Qurate Retail (QRTEP) 10-Q 10 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Entity Registrant Name	Qurate Retail, Inc.
Entity Central Index Key	0001355096
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Common Class A
Entity Common Stock, Shares Outstanding		400,279,393
Common Class B
Entity Common Stock, Shares Outstanding		29,367,790

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 508	$ 653
Trade and other receivables, net of allowance for doubtful accounts of $118 million and $117 million, respectively	1,464	1,835
Inventory, net	1,562	1,474
Other current assets	184	224
Total current assets	3,718	4,186
Investments in equity securities	103	96
Property and equipment, net	1,304	1,322
Intangible assets not subject to amortization (note 6):
Goodwill	7,013	7,017
Trademarks	3,895	3,895
Intangible assets not subject to amortization	10,908	10,912
Intangible assets subject to amortization, net (note 6)	1,106	1,058
Other assets, at cost, net of accumulated amortization	658	267
Total assets	17,797	17,841
Current liabilities:
Accounts payable	938	1,204
Accrued liabilities	970	1,182
Current portion of debt, including $1,089 million and $990 million measured at fair value (note 7)	1,488	1,410
Other current liabilities	260	155
Total current liabilities	3,656	3,951
Long-term debt, including $383 million and $344 million measured at fair value (note 7)	5,955	5,963
Deferred income tax liabilities	1,887	1,925
Other liabilities	737	258
Total liabilities	12,235	12,097
Stockholders' equity:
Preferred stock, $.01 par value. Authorized 50,000,000 shares; no shares issued
Additional paid-in capital
Accumulated other comprehensive earnings (loss), net of taxes	(84)	(55)
Retained earnings	5,533	5,675
Total stockholders' equity	5,453	5,624
Noncontrolling interests in equity of subsidiaries	109	120
Total equity	5,562	5,744
Commitments and contingencies (note 9)
Total liabilities and equity	17,797	17,841
Common Class A
Stockholders' equity:
Common stock value	4	4
Common Class B
Stockholders' equity:
Common stock value
Common Class C
Stockholders' equity:
Common stock value

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Allowance for doubtful accounts	$ 118	$ 117
Current portion of debt, fair value	1,089	990
Long-term debt, fair value	$ 383	$ 344
Preferred stock, par or stated value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Common Class A
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	4,000,000,000	4,000,000,000
Common stock, shares issued	400,253,222	409,901,058
Common stock, shares outstanding	400,253,222	409,901,058
Common Class B
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	29,386,390	29,248,343
Common stock, shares outstanding	29,386,390	29,248,343
Common Class C
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue:
Total revenue, net	$ 3,085	$ 3,230
Type of revenue	us-gaap:RetailMember	us-gaap:RetailMember
Operating costs and expenses:
Cost of retail sales (exclusive of depreciation shown separately below)	$ 2,023	$ 2,093
Type of cost of retail sales	us-gaap:RetailMember	us-gaap:RetailMember
Operating expense	$ 196	$ 228
Selling, general and administrative, including stock-based compensation and transaction related costs (note 3)	425	452
Depreciation and amortization	153	163
Total operating costs and expenses	2,797	2,936
Operating income (loss)	288	294
Other income (expense):
Interest expense	(96)	(98)
Share of earnings (losses) of affiliates, net	(45)	(14)
Realized and unrealized gains (losses) on financial instruments, net (note 5)	(81)	99
Other, net	(8)	11
Total other income (expense)	(230)	(2)
Earnings (loss) from continuing operations before income taxes	58	292
Income tax (expense) benefit	8	(36)
Earnings (loss) from continuing operations	66	256
Earnings (loss) from discontinued operations, net of taxes		141
Net earnings (loss)	66	397
Less net earnings (loss) attributable to the noncontrolling interests	11	13
Net earnings (loss) attributable to Qurate Retail, Inc. shareholders	55	384
Qurate Retail
Other income (expense):
Net earnings (loss) attributable to Qurate Retail, Inc. shareholders	$ 55	$ 142
Earnings (Loss) Per Common Share
Basic net earnings (losses) from continuing operations	$ 0.13	$ 0.30
Diluted net earnings (losses) from continuing operations	0.13	0.30
Basic net earnings (losses)	0.13	0.30
Diluted net earnings (losses)	$ 0.13	$ 0.30
Liberty Ventures common stock
Other income (expense):
Net earnings (loss) attributable to Qurate Retail, Inc. shareholders		$ 242
Earnings (Loss) Per Common Share
Basic net earnings (losses) from continuing operations		$ 1.17
Diluted net earnings (losses) from continuing operations		1.16
Basic net earnings (losses)		2.81
Diluted net earnings (losses)		$ 2.78

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Comprehensive Earnings (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Consolidated Statements Of Comprehensive Earnings (Loss)
Net earnings (loss)	$ 66	$ 397
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments	(7)	71
Share of other comprehensive earnings (losses) of equity affiliates		1
Comprehensive earnings (loss) attributable to debt credit risk adjustments	(22)	(5)
Other comprehensive earnings (loss)	(29)	67
Comprehensive earnings (loss)	37	464
Less comprehensive earnings (loss) attributable to the noncontrolling interests	11	20
Comprehensive earnings (loss) attributable to Qurate Retail, Inc. shareholders	$ 26	$ 444

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net earnings (loss)	$ 66	$ 397
Adjustments to reconcile net earnings to net cash provided by operating activities:
(Earnings) loss from discontinued operations		(141)
Depreciation and amortization	153	163
Stock-based compensation	19	23
Non-cash interest expense	7
Share of (earnings) losses of affiliates, net	45	14
Realized and unrealized (gains) losses on financial instruments, net	81	(99)
Deferred income tax expense (benefit)	(31)	(7)
Other, net	2	3
Changes in operating assets and liabilities
Current and other assets	313	303
Payables and other liabilities	(509)	(368)
Net cash provided (used) by operating activities	146	288
Cash flows from investing activities:
Investments in and loans to cost and equity investees	(43)	(22)
Capital expended for property and equipment	(61)	(47)
Other investing activities, net	(52)	(20)
Net cash provided (used) by investing activities	(156)	(89)
Cash flows from financing activities:
Borrowings of debt	731	2,026
Repayments of debt	(618)	(1,354)
GCI Liberty Split-Off		(475)
Repurchases of Qurate Retail common stock	(210)	(217)
Withholding taxes on net settlements of stock-based compensation	(6)	(19)
Dividends paid to noncontrolling interest	(22)	(23)
Other financing activities, net	(6)	1
Net cash provided (used) by financing activities	(131)	(61)
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash	(4)	13
Net increase (decrease) in cash, cash equivalents and restricted cash	(145)	151
Cash, cash equivalents and restricted cash at beginning of period	660	912
Cash, cash equivalents and restricted cash at end of period	$ 515	$ 1,063

Condensed Consolidated Statem_4

Condensed Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Condensed Consolidated Statements Of Cash Flows
Cash and cash equivalents	$ 508	$ 653
Restricted cash included in other current assets	$ 7	$ 7
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherCurrentAssetsMember	us-gaap:OtherCurrentAssetsMember
Total cash, cash equivalents and restricted cash in the condensed consolidated statement of cash flows	$ 515	$ 660

Condensed Consolidated Statem_5

Condensed Consolidated Statement Of Equity - USD ($) $ in Millions	Common Class ALiberty Ventures common stockCommon Stock	Common Class ACommon Stock	Additional Paid-In Capital	Other Comprehensive Earnings (Loss)	Retained Earnings	Accumulated Noncontrolling Interest In Equity Of Subsidiaries	Total
Balance at Dec. 31, 2017	$ 1	$ 5	$ 1,043	$ (133)	$ 9,068	$ 99	$ 10,083
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)					384	13	397
Other comprehensive income (loss)				60		7	67
Stock compensation			23				23
Series A Qurate Retail stock repurchases			(217)				(217)
Distribution to noncontrolling interest						(23)	(23)
Option exercises			1				1
Withholding taxes on net share settlements of stock-based compensation			(19)				(19)
Reattribution of the Ventures Group to the QVC Group	$ (1)		1
GCI Liberty split-off			(4,362)			11	(4,351)
Reclassification			3,530		(3,530)
Balance at Mar. 31, 2018		5		3	5,853	107	5,968
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change				76	(69)		7
Balance at Dec. 31, 2018		4		(55)	5,675	120	5,744
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)					55	11	66
Other comprehensive income (loss)				(29)			(29)
Stock compensation			19				19
Series A Qurate Retail stock repurchases			(210)				(210)
Distribution to noncontrolling interest						(22)	(22)
Withholding taxes on net share settlements of stock-based compensation			(6)				(6)
Reclassification			$ 197		(197)
Balance at Mar. 31, 2019		$ 4		$ (84)	$ 5,533	$ 109	$ 5,562

Basis Of Presentation

Basis Of Presentation	3 Months Ended
	Mar. 31, 2019
Basis of Presentation
Basis of Presentation	(1) Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Qurate Retail, Inc. (formerly named Liberty Interactive Corporation, prior to the Transactions defined and described below, or “Liberty”) and its controlled subsidiaries (collectively, "Qurate Retail," the "Company," “Consolidated Qurate Retail,” “us,” “we,” or “our” unless the context otherwise requires). All significant intercompany accounts and transactions have been eliminated in consolidation. Qurate Retail is made up of wholly-owned subsidiaries QVC, Inc. (“QVC”), which includes HSN, Inc. (“HSN”) following the transfer of ownership of HSN to QVC (described below), Cornerstone Brands, Inc. (former subsidiary of HSN prior to the transfer of ownership of HSN to QVC, “Cornerstone”), Zulily, LLC (“Zulily”), and other cost and equity method investments. Qurate Retail is primarily engaged in the video and online commerce industries in North America, Europe and Asia. The businesses of the Company’s wholly-owned subsidiaries, QVC, Cornerstone and Zulily, are seasonal due to a higher volume of sales in the fourth calendar quarter related to year-end holiday shopping. The accompanying (a) condensed consolidated balance sheet as of December 31, 2018, which has been derived from audited financial statements, and (b) the interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("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 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. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. In the current quarter the Company corrected a prior year immaterial error of $281 million which resulted in a reclassification within the working capital categories in the operating activities section of the condensed consolidated statement of cash flows which did not change net working capital. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in Qurate Retail's Annual Report on Form 10-K for the year ended December 31, 2018. The preparation of financial statements in conformity with 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. Qurate Retail considers (i) fair value measurements, (ii) accounting for income taxes, and (iii) estimates of retail-related adjustments and allowances to be its most significant estimates. Prior to the Transactions (described and defined below), the Company utilized tracking stocks in its capital structure. A tracking stock is a type of common stock that the issuing company intends to reflect or "track" the economic performance of a particular business or "group," rather than the economic performance of the company as a whole. Qurate Retail had two tracking stocks—QVC Group common stock and Liberty Ventures common stock, which were intended to track and reflect the economic performance of the businesses, assets and liabilities attributed to the QVC Group and the Ventures Group, respectively. The QVC Group was comprised of the Company’s wholly-owned subsidiaries QVC, Zulily, HSN and Cornerstone, among other assets and liabilities. The Ventures Group was comprised of businesses not included in the QVC Group including Evite, Inc. (“Evite”) and our interests in Liberty Broadband Corporation (“Liberty Broadband”), LendingTree, Inc. (“LendingTree”), investments in Charter Communications, Inc. (“Charter”) and ILG, Inc. (“ILG”), among other assets and liabilities. The Company’s results are attributed to the QVC Group and the Ventures Group through March 9, 2018. On December 31, 2018, Qurate Retail transferred its 100% ownership interest in HSN to QVC, Inc. through a transaction among entities under common control. References throughout this quarterly report to “QVC” refer to QVC, Inc., which includes HSN, QVC U.S. and QVC International. Cornerstone remains a subsidiary of Qurate Retail. On March 9, 2018, Qurate Retail completed the transactions contemplated by the Agreement and Plan of Reorganization (as amended, the “Reorganization Agreement,” and the transactions contemplated thereby, the “Transactions”) among General Communication, Inc. (“GCI”), an Alaska corporation, and Liberty Interactive LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of Liberty (“LI LLC”). Pursuant to the Reorganization Agreement, GCI amended and restated its articles of incorporation (which resulted in GCI being renamed GCI Liberty, Inc. (“GCI Liberty”)) and effected a reclassification and auto conversion of its common stock. After market close on March 8, 2018, Qurate Retail’s board of directors approved the reattribution of certain assets and liabilities from Qurate Retail’s Ventures Group to its QVC Group, which was effective immediately. The reattributed assets and liabilities included cash, Qurate Retail’s interest in ILG, certain green energy investments, LI LLC’s exchangeable debentures, and certain tax benefits. Following these events, Qurate Retail acquired GCI (renamed “GCI Liberty, Inc.”) through a reorganization in which certain Qurate Retail interests, assets and liabilities attributed to the Ventures Group were contributed (the “contribution”) to GCI Liberty in exchange for a controlling interest in GCI Liberty. Qurate Retail and LI LLC contributed to GCI Liberty their entire equity interest in Liberty Broadband, Charter, and LendingTree, the Evite operating business and other assets and liabilities attributed to Qurate Retail’s Venture Group (following the reattribution), in exchange for (a) the issuance to LI LLC of a number of shares of GCI Liberty Class A Common Stock and a number of shares of GCI Liberty Class B Common Stock equal to the number of outstanding shares of Series A Liberty Ventures common stock and Series B Liberty Ventures common stock on March 9, 2018, respectively, (b) cash and (c) the assumption of certain liabilities by GCI Liberty. Following the contribution, Qurate Retail effected a tax-free separation of its controlling interest in the combined company (the “GCI Liberty Split-Off”), GCI Liberty, to the holders of Liberty Ventures common stock in full redemption of all outstanding shares of such stock, in which each outstanding share of Series A Liberty Ventures common stock was redeemed for one share of GCI Liberty Class A common stock and each outstanding share of Series B Liberty Ventures common stock was redeemed for one share of GCI Liberty Class B common stock. Simultaneous with the closing of the Transactions, QVC Group common stock became the only outstanding common stock of Qurate Retail, and thus QVC Group common stock ceased to function as a tracking stock. On April 9, 2018, Liberty Interactive Corporation was renamed Qurate Retail, Inc. On May 23, 2018, Qurate Retail amended its charter to eliminate the tracking stock capitalization structure and reclassify each share of QVC Group common stock into one share of the corresponding series of new common stock of Qurate Retail. With respect to events on or after May 23, 2018, we refer to our Series A and Series B common stock as “Qurate Retail common stock.” In July 2018, the Internal Revenue Service (“IRS”) completed its review of the GCI Liberty Split-Off and informed Qurate Retail that it agreed with the nontaxable characterization of the transactions. Qurate Retail received an Issue Resolution Agreement from the IRS documenting this conclusion. On October 17, 2018, Qurate Retail announced a series of initiatives designed to better position its HSN and QVC- U.S. businesses (“QRG Initiatives”). As part of the QRG Initiatives, QVC will close its fulfillment center in Lancaster, Pennsylvania and has entered into an agreement to lease a new fulfillment center in Bethlehem, Pennsylvania, commencing in 2019 (see note 8). As a result of changes in internal reporting from the QRG Initiatives, during the first quarter of 2019 the Company changed its reportable segments to combine HSN and QVC U.S. into one reportable segment called “QxH.” As a result of repurchases of Series A Qurate Retail common stock, the Company’s additional paid-in capital balance was in a deficit position as of March 31, 2019. In order to ensure that the additional paid-in capital account is not negative, we reclassified the amount of the deficit ($197 million) at March 31, 2019 to retained earnings. Qurate Retail has entered into certain agreements with Liberty Media Corporation ("LMC") (for accounting purposes, a related party of the Company), a separate publicly traded company. These agreements include a reorganization agreement, services agreement and facilities sharing agreement. Neither Qurate Retail nor LMC has any stock ownership, beneficial or otherwise, in the other. In connection with the GCI Liberty Split-Off, Qurate Retail and GCI Liberty (for accounting purposes a related party of Qurate Retail) entered into a tax sharing agreement. The reorganization agreement with LMC provides for, among other things, provisions governing the relationship between Qurate Retail and LMC, including certain cross-indemnities. Pursuant to the services agreement, LMC provides Qurate Retail with certain general and administrative services including legal, tax, accounting, treasury and investor relations support. Qurate Retail reimburses LMC for direct, out-of-pocket expenses incurred by LMC in providing these services and for Qurate Retail's allocable portion of costs associated with any shared services or personnel based on an estimated percentage of time spent providing services to Qurate Retail. Under the facilities sharing agreement, LMC shares office space and related amenities at its corporate headquarters with Qurate Retail. Under these various agreements, approximately $2 million and $3 million was reimbursable to LMC for the three months ended March 31, 2019 and 2018, respectively. Qurate Retail has a tax sharing payable to GCI Liberty in the amount of approximately $112 million as of March 31, 2019, the majority of which is included in Other liabilities in the condensed consolidated balances sheets, with the exception of $37 million, which is included in Other current liabilities on the condensed consolidated balance sheets. Accounting Pronouncements Not Yet Adopted Internal-Use Software. In August 2018, the Financial Accounting Standards Board (“FASB”) issued new guidance which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance will be effective for the Company in the first quarter of 2020 with early adoption permitted. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements.

Disposals

Disposals	3 Months Ended
	Mar. 31, 2019
Disposals
Disposals	(2) Disposals On March 9, 2018, Qurate Retail completed the GCI Liberty Split-Off. At the time of the GCI Liberty Split-Off, GCI Liberty was comprised of, among other things, GCI Liberty’s legacy business, Qurate Retail’s former interest in Liberty Broadband, Charter and LendingTree, and Qurate Retail’s former wholly-owned subsidiary Evite. Qurate Retail viewed Liberty Broadband, LendingTree and Evite as separate components and evaluated them separately for discontinued operations presentation. As Qurate Retail’s former interest in Charter was accounted for as a cost method investment it did not meet the definition of a component for discontinued operation presentation. The disposition of Liberty Broadband was considered significant to the overall financials. Accordingly, the accompanying condensed consolidated financial statements of Qurate Retail have been prepared to reflect Qurate Retail’s interest in Liberty Broadband as a discontinued operation. The disposition of LendingTree and Evite as part of the GCI Liberty Split-Off does not have a major effect on Qurate Retail’s historical or future results. Accordingly, LendingTree and Evite are not presented as discontinued operations in the accompanying condensed consolidated financial statements of Qurate Retail. LendingTree and Evite are included in the Corporate and other segment through March 8, 2018. Included in revenue in the accompanying condensed consolidated statements of operations is $3 million for the three months ended March 31, 2018, related to Evite. Included in net earnings (loss) in the accompanying condensed consolidated statements of operations are losses of $2 million for the three months ended March 31, 2018, related to Evite. Included in net earnings (loss) in the accompanying condensed consolidated statements of operations are earnings of less than a million dollars for the three months ended March 31, 2018, related to LendingTree. Certain financial information for the Company’s investment in Liberty Broadband, which is included in earnings (loss) from discontinued operations is as follows: Three months ended March 31, 2019 2018 amounts in millions Earnings (loss) before income taxes $ NA 187 Income tax (expense) benefit $ NA (46) The impact from discontinued operations on basic and diluted earnings (loss) per share is as follows: Three months ended March 31, 2019 2018 Basic earnings (loss) from discontinued operations attributable to Qurate Retail shareholders per common share: Series A and Series B Qurate Retail common stock $ NA NA Series A and Series B Liberty Ventures common stock $ NA 1.64 Diluted earnings (loss) from discontinued operations attributable to Qurate Retail shareholders per common share: Series A and Series B Qurate Retail common stock $ NA NA Series A and Series B Liberty Ventures common stock $ NA 1.62

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2019
Stock-Based Compensation
Stock-Based Compensation	(3) Stock-Based Compensation The Company has granted to certain of its directors, employees and employees of its subsidiaries, restricted stock, restricted stock units (“RSUs”) and options to purchase shares of the Company’s common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the grant-date fair value (“GDFV”) of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. Included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations are $19 million and $23 million of stock-based compensation during the three months ended March 31, 2019 and 2018, respectively. The following table presents the number and weighted average GDFV of options granted by the Company during the three months ended March 31, 2019: Three months ended March 31, 2019 Options Granted (000's) Weighted Average GDFV Series B Qurate Retail common stock, Qurate Retail Chairman of the Board (1) 26 $ 5.84 1) Grant cliff vested immediately upon grant. In addition to the stock option grant to the Qurate Retail Chairman of the Board and in connection with our Chairman’s employment agreement, during the three months ended March 31, 2019, Qurate Retail granted 213 thousand RSUs of Series B Qurate Retail common stock of which 194 thousand were performance-based. The Series B RSUs had a GDFV of $17.90 per share at the time they were granted. The time-based RSUs cliff vested on March 11, 2019, and the performance-based RSUs cliff vest in one year, subject to the satisfaction of certain performance objectives. During the three months ended March 31, 2019, Qurate Retail also granted approximately 191 thousand performance-based RSUs of Series A Qurate Retail common stock to its CEO. The Series A RSUs had a GDFV of $17.90 per share at the time they were granted and will cliff vest in one year, subject to satisfaction of certain performance objectives. Performance objectives, which are subjective, are considered in determining the timing and amount of compensation expense recognized. When the satisfaction of the performance objectives becomes probable, the Company records compensation expense. The probability of satisfying the performance objectives is assessed at the end of each reporting period. The Company has calculated the GDFV for all of its equity classified Awards and any subsequent remeasurement of its liability classified Awards and certain performance-based Awards using the Black-Scholes-Merton Model. The Company estimates the expected term of the Awards based on historical exercise and forfeiture data. The volatility used in the calculation for Awards is based on the historical volatility of Qurate Retail's stock and the implied volatility of publicly traded Qurate Retail options. The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options. Qurate Retail—Outstanding Awards The following tables present the number and weighted average exercise price ("WAEP") of the Awards to purchase Qurate Retail common stock granted to certain officers, employees and directors of the Company, as well as the weighted average remaining life and aggregate intrinsic value of the Awards. Qurate Retail Weighted Aggregate average intrinsic Series A remaining value (000's) WAEP life (millions) Outstanding at January 1, 2019 28,438 $ 24.47 Granted — $ — Exercised (447) $ 15.45 Forfeited/Cancelled (1,001) $ 26.72 Outstanding at March 31, 2019 26,990 $ 24.54 3.3 years $ 9 Exercisable at March 31, 2019 17,474 $ 23.97 2.5 years $ 9 Qurate Retail Weighted Aggregate average intrinsic Series B remaining value (000's) WAEP life (millions) Outstanding at January 1, 2019 1,818 $ 27.22 Granted 26 $ 18.03 Exercised — $ — Forfeited/Cancelled — $ — Outstanding at March 31, 2019 1,844 $ 27.09 3.8 years $ — Exercisable at March 31, 2019 1,521 $ 26.50 4.0 years $ — As of March 31, 2019, the total unrecognized compensation cost related to unvested Awards was approximately $61 million. Such amount will be recognized in the Company's consolidated statements of operations over a weighted average period of approximately 1.8 years. As of March 31, 2019, Qurate Retail reserved for issuance upon exercise of outstanding stock options approximately 27.0 million shares of Series A Qurate Retail common stock and 1.8 million shares of Series B Qurate Retail common stock.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2019
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share	(4) Earnings (Loss) Per Common Share Basic earnings (loss) per common share ("EPS") is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding ("WASO") for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented. Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. Series A and Series B Qurate Retail Common Stock Excluded from diluted EPS for the three months ended March 31, 2019 and 2018, are 24 million and 11 million potential common shares, respectively, because their inclusion would have been antidilutive. Qurate Retail Common Stock Three months ended March 31, 2019 2018 number of shares in millions Basic WASO 433 476 Potentially dilutive shares 1 5 Diluted WASO 434 481 Series A and Series B Liberty Ventures Common Stock Excluded from diluted EPS for the three months ended March 31, 2018 were 2 million potential common shares, because their inclusion would have been antidilutive. Liberty Ventures Common Stock Three months ended March 31, 2019 (1) 2018 number of shares in millions Basic WASO NA 86 Potentially dilutive shares NA Diluted WASO NA 87 (1) All of the outstanding shares of Liberty Ventures Series A and B common stock were redeemed for GCI Liberty Series A and B common stock as a result of the GCI Liberty Split-Off on March 9, 2018.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value	3 Months Ended
	Mar. 31, 2019
Assets and Liabilities Measured at Fair Value
Assets and Liabilities Measured at Fair Value	(5) Assets and Liabilities Measured at Fair Value For assets and liabilities required to be reported at fair value, 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 at fair value are as follows: Fair Value Measurements at Fair Value Measurements at March 31, 2019 December 31, 2018 Quoted Quoted prices prices in active Significant in active Significant markets for other markets for other identical observable identical observable assets inputs assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ 206 206 — 310 310 — Indemnification asset $ 110 — 110 79 — 79 Debt $ 1,472 — 1,472 1,334 — 1,334 The majority of the Company's Level 2 financial assets and liabilities are primarily debt instruments with quoted market prices that are not considered to be traded on "active markets," as defined in GAAP. The fair values for such instruments are derived from a typical model using observable market data as the significant inputs. Pursuant to an indemnification agreement, GCI Liberty has agreed to indemnify LI LLC for certain payments made to a holder of LI LLC’s 1.75% Exchangeable Debentures due 2046 (the “1.75% Exchangeable Debentures”). An indemnity asset in the amount of $281 million was recorded upon completion of the GCI Liberty Split-Off. Within six months of the GCI Liberty Split-Off, Qurate Retail, LI LLC and GCI Liberty agreed to cooperate, and reasonably assist each other, with respect to the commencement and consummation of one or more privately negotiated transactions, a tender offer or other purchase transactions (each, a “Purchase Offer”) whereby LI LLC would offer to purchase the 1.75% Exchangeable Debentures on terms and conditions (including maximum offer price) reasonably acceptable to GCI Liberty. GCI Liberty would indemnify LI LLC for each 1.75% Exchangeable Debenture repurchased by LI LLC in a Purchase Offer for an amount by which the purchase price for such debenture exceeds the amount of cash reattributed with respect to such purchased 1.75% Exchangeable Debenture net of certain tax benefits, if any, attributable to such 1.75% Exchangeable Debenture. In June 2018, Qurate Retail repurchased 417,759 of the 1.75% Exchangeable Debentures for approximately $457 million, including accrued interest, and GCI Liberty made a payment under the indemnification agreement to Qurate Retail in the amount of $133 million. Following the initial six month period, the remaining indemnification to LI LLC for certain payments made to a holder of the 1.75% Exchangeable Debentures pertains to the holder’s ability to exercise its exchange right according to the terms of the debentures on or before October 5, 2023. Such amount will equal the difference between the exchange value and par value of the 1.75% Exchangeable Debentures at the time the exchange occurs. The indemnification asset recorded in the condensed consolidated balance sheets as of March 31, 2019 represents the fair value of the estimated exchange feature included in the 1.75% Exchangeable Debentures primarily based on market observable inputs (Level 2). As of March 31, 2019, a holder of the 1.75% Exchangeable Debentures does not have the ability to exchange and, accordingly, such indemnification asset is included as a long-term asset in our condensed consolidated balance sheets. Additionally, as of March 31, 2019, 332,241 bonds of the 1.75% Exchangeable Debentures remain outstanding. Realized and Unrealized Gains (Losses) on Financial Instruments Realized and unrealized gains (losses) on financial instruments are comprised of changes in the fair value of the following: Three months ended March 31, 2019 2018 amounts in millions Equity securities $ 5 114 Exchangeable senior debentures (116) 17 Indemnification asset 32 (29) Other financial instruments (2) (3) $ (81) 99

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2019
Intangible Assets
Intangible Assets	(6) Intangible Assets Goodwill Changes in the carrying amount of goodwill are as follows: Corporate and QxH QVC Int'l Zulily Other Total amounts in millions Balance at January 1, 2019 $ 5,228 860 917 12 7,017 Foreign currency translation adjustments — (4) — — (4) Balance at March 31, 2019 $ 5,228 856 917 12 7,013 Intangible Assets Subject to Amortization Amortization expense for intangible assets with finite useful lives was $100 million and $109 million for the three months ended March 31, 2019 and 2018, respectively. Based on its amortizable intangible assets as of March 31, 2019, Qurate Retail expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2019 $ 283 2020 $ 304 2021 $ 181 2022 $ 88 2023 $ 79

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2019
Long-Term Debt
Long-Term Debt	(7) Long-Term Debt Debt is summarized as follows: Outstanding principal at Carrying value March 31, 2019 March 31, 2019 December 31, 2018 amounts in millions Corporate level debentures 8.5% Senior Debentures due 2029 $ 287 286 286 8.25% Senior Debentures due 2030 504 502 502 4% Exchangeable Senior Debentures due 2029 433 324 304 3.75% Exchangeable Senior Debentures due 2030 434 313 307 3.5% Exchangeable Senior Debentures due 2031 313 450 377 0.75% Exchangeable Senior Debentures due 2043 — 2 2 1.75% Exchangeable Senior Debentures due 2046 332 383 344 Subsidiary level notes and facilities QVC 3.125% Senior Secured Notes due 2019 400 399 399 QVC 5.125% Senior Secured Notes due 2022 500 500 500 QVC 4.375% Senior Secured Notes due 2023 750 750 750 QVC 4.85% Senior Secured Notes due 2024 600 600 600 QVC 4.45% Senior Secured Notes due 2025 600 599 599 QVC 5.45% Senior Secured Notes due 2034 400 399 399 QVC 5.95% Senior Secured Notes due 2043 300 300 300 QVC 6.375% Senior Secured Notes due 2067 225 225 225 QVC Bank Credit Facilities 1,438 1,438 1,320 Other subsidiary debt — — 188 Deferred loan costs — (27) (29) Total consolidated Qurate Retail debt $ 7,516 7,443 7,373 Less current classification (1,488) (1,410) Total long-term debt $ 5,955 5,963 QVC Bank Credit Facilities On December 31, 2018, QVC entered into the Fourth Amended and Restated Credit Agreement with Zulily as co-borrower (collectively, the “Borrowers”) which is a multi-currency facility that provides for a $3.65 billion revolving credit facility, with a $450 million sub-limit for standby letters of credit and up to $1.5 billion of uncommitted incremental revolving loan commitments or incremental term loans. The Fourth Amended and Restated Credit Agreement includes a $400 million tranche that may be borrowed by the Company or Zulily, with a $50 million sub-limit for standby letters of credit. The remaining $3.25 billion and any incremental loans may be borrowed only by the Company. Borrowings that are alternate base rate loans will bear interest at a per annum rate equal to the base rate plus a margin that varies between 0.25% to 0.75% depending on the Borrowers combined ratio of Consolidated Total Debt to Consolidated EBITDA for the most recent four fiscal quarter period (the “Combined Consolidated Leverage Ratio”). Borrowings that are LIBOR loans will bear interest at a per annum rate equal to the applicable LIBOR rate plus a margin that varies between 1.25% and 1.75% depending on the Borrowers’ Combined Consolidated Leverage Ratio. Each loan may be prepaid at any time and from time to time without penalty other than customary breakage costs. No mandatory prepayments will be required other than when borrowings and letter of credit usage exceed availability; provided that, if Zulily ceases to be controlled by Qurate Retail, all of its loans must be repaid and its letters of credit cash collateralized. The facility matures on December 31, 2023. Payment of loans may be accelerated following certain customary events of default. The payment and performance of the Borrowers’ obligations (including Zulily’s obligations) under the Fourth Amended and Restated Credit Agreement are guaranteed by each of QVC’s Material Domestic Subsidiaries (as defined in the Fourth Amended and Restated Credit Agreement). Further, the borrowings under the Fourth Amended and Restated Credit Agreement are secured, pari passu with QVC’s existing notes, by a pledge of all QVC’s equity interests. In addition, the payment and performance of the Borrowers’ obligations with respect to the $400 million tranche available to both QVC and Zulily are also guaranteed by Zulily and secured by a pledge of all of Zulily’s equity interests. The Fourth Amended and Restated Credit Agreement contains certain affirmative and negative covenants, including certain restrictions on QVC and Zulily and each of their respective restricted subsidiaries (subject to certain exceptions) 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 the Company’s consolidated leverage ratio, and the Borrowers’ Combined Consolidated Leverage Ratio. The interest rate on borrowings outstanding under the Fourth Amended and Restated Credit Agreement was 3.9% at March 31, 2019. Availability under the Fourth Amended and Restated Credit Agreement at March 31, 2019 was $2.2 billion, including the remaining portion of the $400 million tranche available to Zulily and outstanding letters of credit. Exchangeable Senior Debentures The Company has elected to account for its exchangeable senior debentures using the fair value option. Accordingly, changes in the fair value of these instruments are recognized as unrealized gains (losses) in the statements of operations. As of March 31, 2019 the balance of the 4% Exchangeable Senior Debentures due 2029, the 3.75% Exchangeable Senior Debentures due 2030, and the 3.5% Exchangeable Senior Debentures due 2031 have been classified as current because the Company does not own shares to redeem the debentures. For the remaining exchangeables, the Company reviews the terms of the debentures on a quarterly basis to determine whether a triggering event has occurred to require current classification of the exchangeables upon a call event. The 0.75% Exchangeable Senior Debentures due 2043 are classified as current as of March 31, 2019 as they are currently redeemable. 3.125% Senior Secured Notes due 2019 In April 2019, QVC repaid the outstanding balance on its 3.125% Senior Secured Notes due 2019. Debt Covenants Qurate Retail and its subsidiaries are in compliance with all debt covenants at March 31, 2019. Other Subsidiary Debt Other subsidiary debt at December 31, 2018 is comprised primarily of capitalized satellite transponder lease obligations. Fair Value of Debt Qurate Retail estimates the fair value of its debt based on the quoted market prices for the same or similar issues or on the current rate offered to Qurate Retail for debt of the same remaining maturities (Level 2). The QVC 6.375% Senior Secured Notes due 2067 (“2067 Notes”) are traded on the New York Stock Exchange, and the Company considers them to be actively traded. As such, the 2067 Notes are valued based on their trading price (Level 1). The fair value of Qurate Retail's publicly traded debt securities that are not reported at fair value in the accompanying condensed consolidated balance sheet at March 31, 2019 are as follows (amounts in millions): Senior debentures $ 809 QVC senior secured notes $ 3,802 Due to the variable rate nature, Qurate Retail believes that the carrying amount of its other debt, not discussed above, approximated fair value at March 31, 2019.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases
Leases	(8) Leases In February 2016 and subsequently, the FASB issued new guidance which revises the accounting for leases (“ASC 842”). Under the new guidance, entities that lease assets are required to recognize assets and liabilities on the balance sheet related to the rights and obligations created by those leases regardless of whether they are classified as finance or operating leases. In addition, new disclosures are required to meet the objective of enabling users of the financial statements to better understand the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted this guidance on January 1, 2019 and elected the optional transition method that allowed for a cumulative-effect adjustment in the period of adoption. Results for reporting periods beginning after January 1, 2019 are presented under the new guidance, while prior period amounts were not adjusted and continue to be reported under the accounting standards in effect for those periods. The Company elected certain of the available transition practical expedients, including those that permit it to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. The Company did not elect the hindsight practical expedient, which permits entities to use hindsight in determining the lease term and assessing impairment. The most significant impact of the new guidance was the recognition of right-of-use (“ROU”) assets and lease liabilities for operating leases. In addition, the Company elected the practical expedient to account for the lease and non-lease components as a single lease component and will not recognize right-of-use assets or lease liabilities for short-term leases, which are those leases with a term of twelve months or less at the lease commencement date. The Company recognized $287 million of operating lease ROU assets, $51 million of short term operating lease liabilities and $259 million of long term operating lease liabilities on the condensed consolidated balance sheet upon adoption of the new standard. The operating lease liabilities were determined based on the present value of the remaining rental payments and the operating lease ROU asset was determined based on the value of the lease liabilities, adjusted primarily for deferred rent and prepaid rent balances of $23 million. The Company has finance lease agreements with transponder and transmitter network suppliers to transmit its signals in the U.S. and Germany. The Company is also party to a finance lease agreement for data processing hardware and a warehouse. The Company also leases data processing equipment, facilities, office space, retail space and land. These leases are classified as operating leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future lease payments using our incremental borrowing rate. Our leases have remaining lease terms of less than one year to 15 years, some of which may include the option to extend for up to 14 years, and some of which include options to terminate the leases within less than one year. The components of lease cost during the three months ended March 31, 2019 were as follows: Three months ended March 31, 2019 in millions Operating lease cost $ Finance lease cost Depreciation of leased assets $ Interest on lease liabilities $ Total finance lease cost $ The remaining weighted-average lease term and the weighted-average discount rate were as follows: Three months ended March 31, 2019 Weighted-average remaining lease term (years): Finance leases Operating leases Weighted-average discount rate: Finance leases Operating leases Supplemental balance sheet information related to leases was as follows: March 31, 2019 in millions Operating leases: Operating lease ROU assets (1) $ Current operating lease liabilities (2) $ Operating lease liabilities (3) Total operating lease liabilities $ Finance Leases: Finance lease ROU assets (4) $ Finance lease ROU asset accumulated depreciation (4) (125) Finance lease ROU assets, net $ Current finance lease liabilities (2) $ Finance lease liabilities (3) Total finance lease liabilities $ (1) Included within the Other assets, at cost, net of accumulated amortization line item on the condensed consolidated balance sheets. (2) Included within the Other current liabilities line item on the condensed consolidated balance sheets. (3) Included within the Other liabilities line item on the condensed consolidated balance sheets. (4) Included within the Property and equipment, net line item on the condensed consolidated balance sheets. Supplemental cash flow information related to leases was as follows: Three months ended March 31, 2019 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ Operating cash flows from finance leases $ Financing cash flows from finance leases $ Right-of-use assets obtained in exchange for lease obligations Operating leases $ Finance leases $ — Future lease payments under finance leases and operating leases with initial terms of one year or more at March 31, 2019 consisted of the following: Finance Leases Operating Leases in millions Remainder of 2019 $ 2020 2021 2022 2023 Thereafter Total lease payments $ Less: imputed interest Total lease liabilities $ On October 5, 2018, QVC entered into a lease (“ECDC Lease”) for an East Coast distribution center. The 1.7 million square foot rental building is located in Bethlehem, Pennsylvania and will be leased to QVC for an initial term of 15 years. QVC obtained access to a portion of the ECDC Lease during March 2019 and recorded a ROU asset of $68 million and an operating lease liability of $69 million. The Company expects the remaining portion of the lease to commence during the third quarter of 2019. Under the ECDC Lease, QVC is required to pay an initial base rent of approximately $10 million per year, which is expected to begin in the fourth quarter of 2019, and increasing to approximately $14 million per year, as well as all real estate taxes and other building operating costs. QVC also has the option to extend the term of the ECDC Lease for up to two consecutive terms of 5 years each and one final term of 4 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies.
Commitments and Contingencies	(9) Commitments and Contingencies Litigation 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 Qurate Retail 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 amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying condensed consolidated financial statements.

Information About Qurate Retail

Information About Qurate Retail's Operating Segments	3 Months Ended
	Mar. 31, 2019
Information About Qurate Retail's Operating Segments
Information About Qurate Retail's Operating Segments	(10) Information About Qurate Retail's Operating Segments Qurate Retail, through its ownership interests in subsidiaries and other companies, is primarily engaged in the video and online commerce industries. Qurate Retail identifies its reportable segments as (A) those operating segments that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA or total assets and (B) those equity method affiliates whose share of earnings represent 10% or more of Qurate Retail's annual pre-tax earnings. Qurate Retail evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue, Adjusted OIBDA, gross margin, average sales price per unit and revenue or sales per customer equivalent. In addition, Qurate Retail reviews nonfinancial measures such as unique website visitors, number of units shipped, conversion rates and active customers, as appropriate. During the first quarter of 2019 the Company changed its reportable segments to combine HSN and QVC U.S. into one reportable segment called “QxH,” and presented prior period information to conform with this change. As a result of the QRG Initiatives and additional integration activities to drive synergies between HSN and QVC U.S., the chief operating decision maker began reviewing HSN and QVC U.S. information as one business unit during the first quarter of 2019. For the three months ended March 31, 2019, Qurate Retail has identified the following operating segments as its reportable segments: · QxH - QVC U.S. and HSN market and sell a wide variety of consumer products in the United States, primarily by means of their televised shopping programs and via the Internet through their websites and mobile applications. · QVC International – QVC International markets and sells a wide variety of consumer products in several foreign countries, primarily by means of its televised shopping programs and via the Internet through its international websites and mobile applications. · Zulily – Zulily markets and sells a wide variety of consumer products in the United States and several foreign countries through flash sales events, primarily through its app, mobile and desktop experiences. Qurate Retail's operating segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, distribution channels and marketing strategies. The accounting policies of the segments are the same as those described in the Company's Summary of Significant Accounting Policies in the Annual Report on Form 10-K for the year ended December 31, 2018. Performance Measures Disaggregated revenue by segment and product category consisted of the following: Three months ended March 31, 2019 QxH QVC Int'l Zulily Corp and other Total in millions Home $ 679 247 111 146 1,183 Apparel 326 112 140 41 619 Beauty 292 143 13 — 448 Accessories 220 62 108 — 390 Electronics 181 25 4 — 210 Jewelry 112 52 13 — 177 Other revenue 47 3 8 — 58 Total Revenue $ 1,857 644 397 187 3,085 Three months ended March 31, 2018 QxH QVC Int'l Zulily Corp and other Total in millions Home $ 726 260 116 147 1,249 Apparel 325 119 156 39 639 Beauty 306 144 12 — 462 Accessories 219 67 114 — 400 Electronics 172 26 4 — 202 Jewelry 132 55 12 — 199 Other revenue 46 5 5 23 79 Total Revenue $ 1,926 676 419 209 3,230 Qurate Retail defines Adjusted OIBDA as revenue less cost of sales, operating expenses, and selling, general and administrative expenses excluding all stock-based compensation and transaction related costs. Qurate Retail believes this measure is an important indicator of the operational strength and performance of its businesses, including each business's ability to service debt and fund capital expenditures. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, certain acquisition accounting adjustments, separately reported litigation settlements, transaction related costs (including restructuring, integration, and advisory fees), and impairment charges that are included in the measurement of operating income pursuant to 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 GAAP. Qurate Retail generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices. Adjusted OIBDA is summarized as follows: Three months ended March 31, 2019 2018 amounts in millions QxH $ 352 369 QVC International 101 107 Zulily 17 27 Corporate and other (10) (11) Consolidated Qurate Retail $ 460 492 Other Information March 31, 2019 Total assets Investments in affiliates Capital expenditures amounts in millions QxH $ 12,558 38 47 QVC International 2,161 — 7 Zulily 2,232 — 5 Corporate and other 846 106 2 Consolidated Qurate Retail $ 17,797 144 61 The following table provides a reconciliation of Consolidated segment Adjusted OIBDA to Operating income (loss) and Earnings (loss) from continuing operations before income taxes: Three months ended March 31, 2019 2018 amounts in millions Consolidated segment Adjusted OIBDA $ 460 492 Stock-based compensation (19) (23) Depreciation and amortization (153) (163) Transaction related costs — (12) Operating income (loss) 288 294 Interest expense (96) (98) Share of earnings (loss) of affiliates, net (45) (14) Realized and unrealized gains (losses) on financial instruments, net (81) 99 Other, net (8) 11 Earnings (loss) before income taxes $ 58 292

Basis Of Presentation (Policies

Basis Of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Basis of Presentation
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted Internal-Use Software. In August 2018, the Financial Accounting Standards Board (“FASB”) issued new guidance which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance will be effective for the Company in the first quarter of 2020 with early adoption permitted. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements.

Disposals (Tables)

Disposals (Tables)	3 Months Ended
	Mar. 31, 2019
Disposals
Schedule of discontinued operations on basic and diluted earnings (loss) per share	Three months ended March 31, 2019 2018 Basic earnings (loss) from discontinued operations attributable to Qurate Retail shareholders per common share: Series A and Series B Qurate Retail common stock $ NA NA Series A and Series B Liberty Ventures common stock $ NA 1.64 Diluted earnings (loss) from discontinued operations attributable to Qurate Retail shareholders per common share: Series A and Series B Qurate Retail common stock $ NA NA Series A and Series B Liberty Ventures common stock $ NA 1.62
Discontinued Operations Spinoff | GCI Liberty | Liberty Broadband
Disposals
Schedule of certain financial information included in earnings (loss) from discontinued operations	Three months ended March 31, 2019 2018 amounts in millions Earnings (loss) before income taxes $ NA 187 Income tax (expense) benefit $ NA (46)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Schedule of number and weighted average GDFV of option granted	Three months ended March 31, 2019 Options Granted (000's) Weighted Average GDFV Series B Qurate Retail common stock, Qurate Retail Chairman of the Board (1) 26 $ 5.84 1) Grant cliff vested immediately upon grant.
Common Class A
Schedule of number, weighted average exercise price ("WAEP"), Weighted average remaining life and aggregate intrinsic value of the awards	Qurate Retail Weighted Aggregate average intrinsic Series A remaining value (000's) WAEP life (millions) Outstanding at January 1, 2019 28,438 $ 24.47 Granted — $ — Exercised (447) $ 15.45 Forfeited/Cancelled (1,001) $ 26.72 Outstanding at March 31, 2019 26,990 $ 24.54 3.3 years $ 9 Exercisable at March 31, 2019 17,474 $ 23.97 2.5 years $ 9
Common Class B
Schedule of number, weighted average exercise price ("WAEP"), Weighted average remaining life and aggregate intrinsic value of the awards	Qurate Retail Weighted Aggregate average intrinsic Series B remaining value (000's) WAEP life (millions) Outstanding at January 1, 2019 1,818 $ 27.22 Granted 26 $ 18.03 Exercised — $ — Forfeited/Cancelled — $ — Outstanding at March 31, 2019 1,844 $ 27.09 3.8 years $ — Exercisable at March 31, 2019 1,521 $ 26.50 4.0 years $ —

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2019
Schedule of weighted average number of shares outstanding	Qurate Retail Common Stock Three months ended March 31, 2019 2018 number of shares in millions Basic WASO 433 476 Potentially dilutive shares 1 5 Diluted WASO 434 481
Liberty Ventures common stock
Schedule of weighted average number of shares outstanding	Liberty Ventures Common Stock Three months ended March 31, 2019 (1) 2018 number of shares in millions Basic WASO NA 86 Potentially dilutive shares NA Diluted WASO NA 87 (1) All of the outstanding shares of Liberty Ventures Series A and B common stock were redeemed for GCI Liberty Series A and B common stock as a result of the GCI Liberty Split-Off on March 9, 2018.

Assets and Liabilities Measur_2

Assets and Liabilities Measured at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2019
Assets and Liabilities Measured at Fair Value
Schedule of assets and liabilities measured at fair value	Fair Value Measurements at Fair Value Measurements at March 31, 2019 December 31, 2018 Quoted Quoted prices prices in active Significant in active Significant markets for other markets for other identical observable identical observable assets inputs assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in millions Cash equivalents $ 206 206 — 310 310 — Indemnification asset $ 110 — 110 79 — 79 Debt $ 1,472 — 1,472 1,334 — 1,334
Schedule of Realized and unrealized gains (losses) on financial instruments	Three months ended March 31, 2019 2018 amounts in millions Equity securities $ 5 114 Exchangeable senior debentures (116) 17 Indemnification asset 32 (29) Other financial instruments (2) (3) $ (81) 99

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Intangible Assets
Schedule of changes in the carrying amount of goodwill	Corporate and QxH QVC Int'l Zulily Other Total amounts in millions Balance at January 1, 2019 $ 5,228 860 917 12 7,017 Foreign currency translation adjustments — (4) — — (4) Balance at March 31, 2019 $ 5,228 856 917 12 7,013
Schedule of amortization expense for the next five years	Based on its amortizable intangible assets as of March 31, 2019, Qurate Retail expects that amortization expense will be as follows for the next five years (amounts in millions): Remainder of 2019 $ 283 2020 $ 304 2021 $ 181 2022 $ 88 2023 $ 79

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Long-Term Debt
Schedule of debt summarized	Outstanding principal at Carrying value March 31, 2019 March 31, 2019 December 31, 2018 amounts in millions Corporate level debentures 8.5% Senior Debentures due 2029 $ 287 286 286 8.25% Senior Debentures due 2030 504 502 502 4% Exchangeable Senior Debentures due 2029 433 324 304 3.75% Exchangeable Senior Debentures due 2030 434 313 307 3.5% Exchangeable Senior Debentures due 2031 313 450 377 0.75% Exchangeable Senior Debentures due 2043 — 2 2 1.75% Exchangeable Senior Debentures due 2046 332 383 344 Subsidiary level notes and facilities QVC 3.125% Senior Secured Notes due 2019 400 399 399 QVC 5.125% Senior Secured Notes due 2022 500 500 500 QVC 4.375% Senior Secured Notes due 2023 750 750 750 QVC 4.85% Senior Secured Notes due 2024 600 600 600 QVC 4.45% Senior Secured Notes due 2025 600 599 599 QVC 5.45% Senior Secured Notes due 2034 400 399 399 QVC 5.95% Senior Secured Notes due 2043 300 300 300 QVC 6.375% Senior Secured Notes due 2067 225 225 225 QVC Bank Credit Facilities 1,438 1,438 1,320 Other subsidiary debt — — 188 Deferred loan costs — (27) (29) Total consolidated Qurate Retail debt $ 7,516 7,443 7,373 Less current classification (1,488) (1,410) Total long-term debt $ 5,955 5,963
Schedule of fair value of debt securities that are not reported at fair value condensed consolidated balance sheet	The fair value of Qurate Retail's publicly traded debt securities that are not reported at fair value in the accompanying condensed consolidated balance sheet at March 31, 2019 are as follows (amounts in millions): Senior debentures $ 809 QVC senior secured notes $ 3,802

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases
Schedule of components of lease expenses	Three months ended March 31, 2019 in millions Operating lease cost $ Finance lease cost Depreciation of leased assets $ Interest on lease liabilities $ Total finance lease cost $
Schedule of remaining weighted-average lease term and weighted-average discount rate	Three months ended March 31, 2019 Weighted-average remaining lease term (years): Finance leases Operating leases Weighted-average discount rate: Finance leases Operating leases
Schedule of supplemental balance sheet and cash flow information related to leases	Supplemental balance sheet information related to leases was as follows: March 31, 2019 in millions Operating leases: Operating lease ROU assets (1) $ Current operating lease liabilities (2) $ Operating lease liabilities (3) Total operating lease liabilities $ Finance Leases: Finance lease ROU assets (4) $ Finance lease ROU asset accumulated depreciation (4) (125) Finance lease ROU assets, net $ Current finance lease liabilities (2) $ Finance lease liabilities (3) Total finance lease liabilities $ (1) Included within the Other assets, at cost, net of accumulated amortization line item on the condensed consolidated balance sheets. (2) Included within the Other current liabilities line item on the condensed consolidated balance sheets. (3) Included within the Other liabilities line item on the condensed consolidated balance sheets. (4) Included within the Property and equipment, net line item on the condensed consolidated balance sheets. Supplemental cash flow information related to leases was as follows: Three months ended March 31, 2019 in millions Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ Operating cash flows from finance leases $ Financing cash flows from finance leases $ Right-of-use assets obtained in exchange for lease obligations Operating leases $ Finance leases $ —
Summary of future lease payments under finance lease	Finance Leases Operating Leases in millions Remainder of 2019 $ 2020 2021 2022 2023 Thereafter Total lease payments $ Less: imputed interest Total lease liabilities $
Summary of future lease payments under operating lease	Finance Leases Operating Leases in millions Remainder of 2019 $ 2020 2021 2022 2023 Thereafter Total lease payments $ Less: imputed interest Total lease liabilities $

Information About Qurate Reta_2

Information About Qurate Retail's Operating Segments (Tables)	3 Months Ended
	Mar. 31, 2019
Information About Qurate Retail's Operating Segments
Schedule of disaggregation of revenue	Three months ended March 31, 2019 QxH QVC Int'l Zulily Corp and other Total in millions Home $ 679 247 111 146 1,183 Apparel 326 112 140 41 619 Beauty 292 143 13 — 448 Accessories 220 62 108 — 390 Electronics 181 25 4 — 210 Jewelry 112 52 13 — 177 Other revenue 47 3 8 — 58 Total Revenue $ 1,857 644 397 187 3,085 Three months ended March 31, 2018 QxH QVC Int'l Zulily Corp and other Total in millions Home $ 726 260 116 147 1,249 Apparel 325 119 156 39 639 Beauty 306 144 12 — 462 Accessories 219 67 114 — 400 Electronics 172 26 4 — 202 Jewelry 132 55 12 — 199 Other revenue 46 5 5 23 79 Total Revenue $ 1,926 676 419 209 3,230
Summarized Adjusted OIBDA	Three months ended March 31, 2019 2018 amounts in millions QxH $ 352 369 QVC International 101 107 Zulily 17 27 Corporate and other (10) (11) Consolidated Qurate Retail $ 460 492
Other Information By Segment	March 31, 2019 Total assets Investments in affiliates Capital expenditures amounts in millions QxH $ 12,558 38 47 QVC International 2,161 — 7 Zulily 2,232 — 5 Corporate and other 846 106 2 Consolidated Qurate Retail $ 17,797 144 61
Reconciliation Of Segment Adjusted OIBDA To Operating income (loss) and Earnings (Loss) From Continuing Operations Before Income Taxes	Three months ended March 31, 2019 2018 amounts in millions Consolidated segment Adjusted OIBDA $ 460 492 Stock-based compensation (19) (23) Depreciation and amortization (153) (163) Transaction related costs — (12) Operating income (loss) 288 294 Interest expense (96) (98) Share of earnings (loss) of affiliates, net (45) (14) Realized and unrealized gains (losses) on financial instruments, net (81) 99 Other, net (8) 11 Earnings (loss) before income taxes $ 58 292

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	Dec. 31, 2018	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Mar. 09, 2018item
Basic of presentation
Number Of Tracking Stock | item				2
LMC
Basic of presentation
Related Party Transaction, Amounts of Transaction		$ 2	$ 3
GCI Liberty
Basic of presentation
Tax sharing payable		112
GCI Liberty | Other Current Liabilities
Basic of presentation
Tax sharing payable		37
Retained Earnings
Basic of presentation
Reclassification		$ (197)	(3,530)
Liberty Ventures common stock | Common Class A
Basic of presentation
Share exchange ratio				1
Liberty Ventures common stock | Common Class B
Basic of presentation
Share exchange ratio				1
Transfer to entity under common control | QVC Group
Basic of presentation
Ownership interest transferred	100
Reclassification Of Working Capital Categories In Operating Activities Of Statement Of Cash Flows
Basic of presentation
Reclassification of prior period immaterial error			$ 281

Disposals (Details)

Disposals (Details) - GCI Liberty - Discontinued Operations Spinoff $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)$ / shares
Liberty Ventures common stock
Disposals
Basic earnings (loss) from discontinued operations | $ / shares	$ 1.64
Diluted earnings (loss) from discontinued operations | $ / shares	$ 1.62
Evite
Disposals
Revenue	$ 3
Disposal group net earnings (loss)	(2)
Liberty Broadband
Disposals
Earnings (loss) before income taxes	187
Income tax (expense) benefit	(46)
Maximum | LendingTree
Disposals
Disposal group net earnings (loss)	$ 1

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stock-based compensation
Stock-based compensation	$ 19	$ 23
Dividend rate	0.00%
Risk-free rate	0.00%
Total unrecognized compensation cost related to unvested Awards	$ 61
Weighted average period of recognition related to unvested equity awards (in years)	1 year 9 months 18 days
Common Class A
Stock-based compensation
Shares reserved for future issuance upon exercise of stock options	27,000
Common Class A | CEO | Performance Shares
Stock-based compensation
RSUs granted	191
RSUs GDFV	$ 17.90
Award vesting period	1 year
Common Class B
Stock-based compensation
Shares reserved for future issuance upon exercise of stock options	1,800
Options Granted	26
Common Class B | Chairman
Stock-based compensation
Options Granted	26
Weighted Average GDFV	$ 5.84
Common Class B | Chairman | RSUs
Stock-based compensation
RSUs granted	213
RSUs GDFV	$ 17.90
Common Class B | Chairman | Performance Shares
Stock-based compensation
RSUs granted	194
Award vesting period	1 year

Stock-Based Compensations - Gra

Stock-Based Compensations - Grants (Details) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares
Common Class A
Number of options
Outstanding at beginning of period | shares	28,438
Exercised | shares	(447)
Forfeited/Cancelled | shares	(1,001)
Outstanding at end of period | shares	26,990
Exercisable at end of period | shares	17,474
WAEP
Outstanding at beginning of period | $ / shares	$ 24.47
Exercised | $ / shares	15.45
Forfeited/Cancelled | $ / shares	26.72
Outstanding at end of period | $ / shares	24.54
Exercisable at end of period | $ / shares	$ 23.97
Additional disclosures
Weighted average remaining life - options outstanding	3 years 3 months 18 days
Weighted average remaining life - options exercisable	2 years 6 months
Aggregate intrinsic value of options outstanding | $	$ 9
Aggregate intrinsic value of options exercisable | $	$ 9
Common Class B
Number of options
Outstanding at beginning of period | shares	1,818
Granted | shares	26
Outstanding at end of period | shares	1,844
Exercisable at end of period | shares	1,521
WAEP
Outstanding at beginning of period | $ / shares	$ 27.22
Granted | $ / shares	18.03
Outstanding at end of period | $ / shares	27.09
Exercisable at end of period | $ / shares	$ 26.50
Additional disclosures
Weighted average remaining life - options outstanding	3 years 9 months 18 days
Weighted average remaining life - options exercisable	4 years

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share - Earnings Per Share Basic and Diluted (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings (loss) per common share
Antidilutive securities	24	11
Basic WASO	433	476
Potentially dilutive shares	1	5
Diluted WASO	434	481
Liberty Ventures common stock
Earnings (loss) per common share
Antidilutive securities		2
Basic WASO		86
Potentially dilutive shares		1
Diluted WASO		87

Assets and Liabilities Measur_3

Assets and Liabilities Measured at Fair Value - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2018	Mar. 31, 2019	Dec. 31, 2018	Mar. 09, 2018
Assets and liabilities measured at fair value
Indemnification asset				$ 281
Recurring
Assets and liabilities measured at fair value
Cash equivalents		$ 206	$ 310
Indemnification asset		110	79
Debt		1,472	1,334
Recurring | Quoted prices in active markets for identical assets (Level 1)
Assets and liabilities measured at fair value
Cash equivalents		206	310
Recurring | Significant other observable inputs (Level 2)
Assets and liabilities measured at fair value
Indemnification asset		110	79
Debt		$ 1,472	$ 1,334
1.75% Exchangeable Senior Debentures due 2046
Assets and liabilities measured at fair value
Interest rate (as a percent)		1.75%
Securities repurchased	417,759
Amount of securities repurchased	$ 457
Exchangeable debenture securities outstanding		332,241
1.75% Exchangeable Senior Debentures due 2046 | GCI Liberty
Assets and liabilities measured at fair value
Indemnification payment from GCI Liberty, Inc.	$ 133

Assets and Liabilities Measur_4

Assets and Liabilities Measured at Fair Value - Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Realized and unrealized gains (losses) on financial instruments
Realized and unrealized gains (losses) on financial instruments, net	$ (81)	$ 99
Equity securities
Realized and unrealized gains (losses) on financial instruments
Realized and unrealized gains (losses) on financial instruments, net	5	114
Exchangeable senior debentures
Realized and unrealized gains (losses) on financial instruments
Realized and unrealized gains (losses) on financial instruments, net	(116)	17
Indemnification asset
Realized and unrealized gains (losses) on financial instruments
Realized and unrealized gains (losses) on financial instruments, net	32	(29)
Other financial instruments
Realized and unrealized gains (losses) on financial instruments
Realized and unrealized gains (losses) on financial instruments, net	$ (2)	$ (3)

Intangible Assets - Changes In

Intangible Assets - Changes In The Carrying Amount Of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Changes in the carrying amount of goodwill
Balance, beginning of the year	$ 7,017
Foreign currency translation adjustments	(4)
Balance, end of the year	7,013
Corp and Other
Changes in the carrying amount of goodwill
Balance, beginning of the year	12
Balance, end of the year	12
QxH
Changes in the carrying amount of goodwill
Balance, beginning of the year	5,228
Balance, end of the year	5,228
QVC International
Changes in the carrying amount of goodwill
Balance, beginning of the year	860
Foreign currency translation adjustments	(4)
Balance, end of the year	856
Zulily
Changes in the carrying amount of goodwill
Balance, beginning of the year	917
Balance, end of the year	$ 917

Intangible Assets - Amortizatio

Intangible Assets - Amortization Expense For The Next Five Fiscal Years (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Intangible Assets
Amortization expense for intangible assets	$ 100	$ 109
Amortization expense for the next five years
Remainder of 2019	283
2020	304
2021	181
2022	88
2023	$ 79

Long-Term Debt - Debt Excluding

Long-Term Debt - Debt Excluding Intergroup Debt (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Long-term debt
Outstanding principal	$ 7,516
Total consolidated debt	7,443	$ 7,373
Less debt classified as current	(1,488)	(1,410)
Long-term debt, including current portion	5,955	5,963
Deferred loan costs	(27)	(29)
8.5% Senior Debentures Due 2029
Long-term debt
Outstanding principal	287
Total consolidated debt	$ 286	286
Debt instrument interest rate	8.50%
8.25% Senior Debentures Due 2030
Long-term debt
Outstanding principal	$ 504
Total consolidated debt	$ 502	502
Debt instrument interest rate	8.25%
4% Exchangeable Senior Debentures Due 2029
Long-term debt
Outstanding principal	$ 433
Total consolidated debt	$ 324	304
Debt instrument interest rate	4.00%
3.75% Exchangeable Senior Debentures Due 2030
Long-term debt
Outstanding principal	$ 434
Total consolidated debt	$ 313	307
Debt instrument interest rate	3.75%
3.5% Exchangeable Senior Debentures Due 2031
Long-term debt
Outstanding principal	$ 313
Total consolidated debt	$ 450	377
Debt instrument interest rate	3.50%
0.75% Exchangeable Senior Debentures due 2043
Long-term debt
Total consolidated debt	$ 2	2
Debt instrument interest rate	0.75%
1.75% Exchangeable Senior Debentures due 2046
Long-term debt
Outstanding principal	$ 332
Total consolidated debt	$ 383	344
Debt instrument interest rate	1.75%
Other subsidiary debt
Long-term debt
Total consolidated debt		188
QVC | QVC 3.125% Senior Secured Notes Due 2019
Long-term debt
Outstanding principal	$ 400
Total consolidated debt	$ 399	399
Debt instrument interest rate	3.125%
QVC | QVC 5.125% Senior Secured Notes Due 2022
Long-term debt
Outstanding principal	$ 500
Total consolidated debt	$ 500	500
Debt instrument interest rate	5.125%
QVC | QVC 4.375% Senior Secured Notes due 2023
Long-term debt
Outstanding principal	$ 750
Total consolidated debt	$ 750	750
Debt instrument interest rate	4.375%
QVC | QVC 4.85% Senior Secured Notes Due 2024
Long-term debt
Outstanding principal	$ 600
Total consolidated debt	$ 600	600
Debt instrument interest rate	4.85%
QVC | QVC 4.45% Senior Secured Notes Due 2025
Long-term debt
Outstanding principal	$ 600
Total consolidated debt	$ 599	599
Debt instrument interest rate	4.45%
QVC | QVC 5.45% Senior Secured Notes Due 2034
Long-term debt
Outstanding principal	$ 400
Total consolidated debt	$ 399	399
Debt instrument interest rate	5.45%
QVC | QVC 5.95% Senior Secured Notes due 2043
Long-term debt
Outstanding principal	$ 300
Total consolidated debt	$ 300	300
Debt instrument interest rate	5.95%
QVC | QVC 6.375% Senior Secured Notes Due 2067
Long-term debt
Outstanding principal	$ 225
Total consolidated debt	$ 225	225
Debt instrument interest rate	6.375%
QVC | QVC Bank Credit Facilities
Long-term debt
Outstanding principal	$ 1,438
Total consolidated debt	$ 1,438	$ 1,320

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) $ in Millions	Dec. 31, 2018USD ($)	Mar. 31, 2019USD ($)item
Long-term debt
Long-term debt	$ 7,373	$ 7,443
QVC | Standby Letters of Credit
Long-term debt
Maximum borrowing capacity	450
QVC | Amendment No. 4 QVC Bank Credit Facility
Long-term debt
Maximum borrowing capacity	$ 3,650
Number of quarters used in computing debt ratio | item		4
Interest rate (as a percent)		3.90%
Remaining borrowing capacity		$ 2,200
QVC | Amendment No. 4 QVC Bank Credit Facility | Base Rate
Long-term debt
Debt Instrument, Description of Variable Rate Basis	base rate
QVC | Amendment No. 4 QVC Bank Credit Facility | Base Rate | Minimum
Long-term debt
Debt Instrument, Basis Spread on Variable Rate	0.25%
QVC | Amendment No. 4 QVC Bank Credit Facility | Base Rate | Maximum
Long-term debt
Debt Instrument, Basis Spread on Variable Rate	0.75%
QVC | Amendment No. 4 QVC Bank Credit Facility | LIBOR
Long-term debt
Debt Instrument, Description of Variable Rate Basis	LIBOR
QVC | Amendment No. 4 QVC Bank Credit Facility | LIBOR | Minimum
Long-term debt
Debt Instrument, Basis Spread on Variable Rate	1.25%
QVC | Amendment No. 4 QVC Bank Credit Facility | LIBOR | Maximum
Long-term debt
Debt Instrument, Basis Spread on Variable Rate	1.75%
QVC | Uncommitted Incremental Revolving Loan Commitments or Incremental Term Loans
Long-term debt
Maximum borrowing capacity	$ 1,500
QVC | Portion of Credit Facility Available to QVC or zulily
Long-term debt
Maximum borrowing capacity	400
QVC | Portion of Credit Facility Available to QVC or zulily | Standby Letters of Credit
Long-term debt
Maximum borrowing capacity	50
QVC | Portion of Credit Facility Available Only to QVC
Long-term debt
Maximum borrowing capacity	$ 3,250
QVC | Credit Facility Portion Available to Zulily And Letters Of Credit
Long-term debt
Remaining borrowing capacity		$ 400

Long-Term Debt - Debt Securitie

Long-Term Debt - Debt Securities That Are Not Reported At Fair Value (Details) $ in Millions	Mar. 31, 2019USD ($)
Senior Debentures
Long-term debt
Fair value of debt securities that are not reported at fair value	$ 809
QVC | QVC Senior Secured Notes
Long-term debt
Fair value of debt securities that are not reported at fair value	$ 3,802

Leases - Remaining Lease Term A

Leases - Remaining Lease Term And Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019
Leases
Lease, Practical Expedients, Package [true false]	true
Lease, Practical Expedient, Use of Hindsight [true false]	false
Operating lease ROU assets (1)	$ 343	$ 287
Short term operating lease liabilities	52	51
Long term operating lease liabilities	$ 317	259
Prepaid rent		$ 23
Operating lease, existence of option to extend	true
Finance lease, existence of option to extend	true
Operating lease, existence of option to terminate	true
Finance lease, existence of option to terminate	true
Components of lease expense:
Operating Lease Cost	$ 17
Finance lease cost
Depreciation of leased assets	5
Interest on lease liabilities	2
Total finance lease cost	$ 7
Minimum
Leases
Operating lease, remaining lease term	1 year
Finance lease, remaining lease term	1 year
Maximum
Leases
Operating lease, remaining lease term	15 years
Finance lease, remaining lease term	15 years
Operating lease, option to extend, period	14 years
Finance lease, option to extend, period	14 years
Operating lease, terminate term	1 year
Finance lease, terminate term	1 year

Leases - Weighted- Average Rema

Leases - Weighted- Average Remaining Lease Term And Discount Rate (Details)	Mar. 31, 2019
Leases
Finance leases - Weighted-average remaining lease term (in years)	9 years 6 months
Operating leases -Weighted-average remaining lease term (in years)	12 years 2 months 12 days
Finance leases - Weighted-average discount rate	4.90%
Operating leases - Weighted-average discount rate	6.10%

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Leases
Operating lease ROU assets (1)	$ 343	$ 287
Operating lease ROU asset location	us-gaap:OtherAssetsNoncurrent
Current operating lease liabilities (2)	$ 52	51
Current operating lease location	us-gaap:OtherLiabilitiesCurrent
Operating lease liabilities (3)	$ 317	$ 259
Operating lease liabilities location	us-gaap:OtherLiabilitiesNoncurrent
Total operating lease liabilities	$ 369
Property and equipment, net	1,304		$ 1,322
Current finance lease liabilities (2)	$ 20
Finance lease current liabilities location	us-gaap:OtherLiabilitiesCurrent
Finance lease liabilities (3)	$ 162
Finance lease liabilities location	us-gaap:OtherLiabilitiesNoncurrent
Total finance lease liabilities	$ 182
Finance lease ROU assets (4)
Leases
Property and equipment, at cost	280
Accumulated depreciation	(125)
Property and equipment, net	$ 155

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 15
Operating cash flows from finance leases	2
Financing cash flows from finance leases	5
Operating leases- right-of-use assets obtained in exchange for lease obligations	$ 68

Leases - Future Lease Payments

Leases - Future Lease Payments Under Operating Leases And Finance Leases (Details) $ in Millions	Mar. 31, 2019USD ($)
Future lease payments under finance leases
Remainder of 2019	$ 22
2020	26
2021	25
2022	24
2023	22
Thereafter	116
Total lease payments	235
Less: imputed interest	53
Total finance lease liabilities	182
Future lease payments under operating leases
Remainder of 2019	53
2020	67
2021	59
2022	50
2023	44
Thereafter	208
Total lease payments	481
Less: imputed interest	112
Total operating lease liabilities	$ 369

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Millions, $ in Millions	Oct. 05, 2018USD ($)ft²item	Mar. 31, 2019USD ($)	Jan. 01, 2019USD ($)
Leases
Right of use asset		$ 343	$ 287
Operating lease liability		$ 369
Operating lease, existence of option to extend		true
Maximum
Leases
Renewal term		14 years
QVC
Leases
Area of leased building (in square feet) | ft²	1.7
Initial term of lease (in years)	15 years
Right of use asset		$ 68
Operating lease liability		$ 69
Operating lease, existence of option to extend	true
Maximum number of consecutive terms eligible for extension | item	2
Renewal term	5 years
Final renewal term	4 years
QVC | Minimum
Leases
Operating Lease, rent expenses	$ 10
QVC | Maximum
Leases
Operating Lease, rent expenses	$ 14

Information About Qurate Reta_3

Information About Qurate Retail's Operating Segments - Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Total revenue, net	$ 3,085	$ 3,230
Home
Segment Reporting Information [Line Items]
Total revenue, net	1,183	1,249
Apparel
Segment Reporting Information [Line Items]
Total revenue, net	619	639
Beauty
Segment Reporting Information [Line Items]
Total revenue, net	448	462
Accessories
Segment Reporting Information [Line Items]
Total revenue, net	390	400
Electronics
Segment Reporting Information [Line Items]
Total revenue, net	210	202
Jewelry
Segment Reporting Information [Line Items]
Total revenue, net	177	199
Other revenue
Segment Reporting Information [Line Items]
Total revenue, net	58	79
Operating Segments | QxH
Segment Reporting Information [Line Items]
Total revenue, net	1,857	1,926
Operating Segments | QxH | Home
Segment Reporting Information [Line Items]
Total revenue, net	679	726
Operating Segments | QxH | Apparel
Segment Reporting Information [Line Items]
Total revenue, net	326	325
Operating Segments | QxH | Beauty
Segment Reporting Information [Line Items]
Total revenue, net	292	306
Operating Segments | QxH | Accessories
Segment Reporting Information [Line Items]
Total revenue, net	220	219
Operating Segments | QxH | Electronics
Segment Reporting Information [Line Items]
Total revenue, net	181	172
Operating Segments | QxH | Jewelry
Segment Reporting Information [Line Items]
Total revenue, net	112	132
Operating Segments | QxH | Other revenue
Segment Reporting Information [Line Items]
Total revenue, net	47	46
Operating Segments | QVC International
Segment Reporting Information [Line Items]
Total revenue, net	644	676
Operating Segments | QVC International | Home
Segment Reporting Information [Line Items]
Total revenue, net	247	260
Operating Segments | QVC International | Apparel
Segment Reporting Information [Line Items]
Total revenue, net	112	119
Operating Segments | QVC International | Beauty
Segment Reporting Information [Line Items]
Total revenue, net	143	144
Operating Segments | QVC International | Accessories
Segment Reporting Information [Line Items]
Total revenue, net	62	67
Operating Segments | QVC International | Electronics
Segment Reporting Information [Line Items]
Total revenue, net	25	26
Operating Segments | QVC International | Jewelry
Segment Reporting Information [Line Items]
Total revenue, net	52	55
Operating Segments | QVC International | Other revenue
Segment Reporting Information [Line Items]
Total revenue, net	3	5
Operating Segments | Zulily
Segment Reporting Information [Line Items]
Total revenue, net	397	419
Operating Segments | Zulily | Home
Segment Reporting Information [Line Items]
Total revenue, net	111	116
Operating Segments | Zulily | Apparel
Segment Reporting Information [Line Items]
Total revenue, net	140	156
Operating Segments | Zulily | Beauty
Segment Reporting Information [Line Items]
Total revenue, net	13	12
Operating Segments | Zulily | Accessories
Segment Reporting Information [Line Items]
Total revenue, net	108	114
Operating Segments | Zulily | Electronics
Segment Reporting Information [Line Items]
Total revenue, net	4	4
Operating Segments | Zulily | Jewelry
Segment Reporting Information [Line Items]
Total revenue, net	13	12
Operating Segments | Zulily | Other revenue
Segment Reporting Information [Line Items]
Total revenue, net	8	5
Corp and Other
Segment Reporting Information [Line Items]
Total revenue, net	187	209
Corp and Other | Home
Segment Reporting Information [Line Items]
Total revenue, net	146	147
Corp and Other | Apparel
Segment Reporting Information [Line Items]
Total revenue, net	$ 41	39
Corp and Other | Other revenue
Segment Reporting Information [Line Items]
Total revenue, net		$ 23

Information About Qurate Reta_4

Information About Qurate Retail's Operating Segments - Performance Measures By Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Information about Qurate Retail's operating segments
Adjusted OIBDA	$ 460	$ 492
Corp and Other
Information about Qurate Retail's operating segments
Adjusted OIBDA	(10)	(11)
QxH | Operating Segments
Information about Qurate Retail's operating segments
Adjusted OIBDA	352	369
QVC International | Operating Segments
Information about Qurate Retail's operating segments
Adjusted OIBDA	101	107
Zulily | Operating Segments
Information about Qurate Retail's operating segments
Adjusted OIBDA	$ 17	$ 27

Information About Qurate Reta_5

Information About Qurate Retail's Operating Segments - Other Information By Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Information about Qurate Retail's operating segments
Total assets	$ 17,797		$ 17,841
Investments in affiliates	144
Capital expenditures	61	$ 47
Operating Segments | QxH
Information about Qurate Retail's operating segments
Total assets	12,558
Investments in affiliates	38
Capital expenditures	47
Operating Segments | QVC International
Information about Qurate Retail's operating segments
Total assets	2,161
Capital expenditures	7
Operating Segments | Zulily
Information about Qurate Retail's operating segments
Total assets	2,232
Capital expenditures	5
Corp and Other
Information about Qurate Retail's operating segments
Total assets	846
Investments in affiliates	106
Capital expenditures	$ 2

Information About Qurate Reta_6

Information About Qurate Retail's Operating Segments - Reconciliation Of Segment Adjusted OIBDA To Earnings (Loss) From Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Information About Qurate Retail's Operating Segments
Consolidated segment Adjusted OIBDA	$ 460	$ 492
Stock-based compensation	(19)	(23)
Depreciation and amortization	(153)	(163)
Transaction related costs		(12)
Operating income (loss)	288	294
Interest expense	(96)	(98)
Share of earnings (losses) of affiliates, net	(45)	(14)
Realized and unrealized gains (losses) on financial instruments, net	(81)	99
Other, net	(8)	11
Earnings (loss) from continuing operations before income taxes	$ 58	$ 292