 | 675 | (237 | ) | 1,947 | |||||
Cost of goods sold | 833 | 26 | 427 | (64 | ) | 1,222 | ||||||
Gross profit | 486 | 164 | 248 | (173 | ) | 725 | ||||||
Operating expenses: | ||||||||||||
Operating | 39 | 49 | 88 | — | 176 | |||||||
Selling, general and administrative, including stock-based compensation | 237 | 1 | 86 | (173 | ) | 151 | ||||||
Depreciation | 10 | 1 | 15 | — | 26 | |||||||
Amortization of intangible assets | 51 | 37 | 25 | — | 113 | |||||||
Intercompany management expense (income) | 14 | (1 | ) | (13 | ) | — | — | |||||
351 | 87 | 201 | (173 | ) | 466 | |||||||
Operating income | 135 | 77 | 47 | — | 259 | |||||||
Other (expense) income: | ||||||||||||
Equity in losses of investee | — | — | (2 | ) | — | (2 | ) | |||||
Interest expense, net | (52 | ) | — | — | — | (52 | ) | |||||
Foreign currency (loss) gain | (9 | ) | — | 8 | — | (1 | ) | |||||
Intercompany interest (expense) income | (4 | ) | 13 | (9 | ) | — | — | |||||
(65 | ) | 13 | (3 | ) | — | (55 | ) | |||||
Income before income taxes | 70 | 90 | 44 | — | 204 | |||||||
Income tax expense | (21 | ) | (27 | ) | (22 | ) | — | (70 | ) | |||
Equity in earnings of subsidiaries, net of tax | 85 | 3 | — | (88 | ) | — | ||||||
Net income | 134 | 66 | 22 | (88 | ) | 134 | ||||||
Less net income attributable to the noncontrolling interest | (9 | ) | — | (9 | ) | 9 | (9 | ) | ||||
Net income attributable to QVC, Inc. shareholder | $ | 125 | 66 | 13 | (79 | ) | 125 | |||||
Nine months ended September 30, 2013 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net revenue | $ | 3,959 | 555 | 2,065 | (697 | ) | 5,882 | |||||
Cost of goods sold | 2,512 | 74 | 1,300 | (185 | ) | 3,701 | ||||||
Gross profit | 1,447 | 481 | 765 | (512 | ) | 2,181 | ||||||
Operating expenses: | ||||||||||||
Operating | 114 | 143 | 263 | — | 520 | |||||||
Selling, general and administrative, including stock-based compensation | 700 | 1 | 255 | (512 | ) | 444 | ||||||
Depreciation | 28 | 4 | 57 | — | 89 | |||||||
Amortization of intangible assets | 153 | 107 | 64 | — | 324 | |||||||
Intercompany management expense (income) | 46 | (8 | ) | (38 | ) | — | — | |||||
1,041 | 247 | 601 | (512 | ) | 1,377 | |||||||
Operating income | 406 | 234 | 164 | — | 804 | |||||||
Other (expense) income: | ||||||||||||
Equity in losses of investee | — | — | (3 | ) | — | (3 | ) | |||||
Gains on financial instruments | 12 | — | 3 | — | 15 | |||||||
Interest expense, net | (164 | ) | (1 | ) | — | — | (165 | ) | ||||
Foreign currency (loss) gain | (12 | ) | (1 | ) | 11 | — | (2 | ) | ||||
Loss on extinguishment of debt | (57 | ) | — | — | — | (57 | ) | |||||
Intercompany interest (expense) income | (11 | ) | 37 | (26 | ) | — | — | |||||
(232 | ) | 35 | (15 | ) | — | (212 | ) | |||||
Income before income taxes | 174 | 269 | 149 | — | 592 | |||||||
Income tax expense | (52 | ) | (87 | ) | (74 | ) | — | (213 | ) | |||
Equity in earnings of subsidiaries, net of tax | 257 | 29 | — | (286 | ) | — | ||||||
Net income | 379 | 211 | 75 | (286 | ) | 379 | ||||||
Less net income attributable to the noncontrolling interest | (34 | ) | — | (34 | ) | 34 | (34 | ) | ||||
Net income attributable to QVC, Inc. shareholder | $ | 345 | 211 | 41 | (252 | ) | 345 | |||||
Guarantor Non-guarantor Subsidiary Financial Information, Statements of Operations, Prior Period | ' | |||||||||||
Nine months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net revenue | $ | 3,804 | 534 | 2,168 | (682 | ) | 5,824 | |||||
Cost of goods sold | 2,421 | 81 | 1,363 | (185 | ) | 3,680 | ||||||
Gross profit | 1,383 | 453 | 805 | (497 | ) | 2,144 | ||||||
Operating expenses: | ||||||||||||
Operating | 110 | 137 | 275 | — | 522 | |||||||
Selling, general and administrative, including stock-based compensation | 666 | — | 249 | (497 | ) | 418 | ||||||
Depreciation | 26 | 3 | 63 | — | 92 | |||||||
Amortization of intangible assets | 148 | 98 | 47 | — | 293 | |||||||
Intercompany management expense (income) | 54 | (20 | ) | (34 | ) | — | — | |||||
1,004 | 218 | 600 | (497 | ) | 1,325 | |||||||
Operating income | 379 | 235 | 205 | — | 819 | |||||||
Other (expense) income: | ||||||||||||
Equity in losses of investee | — | — | (3 | ) | — | (3 | ) | |||||
Gains on financial instruments | 36 | — | — | — | 36 | |||||||
Interest (expense) income | (173 | ) | — | 1 | — | (172 | ) | |||||
Foreign currency (loss) gain | (11 | ) | 2 | 8 | — | (1 | ) | |||||
Intercompany interest (expense) income | (10 | ) | 37 | (27 | ) | — | — | |||||
(158 | ) | 39 | (21 | ) | — | (140 | ) | |||||
Income before income taxes | 221 | 274 | 184 | — | 679 | |||||||
Income tax expense | (81 | ) | (84 | ) | (82 | ) | — | (247 | ) | |||
Equity in earnings of subsidiaries, net of tax | 292 | 57 | — | (349 | ) | — | ||||||
Net income | 432 | 247 | 102 | (349 | ) | 432 | ||||||
Less net income attributable to the noncontrolling interest | (44 | ) | — | (44 | ) | 44 | (44 | ) | ||||
Net income attributable to QVC, Inc. shareholder | $ | 388 | 247 | 58 | (305 | ) | 388 | |||||
Condensed consolidating statements of operations - As previously reported | ||||||||||||
Three months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net revenue | $ | 1,301 | 180 | 667 | (230 | ) | 1,918 | |||||
Cost of goods sold | 817 | 27 | 438 | (66 | ) | 1,216 | ||||||
Gross profit | 484 | 153 | 229 | (164 | ) | 702 | ||||||
Operating expenses: | ||||||||||||
Operating | 44 | 46 | 81 | — | 171 | |||||||
Selling, general and administrative, including stock-based compensation | 226 | — | 80 | (164 | ) | 142 | ||||||
Depreciation | 9 | 1 | 18 | — | 28 | |||||||
Amortization of intangible assets | 52 | 33 | 16 | — | 101 | |||||||
Intercompany management expense (income) | 14 | (5 | ) | (9 | ) | — | — | |||||
345 | 75 | 186 | (164 | ) | 442 | |||||||
Operating income | 139 | 78 | 43 | — | 260 | |||||||
Other (expense) income: | ||||||||||||
Equity in losses of investee | — | — | (3 | ) | — | (3 | ) | |||||
Gains on financial instruments | 12 | — | — | — | 12 | |||||||
Interest expense, net | (61 | ) | — | — | — | (61 | ) | |||||
Foreign currency (loss) gain | (6 | ) | 2 | 5 | — | 1 | ||||||
Intercompany interest (expense) income | (3 | ) | 12 | (9 | ) | — | — | |||||
(58 | ) | 14 | (7 | ) | — | (51 | ) | |||||
Income before income taxes | 81 | 92 | 36 | — | 209 | |||||||
Income tax expense | (17 | ) | (30 | ) | (26 | ) | — | (73 | ) | |||
Equity in earnings of subsidiaries, net of tax | 57 | 23 | — | (80 | ) | — | ||||||
Net income | 121 | 85 | 10 | (80 | ) | 136 | ||||||
Less net income attributable to the noncontrolling interest | — | — | (15 | ) | — | (15 | ) | |||||
Net income (loss) attributable to QVC, Inc. shareholder | $ | 121 | 85 | (5 | ) | (80 | ) | 121 | ||||
Condensed consolidating statements of operations - Adjusted | ||||||||||||
Three months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net revenue | $ | 1,249 | 180 | 719 | (230 | ) | 1,918 | |||||
Cost of goods sold | 801 | 27 | 454 | (66 | ) | 1,216 | ||||||
Gross profit | 448 | 153 | 265 | (164 | ) | 702 | ||||||
Operating expenses: | ||||||||||||
Operating | 37 | 46 | 88 | — | 171 | |||||||
Selling, general and administrative, including stock-based compensation | 226 | — | 80 | (164 | ) | 142 | ||||||
Depreciation | 9 | 1 | 18 | — | 28 | |||||||
Amortization of intangible assets | 52 | 33 | 16 | — | 101 | |||||||
Intercompany management expense (income) | 14 | (5 | ) | (9 | ) | — | — | |||||
338 | 75 | 193 | (164 | ) | 442 | |||||||
Operating income | 110 | 78 | 72 | — | 260 | |||||||
Other (expense) income: | ||||||||||||
Equity in losses of investee | — | — | (3 | ) | — | (3 | ) | |||||
Gains on financial instruments | 12 | — | — | — | 12 | |||||||
Interest expense, net | (61 | ) | — | — | — | (61 | ) | |||||
Foreign currency (loss) gain | (6 | ) | 2 | 5 | — | 1 | ||||||
Intercompany interest (expense) income | (3 | ) | 12 | (9 | ) | — | — | |||||
(58 | ) | 14 | (7 | ) | — | (51 | ) | |||||
Income before income taxes | 52 | 92 | 65 | — | 209 | |||||||
Income tax expense | (17 | ) | (30 | ) | (26 | ) | — | (73 | ) | |||
Equity in earnings of subsidiaries, net of tax | 101 | 23 | — | (124 | ) | — | ||||||
Net income | 136 | 85 | 39 | (124 | ) | 136 | ||||||
Less net income attributable to the noncontrolling interest | (15 | ) | — | (15 | ) | 15 | (15 | ) | ||||
Net income attributable to QVC, Inc. shareholder | $ | 121 | 85 | 24 | (109 | ) | 121 | |||||
Condensed consolidating statements of operations - Adjustments | ||||||||||||
Nine months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net revenue | $ | (159 | ) | — | 159 | — | — | |||||
Cost of goods sold | (49 | ) | — | 49 | — | — | ||||||
Gross profit | (110 | ) | — | 110 | — | — | ||||||
Operating expenses: | ||||||||||||
Operating | (22 | ) | — | 22 | — | — | ||||||
Selling, general and administrative, including stock-based compensation | — | — | — | — | — | |||||||
Depreciation | — | — | — | — | — | |||||||
Amortization of intangible assets | — | — | — | — | — | |||||||
Intercompany management expense (income) | — | — | — | — | — | |||||||
(22 | ) | — | 22 | — | — | |||||||
Operating income | (88 | ) | — | 88 | — | — | ||||||
Other (expense) income: | ||||||||||||
Equity in losses of investee | — | — | — | — | — | |||||||
Gains on financial instruments | — | — | — | — | — | |||||||
Interest expense (income) | — | — | — | — | — | |||||||
Foreign currency (loss) gain | — | — | — | — | — | |||||||
Intercompany interest (expense) income | — | — | — | — | — | |||||||
— | — | — | — | — | ||||||||
Income before income taxes | (88 | ) | — | 88 | — | — | ||||||
Income tax expense | — | — | — | — | — | |||||||
Equity in earnings of subsidiaries, net of tax | 132 | — | — | (132 | ) | — | ||||||
Net income | 44 | — | 88 | (132 | ) | — | ||||||
Less net income attributable to the noncontrolling interest | (44 | ) | — | — | 44 | — | ||||||
Net income attributable to QVC, Inc. shareholder | $ | — | — | 88 | (88 | ) | — | |||||
Condensed consolidating statements of operations - Adjustments | ||||||||||||
Three months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net revenue | $ | (52 | ) | — | 52 | — | — | |||||
Cost of goods sold | (16 | ) | — | 16 | — | — | ||||||
Gross profit | (36 | ) | — | 36 | — | — | ||||||
Operating expenses: | ||||||||||||
Operating | (7 | ) | — | 7 | — | — | ||||||
Selling, general and administrative, including stock-based compensation | — | — | — | — | — | |||||||
Depreciation | — | — | — | — | — | |||||||
Amortization of intangible assets | — | — | — | — | — | |||||||
Intercompany management expense (income) | — | — | — | — | — | |||||||
(7 | ) | — | 7 | — | — | |||||||
Operating income | (29 | ) | — | 29 | — | — | ||||||
Other (expense) income: | ||||||||||||
Equity in losses of investee | — | — | — | — | — | |||||||
Gains on financial instruments | — | — | — | — | — | |||||||
Interest expense, net | — | — | — | — | — | |||||||
Foreign currency (loss) gain | — | — | — | — | — | |||||||
Intercompany interest (expense) income | — | — | — | — | — | |||||||
— | — | — | — | — | ||||||||
Income before income taxes | (29 | ) | — | 29 | — | — | ||||||
Income tax expense | — | — | — | — | — | |||||||
Equity in earnings of subsidiaries, net of tax | 44 | — | — | (44 | ) | — | ||||||
Net income | 15 | — | 29 | (44 | ) | — | ||||||
Less net income attributable to the noncontrolling interest | (15 | ) | — | — | 15 | — | ||||||
Net income attributable to QVC, Inc. shareholder | $ | — | — | 29 | (29 | ) | — | |||||
Condensed consolidating statements of operations - As previously reported | ||||||||||||
Nine months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net revenue | $ | 3,963 | 534 | 2,009 | (682 | ) | 5,824 | |||||
Cost of goods sold | 2,470 | 81 | 1,314 | (185 | ) | 3,680 | ||||||
Gross profit | 1,493 | 453 | 695 | (497 | ) | 2,144 | ||||||
Operating expenses: | ||||||||||||
Operating | 132 | 137 | 253 | — | 522 | |||||||
Selling, general and administrative, including stock-based compensation | 666 | — | 249 | (497 | ) | 418 | ||||||
Depreciation | 26 | 3 | 63 | — | 92 | |||||||
Amortization of intangible assets | 148 | 98 | 47 | — | 293 | |||||||
Intercompany management expense (income) | 54 | (20 | ) | (34 | ) | — | — | |||||
1,026 | 218 | 578 | (497 | ) | 1,325 | |||||||
Operating income | 467 | 235 | 117 | — | 819 | |||||||
Other (expense) income: | ||||||||||||
Equity in losses of investee | — | — | (3 | ) | — | (3 | ) | |||||
Gains on financial instruments | 36 | — | — | — | 36 | |||||||
Interest (expense) income | (173 | ) | — | 1 | — | (172 | ) | |||||
Foreign currency (loss) gain | (11 | ) | 2 | 8 | — | (1 | ) | |||||
Intercompany interest (expense) income | (10 | ) | 37 | (27 | ) | — | — | |||||
(158 | ) | 39 | (21 | ) | — | (140 | ) | |||||
Income before income taxes | 309 | 274 | 96 | — | 679 | |||||||
Income tax expense | (81 | ) | (84 | ) | (82 | ) | — | (247 | ) | |||
Equity in earnings of subsidiaries, net of tax | 160 | 57 | — | (217 | ) | — | ||||||
Net income | 388 | 247 | 14 | (217 | ) | 432 | ||||||
Less net income attributable to the noncontrolling interest | — | — | (44 | ) | — | (44 | ) | |||||
Net income (loss) attributable to QVC, Inc. shareholder | $ | 388 | 247 | (30 | ) | (217 | ) | 388 | ||||
Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Current Period | ' | |||||||||||
Nine months ended September 30, 2013 | ||||||||||||
(in millions) | Subsidiary | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net income | $ | 379 | 211 | 75 | (286 | ) | 379 | |||||
Foreign currency translation adjustments | (39 | ) | — | (39 | ) | 39 | (39 | ) | ||||
Total comprehensive income | 340 | 211 | 36 | (247 | ) | 340 | ||||||
Comprehensive income attributable to noncontrolling interest | (17 | ) | — | (17 | ) | 17 | (17 | ) | ||||
Comprehensive income attributable to QVC, Inc. shareholder | $ | 323 | 211 | 19 | (230 | ) | 323 | |||||
Condensed consolidating statements of comprehensive income | ||||||||||||
Three months ended September 30, 2013 | ||||||||||||
(in millions) | Subsidiary | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net income | $ | 134 | 66 | 22 | (88 | ) | 134 | |||||
Foreign currency translation adjustments | 68 | — | 68 | (68 | ) | 68 | ||||||
Total comprehensive income | 202 | 66 | 90 | (156 | ) | 202 | ||||||
Comprehensive income attributable to noncontrolling interest | (11 | ) | — | (11 | ) | 11 | (11 | ) | ||||
Comprehensive income attributable to QVC, Inc. shareholder | $ | 191 | 66 | 79 | (145 | ) | 191 | |||||
Guarantor Non-guarantor Subsidiary Financial Information, Comprehensive Income (Loss), Prior Period | ' | |||||||||||
Nine months ended September 30, 2012 | ||||||||||||
(in millions) | Subsidiary | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net income | $ | 432 | 247 | 102 | (349 | ) | 432 | |||||
Foreign currency translation adjustments | (1 | ) | — | (1 | ) | 1 | (1 | ) | ||||
Total comprehensive income | 431 | 247 | 101 | (348 | ) | 431 | ||||||
Comprehensive income attributable to noncontrolling interest | (41 | ) | — | (41 | ) | 41 | (41 | ) | ||||
Comprehensive income attributable to QVC, Inc. shareholder | $ | 390 | 247 | 60 | (307 | ) | 390 | |||||
Three months ended September 30, 2012 | ||||||||||||
(in millions) | Subsidiary | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Net income | $ | 136 | 85 | 39 | (124 | ) | 136 | |||||
Foreign currency translation adjustments | 35 | — | 35 | (35 | ) | 35 | ||||||
Total comprehensive income | 171 | 85 | 74 | (159 | ) | 171 | ||||||
Comprehensive income attributable to noncontrolling interest | (18 | ) | — | (18 | ) | 18 | (18 | ) | ||||
Comprehensive income attributable to QVC, Inc. shareholder | $ | 153 | 85 | 56 | (141 | ) | 153 | |||||
Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Current Period | ' | |||||||||||
Condensed consolidating statements of cash flows | ||||||||||||
Nine months ended September 30, 2013 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Operating activities: | ||||||||||||
Net cash provided by operating activities | $ | 355 | 217 | 31 | — | 603 | ||||||
Investing activities: | ||||||||||||
Capital expenditures, net | (58 | ) | (3 | ) | (60 | ) | — | (121 | ) | |||
Expenditures for cable and satellite television distribution rights, net | — | (41 | ) | — | — | (41 | ) | |||||
Decrease in restricted cash | 2 | — | — | — | 2 | |||||||
Changes in other noncurrent assets | 3 | — | (4 | ) | — | (1 | ) | |||||
Intercompany investing activities | 272 | 165 | — | (437 | ) | — | ||||||
Net cash provided by (used in) investing activities | 219 | 121 | (64 | ) | (437 | ) | (161 | ) | ||||
Financing activities: | ||||||||||||
Principal payments of debt and capital lease obligations | (2,154 | ) | — | (7 | ) | — | (2,161 | ) | ||||
Principal borrowings of debt from senior secured credit facility | 1,198 | — | — | — | 1,198 | |||||||
Proceeds from issuance of senior secured notes, net of original issue discount | 1,050 | — | — | — | 1,050 | |||||||
Proceeds from master promissory note with Liberty | 300 | — | — | — | 300 | |||||||
Payment of debt origination fees | (16 | ) | — | — | — | (16 | ) | |||||
Payment of bond premium fees | (46 | ) | — | — | — | (46 | ) | |||||
Other financing activities | 9 | — | — | — | 9 | |||||||
Dividends paid to Liberty | (900 | ) | — | — | — | (900 | ) | |||||
Dividend paid to noncontrolling interest | — | — | (25 | ) | — | (25 | ) | |||||
Net short-term intercompany debt borrowings (repayments) | 38 | 55 | (93 | ) | — | — | ||||||
Intercompany financing activities | (120 | ) | (388 | ) | 71 | 437 | — | |||||
Net cash used in financing activities | (641 | ) | (333 | ) | (54 | ) | 437 | (591 | ) | |||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (22 | ) | — | (22 | ) | |||||
Net (decrease) increase in cash and cash equivalents | (67 | ) | 5 | (109 | ) | — | (171 | ) | ||||
Cash and cash equivalents, beginning of period | 75 | 165 | 300 | — | 540 | |||||||
Cash and cash equivalents, end of period | $ | 8 | 170 | 191 | — | 369 | ||||||
Guarantor Non-guarantor Subsidiary Financial Information, Schedule of Cash Flows, Prior Period | ' | |||||||||||
Condensed consolidating statements of cash flows - As previously reported | ||||||||||||
Nine months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Operating activities: | ||||||||||||
Net cash provided by operating activities | $ | 506 | 252 | 117 | — | 875 | ||||||
Investing activities: | ||||||||||||
Capital expenditures, net | (38 | ) | (2 | ) | (125 | ) | — | (165 | ) | |||
Expenditures for cable and satellite television distribution rights | — | (1 | ) | — | — | (1 | ) | |||||
Cash paid for joint ventures and acquisitions of businesses, net of cash received | (16 | ) | — | (55 | ) | — | (71 | ) | ||||
Decrease in restricted cash | 2 | — | — | — | 2 | |||||||
Changes in other noncurrent assets and liabilities | 4 | (1 | ) | (4 | ) | — | (1 | ) | ||||
Intercompany investing activities | 304 | 231 | — | (535 | ) | — | ||||||
Net cash provided by (used in) investing activities | 256 | 227 | (184 | ) | (535 | ) | (236 | ) | ||||
Financing activities: | ||||||||||||
Principal payments of debt and capital lease obligations | (1,073 | ) | — | (7 | ) | — | (1,080 | ) | ||||
Principal borrowings of debt from senior secured credit facility | 1,493 | — | — | — | 1,493 | |||||||
Proceeds from issuance of senior secured notes | 500 | — | — | — | 500 | |||||||
Payment of debt origination fees | (8 | ) | — | — | — | (8 | ) | |||||
Dividends paid to Liberty | (1,682 | ) | — | — | — | (1,682 | ) | |||||
Dividend paid to noncontrolling interest | — | — | (29 | ) | — | (29 | ) | |||||
Net short-term intercompany debt borrowings (repayments) | 25 | (21 | ) | (4 | ) | — | — | |||||
Intercompany financing activities | (4 | ) | (568 | ) | 37 | 535 | — | |||||
Net cash used in financing activities | (749 | ) | (589 | ) | (3 | ) | 535 | (806 | ) | |||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (7 | ) | — | (7 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 13 | (110 | ) | (77 | ) | — | (174 | ) | ||||
Cash and cash equivalents, beginning of period | 3 | 223 | 334 | — | 560 | |||||||
Cash and cash equivalents, end of period | $ | 16 | 113 | 257 | — | 386 | ||||||
Condensed consolidating statements of cash flows - Adjustments | ||||||||||||
Nine months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Operating activities: | ||||||||||||
Net cash (used in) provided by operating activities | $ | (88 | ) | — | 88 | — | — | |||||
Investing activities: | ||||||||||||
Capital expenditures, net | — | — | — | — | — | |||||||
Expenditures for cable and satellite television distribution rights, net | — | — | — | — | — | |||||||
Cash paid for joint ventures and acquisitions of businesses, net of cash received | 16 | — | (16 | ) | — | — | ||||||
Decrease in restricted cash | — | — | — | — | — | |||||||
Changes in other noncurrent assets | — | — | — | — | — | |||||||
Intercompany investing activities | 181 | — | — | (181 | ) | — | ||||||
Net cash provided by (used in) investing activities | 197 | — | (16 | ) | (181 | ) | — | |||||
Financing activities: | ||||||||||||
Principal payments of debt and capital lease obligations | — | — | — | — | — | |||||||
Principal borrowings of debt from senior secured credit facility | — | — | — | — | — | |||||||
Proceeds from issuance of senior secured notes | — | — | — | — | — | |||||||
Payment of debt origination fees | — | — | — | — | — | |||||||
Dividends paid to Liberty | — | — | — | — | — | |||||||
Dividend paid to noncontrolling interest | — | — | — | — | — | |||||||
Net short-term intercompany debt borrowings (repayments) | 98 | (14 | ) | (84 | ) | — | — | |||||
Intercompany financing activities | (207 | ) | 14 | 12 | 181 | — | ||||||
Net cash used in financing activities | (109 | ) | — | (72 | ) | 181 | — | |||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | — | — | — | |||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | |||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | |||||||
Cash and cash equivalents, end of period | $ | — | — | — | — | — | ||||||
Condensed consolidating statements of cash flows - Adjusted | ||||||||||||
Nine months ended September 30, 2012 | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Operating activities: | ||||||||||||
Net cash provided by operating activities | $ | 418 | 252 | 205 | — | 875 | ||||||
Investing activities: | ||||||||||||
Capital expenditures, net | (38 | ) | (2 | ) | (125 | ) | — | (165 | ) | |||
Expenditures for cable and satellite television distribution rights, net | — | (1 | ) | — | — | (1 | ) | |||||
Cash paid for joint ventures and acquisitions of businesses, net of cash received | — | — | (71 | ) | — | (71 | ) | |||||
Decrease in restricted cash | 2 | — | — | — | 2 | |||||||
Changes in other noncurrent assets | 4 | (1 | ) | (4 | ) | — | (1 | ) | ||||
Intercompany investing activities | 485 | 231 | — | (716 | ) | — | ||||||
Net cash provided by (used in) investing activities | 453 | 227 | (200 | ) | (716 | ) | (236 | ) | ||||
Financing activities: | ||||||||||||
Principal payments of debt and capital lease obligations | (1,073 | ) | — | (7 | ) | — | (1,080 | ) | ||||
Principal borrowings of debt from senior secured credit facility | 1,493 | — | — | — | 1,493 | |||||||
Proceeds from issuance of senior secured notes | 500 | — | — | — | 500 | |||||||
Payment of debt origination fees | (8 | ) | — | — | — | (8 | ) | |||||
Dividends paid to Liberty | (1,682 | ) | — | — | — | (1,682 | ) | |||||
Dividend paid to noncontrolling interest | — | — | (29 | ) | — | (29 | ) | |||||
Net short-term intercompany debt borrowings (repayments) | 123 | (35 | ) | (88 | ) | — | — | |||||
Intercompany financing activities | (211 | ) | (554 | ) | 49 | 716 | — | |||||
Net cash used in financing activities | (858 | ) | (589 | ) | (75 | ) | 716 | (806 | ) | |||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (7 | ) | — | (7 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 13 | (110 | ) | (77 | ) | — | (174 | ) | ||||
Cash and cash equivalents, beginning of period | 3 | 223 | 334 | — | 560 | |||||||
Cash and cash equivalents, end of period | $ | 16 | 113 | 257 | — | 386 | ||||||
Effect of Prior Period Adjustments on Equity | ' | |||||||||||
he effect of the adjustment on equity as of January 1, 2012 was as follows: | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
As previously reported | $ | 7,890 | 3,465 | 1,716 | (5,052 | ) | 8,019 | |||||
Adjustment | — | 450 | 465 | (915 | ) | — | ||||||
Adjusted | $ | 7,890 | 3,915 | 2,181 | (5,967 | ) | 8,019 | |||||
Effect of Prior Period Adjustments on Net Income | ' | |||||||||||
The adjusted net income for each prior interim period in the current fiscal year is presented in the below tables. | ||||||||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Three months ended June 30, 2013: | ||||||||||||
Net income - Adjusted | $ | 139 | 66 | 26 | (92 | ) | 139 | |||||
Six months ended June 30, 2013 | ||||||||||||
Net income - Adjusted | 245 | 145 | 53 | (198 | ) | 245 | ||||||
Three months ended March 31, 2013: | ||||||||||||
Net income - Adjusted | 106 | 79 | 27 | (106 | ) | 106 | ||||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Three months ended June 30, 2013: | ||||||||||||
Net income (loss) - As previously reported | $ | 139 | 66 | (23 | ) | (43 | ) | 139 | ||||
Six months ended June 30, 2013 | ||||||||||||
Net income (loss) - As previously reported | 245 | 145 | (31 | ) | (114 | ) | 245 | |||||
Three months ended March 31, 2013: | ||||||||||||
Net income (loss) - As previously reported | 106 | 79 | (8 | ) | (71 | ) | 106 | |||||
(in millions) | Parent | Combined | Combined | Eliminations | Consolidated- | |||||||
issuer- | subsidiary | non-guarantor | QVC, Inc. and | |||||||||
QVC, Inc. | guarantors | subsidiaries | subsidiaries | |||||||||
Three months ended June 30, 2013: | ||||||||||||
Net income - Adjustment | $ | — | — | 49 | (49 | ) | — | |||||
Six months ended June 30, 2013 | ||||||||||||
Net income - Adjustment | — | — | 84 | (84 | ) | — | ||||||
Three months ended March 31, 2013: | ||||||||||||
Net income - Adjustment | — | — | 35 | (35 | ) | — | ||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
General business information | ' | ' |
Dividend paid to noncontrolling interest | $25 | $29 |
Live Programming - U.S. | ' | ' |
General business information | ' | ' |
Hours of distribution per day | '24 hours | ' |
Days per year of programming | '364 days | ' |
Live Programming - Japan | ' | ' |
General business information | ' | ' |
Hours of distribution per day | '24 hours | ' |
Distribution - Germany | ' | ' |
General business information | ' | ' |
Hours of distribution per day | '24 hours | ' |
Live Programming - Germany | ' | ' |
General business information | ' | ' |
Hours of distribution per day | '23 hours | ' |
Distribution - U.K. | ' | ' |
General business information | ' | ' |
Hours of distribution per day | '24 hours | ' |
Live Programming - U.K. | ' | ' |
General business information | ' | ' |
Hours of distribution per day | '17 hours | ' |
Live Programming - Italy | ' | ' |
General business information | ' | ' |
Hours of distribution per day | '17 hours | ' |
Recorded Programming - Italy | ' | ' |
General business information | ' | ' |
Hours of distribution per day | '7 hours | ' |
Live Programming - CNRS | ' | ' |
General business information | ' | ' |
Hours of distribution per day | '15 hours | ' |
Recorded Programming - CNRS | ' | ' |
General business information | ' | ' |
Hours of distribution per day | '9 hours | ' |
CNR Home Shopping Co., Ltd. | ' | ' |
General business information | ' | ' |
Equity method investment, ownership percentage | 49.00% | ' |
QVC-Japan | ' | ' |
General business information | ' | ' |
Investment owned, percent of net assets | 60.00% | ' |
Noncontrolling interest, ownership percentage by noncontrolling owners | 40.00% | ' |
HSN, Inc. | ' | ' |
General business information | ' | ' |
Parent ownership in equity investment | 38.00% | ' |
Liberty Digital Commerce common stock [Member] | ' | ' |
General business information | ' | ' |
Common stock exchange | 1 | ' |
QVC Group common stock [Member] | ' | ' |
General business information | ' | ' |
Common stock exchange | 10 | ' |
Cable_and_Satellite_Television2
Cable and Satellite Television Distribution Rights, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Finite-lived and Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' | ' | ' | ' |
Cable and satellite television distribution rights | $5,516 | ' | $5,516 | ' | $5,503 |
Less accumulated amortization | 2,142 | ' | 2,142 | ' | 1,994 |
Amortization of intangible assets | 113 | 101 | 324 | 293 | ' |
Cable and satellite television distribution rights | ' | ' | ' | ' | ' |
Finite-lived and Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' | ' | ' | ' |
Cable and satellite television distribution rights | 2,307 | ' | 2,307 | ' | 2,304 |
Less accumulated amortization | -1,653 | ' | -1,653 | ' | -1,540 |
Cable and satellite television distribution rights, net | 654 | ' | 654 | ' | 764 |
Amortization of intangible assets | $45 | $41 | $131 | $122 | ' |
Cable_and_Satellite_Television3
Cable and Satellite Television Distribution Rights, Net (Future Amortization Expense) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2014 | $273 |
2015 | 246 |
2016 | 206 |
2017 | 121 |
Cable and satellite television distribution rights | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
Remainder of 2013 | 46 |
2014 | 177 |
2015 | 168 |
2016 | 163 |
2017 | $112 |
Goodwill_Details
Goodwill (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Goodwill [Roll Forward] | ' |
Balance as of December 31, 2012 | $5,234 |
Exchange rate fluctuations | -29 |
Balance as of September 30, 2013 | 5,205 |
QVC-U.S. | ' |
Goodwill [Roll Forward] | ' |
Balance as of December 31, 2012 | 4,190 |
Exchange rate fluctuations | 0 |
Balance as of September 30, 2013 | 4,190 |
QVC-Japan | ' |
Goodwill [Roll Forward] | ' |
Balance as of December 31, 2012 | 349 |
Exchange rate fluctuations | -41 |
Balance as of September 30, 2013 | 308 |
QVC-Germany | ' |
Goodwill [Roll Forward] | ' |
Balance as of December 31, 2012 | 334 |
Exchange rate fluctuations | 9 |
Balance as of September 30, 2013 | 343 |
QVC-U.K. | ' |
Goodwill [Roll Forward] | ' |
Balance as of December 31, 2012 | 212 |
Exchange rate fluctuations | -1 |
Balance as of September 30, 2013 | 211 |
QVC-Italy | ' |
Goodwill [Roll Forward] | ' |
Balance as of December 31, 2012 | 149 |
Exchange rate fluctuations | 4 |
Balance as of September 30, 2013 | $153 |
Other_Intangible_Assets_Net_Ot
Other Intangible Assets, Net (Other Intangible Assets) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Gross cost | ' | ' | ' | ' | ' |
Purchased and internally developed software | $589 | ' | $589 | ' | $575 |
Affiliate and customer relationships | 2,448 | ' | 2,448 | ' | 2,445 |
Debt origination fees | 51 | ' | 51 | ' | 54 |
Trademarks (indefinite life) | 2,428 | ' | 2,428 | ' | 2,429 |
Other intangible assets (excluding goodwill), gross | 5,516 | ' | 5,516 | ' | 5,503 |
Accumulated amortization | ' | ' | ' | ' | ' |
Purchased and internally developed software | -374 | ' | -374 | ' | -352 |
Affiliate and customer relationships | -1,757 | ' | -1,757 | ' | -1,624 |
Debt origination fees | -11 | ' | -11 | ' | -18 |
Other intangible assets (excluding goodwill), accumulated amortization | -2,142 | ' | -2,142 | ' | -1,994 |
Amortization of other intangible assets | 68 | 60 | 193 | 171 | ' |
Asset Impairment Charges | $6 | ' | ' | ' | ' |
Other_Intangible_Assets_Net_Fu
Other Intangible Assets, Net (Future Amortization Expense) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
Remainder of 2013 | $74 |
2014 | 273 |
2015 | 246 |
2016 | 206 |
2017 | $121 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accrued Liabilities [Abstract] | ' | ' |
Accounts payable non-trade | $199 | $264 |
Deferred revenue | 103 | 85 |
Accrued compensation and benefits | 101 | 100 |
Allowance for sales returns | 76 | 92 |
Accrued interest | 55 | 50 |
Sales and other taxes | 47 | 62 |
Liability for consigned goods sold | 47 | 56 |
Income taxes | 17 | 154 |
Other | 71 | 92 |
Accrued liabilities | $716 | $955 |
LongTerm_Debt_and_Interest_Rat2
Long-Term Debt and Interest Rate Swap Arrangements (Debt) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Debt and capital lease obligations | $3,862 | $3,477 |
Current portion of debt and capital lease obligations | -310 | -12 |
Long-term portion of debt and capital lease obligations | 3,552 | 3,465 |
7.125% Senior Secured Notes due 2017 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and capital lease obligations | 0 | 500 |
7.5% Senior Secured Notes due 2019, net of original issue discount | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and capital lease obligations | 760 | 988 |
7.375% Senior Secured Notes due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and capital lease obligations | 500 | 500 |
5.125% Senior Secured Notes due 2022 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and capital lease obligations | 500 | 500 |
4.375% Senior Secured Notes due 2023, net of original issue discount | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and capital lease obligations | 750 | 0 |
5.95% Senior Secured Notes due 2043, net of original issue discount | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and capital lease obligations | 300 | 0 |
Senior secured credit facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and capital lease obligations | 673 | 903 |
Short-term debt | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and capital lease obligations | 300 | 0 |
Capital lease obligations | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and capital lease obligations | $79 | $86 |
LongTerm_Debt_and_Interest_Rat3
Long-Term Debt and Interest Rate Swap Arrangements (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Short-term debt | Short-term debt | 7.125% Senior Secured Notes due 2017 | 7.125% Senior Secured Notes due 2017 | 7.125% Senior Secured Notes due 2017 | 7.125% Senior Secured Notes due 2017 | 7.5% Senior Secured Notes due 2019, net of original issue discount | 7.5% Senior Secured Notes due 2019, net of original issue discount | 7.5% Senior Secured Notes due 2019, net of original issue discount | 7.375% Senior Secured Notes due 2020 | 7.375% Senior Secured Notes due 2020 | 5.125% Senior Secured Notes due 2022 | 5.125% Senior Secured Notes due 2022 | 4.375% Senior Secured Notes due 2023, net of original issue discount | 4.375% Senior Secured Notes due 2023, net of original issue discount | 5.95% Senior Secured Notes due 2043, net of original issue discount | 5.95% Senior Secured Notes due 2043, net of original issue discount | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt and capital lease obligations | $3,862,000,000 | ' | $3,862,000,000 | ' | ' | $3,477,000,000 | $300,000,000 | $0 | ' | ' | $0 | $500,000,000 | ' | $760,000,000 | $988,000,000 | $500,000,000 | $500,000,000 | $500,000,000 | $500,000,000 | $750,000,000 | $0 | $300,000,000 | $0 |
Short-term debt, percentage bearing fixed interest rate | 0.50% | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility maximum borrowing capacity | 2,000,000,000 | ' | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility standby letter of credit | 250,000,000 | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility uncommitted loan | 1,000,000,000 | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument lower range of basis spread on variable rate | 0.25% | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument higher range of basis spread on variable rate | 2.00% | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility remaining borrowing capacity | 1,300,000,000 | ' | 1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility interest rate at period end | 2.00% | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of tender offer | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate stated percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.13% | ' | ' | 7.50% | ' | 7.38% | ' | 5.13% | ' | 4.38% | ' | 5.95% | ' |
Extinguishment of debt amount | ' | ' | ' | ' | ' | ' | ' | ' | 376,000,000 | 124,000,000 | ' | ' | 231,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase price of individual bonds including premium | ' | ' | ' | ' | ' | ' | ' | ' | 1,035.63 | 1,039.40 | ' | ' | 1,120 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face value of individual bonds repurchased | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 1,000 | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance price percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.97% | ' | 99.97% | ' |
Loss on extinguishment of debt | 0 | 0 | -57,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of interest rate derivative instruments not designated as hedging instruments | ' | ' | ' | ' | 3,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate derivatives at fair value net | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate derivative liabilities at fair value | ' | ' | ' | ' | ' | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate derivative assets at fair value | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt weighted average interest rate | 4.90% | ' | 4.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leases_and_Transponder_Service2
Leases and Transponder Service Agreements (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Capital transponders | ' | ' | ' | ' |
Remainder of 2013 | $4 | ' | $4 | ' |
2014 | 12 | ' | 12 | ' |
2015 | 11 | ' | 11 | ' |
2016 | 11 | ' | 11 | ' |
2017 | 11 | ' | 11 | ' |
Thereafter | 40 | ' | 40 | ' |
Total | 89 | ' | 89 | ' |
Operating leases | ' | ' | ' | ' |
Remainder of 2013 | 10 | ' | 10 | ' |
2014 | 17 | ' | 17 | ' |
2015 | 15 | ' | 15 | ' |
2016 | 12 | ' | 12 | ' |
2017 | 9 | ' | 9 | ' |
Thereafter | 107 | ' | 107 | ' |
Total | 170 | ' | 170 | ' |
Capital transponder monthly lease expense | 1 | ' | 1 | ' |
Capital leases income statement amortization expense | 3 | 2 | 9 | 9 |
Imputed interest on capital lease | 9 | ' | 9 | ' |
Operating leases rent expense net | $7 | $7 | $21 | $24 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Liberty | Liberty | |||||
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Income tax expense | ($70) | ($73) | ($213) | ($247) | ' | ' |
Effective income tax rate | 34.30% | ' | 36.00% | ' | ' | ' |
U.S. federal income tax rate | 35.00% | ' | ' | ' | ' | ' |
Current tax payments due to related parties | ' | ' | ' | ' | $8 | $70 |
Assets_and_Liabilities_Measure2
Assets and Liabilities Measured at Fair Value (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Interest rate swap arrangements (note 6) | ' | $1 |
Current liabilities: | ' | ' |
Interest rate swap arrangements (note 6) | ' | 13 |
Recurring | ' | ' |
Current assets: | ' | ' |
Cash equivalents | 295 | 424 |
Interest rate swap arrangements (note 6) | ' | 1 |
Current liabilities: | ' | ' |
Short-term Debt, Fair Value | 300 | ' |
Interest rate swap arrangements (note 6) | ' | 13 |
Long-term liabilities: | ' | ' |
Debt (note 6) | 3,501 | 3,626 |
Recurring | Level 1 | ' | ' |
Current assets: | ' | ' |
Cash equivalents | 295 | 424 |
Recurring | Level 2 | ' | ' |
Current assets: | ' | ' |
Interest rate swap arrangements (note 6) | ' | 1 |
Current liabilities: | ' | ' |
Short-term Debt, Fair Value | 300 | ' |
Interest rate swap arrangements (note 6) | ' | 13 |
Long-term liabilities: | ' | ' |
Debt (note 6) | $3,501 | $3,626 |
Information_about_QVCs_Operati2
Information about QVC's Operating Segments (Revenue and Adjusted OIBDA by Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenue | $1,947 | $1,918 | $5,882 | $5,824 |
Adjusted OIBDA | 408 | 397 | 1,246 | 1,225 |
QVC-U.S. | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenue | 1,303 | 1,237 | 3,912 | 3,757 |
Adjusted OIBDA | 304 | 278 | 915 | 863 |
QVC-Japan | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenue | 236 | 301 | 752 | 900 |
Adjusted OIBDA | 46 | 67 | 157 | 200 |
QVC-Germany | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenue | 224 | 211 | 681 | 668 |
Adjusted OIBDA | 37 | 36 | 115 | 121 |
QVC-U.K. | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenue | 156 | 149 | 449 | 445 |
Adjusted OIBDA | 26 | 21 | 71 | 62 |
QVC-Italy | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net revenue | 28 | 20 | 88 | 54 |
Adjusted OIBDA | ($5) | ($5) | ($12) | ($21) |
Information_about_QVCs_Operati3
Information about QVC's Operating Segments (Depreciation/Amortization by Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation | $26 | $28 | $89 | $92 |
Amortization of intangible assets | 113 | 101 | 324 | 293 |
QVC-U.S. | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation | 14 | 12 | 41 | 38 |
Amortization of intangible assets | 90 | 86 | 269 | 248 |
QVC-Japan | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation | 5 | 4 | 13 | 12 |
Amortization of intangible assets | 2 | 3 | 6 | 8 |
QVC-Germany | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation | 6 | 7 | 22 | 24 |
Amortization of intangible assets | 12 | 8 | 30 | 24 |
QVC-U.K. | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation | -1 | 3 | 8 | 13 |
Amortization of intangible assets | 6 | 3 | 12 | 9 |
QVC-Italy | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation | 2 | 2 | 5 | 5 |
Amortization of intangible assets | $3 | $1 | $7 | $4 |
Information_about_QVCs_Operati4
Information about QVC's Operating Segments (Total Assets and CAPEX by Segment) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | $12,845 | ' | $13,438 |
Net capital expenditures | 121 | 165 | 246 |
QVC-U.S. | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 10,140 | ' | 10,541 |
Net capital expenditures | 69 | ' | 88 |
QVC-Japan | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 772 | ' | 969 |
Net capital expenditures | 14 | ' | 105 |
QVC-Germany | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 1,068 | ' | 1,064 |
Net capital expenditures | 20 | ' | 25 |
QVC-U.K. | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 597 | ' | 619 |
Net capital expenditures | 8 | ' | 22 |
QVC-Italy | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Assets | 268 | ' | 245 |
Net capital expenditures | $10 | ' | $6 |
Information_about_QVCs_Operati5
Information about QVC's Operating Segments (Long-lived Assets by Segment) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net of accumulated depreciation | $1,081 | $1,131 |
QVC-U.S. | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net of accumulated depreciation | 424 | 429 |
QVC-Japan | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net of accumulated depreciation | 243 | 280 |
QVC-Germany | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net of accumulated depreciation | 244 | 247 |
QVC-U.K. | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net of accumulated depreciation | 122 | 128 |
QVC-Italy | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, net of accumulated depreciation | $48 | $47 |
Information_about_QVCs_Operati6
Information about QVC's Operating Segments (Reconciliation of Adjusted OIBDA to Income before Income Taxes) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Adjusted OIBDA | $408 | $397 | $1,246 | $1,225 |
Stockbbased compensation | -10 | -8 | -29 | -21 |
Depreciation and amortization | -139 | -129 | -413 | -385 |
Equity in losses of investee | -2 | -3 | -3 | -3 |
Gains on financial instruments | 0 | 12 | 15 | 36 |
Interest expense, net | -52 | -61 | -165 | -172 |
Foreign currency (loss) gain | -1 | 1 | -2 | -1 |
Loss on extinguishment of debt | 0 | 0 | -57 | 0 |
Income before income taxes | $204 | $209 | $592 | $679 |
Other_Comprehensive_Income_Acc
Other Comprehensive Income (Accumulated Other Comprehensive Income) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income [Roll Forward] | ' | ' |
Beginning balance | $186 | $194 |
Other comprehensive income attributable to QVC, Inc. shareholder | -22 | 2 |
Ending balance | $164 | $196 |
Other_Comprehensive_Income_Com
Other Comprehensive Income (Component of Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' |
Foreign currency transaction and translation gain (loss) before tax | $77 | $45 | ($52) | ($3) |
Tax (expense) benefit from foreign currency translation gain (loss) | -9 | -10 | 13 | 2 |
Foreign currency translation adjustments, net-of-tax | $68 | $35 | ($39) | ($1) |
Subsequent_Events_Details
Subsequent Events (Details) (Liberty, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Liberty | ' |
Subsequent Event [Line Items] | ' |
Repayment of promissory note with parent | $150 |
GuarantorNonGuarantor_Subsidia2
Guarantor/Non-Guarantor Subsidiary Financial Information (Narrative) (Details) | Sep. 30, 2013 |
Guarantor Non-guarantor Subsidiary Financial Information [Abstract] | ' |
Subsidiary Guarantors, Ownership Percentage | 100.00% |
GuarantorNonGuarantor_Subsidia3
Guarantor/Non-Guarantor Subsidiary Financial Information (Statement of Financial Position) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | $369 | $540 | $386 | $560 |
Restricted cash | 13 | 15 | ' | ' |
Accounts receivable, less allowance for doubtful accounts of $76 million at September 30, 2013 and $74 million at December 31, 2012 | 730 | 1,055 | ' | ' |
Inventories | 1,123 | 909 | ' | ' |
Deferred income taxes | 156 | 151 | ' | ' |
Prepaid expenses | 63 | 53 | ' | ' |
Total current assets | 2,454 | 2,723 | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $905 million at September 30, 2013 and $867 million at December 31, 2012 | 1,081 | 1,131 | ' | ' |
Cable and satellite television distribution rights, net | 654 | 764 | ' | ' |
Goodwill | 5,205 | 5,234 | ' | ' |
Other intangible assets, net | 3,374 | 3,509 | ' | ' |
Other noncurrent assets | 77 | 77 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Total assets | 12,845 | 13,438 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | 310 | 12 | ' | ' |
Accounts payable-trade | 535 | 566 | ' | ' |
Accrued liabilities | 716 | 955 | ' | ' |
Intercompany accounts payable (receivable) | 0 | 0 | ' | ' |
Total current liabilities | 1,561 | 1,533 | ' | ' |
Long-term portion of debt and capital lease obligations | 3,552 | 3,465 | ' | ' |
Deferred compensation | 15 | 12 | ' | ' |
Deferred income taxes | 1,324 | 1,410 | ' | ' |
Other long-term liabilities | 155 | 184 | ' | ' |
Liabilities | 6,607 | 6,604 | ' | ' |
QVC, Inc. shareholder's equity: | ' | ' | ' | ' |
QVC, Inc. shareholder's equity | 6,102 | 6,690 | ' | ' |
Noncontrolling interest | 136 | 144 | ' | ' |
Total equity | 6,238 | 6,834 | ' | 8,019 |
Total liabilities and equity | 12,845 | 13,438 | ' | ' |
As previously reported | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | ' | 540 | 386 | 560 |
Restricted cash | ' | 15 | ' | ' |
Accounts receivable, less allowance for doubtful accounts of $76 million at September 30, 2013 and $74 million at December 31, 2012 | ' | 1,055 | ' | ' |
Inventories | ' | 909 | ' | ' |
Deferred income taxes | ' | 151 | ' | ' |
Prepaid expenses | ' | 53 | ' | ' |
Total current assets | ' | 2,723 | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $905 million at September 30, 2013 and $867 million at December 31, 2012 | ' | 1,131 | ' | ' |
Cable and satellite television distribution rights, net | ' | 764 | ' | ' |
Goodwill | ' | 5,234 | ' | ' |
Other intangible assets, net | ' | 3,509 | ' | ' |
Other noncurrent assets | ' | 77 | ' | ' |
Investments in subsidiaries | ' | 0 | ' | ' |
Total assets | ' | 13,438 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | ' | 12 | ' | ' |
Accounts payable-trade | ' | 566 | ' | ' |
Accrued liabilities | ' | 955 | ' | ' |
Intercompany accounts payable (receivable) | ' | 0 | ' | ' |
Total current liabilities | ' | 1,533 | ' | ' |
Long-term portion of debt and capital lease obligations | ' | 3,465 | ' | ' |
Deferred compensation | ' | 12 | ' | ' |
Deferred income taxes | ' | 1,410 | ' | ' |
Other long-term liabilities | ' | 184 | ' | ' |
Liabilities | ' | 6,604 | ' | ' |
QVC, Inc. shareholder's equity: | ' | ' | ' | ' |
QVC, Inc. shareholder's equity | ' | 6,690 | ' | ' |
Noncontrolling interest | ' | 144 | ' | ' |
Total equity | ' | 6,834 | ' | 8,019 |
Total liabilities and equity | ' | 13,438 | ' | ' |
Adjustment | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | ' | 0 | 0 | 0 |
Restricted cash | ' | 0 | ' | ' |
Accounts receivable, less allowance for doubtful accounts of $76 million at September 30, 2013 and $74 million at December 31, 2012 | ' | 0 | ' | ' |
Inventories | ' | 0 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Prepaid expenses | ' | 0 | ' | ' |
Total current assets | ' | 0 | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $905 million at September 30, 2013 and $867 million at December 31, 2012 | ' | 0 | ' | ' |
Cable and satellite television distribution rights, net | ' | 0 | ' | ' |
Goodwill | ' | 0 | ' | ' |
Other intangible assets, net | ' | 0 | ' | ' |
Other noncurrent assets | ' | 0 | ' | ' |
Investments in subsidiaries | ' | 0 | ' | ' |
Total assets | ' | 0 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | ' | 0 | ' | ' |
Accounts payable-trade | ' | 0 | ' | ' |
Accrued liabilities | ' | 0 | ' | ' |
Intercompany accounts payable (receivable) | ' | 0 | ' | ' |
Total current liabilities | ' | 0 | ' | ' |
Long-term portion of debt and capital lease obligations | ' | 0 | ' | ' |
Deferred compensation | ' | 0 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Other long-term liabilities | ' | 0 | ' | ' |
Liabilities | ' | 0 | ' | ' |
QVC, Inc. shareholder's equity: | ' | ' | ' | ' |
QVC, Inc. shareholder's equity | ' | 0 | ' | ' |
Noncontrolling interest | ' | 0 | ' | ' |
Total equity | ' | 0 | ' | 0 |
Total liabilities and equity | ' | 0 | ' | ' |
Parent issuer- QVC, Inc. | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | 8 | 75 | 16 | 3 |
Restricted cash | 11 | 13 | ' | ' |
Accounts receivable, less allowance for doubtful accounts of $76 million at September 30, 2013 and $74 million at December 31, 2012 | 494 | 747 | ' | ' |
Inventories | 800 | 691 | ' | ' |
Deferred income taxes | 139 | 131 | ' | ' |
Prepaid expenses | 19 | 19 | ' | ' |
Total current assets | 1,471 | 1,676 | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $905 million at September 30, 2013 and $867 million at December 31, 2012 | 248 | 247 | ' | ' |
Cable and satellite television distribution rights, net | 0 | 0 | ' | ' |
Goodwill | 4,169 | 4,169 | ' | ' |
Other intangible assets, net | 1,165 | 1,280 | ' | ' |
Other noncurrent assets | 11 | 14 | ' | ' |
Investments in subsidiaries | 4,829 | 4,844 | ' | ' |
Total assets | 11,893 | 12,230 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | 302 | 2 | ' | ' |
Accounts payable-trade | 292 | 324 | ' | ' |
Accrued liabilities | 281 | 402 | ' | ' |
Intercompany accounts payable (receivable) | 867 | 829 | ' | ' |
Total current liabilities | 1,742 | 1,557 | ' | ' |
Long-term portion of debt and capital lease obligations | 3,496 | 3,404 | ' | ' |
Deferred compensation | 14 | 11 | ' | ' |
Deferred income taxes | 404 | 431 | ' | ' |
Other long-term liabilities | 135 | 137 | ' | ' |
Liabilities | 5,791 | 5,540 | ' | ' |
QVC, Inc. shareholder's equity: | ' | ' | ' | ' |
QVC, Inc. shareholder's equity | 6,102 | 6,690 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total equity | 6,102 | 6,690 | ' | 7,890 |
Total liabilities and equity | 11,893 | 12,230 | ' | ' |
Parent issuer- QVC, Inc. | As previously reported | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | ' | 75 | 16 | 3 |
Restricted cash | ' | 13 | ' | ' |
Accounts receivable, less allowance for doubtful accounts of $76 million at September 30, 2013 and $74 million at December 31, 2012 | ' | 747 | ' | ' |
Inventories | ' | 691 | ' | ' |
Deferred income taxes | ' | 131 | ' | ' |
Prepaid expenses | ' | 19 | ' | ' |
Total current assets | ' | 1,676 | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $905 million at September 30, 2013 and $867 million at December 31, 2012 | ' | 247 | ' | ' |
Cable and satellite television distribution rights, net | ' | 0 | ' | ' |
Goodwill | ' | 4,169 | ' | ' |
Other intangible assets, net | ' | 1,280 | ' | ' |
Other noncurrent assets | ' | 14 | ' | ' |
Investments in subsidiaries | ' | 3,789 | ' | ' |
Total assets | ' | 11,175 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | ' | 2 | ' | ' |
Accounts payable-trade | ' | 324 | ' | ' |
Accrued liabilities | ' | 402 | ' | ' |
Intercompany accounts payable (receivable) | ' | -226 | ' | ' |
Total current liabilities | ' | 502 | ' | ' |
Long-term portion of debt and capital lease obligations | ' | 3,404 | ' | ' |
Deferred compensation | ' | 11 | ' | ' |
Deferred income taxes | ' | 431 | ' | ' |
Other long-term liabilities | ' | 137 | ' | ' |
Liabilities | ' | 4,485 | ' | ' |
QVC, Inc. shareholder's equity: | ' | ' | ' | ' |
QVC, Inc. shareholder's equity | ' | 6,690 | ' | ' |
Noncontrolling interest | ' | 0 | ' | ' |
Total equity | ' | 6,690 | ' | 7,890 |
Total liabilities and equity | ' | 11,175 | ' | ' |
Parent issuer- QVC, Inc. | Adjustment | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | ' | 0 | 0 | 0 |
Restricted cash | ' | 0 | ' | ' |
Accounts receivable, less allowance for doubtful accounts of $76 million at September 30, 2013 and $74 million at December 31, 2012 | ' | 0 | ' | ' |
Inventories | ' | 0 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Prepaid expenses | ' | 0 | ' | ' |
Total current assets | ' | 0 | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $905 million at September 30, 2013 and $867 million at December 31, 2012 | ' | 0 | ' | ' |
Cable and satellite television distribution rights, net | ' | 0 | ' | ' |
Goodwill | ' | 0 | ' | ' |
Other intangible assets, net | ' | 0 | ' | ' |
Other noncurrent assets | ' | 0 | ' | ' |
Investments in subsidiaries | ' | 1,055 | ' | ' |
Total assets | ' | 1,055 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | ' | 0 | ' | ' |
Accounts payable-trade | ' | 0 | ' | ' |
Accrued liabilities | ' | 0 | ' | ' |
Intercompany accounts payable (receivable) | ' | 1,055 | ' | ' |
Total current liabilities | ' | 1,055 | ' | ' |
Long-term portion of debt and capital lease obligations | ' | ' | ' | ' |
Deferred compensation | ' | 0 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Other long-term liabilities | ' | 0 | ' | ' |
Liabilities | ' | 1,055 | ' | ' |
QVC, Inc. shareholder's equity: | ' | ' | ' | ' |
QVC, Inc. shareholder's equity | ' | 0 | ' | ' |
Noncontrolling interest | ' | 0 | ' | ' |
Total equity | ' | 0 | ' | 0 |
Total liabilities and equity | ' | 1,055 | ' | ' |
Combined subsidiary guarantors | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | 170 | 165 | 113 | 223 |
Restricted cash | 0 | 0 | ' | ' |
Accounts receivable, less allowance for doubtful accounts of $76 million at September 30, 2013 and $74 million at December 31, 2012 | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expenses | 0 | 0 | ' | ' |
Total current assets | 170 | 165 | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $905 million at September 30, 2013 and $867 million at December 31, 2012 | 65 | 67 | ' | ' |
Cable and satellite television distribution rights, net | 533 | 618 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 2,050 | 2,049 | ' | ' |
Other noncurrent assets | 0 | 0 | ' | ' |
Investments in subsidiaries | 1,702 | 1,838 | ' | ' |
Total assets | 4,520 | 4,737 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | 0 | 0 | ' | ' |
Accounts payable-trade | 0 | 0 | ' | ' |
Accrued liabilities | 58 | 106 | ' | ' |
Intercompany accounts payable (receivable) | -761 | -816 | ' | ' |
Total current liabilities | -703 | -710 | ' | ' |
Long-term portion of debt and capital lease obligations | 0 | 0 | ' | ' |
Deferred compensation | 0 | 0 | ' | ' |
Deferred income taxes | 933 | 964 | ' | ' |
Other long-term liabilities | 0 | 17 | ' | ' |
Liabilities | 230 | 271 | ' | ' |
QVC, Inc. shareholder's equity: | ' | ' | ' | ' |
QVC, Inc. shareholder's equity | 4,290 | 4,466 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total equity | 4,290 | 4,466 | ' | 3,915 |
Total liabilities and equity | 4,520 | 4,737 | ' | ' |
Combined subsidiary guarantors | As previously reported | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | ' | 165 | 113 | 223 |
Restricted cash | ' | 0 | ' | ' |
Accounts receivable, less allowance for doubtful accounts of $76 million at September 30, 2013 and $74 million at December 31, 2012 | ' | 0 | ' | ' |
Inventories | ' | 0 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Prepaid expenses | ' | 0 | ' | ' |
Total current assets | ' | 165 | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $905 million at September 30, 2013 and $867 million at December 31, 2012 | ' | 67 | ' | ' |
Cable and satellite television distribution rights, net | ' | 618 | ' | ' |
Goodwill | ' | 0 | ' | ' |
Other intangible assets, net | ' | 2,049 | ' | ' |
Other noncurrent assets | ' | 0 | ' | ' |
Investments in subsidiaries | ' | 1,838 | ' | ' |
Total assets | ' | 4,737 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | ' | 0 | ' | ' |
Accounts payable-trade | ' | 0 | ' | ' |
Accrued liabilities | ' | 106 | ' | ' |
Intercompany accounts payable (receivable) | ' | -411 | ' | ' |
Total current liabilities | ' | -305 | ' | ' |
Long-term portion of debt and capital lease obligations | ' | 0 | ' | ' |
Deferred compensation | ' | 0 | ' | ' |
Deferred income taxes | ' | 964 | ' | ' |
Other long-term liabilities | ' | 17 | ' | ' |
Liabilities | ' | 676 | ' | ' |
QVC, Inc. shareholder's equity: | ' | ' | ' | ' |
QVC, Inc. shareholder's equity | ' | 4,061 | ' | ' |
Noncontrolling interest | ' | 0 | ' | ' |
Total equity | ' | 4,061 | ' | 3,465 |
Total liabilities and equity | ' | 4,737 | ' | ' |
Combined subsidiary guarantors | Adjustment | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | ' | 0 | 0 | 0 |
Restricted cash | ' | 0 | ' | ' |
Accounts receivable, less allowance for doubtful accounts of $76 million at September 30, 2013 and $74 million at December 31, 2012 | ' | 0 | ' | ' |
Inventories | ' | 0 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Prepaid expenses | ' | 0 | ' | ' |
Total current assets | ' | 0 | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $905 million at September 30, 2013 and $867 million at December 31, 2012 | ' | 0 | ' | ' |
Cable and satellite television distribution rights, net | ' | 0 | ' | ' |
Goodwill | ' | 0 | ' | ' |
Other intangible assets, net | ' | 0 | ' | ' |
Other noncurrent assets | ' | 0 | ' | ' |
Investments in subsidiaries | ' | 0 | ' | ' |
Total assets | ' | 0 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | ' | 0 | ' | ' |
Accounts payable-trade | ' | 0 | ' | ' |
Accrued liabilities | ' | 0 | ' | ' |
Intercompany accounts payable (receivable) | ' | -405 | ' | ' |
Total current liabilities | ' | -405 | ' | ' |
Long-term portion of debt and capital lease obligations | ' | ' | ' | ' |
Deferred compensation | ' | 0 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Other long-term liabilities | ' | 0 | ' | ' |
Liabilities | ' | -405 | ' | ' |
QVC, Inc. shareholder's equity: | ' | ' | ' | ' |
QVC, Inc. shareholder's equity | ' | 405 | ' | ' |
Noncontrolling interest | ' | 0 | ' | ' |
Total equity | ' | 405 | ' | 450 |
Total liabilities and equity | ' | 0 | ' | ' |
Combined non-guarantor subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | 191 | 300 | 257 | 334 |
Restricted cash | 2 | 2 | ' | ' |
Accounts receivable, less allowance for doubtful accounts of $76 million at September 30, 2013 and $74 million at December 31, 2012 | 236 | 308 | ' | ' |
Inventories | 323 | 218 | ' | ' |
Deferred income taxes | 17 | 20 | ' | ' |
Prepaid expenses | 44 | 34 | ' | ' |
Total current assets | 813 | 882 | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $905 million at September 30, 2013 and $867 million at December 31, 2012 | 768 | 817 | ' | ' |
Cable and satellite television distribution rights, net | 121 | 146 | ' | ' |
Goodwill | 1,036 | 1,065 | ' | ' |
Other intangible assets, net | 159 | 180 | ' | ' |
Other noncurrent assets | 66 | 63 | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' |
Total assets | 2,963 | 3,153 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | 8 | 10 | ' | ' |
Accounts payable-trade | 243 | 242 | ' | ' |
Accrued liabilities | 377 | 447 | ' | ' |
Intercompany accounts payable (receivable) | -106 | -13 | ' | ' |
Total current liabilities | 522 | 686 | ' | ' |
Long-term portion of debt and capital lease obligations | 56 | 61 | ' | ' |
Deferred compensation | 1 | 1 | ' | ' |
Deferred income taxes | -13 | 15 | ' | ' |
Other long-term liabilities | 20 | 30 | ' | ' |
Liabilities | 586 | 793 | ' | ' |
QVC, Inc. shareholder's equity: | ' | ' | ' | ' |
QVC, Inc. shareholder's equity | 2,241 | 2,216 | ' | ' |
Noncontrolling interest | 136 | 144 | ' | ' |
Total equity | 2,377 | 2,360 | ' | 2,181 |
Total liabilities and equity | 2,963 | 3,153 | ' | ' |
Combined non-guarantor subsidiaries | As previously reported | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | ' | 300 | 257 | 334 |
Restricted cash | ' | 2 | ' | ' |
Accounts receivable, less allowance for doubtful accounts of $76 million at September 30, 2013 and $74 million at December 31, 2012 | ' | 308 | ' | ' |
Inventories | ' | 218 | ' | ' |
Deferred income taxes | ' | 20 | ' | ' |
Prepaid expenses | ' | 34 | ' | ' |
Total current assets | ' | 882 | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $905 million at September 30, 2013 and $867 million at December 31, 2012 | ' | 817 | ' | ' |
Cable and satellite television distribution rights, net | ' | 146 | ' | ' |
Goodwill | ' | 1,065 | ' | ' |
Other intangible assets, net | ' | 180 | ' | ' |
Other noncurrent assets | ' | 63 | ' | ' |
Investments in subsidiaries | ' | 0 | ' | ' |
Total assets | ' | 3,153 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | ' | 10 | ' | ' |
Accounts payable-trade | ' | 242 | ' | ' |
Accrued liabilities | ' | 447 | ' | ' |
Intercompany accounts payable (receivable) | ' | 637 | ' | ' |
Total current liabilities | ' | 1,336 | ' | ' |
Long-term portion of debt and capital lease obligations | ' | 61 | ' | ' |
Deferred compensation | ' | 1 | ' | ' |
Deferred income taxes | ' | 15 | ' | ' |
Other long-term liabilities | ' | 30 | ' | ' |
Liabilities | ' | 1,443 | ' | ' |
QVC, Inc. shareholder's equity: | ' | ' | ' | ' |
QVC, Inc. shareholder's equity | ' | 1,566 | ' | ' |
Noncontrolling interest | ' | 144 | ' | ' |
Total equity | ' | 1,710 | ' | 1,716 |
Total liabilities and equity | ' | 3,153 | ' | ' |
Combined non-guarantor subsidiaries | Adjustment | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | ' | 0 | 0 | 0 |
Restricted cash | ' | 0 | ' | ' |
Accounts receivable, less allowance for doubtful accounts of $76 million at September 30, 2013 and $74 million at December 31, 2012 | ' | 0 | ' | ' |
Inventories | ' | 0 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Prepaid expenses | ' | 0 | ' | ' |
Total current assets | ' | 0 | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $905 million at September 30, 2013 and $867 million at December 31, 2012 | ' | 0 | ' | ' |
Cable and satellite television distribution rights, net | ' | 0 | ' | ' |
Goodwill | ' | 0 | ' | ' |
Other intangible assets, net | ' | 0 | ' | ' |
Other noncurrent assets | ' | 0 | ' | ' |
Investments in subsidiaries | ' | 0 | ' | ' |
Total assets | ' | 0 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | ' | 0 | ' | ' |
Accounts payable-trade | ' | 0 | ' | ' |
Accrued liabilities | ' | 0 | ' | ' |
Intercompany accounts payable (receivable) | ' | -650 | ' | ' |
Total current liabilities | ' | -650 | ' | ' |
Long-term portion of debt and capital lease obligations | ' | ' | ' | ' |
Deferred compensation | ' | 0 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Other long-term liabilities | ' | 0 | ' | ' |
Liabilities | ' | -650 | ' | ' |
QVC, Inc. shareholder's equity: | ' | ' | ' | ' |
QVC, Inc. shareholder's equity | ' | 650 | ' | ' |
Noncontrolling interest | ' | 0 | ' | ' |
Total equity | ' | 650 | ' | 465 |
Total liabilities and equity | ' | 0 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ' | ' |
Accounts receivable, less allowance for doubtful accounts of $76 million at September 30, 2013 and $74 million at December 31, 2012 | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Prepaid expenses | 0 | 0 | ' | ' |
Total current assets | 0 | 0 | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $905 million at September 30, 2013 and $867 million at December 31, 2012 | 0 | 0 | ' | ' |
Cable and satellite television distribution rights, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets, net | 0 | 0 | ' | ' |
Other noncurrent assets | 0 | 0 | ' | ' |
Investments in subsidiaries | -6,531 | -6,682 | ' | ' |
Total assets | -6,531 | -6,682 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | 0 | 0 | ' | ' |
Accounts payable-trade | 0 | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Intercompany accounts payable (receivable) | 0 | 0 | ' | ' |
Total current liabilities | 0 | 0 | ' | ' |
Long-term portion of debt and capital lease obligations | 0 | 0 | ' | ' |
Deferred compensation | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Liabilities | 0 | 0 | ' | ' |
QVC, Inc. shareholder's equity: | ' | ' | ' | ' |
QVC, Inc. shareholder's equity | -6,531 | -6,682 | ' | ' |
Noncontrolling interest | 0 | 0 | ' | ' |
Total equity | -6,531 | -6,682 | ' | -5,967 |
Total liabilities and equity | -6,531 | -6,682 | ' | ' |
Eliminations | As previously reported | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | ' | 0 | 0 | 0 |
Restricted cash | ' | 0 | ' | ' |
Accounts receivable, less allowance for doubtful accounts of $76 million at September 30, 2013 and $74 million at December 31, 2012 | ' | 0 | ' | ' |
Inventories | ' | 0 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Prepaid expenses | ' | 0 | ' | ' |
Total current assets | ' | 0 | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $905 million at September 30, 2013 and $867 million at December 31, 2012 | ' | 0 | ' | ' |
Cable and satellite television distribution rights, net | ' | 0 | ' | ' |
Goodwill | ' | 0 | ' | ' |
Other intangible assets, net | ' | 0 | ' | ' |
Other noncurrent assets | ' | 0 | ' | ' |
Investments in subsidiaries | ' | -5,627 | ' | ' |
Total assets | ' | -5,627 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | ' | 0 | ' | ' |
Accounts payable-trade | ' | 0 | ' | ' |
Accrued liabilities | ' | 0 | ' | ' |
Intercompany accounts payable (receivable) | ' | 0 | ' | ' |
Total current liabilities | ' | 0 | ' | ' |
Long-term portion of debt and capital lease obligations | ' | 0 | ' | ' |
Deferred compensation | ' | 0 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Other long-term liabilities | ' | 0 | ' | ' |
Liabilities | ' | 0 | ' | ' |
QVC, Inc. shareholder's equity: | ' | ' | ' | ' |
QVC, Inc. shareholder's equity | ' | -5,627 | ' | ' |
Noncontrolling interest | ' | 0 | ' | ' |
Total equity | ' | -5,627 | ' | -5,052 |
Total liabilities and equity | ' | -5,627 | ' | ' |
Eliminations | Adjustment | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | ' | 0 | 0 | 0 |
Restricted cash | ' | 0 | ' | ' |
Accounts receivable, less allowance for doubtful accounts of $76 million at September 30, 2013 and $74 million at December 31, 2012 | ' | 0 | ' | ' |
Inventories | ' | 0 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Prepaid expenses | ' | 0 | ' | ' |
Total current assets | ' | 0 | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $905 million at September 30, 2013 and $867 million at December 31, 2012 | ' | 0 | ' | ' |
Cable and satellite television distribution rights, net | ' | 0 | ' | ' |
Goodwill | ' | 0 | ' | ' |
Other intangible assets, net | ' | 0 | ' | ' |
Other noncurrent assets | ' | 0 | ' | ' |
Investments in subsidiaries | ' | -1,055 | ' | ' |
Total assets | ' | -1,055 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Current portion of debt and capital lease obligations | ' | 0 | ' | ' |
Accounts payable-trade | ' | 0 | ' | ' |
Accrued liabilities | ' | 0 | ' | ' |
Intercompany accounts payable (receivable) | ' | 0 | ' | ' |
Total current liabilities | ' | 0 | ' | ' |
Long-term portion of debt and capital lease obligations | ' | ' | ' | ' |
Deferred compensation | ' | 0 | ' | ' |
Deferred income taxes | ' | 0 | ' | ' |
Other long-term liabilities | ' | 0 | ' | ' |
Liabilities | ' | 0 | ' | ' |
QVC, Inc. shareholder's equity: | ' | ' | ' | ' |
QVC, Inc. shareholder's equity | ' | -1,055 | ' | ' |
Noncontrolling interest | ' | 0 | ' | ' |
Total equity | ' | -1,055 | ' | -915 |
Total liabilities and equity | ' | ($1,055) | ' | ' |
GuarantorNonGuarantor_Subsidia4
Guarantor/Non-Guarantor Subsidiary Financial Information (Statement of Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net revenue | $1,947 | ' | ' | $1,918 | ' | $5,882 | $5,824 |
Cost of goods sold | 1,222 | ' | ' | 1,216 | ' | 3,701 | 3,680 |
Gross profit | 725 | ' | ' | 702 | ' | 2,181 | 2,144 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | 176 | ' | ' | 171 | ' | 520 | 522 |
Selling, general and administrative, including stock-based compensation | 151 | ' | ' | 142 | ' | 444 | 418 |
Depreciation | 26 | ' | ' | 28 | ' | 89 | 92 |
Amortization of intangible assets | 113 | ' | ' | 101 | ' | 324 | 293 |
Intercompany management expense (income) | 0 | ' | ' | 0 | ' | 0 | 0 |
Operating expenses | 466 | ' | ' | 442 | ' | 1,377 | 1,325 |
Operating income | 259 | ' | ' | 260 | ' | 804 | 819 |
Other (expense) income: | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of investee | -2 | ' | ' | -3 | ' | -3 | -3 |
Gains on financial instruments | 0 | ' | ' | 12 | ' | 15 | 36 |
Interest expense, net | -52 | ' | ' | -61 | ' | -165 | -172 |
Foreign currency (loss) gain | -1 | ' | ' | 1 | ' | -2 | -1 |
Loss on extinguishment of debt | 0 | ' | ' | 0 | ' | -57 | 0 |
Intercompany interest (expense) income | 0 | ' | ' | 0 | ' | 0 | 0 |
Nonoperating (expense) income | -55 | ' | ' | -51 | ' | -212 | -140 |
Income before income taxes | 204 | ' | ' | 209 | ' | 592 | 679 |
Income tax expense | -70 | ' | ' | -73 | ' | -213 | -247 |
Equity in earnings of subsidiaries, net of tax | 0 | ' | ' | 0 | ' | 0 | 0 |
Net income | 134 | 139 | 106 | 136 | 245 | 379 | 432 |
Less net income attributable to the noncontrolling interest | -9 | ' | ' | -15 | ' | -34 | -44 |
Net income (loss) attributable to QVC, Inc. shareholder | 125 | ' | ' | 121 | ' | 345 | 388 |
As previously reported | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | 1,918 | ' | ' | 5,824 |
Cost of goods sold | ' | ' | ' | 1,216 | ' | ' | 3,680 |
Gross profit | ' | ' | ' | 702 | ' | ' | 2,144 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | ' | ' | 171 | ' | ' | 522 |
Selling, general and administrative, including stock-based compensation | ' | ' | ' | 142 | ' | ' | 418 |
Depreciation | ' | ' | ' | 28 | ' | ' | 92 |
Amortization of intangible assets | ' | ' | ' | 101 | ' | ' | 293 |
Intercompany management expense (income) | ' | ' | ' | 0 | ' | ' | 0 |
Operating expenses | ' | ' | ' | 442 | ' | ' | 1,325 |
Operating income | ' | ' | ' | 260 | ' | ' | 819 |
Other (expense) income: | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of investee | ' | ' | ' | -3 | ' | ' | -3 |
Gains on financial instruments | ' | ' | ' | 12 | ' | ' | 36 |
Interest expense, net | ' | ' | ' | -61 | ' | ' | -172 |
Foreign currency (loss) gain | ' | ' | ' | 1 | ' | ' | -1 |
Intercompany interest (expense) income | ' | ' | ' | 0 | ' | ' | 0 |
Nonoperating (expense) income | ' | ' | ' | -51 | ' | ' | -140 |
Income before income taxes | ' | ' | ' | 209 | ' | ' | 679 |
Income tax expense | ' | ' | ' | -73 | ' | ' | -247 |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | 0 | ' | ' | 0 |
Net income | ' | 139 | 106 | 136 | 245 | ' | 432 |
Less net income attributable to the noncontrolling interest | ' | ' | ' | -15 | ' | ' | -44 |
Net income (loss) attributable to QVC, Inc. shareholder | ' | ' | ' | 121 | ' | ' | 388 |
Adjustment | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net revenue | 0 | ' | ' | ' | ' | ' | 0 |
Cost of goods sold | 0 | ' | ' | ' | ' | ' | 0 |
Gross profit | 0 | ' | ' | ' | ' | ' | 0 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | 0 | ' | ' | ' | ' | ' | 0 |
Selling, general and administrative, including stock-based compensation | 0 | ' | ' | ' | ' | ' | 0 |
Depreciation | 0 | ' | ' | ' | ' | ' | 0 |
Amortization of intangible assets | 0 | ' | ' | ' | ' | ' | 0 |
Intercompany management expense (income) | 0 | ' | ' | ' | ' | ' | 0 |
Operating expenses | 0 | ' | ' | ' | ' | ' | 0 |
Operating income | 0 | ' | ' | ' | ' | ' | 0 |
Other (expense) income: | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of investee | 0 | ' | ' | ' | ' | ' | 0 |
Gains on financial instruments | 0 | ' | ' | ' | ' | ' | 0 |
Interest expense, net | 0 | ' | ' | ' | ' | ' | 0 |
Foreign currency (loss) gain | 0 | ' | ' | ' | ' | ' | 0 |
Intercompany interest (expense) income | 0 | ' | ' | ' | ' | ' | 0 |
Nonoperating (expense) income | 0 | ' | ' | ' | ' | ' | 0 |
Income before income taxes | 0 | ' | ' | ' | ' | ' | 0 |
Income tax expense | 0 | ' | ' | ' | ' | ' | 0 |
Equity in earnings of subsidiaries, net of tax | 0 | ' | ' | ' | ' | ' | 0 |
Net income | 0 | 0 | 0 | ' | 0 | ' | 0 |
Less net income attributable to the noncontrolling interest | 0 | ' | ' | ' | ' | ' | 0 |
Net income (loss) attributable to QVC, Inc. shareholder | 0 | ' | ' | ' | ' | ' | 0 |
Parent issuer- QVC, Inc. | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net revenue | 1,319 | ' | ' | 1,249 | ' | 3,959 | 3,804 |
Cost of goods sold | 833 | ' | ' | 801 | ' | 2,512 | 2,421 |
Gross profit | 486 | ' | ' | 448 | ' | 1,447 | 1,383 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | 39 | ' | ' | 37 | ' | 114 | 110 |
Selling, general and administrative, including stock-based compensation | 237 | ' | ' | 226 | ' | 700 | 666 |
Depreciation | 10 | ' | ' | 9 | ' | 28 | 26 |
Amortization of intangible assets | 51 | ' | ' | 52 | ' | 153 | 148 |
Intercompany management expense (income) | 14 | ' | ' | 14 | ' | 46 | 54 |
Operating expenses | 351 | ' | ' | 338 | ' | 1,041 | 1,004 |
Operating income | 135 | ' | ' | 110 | ' | 406 | 379 |
Other (expense) income: | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of investee | 0 | ' | ' | 0 | ' | 0 | 0 |
Gains on financial instruments | ' | ' | ' | 12 | ' | 12 | 36 |
Interest expense, net | -52 | ' | ' | -61 | ' | -164 | -173 |
Foreign currency (loss) gain | -9 | ' | ' | -6 | ' | -12 | -11 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | -57 | ' |
Intercompany interest (expense) income | -4 | ' | ' | -3 | ' | -11 | -10 |
Nonoperating (expense) income | -65 | ' | ' | -58 | ' | -232 | -158 |
Income before income taxes | 70 | ' | ' | 52 | ' | 174 | 221 |
Income tax expense | -21 | ' | ' | -17 | ' | -52 | -81 |
Equity in earnings of subsidiaries, net of tax | 85 | ' | ' | 101 | ' | 257 | 292 |
Net income | 134 | 139 | 106 | 136 | 245 | 379 | 432 |
Less net income attributable to the noncontrolling interest | -9 | ' | ' | -15 | ' | -34 | -44 |
Net income (loss) attributable to QVC, Inc. shareholder | 125 | ' | ' | 121 | ' | 345 | 388 |
Parent issuer- QVC, Inc. | As previously reported | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | 1,301 | ' | ' | 3,963 |
Cost of goods sold | ' | ' | ' | 817 | ' | ' | 2,470 |
Gross profit | ' | ' | ' | 484 | ' | ' | 1,493 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | ' | ' | 44 | ' | ' | 132 |
Selling, general and administrative, including stock-based compensation | ' | ' | ' | 226 | ' | ' | 666 |
Depreciation | ' | ' | ' | 9 | ' | ' | 26 |
Amortization of intangible assets | ' | ' | ' | 52 | ' | ' | 148 |
Intercompany management expense (income) | ' | ' | ' | 14 | ' | ' | 54 |
Operating expenses | ' | ' | ' | 345 | ' | ' | 1,026 |
Operating income | ' | ' | ' | 139 | ' | ' | 467 |
Other (expense) income: | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of investee | ' | ' | ' | 0 | ' | ' | 0 |
Gains on financial instruments | ' | ' | ' | 12 | ' | ' | 36 |
Interest expense, net | ' | ' | ' | -61 | ' | ' | -173 |
Foreign currency (loss) gain | ' | ' | ' | -6 | ' | ' | -11 |
Intercompany interest (expense) income | ' | ' | ' | 3 | ' | ' | -10 |
Nonoperating (expense) income | ' | ' | ' | -58 | ' | ' | -158 |
Income before income taxes | ' | ' | ' | 81 | ' | ' | 309 |
Income tax expense | ' | ' | ' | -17 | ' | ' | -81 |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | 57 | ' | ' | 160 |
Net income | ' | 139 | 106 | 121 | 245 | ' | 388 |
Less net income attributable to the noncontrolling interest | ' | ' | ' | 0 | ' | ' | 0 |
Net income (loss) attributable to QVC, Inc. shareholder | ' | ' | ' | 121 | ' | ' | 388 |
Parent issuer- QVC, Inc. | Adjustment | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net revenue | -52 | ' | ' | ' | ' | ' | -159 |
Cost of goods sold | -16 | ' | ' | ' | ' | ' | -49 |
Gross profit | -36 | ' | ' | ' | ' | ' | -110 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | -7 | ' | ' | ' | ' | ' | -22 |
Selling, general and administrative, including stock-based compensation | 0 | ' | ' | ' | ' | ' | 0 |
Depreciation | 0 | ' | ' | ' | ' | ' | 0 |
Amortization of intangible assets | 0 | ' | ' | ' | ' | ' | 0 |
Intercompany management expense (income) | 0 | ' | ' | ' | ' | ' | 0 |
Operating expenses | -7 | ' | ' | ' | ' | ' | -22 |
Operating income | -29 | ' | ' | ' | ' | ' | -88 |
Other (expense) income: | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of investee | 0 | ' | ' | ' | ' | ' | 0 |
Gains on financial instruments | 0 | ' | ' | ' | ' | ' | 0 |
Interest expense, net | 0 | ' | ' | ' | ' | ' | 0 |
Foreign currency (loss) gain | 0 | ' | ' | ' | ' | ' | 0 |
Intercompany interest (expense) income | 0 | ' | ' | ' | ' | ' | 0 |
Nonoperating (expense) income | 0 | ' | ' | ' | ' | ' | 0 |
Income before income taxes | -29 | ' | ' | ' | ' | ' | -88 |
Income tax expense | 0 | ' | ' | ' | ' | ' | 0 |
Equity in earnings of subsidiaries, net of tax | 44 | ' | ' | ' | ' | ' | 132 |
Net income | 15 | 0 | 0 | ' | 0 | ' | 44 |
Less net income attributable to the noncontrolling interest | -15 | ' | ' | ' | ' | ' | -44 |
Net income (loss) attributable to QVC, Inc. shareholder | 0 | ' | ' | ' | ' | ' | 0 |
Combined subsidiary guarantors | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net revenue | 190 | ' | ' | 180 | ' | 555 | 534 |
Cost of goods sold | 26 | ' | ' | 27 | ' | 74 | 81 |
Gross profit | 164 | ' | ' | 153 | ' | 481 | 453 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | 49 | ' | ' | 46 | ' | 143 | 137 |
Selling, general and administrative, including stock-based compensation | 1 | ' | ' | 0 | ' | 1 | 0 |
Depreciation | 1 | ' | ' | 1 | ' | 4 | 3 |
Amortization of intangible assets | 37 | ' | ' | 33 | ' | 107 | 98 |
Intercompany management expense (income) | -1 | ' | ' | -5 | ' | -8 | -20 |
Operating expenses | 87 | ' | ' | 75 | ' | 247 | 218 |
Operating income | 77 | ' | ' | 78 | ' | 234 | 235 |
Other (expense) income: | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of investee | 0 | ' | ' | 0 | ' | 0 | 0 |
Gains on financial instruments | ' | ' | ' | 0 | ' | 0 | 0 |
Interest expense, net | 0 | ' | ' | 0 | ' | -1 | 0 |
Foreign currency (loss) gain | 0 | ' | ' | 2 | ' | -1 | 2 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | 0 | ' |
Intercompany interest (expense) income | 13 | ' | ' | 12 | ' | 37 | 37 |
Nonoperating (expense) income | 13 | ' | ' | 14 | ' | 35 | 39 |
Income before income taxes | 90 | ' | ' | 92 | ' | 269 | 274 |
Income tax expense | -27 | ' | ' | -30 | ' | -87 | -84 |
Equity in earnings of subsidiaries, net of tax | 3 | ' | ' | 23 | ' | 29 | 57 |
Net income | 66 | 66 | 79 | 85 | 145 | 211 | 247 |
Less net income attributable to the noncontrolling interest | 0 | ' | ' | 0 | ' | 0 | 0 |
Net income (loss) attributable to QVC, Inc. shareholder | 66 | ' | ' | 85 | ' | 211 | 247 |
Combined subsidiary guarantors | As previously reported | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | 180 | ' | ' | 534 |
Cost of goods sold | ' | ' | ' | 27 | ' | ' | 81 |
Gross profit | ' | ' | ' | 153 | ' | ' | 453 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | ' | ' | 46 | ' | ' | 137 |
Selling, general and administrative, including stock-based compensation | ' | ' | ' | 0 | ' | ' | 0 |
Depreciation | ' | ' | ' | 1 | ' | ' | 3 |
Amortization of intangible assets | ' | ' | ' | 33 | ' | ' | 98 |
Intercompany management expense (income) | ' | ' | ' | -5 | ' | ' | -20 |
Operating expenses | ' | ' | ' | 75 | ' | ' | 218 |
Operating income | ' | ' | ' | 78 | ' | ' | 235 |
Other (expense) income: | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of investee | ' | ' | ' | 0 | ' | ' | 0 |
Gains on financial instruments | ' | ' | ' | 0 | ' | ' | 0 |
Interest expense, net | ' | ' | ' | 0 | ' | ' | 0 |
Foreign currency (loss) gain | ' | ' | ' | 2 | ' | ' | 2 |
Intercompany interest (expense) income | ' | ' | ' | -12 | ' | ' | 37 |
Nonoperating (expense) income | ' | ' | ' | 14 | ' | ' | 39 |
Income before income taxes | ' | ' | ' | 92 | ' | ' | 274 |
Income tax expense | ' | ' | ' | -30 | ' | ' | -84 |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | 23 | ' | ' | 57 |
Net income | ' | 66 | 79 | 85 | 145 | ' | 247 |
Less net income attributable to the noncontrolling interest | ' | ' | ' | 0 | ' | ' | 0 |
Net income (loss) attributable to QVC, Inc. shareholder | ' | ' | ' | 85 | ' | ' | 247 |
Combined subsidiary guarantors | Adjustment | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net revenue | 0 | ' | ' | ' | ' | ' | 0 |
Cost of goods sold | 0 | ' | ' | ' | ' | ' | 0 |
Gross profit | 0 | ' | ' | ' | ' | ' | 0 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | 0 | ' | ' | ' | ' | ' | 0 |
Selling, general and administrative, including stock-based compensation | 0 | ' | ' | ' | ' | ' | 0 |
Depreciation | 0 | ' | ' | ' | ' | ' | 0 |
Amortization of intangible assets | 0 | ' | ' | ' | ' | ' | 0 |
Intercompany management expense (income) | 0 | ' | ' | ' | ' | ' | 0 |
Operating expenses | 0 | ' | ' | ' | ' | ' | 0 |
Operating income | 0 | ' | ' | ' | ' | ' | 0 |
Other (expense) income: | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of investee | 0 | ' | ' | ' | ' | ' | 0 |
Gains on financial instruments | 0 | ' | ' | ' | ' | ' | 0 |
Interest expense, net | 0 | ' | ' | ' | ' | ' | 0 |
Foreign currency (loss) gain | 0 | ' | ' | ' | ' | ' | 0 |
Intercompany interest (expense) income | 0 | ' | ' | ' | ' | ' | 0 |
Nonoperating (expense) income | 0 | ' | ' | ' | ' | ' | 0 |
Income before income taxes | 0 | ' | ' | ' | ' | ' | 0 |
Income tax expense | 0 | ' | ' | ' | ' | ' | 0 |
Equity in earnings of subsidiaries, net of tax | 0 | ' | ' | ' | ' | ' | 0 |
Net income | 0 | 0 | 0 | ' | 0 | ' | 0 |
Less net income attributable to the noncontrolling interest | 0 | ' | ' | ' | ' | ' | 0 |
Net income (loss) attributable to QVC, Inc. shareholder | 0 | ' | ' | ' | ' | ' | 0 |
Combined non-guarantor subsidiaries | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net revenue | 675 | ' | ' | 719 | ' | 2,065 | 2,168 |
Cost of goods sold | 427 | ' | ' | 454 | ' | 1,300 | 1,363 |
Gross profit | 248 | ' | ' | 265 | ' | 765 | 805 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | 88 | ' | ' | 88 | ' | 263 | 275 |
Selling, general and administrative, including stock-based compensation | 86 | ' | ' | 80 | ' | 255 | 249 |
Depreciation | 15 | ' | ' | 18 | ' | 57 | 63 |
Amortization of intangible assets | 25 | ' | ' | 16 | ' | 64 | 47 |
Intercompany management expense (income) | -13 | ' | ' | -9 | ' | -38 | -34 |
Operating expenses | 201 | ' | ' | 193 | ' | 601 | 600 |
Operating income | 47 | ' | ' | 72 | ' | 164 | 205 |
Other (expense) income: | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of investee | -2 | ' | ' | -3 | ' | -3 | -3 |
Gains on financial instruments | ' | ' | ' | 0 | ' | 3 | 0 |
Interest expense, net | 0 | ' | ' | 0 | ' | 0 | 1 |
Foreign currency (loss) gain | 8 | ' | ' | 5 | ' | 11 | 8 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | 0 | ' |
Intercompany interest (expense) income | -9 | ' | ' | -9 | ' | -26 | -27 |
Nonoperating (expense) income | -3 | ' | ' | -7 | ' | -15 | -21 |
Income before income taxes | 44 | ' | ' | 65 | ' | 149 | 184 |
Income tax expense | -22 | ' | ' | -26 | ' | -74 | -82 |
Equity in earnings of subsidiaries, net of tax | 0 | ' | ' | 0 | ' | 0 | 0 |
Net income | 22 | 26 | 27 | 39 | 53 | 75 | 102 |
Less net income attributable to the noncontrolling interest | -9 | ' | ' | -15 | ' | -34 | -44 |
Net income (loss) attributable to QVC, Inc. shareholder | 13 | ' | ' | 24 | ' | 41 | 58 |
Combined non-guarantor subsidiaries | As previously reported | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | 667 | ' | ' | 2,009 |
Cost of goods sold | ' | ' | ' | 438 | ' | ' | 1,314 |
Gross profit | ' | ' | ' | 229 | ' | ' | 695 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | ' | ' | 81 | ' | ' | 253 |
Selling, general and administrative, including stock-based compensation | ' | ' | ' | 80 | ' | ' | 249 |
Depreciation | ' | ' | ' | 18 | ' | ' | 63 |
Amortization of intangible assets | ' | ' | ' | 16 | ' | ' | 47 |
Intercompany management expense (income) | ' | ' | ' | -9 | ' | ' | -34 |
Operating expenses | ' | ' | ' | 186 | ' | ' | 578 |
Operating income | ' | ' | ' | 43 | ' | ' | 117 |
Other (expense) income: | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of investee | ' | ' | ' | -3 | ' | ' | -3 |
Gains on financial instruments | ' | ' | ' | 0 | ' | ' | 0 |
Interest expense, net | ' | ' | ' | 0 | ' | ' | 1 |
Foreign currency (loss) gain | ' | ' | ' | 5 | ' | ' | 8 |
Intercompany interest (expense) income | ' | ' | ' | 9 | ' | ' | -27 |
Nonoperating (expense) income | ' | ' | ' | -7 | ' | ' | -21 |
Income before income taxes | ' | ' | ' | 36 | ' | ' | 96 |
Income tax expense | ' | ' | ' | -26 | ' | ' | -82 |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | 0 | ' | ' | 0 |
Net income | ' | -23 | -8 | 10 | -31 | ' | 14 |
Less net income attributable to the noncontrolling interest | ' | ' | ' | -15 | ' | ' | -44 |
Net income (loss) attributable to QVC, Inc. shareholder | ' | ' | ' | -5 | ' | ' | -30 |
Combined non-guarantor subsidiaries | Adjustment | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net revenue | 52 | ' | ' | ' | ' | ' | 159 |
Cost of goods sold | 16 | ' | ' | ' | ' | ' | 49 |
Gross profit | 36 | ' | ' | ' | ' | ' | 110 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | 7 | ' | ' | ' | ' | ' | 22 |
Selling, general and administrative, including stock-based compensation | 0 | ' | ' | ' | ' | ' | 0 |
Depreciation | 0 | ' | ' | ' | ' | ' | 0 |
Amortization of intangible assets | 0 | ' | ' | ' | ' | ' | 0 |
Intercompany management expense (income) | 0 | ' | ' | ' | ' | ' | 0 |
Operating expenses | 7 | ' | ' | ' | ' | ' | 22 |
Operating income | 29 | ' | ' | ' | ' | ' | 88 |
Other (expense) income: | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of investee | 0 | ' | ' | ' | ' | ' | 0 |
Gains on financial instruments | 0 | ' | ' | ' | ' | ' | 0 |
Interest expense, net | 0 | ' | ' | ' | ' | ' | 0 |
Foreign currency (loss) gain | 0 | ' | ' | ' | ' | ' | 0 |
Intercompany interest (expense) income | 0 | ' | ' | ' | ' | ' | 0 |
Nonoperating (expense) income | 0 | ' | ' | ' | ' | ' | 0 |
Income before income taxes | 29 | ' | ' | ' | ' | ' | 88 |
Income tax expense | 0 | ' | ' | ' | ' | ' | 0 |
Equity in earnings of subsidiaries, net of tax | 0 | ' | ' | ' | ' | ' | 0 |
Net income | 29 | 49 | 35 | ' | 84 | ' | 88 |
Less net income attributable to the noncontrolling interest | 0 | ' | ' | ' | ' | ' | 0 |
Net income (loss) attributable to QVC, Inc. shareholder | 29 | ' | ' | ' | ' | ' | 88 |
Eliminations | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net revenue | -237 | ' | ' | -230 | ' | -697 | -682 |
Cost of goods sold | -64 | ' | ' | -66 | ' | -185 | -185 |
Gross profit | -173 | ' | ' | -164 | ' | -512 | -497 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | 0 | ' | ' | 0 | ' | 0 | 0 |
Selling, general and administrative, including stock-based compensation | -173 | ' | ' | -164 | ' | -512 | -497 |
Depreciation | 0 | ' | ' | 0 | ' | 0 | 0 |
Amortization of intangible assets | 0 | ' | ' | 0 | ' | 0 | 0 |
Intercompany management expense (income) | 0 | ' | ' | 0 | ' | 0 | 0 |
Operating expenses | -173 | ' | ' | -164 | ' | -512 | -497 |
Operating income | 0 | ' | ' | 0 | ' | 0 | 0 |
Other (expense) income: | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of investee | 0 | ' | ' | 0 | ' | 0 | 0 |
Gains on financial instruments | ' | ' | ' | 0 | ' | 0 | 0 |
Interest expense, net | 0 | ' | ' | 0 | ' | 0 | 0 |
Foreign currency (loss) gain | 0 | ' | ' | 0 | ' | 0 | 0 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | 0 | ' |
Intercompany interest (expense) income | 0 | ' | ' | 0 | ' | 0 | 0 |
Nonoperating (expense) income | 0 | ' | ' | 0 | ' | 0 | 0 |
Income before income taxes | 0 | ' | ' | 0 | ' | 0 | 0 |
Income tax expense | 0 | ' | ' | 0 | ' | 0 | 0 |
Equity in earnings of subsidiaries, net of tax | -88 | ' | ' | -124 | ' | -286 | -349 |
Net income | -88 | -92 | -106 | -124 | -198 | -286 | -349 |
Less net income attributable to the noncontrolling interest | 9 | ' | ' | 15 | ' | 34 | 44 |
Net income (loss) attributable to QVC, Inc. shareholder | -79 | ' | ' | -109 | ' | -252 | -305 |
Eliminations | As previously reported | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | -230 | ' | ' | -682 |
Cost of goods sold | ' | ' | ' | -66 | ' | ' | -185 |
Gross profit | ' | ' | ' | -164 | ' | ' | -497 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | ' | ' | ' | 0 | ' | ' | 0 |
Selling, general and administrative, including stock-based compensation | ' | ' | ' | -164 | ' | ' | -497 |
Depreciation | ' | ' | ' | 0 | ' | ' | 0 |
Amortization of intangible assets | ' | ' | ' | 0 | ' | ' | 0 |
Intercompany management expense (income) | ' | ' | ' | 0 | ' | ' | 0 |
Operating expenses | ' | ' | ' | -164 | ' | ' | -497 |
Operating income | ' | ' | ' | 0 | ' | ' | 0 |
Other (expense) income: | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of investee | ' | ' | ' | 0 | ' | ' | 0 |
Gains on financial instruments | ' | ' | ' | 0 | ' | ' | 0 |
Interest expense, net | ' | ' | ' | 0 | ' | ' | 0 |
Foreign currency (loss) gain | ' | ' | ' | 0 | ' | ' | 0 |
Intercompany interest (expense) income | ' | ' | ' | 0 | ' | ' | 0 |
Nonoperating (expense) income | ' | ' | ' | 0 | ' | ' | 0 |
Income before income taxes | ' | ' | ' | 0 | ' | ' | 0 |
Income tax expense | ' | ' | ' | 0 | ' | ' | 0 |
Equity in earnings of subsidiaries, net of tax | ' | ' | ' | -80 | ' | ' | -217 |
Net income | ' | -43 | -71 | -80 | -114 | ' | -217 |
Less net income attributable to the noncontrolling interest | ' | ' | ' | 0 | ' | ' | 0 |
Net income (loss) attributable to QVC, Inc. shareholder | ' | ' | ' | -80 | ' | ' | -217 |
Eliminations | Adjustment | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net revenue | 0 | ' | ' | ' | ' | ' | 0 |
Cost of goods sold | 0 | ' | ' | ' | ' | ' | 0 |
Gross profit | 0 | ' | ' | ' | ' | ' | 0 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operating | 0 | ' | ' | ' | ' | ' | 0 |
Selling, general and administrative, including stock-based compensation | 0 | ' | ' | ' | ' | ' | 0 |
Depreciation | 0 | ' | ' | ' | ' | ' | 0 |
Amortization of intangible assets | 0 | ' | ' | ' | ' | ' | 0 |
Intercompany management expense (income) | 0 | ' | ' | ' | ' | ' | 0 |
Operating expenses | 0 | ' | ' | ' | ' | ' | 0 |
Operating income | 0 | ' | ' | ' | ' | ' | 0 |
Other (expense) income: | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of investee | 0 | ' | ' | ' | ' | ' | 0 |
Gains on financial instruments | 0 | ' | ' | ' | ' | ' | 0 |
Interest expense, net | 0 | ' | ' | ' | ' | ' | 0 |
Foreign currency (loss) gain | 0 | ' | ' | ' | ' | ' | 0 |
Intercompany interest (expense) income | 0 | ' | ' | ' | ' | ' | 0 |
Nonoperating (expense) income | 0 | ' | ' | ' | ' | ' | 0 |
Income before income taxes | 0 | ' | ' | ' | ' | ' | 0 |
Income tax expense | 0 | ' | ' | ' | ' | ' | 0 |
Equity in earnings of subsidiaries, net of tax | -44 | ' | ' | ' | ' | ' | -132 |
Net income | -44 | -49 | -35 | ' | -84 | ' | -132 |
Less net income attributable to the noncontrolling interest | 15 | ' | ' | ' | ' | ' | 44 |
Net income (loss) attributable to QVC, Inc. shareholder | ($29) | ' | ' | ' | ' | ' | ($88) |
GuarantorNonGuarantor_Subsidia5
Guarantor/Non-Guarantor Subsidiary Financial Information (Statement of Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | $134 | $139 | $106 | $136 | $245 | $379 | $432 |
Foreign currency translation adjustments | 68 | ' | ' | 35 | ' | -39 | -1 |
Total comprehensive income | 202 | ' | ' | 171 | ' | 340 | 431 |
Comprehensive income attributable to noncontrolling interest | -11 | ' | ' | -18 | ' | -17 | -41 |
Comprehensive income attributable to QVC, Inc. shareholder | 191 | ' | ' | 153 | ' | 323 | 390 |
Parent issuer- QVC, Inc. | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | 134 | 139 | 106 | 136 | 245 | 379 | 432 |
Foreign currency translation adjustments | 68 | ' | ' | 35 | ' | -39 | -1 |
Total comprehensive income | 202 | ' | ' | 171 | ' | 340 | 431 |
Comprehensive income attributable to noncontrolling interest | -11 | ' | ' | -18 | ' | -17 | -41 |
Comprehensive income attributable to QVC, Inc. shareholder | 191 | ' | ' | 153 | ' | 323 | 390 |
Combined subsidiary guarantors | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | 66 | 66 | 79 | 85 | 145 | 211 | 247 |
Foreign currency translation adjustments | 0 | ' | ' | 0 | ' | 0 | 0 |
Total comprehensive income | 66 | ' | ' | 85 | ' | 211 | 247 |
Comprehensive income attributable to noncontrolling interest | 0 | ' | ' | 0 | ' | 0 | 0 |
Comprehensive income attributable to QVC, Inc. shareholder | 66 | ' | ' | 85 | ' | 211 | 247 |
Combined non-guarantor subsidiaries | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | 22 | 26 | 27 | 39 | 53 | 75 | 102 |
Foreign currency translation adjustments | 68 | ' | ' | 35 | ' | -39 | -1 |
Total comprehensive income | 90 | ' | ' | 74 | ' | 36 | 101 |
Comprehensive income attributable to noncontrolling interest | -11 | ' | ' | -18 | ' | -17 | -41 |
Comprehensive income attributable to QVC, Inc. shareholder | 79 | ' | ' | 56 | ' | 19 | 60 |
Eliminations | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | -88 | -92 | -106 | -124 | -198 | -286 | -349 |
Foreign currency translation adjustments | -68 | ' | ' | -35 | ' | 39 | 1 |
Total comprehensive income | -156 | ' | ' | -159 | ' | -247 | -348 |
Comprehensive income attributable to noncontrolling interest | 11 | ' | ' | 18 | ' | 17 | 41 |
Comprehensive income attributable to QVC, Inc. shareholder | ($145) | ' | ' | ($141) | ' | ($230) | ($307) |
GuarantorNonGuarantor_Subsidia6
Guarantor/Non-Guarantor Subsidiary Financial Information (Statement of Cash Flow) (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Operating activities: | ' | ' | ' |
Net cash provided by operating activities | $603 | $875 | ' |
Investing activities: | ' | ' | ' |
Capital expenditures, net | -121 | -165 | -246 |
Expenditures for cable and satellite television distribution rights, net | -41 | -1 | ' |
Cash paid for joint ventures and acquisitions of businesses, net of cash received | 0 | -71 | ' |
Decrease in restricted cash | 2 | 2 | ' |
Changes in other noncurrent assets | -1 | -1 | ' |
Intercompany investing activities | 0 | 0 | ' |
Net cash used in investing activities | -161 | -236 | ' |
Financing activities: | ' | ' | ' |
Principal payments of debt and capital lease obligations | -2,161 | -1,080 | ' |
Principal borrowings of debt from senior secured credit facility | 1,198 | 1,493 | ' |
Proceeds from issuance of senior secured notes, net of original issue discount | 1,050 | 500 | ' |
Proceeds from master promissory note with Liberty | 300 | 0 | ' |
Payment of debt origination fees | -16 | -8 | ' |
Payment of bond premium fees | -46 | 0 | ' |
Other financing activities | 9 | 0 | ' |
Dividends paid to Liberty | -900 | -1,682 | ' |
Dividend paid to noncontrolling interest | -25 | -29 | ' |
Net short-term intercompany debt borrowings (repayments) | 0 | 0 | ' |
Intercompany financing activities | 0 | 0 | ' |
Net cash used in financing activities | -591 | -806 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | -22 | -7 | ' |
Net (decrease) increase in cash and cash equivalents | -171 | -174 | ' |
Cash and cash equivalents, beginning of period | 540 | 560 | 560 |
Cash and cash equivalents, end of period | 369 | 386 | 540 |
As previously reported | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by operating activities | ' | 875 | ' |
Investing activities: | ' | ' | ' |
Capital expenditures, net | ' | -165 | ' |
Expenditures for cable and satellite television distribution rights, net | ' | -1 | ' |
Cash paid for joint ventures and acquisitions of businesses, net of cash received | ' | -71 | ' |
Decrease in restricted cash | ' | 2 | ' |
Changes in other noncurrent assets | ' | -1 | ' |
Intercompany investing activities | ' | 0 | ' |
Net cash used in investing activities | ' | -236 | ' |
Financing activities: | ' | ' | ' |
Principal payments of debt and capital lease obligations | ' | -1,080 | ' |
Principal borrowings of debt from senior secured credit facility | ' | 1,493 | ' |
Proceeds from issuance of senior secured notes, net of original issue discount | ' | 500 | ' |
Payment of debt origination fees | ' | -8 | ' |
Dividends paid to Liberty | ' | -1,682 | ' |
Dividend paid to noncontrolling interest | ' | -29 | ' |
Net short-term intercompany debt borrowings (repayments) | ' | 0 | ' |
Intercompany financing activities | ' | 0 | ' |
Net cash used in financing activities | ' | -806 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | ' | -7 | ' |
Net (decrease) increase in cash and cash equivalents | ' | -174 | ' |
Cash and cash equivalents, beginning of period | ' | 560 | 560 |
Cash and cash equivalents, end of period | ' | 386 | 540 |
Adjustment | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by operating activities | ' | 0 | ' |
Investing activities: | ' | ' | ' |
Capital expenditures, net | ' | 0 | ' |
Expenditures for cable and satellite television distribution rights, net | ' | 0 | ' |
Cash paid for joint ventures and acquisitions of businesses, net of cash received | ' | 0 | ' |
Decrease in restricted cash | ' | 0 | ' |
Changes in other noncurrent assets | ' | 0 | ' |
Intercompany investing activities | ' | 0 | ' |
Net cash used in investing activities | ' | 0 | ' |
Financing activities: | ' | ' | ' |
Principal payments of debt and capital lease obligations | ' | 0 | ' |
Principal borrowings of debt from senior secured credit facility | ' | 0 | ' |
Proceeds from issuance of senior secured notes, net of original issue discount | ' | 0 | ' |
Payment of debt origination fees | ' | 0 | ' |
Dividends paid to Liberty | ' | 0 | ' |
Dividend paid to noncontrolling interest | ' | 0 | ' |
Net short-term intercompany debt borrowings (repayments) | ' | 0 | ' |
Intercompany financing activities | ' | 0 | ' |
Net cash used in financing activities | ' | 0 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | ' | 0 | ' |
Net (decrease) increase in cash and cash equivalents | ' | 0 | ' |
Cash and cash equivalents, beginning of period | ' | 0 | 0 |
Cash and cash equivalents, end of period | ' | 0 | 0 |
Parent issuer- QVC, Inc. | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by operating activities | 355 | 418 | ' |
Investing activities: | ' | ' | ' |
Capital expenditures, net | -58 | -38 | ' |
Expenditures for cable and satellite television distribution rights, net | 0 | 0 | ' |
Cash paid for joint ventures and acquisitions of businesses, net of cash received | ' | 0 | ' |
Decrease in restricted cash | 2 | 2 | ' |
Changes in other noncurrent assets | 3 | 4 | ' |
Intercompany investing activities | 272 | 485 | ' |
Net cash used in investing activities | 219 | 453 | ' |
Financing activities: | ' | ' | ' |
Principal payments of debt and capital lease obligations | -2,154 | -1,073 | ' |
Principal borrowings of debt from senior secured credit facility | 1,198 | 1,493 | ' |
Proceeds from issuance of senior secured notes, net of original issue discount | 1,050 | 500 | ' |
Proceeds from master promissory note with Liberty | 300 | ' | ' |
Payment of debt origination fees | -16 | -8 | ' |
Payment of bond premium fees | -46 | ' | ' |
Other financing activities | 9 | ' | ' |
Dividends paid to Liberty | -900 | -1,682 | ' |
Dividend paid to noncontrolling interest | 0 | 0 | ' |
Net short-term intercompany debt borrowings (repayments) | 38 | 123 | ' |
Intercompany financing activities | -120 | -211 | ' |
Net cash used in financing activities | -641 | -858 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | ' |
Net (decrease) increase in cash and cash equivalents | -67 | 13 | ' |
Cash and cash equivalents, beginning of period | 75 | 3 | 3 |
Cash and cash equivalents, end of period | 8 | 16 | ' |
Parent issuer- QVC, Inc. | As previously reported | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by operating activities | ' | 506 | ' |
Investing activities: | ' | ' | ' |
Capital expenditures, net | ' | -38 | ' |
Expenditures for cable and satellite television distribution rights, net | ' | 0 | ' |
Cash paid for joint ventures and acquisitions of businesses, net of cash received | ' | -16 | ' |
Decrease in restricted cash | ' | 2 | ' |
Changes in other noncurrent assets | ' | 4 | ' |
Intercompany investing activities | ' | 304 | ' |
Net cash used in investing activities | ' | 256 | ' |
Financing activities: | ' | ' | ' |
Principal payments of debt and capital lease obligations | ' | -1,073 | ' |
Principal borrowings of debt from senior secured credit facility | ' | 1,493 | ' |
Proceeds from issuance of senior secured notes, net of original issue discount | ' | 500 | ' |
Payment of debt origination fees | ' | -8 | ' |
Dividends paid to Liberty | ' | -1,682 | ' |
Dividend paid to noncontrolling interest | ' | 0 | ' |
Net short-term intercompany debt borrowings (repayments) | ' | 25 | ' |
Intercompany financing activities | ' | -4 | ' |
Net cash used in financing activities | ' | -749 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | ' | 0 | ' |
Net (decrease) increase in cash and cash equivalents | ' | 13 | ' |
Cash and cash equivalents, beginning of period | ' | 3 | 3 |
Cash and cash equivalents, end of period | ' | 16 | 75 |
Parent issuer- QVC, Inc. | Adjustment | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by operating activities | ' | -88 | ' |
Investing activities: | ' | ' | ' |
Capital expenditures, net | ' | 0 | ' |
Expenditures for cable and satellite television distribution rights, net | ' | 0 | ' |
Cash paid for joint ventures and acquisitions of businesses, net of cash received | ' | 16 | ' |
Decrease in restricted cash | ' | 0 | ' |
Changes in other noncurrent assets | ' | 0 | ' |
Intercompany investing activities | ' | 181 | ' |
Net cash used in investing activities | ' | 197 | ' |
Financing activities: | ' | ' | ' |
Principal payments of debt and capital lease obligations | ' | 0 | ' |
Principal borrowings of debt from senior secured credit facility | ' | 0 | ' |
Proceeds from issuance of senior secured notes, net of original issue discount | ' | 0 | ' |
Payment of debt origination fees | ' | 0 | ' |
Dividends paid to Liberty | ' | 0 | ' |
Dividend paid to noncontrolling interest | ' | 0 | ' |
Net short-term intercompany debt borrowings (repayments) | ' | 98 | ' |
Intercompany financing activities | ' | -207 | ' |
Net cash used in financing activities | ' | -109 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | ' | 0 | ' |
Net (decrease) increase in cash and cash equivalents | ' | 0 | ' |
Cash and cash equivalents, beginning of period | ' | 0 | 0 |
Cash and cash equivalents, end of period | ' | 0 | 0 |
Combined subsidiary guarantors | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by operating activities | 217 | 252 | ' |
Investing activities: | ' | ' | ' |
Capital expenditures, net | -3 | -2 | ' |
Expenditures for cable and satellite television distribution rights, net | -41 | -1 | ' |
Cash paid for joint ventures and acquisitions of businesses, net of cash received | ' | 0 | ' |
Decrease in restricted cash | 0 | 0 | ' |
Changes in other noncurrent assets | 0 | -1 | ' |
Intercompany investing activities | 165 | 231 | ' |
Net cash used in investing activities | 121 | 227 | ' |
Financing activities: | ' | ' | ' |
Principal payments of debt and capital lease obligations | 0 | 0 | ' |
Principal borrowings of debt from senior secured credit facility | 0 | 0 | ' |
Proceeds from issuance of senior secured notes, net of original issue discount | 0 | 0 | ' |
Proceeds from master promissory note with Liberty | 0 | ' | ' |
Payment of debt origination fees | 0 | 0 | ' |
Payment of bond premium fees | 0 | ' | ' |
Other financing activities | 0 | ' | ' |
Dividends paid to Liberty | 0 | 0 | ' |
Dividend paid to noncontrolling interest | 0 | 0 | ' |
Net short-term intercompany debt borrowings (repayments) | 55 | -35 | ' |
Intercompany financing activities | -388 | -554 | ' |
Net cash used in financing activities | -333 | -589 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | ' |
Net (decrease) increase in cash and cash equivalents | 5 | -110 | ' |
Cash and cash equivalents, beginning of period | 165 | 223 | 223 |
Cash and cash equivalents, end of period | 170 | 113 | ' |
Combined subsidiary guarantors | As previously reported | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by operating activities | ' | 252 | ' |
Investing activities: | ' | ' | ' |
Capital expenditures, net | ' | -2 | ' |
Expenditures for cable and satellite television distribution rights, net | ' | -1 | ' |
Cash paid for joint ventures and acquisitions of businesses, net of cash received | ' | 0 | ' |
Decrease in restricted cash | ' | 0 | ' |
Changes in other noncurrent assets | ' | -1 | ' |
Intercompany investing activities | ' | 231 | ' |
Net cash used in investing activities | ' | 227 | ' |
Financing activities: | ' | ' | ' |
Principal payments of debt and capital lease obligations | ' | 0 | ' |
Principal borrowings of debt from senior secured credit facility | ' | 0 | ' |
Proceeds from issuance of senior secured notes, net of original issue discount | ' | 0 | ' |
Payment of debt origination fees | ' | 0 | ' |
Dividends paid to Liberty | ' | 0 | ' |
Dividend paid to noncontrolling interest | ' | 0 | ' |
Net short-term intercompany debt borrowings (repayments) | ' | -21 | ' |
Intercompany financing activities | ' | -568 | ' |
Net cash used in financing activities | ' | -589 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | ' | 0 | ' |
Net (decrease) increase in cash and cash equivalents | ' | -110 | ' |
Cash and cash equivalents, beginning of period | ' | 223 | 223 |
Cash and cash equivalents, end of period | ' | 113 | 165 |
Combined subsidiary guarantors | Adjustment | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by operating activities | ' | 0 | ' |
Investing activities: | ' | ' | ' |
Capital expenditures, net | ' | 0 | ' |
Expenditures for cable and satellite television distribution rights, net | ' | 0 | ' |
Cash paid for joint ventures and acquisitions of businesses, net of cash received | ' | 0 | ' |
Decrease in restricted cash | ' | 0 | ' |
Changes in other noncurrent assets | ' | 0 | ' |
Intercompany investing activities | ' | 0 | ' |
Net cash used in investing activities | ' | 0 | ' |
Financing activities: | ' | ' | ' |
Principal payments of debt and capital lease obligations | ' | 0 | ' |
Principal borrowings of debt from senior secured credit facility | ' | 0 | ' |
Proceeds from issuance of senior secured notes, net of original issue discount | ' | 0 | ' |
Payment of debt origination fees | ' | 0 | ' |
Dividends paid to Liberty | ' | 0 | ' |
Dividend paid to noncontrolling interest | ' | 0 | ' |
Net short-term intercompany debt borrowings (repayments) | ' | -14 | ' |
Intercompany financing activities | ' | 14 | ' |
Net cash used in financing activities | ' | 0 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | ' | 0 | ' |
Net (decrease) increase in cash and cash equivalents | ' | 0 | ' |
Cash and cash equivalents, beginning of period | ' | 0 | 0 |
Cash and cash equivalents, end of period | ' | 0 | 0 |
Combined non-guarantor subsidiaries | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by operating activities | 31 | 205 | ' |
Investing activities: | ' | ' | ' |
Capital expenditures, net | -60 | -125 | ' |
Expenditures for cable and satellite television distribution rights, net | 0 | 0 | ' |
Cash paid for joint ventures and acquisitions of businesses, net of cash received | ' | -71 | ' |
Decrease in restricted cash | 0 | 0 | ' |
Changes in other noncurrent assets | -4 | -4 | ' |
Intercompany investing activities | 0 | 0 | ' |
Net cash used in investing activities | -64 | -200 | ' |
Financing activities: | ' | ' | ' |
Principal payments of debt and capital lease obligations | -7 | -7 | ' |
Principal borrowings of debt from senior secured credit facility | 0 | 0 | ' |
Proceeds from issuance of senior secured notes, net of original issue discount | 0 | 0 | ' |
Proceeds from master promissory note with Liberty | 0 | ' | ' |
Payment of debt origination fees | 0 | 0 | ' |
Payment of bond premium fees | 0 | ' | ' |
Other financing activities | 0 | ' | ' |
Dividends paid to Liberty | 0 | 0 | ' |
Dividend paid to noncontrolling interest | -25 | -29 | ' |
Net short-term intercompany debt borrowings (repayments) | -93 | -88 | ' |
Intercompany financing activities | 71 | 49 | ' |
Net cash used in financing activities | -54 | -75 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | -22 | -7 | ' |
Net (decrease) increase in cash and cash equivalents | -109 | -77 | ' |
Cash and cash equivalents, beginning of period | 300 | 334 | 334 |
Cash and cash equivalents, end of period | 191 | 257 | ' |
Combined non-guarantor subsidiaries | As previously reported | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by operating activities | ' | 117 | ' |
Investing activities: | ' | ' | ' |
Capital expenditures, net | ' | -125 | ' |
Expenditures for cable and satellite television distribution rights, net | ' | 0 | ' |
Cash paid for joint ventures and acquisitions of businesses, net of cash received | ' | -55 | ' |
Decrease in restricted cash | ' | 0 | ' |
Changes in other noncurrent assets | ' | -4 | ' |
Intercompany investing activities | ' | 0 | ' |
Net cash used in investing activities | ' | -184 | ' |
Financing activities: | ' | ' | ' |
Principal payments of debt and capital lease obligations | ' | -7 | ' |
Principal borrowings of debt from senior secured credit facility | ' | 0 | ' |
Proceeds from issuance of senior secured notes, net of original issue discount | ' | 0 | ' |
Payment of debt origination fees | ' | 0 | ' |
Dividends paid to Liberty | ' | 0 | ' |
Dividend paid to noncontrolling interest | ' | -29 | ' |
Net short-term intercompany debt borrowings (repayments) | ' | -4 | ' |
Intercompany financing activities | ' | 37 | ' |
Net cash used in financing activities | ' | -3 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | ' | -7 | ' |
Net (decrease) increase in cash and cash equivalents | ' | -77 | ' |
Cash and cash equivalents, beginning of period | ' | 334 | 334 |
Cash and cash equivalents, end of period | ' | 257 | 300 |
Combined non-guarantor subsidiaries | Adjustment | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by operating activities | ' | 88 | ' |
Investing activities: | ' | ' | ' |
Capital expenditures, net | ' | 0 | ' |
Expenditures for cable and satellite television distribution rights, net | ' | 0 | ' |
Cash paid for joint ventures and acquisitions of businesses, net of cash received | ' | -16 | ' |
Decrease in restricted cash | ' | 0 | ' |
Changes in other noncurrent assets | ' | 0 | ' |
Intercompany investing activities | ' | 0 | ' |
Net cash used in investing activities | ' | -16 | ' |
Financing activities: | ' | ' | ' |
Principal payments of debt and capital lease obligations | ' | 0 | ' |
Principal borrowings of debt from senior secured credit facility | ' | 0 | ' |
Proceeds from issuance of senior secured notes, net of original issue discount | ' | 0 | ' |
Payment of debt origination fees | ' | 0 | ' |
Dividends paid to Liberty | ' | 0 | ' |
Dividend paid to noncontrolling interest | ' | 0 | ' |
Net short-term intercompany debt borrowings (repayments) | ' | -84 | ' |
Intercompany financing activities | ' | 12 | ' |
Net cash used in financing activities | ' | -72 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | ' | 0 | ' |
Net (decrease) increase in cash and cash equivalents | ' | 0 | ' |
Cash and cash equivalents, beginning of period | ' | 0 | 0 |
Cash and cash equivalents, end of period | ' | 0 | 0 |
Eliminations | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by operating activities | 0 | 0 | ' |
Investing activities: | ' | ' | ' |
Capital expenditures, net | 0 | 0 | ' |
Expenditures for cable and satellite television distribution rights, net | 0 | 0 | ' |
Cash paid for joint ventures and acquisitions of businesses, net of cash received | ' | 0 | ' |
Decrease in restricted cash | 0 | 0 | ' |
Changes in other noncurrent assets | 0 | 0 | ' |
Intercompany investing activities | -437 | -716 | ' |
Net cash used in investing activities | -437 | -716 | ' |
Financing activities: | ' | ' | ' |
Principal payments of debt and capital lease obligations | 0 | 0 | ' |
Principal borrowings of debt from senior secured credit facility | 0 | 0 | ' |
Proceeds from issuance of senior secured notes, net of original issue discount | 0 | 0 | ' |
Proceeds from master promissory note with Liberty | 0 | ' | ' |
Payment of debt origination fees | 0 | 0 | ' |
Payment of bond premium fees | 0 | ' | ' |
Other financing activities | 0 | ' | ' |
Dividends paid to Liberty | 0 | 0 | ' |
Dividend paid to noncontrolling interest | 0 | 0 | ' |
Net short-term intercompany debt borrowings (repayments) | 0 | 0 | ' |
Intercompany financing activities | 437 | 716 | ' |
Net cash used in financing activities | 437 | 716 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | ' |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | ' |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | ' |
Eliminations | As previously reported | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by operating activities | ' | 0 | ' |
Investing activities: | ' | ' | ' |
Capital expenditures, net | ' | 0 | ' |
Expenditures for cable and satellite television distribution rights, net | ' | 0 | ' |
Cash paid for joint ventures and acquisitions of businesses, net of cash received | ' | 0 | ' |
Decrease in restricted cash | ' | 0 | ' |
Changes in other noncurrent assets | ' | 0 | ' |
Intercompany investing activities | ' | -535 | ' |
Net cash used in investing activities | ' | -535 | ' |
Financing activities: | ' | ' | ' |
Principal payments of debt and capital lease obligations | ' | 0 | ' |
Principal borrowings of debt from senior secured credit facility | ' | 0 | ' |
Proceeds from issuance of senior secured notes, net of original issue discount | ' | 0 | ' |
Payment of debt origination fees | ' | 0 | ' |
Dividends paid to Liberty | ' | 0 | ' |
Dividend paid to noncontrolling interest | ' | 0 | ' |
Net short-term intercompany debt borrowings (repayments) | ' | 0 | ' |
Intercompany financing activities | ' | 535 | ' |
Net cash used in financing activities | ' | 535 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | ' | 0 | ' |
Net (decrease) increase in cash and cash equivalents | ' | 0 | ' |
Cash and cash equivalents, beginning of period | ' | 0 | 0 |
Cash and cash equivalents, end of period | ' | 0 | 0 |
Eliminations | Adjustment | ' | ' | ' |
Operating activities: | ' | ' | ' |
Net cash provided by operating activities | ' | 0 | ' |
Investing activities: | ' | ' | ' |
Capital expenditures, net | ' | 0 | ' |
Expenditures for cable and satellite television distribution rights, net | ' | 0 | ' |
Cash paid for joint ventures and acquisitions of businesses, net of cash received | ' | 0 | ' |
Decrease in restricted cash | ' | 0 | ' |
Changes in other noncurrent assets | ' | 0 | ' |
Intercompany investing activities | ' | -181 | ' |
Net cash used in investing activities | ' | -181 | ' |
Financing activities: | ' | ' | ' |
Principal payments of debt and capital lease obligations | ' | 0 | ' |
Principal borrowings of debt from senior secured credit facility | ' | 0 | ' |
Proceeds from issuance of senior secured notes, net of original issue discount | ' | 0 | ' |
Payment of debt origination fees | ' | 0 | ' |
Dividends paid to Liberty | ' | 0 | ' |
Dividend paid to noncontrolling interest | ' | 0 | ' |
Net short-term intercompany debt borrowings (repayments) | ' | 0 | ' |
Intercompany financing activities | ' | 181 | ' |
Net cash used in financing activities | ' | 181 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | ' | 0 | ' |
Net (decrease) increase in cash and cash equivalents | ' | 0 | ' |
Cash and cash equivalents, beginning of period | ' | 0 | 0 |
Cash and cash equivalents, end of period | ' | $0 | $0 |
GuarantorNonGuarantor_Subsidia7
Guarantor/Non-Guarantor Subsidiary Financial Information (Effect of the Adjustment on Equity) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Equity | $6,238 | $6,834 | $8,019 |
As previously reported | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Equity | ' | 6,834 | 8,019 |
Adjustment | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Equity | ' | 0 | 0 |
Parent issuer- QVC, Inc. | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Equity | 6,102 | 6,690 | 7,890 |
Parent issuer- QVC, Inc. | As previously reported | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Equity | ' | 6,690 | 7,890 |
Parent issuer- QVC, Inc. | Adjustment | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Equity | ' | 0 | 0 |
Combined subsidiary guarantors | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Equity | 4,290 | 4,466 | 3,915 |
Combined subsidiary guarantors | As previously reported | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Equity | ' | 4,061 | 3,465 |
Combined subsidiary guarantors | Adjustment | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Equity | ' | 405 | 450 |
Combined non-guarantor subsidiaries | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Equity | 2,377 | 2,360 | 2,181 |
Combined non-guarantor subsidiaries | As previously reported | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Equity | ' | 1,710 | 1,716 |
Combined non-guarantor subsidiaries | Adjustment | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Equity | ' | 650 | 465 |
Eliminations | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Equity | -6,531 | -6,682 | -5,967 |
Eliminations | As previously reported | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Equity | ' | -5,627 | -5,052 |
Eliminations | Adjustment | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Equity | ' | ($1,055) | ($915) |
GuarantorNonGuarantor_Subsidia8
Guarantor/Non-Guarantor Subsidiary Financial Information (Effect of the Adjustment on Net Income for each Prior Interim Period) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | $134 | $139 | $106 | $136 | $245 | $379 | $432 |
As previously reported | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | 139 | 106 | 136 | 245 | ' | 432 |
Adjustment | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 0 | ' | 0 | ' | 0 |
Parent issuer- QVC, Inc. | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | 134 | 139 | 106 | 136 | 245 | 379 | 432 |
Parent issuer- QVC, Inc. | As previously reported | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | 139 | 106 | 121 | 245 | ' | 388 |
Parent issuer- QVC, Inc. | Adjustment | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | 15 | 0 | 0 | ' | 0 | ' | 44 |
Combined subsidiary guarantors | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | 66 | 66 | 79 | 85 | 145 | 211 | 247 |
Combined subsidiary guarantors | As previously reported | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | 66 | 79 | 85 | 145 | ' | 247 |
Combined subsidiary guarantors | Adjustment | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | 0 | 0 | 0 | ' | 0 | ' | 0 |
Combined non-guarantor subsidiaries | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | 22 | 26 | 27 | 39 | 53 | 75 | 102 |
Combined non-guarantor subsidiaries | As previously reported | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | -23 | -8 | 10 | -31 | ' | 14 |
Combined non-guarantor subsidiaries | Adjustment | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | 29 | 49 | 35 | ' | 84 | ' | 88 |
Eliminations | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | -88 | -92 | -106 | -124 | -198 | -286 | -349 |
Eliminations | As previously reported | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | -43 | -71 | -80 | -114 | ' | -217 |
Eliminations | Adjustment | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | ($44) | ($49) | ($35) | ' | ($84) | ' | ($132) |