Qurate Retail (QRTEP) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-33982
Entity Registrant Name	QURATE RETAIL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1288730
Entity Address, Address Line One	12300 Liberty Boulevard
Entity Address, City or Town	Englewood
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112
City Area Code	720
Local Phone Number	875-5300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001355096
Amendment Flag	false
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Series A common stock
Trading Symbol	QRTEA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		373,636,068
Common Class B
Document Information [Line Items]
Title of 12(b) Security	Series B common stock
Trading Symbol	QRTEB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		8,373,512
8.0% Series A Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	8.0% Series A Cumulative Redeemable Preferred Stock
Trading Symbol	QRTEP
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 608	$ 587
Trade and other receivables, net of allowance for credit losses of $102 million and $107 million, respectively	1,307	1,679
Inventory, net	1,772	1,623
Indemnification agreement receivable	239	324
Other current assets	243	235
Total current assets	4,169	4,448
Property and equipment, net	1,028	1,077
Intangible assets not subject to amortization (note 5):
Goodwill	6,312	6,339
Trademarks	3,038	3,038
Intangible assets not subject to amortization	9,350	9,377
Intangible assets subject to amortization, net (note 5)	698	745
Other assets, at cost, net of accumulated amortization	563	602
Total assets	15,808	16,249
Current liabilities:
Accounts payable	1,212	1,429
Accrued liabilities	985	1,236
Current portion of debt, $1,151 million and $1,315 million measured at fair value (note 6)	1,901	1,315
Other current liabilities	212	244
Total current liabilities	4,310	4,224
Long-term debt (note 6)	5,191	5,674
Deferred income tax liabilities	1,390	1,353
Preferred stock (note 7)	1,265	1,261
Other liabilities	645	707
Total liabilities	12,801	13,219
Stockholders' equity :
Additional paid-in capital	7
Accumulated other comprehensive earnings (loss), net of taxes	(104)	(79)
Retained earnings	2,973	2,969
Total stockholders' equity	2,880	2,894
Noncontrolling interests in equity of subsidiaries	127	136
Total equity	3,007	3,030
Commitments and contingencies (note 8)
Total liabilities and equity	15,808	16,249
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, 2022	Dec. 31, 2021
Allowance for doubtful accounts	$ 102	$ 107
Current portion of debt, fair value	$ 1,151	$ 1,315
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	373,490,863	371,132,684
Common stock, shares outstanding	373,490,863	371,132,684
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	8,392,212	8,163,190
Common stock, shares outstanding	8,392,212	8,163,190
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, 2022	Mar. 31, 2021
Revenue:
Total revenue, net	$ 2,883	$ 3,337
Type of revenue	us-gaap:RetailMember	us-gaap:RetailMember
Operating costs and expenses:
Cost of goods sold (exclusive of depreciation shown separately below)	$ 2,002	$ 2,195
Type of cost of retail sales	us-gaap:RetailMember	us-gaap:RetailMember
Operating expense	$ 196	$ 206
Selling, general and administrative, including stock-based compensation (note 2)	445	435
Restructuring and fire related costs, net	4
Depreciation and amortization	130	128
Total operating costs and expenses	2,777	2,964
Operating income (loss)	106	373
Other income (expense):
Interest expense	(117)	(117)
Share of earnings (losses) of affiliates, net	(1)	(32)
Realized and unrealized gains (losses) on financial instruments, net (note 4)	30	41
Other, net	53	13
Total other income (expense)	(35)	(95)
Earnings (loss) before income taxes	71	278
Income tax (expense) benefit	(58)	(54)
Net earnings (loss)	13	224
Less net earnings (loss) attributable to the noncontrolling interests	12	18
Net earnings (loss) attributable to Qurate Retail, Inc. shareholders	$ 1	$ 206
Earnings (Loss) Per Common Share
Basic net earnings (loss) attributable to Series A and Series B Qurate Retail, Inc. shareholders per common share (note 3):	$ 0	$ 0.50
Diluted net earnings (loss) attributable to Series A and Series B Qurate Retail, Inc. shareholders per common share (note 3):	$ 0	$ 0.49

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Comprehensive Earnings (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements Of Comprehensive Earnings (Loss)
Net earnings (loss)	$ 13	$ 224
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments	(60)	(73)
Comprehensive earnings (loss) attributable to debt credit risk adjustments	29	(56)
Other comprehensive earnings (loss)	(31)	(129)
Comprehensive earnings (loss)	(18)	95
Less comprehensive earnings (loss) attributable to the noncontrolling interests	6	9
Comprehensive earnings (loss) attributable to Qurate Retail, Inc. shareholders	$ (24)	$ 86

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net earnings (loss)	$ 13	$ 224
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	130	128
Stock-based compensation	15	16
Share of (earnings) losses of affiliates, net	1	32
Realized and unrealized (gains) losses on financial instruments, net	(30)	(41)
Deferred income tax expense (benefit)	29	2
Other, net	(25)	6
Changes in operating assets and liabilities
Decrease (increase) in accounts receivable	365	382
Decrease (increase) in inventory	(155)	(81)
Decrease (increase) in prepaid expenses and other assets	8	32
(Decrease) increase in trade accounts payable	(211)	(165)
(Decrease) increase in accrued and other liabilities	(319)	(382)
Net cash provided (used) by operating activities	(179)	153
Cash flows from investing activities:
Investments in and loans to cost and equity investees	(7)	(118)
Capital expenditures	(43)	(47)
Expenditures for television distribution rights	(2)	(56)
Cash proceeds from dispositions of investments	12	2
Proceeds from sale of fixed assets		40
Other investing activities, net	24	(1)
Net cash provided (used) by investing activities	(16)	(180)
Cash flows from financing activities:
Borrowings of debt	460	265
Repayments of debt	(195)	(194)
Repurchases of Qurate Retail common stock		(41)
Withholding taxes on net share settlements of stock-based compensation	(7)	(21)
Dividends paid to noncontrolling interest	(14)	(16)
Dividends paid to common shareholders	(10)	(13)
Other financing activities, net	(5)	(3)
Net cash provided (used) by financing activities	229	(23)
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash	(13)	(17)
Net increase (decrease) in cash, cash equivalents and restricted cash	21	(67)
Cash, cash equivalents and restricted cash at beginning of period	596	814
Cash, cash equivalents and restricted cash at end of period	$ 617	$ 747

Condensed Consolidated Statem_4

Condensed Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Condensed Consolidated Statements Of Cash Flows
Cash and cash equivalents	$ 608	$ 587
Restricted cash included in other current assets	$ 9	$ 9
Restricted Cash and Cash Equivalents, Asset, Statement of Financial Position [Extensible List]	Other Assets, Current	Other Assets, Current
Total cash, cash equivalents and restricted cash in the condensed consolidated statement of cash flows	$ 617	$ 596

Condensed Consolidated Statem_5

Condensed Consolidated Statements Of Equity - USD ($) $ in Millions	Common Class ACommon Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Earnings	Retained Earnings	Noncontrolling Interest In Equity Of Subsidiaries	Total
Balance at Dec. 31, 2020	$ 4		$ 72	$ 3,522	$ 135	$ 3,733
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)				206	18	224
Other comprehensive income (loss)			(120)		(9)	(129)
Stock-based compensation		$ 15				15
Series A Qurate Retail stock repurchases		(41)				(41)
Distribution to noncontrolling interest					(16)	(16)
Withholding taxes on net share settlements of stock-based compensation		(21)				(21)
Other		(2)		1		(1)
Reclassification		49		(49)
Balance at Mar. 31, 2021	4		(48)	3,680	128	3,764
Balance at Dec. 31, 2021	4		(79)	2,969	136	3,030
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)				1	12	13
Other comprehensive income (loss)			(25)		(6)	(31)
Stock-based compensation		14				14
Distribution to noncontrolling interest					(15)	(15)
Withholding taxes on net share settlements of stock-based compensation		(7)				(7)
Other				3		3
Balance at Mar. 31, 2022	$ 4	$ 7	$ (104)	$ 2,973	$ 127	$ 3,007

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Basis of Presentation
Basis of Presentation	(1) Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Qurate Retail, Inc. 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”), Cornerstone Brands, Inc. (“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, 2021, 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. 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, 2021 (the “2021 10-K”). 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. In December 2019, a new coronavirus (“COVID-19”) was reported to have surfaced in Wuhan, China and has subsequently spread across the globe causing a global pandemic, impacting all countries where Qurate Retail operates. As a result of the spread of COVID-19, certain local governmental agencies have imposed travel restrictions, local quarantines or stay at home restrictions to contain the spread, which has caused a significant disruption to most sectors of the economy. Management is not presently aware of any events or circumstances arising from COVID-19 that would require the Company to update the estimates, judgments or revise the carrying value of our assets or liabilities. Management's estimates may change, however, as new events occur and additional information is obtained, and any such changes will be recognized in the consolidated financial statements. Actual results could differ from estimates, and any such differences may be material to our financial statements. 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. As a result of certain corporate transactions, LMC and Qurate Retail may have obligations to each other for certain tax related matters. Neither Qurate Retail nor LMC has any stock ownership, beneficial or otherwise, in the other. In connection with a split-off transaction that occurred in the first quarter of 2018 (the “GCI Liberty Split-Off”), Qurate Retail and GCI Liberty, Inc. (“GCI Liberty”) entered into a tax sharing agreement. Pursuant to the tax sharing agreement, GCI Liberty agreed to indemnify Qurate Retail for taxes and tax-related losses resulting from the GCI Liberty Split-Off to the extent such taxes or tax-related losses (i) result primarily from, individually or in the aggregate, the breach of certain restrictive covenants made by GCI Liberty (applicable to actions or failures to act by GCI Liberty and its subsidiaries following the completion of the GCI Liberty Split-Off), or (ii) result from Section 355(e) of the Internal Revenue Code applying to the GCI Liberty Split-Off as a result of the GCI Liberty Split-Off being part of a plan (or series of related transactions) pursuant to which one or more persons acquire, directly or indirectly, a 50- percent or greater interest (measured by vote or value) in the stock of GCI Liberty (or any successor corporation). Following a merger between Liberty Broadband Corporation (“Liberty Broadband”) and GCI Liberty, Liberty Broadband has assumed the tax sharing agreement. ​ In December 2019, the Company entered into an amendment to the services agreement in connection with LMC’s entry into a new employment arrangement with Gregory B. Maffei, the Company’s Chairman of the Board (the “Chairman” or “Mr. Maffei”). Under the amended services agreement, components of his compensation will either be paid directly to him by each of the Company, Liberty TripAdvisor Holdings, Inc., and Liberty Broadband (collectively, the “Service Companies”) or reimbursed to LMC, in each case, based on allocations among LMC and the Service Companies set forth in the amended services agreement, currently set at 13% for the Company. ​ 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 $3 million and $2 million was reimbursable to LMC for the three months ended March 31, 2022 and 2021, respectively. Qurate Retail had a tax sharing payable to LMC and Liberty Broadband in the amount of approximately $74 million and $96 million as of March 31, 2022 and December 31, 2021, respectively, included in Other liabilities in the condensed consolidated balance sheets. ​

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Stock-Based Compensation
Stock-Based Compensation	(2) Stock-Based Compensation The Company has granted to certain of its directors, employees and employees of its subsidiaries, restricted stock (“RSAs”), 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 $15 million and $16 millon of stock-based compensation during the three months ended March 31, 2022 and 2021, respectively. ​ Qurate Retail – RSUs The following table presents the number and weighted average GDFV of RSUs granted by the Company during the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, 2022 ​ ​ ​ RSUs Granted (000's) ​ Weighted Average GDFV ​ ​ ​ ​ ​ ​ ​ ​ Series A Qurate Retail common stock, subsidiary employees (1) ​ 10,486 ​ $ 4.91 ​ Series A Qurate Retail common stock, Qurate Retail employees and directors (2) ​ 217 ​ $ 4.91 ​ Series A Qurate Retail common stock, Qurate Retail President and CEO (3) ​ 596 ​ $ 4.91 ​ Series B Qurate Retail common stock, Qurate Retail Chairman of the Board (4) ​ 327 ​ $ 4.95 ​ (1) Grants mainly vest equally over three years . (2) Grants mainly vest one year from the month of grant, subject to the satisfaction of certain performance objectives. (3) Grant vests one year from the month of grant, subject to the satisfaction of certain performance objectives. Grant was made in connection with the employment agreement of our President and Chief Executive Officer. (4) Grant vests one year from the month of grant, subject to the satisfaction of certain performance objectives. Grant was made in connection with our Chairman’s employment agreement. ​ For awards that are performance-based, 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. Pursuant to the terms of the Stock Exchange Agreement, dated as of June 3, 2021, by and between Mr. Maffei and the Company, on March 25, 2022, Mr. Maffei transferred to the Company an aggregate of 229,022 shares of Series A common stock of Qurate Retail (“QRTEA”) received by Mr. Maffei upon vesting of the performance-based restricted stock unit award granted to Mr. Maffei on March 10, 2021 and in exchange, the Company issued to Mr. Maffei an equivalent number of shares of Series B common stock of Qurate Retail (“QRTEB”). Each share of Qurate Retail’s Series B common stock is convertible, at the option of the holder, into one share of Qurate Retail’s Series A common stock. Qurate Retail—Outstanding Awards The following tables present the number and weighted average exercise price ("WAEP") of the options 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 options. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Aggregate ​ ​ ​ ​ ​ ​ ​ average ​ intrinsic ​ ​ ​ Series A ​ ​ ​ ​ remaining ​ value ​ ​ ​ (000's) ​ WAEP ​ life ​ (millions) ​ Options outstanding at January 1, 2022 42,110 ​ $ 9.23 ​ ​ ​ ​ ​ ​ ​ Granted — ​ $ — ​ ​ ​ ​ ​ ​ ​ Exercised (56) ​ $ 2.80 ​ ​ ​ ​ ​ ​ ​ Forfeited/Cancelled (2,936) ​ $ 11.16 ​ ​ ​ ​ ​ ​ ​ Options outstanding at March 31, 2022 39,118 ​ $ 9.10 3.3 years ​ $ 18 ​ Options exercisable at March 31, 2022 25,183 ​ $ 11.19 2.3 years ​ $ 6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Aggregate ​ ​ ​ ​ ​ ​ ​ average ​ intrinsic ​ ​ ​ Series B ​ ​ ​ ​ remaining ​ value ​ ​ ​ (000's) ​ WAEP ​ life ​ (millions) ​ Options outstanding at January 1, 2022 2,221 ​ $ 12.25 ​ ​ ​ ​ ​ ​ ​ Granted — ​ $ — ​ ​ ​ ​ ​ ​ ​ Exercised — ​ $ — ​ ​ ​ ​ ​ ​ ​ Forfeited/Cancelled ​ — ​ $ — ​ ​ ​ ​ ​ ​ ​ Options outstanding at March 31, 2022 2,221 ​ $ 12.25 1.5 years ​ $ — ​ Options exercisable at March 31, 2022 2,221 ​ $ 12.25 1.5 years ​ $ — ​ ​ ​ The following table presents the number and weighted average GDFV of RSUs granted to certain officers, employees and directors of the Company. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Series A ​ Average ​ Series B ​ Average ​ ​ ​ (000's) ​ GDFV ​ (000's) ​ GDFV ​ RSUs outstanding at January 1, 2022 12,905 ​ $ 9.38 ​ — ​ $ — ​ Granted 11,299 ​ $ 4.91 ​ 327 ​ $ 4.95 ​ Vested (3,593) ​ $ 9.86 ​ — ​ $ — ​ Forfeited/Cancelled (1,154) ​ $ 8.82 ​ — ​ $ — ​ RSUs outstanding at March 31, 2022 19,457 ​ $ 6.73 ​ 327 ​ $ 4.95 ​ ​ As of March 31, 2022, Qurate Retail also had 1.1 million QRTEB RSAs and 116 thousand Qurate Retail 8.0% Series A Cumulative Redeemable Preferred Stock RSAs and RSUs outstanding. The QRTEB unvested RSAs had a weighted average GDFV of $13.65 per share, and 95 thousand of the Qurate Retail 8.0% Series A Cumulative Redeemable Preferred Stock unvested RSUs had an incremental cost of $48.17 per share. ​ As of March 31, 2022, the total unrecognized compensation cost related to unvested Awards was approximately $152 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, 2022, Qurate Retail reserved for issuance upon exercise of outstanding stock options approximately 39.1 million shares of QRTEA and 2.2 million shares of QRTEB common stock.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2022
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share	(3) 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. Excluded from diluted EPS for the three months ended March 31, 2022 and 2021 are 26 million and 25 million potential common shares, respectively, because their inclusion would have been antidilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ Qurate Retail Common Stock ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ ​ 2022 ​ 2021 ​ ​ ​ number of shares in millions ​ Basic WASO 379 ​ 411 ​ Potentially dilutive shares 5 ​ 11 ​ Diluted WASO 384 ​ 422 ​ ​

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value	3 Months Ended
	Mar. 31, 2022
Assets and Liabilities Measured at Fair Value
Assets and Liabilities Measured at Fair Value	(4) 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, 2022 ​ December 31, 2021 ​ ​ ​ 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 ​ $ 213 213 — 149 149 — ​ Indemnification asset ​ $ 239 ​ — ​ 239 ​ 324 ​ — ​ 324 ​ Debt ​ $ 1,151 — 1,151 1,315 — 1,315 ​ ​ The majority of the Company's Level 2 financial assets and liabilities are primarily debt instruments and derivative 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. ​ The indemnification asset relates to Liberty Broadband’s agreement to indemnify Liberty Interactive LLC (“LI LLC”) and pertains to the ability of holders of LI LLC’s 1.75% exchangeable debentures due 2046 (the “1.75% Exchangeable Debentures”) to exercise their 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, 2022 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, 2022, a holder of the 1.75% Exchangeable Debentures has the ability to exchange and, accordingly, such indemnification asset is included as a current asset in our condensed consolidated balance sheet as of that date. ​ ​ 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, ​ 2022 2021 ​ ​ amounts in millions Equity securities ​ ​ (10) ​ 7 ​ Exchangeable senior debentures ​ 124 46 ​ Indemnification asset ​ ​ (85) ​ (52) ​ Other financial instruments ​ ​ 1 ​ 40 ​ ​ ​ $ 30 41 ​ ​ The Company has elected to account for its exchangeable debt using the fair value option. Changes in the fair value of the exchangeable senior debentures recognized in the condensed consolidated statement of operations are primarily due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to the change in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the exchangeable senior debentures attributable to changes in the instrument specific credit risk was a gain of $34 million and a loss of $68 million for the three months ended March 31, 2022 and 2021, respectively. The cumulative change was a gain of $182 million as of March 31, 2022, net of the recognition of previously unrecognized gains and losses.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2022
Intangible Assets
Intangible Assets	(5) 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, 2022 ​ $ 5,228 ​ 855 ​ 244 12 6,339 ​ Foreign currency translation adjustments ​ — ​ (27) ​ — — (27) ​ Balance at March 31, 2022 ​ $ 5,228 ​ 828 ​ 244 12 6,312 ​ ​ ​ Intangible Assets Subject to Amortization Amortization expense for intangible assets with finite useful lives was $82 million for both of the three months ended March 31, 2022 and 2021, respectively. Based on its amortizable intangible assets as of March 31, 2022, Qurate Retail expects that amortization expense will be as follows for the next five years (amounts in millions): ​ ​ ​ ​ ​ ​ Remainder of 2022 $ 242 ​ 2023 ​ $ 208 ​ 2024 ​ $ 130 ​ 2025 ​ $ 58 ​ 2026 ​ $ 52 ​ ​

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2022
Long-Term Debt
Long-Term Debt	​ ​ (6) Long-Term Debt Debt is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ ​ ​ ​ ​ ​ ​ principal at ​ Carrying value ​ March 31, 2022 March 31, 2022 December 31, 2021 ​ ​ amounts in millions Corporate level debentures ​ ​ ​ ​ ​ ​ ​ ​ ​ 8.5% Senior Debentures due 2029 ​ $ 287 ​ 286 286 ​ 8.25% Senior Debentures due 2030 ​ 505 ​ 503 503 ​ 4% Exchangeable Senior Debentures due 2029 ​ ​ 396 ​ ​ 294 ​ 328 ​ 3.75% Exchangeable Senior Debentures due 2030 ​ ​ 431 ​ ​ 312 ​ 347 ​ 1.75% Exchangeable Senior Debentures due 2046 ​ ​ 332 ​ ​ 545 ​ 640 ​ Subsidiary level notes and facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 4.75% Senior Secured Notes due 2027 ​ ​ 575 ​ ​ 575 ​ 575 ​ QVC 4.375% Senior Secured Notes due 2028 ​ ​ 500 ​ ​ 500 ​ 500 ​ 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 6.25% Senior Secured Notes due 2068 ​ ​ 500 ​ ​ 500 ​ 500 ​ QVC Senior Secured Credit Facility ​ ​ 747 ​ ​ 747 ​ 481 ​ Deferred loan costs ​ ​ — ​ ​ (43) ​ (44) ​ Total consolidated Qurate Retail debt ​ $ 7,148 ​ 7,092 6,989 ​ Less current classification ​ ​ ​ ​ (1,901) (1,315) ​ Total long-term debt ​ ​ ​ ​ $ 5,191 5,674 ​ ​ ​ QVC Senior Secured Notes ​ As of March 31, 2022, the 4.375% Senior Secured Notes due 2023 are classified within current portion of debt as they mature in less than one year. ​ QVC Senior Secured Credit Facility ​ On October 27, 2021, QVC amended and restated its latest credit agreement (as amended and restated, the “Fifth Amended and Restated Credit Agreement”) and refinanced QVC’s existing bank credit facility by entering into a fifth amended and restated agreement with QVC, Zulily, Cornerstone, and QVC Global Corporate Holdings, LLC (“QVC Global”), each a direct or indirect wholly owned subsidiary of Qurate Retail, as borrowers (QVC, Zulily, Cornerstone and QVC Global, collectively, the “Borrowers”), JPMorgan Chase Bank, N.A., as administrative agent, and the other parties named therein. ​ The Fifth Amended and Restated Credit Agreement is a multi-currency facility providing for a $3.25 billion revolving credit facility (the “New Credit Facility”), with a $450 million sub-limit for letters of credit and an alternative currency revolving sub-limit equal to 50% of the revolving commitments thereunder. The New Credit Facility may be borrowed by any Borrower, with each Borrower jointly and severally liable for the outstanding borrowings. Borrowings under the Fifth Amended and Restated Credit Agreement bear interest at either the alternate base rate (such rate, the “ABR Rate”) or a LIBOR-based rate (or the applicable non-U.S. Dollar equivalent rate) (such rate, the “Term Benchmark/RFR Rate”) at the applicable Borrower’s election in each case plus a margin. Borrowings that are ABR Rate loans will bear interest at a per annum rate equal to the base rate plus a margin that varies between 0.25% and 0.625% depending on the Borrowers’ combined ratio of consolidated total debt to consolidated EBITDA (the “consolidated leverage ratio”). Borrowings that are Term Benchmark/RFR Rate loans will bear interest at a per annum rate equal to the applicable rate plus a margin that varies between 1.25% and 1.625% depending on the Borrowers’ 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, Cornerstone, QVC Global or any other borrower under the New Credit Facility (other than QVC) is removed, at the election of QVC, as a borrower thereunder, all of its loans must be repaid and its letters of credit are terminated or cash collateralized. Any amounts prepaid on the New Credit Facility may be reborrowed. ​ The loans under the New Credit Facility are scheduled to mature on October 27, 2026. Payment of the loans may be accelerated following certain customary events of default. ​ The payment and performance of the Borrowers’ obligations under the Fifth Amended and Restated Credit Agreement are guaranteed by each of QVC’s, QVC Global’s, Zulily’s and Cornerstone’s Material Domestic Subsidiaries (as defined in the Fifth Amended and Restated Credit Agreement), if any, and certain other subsidiaries of any Borrower that such Borrower has chosen to provide guarantees. Further, the borrowings under the Fifth Amended and Restated Credit Agreement are secured, pari passu with QVC’s existing notes, by a pledge of all of QVC’s equity interests. The borrowings under the Fifth Amended and Restated Credit Agreement are also secured by a pledge of all of Zulily’s and Cornerstone’s equity interests. ​ The Fifth Amended and Restated Credit Agreement contains certain affirmative and negative covenants, including certain restrictions on the Borrowers 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 Borrowers’ consolidated leverage ratio. ​ Borrowings under the Fifth Amended and Restated Credit Agreement may be used to repay outstanding indebtedness, pay certain fees and expenses, finance working capital needs and general purposes of the Borrowers and their respective subsidiaries and make certain restricted payments and loans to the Borrowers’ respective parents and affiliates. ​ Availability under the Fifth Amended and Restated Credit Agreement at March 31, 2022 was $2,481 million. The interest rate on the Fifth Amended and Restated Credit Agreement was 1.8% at March 31, 2022. ​ 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. See note 4 for information related to unrealized gains (losses) on debt measured at fair value. As of March 31, 2022 the Company’s exchangeable debentures have been classified as current because the Company does not own shares to exchange the debentures or they are currently exchangeable. 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. Although we do not own shares underlying certain of the exchangeable senior debentures, the Company has entered into certain derivative transactions in order to hedge against upward price fluctuations on certain shares. Such derivative instruments are recognized in the other current assets line item in the condensed consolidated balance sheets, and are marked to fair value each reporting period. The changes in fair value are recognized in the realized and unrealized gains (losses) on financial instruments, net line item in the condensed statement of operations. ​ Debt Covenants Qurate Retail and its subsidiaries are in compliance with all debt covenants at March 31, 2022. 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”) and the QVC 6.25% Senior Secured Notes Due 2068 (“2068 Notes”) are traded on the New York Stock Exchange, and the Company considers them to be actively traded. As such, the 2067 Notes and 2068 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, 2022 are as follows (amounts in millions): ​ ​ ​ ​ ​ ​ Senior debentures ​ $ 731 ​ QVC senior secured notes $ 4,225 ​ ​ 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, 2022.

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2022
Preferred Stock.
Preferred Stock	​ (7) Preferred Stock ​ On September 14, 2020, Qurate Retail issued its 8.0% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Preferred Stock”). There were 13,500,000 shares of Preferred Stock authorized and 12,668,027 shares of Preferred Stock issued and outstanding ​ Priority. The Preferred Stock ranks senior to the shares of common stock of Qurate Retail, with respect to dividend rights, rights of redemption and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of Qurate Retail’s affairs. Shares of Preferred Stock are not convertible into shares of common stock of Qurate Retail. ​ Dividends. ​ The ability of Qurate Retail to declare or pay any dividend on, or purchase, redeem, or otherwise acquire, any of its common stock or any other stock ranking on parity with the Preferred Stock will be subject to restrictions if Qurate Retail does not pay all dividends and all redemption payments on the Preferred Stock, subject to certain exceptions as set forth in the Certificate of Designations. ​ Distributions upon Liquidation, Dissolution or Winding Up. Upon Qurate Retail’s liquidation, winding-up or dissolution, each holder of shares of the Preferred Stock will be entitled to receive, before any distribution is made to the holders of Qurate Retail common stock, an amount equal to the liquidation price plus all unpaid dividends (whether or not declared) accrued from the immediately preceding dividend payment date, subject to the prior payment of liabilities owed to Qurate Retail’s creditors and the preferential amounts to which any stock senior to the Preferred Stock is entitled. The Preferred Stock has a liquidation price equal to the sum of (i) $100 , plus (ii) all accrued and unpaid dividends (whether or not declared) that have been added to the liquidation price. ​ Mandatory and Optional Redemption. The Preferred Stock is subject to mandatory redemption on March 15, 2031 at the liquidation price plus all unpaid dividends (whether or not declared) accrued from the most recent dividend payment date . On or after the fifth anniversary of September 14, 2020 (the “Original Issue Date”), Qurate Retail may redeem all or a portion of the outstanding shares of Preferred Stock, at the liquidation price plus all unpaid dividends (whether or not declared) accrued from the most recent dividend payment date plus, if the redemption is (x) on or after the fifth anniversary of the Original Issue Date but prior to its sixth anniversary, 4.00% of the liquidation price, (y) on or after the sixth anniversary of the Original Issue Date but prior to its seventh anniversary, 2.00% of the liquidation price and (z) on or after the seventh anniversary of the Original Issue Date, zero . Both mandatory and optional redemptions must be paid in cash. ​ Voting Power. Holders of the Preferred Stock will not have any voting rights or powers, except as specified in the Certificate of Designations or as required by Delaware law. ​ Preferred Stock Directors . So long as the aggregate liquidation price of the outstanding shares of Preferred Stock exceeds 25% of the aggregate liquidation price of the shares of Preferred Stock issued on the Original Issue Date, holders of Preferred Stock will have certain director election rights as described in the Certificate of Designations whenever dividends on shares of Preferred Stock have not been declared and paid for two consecutive dividend periods and whenever Qurate Retail fails to pay the applicable redemption price in full with respect to any redemption of the Preferred Stock or fails to make a payment with respect to the Preferred Stock in connection with a liquidation or Extraordinary Transactions (as defined in the Certificate of Designations). ​ Recognition . As the Preferred Stock is subject to unconditional mandatory redemption in cash and was issued in the form of a share, the Company concluded the Preferred Stock was a mandatorily redeemable financial instrument and should be classified as a liability in the condensed consolidated balance sheets. The Preferred Stock was initially recorded at its fair value, which was determined to be the liquidation preference of $100 per share. Given the liability classification of the Preferred Stock, all dividends accrued will be classified as interest expense in the condensed consolidated statements of operations. ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies.
Commitments and Contingencies	(8) 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. Fire at Rocky Mount Fulfillment Center On December 18, 2021, QVC experienced a fire at its Rocky Mount, Inc. fulfillment center in North Carolina. Rocky Mount was QVC’s second-largest fulfillment center for the operating segment comprised of QVC U.S. and HSN (“QxH”) and QVC’s primary returns center for hard goods. QVC maintains property, general liability and business interruption insurance coverage. Based on provisions of QVC's insurance policies, the Company recorded insurance recoveries for certain fire related costs for which recovery was deemed probable. During the year ended December 31, 2021, QVC recorded $229 million of fire related costs for which recovery was deemed probable and received $100 million of insurance proceeds. During the three months ended March 31, 2022, QVC incurred an additional $2 million in other fire related costs, net that will not be reimbursed by QVC’s insurance policies and $14 million of other fire related costs for which recovery was deemed probable based on QVC's insurance policies. As a result, the insurance receivable balance was $143 million as of March 31, 2022 and was recorded in other receivables, which is included in Trade and other receivables, net QVC is still in the process of assessing the extent of damage to property and recoverability of inventory and submitting relevant insurance claims. During the three months ended March 31, 2022, QVC recorded an $80 million write- down related to Rocky Mount inventory which was included in cost of goods sold. Due to the circumstances surrounding the write-down of inventory, this write-down has been excluded from Adjusted OIBDA (as defined in note 9). These write-downs are expected to be submitted as part of QVC’s business interruption insurance claim; however, there can be no guarantee they will be recovered. QVC expects to continue to record additional costs and recoveries until the property damage and inventory recoverability assessment is completed and the insurance claim is fully settled. Zulily Restructuring In the first quarter of 2022, Zulily began to execute a series of transformation initiatives, beginning with the announcement of the closure of its fulfillment center in Bethlehem, Pennsylvania. These initiatives are consistent with Zulily’s strategy to operate more efficiently as it implements its turnaround plan, and Zulily expects to incur additional expenses related to these transformation initiatives in future periods. Zulily recorded $2 million of restructuring charges during the three months ended March 31, 2022, principally related to its regional office space strategy and expenses associated with the Pennsylvania facility closure. ​ ​ ​ ​ ​ ​ ​

Information About Qurate Retail

Information About Qurate Retail's Operating Segments	3 Months Ended
	Mar. 31, 2022
Information About Qurate Retail's Operating Segments
Information About Qurate Retail's Operating Segments	(9) 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 (as defined below) 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. The Qurate Retail chief operating decision maker primarily evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue and Adjusted OIBDA. In addition, Qurate Retail reviews nonfinancial measures such as unique website visitors, number of units shipped, conversion rates and active customers, as appropriate. For the three months ended March 31, 2022, 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 2021 10-K. ​ Performance Measures Disaggregated revenue by segment and product category consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, 2022 ​ ​ ​ ​ QxH ​ QVC Int'l ​ Zulily ​ Corp and other ​ Total ​ ​ in millions ​ Home ​ $ 649 ​ 273 ​ 61 ​ 246 ​ 1,229 ​ Apparel ​ ​ 296 ​ 117 ​ 94 ​ 51 ​ 558 ​ Beauty ​ ​ 261 ​ 145 ​ 11 ​ — ​ 417 ​ Accessories ​ ​ 202 ​ 55 ​ 49 ​ — ​ 306 ​ Electronics ​ ​ 147 ​ 26 ​ 2 ​ — ​ 175 ​ Jewelry ​ ​ 87 ​ 52 ​ 9 ​ — ​ 148 ​ Other revenue ​ ​ 42 ​ 2 ​ 6 ​ — ​ 50 ​ Total Revenue ​ $ 1,684 ​ 670 ​ 232 ​ 297 ​ 2,883 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, 2021 ​ ​ ​ QxH ​ QVC Int'l ​ Zulily ​ Corp and other ​ Total ​ ​ in millions Home ​ $ 775 ​ 324 ​ 123 ​ 206 ​ 1,428 Apparel ​ ​ 290 ​ 126 ​ 135 ​ 44 ​ 595 Beauty ​ ​ 286 ​ 164 ​ 19 ​ — ​ 469 Accessories ​ ​ 238 ​ 66 ​ 75 ​ — ​ 379 Electronics ​ ​ 201 ​ 33 ​ 4 ​ — ​ 238 Jewelry ​ ​ 98 ​ 60 ​ 14 ​ — ​ 172 Other revenue ​ ​ 48 ​ 1 ​ 7 ​ — ​ 56 Total Revenue ​ $ 1,936 ​ 774 ​ 377 ​ 250 ​ 3,337 ​ ​ Adjusted OIBDA is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ amounts in millions ​ QxH ​ $ 225 349 ​ QVC International ​ ​ 104 ​ 143 ​ Zulily ​ (18) 6 ​ Corporate and other ​ 24 19 ​ Consolidated Qurate Retail ​ $ 335 517 ​ ​ Other Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Total assets ​ Capital expenditures ​ ​ amounts in millions QxH ​ $ 12,070 30 ​ QVC International ​ ​ 2,126 ​ 4 ​ Zulily ​ ​ 635 ​ 4 ​ Corporate and other ​ 977 5 ​ Consolidated Qurate Retail ​ $ 15,808 43 ​ ​ The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2022 2021 ​ ​ amounts in millions Adjusted OIBDA ​ $ 335 517 ​ Stock-based compensation ​ (15) (16) ​ Depreciation and amortization ​ (130) (128) ​ Restructuring and fire related costs, net (including Rocky Mount inventory losses, see note 8) ​ ​ (84) ​ — ​ Operating income (loss) ​ $ 106 ​ 373 ​ Interest expense ​ (117) (117) ​ Share of earnings (loss) of affiliates, net ​ (1) (32) ​ Realized and unrealized gains (losses) on financial instruments, net ​ 30 41 ​ Other, net ​ 53 13 ​ Earnings (loss) before income taxes ​ $ 71 278 ​ ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Schedule of number and weighted average GDFV of option granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, 2022 ​ ​ ​ RSUs Granted (000's) ​ Weighted Average GDFV ​ ​ ​ ​ ​ ​ ​ ​ Series A Qurate Retail common stock, subsidiary employees (1) ​ 10,486 ​ $ 4.91 ​ Series A Qurate Retail common stock, Qurate Retail employees and directors (2) ​ 217 ​ $ 4.91 ​ Series A Qurate Retail common stock, Qurate Retail President and CEO (3) ​ 596 ​ $ 4.91 ​ Series B Qurate Retail common stock, Qurate Retail Chairman of the Board (4) ​ 327 ​ $ 4.95 ​ (1) Grants mainly vest equally over three years . (2) Grants mainly vest one year from the month of grant, subject to the satisfaction of certain performance objectives. (3) Grant vests one year from the month of grant, subject to the satisfaction of certain performance objectives. Grant was made in connection with the employment agreement of our President and Chief Executive Officer. (4) Grant vests one year from the month of grant, subject to the satisfaction of certain performance objectives. Grant was made in connection with our Chairman’s employment agreement.
Schedule of number and weighted average GDFV of RSUs granted to certain officers, employees and directors	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ Series A ​ Average ​ Series B ​ Average ​ ​ ​ (000's) ​ GDFV ​ (000's) ​ GDFV ​ RSUs outstanding at January 1, 2022 12,905 ​ $ 9.38 ​ — ​ $ — ​ Granted 11,299 ​ $ 4.91 ​ 327 ​ $ 4.95 ​ Vested (3,593) ​ $ 9.86 ​ — ​ $ — ​ Forfeited/Cancelled (1,154) ​ $ 8.82 ​ — ​ $ — ​ RSUs outstanding at March 31, 2022 19,457 ​ $ 6.73 ​ 327 ​ $ 4.95
Common Class A
Schedule of number, weighted average exercise price ("WAEP"), Weighted average remaining life and aggregate intrinsic value of the awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Aggregate ​ ​ ​ ​ ​ ​ ​ average ​ intrinsic ​ ​ ​ Series A ​ ​ ​ ​ remaining ​ value ​ ​ ​ (000's) ​ WAEP ​ life ​ (millions) ​ Options outstanding at January 1, 2022 42,110 ​ $ 9.23 ​ ​ ​ ​ ​ ​ ​ Granted — ​ $ — ​ ​ ​ ​ ​ ​ ​ Exercised (56) ​ $ 2.80 ​ ​ ​ ​ ​ ​ ​ Forfeited/Cancelled (2,936) ​ $ 11.16 ​ ​ ​ ​ ​ ​ ​ Options outstanding at March 31, 2022 39,118 ​ $ 9.10 3.3 years ​ $ 18 ​ Options exercisable at March 31, 2022 25,183 ​ $ 11.19 2.3 years ​ $ 6 ​
Common Class B
Schedule of number, weighted average exercise price ("WAEP"), Weighted average remaining life and aggregate intrinsic value of the awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Aggregate ​ ​ ​ ​ ​ ​ ​ average ​ intrinsic ​ ​ ​ Series B ​ ​ ​ ​ remaining ​ value ​ ​ ​ (000's) ​ WAEP ​ life ​ (millions) ​ Options outstanding at January 1, 2022 2,221 ​ $ 12.25 ​ ​ ​ ​ ​ ​ ​ Granted — ​ $ — ​ ​ ​ ​ ​ ​ ​ Exercised — ​ $ — ​ ​ ​ ​ ​ ​ ​ Forfeited/Cancelled ​ — ​ $ — ​ ​ ​ ​ ​ ​ ​ Options outstanding at March 31, 2022 2,221 ​ $ 12.25 1.5 years ​ $ — ​ Options exercisable at March 31, 2022 2,221 ​ $ 12.25 1.5 years ​ $ — ​

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings (Loss) Per Common Share
Schedule of weighted average number of shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ Qurate Retail Common Stock ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ ​ 2022 ​ 2021 ​ ​ ​ number of shares in millions ​ Basic WASO 379 ​ 411 ​ Potentially dilutive shares 5 ​ 11 ​ Diluted WASO 384 ​ 422 ​

Assets and Liabilities Measur_2

Assets and Liabilities Measured at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 ​ December 31, 2021 ​ ​ ​ 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 ​ $ 213 213 — 149 149 — ​ Indemnification asset ​ $ 239 ​ — ​ 239 ​ 324 ​ — ​ 324 ​ Debt ​ $ 1,151 — 1,151 1,315 — 1,315 ​
Summary of realized and unrealized gains (losses) on financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2022 2021 ​ ​ amounts in millions Equity securities ​ ​ (10) ​ 7 ​ Exchangeable senior debentures ​ 124 46 ​ Indemnification asset ​ ​ (85) ​ (52) ​ Other financial instruments ​ ​ 1 ​ 40 ​ ​ ​ $ 30 41 ​

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 ​ $ 5,228 ​ 855 ​ 244 12 6,339 ​ Foreign currency translation adjustments ​ — ​ (27) ​ — — (27) ​ Balance at March 31, 2022 ​ $ 5,228 ​ 828 ​ 244 12 6,312 ​ ​
Schedule of amortization expense for the next five years	Based on its amortizable intangible assets as of March 31, 2022, Qurate Retail expects that amortization expense will be as follows for the next five years (amounts in millions): ​ ​ ​ ​ ​ ​ Remainder of 2022 $ 242 ​ 2023 ​ $ 208 ​ 2024 ​ $ 130 ​ 2025 ​ $ 58 ​ 2026 ​ $ 52 ​

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Long-Term Debt
Schedule of debt summarized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ ​ ​ ​ ​ ​ ​ principal at ​ Carrying value ​ March 31, 2022 March 31, 2022 December 31, 2021 ​ ​ amounts in millions Corporate level debentures ​ ​ ​ ​ ​ ​ ​ ​ ​ 8.5% Senior Debentures due 2029 ​ $ 287 ​ 286 286 ​ 8.25% Senior Debentures due 2030 ​ 505 ​ 503 503 ​ 4% Exchangeable Senior Debentures due 2029 ​ ​ 396 ​ ​ 294 ​ 328 ​ 3.75% Exchangeable Senior Debentures due 2030 ​ ​ 431 ​ ​ 312 ​ 347 ​ 1.75% Exchangeable Senior Debentures due 2046 ​ ​ 332 ​ ​ 545 ​ 640 ​ Subsidiary level notes and facilities ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 4.75% Senior Secured Notes due 2027 ​ ​ 575 ​ ​ 575 ​ 575 ​ QVC 4.375% Senior Secured Notes due 2028 ​ ​ 500 ​ ​ 500 ​ 500 ​ 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 6.25% Senior Secured Notes due 2068 ​ ​ 500 ​ ​ 500 ​ 500 ​ QVC Senior Secured Credit Facility ​ ​ 747 ​ ​ 747 ​ 481 ​ Deferred loan costs ​ ​ — ​ ​ (43) ​ (44) ​ Total consolidated Qurate Retail debt ​ $ 7,148 ​ 7,092 6,989 ​ Less current classification ​ ​ ​ ​ (1,901) (1,315) ​ Total long-term debt ​ ​ ​ ​ $ 5,191 5,674 ​
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, 2022 are as follows (amounts in millions): ​ ​ ​ ​ ​ ​ Senior debentures ​ $ 731 ​ QVC senior secured notes $ 4,225 ​

Information About Qurate Reta_2

Information About Qurate Retail's Operating Segments (Tables)	3 Months Ended
	Mar. 31, 2022
Information About Qurate Retail's Operating Segments
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, 2022 ​ ​ ​ ​ QxH ​ QVC Int'l ​ Zulily ​ Corp and other ​ Total ​ ​ in millions ​ Home ​ $ 649 ​ 273 ​ 61 ​ 246 ​ 1,229 ​ Apparel ​ ​ 296 ​ 117 ​ 94 ​ 51 ​ 558 ​ Beauty ​ ​ 261 ​ 145 ​ 11 ​ — ​ 417 ​ Accessories ​ ​ 202 ​ 55 ​ 49 ​ — ​ 306 ​ Electronics ​ ​ 147 ​ 26 ​ 2 ​ — ​ 175 ​ Jewelry ​ ​ 87 ​ 52 ​ 9 ​ — ​ 148 ​ Other revenue ​ ​ 42 ​ 2 ​ 6 ​ — ​ 50 ​ Total Revenue ​ $ 1,684 ​ 670 ​ 232 ​ 297 ​ 2,883 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, 2021 ​ ​ ​ QxH ​ QVC Int'l ​ Zulily ​ Corp and other ​ Total ​ ​ in millions Home ​ $ 775 ​ 324 ​ 123 ​ 206 ​ 1,428 Apparel ​ ​ 290 ​ 126 ​ 135 ​ 44 ​ 595 Beauty ​ ​ 286 ​ 164 ​ 19 ​ — ​ 469 Accessories ​ ​ 238 ​ 66 ​ 75 ​ — ​ 379 Electronics ​ ​ 201 ​ 33 ​ 4 ​ — ​ 238 Jewelry ​ ​ 98 ​ 60 ​ 14 ​ — ​ 172 Other revenue ​ ​ 48 ​ 1 ​ 7 ​ — ​ 56 Total Revenue ​ $ 1,936 ​ 774 ​ 377 ​ 250 ​ 3,337
Performance Measures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ amounts in millions ​ QxH ​ $ 225 349 ​ QVC International ​ ​ 104 ​ 143 ​ Zulily ​ (18) 6 ​ Corporate and other ​ 24 19 ​ Consolidated Qurate Retail ​ $ 335 517 ​
Other Information By Segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ Total assets ​ Capital expenditures ​ ​ amounts in millions QxH ​ $ 12,070 30 ​ QVC International ​ ​ 2,126 ​ 4 ​ Zulily ​ ​ 635 ​ 4 ​ Corporate and other ​ 977 5 ​ Consolidated Qurate Retail ​ $ 15,808 43 ​
Reconciliation Of Segment Adjusted OIBDA To Operating income (loss) and Earnings (Loss) From Continuing Operations Before Income Taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2022 2021 ​ ​ amounts in millions Adjusted OIBDA ​ $ 335 517 ​ Stock-based compensation ​ (15) (16) ​ Depreciation and amortization ​ (130) (128) ​ Restructuring and fire related costs, net (including Rocky Mount inventory losses, see note 8) ​ ​ (84) ​ — ​ Operating income (loss) ​ $ 106 ​ 373 ​ Interest expense ​ (117) (117) ​ Share of earnings (loss) of affiliates, net ​ (1) (32) ​ Realized and unrealized gains (losses) on financial instruments, net ​ 30 41 ​ Other, net ​ 53 13 ​ Earnings (loss) before income taxes ​ $ 71 278 ​

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Liberty Media
Basic of presentation
Related Party Transaction, Amounts of Transaction	$ 3	$ 2
Liberty Media | CEO
Basic of presentation
CEO compensation allocation percentage	13.00%
Liberty Media Corporation and Liberty Broadband Corporation
Basic of presentation
Tax sharing payable	$ 74		$ 96

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	Jun. 03, 2021	Mar. 31, 2022	Mar. 31, 2021
Stock-based compensation
Share-based Compensation Expense		$ 15	$ 16
Common Class A | Restricted Stock Units (RSUs) | Maffei Stock Exchange Agreement
Stock-based compensation
Number of shares transferred	229,022
Share received in exchange	1
Common Class A | Qurate Retail common stock, subsidiary employees | Restricted Stock Units (RSUs)
Stock-based compensation
Award vesting period		3 years
Common Class A | Qurate Retail Employees and Directors | Restricted Stock Units (RSUs)
Stock-based compensation
Award vesting period		1 year
Common Class A | Qurate Retail President and CEO | Restricted Stock Units (RSUs)
Stock-based compensation
Award vesting period		1 year
Common Class B | Qurate Retail Chairman Of Board | Restricted Stock Units (RSUs)
Stock-based compensation
Award vesting period		1 year

Stock-Based Compensation - RSUs

Stock-Based Compensation - RSUs (Details) - Restricted Stock Units (RSUs) shares in Thousands	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Common Class A
Stock-based compensation
Granted | shares	11,299
Weighted Average | $ / shares	$ 4.91
Common Class A | Qurate Retail common stock, subsidiary employees
Stock-based compensation
Granted | shares	10,486
Weighted Average | $ / shares	$ 4.91
Common Class A | Qurate Retail Employees and Directors
Stock-based compensation
Granted | shares	217
Weighted Average | $ / shares	$ 4.91
Common Class A | Qurate Retail President and CEO
Stock-based compensation
Granted | shares	596
Weighted Average | $ / shares	$ 4.91
Common Class B
Stock-based compensation
Granted | shares	327
Weighted Average | $ / shares	$ 4.95
Common Class B | Qurate Retail Chairman Of Board
Stock-based compensation
Granted | shares	327
Weighted Average | $ / shares	$ 4.95

Stock-Based Compensation - Gran

Stock-Based Compensation - Grants (Details) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Common Class A
Number of options
Outstanding at beginning of period | shares	42,110
Exercised | shares	(56)
Forfeited/Cancelled | shares	(2,936)
Outstanding at end of period | shares	39,118
Exercisable at end of period | shares	25,183
WAEP
Outstanding at beginning of period | $ / shares	$ 9.23
Exercised | $ / shares	2.80
Forfeited/Cancelled | $ / shares	11.16
Outstanding at end of period | $ / shares	9.10
Exercisable at end of period | $ / shares	$ 11.19
Additional disclosures
Weighted average remaining life - options outstanding	3 years 3 months 18 days
Weighted average remaining life - options exercisable	2 years 3 months 18 days
Aggregate intrinsic value of options outstanding | $	$ 18
Aggregate intrinsic value of options exercisable | $	$ 6
Common Class B
Number of options
Outstanding at beginning of period | shares	2,221
Outstanding at end of period | shares	2,221
Exercisable at end of period | shares	2,221
WAEP
Outstanding at beginning of period | $ / shares	$ 12.25
Outstanding at end of period | $ / shares	12.25
Exercisable at end of period | $ / shares	$ 12.25
Additional disclosures
Weighted average remaining life - options outstanding	1 year 6 months
Weighted average remaining life - options exercisable	1 year 6 months

Stock-Based Compensation - GDFV

Stock-Based Compensation - GDFV of RSUs (Details) - Restricted Stock Units (RSUs) shares in Thousands	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Common Class A
Number of shares
RSUs outstanding, Beginning Balance | shares	12,905
Granted | shares	11,299
Vested | shares	(3,593)
Forfeited/Cancelled | shares	(1,154)
RSUs outstanding, Ending Balance | shares	19,457
Weighted Average GDFV
RSUs Outstanding , Beginning Balance | $ / shares	$ 9.38
Granted | $ / shares	4.91
Vested | $ / shares	9.86
Forfeited/Cancelled | $ / shares	8.82
RSUs Outstanding , Ending Balance | $ / shares	$ 6.73
Common Class B
Number of shares
Granted | shares	327
RSUs outstanding, Ending Balance | shares	327
Weighted Average GDFV
Granted | $ / shares	$ 4.95
RSUs Outstanding , Ending Balance | $ / shares	$ 4.95

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Stock-based compensation
Total unrecognized compensation cost related to unvested Awards	$ 152
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	39,100
Common Class B
Stock-based compensation
Shares reserved for future issuance upon exercise of stock options	2,200
8.0% Series A Cumulative Redeemable Preferred Stock
Stock-based compensation
Dividend rate	8.00%
RSA and RSU | 8.0% Series A Cumulative Redeemable Preferred Stock
Stock-based compensation
RSUs Outstanding	116
Restricted Stock Units (RSUs) | Common Class A
Stock-based compensation
RSUs Outstanding	19,457	12,905
RSUs/RSAs GDFV	$ 6.73	$ 9.38
Restricted Stock Units (RSUs) | Common Class B
Stock-based compensation
RSUs Outstanding	327
RSUs/RSAs GDFV	$ 4.95
Restricted Stock Units (RSUs) | 8.0% Series A Cumulative Redeemable Preferred Stock
Stock-based compensation
RSUs Outstanding	95
Incremental cost	$ 48.17
Restricted Stock | Common Class B
Stock-based compensation
RSUs Outstanding	1,100
RSUs/RSAs GDFV	$ 13.65

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, 2022	Mar. 31, 2021
Earnings (Loss) Per Common Share
Antidilutive securities	26	25
Basic WASO	379	411
Potentially dilutive shares	5	11
Diluted WASO	384	422

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	Mar. 31, 2022	Dec. 31, 2021
Recurring
Assets and liabilities measured at fair value
Cash equivalents	$ 213	$ 149
Indemnification asset	239	324
Debt	1,151	1,315
Recurring | Fair Value, Inputs, Level 1 [Member]
Assets and liabilities measured at fair value
Cash equivalents	213	149
Recurring | Significant Other Observable Inputs (Level 2)
Assets and liabilities measured at fair value
Indemnification asset	239	324
Debt	$ 1,151	$ 1,315
1.75% Exchangeable Senior Debentures due 2046
Assets and liabilities measured at fair value
Interest rate (as a percent)	1.75%

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, 2022	Mar. 31, 2021
Realized and unrealized gains (losses) on financial instruments
Realized and unrealized gains (losses) on financial instruments	$ 30	$ 41
Change in fair value of exchangeable senior debentures realized gain	34	(68)
Cumulative amount of gain in change in fair value	182
Equity securities
Realized and unrealized gains (losses) on financial instruments
Realized and unrealized gains (losses) on financial instruments	(10)	7
Exchangeable senior debentures
Realized and unrealized gains (losses) on financial instruments
Realized and unrealized gains (losses) on financial instruments	124	46
Indemnification asset
Realized and unrealized gains (losses) on financial instruments
Realized and unrealized gains (losses) on financial instruments	(85)	(52)
Other Financial Instruments
Realized and unrealized gains (losses) on financial instruments
Realized and unrealized gains (losses) on financial instruments	$ 1	$ 40

Intangible Assets - Changes In

Intangible Assets - Changes In The Carrying Amount Of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Changes in the carrying amount of goodwill
Balance, beginning of the year	$ 6,339
Foreign currency translation adjustments	(27)
Balance, end of the year	6,312
Corporate 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	855
Foreign currency translation adjustments	(27)
Balance, end of the year	828
Zulily
Changes in the carrying amount of goodwill
Balance, beginning of the year	244
Balance, end of the year	$ 244

Intangible Assets - Amortizatio

Intangible Assets - Amortization Expense For The Next Five Fiscal Years (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Intangible Assets
Amortization expense for intangible assets	$ 82	$ 82
Amortization expense for the next five years
Remainder of 2022	242
2023	208
2024	130
2025	58
2026	$ 52

Long-Term Debt - Debt Table (De

Long-Term Debt - Debt Table (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Long-term debt
Outstanding principal	$ 7,148
Carrying value	7,092	$ 6,989
Deferred loan costs	(43)	(44)
Total consolidated debt	7,092	6,989
Less current classification	(1,901)	(1,315)
Total long-term debt	5,191	5,674
8.5% Senior Debentures Due 2029
Long-term debt
Outstanding principal	287
Carrying value	286	286
Total consolidated debt	$ 286	286
Debt instrument interest rate	8.50%
8.25% Senior Debentures Due 2030
Long-term debt
Outstanding principal	$ 505
Carrying value	503	503
Total consolidated debt	$ 503	503
Debt instrument interest rate	8.25%
4% Exchangeable Senior Debentures Due 2029
Long-term debt
Outstanding principal	$ 396
Carrying value	294	328
Total consolidated debt	$ 294	328
Debt instrument interest rate	4.00%
3.75% Exchangeable Senior Debentures Due 2030
Long-term debt
Outstanding principal	$ 431
Carrying value	312	347
Total consolidated debt	$ 312	347
Debt instrument interest rate	3.75%
1.75% Exchangeable Senior Debentures due 2046
Long-term debt
Outstanding principal	$ 332
Carrying value	545	640
Total consolidated debt	$ 545	640
Debt instrument interest rate	1.75%
QVC | QVC 4.375% Senior Secured Notes due 2023
Long-term debt
Outstanding principal	$ 750
Carrying value	750	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
Carrying value	600	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
Carrying value	599	599
Total consolidated debt	$ 599	599
Debt instrument interest rate	4.45%
QVC | QVC 4.75% Senior Secured Notes Due 2027
Long-term debt
Outstanding principal	$ 575
Carrying value	575	575
Total consolidated debt	$ 575	575
Debt instrument interest rate	4.75%
QVC | QVC 4.375% Senior Secured Notes due 2028
Long-term debt
Outstanding principal	$ 500
Carrying value	500	500
Total consolidated debt	$ 500	500
Debt instrument interest rate	4.375%
QVC | QVC 5.45% Senior Secured Notes Due 2034
Long-term debt
Outstanding principal	$ 400
Carrying value	399	399
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
Carrying value	300	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
Carrying value	225	225
Total consolidated debt	$ 225	225
Debt instrument interest rate	6.375%
QVC | QVC 6.25% Senior Secured Notes Due 2068
Long-term debt
Outstanding principal	$ 500
Carrying value	500	500
Total consolidated debt	$ 500	500
Debt instrument interest rate	6.25%
QVC | QVC Senior Secured Credit Facility
Long-term debt
Outstanding principal	$ 747
Carrying value	747	481
Total consolidated debt	$ 747	$ 481

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Millions	Oct. 27, 2021	Mar. 31, 2022
Amendment No. 5 QVC Bank Credit Facility | Portion of Credit Facility Available to QVC or zulily
Long-term debt
Maximum borrowing capacity	$ 3,250
Amendment No. 5 QVC Bank Credit Facility | Portion of Credit Facility Available to QVC or zulily | Alternate Base Rate | Minimum
Long-term debt
Debt Instrument, Basis Spread on Variable Rate	0.25%
Amendment No. 5 QVC Bank Credit Facility | Portion of Credit Facility Available to QVC or zulily | Alternate Base Rate | Maximum
Long-term debt
Debt Instrument, Basis Spread on Variable Rate	0.625%
Amendment No. 5 QVC Bank Credit Facility | Portion of Credit Facility Available to QVC or zulily | LIBOR | Minimum
Long-term debt
Debt Instrument, Basis Spread on Variable Rate	1.25%
Amendment No. 5 QVC Bank Credit Facility | Portion of Credit Facility Available to QVC or zulily | LIBOR | Maximum
Long-term debt
Debt Instrument, Basis Spread on Variable Rate	1.625%
Amendment No. 5 QVC Bank Credit Facility | Letter of Credit
Long-term debt
Maximum borrowing capacity	$ 450
Percentage of sub-limit	50.00%
QVC | QVC 4.375% Senior Secured Notes due 2023
Long-term debt
Interest rate (as a percent)		4.375%
QVC | Amendment No. 5 QVC Bank Credit Facility
Long-term debt
Interest rate (as a percent)		1.80%
Remaining borrowing capacity		$ 2,481
QVC | QVC 6.375% Senior Secured Notes Due 2067
Long-term debt
Interest rate (as a percent)		6.375%
QVC | QVC 6.25% Senior Secured Notes Due 2068
Long-term debt
Interest rate (as a percent)		6.25%

Long-Term Debt - Debt Securitie

Long-Term Debt - Debt Securities That Are Not Reported At Fair Value (Details) $ in Millions	Mar. 31, 2022USD ($)
Senior Debentures
Long-term debt
Fair value of debt securities that are not reported at fair value	$ 731
QVC Senior Secured Notes
Long-term debt
Fair value of debt securities that are not reported at fair value	$ 4,225

Preferred Stock (Details)

Preferred Stock (Details) - 8.0% Series A Cumulative Redeemable Preferred Stock	Sep. 14, 2020$ / shares	Mar. 31, 2022itemshares
Preferred Stock
Preferred stock par value | $ / shares	$ 0.01
Preferred stock authorized		13,500,000
Preferred shares issued		12,668,027
Preferred shares outstanding		12,668,027
Preferred Stock, Dividend Rate, Percentage	8.00%
Dividend redemption period	30 days
Liquidation preference per share | $ / shares	$ 100
Minimum liquidation price excess for certain director election rights		25.00%
Number of consecutive dividend periods without dividends that will certain director elections rights | item		2
On or after the fifth anniversary of the Original Issue Date but prior to its sixth anniversary
Preferred Stock
Redemption price	4.00%
On or after the sixth anniversary of the Original Issue Date but prior to its seventh anniversary
Preferred Stock
Redemption price	2.00%
On or after the seventh anniversary of the Original Issue Date
Preferred Stock
Redemption price	0.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Unusual or Infrequent Item, or Both [Line Items]
Inventory, net	$ 1,772	$ 1,623
Facility Closing
Unusual or Infrequent Item, or Both [Line Items]
Restructuring charges	2
Natural Disasters and Other Casualty Events | QVC
Unusual or Infrequent Item, or Both [Line Items]
Fire related costs	2	229
Insurance recoveries	14	$ 100
Loss on inventory	80
Insurance receivable	$ 143

Information About Qurate Reta_3

Information About Qurate Retail's Operating Segments - Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total revenue, net	$ 2,883	$ 3,337
Home
Segment Reporting Information [Line Items]
Total revenue, net	1,229	1,428
Apparel
Segment Reporting Information [Line Items]
Total revenue, net	558	595
Beauty
Segment Reporting Information [Line Items]
Total revenue, net	417	469
Accessories
Segment Reporting Information [Line Items]
Total revenue, net	306	379
Electronics
Segment Reporting Information [Line Items]
Total revenue, net	175	238
Jewelry
Segment Reporting Information [Line Items]
Total revenue, net	148	172
Other revenue
Segment Reporting Information [Line Items]
Total revenue, net	50	56
Operating Segments | QxH
Segment Reporting Information [Line Items]
Total revenue, net	1,684	1,936
Operating Segments | QxH | Home
Segment Reporting Information [Line Items]
Total revenue, net	649	775
Operating Segments | QxH | Apparel
Segment Reporting Information [Line Items]
Total revenue, net	296	290
Operating Segments | QxH | Beauty
Segment Reporting Information [Line Items]
Total revenue, net	261	286
Operating Segments | QxH | Accessories
Segment Reporting Information [Line Items]
Total revenue, net	202	238
Operating Segments | QxH | Electronics
Segment Reporting Information [Line Items]
Total revenue, net	147	201
Operating Segments | QxH | Jewelry
Segment Reporting Information [Line Items]
Total revenue, net	87	98
Operating Segments | QxH | Other revenue
Segment Reporting Information [Line Items]
Total revenue, net	42	48
Operating Segments | QVC International
Segment Reporting Information [Line Items]
Total revenue, net	670	774
Operating Segments | QVC International | Home
Segment Reporting Information [Line Items]
Total revenue, net	273	324
Operating Segments | QVC International | Apparel
Segment Reporting Information [Line Items]
Total revenue, net	117	126
Operating Segments | QVC International | Beauty
Segment Reporting Information [Line Items]
Total revenue, net	145	164
Operating Segments | QVC International | Accessories
Segment Reporting Information [Line Items]
Total revenue, net	55	66
Operating Segments | QVC International | Electronics
Segment Reporting Information [Line Items]
Total revenue, net	26	33
Operating Segments | QVC International | Jewelry
Segment Reporting Information [Line Items]
Total revenue, net	52	60
Operating Segments | QVC International | Other revenue
Segment Reporting Information [Line Items]
Total revenue, net	2	1
Operating Segments | Zulily
Segment Reporting Information [Line Items]
Total revenue, net	232	377
Operating Segments | Zulily | Home
Segment Reporting Information [Line Items]
Total revenue, net	61	123
Operating Segments | Zulily | Apparel
Segment Reporting Information [Line Items]
Total revenue, net	94	135
Operating Segments | Zulily | Beauty
Segment Reporting Information [Line Items]
Total revenue, net	11	19
Operating Segments | Zulily | Accessories
Segment Reporting Information [Line Items]
Total revenue, net	49	75
Operating Segments | Zulily | Electronics
Segment Reporting Information [Line Items]
Total revenue, net	2	4
Operating Segments | Zulily | Jewelry
Segment Reporting Information [Line Items]
Total revenue, net	9	14
Operating Segments | Zulily | Other revenue
Segment Reporting Information [Line Items]
Total revenue, net	6	7
Corporate and Other
Segment Reporting Information [Line Items]
Total revenue, net	297	250
Corporate and Other | Home
Segment Reporting Information [Line Items]
Total revenue, net	246	206
Corporate and Other | Apparel
Segment Reporting Information [Line Items]
Total revenue, net	$ 51	$ 44

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, 2022	Mar. 31, 2021
Information about Qurate Retail's operating segments
Adjusted OIBDA	$ 335	$ 517
Corporate and Other
Information about Qurate Retail's operating segments
Adjusted OIBDA	24	19
QxH | Operating Segments
Information about Qurate Retail's operating segments
Adjusted OIBDA	225	349
QVC International | Operating Segments
Information about Qurate Retail's operating segments
Adjusted OIBDA	104	143
Zulily | Operating Segments
Information about Qurate Retail's operating segments
Adjusted OIBDA	$ (18)	$ 6

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, 2022	Mar. 31, 2021	Dec. 31, 2021
Information about Qurate Retail's operating segments
Total assets	$ 15,808		$ 16,249
Capital expenditures	43	$ 47
Operating Segments | QxH
Information about Qurate Retail's operating segments
Total assets	12,070
Capital expenditures	30
Operating Segments | QVC International
Information about Qurate Retail's operating segments
Total assets	2,126
Capital expenditures	4
Operating Segments | Zulily
Information about Qurate Retail's operating segments
Total assets	635
Capital expenditures	4
Corporate and Other
Information about Qurate Retail's operating segments
Total assets	977
Capital expenditures	$ 5

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, 2022	Mar. 31, 2021
Information About Qurate Retail's Operating Segments
Adjusted OIBDA	$ 335	$ 517
Stock-based compensation	(15)	(16)
Depreciation and amortization	(130)	(128)
Restructuring and fire related costs, net (including Rocky Mount inventory losses, see note 8)	(84)
Operating income (loss)	106	373
Interest expense	(117)	(117)
Share of earnings (losses) of affiliates, net	(1)	(32)
Realized and unrealized gains (losses) on financial instruments	30	41
Other, net	53	13
Earnings (loss) before income taxes	$ 71	$ 278