Document

0001254699-20-000011.txt : 20200507 0001254699-20-000011.hdr.sgml : 20200507 20200507173050 ACCESSION NUMBER: 0001254699-20-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 70 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200507 DATE AS OF CHANGE: 20200507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: QVC INC CENTRAL INDEX KEY: 0001254699 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-CATALOG & MAIL-ORDER HOUSES [5961] IRS NUMBER: 232414041 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38654 FILM NUMBER: 20857805 MAIL ADDRESS: STREET 1: 1200 WILSON DRIVE AT STUDIO PARK CITY: WEST CHESTER STATE: PA ZIP: 19380 10-Q 1 qvc_10qx03312020.htm 10-Q Document

Table of Contents -- Click here to rapidly navigate through this document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-38654

QVC, Inc.

(Exact name of Registrant as specified in its charter)



State of Delaware (State or other jurisdiction of incorporation or organization)	23-2414041 (I.R.S. Employer Identification Number)

1200 Wilson Drive West Chester, Pennsylvania (Address of principal executive offices)	19380 (Zip Code)

Registrant's telephone number, including area code: (484) 701-1000

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol	Name of each exchange on which registered
6.375% Senior Secured Notes due 2067	QVCD	New York Stock Exchange
6.250% Senior Secured Notes due 2068	QVCC	New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.



Large accelerated filer o	Accelerated filer o	Non-accelerated filer x	Smaller reporting company o	Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

None of the voting stock of the registrant is held by a non-affiliate of the registrant. There is no publicly traded market for any class of voting stock of the registrant. There is one holder of record of our equity, Qurate Retail Group, Inc., an indirect wholly-owned subsidiary of Qurate Retail, Inc.

QVC, Inc.

2020 QUARTERLY REPORT ON FORM 10-Q

Table of Contents



	Part I	Page

Item 1.	Financial Statements (unaudited)	I-1
	Condensed Consolidated Balance Sheets	I-1
	Condensed Consolidated Statements of Operations	I-2
	Condensed Consolidated Statements of Comprehensive Income	I-3
	Condensed Consolidated Statements of Cash Flows	I-4
	Condensed Consolidated Statement of Equity	I-5
	Notes to the Condensed Consolidated Financial Statements (unaudited)	I-6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	I-20
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	I-33
Item 4.	Controls and Procedures	I-35

	Part II
Item 1A.	Risk Factors	II-1
Item 6.	Exhibits	II-3
	Signatures	II-4

Table of Contents

Item 1. Financial Statements

QVC, Inc.

Condensed Consolidated Balance Sheets

(unaudited)



	March 31,			December 31,
(in millions, except share amounts)	2020			2019
Assets
Current assets:
Cash and cash equivalents	$	497		561
Restricted cash	8			8
Accounts receivable, less allowance for credit losses of $132 at March 31, 2020 and $123 at December 31, 2019	1,407			1,813
Inventories	1,214			1,214
Prepaid expenses and other current assets	134			184
Total current assets	3,260			3,780
Property and equipment, net of accumulated depreciation of $1,367 at March 31, 2020 and $1,338 at December 31, 2019	1,188			1,215
Operating lease right-of-use assets (note 6)	208			214
Television distribution rights, net (note 2)	108			140
Goodwill (note 3)	5,958			5,971
Other intangible assets, net (note 3)	3,476			3,498
Other noncurrent assets	103			109
Total assets	$	14,301		14,927
Liabilities and equity
Current liabilities:
Current portion of debt and finance lease obligations (note 5)	$	17		18
Accounts payable-trade	709			913
Accrued liabilities (note 4)	843			1,045
Total current liabilities	1,569			1,976
Long-term portion of debt and finance lease obligations (note 5)	4,908			5,101
Deferred income taxes (note 8)	724			724
Other long-term liabilities	307			322
Total liabilities	7,508			8,123
Commitments and contingencies (note 9)
Equity:
QVC, Inc. stockholder's equity:
Common stock, $0.01 par value, 1 authorized share	—			—
Additional paid-in capital	9,213			9,208
Accumulated deficit	(2,381		)	(2,390	)
Accumulated other comprehensive loss	(167		)	(144	)
Total QVC, Inc. stockholder's equity	6,665			6,674
Noncontrolling interest	128			130
Total equity	6,793			6,804
Total liabilities and equity	$	14,301		14,927

See accompanying notes to condensed consolidated financial statements.

I-1

Table of Contents

QVC, Inc.

Condensed Consolidated Statements of Operations

(unaudited)



	Three months ended March 31,
(in millions)	2020			2019
Net revenue	$	2,427		2,501
Operating costs and expenses:
Cost of goods sold (exclusive of depreciation and amortization shown separately below)	1,584			1,610
Operating	177			177
Selling, general and administrative, including stock-based compensation	282			270
Depreciation	43			46
Amortization	71			72
	2,157			2,175
Operating income	270			326
Other (expense) income:
Equity in losses of investee	(1		)	—
Losses on financial instruments	(4		)	(2	)
Interest expense, net	(65		)	(61	)
Foreign currency gain (loss)	1			(3	)
	(69		)	(66	)
Income before income taxes	201			260
Income tax expense	(60		)	(74	)
Net income	141			186
Less net income attributable to the noncontrolling interest	(12		)	(10	)
Net income attributable to QVC, Inc. stockholder	$	129		176

See accompanying notes to condensed consolidated financial statements.

I-2

Table of Contents

QVC, Inc.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)



	Three months ended March 31,
(in millions)	2020			2019
Net income	$	141		186
Foreign currency translation adjustments, net of tax	(22		)	(6	)
Total comprehensive income	119			180
Comprehensive income attributable to noncontrolling interest	(13		)	(10	)
Comprehensive income attributable to QVC, Inc. stockholder	$	106		170

See accompanying notes to condensed consolidated financial statements.

I-3

Table of Contents

QVC, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)



	Three months ended March 31,
(in millions)	2020			2019
Operating activities:
Net income	$	141		186
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in losses of investee	1			—
Deferred income taxes	2			(1	)
Foreign currency (gain) loss	(1		)	3
Depreciation	43			46
Amortization	71			72
Change in fair value of financial instruments and noncash interest	6			4
Stock-based compensation	6			9
Change in other long-term liabilities	(4		)	(3	)
Other non-cash charges, net	7			—
Change in operating assets and liabilities
Decrease in accounts receivable	403			369
Increase in inventories	(4		)	(74	)
Decrease in prepaid expenses and other current assets	50			37
Decrease in accounts payable-trade	(198		)	(222	)
Decrease in accrued liabilities and other	(213		)	(159	)
Net cash provided by operating activities	310			267
Investing activities:
Capital expenditures	(39		)	(54	)
Expenditures for television distribution rights	(1		)	(52	)
Changes in other noncurrent assets	3			(10	)
Other investing activities	—			29
Net cash used in investing activities	(37		)	(87	)
Financing activities:
Principal payments of debt and finance lease obligations	(872		)	(563	)
Principal borrowings of debt from senior secured credit facility	112			663
Proceeds from issuance of senior secured notes	575			—
Payment of debt origination fees	(8		)	—
Dividends paid to Qurate Retail, Inc.	(122		)	(354	)
Dividends paid to noncontrolling interest	(15		)	(22	)
Other financing activities	(1		)	(4	)
Net cash used in financing activities	(331		)	(280	)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(6		)	(4	)
Net decrease in cash, cash equivalents and restricted cash	(64		)	(104	)
Cash, cash equivalents and restricted cash, beginning of period	569			550
Cash, cash equivalents and restricted cash, end of period	$	505		446

See accompanying notes to condensed consolidated financial statements.

I-4

Table of Contents

QVC, Inc.

Condensed Consolidated Statements of Equity

(unaudited)



	Common stock			Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss		Noncontrolling interest		Total equity
(in millions, except share data)	Shares	Amount		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss		Noncontrolling interest		Total equity
Balance, December 31, 2018	1	$	—	9,123		(2,269	)	(144	)	119		6,829
Net income	—	—		—		176		—		10		186
Foreign currency translation adjustments, net of tax	—	—		—		—		(6	)	—		(6	)
Dividends paid to Qurate Retail, Inc. and noncontrolling interest	—	—		—		(354	)	—		(22	)	(376	)
Withholding taxes on net share settlements of stock-based compensation	—	—		(3	)	—		—		—		(3	)
Stock-based compensation	—	—		9		—		—		—		9
Balance, March 31, 2019	1	$	—	9,129		(2,447	)	(150	)	107		6,639



	Common stock			Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss		Noncontrolling interest		Total equity
(in millions, except share data)	Shares	Amount		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss		Noncontrolling interest		Total equity
Balance, December 31, 2019	1	$	—	9,208		(2,390	)	(144	)	130		6,804
Net income	—	—		—		129		—		12		141
Foreign currency translation adjustments, net of tax	—	—		—		—		(23	)	1		(22	)
Dividends paid to Qurate Retail, Inc. and noncontrolling interest	—	—		—		(122	)	—		(15	)	(137	)
Impact of tax liability allocation and indemnification agreement with Qurate Retail, Inc.	—	—		—		2		—		—		2
Withholding taxes on net share settlements of stock-based compensation	—	—		(1	)	—		—		—		(1	)
Stock-based compensation	—	—		6		—		—		—		6
Balance, March 31, 2020	1	$	—	9,213		(2,381	)	(167	)	128		6,793

See accompanying notes to condensed consolidated financial statements.

I-5

Table of Contents

QVC, Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

(1) Basis of Presentation

QVC, Inc. and its consolidated subsidiaries (unless otherwise indicated or required by the context, the terms "we," "our," "us," the "Company" and "QVC" refer to QVC, Inc. and its consolidated subsidiaries) is a retailer of a wide range of consumer products, which are marketed and sold primarily by merchandise-focused televised shopping programs, the Internet and mobile applications.

In the United States ("U.S."), QVC's televised shopping programs, including live and recorded content, are distributed across multiple channels nationally on a full-time basis, including QVC, QVC2, QVC3, HSN and HSN2. During the first quarter of 2019, the Company transitioned its televised Beauty iQ channel to QVC 3 and Beauty iQ content was moved to a digital only platform. The Company's U.S. programming is also available on QVC.com and HSN.com, QVC's "U.S. websites"; applications via streaming video; Facebook Live, Roku, Apple TV, and Amazon Fire; mobile applications; social pages and over-the-air broadcasters.

QVC's digital platforms enable consumers to purchase goods offered on our televised programming, along with a wide assortment of products that are available only on our U.S. websites. QVC.com, HSN.com and our other digital platforms (including our mobile applications, social pages and others) are natural extensions of our business model, allowing customers to engage in our shopping experience wherever they are, with live or on-demand content customized to the device they are using. In addition to offering video content, our U.S. websites allow shoppers to browse, research, compare and perform targeted searches for products, read customer reviews, control the order-entry process and conveniently access their QVC account.

Internationally, QVC's televised shopping programs, including live and recorded content, are distributed to households outside of the U.S., primarily in Germany, Austria, Japan, the United Kingdom ("U.K."), the Republic of Ireland, and Italy. In some of the countries where QVC operates, QVC's televised shopping programs are distributed across multiple QVC channels: QVC Style and QVC2 in Germany and QVC Beauty, QVC Extra and QVC Style in the U.K. Similar to the U.S., our international businesses also engage customers via websites, mobile applications, and social pages. QVC's international business employs product sourcing teams who select products tailored to the interests of each local market.

The Company's Japanese operations ("QVC-Japan") are conducted through a joint venture with Mitsui & Co., LTD ("Mitsui"). QVC-Japan is owned 60% by the Company and 40% by Mitsui. The Company and Mitsui share in all profits and losses based on their respective ownership interests. During the three months ended March 31, 2020 and 2019, QVC-Japan paid dividends to Mitsui of $15 million and $22 million, respectively.

The Company also has a joint venture with CNR Media Group, formerly known as China Broadcasting Corporation, a limited liability company owned by China National Radio (''CNR''). The Company owns a 49% interest in a CNR subsidiary, CNR Home Shopping Co., Ltd. (''CNRS''). CNRS operates a retail business in China through a shopping television channel with an associated website. This joint venture is accounted for as an equity method investment recorded as equity in income (losses) of investee in the condensed consolidated statements of operations.

The Company is an indirect wholly-owned subsidiary of Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA and QRTEB), which owns interests in a broad range of digital commerce businesses, including Qurate Retail's other wholly-owned subsidiaries Zulily, LLC ("Zulily") and Cornerstone Brands, Inc. ("CBI"), as well as other minority investments. QVC is part of the Qurate Retail Group ("QRG"), formerly QVC Group, a portfolio of brands including QVC, HSN, Inc. ("HSN"), Zulily and CBI.

During each of the three months ended March 31, 2020 and 2019, QVC and Zulily engaged in multiple transactions relating to sales, sourcing of merchandise, marketing initiatives and business advisory services. QVC allocated expenses of $2 million to Zulily for each of the three months ended March 31, 2020 and 2019. Zulily allocated expenses of $3 million and $2 million to QVC for the three months ended March 31, 2020 and 2019, respectively.

I-6

Table of Contents

During the three months ended March 31, 2020 and 2019, QVC and CBI engaged in multiple transactions relating to personnel and business advisory services. QVC allocated expenses of $6 million and $5 million to CBI for the three months ended March 31, 2020 and 2019, respectively. CBI allocated expenses of $1 million to QVC for each of the three months ended March 31, 2020 and 2019. CBI also repaid a $29 million note receivable to QVC during the three months ended March 31, 2019.

In December 2019, a new coronavirus disease ("COVID-19'") pandemic was reported to have surfaced in Wuhan, China and has subsequently spread across the globe, including all of the countries in which QVC operates. As a result of the spread of the virus, most 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.

As a result of COVID-19, management has increased the amounts of certain estimated reserves including, but not limited to, uncollectible receivables, inventory obsolescence and sales returns for the three months ended March 31, 2020. Other than these changes, management is not presently aware of any events or circumstances arising from the COVID-19 pandemic that would require the Company to update our 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.

The condensed consolidated financial statements include the accounts of QVC, Inc. and its majority-owned subsidiaries. All significant intercompany accounts and transactions were eliminated in consolidation.

The accompanying (a) condensed consolidated balance sheet as of December 31, 2019, 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 ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in QVC's Annual Report on Form 10-K for the year ended December 31, 2019.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates include, but are not limited to, sales returns, uncollectible receivables, inventory obsolescence, internally-developed software, valuation of acquired intangible assets and goodwill and income taxes.

Adoption of new accounting pronouncements

In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-15, Intangibles- Goodwill and Other- Internal-Use Software (Subtopic 350-40), 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 Company prospectively adopted this new standard as of January 1, 2020 and it did not have a material impact on its consolidated financial statements.

I-7

Table of Contents

(2) Television Distribution Rights, Net

Television distribution rights consisted of the following:



(in millions)	March 31, 2020			December 31, 2019
Television distribution rights	$	760		764
Less accumulated amortization	(652		)	(624	)
Television distribution rights, net	$	108		140

The Company recorded amortization expense of $34 million for each of the three months ended March 31, 2020 and 2019 related to television distribution rights.

As of March 31, 2020, related amortization expense for each of the next five years ended December 31 was as follows (in millions):



Remainder of 2020	$	88
2021	17
2022	3
2023	—
2024	—

(3) Goodwill and Other Intangible Assets, Net

The changes in the carrying amount of goodwill for the three months ended March 31, 2020 were as follows:



(in millions)	QxH		QVC-International		Total
Balance as of December 31, 2019	$	5,112	859		5,971
Exchange rate fluctuations	—		(13	)	(13	)
Balance as of March 31, 2020	$	5,112	846		5,958

Other intangible assets consisted of the following:



	March 31, 2020					December 31, 2019
(in millions)	Gross cost		Accumulated amortization		Other intangible assets, net	Gross cost	Accumulated amortization		Other intangible assets, net
Purchased and internally developed software	$	895	(622	)	273	885	(603	)	282
Affiliate and customer relationships	2,825		(2,507	)	318	2,829	(2,499	)	330
Debt origination fees	10		(3	)	7	10	(2	)	8
Trademarks (indefinite life)	2,878		—		2,878	2,878	—		2,878
	$	6,608	(3,132	)	3,476	6,602	(3,104	)	3,498

The Company recorded amortization expense of $37 million and $38 million for the three months ended March 31, 2020 and 2019, respectively, related to other intangible assets.

I-8

Table of Contents

As of March 31, 2020, the related amortization and interest expense for each of the next five years ended December 31 was as follows (in millions):



Remainder of 2020	$	127
2021	139
2022	111
2023	65
2024	62

(4) Accrued Liabilities

Accrued liabilities consisted of the following:



(in millions)	March 31, 2020		December 31, 2019
Accounts payable non-trade	$	286	369
Allowance for sales returns	149		238
Accrued compensation and benefits	137		112
Other	271		326
	$	843	1,045

(5) Long-Term Debt and Finance Lease Obligations

Long-term debt and finance lease obligations consisted of the following:



(in millions)	March 31, 2020			December 31, 2019
5.125% Senior Secured Notes due 2022	$	500		500
4.375% Senior Secured Notes due 2023, net of original issue discount	750			750
4.85% Senior Secured Notes due 2024, net of original issue discount	600			600
4.45% Senior Secured Notes due 2025, net of original issue discount	599			599
4.75% Senior Secured Notes due 2027	575			—
5.45% Senior Secured Notes due 2034, net of original issue discount	399			399
5.95% Senior Secured Notes due 2043, net of original issue discount	300			300
6.375% Senior Secured Notes due 2067	225			225
6.25% Senior Secured Notes due 2068	500			500
Senior secured credit facility	350			1,105
Finance lease obligations	174			181
Less debt issuance costs, net	(47		)	(40	)
Total debt and finance lease obligations	4,925			5,119
Less current portion	(17		)	(18	)
Long-term portion of debt and finance lease obligations	$	4,908		5,101

Senior Secured Notes

All of QVC's senior secured notes are secured by the capital stock of QVC and certain of its subsidiaries and have equal priority to the senior secured credit facility. The interest on QVC's senior secured notes is payable semi-annually with the exception of the 6.375% Senior Secured Notes due 2067 (the "2067 Notes") and the 6.25% Senior Secured Notes due 2068 (the "2068 Notes"), which is payable quarterly.

I-9

Table of Contents

4.75% Senior Secured Notes due 2027

On February 4, 2020, QVC completed a registered debt offering for $575 million of the 4.75% Senior Secured Notes due 2027 (the "2027 Notes") at par. Interest on the 2027 Notes will be paid semi-annually in February and August, with payments commencing on August 15, 2020.

Senior Secured Credit Facility

On December 31, 2018, QVC entered into the Fourth Amended and Restated Credit Agreement with Zulily as borrowers (collectively, the “Borrowers”) which is a multi-currency facility that provides for a $2.95 billion revolving credit facility with a $450 million sub-limit for standby letters of credit and $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 $2.55 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% and 0.75% depending on the Borrowers’ combined ratio of Consolidated Total Debt to Consolidated EBITDA (the “Combined Consolidated Leverage Ratio”). Borrowings that are London Interbank Offered Rate ("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.

QVC had $2.40 billion available under the terms of the Fourth Amended and Restated Credit Agreement as of March 31, 2020, including the portion available under the $400 million tranche that Zulily may also borrow on. The interest rate on the Fourth Amended and Restated Credit Agreement was 2.1% as of March 31, 2020.

The payment and performance of the Borrowers’ 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 of QVC’s equity interests. 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 each of Zulily’s Material Domestic Subsidiaries (as defined in the Fourth Amended and Restated Credit Agreement), if any, and are 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 the Company 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.

Interest Rate Swap Arrangements

During the year ended December 31, 2016, QVC entered into a three-year interest rate swap arrangement with a notional amount of $125 million to mitigate the interest rate risk associated with interest payments related to its variable rate debt. The swap arrangement did not qualify as a cash flow hedge under U.S. GAAP. The swap arrangement expired in June 2019. In July 2019, the Company entered into a three-year interest swap arrangement with a notional amount of $125 million. The swap arrangement did not qualify as a cash flow hedge under U.S. GAAP and the fair value of the swap instrument was in a net liability position of $4 million as of March 31, 2020, which was included in other long-term liabilities.

On December 31, 2018, QVC entered into a thirteen month interest rate swap arrangement that effectively converted $250 million of its variable rate bank credit facility to a fixed rate of 1.05%, which expired in January of 2020.

I-10

Table of Contents

Changes in the fair value of the swaps are reflected in losses on financial instruments in the condensed consolidated statements of operations.

Other Debt Related Information

QVC was in compliance with all of its debt covenants as of March 31, 2020.

The weighted average interest rate applicable to all of the outstanding debt (excluding finance leases) prior to amortization of bond discounts and related debt issuance costs was 4.9% as of March 31, 2020.

(6) Leases

The Company has finance lease agreements with transponder and transmitter network suppliers for the right 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.

QVC also leases data processing equipment, facilities, office space and land. These leases are classified as operating leases. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future lease payments using our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Our leases have remaining lease terms of less than 1 year to 14 years, some of which may include the option to extend or terminate the leases.

The components of lease cost for the three months ended March 31, 2020 and 2019 were as follows:



	Three months ended
(in millions)	March 31, 2020		March 31, 2019
Finance lease cost
Depreciation of leased assets	$	5	5
Interest on lease liabilities	2		2
Total finance lease cost	7		7
Operating lease cost	10		6
Total lease cost	$	17	13

I-11

Table of Contents

The remaining weighted-average lease term and the weighted-average discount rate were as follows:



	March 31, 2020
Weighted-average remaining lease term (years):
Finance leases	9.1
Operating leases	12.2
Weighted-average discount rate:
Finance leases	5.1	%
Operating leases	6.0	%

Supplemental balance sheet information related to leases was as follows:



(in millions)	March 31, 2020			December 31, 2019
Operating Leases:
Operating lease right-of-use assets	$	208		214
Accrued liabilities	$	22		28
Other long-term liabilities	184			190
Total operating lease liabilities	$	206		218
Finance Leases:
Property and equipment	$	280		282
Accumulated depreciation	(133		)	(129	)
Property and equipment, net	$	147		153
Current portion of debt and finance lease obligations	$	17		18
Long-term portion of debt and finance lease obligations	157			163
Total finance lease liabilities	$	174		181

I-12

Table of Contents

Supplemental cash flow information related to leases was as follows:



	Three months ended
(in millions)	March 31, 2020		March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating lease	$	14	6
Operating cash flows from finance leases	2		2
Financing cash flows from finance leases	5		5
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	3		68
Finance leases	$	—	—

Future payments under noncancelable operating leases and finance leases with initial terms of one year or more as of March 31, 2020 consisted of the following:



(in millions)	Finance Leases			Operating leases		Total leases
Remainder of 2020	$	19		26		45
2021	25			27		52
2022	25			23		48
2023	24			20		44
2024	23			20		43
Thereafter	108			183		291
Total lease payments	224			299		523
Less: imputed interest	(50		)	(93	)	(143	)
Total lease liabilities	$	174		206		380

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 the ECDC Lease has an initial term of 15 years. QVC obtained initial access to a portion of the ECDC Lease during March 2019 and obtained access to the remaining portion during September 2019. In total, QVC recorded a right of use asset of $141 million and an operating lease liability of $131 million relating to the ECDC Lease, with the difference attributable to prepaid rent. QVC is required to pay an initial base rent of $10 million per year, with payments that began in the third quarter of 2019 and increasing to $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.

I-13

Table of Contents

(7) Revenue

Disaggregated revenue by segment and product category consisted of the following:



	Three months ended March 31, 2020				Three months ended March 31, 2019
(in millions)	QxH		QVC-International	Total	QxH	QVC-International	Total
Home	$	681	257	938	682	247	929
Beauty	288		145	433	292	143	435
Apparel	299		101	400	327	112	439
Accessories	212		58	270	221	62	283
Electronics	174		22	196	182	25	207
Jewelry	98		49	147	113	52	165
Other revenue	40		3	43	40	3	43
Total net revenue	$	1,792	635	2,427	1,857	644	2,501

Consumer Product Revenue and Other Revenue

QVC's revenue includes sales of consumer products in the following categories; home, beauty, apparel, accessories, electronics and jewelry, which are primarily sold through live merchandise-focused televised shopping programs and via our websites and other interactive media.

Other revenue consists primarily of income generated from our U.S. Private Label Credit Card ("PLCC") in which a large consumer financial services company provides revolving credit directly to QVC's customers for the sole purpose of purchasing merchandise or services with a PLCC. In return, the Company receives a portion of the net economics of the credit card program.

Revenue Recognition

For the three months ended March 31, 2020 and 2019, revenue is recognized when obligations with our customer are satisfied; generally this occurs at the time of shipment to our customers consistent with when control of the shipped product passes. The recognized revenue reflects the consideration we expect to receive in exchange for transferring goods, net of allowances for returns.

The Company generally recognizes revenue related to the PLCC program over time as the PLCC is used by QVC's customers.

Sales, value add, use and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue.

The Company elected to treat shipping and handling activities that occur after the customer obtains control of the goods as a fulfillment cost and not as a promised good or service. Accordingly, the Company accrues the related shipping costs and recognizes revenue upon delivery of the goods to the shipping carrier. In electing this accounting policy, all shipping and handling activities will be treated as fulfillment costs.

The Company generally extends payment terms with its customers of one year or less and elected the practical expedient applicable to such contracts not to consider the time value of money.

I-14

Table of Contents

Significant Judgments

Our products are generally sold with a right of return and we may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. Returns and credits are estimated at contract inception and updated at the end of each reporting period as additional information becomes available. The Company has determined that it is generally the principal in vendor arrangements as the Company can establish control over the goods prior to shipment. Accordingly, the Company records revenue for these arrangements on a gross basis.

(8) Income Taxes

The Company calculates its interim income tax provision by applying its best estimate of the annual expected effective tax rate to its ordinary year-to-date income or loss. The tax or benefit related to significant, unusual or extraordinary items that will be separately reported or reported net of their related tax effect are individually computed and recognized in the interim period in which those items occur.

The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in foreign jurisdictions, permanent and temporary differences as a result of differences between amounts measured and recognized in accordance with tax laws and financial accounting standards, and the likelihood of recovering deferred tax assets. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained or as the tax environment changes. To the extent that the estimated annual effective tax rate changes during a quarter, the effect of the change on the prior quarters is included in the tax expense for the current quarter.

For the three months ended March 31, 2020 and 2019, the Company recorded a tax provision of $60 million and $74 million, respectively, which represented an effective tax rate of 29.9% and 28.5%, respectively. The 2020 rate differs from the U.S. federal income tax rate of 21% due primarily to state and foreign tax expenses, and a valuation allowance established for excess U.S. foreign tax credits. The 2020 effective tax rate has increased from the prior year primarily due to increases in foreign tax expense and the valuation allowance on foreign tax credits in the current year.

The Company participates in a consolidated federal return filing with Qurate Retail. As of March 31, 2020, the Company's tax years through 2015 are closed for federal income tax purposes, and the Internal Revenue Service (the "IRS") has completed its examination of the Company's 2016 and 2017 tax years. The Company's 2018, 2019 and 2020 tax years are being examined currently as part of the Qurate Retail consolidated return under the IRS's Compliance Assurance Process program. The Company, or one of its subsidiaries, files income tax returns in various states and foreign jurisdictions. As of March 31, 2020, the Company was under examination in the state of Pennsylvania and certain of the Company's subsidiaries were under examination in Germany and the U.K.

The Company is a party to a Tax Liability Allocation and Indemnification Agreement (the “Tax Agreement”) with Qurate Retail. The Tax Agreement establishes the methodology for the calculation and payment of income taxes in connection with the consolidation of the Company with Qurate Retail for income tax purposes. Generally, the Tax Agreement provides that the Company will pay Qurate Retail an amount equal to the tax liability, if any, that it would have if it were to file as a consolidated group separate and apart from Qurate Retail, with exceptions for the treatment and timing of certain items, including but not limited to deferred intercompany transactions, credits, and net operating and capital losses. To the extent that the separate company tax expense is different from the payment terms of the Tax Agreement, the difference is recorded as either a dividend or capital contribution.

The amounts of the tax-related balance payable (receivable) due to (from) Qurate Retail as of March 31, 2020 and December 31, 2019 were $20 million and $(7) million, respectively, and were included in accrued liabilities in the accompanying condensed consolidated balance sheets.

I-15

Table of Contents

(9) Commitments and Contingencies

The Company has contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. Although it is reasonably possible the Company may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made. In the opinion of management, it is expected that the amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying condensed consolidated financial statements.

Network and information systems, including the Internet and telecommunication systems, third party delivery services and other technologies are critical to QVC's business activities. Substantially all of QVC's customer orders, fulfillment and delivery services are dependent upon the use of network and information systems, including the use of third party telecommunication and delivery service providers. If information systems including the Internet or telecommunication services are disrupted, or if the third party delivery services experience a disruption in their transportation delivery services, the Company could face a significant disruption in fulfilling QVC's customer orders and shipment of QVC's products. The Company has active disaster recovery programs in place to help mitigate risks associated with these critical business activities.

(10) Financial Instruments and Fair Value Measurements

For assets and liabilities required to be reported or disclosed at fair value, U.S. GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs, other than quoted market prices included within Level 1, are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.

The Company's assets and liabilities measured or disclosed at fair value were as follows:



			Fair value measurements at March 31, 2020 using
(in millions)	Total		Quoted prices in active markets for identical assets (Level 1)	Significant other observable inputs (Level 2)	Significant unobservable inputs (Level 3)
Current assets:
Cash equivalents	$	242	242	—	—
Long-term liabilities:
Long-term debt excluding finance lease obligations (note 5)	4,068		530	3,538	—
Interest rate swap arrangements (note 5)	4		—	4	—

I-16

Table of Contents



			Fair value measurements at December 31, 2019 using
(in millions)	Total		Quoted prices in active markets for identical assets (Level 1)	Significant other observable inputs (Level 2)	Significant unobservable inputs (Level 3)
Current assets:
Cash equivalents	$	272	272	—	—
Interest rate swap arrangements (note 5)	—		—	—	—
Long-term liabilities:
Long-term debt excluding finance lease obligations (note 5)	5,116		760	4,356	—
Interest rate swap arrangements (note 5)	—		—	—	—

The 2067 Notes (ticker: QVCD) and the 2068 Notes (ticker: QVCC) are considered Level 1 fair value instruments as reported in the foregoing tables as they are traded on the New York Stock Exchange, which the Company considers to be an "active market," as defined by U.S. GAAP. The remainder of the Company's Level 2 financial liabilities are debt instruments with quoted market prices that are not considered to be traded on "active markets." Accordingly, these financial instruments are reported in the foregoing tables as Level 2 fair value instruments.

(11) Information about QVC's Operating Segments

The Company evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as net revenue, Adjusted OIBDA, gross margin, average sales price per unit, number of units shipped and revenue. For segment reporting purposes, the Company defines Adjusted OIBDA, as net revenue less cost of goods sold, operating expenses, and selling, general and administrative expenses (excluding stock-based compensation). The Company believes this measure is an important indicator of the operational strength and performance of its segments by identifying those items that are not directly a reflection of each segment's performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking among the Company's businesses and identify strategies to improve performance. This measure of performance excludes depreciation, amortization, stock-based compensation, transaction costs (if any) and impairment loss (if any) that are included in the measurement of operating income pursuant to U.S. GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with U.S. GAAP.

QVC's chief operating decision maker ("CODM") is QVC's Chief Executive Officer. QVC's CODM has ultimate responsibility for enterprise decisions. QVC's CODM determines, in particular, resource allocation for, and monitors performance of, the consolidated enterprise. The segment managers have responsibility for operating decisions, allocating resources and assessing performance within their respective segments. QVC's CODM relies on internal management reporting that analyzes enterprise results and segment results to the Adjusted OIBDA level.

For the three months ended March 31, 2020 and 2019, QVC identified QxH and QVC-International as its two reportable segments. Both operating segments are retailers of a wide range of consumer products, which are marketed and sold primarily by merchandise-focused televised-shopping programs as well as via the Internet and mobile applications.

I-17

Table of Contents

Performance measures



	Three months ended March 31,
	2020			2019
(in millions)	Net revenue		Adjusted OIBDA	Net revenue	Adjusted OIBDA
QxH	$	1,792	293	1,857	352
QVC-International	635		97	644	101
Consolidated QVC	$	2,427	390	2,501	453

Other information



	Three months ended March 31,
	2020			2019
(in millions)	Depreciation		Amortization	Depreciation	Amortization
QxH	$	29	68	28	69
QVC-International	14		3	18	3
Consolidated QVC	$	43	71	46	72



	March 31, 2020
(in millions)	Total assets		Capital expenditures	Property and equipment, net
QxH	$	12,156	35	790
QVC-International	2,145		4	398
Consolidated QVC	$	14,301	39	1,188

The following table provides a reconciliation of Adjusted OIBDA to operating income and income before income taxes:



	Three months ended March 31,
(in millions)	2020			2019
Adjusted OIBDA	$	390		453
Stock-based compensation	(6		)	(9	)
Depreciation and amortization	(114		)	(118	)
Operating Income	270			326
Equity in losses of investee	(1		)	—
Losses on financial instruments	(4		)	(2	)
Interest expense, net	(65		)	(61	)
Foreign currency gain (loss)	1			(3	)
Income before income taxes	$	201		260

I-18

Table of Contents

(12) Other Comprehensive Income

The change in the component of accumulated other comprehensive loss, net of taxes ("AOCL"), is summarized as follows:



(in millions)	Foreign currency translation adjustments			AOCL
Balance as of January 1, 2020	$	(144	)	(144	)
Other comprehensive loss attributable to QVC, Inc. stockholder	(23		)	(23	)
Balance as of March 31, 2020	(167		)	(167	)

Balance as of January 1, 2019	$	(144	)	(144	)
Other comprehensive loss attributable to QVC, Inc. stockholder	(6		)	(6	)
Balance as of March 31, 2019	(150		)	(150	)

The component of other comprehensive income is reflected in QVC's condensed consolidated statements of comprehensive income, net of taxes. The following table summarizes the tax effects related to the component of other comprehensive loss:



(in millions)	Before-tax amount			Tax benefit	Net-of-tax amount
Three months ended March 31, 2020
Foreign currency translation adjustments	$	(23	)	1	(22	)
Other comprehensive loss	(23		)	1	(22	)

Three months ended March 31, 2019
Foreign currency translation adjustments	$	(6	)	—	(6	)
Other comprehensive loss	(6		)	—	(6	)

(13) Subsequent Event

QVC declared and paid dividends to Qurate Retail in the amount of $50 million from April 1, 2020 to May 7, 2020.

I-19

Table of Contents

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our business, product and marketing strategies; COVID-19 (as defined below); capital expenditures; revenue growth; remediation of a material weakness; the recoverability of our goodwill and other long-lived assets; our projected sources and uses of cash; repayment of debt; and the anticipated impact of certain contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. The following include some but not all of the factors that could cause actual results or events to differ materially from those anticipated:


•	the impact of the novel coronavirus (COVID-19) pandemic and local, state and federal governmental responses to the pandemic on the economy, our customers, our vendors and our businesses generally;


•	customer demand for our products and services and our ability to anticipate customer demand and to adapt to changes in demand;


•	competitor responses to our products and services;


•	increased digital TV penetration and the impact on channel positioning of our programs;


•	the levels of online traffic on our websites and our ability to convert visitors into consumers or contributors;


•	uncertainties inherent in the development and integration of new business lines and business strategies;


•	our future financial performance, including availability, terms and deployment of capital;


•	our ability to successfully integrate and recognize anticipated efficiencies and benefits from the businesses we acquire;


•	the cost and ability of shipping companies, suppliers and vendors to deliver products, equipment, software and services;


•	the outcome of any pending or threatened litigation;


•	availability of qualified personnel;


•	changes in, or failure or inability to comply with, government regulations, including, without limitation, regulations of the Federal Communications Commission, and adverse outcomes from regulatory proceedings;


•	changes in the nature of key strategic relationships with partners, distributors, suppliers and vendors;


•	domestic and international economic and business conditions and industry trends;


•	changes in tariffs, trade policy and trade relations following the 2016 U.S. presidential election and the United Kingdom ("U.K.")'s exit from the European Union (“Brexit”);


•	consumer spending levels, including the availability and amount of individual consumer debt and customer credit losses;


•	advertising spending levels;


•	changes in distribution and viewing of television programming, including the expanded deployment of personal video recorders, video on demand and Internet Protocol television and their impact on home shopping programming;


•	rapid technological changes;


•	failure to protect the security of personal information, subjecting us to potentially costly government enforcement actions and/or private litigation and reputational damage;

I-20

Table of Contents


•	the regulatory and competitive environment of the industries in which we operate;


•	threatened terrorist attacks, political unrest in international markets and ongoing military action around the world;


•	fluctuations in foreign currency exchange rates;


•	Natural disasters, public health crises (including COVID-19), political crises, and other catastrophic events or other events outside of our control; and


•	Qurate Retail, Inc.'s ("Qurate Retail") dependence on our cash flow for servicing its debt and for other purposes.

For additional risk factors, please see Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2019 and Part II, Item 1A. Risk Factors in this Quarterly Report on Form 10-Q. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Quarterly Report on Form 10-Q, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based.

The following discussion and analysis provides information concerning our results of operations and financial condition. This discussion should be read in conjunction with our accompanying condensed consolidated financial statements and the notes thereto and our Annual Report on Form 10-K for the year ended December 31, 2019.

Overview

QVC, Inc. and its consolidated subsidiaries (unless otherwise indicated or required by the context, the terms "we," "our," "QVC" or the "Company" refer to QVC, Inc. and its consolidated subsidiaries) is a retailer of a wide range of consumer products, which are marketed and sold primarily by merchandise-focused televised shopping programs, the Internet and mobile applications.

In the United States ("U.S."), our televised shopping programs, including live and recorded content, are distributed across multiple channels nationally on a full-time basis, including QVC, QVC2, QVC3, HSN and HSN2. During the first quarter of 2019, the Company transitioned its televised Beauty iQ channel to QVC 3 and Beauty iQ content was moved to a digital only platform. Our U.S. programming is also available on QVC.com and HSN.com, our "U.S. websites"; applications via streaming video; Facebook Live, Roku, Apple TV, and Amazon Fire; mobile applications; social pages and over-the-air broadcasters.

Internationally, QVC's televised shopping programs, including live and recorded content, are distributed to households outside of the U.S., primarily in Germany, Austria, Japan, the U.K., the Republic of Ireland and Italy. In some of the countries where QVC operates, QVC's televised shopping programs are distributed across multiple QVC channels: QVC Style and QVC2 in Germany and QVC Beauty, QVC Extra and QVC Style in the U.K. Similar to the U.S., our international businesses also engage customers via websites, mobile applications, and social pages. Our international business employs product sourcing teams who select products tailored to the interests of each local market.

I-21

Table of Contents

The Company also has a joint venture with CNR Media Group, formerly known as China Broadcasting Corporation, a limited liability company owned by China National Radio (''CNR''). The Company owns a 49% interest in a CNR subsidiary, CNR Home Shopping Co., Ltd. (''CNRS''). CNRS operates a retail business in China through a shopping television channel with an associated website. This joint venture is accounted for as an equity method investment recorded as equity in losses of investee in the condensed consolidated statements of operations.

The Company is an indirect wholly-owned subsidiary of Qurate Retail (Nasdaq: QRTEA and QRTEB), which owns interests in a broad range of digital commerce businesses, including Qurate Retail's other wholly-owned subsidiaries Zulily, LLC ("Zulily") and Cornerstone Brands, Inc. ("CBI"), as well as other minority investments. QVC is part of the Qurate Retail Group ("QRG"), formerly QVC Group, a portfolio of brands including QVC, HSN, Inc. ("HSN"), Zulily and CBI.

Strategies and challenges of business units

The goal of QVC is to extend its leadership in video commerce, e-commerce, mobile commerce and social commerce by continuing to create the world’s most engaging shopping experiences, combining the best of retail, media, and social, highly differentiated from traditional brick-and-mortar stores or transactional e-commerce. QVC provides customers with curated collections of unique products, made personal and relevant by the power of storytelling. We curate experiences, conversations and communities for millions of highly discerning shoppers, and we also curate large audiences, across our many platforms, for our thousands of brand partners.

QVC intends to employ several strategies to achieve these objectives. Among these strategies are to (i) Curate special products at compelling values; (ii) Extend video reach and relevance; (iii) Reimagine daily digital discovery; (iv) Expand and engage our passionate community; and (v) Deliver joyful customer service. In addition, we are exploring opportunities to evolve the International operating model to pursue growth opportunities in a more leveraged way across markets.

QVC's future net revenue growth will primarily depend on sales growth from e-commerce, mobile platforms, and applications via streaming video, additions of new customers from households already receiving QVC's televised programming and increased spending from existing customers. QVC's future net revenue may also be affected by (i) the willingness of cable television and direct-to-home satellite system operators to continue carrying QVC's programming service; (ii) QVC's ability to maintain favorable channel positioning, which may become more difficult due to governmental action or from distributors converting analog customers to digital; (iii) changes in television viewing habits because of personal video recorders, video-on-demand and Internet video services; (iv) QVC's ability to source new and compelling products and (v) general economic conditions.

The current economic uncertainty in various regions of the world in which our subsidiaries and affiliates operate could adversely affect demand for our products and services since a substantial portion of our revenue is derived from discretionary spending by individuals, which typically falls during times of economic instability. Global financial markets have recently experienced disruptions, including increased volatility and diminished liquidity and credit availability. If economic and financial market conditions in the U.S. or other key markets, including Japan and Europe, continues to be uncertain, our customers may respond by suspending, delaying or reducing their discretionary spending. A suspension, delay or reduction in discretionary spending could adversely affect revenue. Accordingly, our ability to increase or maintain revenue and earnings could be adversely affected to the extent that relevant economic environments decline. Such weak economic conditions may also inhibit our expansion into new European and other markets. We currently are unable to predict the extent of any of these potential adverse effects.

I-22

Table of Contents

The Brexit process and negotiations have created political and economic uncertainty, particularly in the U.K. and the E.U., and this uncertainty may last for years. On June 23, 2016, the U.K. held a referendum in which voters approved, on an advisory basis, an exit from the E.U. The U.K. formally left the E.U. on January 31, 2020. This has resulted in a transition period during which the E.U.-U.K. trade relationship will not change, and the U.K. will remain part of the E.U. Customs Union and Single Market, subject to all E.U. trade law. During the transition period, the E.U. and the U.K. will negotiate their new economic and security relationship, including a new agreement on trade. The transition will last until December 31, 2020, which can be extended for up to two years if the E.U. and the U.K. agree to do so. However, at present, the U.K. government’s stated intention is not to seek or agree to an extension. A “no deal” outcome on trade remains a possibility if the E.U. and the U.K. fail to conclude a new trade agreement before December 31, 2020 and the transition period is not extended. In that case, with effect from January 1, 2021, the basis for E.U.-U.K. trade would automatically default to World Trade Organization terms. The potential impacts, if any, of the considerable uncertainty relating to Brexit or the resulting terms of the new economic and security relationship between the U.K. and the E.U. on the free movement of goods, services, people and capital between the U.K. and the E.U., customer behavior, economic conditions, interest rates, currency exchange rates, availability of capital or other matters are unclear. Our business could be affected with respect to these matters during this period of uncertainty, and perhaps longer, depending on the resulting terms. In particular, our business could be negatively affected by new trade agreements between the U.K. and other countries, including the U.S., and by the possible imposition of trade or other regulatory barriers in the U.K. which could result in shipping delays and the shortage of products sold by our business. Additionally, the U.K. economy and consumer demand in the U.K., including for our products, could be negatively impacted. Further, various geopolitical forces related to Brexit may impact the global economy, the European economy and our business, including, for example, due to other E.U. member states where we have operations proposing referendums to, or electing to, exit the E.U. These possible negative impacts, and others resulting from the U.K.’s withdrawal from the E.U., may adversely affect our operating results.

The President of the United States has expressed apprehension towards trade agreements, such as the Trans-Pacific Partnership, and suggested that the U.S. would renegotiate or withdraw from certain trade agreements. He has advocated for and imposed tariffs on certain goods imported into the U.S., particularly from China. In response to these new U.S. tariffs, some foreign governments, including China, have instituted or are considering instituting tariffs on certain U.S. goods. New tariffs and other changes in U.S. trade policy could trigger retaliatory actions by affected countries. Like many other multinational corporations, we do a significant amount of business that could be impacted by changes to U.S. and international trade policies (including governmental action related to tariffs and trade agreements). Such changes have the potential to adversely impact the U.S. economy or certain sectors thereof, our industry and the global demand for our products and, as a result, could have a material adverse effect on our business, financial condition and results of operations.

On January 23, 2017, the President of the United States signed a presidential memorandum to withdraw the U.S. from the Trans-Pacific Partnership. On October 1, 2018, the U.S., Mexico and Canada agreed to the terms of the United States-Mexico-Canada Agreement (the "USMCA"), a successor to the North American Free Trade Agreement ("NAFTA"), which will impact imports and exports among those countries. The countries agreed to a revised version of the USMCA on December 10, 2019, which has been ratified by all countries as of March 2020. These and other proposed actions, if implemented, could adversely affect our business because we sell imported products.

In December 2019, the COVID-19 pandemic was reported to have surfaced in Wuhan, China and has subsequently spread across the globe, including all of the countries in which QVC operates. As a result of the spread of the virus, most local governmental agencies have imposed travel restrictions and imposed local quarantines or stay at home restrictions to contain the spread, which has caused a significant disruption to most sectors of the economy. Through the date of this quarterly filing, in response to these stay at home restrictions, QVC has mandated that all non-essential employees work from home and has reduced the number of employees who are allowed on its production set and has implemented increased cleaning protocols, social distancing measures and temperature screenings for those employees who enter into certain facilities. We have also mandated that all essential employees who do not feel comfortable coming to work will not be required to do so. As a result of these resource constraints, QVC has reverted to pre-recorded programming on some of its secondary channels and has experienced some delays in shipping at certain fulfillment centers. In certain markets, QVC has temporarily increased the wages and salaries for those employees deemed essential who do not have the ability to work from home, including production and fulfillment center employees. QVC believes this could have a negative impact to future financial results, depending on how long the pandemic persists. While we do not currently have a plan in place for a significant workforce or compensation reduction as a result of COVID-19, the inability to control the spread of COVID-19, or the expansion or extension of these stay at home restrictions could significantly alter those plans in the future.

I-23

Table of Contents

The stay at home restrictions imposed in response to COVID-19 required many traditional brick and mortar retailers to temporarily close their stores, but allowed distance retailers, including QVC, to continue operating. As a result, at the end of March, we observed an increase in new customers and an increase in demand for certain lower margin categories, such as home and electronics, and a decrease in demand for higher margin categories, such as apparel. We have continued to offer our installment payment option and, as an accommodation to our customers, we have extended our return policy.

As a result, for the three months ended March 31, 2020, management has increased the amounts of certain estimated reserves including, but not limited to, uncollectible receivables in anticipation of higher defaults by customers billed through our installment payment option, inventory obsolescence due to decreased demand for certain categories, such as apparel, and sales returns due to our extended return policy.

In addition, there are several potential adverse impacts of COVID-19 that could cause a material negative impact to the Company’s financial results, including its capital and liquidity, for the remainder of 2020 and beyond. These include governmental restrictions on QVC’s ability to continue to operate under stay at home restrictions and produce content; reduced demand for products we sell; decreases in the disposable income of existing and potential new customers; higher unemployment; labor shortages; and an adverse impact to our supply chain and shipping disruptions for both the products we import and purchase domestically and the products we sell, including essential products experiencing higher demand, due to factory closures, labor shortages and other resource constraints. While the impact is currently uncertain, the inability to control the spread of COVID-19 could cause any one of these adverse impacts, or combination of adverse impacts, to have a material impact on our financial results.

Results of Operations

QVC's operating results were as follows:



	Three months ended March 31,
(in millions)	2020			2019
Net revenue	$	2,427		2,501
Operating costs and expenses:
Costs of goods sold (exclusive of depreciation and amortization shown separately below)	1,584			1,610
Operating	177			177
Selling, general and administrative, excluding stock-based compensation	276			261
Adjusted OIBDA (defined below)	390			453
Stock-based compensation	6			9
Depreciation	43			46
Amortization	71			72
Operating income	270			326
Other (expense) income:
Equity in losses of investee	(1		)	—
Losses on financial instruments	(4		)	(2	)
Interest expense, net	(65		)	(61	)
Foreign currency gain (loss)	1			(3	)
	(69		)	(66	)
Income before income taxes	201			260
Income tax expense	(60		)	(74	)
Net income	141			186
Less net income attributable to the noncontrolling interest	(12		)	(10	)
Net income attributable to QVC, Inc. stockholder	$	129		176

I-24

Table of Contents

Net revenue

Net revenue by segment was as follows:



	Three months ended March 31,
(in millions)	2020		2019
QxH	$	1,792	1,857
QVC-International	635		644
Consolidated QVC	$	2,427	2,501

QVC's consolidated net revenue decreased 3.0% for the three months ended March 31, 2020 as compared to the corresponding period in the prior year. The three month decrease in net revenue is primarily due to a 3.1% decrease in units sold, an $11 million decrease in shipping and handling revenue, $7 million in unfavorable foreign exchange rates across all markets and a slight decrease in average selling price per unit ("ASP"), which was partially offset by a $34 million decrease in estimated product returns, primarily driven by QxH.

During the three months ended March 31, 2020 and 2019, the changes in revenue and expenses were affected by changes in the exchange rates for the U.K. Pound Sterling, the Euro and the Japanese Yen. In the event the U.S. Dollar strengthens against these foreign currencies in the future, QVC's revenue and operating cash flow will be negatively affected.

In discussing our operating results, the term currency exchange rates refers to the currency exchange rates we use to convert the operating results for all countries where the functional currency is not the U.S. Dollar. We calculate the effect of changes in currency exchange rates as the difference between current period activity translated using the prior period's currency exchange rates. Throughout our discussion, we refer to the results of this calculation as the impact of currency exchange rate fluctuations. When we refer to constant currency operating results, this means operating results without the impact of the currency exchange rate fluctuations. The disclosure of constant currency amounts or results permits investors to understand better QVC’s underlying performance without the effects of currency exchange rate fluctuations.

The percentage change in net revenue for each of QVC's segments in U.S. Dollars and in constant currency was as follows:



	Three months ended March 31, 2020
	U.S. Dollars		Foreign Currency Exchange Impact		Constant Currency
QxH	(3.5	)%	—	%	(3.5	)%
QVC-International	(1.4	)%	(1.0	)%	(0.4	)%

QxH net revenue decrease for the three months ended March 31, 2020 was primarily due to a 2.9% decrease in units sold, a 1.1% decrease in ASP and a $9 million decline in shipping and handling revenue. QxH experienced shipped sales decline in all categories. The net revenue decrease was partially offset by a decrease in estimated product returns of $30 million due to the decreased sales volume and a shift in product mix to home, partially offset by an increase in return estimates due to COVID-19 as we have extended our return policy.

QVC-International net revenue decline in constant currency was primarily due to a 3.5% decrease in units sold, driven by declines in Germany, the U.K. and Italy partially offset by an increase in Japan. This decrease was offset by a 3.1% increase in ASP, driven by an increase in ASP in all markets except for the U.K., and a $4 million decrease in estimated product returns primarily in the U.K. and Germany. QVC-International experienced shipped sales decline in constant currency in apparel, accessories and jewelry partially offset by an increase in home.

Cost of goods sold (excluding depreciation and amortization)

QVC's cost of goods sold as a percentage of net revenue was 65.3% and 64.4% for the three months ended March 31, 2020 and 2019, respectively. The increase in cost of goods sold as a percentage of revenue is primarily due to higher fulfillment costs, including the new fulfillment center in Bethlehem, Pennsylvania, higher personnel expenses and higher freight costs at QxH.

I-25

Table of Contents

Operating expenses

QVC's operating expenses are principally comprised of commissions, order processing and customer service expenses, credit card processing fees and telecommunications expenses. Operating expenses remained relatively flat across all markets for the three months ended March 31, 2020 as compared to the three months ended March 31, 2019.

Selling, general and administrative expenses (excluding stock-based compensation)

QVC's selling, general, and administrative expenses (excluding stock-based compensation) include personnel, information technology, provision for doubtful accounts, production costs, and marketing and advertising expenses. Such expenses increased $15 million, and as a percentage of net revenue, increased from 10.4% to 11.4% for the three months ended March 31, 2020 as compared to the three months ended March 31, 2019.

For the three months ended March 31, 2020, the increase was primarily due to an $8 million increase in estimated credit losses as we increased our historical loss percentage as a result of COVID-19 across most markets, a $4 million increase in online marketing primarily in QxH and a $3 million increase in outside services primarily in QxH and Japan.

Stock-based compensation

Stock-based compensation includes compensation related to options and restricted stock units granted to certain officers and employees. QVC recorded $6 million and $9 million of stock-based compensation expense for the three months ended March 31, 2020 and 2019, respectively. The decrease in stock compensation expense is primarily related to certain officers not reaching performance targets for restricted stock units.

Depreciation and amortization

Depreciation and amortization consisted of the following:



	Three months ended March 31,
(in millions)	2020		2019
Affiliate agreements	$	1	1
Customer relationships	12		12
Other technology	4		4
Acquisition related amortization	17		17
Property and equipment	43		46
Software amortization	21		22
Channel placement amortization and related expenses	33		33
Total depreciation and amortization	$	114	118

Equity in losses of investee

The loss that was associated with our joint venture in China is accounted for as an equity method investment.

Interest expense, net

For the three months ended March 31, 2020, consolidated interest expense, net increased $4 million or 7% as compared to the corresponding period in the prior year. The increase is primarily related to refinancing our borrowings on our senior secured credit facility with newly issued senior secured notes, which have higher interest rates.

Foreign currency gain (loss)

Certain loans between QVC and its subsidiaries are deemed to be short-term in nature, and accordingly, the translation of these loans is recorded in the condensed consolidated statements of operations. For the three months ended March 31, 2020, the change in foreign currency loss was also due to variances in interest and operating payables balances between QVC and its international subsidiaries denominated in the currency of the subsidiary and the effects of currency exchange rate changes on those balances.

I-26

Table of Contents

Income taxes

Our effective tax rate was 29.9% and 28.5% for the three months ended March 31, 2020 and 2019, respectively. The 2020 rate differs from the U.S. federal income tax rate of 21% due primarily to state and foreign tax expenses, and valuation allowances established for excess U.S. foreign tax credits. The 2020 effective tax rate has increased from the prior year primarily due to increases in foreign tax expense and the valuation allowance on foreign tax credits in the current year.

Adjusted Operating Income before Depreciation and Amortization (Adjusted OIBDA)

To provide investors with additional information regarding our financial statements, we disclose Adjusted OIBDA, which is a non-GAAP measure. QVC defines Adjusted OIBDA as operating income plus depreciation and amortization, stock-based compensation, transaction related costs (if any) and impairment loss (if any). QVC's chief operating decision maker and management team use this measure of performance in conjunction with other measures to evaluate the businesses and make decisions about allocating resources among the businesses. QVC believes that this is an important indicator of the operational strength and performance of the segments by identifying those items that are not directly a reflection of each segment's performance or indicative of ongoing business trends. In addition, this measure allows QVC to view operating results, perform analytical comparisons and perform benchmarking among its businesses and identify strategies to improve performance. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with U.S generally accepted accounting principles (" U.S. GAAP").

The primary material limitations associated with the use of Adjusted OIBDA as compared to U.S. GAAP results are (i) it may not be comparable to similarly titled measures used by other companies in the industry, and (ii) it excludes financial information that some may consider important in evaluating QVC's performance. QVC compensates for these limitations by providing disclosure of the difference between Adjusted OIBDA and U.S. GAAP results, including providing a reconciliation of Adjusted OIBDA to U.S. GAAP results, to enable investors to perform their own analysis of QVC's operating results. The following table provides a reconciliation of operating income to Adjusted OIBDA.



	Three months ended March 31,
(in millions)	2020		2019
Operating income	$	270	326
Depreciation and amortization	114		118
Stock-based compensation	6		9
Adjusted OIBDA	$	390	453

QVC Adjusted OIBDA decreased by $63 million for the three months ended March 31, 2020 compared to the three months ended March 31, 2019. The decrease is comprised of a $59 million decrease in QxH and a $4 million decrease in QVC-International, which was partially impacted due to the closure of operations in France in 2019. There were no Adjusted OIBDA losses related to France for the three months ended March 31, 2020 and Adjusted OIBDA losses were $4 million for the three months ended March 31, 2019.

Seasonality

QVC's business is seasonal due to a higher volume of sales in the fourth calendar quarter related to year-end holiday shopping. In recent years, QVC has earned, on average, between 22% and 23% of its revenue in each of the first three quarters of the year and 32% of its revenue in the fourth quarter of the year.

Financial Position, Liquidity and Capital Resources

General

Historically, QVC's primary sources of cash have been cash provided by operating activities and borrowings. In general, QVC uses this cash to fund its operations, make capital purchases, make payments to Qurate Retail, make interest payments and minimize QVC's outstanding senior secured credit facility balance.

I-27

Table of Contents

As of March 31, 2020, substantially all of QVC's cash and cash equivalents were invested in AAA rated money market funds and time deposits with banks rated equal to or above A.

Senior Secured Notes

All of QVC's senior secured notes are secured by the capital stock of QVC and certain of its subsidiaries and have equal priority to the senior secured credit facility. With the exception of the 6.375% Senior Secured Notes due 2067 (the "2067 Notes") and the 6.25% Senior Secured Notes due 2068 (the "2068 Notes"), for which interest is payable quarterly, the interest on QVC's senior secured notes is payable semi-annually.

4.75% Senior Secured Notes due 2027

On February 4, 2020, QVC completed a registered debt offering for $575 million of the 2027 Notes at par. The proceeds were used to partially prepay existing indebtedness under QVC's senior secured credit facility. Interest on the 2027 Notes will be paid semi-annually in February and August, with payments commencing on August 15, 2020.

Senior Secured Credit Facility

On December 31, 2018, QVC entered into the Fourth Amended and Restated Credit Agreement with Zulily as borrowers (collectively, the “Borrowers”) which is a multi-currency facility that provides for a $2.95 billion revolving credit facility with a $450 million sub-limit for standby letters of credit and $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 an additional $50 million sub-limit for standby letters of credit. The remaining $2.55 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% and 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 London Interbank Offered Rate ("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.

I-28

Table of Contents

Parent Issuer and Subsidiary Guarantor Summarized Financial Information

The following information contains the summarized financial information for the combined parent (QVC, Inc.) and subsidiary guarantors (Affiliate Relations Holdings, Inc.; Affiliate Investment, Inc.; AMI 2, Inc.; ER Marks, Inc.; QVC Rocky Mount, Inc.; QVC San Antonio, LLC; QVC Global Holdings I, Inc.; QVC Global Holdings II, Inc.; QVC Deutschland GP, Inc.; HSN, Inc; HSNi, LLC; HSN Holding LLC; AST Sub, Inc.; Home Shopping Network En Espanol, L.P.; Home Shopping Network En Espanol, L.L.C; H.O.T. Networks Holdings (Delaware) LLC; HSN of Nevada LLC; Ingenious Designs LLC; NLG Merger Corp.; Ventana Television, Inc.; and Ventana Television Holdings, Inc.) pursuant to Rules 3-10, 13-01 and 13-02 of Regulation S-X.

This consolidated summarized financial information has been prepared from the Company's financial information on the same basis of accounting as the Company's consolidated financial statements. Transactions between the parent and subsidiary guarantors presented on a combined basis have been eliminated. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, such as management fees, royalty revenue and expense, interest income and expense and gains on intercompany asset transfers. Goodwill and other intangible assets have been allocated to the subsidiaries based on management’s estimates. Certain costs have been partially allocated to all of the subsidiaries of the Company.

The subsidiary guarantors are 100% owned by the Company. All guarantees are full and unconditional and are joint and several. There are no significant restrictions on the ability of the Company to obtain funds from its U.S. subsidiaries, including the guarantors, by dividend or loan.

Summarized financial information for the year-to-date interim period and the most recent annual period was as follows:



	Combined Parent-QVC, Inc. and Subsidiary Guarantors
	March 31, 2020
Current assets	$	2,377
Intercompany receivable from non-guarantor subsidiaries	1,128
Noncurrent assets	9,211
Current liabilities	1,018
Noncurrent liabilities	5,651



	Combined Parent-QVC, Inc. and Subsidiary Guarantors
	December 31, 2019
Current assets	$	2,809
Intercompany receivable from non-guarantor subsidiaries	1,175
Noncurrent assets	9,276
Current liabilities	1,374
Noncurrent liabilities	5,837

I-29

Table of Contents



	Combined Parent-QVC, Inc. and Subsidiary Guarantors
	March 31, 2020
Net revenue	$	2,014
Net revenue less cost of goods sold	834
Income before taxes	162
Net income	141
Net income attributable to QVC, Inc. Stockholder	129



	Combined Parent-QVC, Inc. and Subsidiary Guarantors
	December 31, 2019
Net revenue	$	9,328
Net revenue less cost of goods sold	3,858
Income before taxes	876
Net income	817
Net income attributable to QVC, Inc. Stockholder	767

Other Debt Related Information

QVC was in compliance with all of its debt covenants as of March 31, 2020.

There are no restrictions under the debt agreements on QVC's ability to pay dividends or make other restricted payments if QVC is not in default on its senior secured notes or the Fourth Amended and Restated Credit Agreement, and QVC's consolidated leverage ratio, and a Combined Consolidated Leverage Ratio for both QVC and Zulily, would be no greater than 3.5 to 1.0. As a result, Qurate Retail will, in many instances, be permitted to rely on QVC's cash flow for servicing Qurate Retail's debt and for other purposes, including repurchases of Qurate Retail's common stock, or to fund acquisitions or other operational requirements of Qurate Retail and its subsidiaries. These events may increase accumulated deficit or require QVC to borrow under the Fourth Amended and Restated Credit Agreement, increasing QVC's leverage and decreasing liquidity. QVC has made significant distributions to Qurate Retail in the past.

Interest Rate Swap Arrangements

Additional Cash Flow Information

During the three months ended March 31, 2020, QVC's primary uses of cash were $872 million of principal payments on debt and finance lease obligations, $122 million of dividends to Qurate Retail, $40 million of capital and television distribution rights expenditures and $15 million in dividend payments from QVC-Japan to Mitsui. These uses of cash were funded primarily with $575 million of proceeds from issuance of senior secured notes, $310 million of cash provided by operating activities and $112 million of principal borrowings from the senior secured credit facility. As of March 31, 2020, QVC's cash, cash equivalents and restricted cash balance was $505 million.

I-30

Table of Contents

During the three months ended March 31, 2019, QVC's primary uses of cash were $563 million of principal payments on debt and finance lease obligations, $354 million of dividends to Qurate Retail, $106 million of capital and television distribution rights expenditures and $22 million in dividend payments from QVC-Japan to Mitsui. These uses of cash were funded primarily with $663 million of principal borrowings from the senior secured credit facility and $267 million of cash provided by operating activities. As of March 31, 2019, QVC's cash, cash equivalents balance and restricted cash was $446 million.

The change in cash provided by operating activities for the three months ended March 31, 2020 compared to the previous year was primarily due to changes in working capital offset by lower net income. Working capital at any specific point in time is subject to many variables, including seasonality, inventory management, the timing of cash receipts and payments, vendor payment terms, and fluctuations in foreign exchange rates.

As of March 31, 2020, $234 million of the $505 million in cash, cash equivalents and restricted cash was held by foreign subsidiaries. Cash in foreign subsidiaries is available for domestic purposes with no significant tax consequences upon repatriation to the U.S. QVC accrues taxes on the unremitted earnings of its international subsidiaries. Approximately 72% of this foreign cash balance was that of QVC-Japan. QVC owns 60% of QVC-Japan and shares all profits and losses with the 40% minority interest holder, Mitsui. We believe that we currently have appropriate legal structures in place to repatriate foreign cash as tax efficiently as possible and meet the business needs of QVC.

Other

Capital expenditures in 2020 are expected to be between $230 to $260 million, including $39 million already expended for the three months ended March 31, 2020. This range of annual spend includes a planned reduction of capital spending as a result of COVID-19.

Refer to the chart under the "Off-balance Sheet Arrangements and Aggregate Contractual Obligations" section below for additional information concerning the amount and timing of expected future payments under QVC's contractual obligations as of March 31, 2020.

QVC has contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. Although it is reasonably possible QVC may incur losses upon the 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, that may be required to satisfy such contingencies will not be material in relation to the accompanying condensed consolidated financial statements.

I-31

Table of Contents

Off-balance Sheet Arrangements and Aggregate Contractual Obligations

Information concerning the amount and timing of required payments, both accrued and off-balance sheet, under our contractual obligations as of March 31, 2020 is summarized below:



	Payments due by period
(in millions)	Remainder of 2020		2021	2022	2023	2024	Thereafter	Total
Long-term debt (1)	$	—	—	500	1,100	600	2,600	4,800
Interest payments (2)	150		241	240	200	154	2,617	3,602
Finance lease obligations (including imputed interest)	19		25	25	24	23	108	224
Operating lease obligations	26		27	23	20	20	183	299

(1) Amounts exclude Finance lease obligations and the issue discounts on the 4.375%, 4.45%, 4.85%, 5.45% and 5.95% Senior Secured Notes.

(2) Amounts (i) are based on the terms of QVC's senior secured credit facility and senior secured notes, (ii) assumes the interest rates on the floating rate debt remain constant at the rates in effect as of March 31, 2020, (iii) assumes that our existing debt is repaid at maturity and (iv) excludes finance lease obligations.

Adoption of new accounting pronouncements

I-32

Table of Contents

Item 3. Quantitative and Qualitative Disclosures about Market Risk

QVC is exposed to market risk in the normal course of business due to ongoing investing and financial activities and the conduct of operations by subsidiaries in different foreign countries. Market risk refers to the risk of loss arising from adverse changes in stock prices, interest rates and foreign currency exchange rates. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. QVC has established procedures and internal processes governing the management of market risks and the use of financial instruments to manage exposure to such risks.

Interest rate risk

QVC is exposed to changes in interest rates primarily as a result of borrowing activities. Over the long-term, QVC manages the exposure to interest rates by maintaining what QVC believes is an appropriate mix of fixed and variable rate debt.

The table below summarizes the Company’s debt obligations, related interest rates and fair value of debt as of March 31, 2020:



(in millions, except percentages)	Remainder of 2020			2021		2022		2023		2024		Thereafter		Total		Fair Value
Fixed rate debt (1) (2)	$	—		—		500		750		600		2,600		4,450		3,717
Weighted average interest rate on fixed rate debt	—		%	—	%	5.1	%	4.4	%	4.9	%	5.4	%	5.1	%	N/A
Variable rate debt (2)	$	—		—		—		350		—		—		350		350
Average interest rate on variable rate debt	—		%	—	%	—	%	2.1	%	—	%	—	%	2.1	%	N/A

(1) Amounts exclude finance lease obligations and the issue discounts on the 4.375%, 4.45%, 4.85%, 5.45% and 5.95% Senior Secured Notes.

(2) Amounts exclude impact related to interest rate swaps, which are discussed further below.

N/A - Not applicable.

I-33

Table of Contents

Foreign currency exchange rate risk

QVC is exposed to foreign exchange rate fluctuations related to the monetary assets and liabilities and the financial results of its foreign subsidiaries. Assets and liabilities of foreign subsidiaries for which the functional currency is the local currency are translated into U.S. Dollars at period-end exchange rates, and the statements of operations are translated at the average exchange rate for the period. Exchange rate fluctuations on translating foreign currency financial statements into U.S. Dollars that result in unrealized gains or losses are referred to as translation adjustments. Cumulative translation adjustments are recorded in other comprehensive income as a separate component of stockholder's equity. Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise. Subsequent changes in exchange rates result in transaction gains and losses, which are reflected in income as unrealized (based on period-end transactions) or realized upon settlement of the transactions. Cash flows from operations in foreign countries are translated at the average rate for the period. Accordingly, QVC may experience economic loss and a negative impact on earnings and equity with respect to its holdings solely as a result of foreign currency exchange rate fluctuations. QVC's reported Adjusted OIBDA for the three months ended March 31, 2020 would have been impacted by approximately $1 million for every 1% change in foreign currency exchange rates relative to the U.S. Dollar.

The Fourth Amended and Restated Credit Agreement provides QVC with the ability to borrow in multiple currencies. This allows QVC to somewhat mitigate foreign currency exchange rate risks. As of March 31, 2020, no borrowings in foreign currencies were outstanding.

I-34

Table of Contents

Item 4. Controls and Procedures

Disclosure Controls and Procedures

In accordance with Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Company carried out an evaluation, under the supervision and with the participation of management, including its chief executive officer and its principal accounting and financial officer (the "Executives"), of the effectiveness of its disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Executives concluded that the Company's disclosure controls and procedures were not effective as of March 31, 2020 because of the material weakness in our internal control over financial reporting as discussed in more detail in our Annual Report on Form 10-K for the year ended December 31, 2019. Management has continued to monitor the implementation of the remediation plan described in our Annual Report on Form 10-K for the year ended December 31, 2019, as described below.

Changes in Internal Control Over Financial Reporting

During the first quarter of 2020, we continued to assess Information Technology system related risks and implement control improvements to alleviate the noted control deficiencies. Other than these items, there has been no change in the Company's internal control over financial reporting that occurred during the three months ended March 31, 2020 that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting. We have not experienced any material impact to our internal controls over financial reporting despite the fact that most of our employees are working remotely due to the COVID-19 pandemic.

Remediation Plan for Material Weakness in Internal Control Over Financial Reporting

In response to the material weakness identified in Management’s Report on Internal Control Over Financial Reporting as set forth in Part II, Item 9A in our Annual Report on Form 10-K for the year ended December 31, 2019, the Company developed a plan with oversight from the Audit Committee of the Board of Directors of Qurate Retail to remediate the material weakness. The remediation efforts include the following:


•	Ensure user access is appropriately restricted to the IT systems in Germany that contributed to the material weakness


•	Continue to assess the risks in and around IT systems that could impact internal controls over financial reporting


•	Enhance design and/or operating effectiveness of control activities to address identified risks

The Company has appropriately restricted access to the affected IT systems in Germany and has implemented annual and ongoing processes to assess and address risk in the IT environment. However, because the reliability of the internal control process requires repeatable execution, the successful on-going remediation of the material weakness will require on-going risk assessments and control improvements to mitigate risks identified. We expect to conclude the effective remediation of the material weakness prior to the end of 2020.

I-35

Table of Contents

PART II

Item 1A. Risk Factors

Except as discussed below, there have been no material changes in the Company’s risk factors from those disclosed in Part I, Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2019.

Natural disasters, public health crises (including COVID-19), political crises, and other catastrophic events or other events outside of our control may damage our facilities or the facilities of third parties on which we depend, and could impact consumer spending

Our corporate headquarters and operations center are located in West Chester, Pennsylvania, and we also operate regional headquarters and administrative offices, distribution centers and call centers worldwide. If any of these facilities or the facilities of our vendors or third-party service providers are affected by natural disasters (such as earthquakes, tsunamis, power shortages or outages, floods or monsoons), public health crises (such as pandemics and epidemics), political crises (such as terrorism, war, political instability or other conflict), or other events outside of our control, our business, financial condition and results of operations could be materially adversely affected. In addition, any of these events occurring at our or our vendors’ facilities also could impact our reputation and our customers’ perception of the products we sell, and adversely affect our business, financial condition and results of operations. Moreover, these types of events could negatively impact consumer spending in the impacted regions or depending upon the severity, globally, which could adversely impact our business, financial condition and results of operations.

For example, in December 2019, a novel coronavirus, COVID-19, was reported to have surfaced in Wuhan, China and has subsequently spread across the world, including to countries in which QVC operates. As a result of the spread of COVID-19, most local, state and federal governmental agencies have imposed travel restrictions and local quarantines or stay at home restrictions to contain the spread, which has caused a significant disruption to the global economy. In response to these restrictions and in an effort to minimize the risk of COVID-19 to our employees and the communities in which we operate, we mandated that all non-essential employees work from home and reduced the number of employees who are allowed on our production sets. We have also reverted to pre-recorded programming on some of our secondary channels. As a result, our ability to create new content has decreased, and we have had to limit the number of products we are able to promote on air. Our programming could be further disrupted if any of our essential employees were suspected or confirmed of having COVID-19 or other illnesses and such illness required us to quarantine some or all such employees or disinfect our locations. In certain markets, we have temporarily increased the wages and salaries for those employees deemed essential who do not have the ability to work from home, including production and fulfillment center employees, resulting in additional costs to our company.

Government restrictions may also have an adverse impact on our supply chain due to factory closures and labor shortages, resulting in shipping delays and other resource constraints related to the products we import and those we produce domestically. As a result, our manufacturers and vendors may be unable to produce and deliver the products we sell, either on a timely basis or at all. Additionally, these factory closures and labor shortages may result in our manufacturers and vendors experiencing financial difficulties, including bankruptcy, or otherwise ceasing to do business with us. The inability of manufacturers and vendors to meet our supply needs in a timely manner, or at all, could cause delays to delivery dates to our customers, which could result in the cancellation of orders, customers’ refusal to accept deliveries, a reduction in purchase prices and ultimately, termination of customer relationships. While we believe we can manage our exposure to these risks, we cannot be certain that we will be able to identify alternative sources for our products without delay or without greater cost to us. Although we are assessing the impact of these and other macroeconomic trends related to the pandemic, the extent to which COVID-19 impacts our results and financial condition will depend on future developments, such as any new information that may emerge concerning the severity of COVID-19 and the actions to contain and treat its impacts, among others. There can be no assurance that we will be able to accurately predict or plan for any long term effects on our business, and thus the ultimate impact of the pandemic on our business, financial condition and result of operations remains uncertain.

These government restrictions, including stay at home restrictions, as well as the various actions we have taken in response to COVID-19, may adversely impact our ability to comply with various legal and contractual obligations and may expose us to increased litigation, including labor and employment claims, breach of contract claims and consumer claims by our customers. Our insurance coverage may not be applicable to, or sufficient to cover, all claims, costs, and damages we may incur as a result of these COVID-19 related claims, which would result in our bearing these costs and which could have a material adverse effect on our business, financial condition and results of operations.

II-1

Table of Contents

In addition, as a result of the stay at home restrictions, many traditional brick and mortar retailers have temporarily closed their stores, but allowed distance retailers, such as QVC, to continue operating. As a result, QVC has experienced an increase in new customers and an increase in demand for certain categories, such as home and electronics, which are typically available for purchase using QVC’s installment payment options. However, QVC may not be able to retain these new customers after the pandemic subsides and any increases in demand in our product categories during the pandemic may be temporary. In addition, because of these unusual market conditions and increasing levels of unemployment, as well as general uncertainty about future market conditions in the event that these stay at home restrictions are extended or expanded, QVC has increased its bad debt reserve to reflect an assumed rate of default that is higher than its historical experience. To the extent that QVC experiences default rates in excess of these higher bad debt reserves, our results of operations could be negatively impacted. Further, we cannot predict the extent to which customers will use QxH’s private label credit cards, nor the extent to which they will make payments on their outstanding balances during the duration of the pandemic. As QVC receives a portion of the net economics from the credit card program, the ability of customers to make payments on their outstanding balances due to circumstances related to the pandemic could result in reduced private label credit card income from the financial institution providing the revolving credit to our customers.

To the extent the COVID-19 pandemic adversely affects our business, financial conditions and results of operations, it may also have the effect of heightening many of the other risks described in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2019, such as those relating to our substantial level of indebtedness, changes in consumer demand, preferences and shopping patterns, matters relating to internal controls over financial reporting, cybersecurity and privacy and general business continuity and our ability to generate sufficient cash to service our debt obligations.

II-2

Item 6. Exhibits

(a) Exhibits

Listed below are the exhibits which are filed as a part of this Report (according to the number assigned to them in Item 601 of Regulation S-K):



4.1		Third Supplemental Indenture, dated February 4, 2020, by and among QVC, Inc., Affiliate Investment, Inc., Affiliate Relations Holdings, Inc., AMI 2, Inc., ER Marks, Inc., QVC Global Holdings I, Inc., QVC Global Holdings II, Inc., QVC Rocky Mount, Inc., QVC San Antonio, LLC, QVC Deutschland GP, Inc., HSN, Inc., HSNi, LLC, HSN Holding LLC, AST Sub, Inc., Home Shopping Network En Espanol, L.L.C., Home Shopping Network En Espanol, L.P., H.O.T. Networks Holdings (Delaware) LLC, HSN of Nevada LLC, Ingenious Designs LLC, NLG Merger Corp., Ventana Television, Inc., and Ventana Television Holdings, Inc., as guarantors, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K (File No. 001-38654) as filed on February 4, 2020 (the “February 2020 Form 8-K”)).
4.2		Form of 4.75% Senior Secured Notes due 2027 (incorporated by reference to Exhibit 4.3 to the February 2020 Form 8-K).
31.1		Rule 13a-14(a)/15d-14(a) Certification*
31.2		Rule 13a-14(a)/15d-14(a) Certification*
32.1		Section 1350 Certification**
101.INS		XBRL Instance Document*
101.SCH		XBRL Taxonomy Extension Schema Document*
101.CAL		XBRL Taxonomy Calculation Linkbase Document*
101.LAB		XBRL Taxonomy Label Linkbase Document*
101.PRE		XBRL Taxonomy Presentation Linkbase Document*
101.DEF		XBRL Taxonomy Definition Document*

*Filed herewith.

**Furnished herewith.

II-3

Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

QVC, Inc.



Date: May 7, 2020	By:/s/ MICHAEL A. GEORGE
	Michael A. George
	President and Chief Executive Officer (Principal Executive Officer)

Date: May 7, 2020	By:/s/ JEFFREY A. DAVIS
	Jeffrey A. Davis
	Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

II-4

EX-31.1 2 qvc_exhibit311x3312020.htm EXHIBIT 31.1 Exhibit

Exhibit 31.1

CERTIFICATION

I, Michael A. George, certify that:

1.I have reviewed this report on Form 10-Q of QVC, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 7, 2020



By:/s/ MICHAEL A. GEORGE
Michael A. George
President and Chief Executive Officer (Principal Executive Officer)

EX-31..2 3 qvc_exhibit312x3312020.htm EXHIBIT 31..2 Exhibit

Exhibit 31.2

CERTIFICATION

I, Jeffrey A. Davis, certify that:

1.I have reviewed this report on Form 10-Q of QVC, Inc.;

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 7, 2020



By:/s/ JEFFREY A. DAVIS
Jeffrey A. Davis
Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

EX-32.1 4 qvc_exhibit321x3312020.htm EXHIBIT 32.1 Exhibit

Exhibit 32.1

Certification

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of QVC, Inc., a Delaware corporation (the "Company"), does hereby certify, to such officer's knowledge, that:

The Report on Form 10-Q for the quarter ended March 31, 2020 (the "Form 10-Q") of the Company fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.



Date: May 7, 2020	By:/s/ MICHAEL A. GEORGE
	Michael A. George
	President and Chief Executive Officer (Principal Executive Officer)

Date: May 7, 2020	By:/s/ JEFFREY A. DAVIS
	Jeffrey A. Davis
	Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

The foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code) and is not being filed as part of the Form 10-Q or as a separate disclosure document.

EX-101.INS 5 qvc-20200331.xml XBRL INSTANCE DOCUMENT 0001254699 2020-01-01 2020-03-31 0001254699 2020-03-31 0001254699 2019-12-31 0001254699 2019-01-01 2019-03-31 0001254699 2019-03-31 0001254699 2018-12-31 0001254699 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001254699 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0001254699 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001254699 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0001254699 us-gaap:CommonStockMember 2019-12-31 0001254699 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001254699 us-gaap:CommonStockMember 2020-03-31 0001254699 us-gaap:RetainedEarningsMember 2019-12-31 0001254699 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001254699 us-gaap:RetainedEarningsMember 2020-03-31 0001254699 us-gaap:NoncontrollingInterestMember 2020-03-31 0001254699 us-gaap:NoncontrollingInterestMember 2019-12-31 0001254699 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001254699 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001254699 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0001254699 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0001254699 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0001254699 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0001254699 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001254699 us-gaap:NoncontrollingInterestMember 2018-12-31 0001254699 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001254699 us-gaap:CommonStockMember 2018-12-31 0001254699 us-gaap:RetainedEarningsMember 2019-03-31 0001254699 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001254699 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001254699 us-gaap:RetainedEarningsMember 2018-12-31 0001254699 us-gaap:NoncontrollingInterestMember 2019-03-31 0001254699 us-gaap:CommonStockMember 2019-03-31 0001254699 qvc:ZulilytoQVCallocatedexpensesMember 2019-01-01 2019-03-31 0001254699 qvc:CornerstoneBrandsIncMember 2019-01-01 2019-03-31 0001254699 qvc:QvcJapanMember qvc:MitsuiDomain 2020-03-31 0001254699 qvc:QVCtoZulilyallocatedexpensesMember 2020-01-01 2020-03-31 0001254699 qvc:QvcJapanMember 2020-03-31 0001254699 qvc:CnrHomeShoppingCoLtdMember 2020-03-31 0001254699 qvc:CBItoQVCallocatedexpensesMember qvc:CornerstoneBrandsIncMember 2020-01-01 2020-03-31 0001254699 qvc:ZulilytoQVCallocatedexpensesMember 2020-01-01 2020-03-31 0001254699 qvc:QVCtoCBIAllocatedExpensesMember qvc:CornerstoneBrandsIncMember 2020-01-01 2020-03-31 0001254699 qvc:QVCtoCBIAllocatedExpensesMember qvc:CornerstoneBrandsIncMember 2019-01-01 2019-03-31 0001254699 qvc:TelevisionDistributionRightsMember 2020-01-01 2020-03-31 0001254699 qvc:TelevisionDistributionRightsMember 2020-03-31 0001254699 qvc:TelevisionDistributionRightsMember 2019-12-31 0001254699 qvc:QVCInternationalMember 2020-01-01 2020-03-31 0001254699 qvc:QxHMember 2020-03-31 0001254699 qvc:QVCInternationalMember 2019-12-31 0001254699 qvc:QxHMember 2020-01-01 2020-03-31 0001254699 qvc:QxHMember 2019-12-31 0001254699 qvc:QVCInternationalMember 2020-03-31 0001254699 us-gaap:OtherIntangibleAssetsMember 2020-03-31 0001254699 qvc:A250millioninterestrateswapMember 2018-12-31 0001254699 qvc:A6.375SeniorSecuredNotesMember 2020-03-31 0001254699 qvc:A4.75SeniorSecuredNotesMemberMember 2020-02-04 0001254699 qvc:TrancheOneSharedwithRelatedPartyMember us-gaap:StandbyLettersOfCreditMember 2018-12-31 0001254699 2019-07-01 0001254699 us-gaap:LondonInterbankOfferedRateLIBORMember 2020-03-31 0001254699 qvc:TrancheOneSharedwithRelatedPartyMember us-gaap:RevolvingCreditFacilityMember 2018-12-31 0001254699 qvc:A6.25SeniorSecuredNotesMember 2020-03-31 0001254699 qvc:QVCMember us-gaap:RevolvingCreditFacilityMember 2018-12-31 0001254699 2016-06-15 0001254699 qvc:A4.75SeniorSecuredNotesMemberMember 2020-03-31 0001254699 qvc:A5125SeniorSecuredNotesMember 2019-12-31 0001254699 qvc:A4375SeniorSecuredNotesMember 2020-03-31 0001254699 qvc:A5125SeniorSecuredNotesMember 2020-03-31 0001254699 qvc:A4.85SeniorSecuredNotesMember 2019-12-31 0001254699 qvc:A5.45SeniorSecuredNotesMember 2020-03-31 0001254699 qvc:A4.75SeniorSecuredNotesMemberMember 2019-12-31 0001254699 us-gaap:CapitalLeaseObligationsMember 2020-03-31 0001254699 qvc:A5950SeniorSecuredNotesMember 2019-12-31 0001254699 qvc:A6.25SeniorSecuredNotesMember 2019-12-31 0001254699 qvc:A4.85SeniorSecuredNotesMember 2020-03-31 0001254699 qvc:A5950SeniorSecuredNotesMember 2020-03-31 0001254699 qvc:A5.45SeniorSecuredNotesMember 2019-12-31 0001254699 us-gaap:RevolvingCreditFacilityMember 2020-03-31 0001254699 2019-01-01 2019-12-31 0001254699 qvc:A4.45SeniorSecuredNotesMember 2020-03-31 0001254699 qvc:A6.375SeniorSecuredNotesMember 2019-12-31 0001254699 us-gaap:RevolvingCreditFacilityMember 2019-12-31 0001254699 us-gaap:CapitalLeaseObligationsMember 2019-12-31 0001254699 qvc:A4.45SeniorSecuredNotesMember 2019-12-31 0001254699 qvc:A4375SeniorSecuredNotesMember 2019-12-31 0001254699 qvc:ECDCMember 2019-01-01 2019-12-31 0001254699 qvc:ECDCMember 2020-03-31 0001254699 qvc:ECDCMember 2020-01-01 2020-03-31 0001254699 srt:MaximumMember 2020-03-31 0001254699 srt:MinimumMember 2020-03-31 0001254699 qvc:ECDCMember 2019-12-31 0001254699 qvc:JewelryMember qvc:QxHMember 2020-01-01 2020-03-31 0001254699 qvc:OtherrevenueMember 2020-01-01 2020-03-31 0001254699 qvc:ElectronicsMember 2019-01-01 2019-03-31 0001254699 qvc:ApparelMember qvc:QVCInternationalMember 2020-01-01 2020-03-31 0001254699 qvc:JewelryMember qvc:QVCInternationalMember 2020-01-01 2020-03-31 0001254699 qvc:QVCInternationalMember 2019-01-01 2019-03-31 0001254699 qvc:BeautyMember qvc:QxHMember 2020-01-01 2020-03-31 0001254699 qvc:HomeMember 2019-01-01 2019-03-31 0001254699 qvc:ApparelMember qvc:QVCInternationalMember 2019-01-01 2019-03-31 0001254699 qvc:BeautyMember qvc:QxHMember 2019-01-01 2019-03-31 0001254699 qvc:AccessoriesMember qvc:QVCInternationalMember 2019-01-01 2019-03-31 0001254699 qvc:BeautyMember 2020-01-01 2020-03-31 0001254699 qvc:HomeMember qvc:QVCInternationalMember 2019-01-01 2019-03-31 0001254699 qvc:ElectronicsMember qvc:QVCInternationalMember 2020-01-01 2020-03-31 0001254699 qvc:AccessoriesMember qvc:QVCInternationalMember 2020-01-01 2020-03-31 0001254699 qvc:AccessoriesMember 2020-01-01 2020-03-31 0001254699 qvc:ElectronicsMember qvc:QVCInternationalMember 2019-01-01 2019-03-31 0001254699 qvc:OtherrevenueMember qvc:QVCInternationalMember 2019-01-01 2019-03-31 0001254699 qvc:ApparelMember 2020-01-01 2020-03-31 0001254699 qvc:HomeMember qvc:QxHMember 2020-01-01 2020-03-31 0001254699 qvc:BeautyMember qvc:QVCInternationalMember 2020-01-01 2020-03-31 0001254699 qvc:HomeMember qvc:QxHMember 2019-01-01 2019-03-31 0001254699 qvc:HomeMember 2020-01-01 2020-03-31 0001254699 qvc:AccessoriesMember qvc:QxHMember 2019-01-01 2019-03-31 0001254699 qvc:OtherrevenueMember 2019-01-01 2019-03-31 0001254699 qvc:ApparelMember qvc:QxHMember 2020-01-01 2020-03-31 0001254699 qvc:JewelryMember qvc:QxHMember 2019-01-01 2019-03-31 0001254699 qvc:OtherrevenueMember qvc:QVCInternationalMember 2020-01-01 2020-03-31 0001254699 qvc:QxHMember 2019-01-01 2019-03-31 0001254699 qvc:HomeMember qvc:QVCInternationalMember 2020-01-01 2020-03-31 0001254699 qvc:BeautyMember 2019-01-01 2019-03-31 0001254699 qvc:ElectronicsMember qvc:QxHMember 2019-01-01 2019-03-31 0001254699 qvc:JewelryMember qvc:QVCInternationalMember 2019-01-01 2019-03-31 0001254699 qvc:JewelryMember 2019-01-01 2019-03-31 0001254699 qvc:AccessoriesMember qvc:QxHMember 2020-01-01 2020-03-31 0001254699 qvc:OtherrevenueMember qvc:QxHMember 2019-01-01 2019-03-31 0001254699 qvc:ApparelMember 2019-01-01 2019-03-31 0001254699 qvc:OtherrevenueMember qvc:QxHMember 2020-01-01 2020-03-31 0001254699 qvc:ElectronicsMember 2020-01-01 2020-03-31 0001254699 qvc:ElectronicsMember qvc:QxHMember 2020-01-01 2020-03-31 0001254699 qvc:AccessoriesMember 2019-01-01 2019-03-31 0001254699 qvc:BeautyMember qvc:QVCInternationalMember 2019-01-01 2019-03-31 0001254699 qvc:JewelryMember 2020-01-01 2020-03-31 0001254699 qvc:ApparelMember qvc:QxHMember 2019-01-01 2019-03-31 0001254699 country:US 2020-01-01 2020-03-31 0001254699 qvc:TaxAgreementMember qvc:LibertyMember 2019-12-31 0001254699 qvc:TaxAgreementMember qvc:LibertyMember 2020-03-31 0001254699 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0001254699 us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0001254699 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-03-31 0001254699 us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001254699 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001254699 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001254699 2020-04-01 2020-05-07 xbrli:shares xbrli:pure iso4217:USD utreg:sqft iso4217:USD xbrli:shares false --12-31 Q1 2020 2020-03-31 10-Q 0001254699 1 Yes false Non-accelerated Filer QVC INC false false 453000000 101000000 352000000 390000000 97000000 293000000 38000000 37000000 39000000 4000000 35000000 54000000 39000000 0.0075 0.0175 0.0025 0.0125 50000000 -376000000 0 0 -354000000 -22000000 -137000000 0 0 -15000000 -122000000 108000000 129000000 133000000 282000000 280000000 7000000 7000000 2499000000 2507000000 330000000 318000000 -93000000 -50000000 -143000000 380000000 P15Y 2 1 P5Y P4Y 450000000 50000000 1500000000 0 7000000 299000000 14000000 3104000000 3132000000 29000000 0 52000000 1000000 238000000 149000000 270000000 282000000 2000000 0 0 0 2000000 140000000 140000000 108000000 108000000 764000000 760000000 13000000 17000000 523000000 291000000 43000000 44000000 48000000 52000000 45000000 5119000000 4925000000

369000000

286000000

913000000

709000000

1813000000

1407000000

1045000000

843000000

2000000

3000000

1338000000

1367000000

-144000000

-150000000

-144000000

-167000000

-144000000

-150000000

-144000000

-167000000

9208000000

9213000000

34000000

3000000

1000000

-9000000

6000000

9000000

6000000

123000000

132000000

72000000

3000000

69000000

71000000

3000000

68000000

1700000

14927000000

14301000000

2145000000

12156000000

3780000000

3260000000

603000000

622000000

885000000

895000000

282000000

273000000

561000000

497000000

272000000

242000000

550000000

446000000

569000000

505000000

-104000000

-64000000

354000000

122000000

0.01

170000000

106000000

10000000

13000000

180000000

119000000

1610000000

1584000000

599000000

600000000

750000000

399000000

500000000

300000000

500000000

225000000

181000000

1105000000

599000000

575000000

600000000

750000000

399000000

500000000

300000000

500000000

225000000

174000000

350000000

575000000

0.04450

0.0475

0.04850

0.04375

0.05450

0.05125

0.05950

0.0625

0.06375

0.0475

40000000

47000000

0.049

10000000

8000000

7000000

-1000000

2000000

724000000

46000000

18000000

28000000

43000000

14000000

29000000

118000000

114000000

0.0105

4000000

250000000

125000000

7000000

20000000

-4000000

-6000000

0.285

0.299

0.21

112000000

137000000

0.49

2000000

181000000

174000000

18000000

17000000

163000000

157000000

224000000

23000000

24000000

25000000

19000000

5000000

153000000

147000000

5000000

0.0509

P9Y1M4D

2829000000

2825000000

624000000

652000000

88000000

127000000

62000000

65000000

3000000

111000000

17000000

139000000

-3000000

1000000

-2000000

-4000000

5971000000

859000000

5112000000

5958000000

846000000

5112000000

-13000000

260000000

201000000

-1000000

74000000

60000000

-222000000

-198000000

-369000000

-403000000

-159000000

-213000000

74000000

4000000

10000000

-3000000

-4000000

-37000000

-50000000

2878000000

6602000000

6608000000

3498000000

3476000000

-61000000

-65000000

1214000000

0.60

P12M

P14Y

P1Y

8123000000

7508000000

14927000000

14301000000

1976000000

1569000000

0.0214

2950000000

2550000000

400000000

2400000000

5101000000

4908000000

18000000

17000000

760000000

4356000000

5116000000

530000000

3538000000

4068000000

130000000

128000000

0.40

-280000000

-331000000

-87000000

-37000000

267000000

310000000

176000000

129000000

10000000

12000000

-66000000

-69000000

177000000

2175000000

2157000000

326000000

270000000

218000000

131000000

206000000

28000000

22000000

190000000

184000000

6000000

14000000

214000000

208000000

0.0603

P12Y2M9D

20000000

23000000

27000000

183000000

26000000

10000000

6000000

10000000

326000000

271000000

109000000

103000000

-6000000

-23000000

-6000000

-22000000

-6000000

-23000000

-1000000

-6000000

-22000000

-23000000

1000000

-6000000

-23000000

322000000

307000000

-4000000

-6000000

8000000

22000000

15000000

184000000

134000000

575000000

663000000

112000000

-4000000

-1000000

186000000

176000000

10000000

141000000

12000000

129000000

1215000000

1188000000

398000000

790000000

5000000

2000000

1000000

6000000

2000000

3000000

563000000

872000000

29000000

8000000

-2390000000

-2381000000

2501000000

283000000

62000000

221000000

439000000

112000000

327000000

435000000

143000000

292000000

207000000

25000000

182000000

929000000

247000000

682000000

165000000

52000000

113000000

43000000

3000000

40000000

644000000

1857000000

2427000000

270000000

58000000

212000000

400000000

101000000

299000000

433000000

145000000

288000000

196000000

22000000

174000000

938000000

257000000

681000000

147000000

49000000

98000000

43000000

3000000

40000000

635000000

1792000000

68000000

141000000

3000000

9000000

6000000

6674000000

6665000000

6829000000

-144000000

9123000000

119000000

-2269000000

6639000000

-150000000

9129000000

107000000

-2447000000

6804000000

-144000000

9208000000

130000000

-2390000000

6793000000

-167000000

9213000000

128000000

-2381000000

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Future payments under noncancelable operating leases and finance leases with initial terms of one year or more as of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2020</font><font style="font-family:inherit;font-size:10pt;"> consisted of the following:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:52%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Finance Leases</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Operating leases</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total leases</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Remainder of 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2021</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2022</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">48</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">44</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2024</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thereafter</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">108</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">183</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">291</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total lease payments</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">224</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">299</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">523</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: imputed interest</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(50</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(93</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(143</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total lease liabilities</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">174</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">206</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">380</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplemental balance sheet information related to leases was as follows: </font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:66%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2019</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating Leases:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">  Operating lease right-of-use assets</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">208</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">214</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">  Accrued liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">22</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">28</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">  Other long-term liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">184</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">190</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">      Total operating lease liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">206</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">218</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance Leases:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">   Property and equipment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">280</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">282</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">   Accumulated depreciation</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(133</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(129</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">     Property and equipment, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">147</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">153</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">   Current portion of debt and finance lease obligations</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">   Long-term portion of debt and finance lease obligations</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">157</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">163</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Total finance lease liabilities</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">174</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">181</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplemental cash flow information related to leases was as follows:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:66%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash paid for amounts included in the measurement of lease liabilities:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Operating cash flows from operating lease</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Operating cash flows from finance leases</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Financing cash flows from finance leases</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Right-of-use assets obtained in exchange for lease obligations:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">      Operating leases</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">68</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">      Finance leases</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table provides a reconciliation of Adjusted OIBDA to operating income and income before income taxes:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:72%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="4" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="padding-bottom:1px;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended March 31,</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Adjusted OIBDA</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">390</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">453</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Stock-based compensation</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(114</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(118</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating Income</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">270</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">326</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity in losses of investee</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Losses on financial instruments</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest expense, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(65</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(61</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign currency gain (loss)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income before income taxes</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">201</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">260</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:46%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="6" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total<br clear="none"/>assets</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Capital<br clear="none"/>expenditures</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Property and equipment, net</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QxH</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,156</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">790</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QVC-International</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,145</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">398</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Consolidated QVC</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,301</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,188</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:60%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="8" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended March 31,</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="4" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Depreciation</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amortization</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Depreciation</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amortization</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QxH</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">68</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QVC-International</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Consolidated QVC</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">46</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">72</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:60%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="8" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended March 31,</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="4" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net<br clear="none"/>revenue</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Adjusted<br clear="none"/>OIBDA</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net<br clear="none"/>revenue</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Adjusted<br clear="none"/>OIBDA</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QxH</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,792</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">293</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,857</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">352</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QVC-International</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">635</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">97</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">644</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Consolidated QVC</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,427</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">390</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,501</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">453</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2020</font><font style="font-family:inherit;font-size:10pt;">, related amortization expense for each of the next five years ended December 31 was as follows (in millions):</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:86%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Remainder of 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">88</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2021</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2022</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2024</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Television distribution rights consisted of the following: </font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:72%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Television distribution rights</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">760</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">764</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less accumulated amortization</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(652</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(624</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Television distribution rights, net</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">108</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">140</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Television Distribution Rights, Net</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Television distribution rights consisted of the following: </font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:72%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Television distribution rights</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">760</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">764</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less accumulated amortization</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(652</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(624</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Television distribution rights, net</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">108</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">140</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recorded amortization expense of </font><font style="font-family:inherit;font-size:10pt;">$34 million</font><font style="font-family:inherit;font-size:10pt;"> for each of the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2020 and 2019</font><font style="font-family:inherit;font-size:10pt;"> related to television distribution rights. </font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2020</font><font style="font-family:inherit;font-size:10pt;">, related amortization expense for each of the next five years ended December 31 was as follows (in millions):</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:86%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Remainder of 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">88</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2021</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2022</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2024</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The remaining weighted-average lease term and the weighted-average discount rate were as follows:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3" rowspan="1"></td></tr><tr><td style="width:80%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average remaining lease term (years):</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Finance leases</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Operating leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12.2</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average discount rate:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Finance leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.1</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Operating leases</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.0</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Accrued Liabilities</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued liabilities consisted of the following:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:72%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts payable non-trade</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">286</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">369</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Allowance for sales returns</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">149</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">238</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued compensation and benefits</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">137</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">112</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">271</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">326</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">843</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,045</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Disaggregated revenue by segment and product category consisted of the following:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="14" rowspan="1"></td></tr><tr><td style="width:22%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended March 31, 2020</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended March 31, 2019</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">QxH</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">QVC-International</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">QxH</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">QVC-International</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Home</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">681</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">257</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">938</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">682</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">247</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">929</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Beauty</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">288</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">145</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">433</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">292</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">143</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">435</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Apparel</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">299</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">400</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">327</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">112</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">439</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accessories</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">212</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">270</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">221</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">283</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Electronics</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">174</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">196</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">182</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">207</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Jewelry</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">98</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">49</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">147</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">113</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">165</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other revenue</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total net revenue</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,792</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">635</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,427</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,857</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">644</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,501</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Financial Instruments and Fair Value Measurements</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For assets and liabilities required to be reported or disclosed at fair value, U.S. GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs, other than quoted market prices included within Level 1, are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's assets and liabilities measured or disclosed at fair value were as follows:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair value measurements at March 31, 2020 using</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Quoted prices<br clear="none"/>in active<br clear="none"/>markets for<br clear="none"/>identical<br clear="none"/>assets<br clear="none"/>(Level 1)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant<br clear="none"/>other<br clear="none"/>observable<br clear="none"/>inputs<br clear="none"/>(Level 2)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant<br clear="none"/>unobservable<br clear="none"/>inputs<br clear="none"/>(Level 3)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current assets:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">    Cash equivalents</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">242</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">242</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term liabilities:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term debt excluding finance lease obligations (note 5)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,068</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">530</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,538</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate swap arrangements (note 5)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair value measurements at December 31, 2019 using</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Quoted prices<br clear="none"/>in active<br clear="none"/>markets for<br clear="none"/>identical<br clear="none"/>assets<br clear="none"/>(Level 1)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant<br clear="none"/>other<br clear="none"/>observable<br clear="none"/>inputs<br clear="none"/>(Level 2)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant<br clear="none"/>unobservable<br clear="none"/>inputs<br clear="none"/>(Level 3)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current assets:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">    Cash equivalents</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">272</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">272</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">    Interest rate swap arrangements (note 5)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term liabilities:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term debt excluding finance lease obligations (note 5)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,116</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">760</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,356</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate swap arrangements (note 5)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The 2067 Notes (ticker: QVCD) and the 2068 Notes (ticker: QVCC) are considered Level 1 fair value instruments as reported in the foregoing tables as they are traded on the New York Stock Exchange, which the Company considers to be an "active market," as defined by U.S. GAAP. The remainder of the Company's Level 2 financial liabilities are debt instruments with quoted market prices that are not considered to be traded on "active markets." Accordingly, these financial instruments are reported in the foregoing tables as Level 2 fair value instruments.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(3) Goodwill and Other Intangible Assets, Net</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The changes in the carrying amount of goodwill for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2020</font><font style="font-family:inherit;font-size:10pt;"> were as follows:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:98.4126984126984%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:61%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">QxH</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">QVC-International</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance as of December 31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,112</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">859</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,971</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exchange rate fluctuations</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(13</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(13</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance as of March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,112</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">846</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,958</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other intangible assets consisted of the following:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="14" rowspan="1"></td></tr><tr><td style="width:40%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Gross<br clear="none"/>cost</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Accumulated<br clear="none"/>amortization</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Other intangible assets, net </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Gross<br clear="none"/>cost</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Accumulated<br clear="none"/>amortization</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Other intangible assets, net </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Purchased and internally developed software</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">895</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(622</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">273</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">885</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(603</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">282</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Affiliate and customer relationships</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,825</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,507</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">318</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,829</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,499</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">330</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Debt origination fees</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trademarks (indefinite life)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,878</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,878</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,878</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,878</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,608</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,132</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,476</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,602</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,104</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,498</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recorded amortization expense of </font><font style="font-family:inherit;font-size:10pt;">$37 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$38 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2020 and 2019</font><font style="font-family:inherit;font-size:10pt;">, respectively, related to other intangible assets. </font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2020</font><font style="font-family:inherit;font-size:10pt;">, the related amortization and interest expense for each of the next five years ended December 31 was as follows (in millions):</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:86%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Remainder of 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">127</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2021</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">139</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2022</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">111</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2024</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The components of lease cost for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2020 and 2019</font><font style="font-family:inherit;font-size:10pt;"> were as follows:</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:66%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance lease cost</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Depreciation of leased assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Interest on lease liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total finance lease cost</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating lease cost </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Total lease cost</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;padding-left:30px;text-indent:-30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Leases</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has finance lease agreements with transponder and transmitter network suppliers for the right 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. </font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QVC also leases data processing equipment, facilities, office space and land. These leases are classified as operating leases. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future lease payments using our incremental borrowing rate. Leases with an initial term of </font><font style="font-family:inherit;font-size:10pt;">12 months</font><font style="font-family:inherit;font-size:10pt;"> or less are not recorded on the balance sheet. Our leases have remaining lease terms of less than </font><font style="font-family:inherit;font-size:10pt;">1 year</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">14 years</font><font style="font-family:inherit;font-size:10pt;">, some of which may include the option to extend or terminate the leases.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The components of lease cost for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2020 and 2019</font><font style="font-family:inherit;font-size:10pt;"> were as follows:</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:66%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance lease cost</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Depreciation of leased assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Interest on lease liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total finance lease cost</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating lease cost </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Total lease cost</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The remaining weighted-average lease term and the weighted-average discount rate were as follows:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3" rowspan="1"></td></tr><tr><td style="width:80%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average remaining lease term (years):</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Finance leases</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Operating leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12.2</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted-average discount rate:</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Finance leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.1</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Operating leases</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.0</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplemental balance sheet information related to leases was as follows: </font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:66%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2019</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating Leases:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">  Operating lease right-of-use assets</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">208</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">214</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">  Accrued liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">22</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">28</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">  Other long-term liabilities</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">184</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">190</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">      Total operating lease liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">206</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">218</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance Leases:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">   Property and equipment</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">280</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">282</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">   Accumulated depreciation</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(133</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(129</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">     Property and equipment, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">147</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">153</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">   Current portion of debt and finance lease obligations</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">   Long-term portion of debt and finance lease obligations</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">157</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">163</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Total finance lease liabilities</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">174</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">181</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplemental cash flow information related to leases was as follows:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:66%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash paid for amounts included in the measurement of lease liabilities:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Operating cash flows from operating lease</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Operating cash flows from finance leases</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">     Financing cash flows from finance leases</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Right-of-use assets obtained in exchange for lease obligations:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">      Operating leases</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">68</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">      Finance leases</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Future payments under noncancelable operating leases and finance leases with initial terms of one year or more as of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2020</font><font style="font-family:inherit;font-size:10pt;"> consisted of the following:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:52%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Finance Leases</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Operating leases</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total leases</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Remainder of 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2021</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2022</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">48</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">44</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2024</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thereafter</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">108</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">183</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">291</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total lease payments</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">224</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">299</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">523</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: imputed interest</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(50</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(93</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(143</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total lease liabilities</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">174</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">206</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">380</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On October 5, 2018, QVC entered into a lease (“ECDC Lease”) for an East Coast distribution center. The </font><font style="font-family:inherit;font-size:10pt;">1.7 million</font><font style="font-family:inherit;font-size:10pt;"> square foot rental building is located in Bethlehem, Pennsylvania and the ECDC Lease has an initial term of </font><font style="font-family:inherit;font-size:10pt;">15 years</font><font style="font-family:inherit;font-size:10pt;">. </font><font style="font-family:inherit;font-size:10pt;">QVC obtained initial access to a portion of the ECDC Lease during March 2019 and obtained access to the remaining portion during September 2019. In total, QVC recorded a right of use asset of</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">$141 million</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">and an operating lease liability of</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">$131 million</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">relating to the ECDC Lease, with the difference attributable to prepaid rent. QVC is required to pay an initial base rent of </font><font style="font-family:inherit;font-size:10pt;">$10 million</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">per year, with payments that began in the third quarter of 2019 and increasing to</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">$14 million</font><font style="font-family:inherit;font-size:10pt;"> 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 </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">consecutive terms of </font><font style="font-family:inherit;font-size:10pt;">5 years</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">each and</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">final term of </font><font style="font-family:inherit;font-size:10pt;">4 years</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Revenue</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Disaggregated revenue by segment and product category consisted of the following:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="14" rowspan="1"></td></tr><tr><td style="width:22%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended March 31, 2020</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended March 31, 2019</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">QxH</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">QVC-International</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">QxH</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">QVC-International</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Home</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">681</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">257</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">938</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">682</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">247</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">929</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Beauty</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">288</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">145</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">433</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">292</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">143</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">435</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Apparel</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">299</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">400</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">327</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">112</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">439</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accessories</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">212</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">270</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">221</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">283</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Electronics</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">174</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">196</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">182</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">207</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Jewelry</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">98</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">49</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">147</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">113</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">165</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other revenue</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">40</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total net revenue</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,792</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">635</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,427</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,857</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">644</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,501</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Consumer Product Revenue and Other Revenue</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QVC's revenue includes sales of consumer products in the following categories; home, beauty, apparel, accessories, electronics and jewelry, which are primarily sold through live merchandise-focused televised shopping programs and via our websites and other interactive media. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other revenue consists primarily of income generated from our U.S. Private Label Credit Card ("PLCC") in which a large consumer financial services company provides revolving credit directly to QVC's customers for the sole purpose of purchasing merchandise or services with a PLCC. In return, the Company receives a portion of the net economics of the credit card program. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Revenue Recognition </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2020 and 2019</font><font style="font-family:inherit;font-size:10pt;">, revenue is recognized when obligations with our customer are satisfied; generally this occurs at the time of shipment to our customers consistent with when control of the shipped product passes. The recognized revenue reflects the consideration we expect to receive in exchange for transferring goods, net of allowances for returns. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company generally recognizes revenue related to the PLCC program over time as the PLCC is used by QVC's customers. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sales, value add, use and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company elected to treat shipping and handling activities that occur after the customer obtains control of the goods as a fulfillment cost and not as a promised good or service. Accordingly, the Company accrues the related shipping costs and recognizes revenue upon delivery of the goods to the shipping carrier. In electing this accounting policy, all shipping and handling activities will be treated as fulfillment costs. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company generally extends payment terms with its customers of one year or less and elected the practical expedient applicable to such contracts not to consider the time value of money. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Significant Judgments</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our products are generally sold with a right of return and we may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. Returns and credits are estimated at contract inception and updated at the end of each reporting period as additional information becomes available. The Company has determined that it is generally the principal in vendor arrangements as the Company can establish control over the goods prior to shipment. Accordingly, the Company records revenue for these arrangements on a gross basis.</font></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued liabilities consisted of the following:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:72%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts payable non-trade</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">286</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">369</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Allowance for sales returns</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">149</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">238</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued compensation and benefits</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">137</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">112</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">271</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">326</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">843</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,045</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The change in the component of accumulated other comprehensive loss, net of taxes ("AOCL"), is summarized as follows:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:72%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Foreign currency translation adjustments</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">AOCL</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance as of January 1, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(144</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(144</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other comprehensive loss attributable to QVC, Inc. stockholder</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(23</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(23</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance as of March 31, 2020</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(167</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(167</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance as of January 1, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(144</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(144</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other comprehensive loss attributable to QVC, Inc. stockholder</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance as of March 31, 2019</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(150</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(150</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other intangible assets consisted of the following:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="14" rowspan="1"></td></tr><tr><td style="width:40%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Gross<br clear="none"/>cost</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Accumulated<br clear="none"/>amortization</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Other intangible assets, net </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Gross<br clear="none"/>cost</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Accumulated<br clear="none"/>amortization</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Other intangible assets, net </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Purchased and internally developed software</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">895</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(622</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">273</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">885</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(603</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">282</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Affiliate and customer relationships</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,825</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,507</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">318</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,829</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,499</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">330</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Debt origination fees</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trademarks (indefinite life)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,878</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,878</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,878</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,878</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,608</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,132</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,476</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,602</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,104</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,498</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The component of other comprehensive income is reflected in QVC's condensed consolidated statements of comprehensive income, net of taxes. The following table summarizes the tax effects related to the component of other comprehensive loss:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:58%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Before-tax amount</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Tax benefit</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net-of-tax amount</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Three months ended March 31, 2020</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign currency translation adjustments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(23</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(22</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other comprehensive loss</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(23</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(22</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Three months ended March 31, 2019</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign currency translation adjustments</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other comprehensive loss</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term debt and finance lease obligations consisted of the following:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:72%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.125% Senior Secured Notes due 2022</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.375% Senior Secured Notes due 2023, net of original issue discount </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">750</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">750</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.85% Senior Secured Notes due 2024, net of original issue discount </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">600</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">600</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.45% Senior Secured Notes due 2025, net of original issue discount </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">599</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">599</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.75% Senior Secured Notes due 2027</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">575</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.45% Senior Secured Notes due 2034, net of original issue discount </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">399</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">399</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.95% Senior Secured Notes due 2043, net of original issue discount </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">300</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">300</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.375% Senior Secured Notes due 2067</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">225</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">225</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.25% Senior Secured Notes due 2068</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">500</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Senior secured credit facility</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">350</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,105</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance lease obligations</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">174</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">181</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less debt issuance costs, net</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(47</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(40</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total debt and finance lease obligations</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,925</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,119</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less current portion</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(17</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(18</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term portion of debt and finance lease obligations</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,908</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,101</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's assets and liabilities measured or disclosed at fair value were as follows:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair value measurements at March 31, 2020 using</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Quoted prices<br clear="none"/>in active<br clear="none"/>markets for<br clear="none"/>identical<br clear="none"/>assets<br clear="none"/>(Level 1)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant<br clear="none"/>other<br clear="none"/>observable<br clear="none"/>inputs<br clear="none"/>(Level 2)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant<br clear="none"/>unobservable<br clear="none"/>inputs<br clear="none"/>(Level 3)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current assets:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">    Cash equivalents</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">242</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">242</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term liabilities:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term debt excluding finance lease obligations (note 5)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,068</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">530</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,538</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate swap arrangements (note 5)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair value measurements at December 31, 2019 using</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Quoted prices<br clear="none"/>in active<br clear="none"/>markets for<br clear="none"/>identical<br clear="none"/>assets<br clear="none"/>(Level 1)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant<br clear="none"/>other<br clear="none"/>observable<br clear="none"/>inputs<br clear="none"/>(Level 2)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Significant<br clear="none"/>unobservable<br clear="none"/>inputs<br clear="none"/>(Level 3)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Current assets:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">    Cash equivalents</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">272</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">272</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">    Interest rate swap arrangements (note 5)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term liabilities:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Long-term debt excluding finance lease obligations (note 5)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,116</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">760</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,356</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest rate swap arrangements (note 5)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The changes in the carrying amount of goodwill for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2020</font><font style="font-family:inherit;font-size:10pt;"> were as follows:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:98.4126984126984%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:61%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">QxH</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">QVC-International</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance as of December 31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,112</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">859</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,971</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exchange rate fluctuations</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(13</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(13</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Balance as of March 31, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,112</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">846</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,958</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March 31, 2020</font><font style="font-family:inherit;font-size:10pt;">, the related amortization and interest expense for each of the next five years ended December 31 was as follows (in millions):</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td style="width:86%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Remainder of 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">127</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2021</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">139</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2022</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">111</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2024</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Information about QVC's Operating Segments</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as net revenue, Adjusted OIBDA, gross margin, average sales price per unit, number of units shipped and revenue. For segment reporting purposes, the Company defines Adjusted OIBDA, as net revenue less cost of goods sold, operating expenses, and selling, general and administrative expenses (excluding stock-based compensation). The Company believes this measure is an important indicator of the operational strength and performance of its segments by identifying those items that are not directly a reflection of each segment's performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking among the Company's businesses and identify strategies to improve performance. This measure of performance excludes depreciation, amortization, stock-based compensation, transaction costs (if any) and impairment loss (if any) that are included in the measurement of operating income pursuant to U.S. GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with U.S. GAAP.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QVC's chief operating decision maker ("CODM") is QVC's Chief Executive Officer. QVC's CODM has ultimate responsibility for enterprise decisions. QVC's CODM determines, in particular, resource allocation for, and monitors performance of, the consolidated enterprise. The segment managers have responsibility for operating decisions, allocating resources and assessing performance within their respective segments. QVC's CODM relies on internal management reporting that analyzes enterprise results and segment results to the Adjusted OIBDA level. </font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the three months ended March 31, 2020 and 2019, QVC identified QxH and QVC-International as its two reportable segments. Both operating segments are retailers of a wide range of consumer products, which are marketed and sold primarily by merchandise-focused televised-shopping programs as well as via the Internet and mobile applications.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Performance measures</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:60%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="8" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended March 31,</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="4" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net<br clear="none"/>revenue</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Adjusted<br clear="none"/>OIBDA</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Net<br clear="none"/>revenue</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Adjusted<br clear="none"/>OIBDA</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QxH</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,792</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">293</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,857</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">352</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QVC-International</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">635</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">97</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">644</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Consolidated QVC</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,427</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">390</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,501</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">453</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Other information</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="10" rowspan="1"></td></tr><tr><td style="width:60%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="8" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended March 31,</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="4" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Depreciation</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amortization</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Depreciation</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Amortization</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QxH</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">68</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">69</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QVC-International</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Consolidated QVC</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">43</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">46</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">72</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:46%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="6" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 31, 2020</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total<br clear="none"/>assets</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Capital<br clear="none"/>expenditures</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Property and equipment, net</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QxH</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,156</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">790</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QVC-International</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,145</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">398</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Consolidated QVC</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,301</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,188</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table provides a reconciliation of Adjusted OIBDA to operating income and income before income taxes:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:72%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="4" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:2px solid #000000;" rowspan="1"><div style="padding-bottom:1px;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended March 31,</font></div></td><td style="vertical-align:bottom;border-top:2px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(in millions)</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Adjusted OIBDA</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">390</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">453</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Stock-based compensation</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(6</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#cceeff;">Depreciation and amortization</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(114</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(118</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating Income</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">270</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">326</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity in losses of investee</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Losses on financial instruments</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(4</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest expense, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(65</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(61</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Foreign currency gain (loss)</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income before income taxes</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">201</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">260</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Subsequent Event</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">QVC declared and paid dividends to Qurate Retail in the amount of </font><font style="font-family:inherit;font-size:10pt;">$50 million</font><font style="font-family:inherit;font-size:10pt;"> from April 1, 2020 to May 7, 2020</font></div></div>

EX-101.SCH 6 qvc-20200331.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2125100 - Disclosure - Accrued Liabilities link:presentationLink link:calculationLink link:definitionLink 2425402 - Disclosure - Accrued Liabilities (Details) link:presentationLink link:calculationLink link:definitionLink 2325301 - Disclosure - Accrued Liabilities (Tables) link:presentationLink link:calculationLink link:definitionLink 2101100 - Disclosure - Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 2401403 - Disclosure - Basis of Presentation (Details) link:presentationLink link:calculationLink link:definitionLink 2401404 - Disclosure - Basis of Presentation New Accounting Standards Cumulative Effect of changes due to Adoption of ASC 606 and ASU 2016-16 (Details) link:presentationLink link:calculationLink link:definitionLink 2201201 - Disclosure - Basis of Presentation (Policies) link:presentationLink link:calculationLink link:definitionLink 2301302 - Disclosure - Basis of Presentation (Tables) link:presentationLink link:calculationLink link:definitionLink 2142100 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 1001000 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 1001501 - Statement - Consolidated Balance Sheets (Parentheticals) link:presentationLink link:calculationLink link:definitionLink 1006000 - Statement - Consolidated Statement of Equity link:presentationLink link:calculationLink link:definitionLink 1005000 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 1004000 - Statement - Consolidated Statements of Comprehensive Income Statement link:presentationLink link:calculationLink link:definitionLink 1003000 - Statement - Consolidated Statements of Operations link:presentationLink link:calculationLink link:definitionLink 0001000 - Document - Document and Entity Information Document link:presentationLink link:calculationLink link:definitionLink 2143100 - Disclosure - Financial Instruments and Fair Value Measurements link:presentationLink link:calculationLink link:definitionLink 2443402 - Disclosure - Financial Instruments and Fair Value Measurements (Details) link:presentationLink link:calculationLink link:definitionLink 2343301 - Disclosure - Financial Instruments and Fair Value Measurements (Tables) link:presentationLink link:calculationLink link:definitionLink 2122100 - Disclosure - Goodwill and Other Intangible Assets, Net link:presentationLink link:calculationLink link:definitionLink 2422403 - Disclosure - Goodwill and Other Intangible Assets, Net (Future Amortization Expense) (Details) link:presentationLink link:calculationLink link:definitionLink 2422402 - Disclosure - Goodwill and Other Intangible Assets, Net (Other Intangible Assets) (Details) link:presentationLink link:calculationLink link:definitionLink 2322301 - Disclosure - Goodwill and Other Intangible Assets, Net (Tables) link:presentationLink link:calculationLink link:definitionLink 2141100 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 2441401 - Disclosure - Income Taxes (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2145100 - Disclosure - Information about QVC's Operating Segments link:presentationLink link:calculationLink link:definitionLink 2445403 - Disclosure - Information about QVC's Operating Segments (Depreciation/Amortization by Segment) (Details) link:presentationLink link:calculationLink link:definitionLink 2445405 - Disclosure - Information about QVC's Operating Segments (Property and Equipment by Segment) (Details) link:presentationLink link:calculationLink link:definitionLink 2445406 - Disclosure - Information about QVC's Operating Segments (Reconciliation of Adjusted OIBDA to Income before Income Taxes) (Details) link:presentationLink link:calculationLink link:definitionLink 2445402 - Disclosure - Information about QVC's Operating Segments (Revenue and Adjusted OIBDA by Segment) (Details) link:presentationLink link:calculationLink link:definitionLink 2345301 - Disclosure - Information about QVC's Operating Segments (Tables) link:presentationLink link:calculationLink link:definitionLink 2445404 - Disclosure - Information about QVC's Operating Segments (Total Assets and Capital Expenditures by Segment) (Details) link:presentationLink link:calculationLink link:definitionLink 2134100 - Disclosure - Lease and Transponder Service Agreements link:presentationLink link:calculationLink link:definitionLink 2434408 - Disclosure - Lease and Transponder Service Agreements (Details) link:presentationLink link:calculationLink link:definitionLink 2334307 - Disclosure - Lease and Transponder Service Agreements Future Minimum Lease Payments (Tables) link:presentationLink link:calculationLink link:definitionLink 2334306 - Disclosure - Lease and Transponder Service Agreements Leases, Future Minimum Payments (Tables) link:presentationLink link:calculationLink link:definitionLink 2334304 - Disclosure - Lease and Transponder Service Agreements Leases, Supplemental Balance Sheet Information (Tables) link:presentationLink link:calculationLink link:definitionLink 2334305 - Disclosure - Lease and Transponder Service Agreements Leases, Supplemental Cash Flow Information (Tables) link:presentationLink link:calculationLink link:definitionLink 2334301 - Disclosure - Lease and Transponder Service Agreements (Tables) link:presentationLink link:calculationLink link:definitionLink 2334302 - Disclosure - Lease and Transponder Service Agreements Weighted average lease term and discount rate (Tables) link:presentationLink link:calculationLink link:definitionLink 2334303 - Disclosure - Lease and Transponder Service Agreements Weighted Average Lease Terms and Discount Rate (Tables) link:presentationLink link:calculationLink link:definitionLink 2128100 - Disclosure - Long-Term Debt link:presentationLink link:calculationLink link:definitionLink 2428402 - Disclosure - Long-Term Debt (Debt) (Details) link:presentationLink link:calculationLink link:definitionLink 2428403 - Disclosure - Long-Term Debt (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2328301 - Disclosure - Long-Term Debt (Tables) link:presentationLink link:calculationLink link:definitionLink 2147100 - Disclosure - Other Comprehensive Income link:presentationLink link:calculationLink link:definitionLink 2447402 - Disclosure - Other Comprehensive Income (Accumulated Other Comprehensive Income) (Details) link:presentationLink link:calculationLink link:definitionLink 2447403 - Disclosure - Other Comprehensive Income (Component of Other Comprehensive Income) (Details) link:presentationLink link:calculationLink link:definitionLink 2347301 - Disclosure - Other Comprehensive Income (Tables) link:presentationLink link:calculationLink link:definitionLink 2437403 - Disclosure - Revenue (Details) link:presentationLink link:calculationLink link:definitionLink 2137100 - Disclosure - Revenue (Notes) link:presentationLink link:calculationLink link:definitionLink 2237201 - Disclosure - Revenue Revenue (Policies) link:presentationLink link:calculationLink link:definitionLink 2337302 - Disclosure - Revenue (Tables) link:presentationLink link:calculationLink link:definitionLink 2148100 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 2448401 - Disclosure - Subsequent Events (Details) link:presentationLink link:calculationLink link:definitionLink 2116100 - Disclosure - Television Distribution Rights, Net link:presentationLink link:calculationLink link:definitionLink 2416402 - Disclosure - Television Distribution Rights, Net (Details) link:presentationLink link:calculationLink link:definitionLink 2416403 - Disclosure - Television Distribution Rights, Net (Future Amortization Expense) (Details) link:presentationLink link:calculationLink link:definitionLink 2316301 - Disclosure - Television Distribution Rights, Net (Tables) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 7 qvc-20200331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 8 qvc-20200331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 9 qvc-20200331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Segment Reporting [Abstract] Adjusted OIBDA Excluding Transaction Related Costs Adjusted OIBDA Excluding Transaction Related Costs Adjusted OIBDA during the reporting period. Adjusted OIBDA is defined as revenue less cost of sales, operating expenses, and selling, general and administrative expenses (excluding transaction related costs and stock-based compensation). Stock-based compensation Share-based Payment Arrangement, Expense Depreciation and amortization Depreciation, Depletion and Amortization Operating Income (Loss) Operating Income (Loss) Equity in losses of investee Income (Loss) from Equity Method Investments Gain (Loss) on Derivative Instruments, Net, Pretax Gain (Loss) on Derivative Instruments, Net, Pretax Interest expense, net Interest Income (Expense), Net Foreign currency gain (loss) Foreign Currency Transaction Gain (Loss), before Tax Income before income taxes Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Statement of Financial Position [Abstract] Statement [Table] Statement [Table] Scenario [Axis] Scenario [Axis] Scenario [Domain] Scenario [Domain] Statement [Line Items] Statement [Line Items] Assets Assets [Abstract] Current assets: Assets, Current [Abstract] Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value Restricted cash Restricted Cash and Cash Equivalents, Current Accounts receivable, less allowance for credit losses of $132 at March 31, 2020 and $123 at December 31, 2019 Accounts Receivable, after Allowance for Credit Loss, Current Inventories Inventory, Net Prepaid expenses and other current assets Prepaid Expense, Current Total current assets Assets, Current Noncurrent assets: Assets, Noncurrent [Abstract] Property and equipment, net of accumulated depreciation of $1,367 at March 31, 2020 and $1,338 at December 31, 2019 Property, Plant and Equipment, Net Operating Lease, Right-of-Use Asset Operating Lease, Right-of-Use Asset Television distribution rights, net (note 2) Television Distribution Rights, Net Affiliation agreements with television providers for carriage of the company's service, as well as for certain channel placement, net of accumulated amortization. Goodwill (note 3) Goodwill Other intangible assets, net (note 3) Intangible Assets, Net (Excluding Goodwill) Other noncurrent assets Other Assets, Noncurrent Total assets Assets Liabilities and equity Liabilities and Equity [Abstract] Liabilities Liabilities [Abstract] Current liabilities: Liabilities, Current [Abstract] Current portion of debt and finance lease obligations (note 5) Long-term Debt and Lease Obligation, Current Accounts payable-trade Accounts Payable, Trade, Current Accrued liabilities (note 4) Accrued Liabilities, Current Total current liabilities Liabilities, Current Noncurrent liabilities: Liabilities, Noncurrent [Abstract] Long-term portion of debt and finance lease obligations (note 5) Long-term Debt and Lease Obligation Deferred Tax Liabilities, Net Deferred Income Tax Liabilities, Net Other long-term liabilities Other Liabilities, Noncurrent Total liabilities Liabilities Commitments and Contingencies Commitments and Contingencies Equity: Equity [Abstract] QVC, Inc. stockholder's equity: Stockholders' Equity Attributable to Parent [Abstract] Common stock, $0.01 par value, 1 authorized share Common Stock, Value, Issued Additional paid-in capital Additional Paid in Capital Accumulated deficit Retained Earnings (Accumulated Deficit) Accumulated other comprehensive loss Accumulated Other Comprehensive Income (Loss), Net of Tax Total QVC, Inc. stockholder's equity Stockholders' Equity Attributable to Parent Noncontrolling interest Stockholders' Equity Attributable to Noncontrolling Interest Total equity Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Total liabilities and equity Liabilities and Equity Supplemental Cash Flow Information [Abstract] Basis of Presentation [Abstract] Basis of Presentation [Abstract] New accounting pronouncements policy New Accounting Pronouncements, Policy [Policy Text Block] Schedule of Segment Reporting Information, by Segment [Table] Schedule of Segment Reporting Information, by Segment [Table] Segments [Axis] Segments [Axis] Segments [Domain] Segments [Domain] QxH [Member] QxH [Member] QxH [Member] QVC-International QVC- International [Member] Live Programming- International [Member] Segment Reporting Information [Line Items] Segment Reporting Information [Line Items] Net revenue Revenues Subsequent Events [Abstract] Subsequent Event [Table] Subsequent Event [Table] Subsequent Event Type [Axis] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Subsequent Event Type [Domain] Credit Facility [Axis] Credit Facility [Axis] Credit Facility [Domain] Credit Facility [Domain] Senior secured credit facility Revolving Credit Facility [Member] Debt Instrument Tranches [Axis] Debt Instrument Tranches [Axis] Debt Instrument Tranches [Axis] Debt Instrument Tranches [Domain] Debt Instrument Tranches [Domain] [Domain] for Debt Instrument Tranches [Axis] Tranche One, Shared with Related Party Tranche One, Shared with Related Party [Member] Tranche One, Shares with Related Party [Member] Related Party [Axis] Related Party [Axis] Related Party [Domain] Related Party [Domain] Liberty Liberty [Member] Liberty [Member] Subsequent Event [Line Items] Subsequent Event [Line Items] Dividends Declared to Parent Company Dividends Declared to Parent Company Dividends Declared to Parent Company Television Distribution Rights [Abstract] Television Distribution Rights [Abstract] Schedule of television distribution rights Television Distribution Rights [Table Text Block] Table for affiliation agreements with television providers for carriage of the company's service, as well as for certain channel placement. Schedule of future amortization expense Television Distribution Rights, Future Amortization Expense [Table Text Block] Tabular representation of the amounts of payments maturing over the next five years for affiliation agreements with cable and satellite television providers for carriage of the company's service, as well as for certain channel placement. Future Minimum Payments [Abstract] Future Minimum Payments [Abstract] Weighted average lease term and discount rate [Table Text Block] Weighted average lease term and discount rate [Table Text Block] [Table Text Block] for Weighted average lease term and discount rate [Table] Statement of Cash Flows [Abstract] Net income Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Operating activities: Net Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Equity in losses of investee Deferred income taxes Deferred Income Tax Expense (Benefit) Foreign currency (gain) loss Depreciation Depreciation Amortization Amortization of Intangible Assets Change in fair value of financial instruments and noncash interest Other Noncash Income (Expense) Stock-based compensation Share-based Payment Arrangement, Noncash Expense Change in other long-term liabilities Increase (Decrease) in Other Noncurrent Liabilities non-cash charges non-cash charges non-cash charges Decrease in accounts receivable Increase (Decrease) in Accounts Receivable Increase in inventories Increase (Decrease) in Inventories Decrease in prepaid expenses and other current assets Increase (Decrease) in Prepaid Expense Decrease in accounts payable-trade Increase (Decrease) in Accounts Payable, Trade Decrease in accrued liabilities and other Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Investing activities: Net Cash Provided by (Used in) Investing Activities [Abstract] Capital expenditures Capital Expenditures, Net Cash outflow for purchases of property, plant, and equipment, including intangible assets. Expenditures for television distribution rights Payments for Television Distribution Rights Cash outflow for for affiliation agreements with television providers for carriage of the company's service, as well as for certain channel placement. Changes in other noncurrent assets Increase (Decrease) in Other Noncurrent Assets Other investing activities Other investing activities Other investing activities Net cash used in investing activities Net Cash Provided by (Used in) Investing Activities Financing activities: Net Cash Provided by (Used in) Financing Activities [Abstract] Principal payments of debt and finance lease obligations Repayments of Debt and Lease Obligation Principal borrowings of debt from senior secured credit facility Proceeds from Long-term Lines of Credit Proceeds from Issuance of Secured Debt Proceeds from Issuance of Secured Debt Payment of debt origination fees Payments of Debt Issuance Costs Dividends paid to Qurate Retail, Inc. SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Subsidiaries and Equity Method Investees Dividends paid to noncontrolling interest Payments of Ordinary Dividends, Noncontrolling Interest Other financing activities Proceeds from (Payments for) Other Financing Activities Net cash used in financing activities Net Cash Provided by (Used in) Financing Activities Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Net decrease in cash, cash equivalents and restricted cash Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Cash, cash equivalents and restricted cash, end of period Cash, cash equivalents and restricted cash, beginning of period Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash, cash equivalents and restricted cash, end of period Income Tax Disclosure [Abstract] Income Tax Contingency [Table] Income Tax Contingency [Table] Related Party Transaction [Axis] Related Party Transaction [Axis] Related Party Transaction [Domain] Related Party Transaction [Domain] Tax Agreement Tax Agreement [Member] Tax Agreement [Member] Income Tax Authority [Axis] Income Tax Authority [Axis] Income Tax Authority [Domain] Income Tax Authority [Domain] UNITED STATES UNITED STATES Income Tax Contingency [Line Items] Income Tax Contingency [Line Items] Income tax expense Income Tax Expense (Benefit) Effective income tax rate reconciliation, percent Effective Income Tax Rate Reconciliation, Percent Effective income tax rate reconciliation, at federal statutory income tax rate, percent Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent Current tax payments due to related parties Due to Affiliate Due from Affiliates Due from Affiliates Other Intangible Assets [Abstract] Other Intangible Assets [Abstract] Schedule of Goodwill [Table] Schedule of Goodwill [Table] Consolidation Items [Axis] Consolidation Items [Axis] Consolidation Items [Domain] Consolidation Items [Domain] Income Statement Location [Axis] Income Statement Location [Axis] Income Statement Location [Domain] Income Statement Location [Domain] Statistical Measurement [Axis] Statistical Measurement [Axis] Statistical Measurement [Domain] Statistical Measurement [Domain] Reporting Unit [Axis] Reporting Unit [Axis] Reporting Unit [Domain] Reporting Unit [Domain] Goodwill [Line Items] Goodwill [Line Items] Goodwill, Foreign Currency Translation Gain (Loss) Goodwill, Foreign Currency Translation Gain (Loss) Gross cost Other Intangible Assets, Gross [Abstract] Other Intangible Assets, Gross [Abstract] Purchased and internally developed software Capitalized Computer Software, Gross Affiliate and customer relationships Finite-Lived Customer Relationships, Gross Debt origination fees Debt Issuance Costs, Gross Trademarks (indefinite life) Indefinite-Lived Trademarks Other intangible assets (excluding goodwill), gross Intangible Assets, Gross (Excluding Goodwill) Accumulated amortization Other Intangible Assets, Accumulated Amortization [Abstract] Other Intangible Assets, Accumulated Amortization [Abstract] Purchased and internally developed software Capitalized Computer Software, Accumulated Amortization Affiliate and customer relationships Finite-Lived Customer Relationships, Accumulated Amortization For each balance sheet presented, the amount of accumulated amortization for finite-lived customer relationships. Debt origination fees Accumulated Amortization, Debt Issuance Costs Other intangible assets (excluding goodwill), accumulated amortization Other Intangible Assets (Excluding Goodwill), Accumulated Amortization Accumulated amount of amortization of other intangible assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Other intangible assets, net Intangible Assets, Net (Excluding Goodwill) [Abstract] Purchased and internally developed software Capitalized Computer Software, Net Affiliate and customer relationships Finite lived customer relationships, net Customer relationships net of accumulated amortization as of the balance sheet date to an asset acquired in a business combination representing a favorable existing relationship with customers having a finite beneficial life. Debt origination fees Debt Issuance Costs, Net Other intangible assets (excluding goodwill), net Amortization of other intangible assets Amortization of Other Intangible Assets The aggregate expense charged against earnings to allocate the cost of other intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. Segment reporting disclosure Segment Reporting Disclosure [Text Block] Income taxes Income Tax Disclosure [Text Block] Other Comprehensive Income (Loss), Net of Tax [Abstract] Schedule of Accumulated Other Comprehensive Income (Loss) Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] Schedule of Component of Comprehensive Income (Loss) Comprehensive Income (Loss) [Table Text Block] Debt Disclosure [Abstract] Schedule of Debt Instruments [Table] Schedule of Long-term Debt Instruments [Table] Debt Instrument [Axis] Debt Instrument [Axis] Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] 4.375% Senior Secured Notes due 2023, net of original issue discount 5.125% Senior Secured Notes [Member] 5.125% Senior Secured Notes - Contractual obligation to pay money on fixed or determinable dates. 4.85% Senior Secured Notes due 2024, net of original issue discount 4.375% Senior Secured Notes [Member] 4.375% Senior Secured Notes - Contractual obligation to pay money on fixed or determinable dates. 4.45% Senior Secured Notes due 2025, net of original issue discount 4.85% Senior Secured Notes [Member] 4.85% Senior Secured Notes - Contractual obligation to pay money on fixed or determinable dates. 4.75% Senior Secured Notes due 2027 4.45% Senior Secured Notes [Member] 4.45% Senior Secured Notes - Contractual obligation to pay money on fixed or determinable dates. 4.75% Senior Secured Notes [Member] [Member] 4.75% Senior Secured Notes [Member] [Member] 4.75% Senior Secured Notes [Member] [Member] 5.45% Senior Secured Notes due 2034, net of original issue discount 5.45% Senior Secured Notes [Member] 5.45% Senior Secured Notes - Contractual obligation to pay money on fixed or determinable dates. 5.95% Senior Secured Notes due 2043, net of original issue discount 5.950% Senior Secured Notes [Member] 5.950% Senior Secured Notes - Contractual obligation to pay money on fixed or determinable dates. 6.375% Senior Secured Notes [Member] 6.375% Senior Secured Notes [Member] 6.375% Senior Secured Notes - Contractual obligation to pay money on fixed or determinable dates 6.25% Senior Secured Notes [Member] 6.25% Senior Secured Notes [Member] 6.25% Senior Secured Notes Finance lease obligations Capital Lease Obligations [Member] Debt Instrument [Line Items] Debt Instrument [Line Items] Debt and Lease Obligation Debt and Lease Obligation Debt Issuance Costs Debt Related Commitment Fees and Debt Issuance Costs Total debt and finance lease obligations Total debt Represents the aggregate of total long-term debt, including current maturities and short-term debt offset by debt issuance cost. Less current portion Long-term portion of debt and finance lease obligations Debt Instrument, Interest Rate, Stated Percentage Debt Instrument, Interest Rate, Stated Percentage EX-101.PRE 10 qvc-20200331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 11 R23.htm IDEA: XBRL DOCUMENT

Television Distribution Rights, Net (Tables)

3 Months Ended

Mar. 31, 2020

Television Distribution Rights [Abstract]

Schedule of television distribution rights

Television distribution rights consisted of the following:



(in millions)	March 31, 2020			December 31, 2019
Television distribution rights	$	760		764
Less accumulated amortization	(652		)	(624	)
Television distribution rights, net	$	108		140

Schedule of future amortization expense

As of March 31, 2020, related amortization expense for each of the next five years ended December 31 was as follows (in millions):



Remainder of 2020	$	88
2021	17
2022	3
2023	—
2024	—

XML 12 R27.htm IDEA: XBRL DOCUMENT

Lease and Transponder Service Agreements (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Lease, Cost [Table Text Block]

The components of lease cost for the three months ended March 31, 2020 and 2019 were as follows:



	Three months ended
(in millions)	March 31, 2020		March 31, 2019
Finance lease cost
Depreciation of leased assets	$	5	5
Interest on lease liabilities	2		2
Total finance lease cost	7		7
Operating lease cost	10		6
Total lease cost	$	17	13

XML 13 R46.htm IDEA: XBRL DOCUMENT

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Net revenue	$ 2,427	$ 2,501
Home
Disaggregation of Revenue [Line Items]
Net revenue	938	929
Apparel
Disaggregation of Revenue [Line Items]
Net revenue	433	435
Beauty
Disaggregation of Revenue [Line Items]
Net revenue	400	439
Accessories
Disaggregation of Revenue [Line Items]
Net revenue	270	283
Electronics
Disaggregation of Revenue [Line Items]
Net revenue	196	207
Jewelry
Disaggregation of Revenue [Line Items]
Net revenue	147	165
Other revenue
Disaggregation of Revenue [Line Items]
Net revenue	43	43
QxH [Member]
Disaggregation of Revenue [Line Items]
Net revenue	1,792	1,857
QxH [Member] \| Home
Disaggregation of Revenue [Line Items]
Net revenue	681	682
QxH [Member] \| Apparel
Disaggregation of Revenue [Line Items]
Net revenue	288	292
QxH [Member] \| Beauty
Disaggregation of Revenue [Line Items]
Net revenue	299	327
QxH [Member] \| Accessories
Disaggregation of Revenue [Line Items]
Net revenue	212	221
QxH [Member] \| Electronics
Disaggregation of Revenue [Line Items]
Net revenue	174	182
QxH [Member] \| Jewelry
Disaggregation of Revenue [Line Items]
Net revenue	98	113
QxH [Member] \| Other revenue
Disaggregation of Revenue [Line Items]
Net revenue	40	40
QVC-International
Disaggregation of Revenue [Line Items]
Net revenue	635	644
QVC-International \| Home
Disaggregation of Revenue [Line Items]
Net revenue	257	247
QVC-International \| Apparel
Disaggregation of Revenue [Line Items]
Net revenue	145	143
QVC-International \| Beauty
Disaggregation of Revenue [Line Items]
Net revenue	101	112
QVC-International \| Accessories
Disaggregation of Revenue [Line Items]
Net revenue	58	62
QVC-International \| Electronics
Disaggregation of Revenue [Line Items]
Net revenue	22	25
QVC-International \| Jewelry
Disaggregation of Revenue [Line Items]
Net revenue	49	52
QVC-International \| Other revenue
Disaggregation of Revenue [Line Items]
Net revenue	$ 3	$ 3

XML 14 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 15 R42.htm IDEA: XBRL DOCUMENT

Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Accrued Liabilities [Abstract]
Accounts payable non-trade	$ 286	$ 369
Allowance for sales returns	149	238
Accrued compensation and benefits	137	112
Other	271	326
Accrued liabilities	$ 843	$ 1,045

XML 16 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net income	$ 141	$ 186
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in losses of investee	1	0
Deferred income taxes	2	(1)
Foreign currency (gain) loss	(1)	3
Depreciation	43	46
Amortization	71	72
Change in fair value of financial instruments and noncash interest	6	4
Stock-based compensation	6	9
Change in other long-term liabilities	(4)	(3)
non-cash charges	7	0
Decrease in accounts receivable	403	369
Increase in inventories	(4)	(74)
Decrease in prepaid expenses and other current assets	50	37
Decrease in accounts payable-trade	(198)	(222)
Decrease in accrued liabilities and other	(213)	(159)
Net cash provided by operating activities	310	267
Investing activities:
Capital expenditures	(39)	(54)
Expenditures for television distribution rights	(1)	(52)
Changes in other noncurrent assets	3	(10)
Other investing activities	0	29
Net cash used in investing activities	(37)	(87)
Financing activities:
Principal payments of debt and finance lease obligations	(872)	(563)
Principal borrowings of debt from senior secured credit facility	112	663
Proceeds from Issuance of Secured Debt	575	0
Payment of debt origination fees	(8)	0
Dividends paid to Qurate Retail, Inc.	(122)	(354)
Dividends paid to noncontrolling interest	(15)	(22)
Other financing activities	(1)	(4)
Net cash used in financing activities	(331)	(280)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(6)	(4)
Net decrease in cash, cash equivalents and restricted cash	(64)	(104)
Cash, cash equivalents and restricted cash, end of period	497
Cash, cash equivalents and restricted cash, beginning of period	569	550
Cash, cash equivalents and restricted cash, end of period	$ 505	$ 446

XML 17 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 497	$ 561
Restricted cash	8	8
Accounts receivable, less allowance for credit losses of $132 at March 31, 2020 and $123 at December 31, 2019	1,407	1,813
Inventories	1,214	1,214
Prepaid expenses and other current assets	134	184
Total current assets	3,260	3,780
Noncurrent assets:
Property and equipment, net of accumulated depreciation of $1,367 at March 31, 2020 and $1,338 at December 31, 2019	1,188	1,215
Operating Lease, Right-of-Use Asset	208	214
Television distribution rights, net (note 2)	108	140
Goodwill (note 3)	5,958	5,971
Other intangible assets, net (note 3)	3,476	3,498
Other noncurrent assets	103	109
Total assets	14,301	14,927
Current liabilities:
Current portion of debt and finance lease obligations (note 5)	17	18
Accounts payable-trade	709	913
Accrued liabilities (note 4)	843	1,045
Total current liabilities	1,569	1,976
Noncurrent liabilities:
Long-term portion of debt and finance lease obligations (note 5)	4,908	5,101
Deferred Tax Liabilities, Net	724	724
Other long-term liabilities	307	322
Total liabilities	7,508	8,123
QVC, Inc. stockholder's equity:
Common stock, $0.01 par value, 1 authorized share	0	0
Additional paid-in capital	9,213	9,208
Accumulated deficit	(2,381)	(2,390)
Accumulated other comprehensive loss	(167)	(144)
Total QVC, Inc. stockholder's equity	6,665	6,674
Noncontrolling interest	128	130
Total equity	6,793	6,804
Total liabilities and equity	$ 14,301	$ 14,927

XML 18 R53.htm IDEA: XBRL DOCUMENT

Other Comprehensive Income (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Foreign currency translation adjustments
Beginning balance	$ (144)	$ (144)
Other comprehensive loss attributable to QVC, Inc. stockholder	(23)	(6)
Ending balance	(167)	(150)
AOCL
Beginning balance	(144)	(144)
Other comprehensive loss attributable to QVC, Inc. stockholder	(23)	(6)
Ending balance	$ (167)	$ (150)

- Definition

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

+ References + Details

ZIP 19 0001254699-20-000011-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001254699-20-000011-xbrl.zip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�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
&UL4$L%!@ 0 & 8 A $ !B' @ $! end XML 20 R11.htm IDEA: XBRL DOCUMENT v3.20.1

Accrued Liabilities
3 Months Ended

Mar. 31, 2020

Accrued Liabilities [Abstract]

Accrued liabilities
Accrued Liabilities
Accrued liabilities consisted of the following:
(in millions)
March 31, 2020

December 31, 2019

Accounts payable non-trade
$
286

369

Allowance for sales returns
149

238

Accrued compensation and benefits
137

112

Other
271

326

$
843

1,045

X

- Definition
The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(a),20,24)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 21 R15.htm IDEA: XBRL DOCUMENT v3.20.1

Income Taxes
3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income taxes
Income Taxes
The Company calculates its interim income tax provision by applying its best estimate of the annual expected effective tax rate to its ordinary year-to-date income or loss. The tax or benefit related to significant, unusual or extraordinary items that will be separately reported or reported net of their related tax effect are individually computed and recognized in the interim period in which those items occur.
The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in foreign jurisdictions, permanent and temporary differences as a result of differences between amounts measured and recognized in accordance with tax laws and financial accounting standards, and the likelihood of recovering deferred tax assets. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained or as the tax environment changes. To the extent that the estimated annual effective tax rate changes during a quarter, the effect of the change on the prior quarters is included in the tax expense for the current quarter.
For the three months ended March 31, 2020 and 2019, the Company recorded a tax provision of $60 million and $74 million, respectively, which represented an effective tax rate of 29.9% and 28.5%, respectively. The 2020 rate differs from the U.S. federal income tax rate of 21% due primarily to state and foreign tax expenses, and a valuation allowance established for excess U.S. foreign tax credits. The 2020 effective tax rate has increased from the prior year primarily due to increases in foreign tax expense and the valuation allowance on foreign tax credits in the current year.
The Company participates in a consolidated federal return filing with Qurate Retail. As of March 31, 2020, the Company's tax years through 2015 are closed for federal income tax purposes, and the Internal Revenue Service (the "IRS") has completed its examination of the Company's 2016 and 2017 tax years. The Company's 2018, 2019 and 2020 tax years are being examined currently as part of the Qurate Retail consolidated return under the IRS's Compliance Assurance Process program. The Company, or one of its subsidiaries, files income tax returns in various states and foreign jurisdictions. As of March 31, 2020, the Company was under examination in the state of Pennsylvania and certain of the Company's subsidiaries were under examination in Germany and the U.K.
The Company is a party to a Tax Liability Allocation and Indemnification Agreement (the “Tax Agreement”) with Qurate Retail. The Tax Agreement establishes the methodology for the calculation and payment of income taxes in connection with the consolidation of the Company with Qurate Retail for income tax purposes. Generally, the Tax Agreement provides that the Company will pay Qurate Retail an amount equal to the tax liability, if any, that it would have if it were to file as a consolidated group separate and apart from Qurate Retail, with exceptions for the treatment and timing of certain items, including but not limited to deferred intercompany transactions, credits, and net operating and capital losses. To the extent that the separate company tax expense is different from the payment terms of the Tax Agreement, the difference is recorded as either a dividend or capital contribution.
The amounts of the tax-related balance payable (receivable) due to (from) Qurate Retail as of March 31, 2020 and December 31, 2019 were $20 million and $(7) million, respectively, and were included in accrued liabilities in the accompanying condensed consolidated balance sheets.

X

- References
No definition available.
+ Details

Name: us-gaap_IncomeTaxDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680
+ Details

Name: us-gaap_IncomeTaxDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 22 R19.htm IDEA: XBRL DOCUMENT v3.20.1

Other Comprehensive Income
3 Months Ended

Mar. 31, 2020

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Comprehensive Income (Loss)
Other Comprehensive Income
The change in the component of accumulated other comprehensive loss, net of taxes ("AOCL"), is summarized as follows:
(in millions)
Foreign currency translation adjustments

AOCL

Balance as of January 1, 2020
$
(144
)
(144
)
Other comprehensive loss attributable to QVC, Inc. stockholder
(23
)
(23
)
Balance as of March 31, 2020
(167
)
(167
)

Balance as of January 1, 2019
$
(144
)
(144
)
Other comprehensive loss attributable to QVC, Inc. stockholder
(6
)
(6
)
Balance as of March 31, 2019
(150
)
(150
)

The component of other comprehensive income is reflected in QVC's condensed consolidated statements of comprehensive income, net of taxes. The following table summarizes the tax effects related to the component of other comprehensive loss:
(in millions)
Before-tax amount

Tax benefit

Net-of-tax amount

Three months ended March 31, 2020

Foreign currency translation adjustments
$
(23
)
1

(22
)
Other comprehensive loss
(23
)
1

(22
)

Three months ended March 31, 2019

Foreign currency translation adjustments
$
(6
)
—

(6
)
Other comprehensive loss
(6
)
—

(6
)

X

- Definition
The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-URI http://asc.fasb.org/topic&trid=2134417
+ Details

Name: us-gaap_ComprehensiveIncomeNoteTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 23 R36.htm IDEA: XBRL DOCUMENT v3.20.1

Basis of Presentation (Details) - USD ($)
$ in Millions
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

General business information

Dividends paid to noncontrolling interest $ 15 $ 22

Cornerstone Brands Inc [Member]

General business information

Repayments of Related Party Debt 29

QVC to Zulily allocated expenses [Member]

General business information

Related Party Transaction, Expenses from Transactions with Related Party 2

Zulily to QVC allocated expenses [Member]

General business information

Related Party Transaction, Expenses from Transactions with Related Party 3 2

QVC to CBI Allocated Expenses [Member] | Cornerstone Brands Inc [Member]

General business information

Related Party Transaction, Expenses from Transactions with Related Party 6 $ 5

CBI to QVC allocated expenses [Member] | Cornerstone Brands Inc [Member]

General business information

Related Party Transaction, Expenses from Transactions with Related Party $ 1

QVC-Japan

General business information

Investment Owned, Percent of Net Assets 60.00%

CNR Home Shopping Co., Ltd.

General business information

Equity Method Investment, Ownership Percentage 49.00%

Mitsui [Domain] | QVC-Japan

General business information

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners 40.00%

X

- Definition
[Line Items] for General Business Information [Table]
+ References
No definition available.
+ Details

Name: qvc_GeneralBusinessInformationLineItems

Namespace Prefix: qvc_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571
+ Details

Name: us-gaap_EquityMethodInvestmentOwnershipPercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Percent of net assets at close of period. For schedules of investments that are categorized, each category has a percent of net assets for the aggregated value of the Investments in the category.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12.3)
-URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611133-123010

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 210
-Section 50
-Paragraph 6
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=99383244&loc=d3e12121-115841

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-12C.Column D.2)
-URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611225-123010
+ Details

Name: us-gaap_InvestmentOwnedPercentOfNetAssets

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
The equity interest of noncontrolling shareholders, partners or other equity holders in consolidated entity.
+ References
No definition available.
+ Details

Name: us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Amount of cash outflow in the form of ordinary dividends provided by the non-wholly owned subsidiary to noncontrolling interests.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3291-108585
+ Details

Name: us-gaap_PaymentsOfDividendsMinorityInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Expenses recognized resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864
+ Details

Name: us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The cash outflow for the payment of a long-term borrowing made from a related party where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Payments for Advances from Affiliates.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3291-108585
+ Details

Name: us-gaap_RepaymentsOfRelatedPartyDebt

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=qvc_CornerstoneBrandsIncMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RelatedPartyTransactionAxis=qvc_QVCtoZulilyallocatedexpensesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RelatedPartyTransactionAxis=qvc_ZulilytoQVCallocatedexpensesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RelatedPartyTransactionAxis=qvc_QVCtoCBIAllocatedExpensesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RelatedPartyTransactionAxis=qvc_CBItoQVCallocatedexpensesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=qvc_QvcJapanMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: dei_LegalEntityAxis=qvc_CnrHomeShoppingCoLtdMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: srt_OwnershipAxis=qvc_MitsuiDomain

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 24 R32.htm IDEA: XBRL DOCUMENT v3.20.1

Revenue (Tables)
3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]
Disaggregated revenue by segment and product category consisted of the following:

Three months ended March 31, 2020

Three months ended March 31, 2019

(in millions)
QxH

QVC-International

Total

QxH

QVC-International

Total

Home
$
681

257

938

682

247

929

Beauty
288

145

433

292

143

435

Apparel
299

101

400

327

112

439

Accessories
212

58

270

221

62

283

Electronics
174

22

196

182

25

207

Jewelry
98

49

147

113

52

165

Other revenue
40

3

43

40

3

43

Total net revenue
$
1,792

635

2,427

1,857

644

2,501

X

- Definition
Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
+ References
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=118956577&loc=SL49130545-203045
+ Details

Name: us-gaap_DisaggregationOfRevenueTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_RevenueFromContractWithCustomerAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 25 R52.htm IDEA: XBRL DOCUMENT v3.20.1

Information about QVC's Operating Segments (Reconciliation of Adjusted OIBDA to Income before Income Taxes) (Details) - USD ($)
$ in Millions
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Segment Reporting [Abstract]

Adjusted OIBDA Excluding Transaction Related Costs $ 390 $ 453

Stock-based compensation (6) (9)

Depreciation and amortization (114) (118)

Operating Income (Loss) 270 326

Equity in losses of investee (1) 0

Gain (Loss) on Derivative Instruments, Net, Pretax (4) (2)

Interest expense, net (65) (61)

Foreign currency gain (loss) 1 (3)

Income before income taxes $ 201 $ 260

X

- Definition
Adjusted OIBDA during the reporting period. Adjusted OIBDA is defined as revenue less cost of sales, operating expenses, and selling, general and administrative expenses (excluding transaction related costs and stock-based compensation).
+ References
No definition available.
+ Details

Name: qvc_AdjustedOIBDAExcludingTransactionRelatedCosts

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of expense for award under share-based payment arrangement. Excludes amount capitalized.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5047-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.F)
-URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)(i)
-URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901
+ Details

Name: us-gaap_AllocatedShareBasedCompensationExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3602-108585
+ Details

Name: us-gaap_DepreciationDepletionAndAmortization

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450222&loc=d3e30840-110895

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109240200&loc=d3e30700-110894

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109240200&loc=d3e30690-110894
+ Details

Name: us-gaap_ForeignCurrencyTransactionGainLossBeforeTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959
+ Details

Name: us-gaap_GainLossOnDerivativeInstrumentsNetPretax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260
+ Details

Name: us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of income (loss) for proportionate share of equity method investee's income (loss).
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(12))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(10))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3602-108585

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(13)(f))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109237563&loc=d3e33749-111570
+ Details

Name: us-gaap_IncomeLossFromEquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The net amount of operating interest income (expense).
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.10)
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260
+ Details

Name: us-gaap_InterestIncomeExpenseNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The net result for the period of deducting operating expenses from operating revenues.
+ References
No definition available.
+ Details

Name: us-gaap_OperatingIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_SegmentReportingAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 26 FilingSummary.xml IDEA: XBRL DOCUMENT 3.20.1 html 145 327 1 false 50 0 false 5 false false R1.htm 0001000 - Document - Document and Entity Information Document Sheet http://www.qvc.com/role/DocumentAndEntityInformationDocument Document and Entity Information Document Cover 1 false false R2.htm 1001000 - Statement - Consolidated Balance Sheets Sheet http://www.qvc.com/role/ConsolidatedBalanceSheets Consolidated Balance Sheets Statements 2 false false R3.htm 1001501 - Statement - Consolidated Balance Sheets (Parentheticals) Sheet http://www.qvc.com/role/ConsolidatedBalanceSheetsParentheticals Consolidated Balance Sheets (Parentheticals) Statements 3 false false R4.htm 1003000 - Statement - Consolidated Statements of Operations Sheet http://www.qvc.com/role/ConsolidatedStatementsOfOperations Consolidated Statements of Operations Statements 4 false false R5.htm 1004000 - Statement - Consolidated Statements of Comprehensive Income Statement Sheet http://www.qvc.com/role/ConsolidatedStatementsOfComprehensiveIncomeStatement Consolidated Statements of Comprehensive Income Statement Statements 5 false false R6.htm 1005000 - Statement - Consolidated Statements of Cash Flows Sheet http://www.qvc.com/role/ConsolidatedStatementsOfCashFlows Consolidated Statements of Cash Flows Statements 6 false false R7.htm 1006000 - Statement - Consolidated Statement of Equity Sheet http://www.qvc.com/role/ConsolidatedStatementOfEquity Consolidated Statement of Equity Statements 7 false false R8.htm 2101100 - Disclosure - Basis of Presentation Sheet http://www.qvc.com/role/BasisOfPresentation Basis of Presentation Notes 8 false false R9.htm 2116100 - Disclosure - Television Distribution Rights, Net Sheet http://www.qvc.com/role/TelevisionDistributionRightsNet Television Distribution Rights, Net Notes 9 false false R10.htm 2122100 - Disclosure - Goodwill and Other Intangible Assets, Net Sheet http://www.qvc.com/role/GoodwillAndOtherIntangibleAssetsNet Goodwill and Other Intangible Assets, Net Notes 10 false false R11.htm 2125100 - Disclosure - Accrued Liabilities Sheet http://www.qvc.com/role/AccruedLiabilities Accrued Liabilities Notes 11 false false R12.htm 2128100 - Disclosure - Long-Term Debt Sheet http://www.qvc.com/role/LongTermDebt Long-Term Debt Notes 12 false false R13.htm 2134100 - Disclosure - Lease and Transponder Service Agreements Sheet http://www.qvc.com/role/LeaseAndTransponderServiceAgreements Lease and Transponder Service Agreements Notes 13 false false R14.htm 2137100 - Disclosure - Revenue (Notes) Notes http://www.qvc.com/role/RevenueNotes Revenue (Notes) Notes 14 false false R15.htm 2141100 - Disclosure - Income Taxes Sheet http://www.qvc.com/role/IncomeTaxes Income Taxes Notes 15 false false R16.htm 2142100 - Disclosure - Commitments and Contingencies Sheet http://www.qvc.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 16 false false R17.htm 2143100 - Disclosure - Financial Instruments and Fair Value Measurements Sheet http://www.qvc.com/role/FinancialInstrumentsAndFairValueMeasurements Financial Instruments and Fair Value Measurements Notes 17 false false R18.htm 2145100 - Disclosure - Information about QVC's Operating Segments Sheet http://www.qvc.com/role/InformationAboutQvcsOperatingSegments Information about QVC's Operating Segments Notes 18 false false R19.htm 2147100 - Disclosure - Other Comprehensive Income Sheet http://www.qvc.com/role/OtherComprehensiveIncome Other Comprehensive Income Notes 19 false false R20.htm 2148100 - Disclosure - Subsequent Events Sheet http://www.qvc.com/role/SubsequentEvents Subsequent Events Notes 20 false false R21.htm 2201201 - Disclosure - Basis of Presentation (Policies) Sheet http://www.qvc.com/role/BasisOfPresentationPolicies Basis of Presentation (Policies) Policies 21 false false R22.htm 2237201 - Disclosure - Revenue Revenue (Policies) Sheet http://www.qvc.com/role/RevenueRevenuePolicies Revenue Revenue (Policies) Policies 22 false false R23.htm 2316301 - Disclosure - Television Distribution Rights, Net (Tables) Sheet http://www.qvc.com/role/TelevisionDistributionRightsNetTables Television Distribution Rights, Net (Tables) Tables http://www.qvc.com/role/TelevisionDistributionRightsNet 23 false false R24.htm 2322301 - Disclosure - Goodwill and Other Intangible Assets, Net (Tables) Sheet http://www.qvc.com/role/GoodwillAndOtherIntangibleAssetsNetTables Goodwill and Other Intangible Assets, Net (Tables) Tables http://www.qvc.com/role/GoodwillAndOtherIntangibleAssetsNet 24 false false R25.htm 2325301 - Disclosure - Accrued Liabilities (Tables) Sheet http://www.qvc.com/role/AccruedLiabilitiesTables Accrued Liabilities (Tables) Tables http://www.qvc.com/role/AccruedLiabilities 25 false false R26.htm 2328301 - Disclosure - Long-Term Debt (Tables) Sheet http://www.qvc.com/role/LongTermDebtTables Long-Term Debt (Tables) Tables http://www.qvc.com/role/LongTermDebt 26 false false R27.htm 2334301 - Disclosure - Lease and Transponder Service Agreements (Tables) Sheet http://www.qvc.com/role/LeaseAndTransponderServiceAgreementsTables Lease and Transponder Service Agreements (Tables) Tables http://www.qvc.com/role/LeaseAndTransponderServiceAgreements 27 false false R28.htm 2334303 - Disclosure - Lease and Transponder Service Agreements Weighted Average Lease Terms and Discount Rate (Tables) Sheet http://www.qvc.com/role/LeaseAndTransponderServiceAgreementsWeightedAverageLeaseTermsAndDiscountRateTables Lease and Transponder Service Agreements Weighted Average Lease Terms and Discount Rate (Tables) Tables 28 false false R29.htm 2334304 - Disclosure - Lease and Transponder Service Agreements Leases, Supplemental Balance Sheet Information (Tables) Sheet http://www.qvc.com/role/LeaseAndTransponderServiceAgreementsLeasesSupplementalBalanceSheetInformationTables Lease and Transponder Service Agreements Leases, Supplemental Balance Sheet Information (Tables) Tables 29 false false R30.htm 2334305 - Disclosure - Lease and Transponder Service Agreements Leases, Supplemental Cash Flow Information (Tables) Sheet http://www.qvc.com/role/LeaseAndTransponderServiceAgreementsLeasesSupplementalCashFlowInformationTables Lease and Transponder Service Agreements Leases, Supplemental Cash Flow Information (Tables) Tables 30 false false R31.htm 2334306 - Disclosure - Lease and Transponder Service Agreements Leases, Future Minimum Payments (Tables) Sheet http://www.qvc.com/role/LeaseAndTransponderServiceAgreementsLeasesFutureMinimumPaymentsTables Lease and Transponder Service Agreements Leases, Future Minimum Payments (Tables) Tables 31 false false R32.htm 2337302 - Disclosure - Revenue (Tables) Sheet http://www.qvc.com/role/RevenueTables Revenue (Tables) Tables http://www.qvc.com/role/RevenueNotes 32 false false R33.htm 2343301 - Disclosure - Financial Instruments and Fair Value Measurements (Tables) Sheet http://www.qvc.com/role/FinancialInstrumentsAndFairValueMeasurementsTables Financial Instruments and Fair Value Measurements (Tables) Tables http://www.qvc.com/role/FinancialInstrumentsAndFairValueMeasurements 33 false false R34.htm 2345301 - Disclosure - Information about QVC's Operating Segments (Tables) Sheet http://www.qvc.com/role/InformationAboutQvcsOperatingSegmentsTables Information about QVC's Operating Segments (Tables) Tables http://www.qvc.com/role/InformationAboutQvcsOperatingSegments 34 false false R35.htm 2347301 - Disclosure - Other Comprehensive Income (Tables) Sheet http://www.qvc.com/role/OtherComprehensiveIncomeTables Other Comprehensive Income (Tables) Tables http://www.qvc.com/role/OtherComprehensiveIncome 35 false false R36.htm 2401403 - Disclosure - Basis of Presentation (Details) Sheet http://www.qvc.com/role/BasisOfPresentationDetails Basis of Presentation (Details) Details http://www.qvc.com/role/BasisOfPresentationPolicies 36 false false R37.htm 2401404 - Disclosure - Basis of Presentation New Accounting Standards Cumulative Effect of changes due to Adoption of ASC 606 and ASU 2016-16 (Details) Sheet http://www.qvc.com/role/BasisOfPresentationNewAccountingStandardsCumulativeEffectOfChangesDueToAdoptionOfAsc606AndAsu201616Details Basis of Presentation New Accounting Standards Cumulative Effect of changes due to Adoption of ASC 606 and ASU 2016-16 (Details) Details 37 false false R38.htm 2416402 - Disclosure - Television Distribution Rights, Net (Details) Sheet http://www.qvc.com/role/TelevisionDistributionRightsNetDetails Television Distribution Rights, Net (Details) Details http://www.qvc.com/role/TelevisionDistributionRightsNetTables 38 false false R39.htm 2416403 - Disclosure - Television Distribution Rights, Net (Future Amortization Expense) (Details) Sheet http://www.qvc.com/role/TelevisionDistributionRightsNetFutureAmortizationExpenseDetails Television Distribution Rights, Net (Future Amortization Expense) (Details) Details http://www.qvc.com/role/TelevisionDistributionRightsNetTables 39 false false R40.htm 2422402 - Disclosure - Goodwill and Other Intangible Assets, Net (Other Intangible Assets) (Details) Sheet http://www.qvc.com/role/GoodwillAndOtherIntangibleAssetsNetOtherIntangibleAssetsDetails Goodwill and Other Intangible Assets, Net (Other Intangible Assets) (Details) Details http://www.qvc.com/role/GoodwillAndOtherIntangibleAssetsNetTables 40 false false R41.htm 2422403 - Disclosure - Goodwill and Other Intangible Assets, Net (Future Amortization Expense) (Details) Sheet http://www.qvc.com/role/GoodwillAndOtherIntangibleAssetsNetFutureAmortizationExpenseDetails Goodwill and Other Intangible Assets, Net (Future Amortization Expense) (Details) Details http://www.qvc.com/role/GoodwillAndOtherIntangibleAssetsNetTables 41 false false R42.htm 2425402 - Disclosure - Accrued Liabilities (Details) Sheet http://www.qvc.com/role/AccruedLiabilitiesDetails Accrued Liabilities (Details) Details http://www.qvc.com/role/AccruedLiabilitiesTables 42 false false R43.htm 2428402 - Disclosure - Long-Term Debt (Debt) (Details) Sheet http://www.qvc.com/role/LongTermDebtDebtDetails Long-Term Debt (Debt) (Details) Details http://www.qvc.com/role/LongTermDebtTables 43 false false R44.htm 2428403 - Disclosure - Long-Term Debt (Narrative) (Details) Sheet http://www.qvc.com/role/LongTermDebtNarrativeDetails Long-Term Debt (Narrative) (Details) Details http://www.qvc.com/role/LongTermDebtTables 44 false false R45.htm 2434408 - Disclosure - Lease and Transponder Service Agreements (Details) Sheet http://www.qvc.com/role/LeaseAndTransponderServiceAgreementsDetails Lease and Transponder Service Agreements (Details) Details http://www.qvc.com/role/LeaseAndTransponderServiceAgreementsTables 45 false false R46.htm 2437403 - Disclosure - Revenue (Details) Sheet http://www.qvc.com/role/RevenueDetails Revenue (Details) Details http://www.qvc.com/role/RevenueTables 46 false false R47.htm 2441401 - Disclosure - Income Taxes (Narrative) (Details) Sheet http://www.qvc.com/role/IncomeTaxesNarrativeDetails Income Taxes (Narrative) (Details) Details http://www.qvc.com/role/IncomeTaxes 47 false false R48.htm 2443402 - Disclosure - Financial Instruments and Fair Value Measurements (Details) Sheet http://www.qvc.com/role/FinancialInstrumentsAndFairValueMeasurementsDetails Financial Instruments and Fair Value Measurements (Details) Details http://www.qvc.com/role/FinancialInstrumentsAndFairValueMeasurementsTables 48 false false R49.htm 2445402 - Disclosure - Information about QVC's Operating Segments (Revenue and Adjusted OIBDA by Segment) (Details) Sheet http://www.qvc.com/role/InformationAboutQvcsOperatingSegmentsRevenueAndAdjustedOibdaBySegmentDetails Information about QVC's Operating Segments (Revenue and Adjusted OIBDA by Segment) (Details) Details http://www.qvc.com/role/InformationAboutQvcsOperatingSegmentsTables 49 false false R50.htm 2445403 - Disclosure - Information about QVC's Operating Segments (Depreciation/Amortization by Segment) (Details) Sheet http://www.qvc.com/role/InformationAboutQvcsOperatingSegmentsDepreciationAmortizationBySegmentDetails Information about QVC's Operating Segments (Depreciation/Amortization by Segment) (Details) Details http://www.qvc.com/role/InformationAboutQvcsOperatingSegmentsTables 50 false false R51.htm 2445404 - Disclosure - Information about QVC's Operating Segments (Total Assets and Capital Expenditures by Segment) (Details) Sheet http://www.qvc.com/role/InformationAboutQvcsOperatingSegmentsTotalAssetsAndCapitalExpendituresBySegmentDetails Information about QVC's Operating Segments (Total Assets and Capital Expenditures by Segment) (Details) Details http://www.qvc.com/role/InformationAboutQvcsOperatingSegmentsTables 51 false false R52.htm 2445406 - Disclosure - Information about QVC's Operating Segments (Reconciliation of Adjusted OIBDA to Income before Income Taxes) (Details) Sheet http://www.qvc.com/role/InformationAboutQvcsOperatingSegmentsReconciliationOfAdjustedOibdaToIncomeBeforeIncomeTaxesDetails Information about QVC's Operating Segments (Reconciliation of Adjusted OIBDA to Income before Income Taxes) (Details) Details http://www.qvc.com/role/InformationAboutQvcsOperatingSegmentsTables 52 false false R53.htm 2447402 - Disclosure - Other Comprehensive Income (Accumulated Other Comprehensive Income) (Details) Sheet http://www.qvc.com/role/OtherComprehensiveIncomeAccumulatedOtherComprehensiveIncomeDetails Other Comprehensive Income (Accumulated Other Comprehensive Income) (Details) Details http://www.qvc.com/role/OtherComprehensiveIncomeTables 53 false false R54.htm 2447403 - Disclosure - Other Comprehensive Income (Component of Other Comprehensive Income) (Details) Sheet http://www.qvc.com/role/OtherComprehensiveIncomeComponentOfOtherComprehensiveIncomeDetails Other Comprehensive Income (Component of Other Comprehensive Income) (Details) Details http://www.qvc.com/role/OtherComprehensiveIncomeTables 54 false false R55.htm 2448401 - Disclosure - Subsequent Events (Details) Sheet http://www.qvc.com/role/SubsequentEventsDetails Subsequent Events (Details) Details http://www.qvc.com/role/SubsequentEvents 55 false false All Reports Book All Reports qvc-20200331.xml qvc-20200331.xsd qvc-20200331_cal.xml qvc-20200331_def.xml qvc-20200331_lab.xml qvc-20200331_pre.xml http://fasb.org/us-gaap/2019-01-31 http://xbrl.sec.gov/country/2017-01-31 http://fasb.org/srt/2019-01-31 http://xbrl.sec.gov/dei/2018-01-31 true true XML 27 R18.htm IDEA: XBRL DOCUMENT v3.20.1

Information about QVC's Operating Segments
3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segment reporting disclosure
Information about QVC's Operating Segments
The Company evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as net revenue, Adjusted OIBDA, gross margin, average sales price per unit, number of units shipped and revenue. For segment reporting purposes, the Company defines Adjusted OIBDA, as net revenue less cost of goods sold, operating expenses, and selling, general and administrative expenses (excluding stock-based compensation). The Company believes this measure is an important indicator of the operational strength and performance of its segments by identifying those items that are not directly a reflection of each segment's performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking among the Company's businesses and identify strategies to improve performance. This measure of performance excludes depreciation, amortization, stock-based compensation, transaction costs (if any) and impairment loss (if any) that are included in the measurement of operating income pursuant to U.S. GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance prepared in accordance with U.S. GAAP.

QVC's chief operating decision maker ("CODM") is QVC's Chief Executive Officer. QVC's CODM has ultimate responsibility for enterprise decisions. QVC's CODM determines, in particular, resource allocation for, and monitors performance of, the consolidated enterprise. The segment managers have responsibility for operating decisions, allocating resources and assessing performance within their respective segments. QVC's CODM relies on internal management reporting that analyzes enterprise results and segment results to the Adjusted OIBDA level.
For the three months ended March 31, 2020 and 2019, QVC identified QxH and QVC-International as its two reportable segments. Both operating segments are retailers of a wide range of consumer products, which are marketed and sold primarily by merchandise-focused televised-shopping programs as well as via the Internet and mobile applications.
Performance measures

Three months ended March 31,

2020

2019

(in millions)
Net
revenue

Adjusted
OIBDA

Net
revenue

Adjusted
OIBDA

QxH
$
1,792

293

1,857

352

QVC-International
635

97

644

101

Consolidated QVC
$
2,427

390

2,501

453

Other information

Three months ended March 31,

2020

2019

(in millions)
Depreciation

Amortization

Depreciation

Amortization

QxH
$
29

68

28

69

QVC-International
14

3

18

3

Consolidated QVC
$
43

71

46

72

March 31, 2020

(in millions)
Total
assets

Capital
expenditures

Property and equipment, net

QxH
$
12,156

35

790

QVC-International
2,145

4

398

Consolidated QVC
$
14,301

39

1,188

The following table provides a reconciliation of Adjusted OIBDA to operating income and income before income taxes:

Three months ended March 31,

(in millions)
2020

2019

Adjusted OIBDA
$
390

453

Stock-based compensation
(6
)
(9
)
Depreciation and amortization
(114
)
(118
)
Operating Income
270

326

Equity in losses of investee
(1
)
—

Losses on financial instruments
(4
)
(2
)
Interest expense, net
(65
)
(61
)
Foreign currency gain (loss)
1

(3
)
Income before income taxes
$
201

260

X

- References
No definition available.
+ Details

Name: us-gaap_SegmentReportingAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510
+ Details

Name: us-gaap_SegmentReportingDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 28 R10.htm IDEA: XBRL DOCUMENT v3.20.1

Goodwill and Other Intangible Assets, Net
3 Months Ended

Mar. 31, 2020

Other Intangible Assets [Abstract]

Intangible assets disclosure
(3) Goodwill and Other Intangible Assets, Net
The changes in the carrying amount of goodwill for the three months ended March 31, 2020 were as follows:
(in millions)
QxH

QVC-International

Total

Balance as of December 31, 2019
$
5,112

859

5,971

Exchange rate fluctuations
—

(13
)
(13
)
Balance as of March 31, 2020
$
5,112

846

5,958

Other intangible assets consisted of the following:

March 31, 2020

December 31, 2019

(in millions)
Gross
cost

Accumulated
amortization

Other intangible assets, net

Gross
cost

Accumulated
amortization

Other intangible assets, net

Purchased and internally developed software
$
895

(622
)
273

885

(603
)
282

Affiliate and customer relationships
2,825

(2,507
)
318

2,829

(2,499
)
330

Debt origination fees
10

(3
)
7

10

(2
)
8

Trademarks (indefinite life)
2,878

—

2,878

2,878

—

2,878

$
6,608

(3,132
)
3,476

6,602

(3,104
)
3,498

The Company recorded amortization expense of $37 million and $38 million for the three months ended March 31, 2020 and 2019, respectively, related to other intangible assets.
As of March 31, 2020, the related amortization and interest expense for each of the next five years ended December 31 was as follows (in millions):
Remainder of 2020
$
127

2021
139

2022
111

2023
65

2024
62

X

- Definition
Other Intangible Assets [Abstract]
+ References
No definition available.
+ Details

Name: qvc_OtherIntangibleAssetsAbstract

Namespace Prefix: qvc_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for goodwill and intangible assets.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI http://asc.fasb.org/topic&trid=2144416
+ Details

Name: us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 29 R14.htm IDEA: XBRL DOCUMENT v3.20.1

Revenue (Notes)
3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]
Revenue

Disaggregated revenue by segment and product category consisted of the following:

Three months ended March 31, 2020

Three months ended March 31, 2019

(in millions)
QxH

QVC-International

Total

QxH

QVC-International

Total

Home
$
681

257

938

682

247

929

Beauty
288

145

433

292

143

435

Apparel
299

101

400

327

112

439

Accessories
212

58

270

221

62

283

Electronics
174

22

196

182

25

207

Jewelry
98

49

147

113

52

165

Other revenue
40

3

43

40

3

43

Total net revenue
$
1,792

635

2,427

1,857

644

2,501

Consumer Product Revenue and Other Revenue

QVC's revenue includes sales of consumer products in the following categories; home, beauty, apparel, accessories, electronics and jewelry, which are primarily sold through live merchandise-focused televised shopping programs and via our websites and other interactive media.

Other revenue consists primarily of income generated from our U.S. Private Label Credit Card ("PLCC") in which a large consumer financial services company provides revolving credit directly to QVC's customers for the sole purpose of purchasing merchandise or services with a PLCC. In return, the Company receives a portion of the net economics of the credit card program.

Revenue Recognition

For the three months ended March 31, 2020 and 2019, revenue is recognized when obligations with our customer are satisfied; generally this occurs at the time of shipment to our customers consistent with when control of the shipped product passes. The recognized revenue reflects the consideration we expect to receive in exchange for transferring goods, net of allowances for returns.

The Company generally recognizes revenue related to the PLCC program over time as the PLCC is used by QVC's customers.

Sales, value add, use and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue.

The Company elected to treat shipping and handling activities that occur after the customer obtains control of the goods as a fulfillment cost and not as a promised good or service. Accordingly, the Company accrues the related shipping costs and recognizes revenue upon delivery of the goods to the shipping carrier. In electing this accounting policy, all shipping and handling activities will be treated as fulfillment costs.

The Company generally extends payment terms with its customers of one year or less and elected the practical expedient applicable to such contracts not to consider the time value of money.

Significant Judgments

Our products are generally sold with a right of return and we may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. Returns and credits are estimated at contract inception and updated at the end of each reporting period as additional information becomes available. The Company has determined that it is generally the principal in vendor arrangements as the Company can establish control over the goods prior to shipment. Accordingly, the Company records revenue for these arrangements on a gross basis.

X

- References
No definition available.
+ Details

Name: us-gaap_RevenueFromContractWithCustomerAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388
+ Details

Name: us-gaap_RevenueFromContractWithCustomerTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 30 R37.htm IDEA: XBRL DOCUMENT v3.20.1

Basis of Presentation New Accounting Standards Cumulative Effect of changes due to Adoption of ASC 606 and ASU 2016-16 (Details) - USD ($)
$ in Millions
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Dec. 31, 2019

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Inventories $ 1,214 $ 1,214

Prepaid expenses and other current assets 134 184

Accrued liabilities (note 4) 843 1,045

Allowance for sales returns 149 238

Accumulated deficit (2,381) $ (2,390)

Net revenue 2,427 $ 2,501

Operating 177 177

Selling, general and administrative, including transaction related costs and stock-based compensation 282 270

Income tax expense (60) (74)

Net income $ 141 $ 186

X

- Definition
Carrying value as of the balance sheet date of future obligations for sales returns.
+ References
No definition available.
+ Details

Name: qvc_SalesReturnsReserveCurrent

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The aggregate total costs related to selling a firm's product and services, transaction related costs, stock-based compensation, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.
+ References
No definition available.
+ Details

Name: qvc_SellingGeneralandAdministrativeIncludingTransactionRelatedCostsandStockBasedCompensation

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_AccruedLiabilitiesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109238882&loc=d3e38679-109324
+ Details

Name: us-gaap_IncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118951113&loc=d3e6676-107765

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-SubTopic 10
-Section 35
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=116846819&loc=d3e3927-108312

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.6(a))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_InventoryNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_NewAccountingPronouncementsOrChangeInAccountingPrincipleLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.
+ References
No definition available.
+ Details

Name: us-gaap_OperatingCostsAndExpenses

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118951113&loc=d3e6787-107765

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=118951113&loc=d3e6676-107765

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 340
-SubTopic 10
-Section 05
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=68074540&loc=d3e5879-108316
+ Details

Name: us-gaap_PrepaidExpenseCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686
+ Details

Name: us-gaap_ProfitLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30)(a)(3))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(23)(a)(4))
-URI http://asc.fasb.org/extlink&oid=119400593&loc=d3e572229-122910

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
+ Details

Name: us-gaap_RetainedEarningsAccumulatedDeficit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227
+ Details

Name: us-gaap_Revenues

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

XML 31 R33.htm IDEA: XBRL DOCUMENT v3.20.1

Financial Instruments and Fair Value Measurements (Tables)
3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of fair value, assets and liabilities measured on recurring basis
The Company's assets and liabilities measured or disclosed at fair value were as follows:

Fair value measurements at March 31, 2020 using

(in millions)
Total

Quoted prices
in active
markets for
identical
assets
(Level 1)

Significant
other
observable
inputs
(Level 2)

Significant
unobservable
inputs
(Level 3)

Current assets:

    Cash equivalents
$
242

242

—

—

Long-term liabilities:

Long-term debt excluding finance lease obligations (note 5)
4,068

530

3,538

—

Interest rate swap arrangements (note 5)
4

—

4

—

Fair value measurements at December 31, 2019 using

(in millions)
Total

Quoted prices
in active
markets for
identical
assets
(Level 1)

Significant
other
observable
inputs
(Level 2)

Significant
unobservable
inputs
(Level 3)

Current assets:

    Cash equivalents
$
272

272

—

—

    Interest rate swap arrangements (note 5)
—

—

—

—

Long-term liabilities:

Long-term debt excluding finance lease obligations (note 5)
5,116

760

4,356

—

Interest rate swap arrangements (note 5)
—

—

—

—

X

- References
No definition available.
+ Details

Name: us-gaap_FairValueDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258
+ Details

Name: us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 32 R22.htm IDEA: XBRL DOCUMENT v3.20.1

Revenue Revenue (Policies)
3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue [Policy Text Block]
Revenue Recognition

For the three months ended March 31, 2020 and 2019, revenue is recognized when obligations with our customer are satisfied; generally this occurs at the time of shipment to our customers consistent with when control of the shipped product passes. The recognized revenue reflects the consideration we expect to receive in exchange for transferring goods, net of allowances for returns.

The Company generally recognizes revenue related to the PLCC program over time as the PLCC is used by QVC's customers.

Sales, value add, use and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue.

The Company elected to treat shipping and handling activities that occur after the customer obtains control of the goods as a fulfillment cost and not as a promised good or service. Accordingly, the Company accrues the related shipping costs and recognizes revenue upon delivery of the goods to the shipping carrier. In electing this accounting policy, all shipping and handling activities will be treated as fulfillment costs.

The Company generally extends payment terms with its customers of one year or less and elected the practical expedient applicable to such contracts not to consider the time value of money.

Significant Judgments

Our products are generally sold with a right of return and we may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. Returns and credits are estimated at contract inception and updated at the end of each reporting period as additional information becomes available. The Company has determined that it is generally the principal in vendor arrangements as the Company can establish control over the goods prior to shipment. Accordingly, the Company records revenue for these arrangements on a gross basis.

X

- References
No definition available.
+ Details

Name: us-gaap_RevenueFromContractWithCustomerAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy for revenue. Includes revenue from contract with customer and from other sources.
+ References
Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18823-107790

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=84158767&loc=d3e18823-107790
+ Details

Name: us-gaap_RevenueRecognitionPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 33 R26.htm IDEA: XBRL DOCUMENT v3.20.1

Long-Term Debt (Tables)
3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of debt
Long-term debt and finance lease obligations consisted of the following:
(in millions)
March 31, 2020

December 31, 2019

5.125% Senior Secured Notes due 2022
$
500

500

4.375% Senior Secured Notes due 2023, net of original issue discount
750

750

4.85% Senior Secured Notes due 2024, net of original issue discount
600

600

4.45% Senior Secured Notes due 2025, net of original issue discount
599

599

4.75% Senior Secured Notes due 2027
575

—

5.45% Senior Secured Notes due 2034, net of original issue discount
399

399

5.95% Senior Secured Notes due 2043, net of original issue discount
300

300

6.375% Senior Secured Notes due 2067
225

225

6.25% Senior Secured Notes due 2068
500

500

Senior secured credit facility
350

1,105

Finance lease obligations
174

181

Less debt issuance costs, net
(47
)
(40
)
Total debt and finance lease obligations
4,925

5,119

Less current portion
(17
)
(18
)
Long-term portion of debt and finance lease obligations
$
4,908

5,101

X

- References
No definition available.
+ Details

Name: us-gaap_DebtDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.
+ References
No definition available.
+ Details

Name: us-gaap_ScheduleOfDebtTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 34 R7.htm IDEA: XBRL DOCUMENT v3.20.1

Consolidated Statement of Equity - USD ($)
$ in Millions

Total

Common stock

Additional paid-in capital

Accumulated deficit

Accumulated other comprehensive loss

Noncontrolling interest

Balance, December 31, 2019 at Dec. 31, 2018 $ 6,829 $ 0 $ 9,123 $ (2,269) $ (144) $ 119

Balance beginning (in shares) at Dec. 31, 2018 1

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income 186 0 176 0 10

Foreign currency translation adjustments, net of tax (6) 0 0 (6) 0

Dividends paid to Qurate Retail, Inc. and noncontrolling interest (376) 0 (354) 0 (22)

Share-based Payment Arrangement, Decrease for Tax Withholding Obligation 3 3 0 0 0

Stock-based compensation (9) (9) 0 0 0

Balance, March 31, 2020 at Mar. 31, 2019 6,639 $ 0 9,129 (2,447) (150) 107

Balance ending (in shares) at Mar. 31, 2019 1

Balance, December 31, 2019 at Dec. 31, 2019 6,804 $ 0 9,208 (2,390) (144) 130

Balance beginning (in shares) at Dec. 31, 2019 1

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income 141 0 129 0 12

Foreign currency translation adjustments, net of tax (22) 0 0 (23) 1

Dividends paid to Qurate Retail, Inc. and noncontrolling interest (137) 0 (122) 0 (15)

Tax liability allocation to wholly-owned parent 2 0 2 0 0

Share-based Payment Arrangement, Decrease for Tax Withholding Obligation 1 1 0 0 0

Stock-based compensation 6 6 0 0 0

Balance, March 31, 2020 at Mar. 31, 2020 $ 6,793 $ 0 $ 9,213 $ (2,381) $ (167) $ 128

Balance ending (in shares) at Mar. 31, 2020 1

X

- Definition
This represents disclosure of the total aggregate (dividends paid) or cash contribution received by the entity to the parent company and to noncontrolling interest subsidiaries.
+ References
No definition available.
+ Details

Name: qvc_DividendsPaidToContributionsReceivedFromWhollyOwnedParentandOther

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Tax agreement with the entities parent to pay the parent an amount equal to the tax liability, if any, that it would have if it were to file as a consolidated group separate and apart from the parent, with exceptions for the treatment and timing of certain items, including but not limited to deferred intercompany transactions, credits, and net operating and capital losses.
+ References
No definition available.
+ Details

Name: qvc_Taxliabilityallocationtowhollyownedparent

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of decrease to equity for grantee's tax withholding obligation for award under share-based payment arrangement.
+ References
No definition available.
+ Details

Name: us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=118258462&loc=d3e11149-113907

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5047-113901

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=118258462&loc=d3e11178-113907

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 35
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=116855982&loc=d3e4534-113899
+ Details

Name: us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21463-112644

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_CommonStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
+ References
No definition available.
+ Details

Name: us-gaap_IncreaseDecreaseInStockholdersEquityRollForward

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669646-108580

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (b,c)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900
+ Details

Name: us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686
+ Details

Name: us-gaap_ProfitLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568740-111683

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4590271-111686

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568447-111683
+ Details

Name: us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

XML 35 R3.htm IDEA: XBRL DOCUMENT v3.20.1

Consolidated Balance Sheets (Parentheticals) - USD ($)
$ in Millions

Mar. 31, 2020

Dec. 31, 2019

Allowance for doubtful accounts $ 132 $ 123

Accumulated depreciation $ 1,367 $ 1,338

Common stock par value $ 0.01 $ 0.01

Common Stock, Shares Authorized 1 1

X

- Definition
Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.14)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of allowance for credit loss on accounts receivable, classified as current.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(4)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=118936363&loc=d3e5074-111524

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=118955202&loc=SL82895884-210446
+ Details

Name: us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Face amount or stated value per share of common stock.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_CommonStockParOrStatedValuePerShare

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_CommonStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

XML 36 R47.htm IDEA: XBRL DOCUMENT v3.20.1

Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Dec. 31, 2019

Income Tax Contingency [Line Items]

Income tax expense $ (60) $ (74)

Effective income tax rate reconciliation, percent 29.90% 28.50%

UNITED STATES

Income Tax Contingency [Line Items]

Effective income tax rate reconciliation, at federal statutory income tax rate, percent 21.00%

Liberty | Tax Agreement

Income Tax Contingency [Line Items]

Current tax payments due to related parties $ 20

Due from Affiliates $ (7)

X

- Definition
For an unclassified balance sheet, amount of receivables due from an entity that is affiliated with the reporting entity by means of direct or indirect ownership.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39599-107864

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k)(1))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.3)
-URI http://asc.fasb.org/extlink&oid=119400593&loc=d3e572229-122910

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864
+ Details

Name: us-gaap_DueFromAffiliates

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of payable due to an entity that is affiliated with the reporting entity by means of direct or indirect ownership.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04.12(3))
-URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e603758-122996

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(3))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k)(1))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.17)
-URI http://asc.fasb.org/extlink&oid=119400593&loc=d3e572229-122910

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6918054&loc=d3e56071-112765
+ Details

Name: us-gaap_DueToAffiliateCurrentAndNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32698-109319
+ Details

Name: us-gaap_EffectiveIncomeTaxRateContinuingOperations

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Percentage of domestic federal statutory tax rate applicable to pretax income (loss).
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I)
-URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32698-109319
+ Details

Name: us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_IncomeTaxContingencyLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109238882&loc=d3e38679-109324
+ Details

Name: us-gaap_IncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_IncomeTaxAuthorityAxis=country_US

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=qvc_LibertyMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_RelatedPartyTransactionAxis=qvc_TaxAgreementMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 37 R43.htm IDEA: XBRL DOCUMENT v3.20.1

Long-Term Debt (Debt) (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Feb. 04, 2020

Debt Instrument [Line Items]

Debt Issuance Costs $ (47) $ (40)

Total debt and finance lease obligations 4,925 5,119

Less current portion (17) (18)

Long-term portion of debt and finance lease obligations 4,908 5,101

4.375% Senior Secured Notes due 2023, net of original issue discount

Debt Instrument [Line Items]

Debt and Lease Obligation $ 500 500

Debt Instrument, Interest Rate, Stated Percentage 5.125%

4.85% Senior Secured Notes due 2024, net of original issue discount

Debt Instrument [Line Items]

Debt and Lease Obligation $ 750 750

Debt Instrument, Interest Rate, Stated Percentage 4.375%

4.45% Senior Secured Notes due 2025, net of original issue discount

Debt Instrument [Line Items]

Debt and Lease Obligation $ 600 600

Debt Instrument, Interest Rate, Stated Percentage 4.85%

4.75% Senior Secured Notes due 2027

Debt Instrument [Line Items]

Debt and Lease Obligation $ 599 599

Debt Instrument, Interest Rate, Stated Percentage 4.45%

4.75% Senior Secured Notes [Member] [Member]

Debt Instrument [Line Items]

Debt and Lease Obligation $ 575 0 $ 575

Debt Instrument, Interest Rate, Stated Percentage 4.75% 4.75%

5.45% Senior Secured Notes due 2034, net of original issue discount

Debt Instrument [Line Items]

Debt and Lease Obligation $ 399 399

Debt Instrument, Interest Rate, Stated Percentage 5.45%

5.95% Senior Secured Notes due 2043, net of original issue discount

Debt Instrument [Line Items]

Debt and Lease Obligation $ 300 300

Debt Instrument, Interest Rate, Stated Percentage 5.95%

6.375% Senior Secured Notes [Member]

Debt Instrument [Line Items]

Debt and Lease Obligation $ 225 225

Debt Instrument, Interest Rate, Stated Percentage 6.375%

6.25% Senior Secured Notes [Member]

Debt Instrument [Line Items]

Debt and Lease Obligation $ 500 500

Debt Instrument, Interest Rate, Stated Percentage 6.25%

Senior secured credit facility

Debt Instrument [Line Items]

Debt and Lease Obligation $ 350 1,105

Finance lease obligations

Debt Instrument [Line Items]

Debt and Lease Obligation $ 174 $ 181

X

- Definition
Represents the aggregate of total long-term debt, including current maturities and short-term debt offset by debt issuance cost.
+ References
No definition available.
+ Details

Name: qvc_Totaldebt

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of short-term and long-term debt and lease obligation.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13,16)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.16)
-URI http://asc.fasb.org/extlink&oid=119400593&loc=d3e572229-122910
+ Details

Name: us-gaap_DebtAndCapitalLeaseObligations

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Contractual interest rate for funds borrowed, under the debt agreement.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_DebtInstrumentInterestRateStatedPercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_DebtInstrumentLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Represents the charge against earnings during the period for commitment fees and debt issuance expenses.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.8)
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227
+ Details

Name: us-gaap_DebtRelatedCommitmentFeesAndDebtIssuanceCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of long-term debt and lease obligation, classified as noncurrent.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_LongTermDebtAndCapitalLeaseObligations

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of long-term debt and lease obligation, classified as current.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_DebtInstrumentAxis=qvc_A5125SeniorSecuredNotesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=qvc_A4375SeniorSecuredNotesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=qvc_A4.85SeniorSecuredNotesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=qvc_A4.45SeniorSecuredNotesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=qvc_A4.75SeniorSecuredNotesMemberMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=qvc_A5.45SeniorSecuredNotesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=qvc_A5950SeniorSecuredNotesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=qvc_A6.375SeniorSecuredNotesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=qvc_A6.25SeniorSecuredNotesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=us-gaap_RevolvingCreditFacilityMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=us-gaap_CapitalLeaseObligationsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 38 R50.htm IDEA: XBRL DOCUMENT v3.20.1

Information about QVC's Operating Segments (Depreciation/Amortization by Segment) (Details) - USD ($)
$ in Millions
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Segment Reporting Information [Line Items]

Depreciation $ 43 $ 46

Amortization 71 72

QxH [Member]

Segment Reporting Information [Line Items]

Depreciation 29 28

Amortization 68 69

QVC-International

Segment Reporting Information [Line Items]

Depreciation 14 18

Amortization $ 3 $ 3

X

- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3602-108585

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6388964&loc=d3e16225-109274
+ Details

Name: us-gaap_AmortizationOfIntangibleAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3602-108585
+ Details

Name: us-gaap_Depreciation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_SegmentReportingInformationLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_StatementBusinessSegmentsAxis=qvc_QxHMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementBusinessSegmentsAxis=qvc_QVCInternationalMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 39 R54.htm IDEA: XBRL DOCUMENT v3.20.1

Other Comprehensive Income (Component of Other Comprehensive Income) (Details) - USD ($)
$ in Millions
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Foreign currency translation adjustments before tax $ (23) $ (6)

Tax expense from foreign currency translation gain (loss) 1 0

Foreign currency translation adjustments, net of tax $ (22) $ (6)

X

- Definition
Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 18
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32157-110900

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32022-110900

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (a-c)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669646-108580

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=118930883&loc=d3e637-108580
+ Details

Name: us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount before tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 35
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=118948100&loc=d3e30304-110892

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32022-110900

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=118930883&loc=d3e637-108580

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669646-108580
+ Details

Name: us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of tax expense (benefit), before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669646-108580

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=118930883&loc=d3e640-108580
+ Details

Name: us-gaap_OtherComprehensiveIncomeForeignCurrencyTranslationGainLossArisingDuringPeriodTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 41 R39.htm IDEA: XBRL DOCUMENT v3.20.1

Television Distribution Rights, Net (Future Amortization Expense) (Details) - Television distribution rights
$ in Millions

Mar. 31, 2020

USD ($)

Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]

Remainder of 2020 $ 88

2021 17

2022 3

2023 0

2024 $ 0

X

- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275
+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275
+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275
+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275
+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275
+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=qvc_TelevisionDistributionRightsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 42 R35.htm IDEA: XBRL DOCUMENT v3.20.1

Other Comprehensive Income (Tables)
3 Months Ended

Mar. 31, 2020

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)
The change in the component of accumulated other comprehensive loss, net of taxes ("AOCL"), is summarized as follows:
(in millions)
Foreign currency translation adjustments

AOCL

Balance as of January 1, 2020
$
(144
)
(144
)
Other comprehensive loss attributable to QVC, Inc. stockholder
(23
)
(23
)
Balance as of March 31, 2020
(167
)
(167
)

Balance as of January 1, 2019
$
(144
)
(144
)
Other comprehensive loss attributable to QVC, Inc. stockholder
(6
)
(6
)
Balance as of March 31, 2019
(150
)
(150
)

Schedule of Component of Comprehensive Income (Loss)
The component of other comprehensive income is reflected in QVC's condensed consolidated statements of comprehensive income, net of taxes. The following table summarizes the tax effects related to the component of other comprehensive loss:
(in millions)
Before-tax amount

Tax benefit

Net-of-tax amount

Three months ended March 31, 2020

Foreign currency translation adjustments
$
(23
)
1

(22
)
Other comprehensive loss
(23
)
1

(22
)

Three months ended March 31, 2019

Foreign currency translation adjustments
$
(6
)
—

(6
)
Other comprehensive loss
(6
)
—

(6
)

X

- References
No definition available.
+ Details

Name: us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the components of accumulated other comprehensive income (loss).
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669686-108580
+ Details

Name: us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=118930883&loc=d3e526-108580
+ Details

Name: us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 43 R31.htm IDEA: XBRL DOCUMENT v3.20.1

Lease and Transponder Service Agreements Leases, Future Minimum Payments (Tables)
3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Future minimum lease payments [Table Text Block]
Future payments under noncancelable operating leases and finance leases with initial terms of one year or more as of March 31, 2020 consisted of the following:
(in millions)
Finance Leases

Operating leases

Total leases

Remainder of 2020
$
19

26

45

2021
25

27

52

2022
25

23

48

2023
24

20

44

2024
23

20

43

Thereafter
108

183

291

Total lease payments
224

299

523

Less: imputed interest
(50
)
(93
)
(143
)
Total lease liabilities
$
174

206

380

X

- Definition
[Table Text Block] for Future minimum lease payments under noncancelable operating leases and capital transponder leases. [Table]
+ References
No definition available.
+ Details

Name: qvc_FutureMinimumLeasePaymentsTableTextBlock

Namespace Prefix: qvc_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_LeasesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 44 R12.htm IDEA: XBRL DOCUMENT v3.20.1

Long-Term Debt
3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt disclosure
Long-Term Debt and Finance Lease Obligations
Long-term debt and finance lease obligations consisted of the following:
(in millions)
March 31, 2020

December 31, 2019

5.125% Senior Secured Notes due 2022
$
500

500

4.375% Senior Secured Notes due 2023, net of original issue discount
750

750

4.85% Senior Secured Notes due 2024, net of original issue discount
600

600

4.45% Senior Secured Notes due 2025, net of original issue discount
599

599

4.75% Senior Secured Notes due 2027
575

—

5.45% Senior Secured Notes due 2034, net of original issue discount
399

399

5.95% Senior Secured Notes due 2043, net of original issue discount
300

300

6.375% Senior Secured Notes due 2067
225

225

6.25% Senior Secured Notes due 2068
500

500

Senior secured credit facility
350

1,105

Finance lease obligations
174

181

Less debt issuance costs, net
(47
)
(40
)
Total debt and finance lease obligations
4,925

5,119

Less current portion
(17
)
(18
)
Long-term portion of debt and finance lease obligations
$
4,908

5,101

Senior Secured Notes
All of QVC's senior secured notes are secured by the capital stock of QVC and certain of its subsidiaries and have equal priority to the senior secured credit facility. The interest on QVC's senior secured notes is payable semi-annually with the exception of the 6.375% Senior Secured Notes due 2067 (the "2067 Notes") and the 6.25% Senior Secured Notes due 2068 (the "2068 Notes"), which is payable quarterly.
4.75% Senior Secured Notes due 2027
On February 4, 2020, QVC completed a registered debt offering for $575 million of the 4.75% Senior Secured Notes due 2027 (the "2027 Notes") at par. Interest on the 2027 Notes will be paid semi-annually in February and August, with payments commencing on August 15, 2020.
Senior Secured Credit Facility
On December 31, 2018, QVC entered into the Fourth Amended and Restated Credit Agreement with Zulily as borrowers (collectively, the “Borrowers”) which is a multi-currency facility that provides for a $2.95 billion revolving credit facility with a $450 million sub-limit for standby letters of credit and $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 $2.55 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% and 0.75% depending on the Borrowers’ combined ratio of Consolidated Total Debt to Consolidated EBITDA (the “Combined Consolidated Leverage Ratio”). Borrowings that are London Interbank Offered Rate ("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.
QVC had $2.40 billion available under the terms of the Fourth Amended and Restated Credit Agreement as of March 31, 2020, including the portion available under the $400 million tranche that Zulily may also borrow on. The interest rate on the Fourth Amended and Restated Credit Agreement was 2.1% as of March 31, 2020.
The payment and performance of the Borrowers’ 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 of QVC’s equity interests. 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 each of Zulily’s Material Domestic Subsidiaries (as defined in the Fourth Amended and Restated Credit Agreement), if any, and are 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 the Company 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.
Interest Rate Swap Arrangements
During the year ended December 31, 2016, QVC entered into a three-year interest rate swap arrangement with a notional amount of $125 million to mitigate the interest rate risk associated with interest payments related to its variable rate debt. The swap arrangement did not qualify as a cash flow hedge under U.S. GAAP. The swap arrangement expired in June 2019. In July 2019, the Company entered into a three-year interest swap arrangement with a notional amount of $125 million. The swap arrangement did not qualify as a cash flow hedge under U.S. GAAP and the fair value of the swap instrument was in a net liability position of $4 million as of March 31, 2020, which was included in other long-term liabilities.
On December 31, 2018, QVC entered into a thirteen month interest rate swap arrangement that effectively converted $250 million of its variable rate bank credit facility to a fixed rate of 1.05%, which expired in January of 2020.

Changes in the fair value of the swaps are reflected in losses on financial instruments in the condensed consolidated statements of operations.
Other Debt Related Information
QVC was in compliance with all of its debt covenants as of March 31, 2020.
The weighted average interest rate applicable to all of the outstanding debt (excluding finance leases) prior to amortization of bond discounts and related debt issuance costs was 4.9% as of March 31, 2020.

X

- References
No definition available.
+ Details

Name: us-gaap_DebtDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564
+ Details

Name: us-gaap_DebtDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 45 R16.htm IDEA: XBRL DOCUMENT v3.20.1

Commitments and Contingencies
3 Months Ended

Mar. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies
Commitments and Contingencies
The Company has contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. Although it is reasonably possible the Company may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made. In the opinion of management, it is expected that the amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying condensed consolidated financial statements.
Network and information systems, including the Internet and telecommunication systems, third party delivery services and other technologies are critical to QVC's business activities. Substantially all of QVC's customer orders, fulfillment and delivery services are dependent upon the use of network and information systems, including the use of third party telecommunication and delivery service providers. If information systems including the Internet or telecommunication services are disrupted, or if the third party delivery services experience a disruption in their transportation delivery services, the Company could face a significant disruption in fulfilling QVC's customer orders and shipment of QVC's products. The Company has active disaster recovery programs in place to help mitigate risks associated with these critical business activities.

X

- References
No definition available.
+ Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for commitments and contingencies.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-URI http://asc.fasb.org/topic&trid=2127136

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-URI http://asc.fasb.org/topic&trid=2144648
+ Details

Name: us-gaap_CommitmentsAndContingenciesDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 46 R20.htm IDEA: XBRL DOCUMENT v3.20.1

Subsequent Events
3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events [Text Block]
Subsequent Event
QVC declared and paid dividends to Qurate Retail in the amount of $50 million from April 1, 2020 to May 7, 2020

X

- References
No definition available.
+ Details

Name: us-gaap_SubsequentEventsAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 855
-URI http://asc.fasb.org/topic&trid=2122774
+ Details

Name: us-gaap_SubsequentEventsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 47 R24.htm IDEA: XBRL DOCUMENT v3.20.1

Goodwill and Other Intangible Assets, Net (Tables)
3 Months Ended

Mar. 31, 2020

Goodwill [Line Items]

Schedule of Goodwill [Table Text Block]
The changes in the carrying amount of goodwill for the three months ended March 31, 2020 were as follows:
(in millions)
QxH

QVC-International

Total

Balance as of December 31, 2019
$
5,112

859

5,971

Exchange rate fluctuations
—

(13
)
(13
)
Balance as of March 31, 2020
$
5,112

846

5,958

Schedule of acquired intangible assets by class
Other intangible assets consisted of the following:

March 31, 2020

December 31, 2019

(in millions)
Gross
cost

Accumulated
amortization

Other intangible assets, net

Gross
cost

Accumulated
amortization

Other intangible assets, net

Purchased and internally developed software
$
895

(622
)
273

885

(603
)
282

Affiliate and customer relationships
2,825

(2,507
)
318

2,829

(2,499
)
330

Debt origination fees
10

(3
)
7

10

(2
)
8

Trademarks (indefinite life)
2,878

—

2,878

2,878

—

2,878

$
6,608

(3,132
)
3,476

6,602

(3,104
)
3,498

Schedule of finite-lived intangible assets future amortization expense
As of March 31, 2020, the related amortization and interest expense for each of the next five years ended December 31 was as follows (in millions):
Remainder of 2020
$
127

2021
139

2022
111

2023
65

2024
62

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_GoodwillLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275
+ Details

Name: us-gaap_ScheduleOfAcquiredFiniteLivedIntangibleAssetsByMajorClassTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13854-109267
+ Details

Name: us-gaap_ScheduleOfGoodwillTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275
+ Details

Name: us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 48 R28.htm IDEA: XBRL DOCUMENT v3.20.1

Lease and Transponder Service Agreements Weighted Average Lease Terms and Discount Rate (Tables)
3 Months Ended

Mar. 31, 2020

Future Minimum Payments [Abstract]

Weighted average lease term and discount rate [Table Text Block]
The remaining weighted-average lease term and the weighted-average discount rate were as follows:

March 31, 2020

Weighted-average remaining lease term (years):

     Finance leases
9.1

     Operating leases
12.2

Weighted-average discount rate:

     Finance leases
5.1
%
     Operating leases
6.0
%

X

- Definition
Future Minimum Payments [Abstract]
+ References
No definition available.
+ Details

Name: qvc_FutureMinimumPaymentsAbstract

Namespace Prefix: qvc_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
[Table Text Block] for Weighted average lease term and discount rate [Table]
+ References
No definition available.
+ Details

Name: qvc_WeightedaverageleasetermanddiscountrateTableTextBlock

Namespace Prefix: qvc_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

EXCEL 49 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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
CH7P$CC]M4D?=2*H\-(-E4 (GI:&D!(&"2E,S MDB@/>)%1"9R5AK(2! X:K8"ZD60YI@$_,C A97PP+I!!1AUPUAG*.N < _H: MDC2AYRRC#G+NA-4X.6LE5:S*X:(\]$9$F9K(J6DH-9'S,*/+9".(0)D -%&& M)G)H6@I-Y#P$Z^C(2*H\#4P8#-2 O BT ;R@##ODL+,4=L@Q9G)&7D%E087< MR+!##CM+88<<8RG2JN,WHGLO,NJ0H\Y2U"&GF&9%H21"#'B148<<=9:B#CG# M4LN?$E=E@*$%*8,..>AL:-[*H$,..DM!AQQBM*1[5W+O0\8<:TZQ#^#81Z*D M,H'UJ&76:5XB.EHB:E[].>*I2M0PZV?+.$U!GZ#$X%+'16\%+ M"X.CA!@50:@IIC#]C331M:8SS^7OU+[9W MWPXN)7D8;2M&\+1$$Z&8/NI(1H-T<* '9EM]8DHDJ>"#YYP M'ZLGYDP$ATB_S-(D[;NS:[I;J;.W/(E3?#-U1LG12<*9)'SX*"GN)9$_2; & MF"C"58K0^K=SBF1!X22)E716$D3A F-%$T;K'-$J1W3/L5MP1"L<2U&Q)HKV MZR3;59+M/(DN]DF_L8/%B3_$7T@B5=)XGN2Q><_.DD\;W>!\9G",>#9 MB34WR \B+FTGO3-7^O#;(UISKD!7\S>Z4*,OK2F@4"LSW>FY<+^N"Q3OQUL) M3U=C_@]02P,$% @ UXNG4!JU([!% P U0T !@ !X;"]W;W)K3NZ)N"G>=\S]GN#WMQ5?5K<:IGM;%!9>,+W8Z_,\LI=+6S?8[U:J+,N\DH^ MUDYS+LNL_K>6A;HN77#?.Y[RPU&W'=YJ</[;NGZK2-9R*UNA\C,XR(WLBC: MD8R/O_V@[I"S#1R_OX_^U19OBGG)&KE1Q9]\IX]+-W6=G=QGYT(_J>LWV1<4 MN4Y?_0]YD861MTY,CJTJ&OO7V9X;K=._N;J;8Q MO9=5XB^\2SM.+UEW$C&2P*#PS.!#!L%E6 L2+N:W&394DDRD"-@B AL?CN,% M*J*3Q%92=2Y"D2 ?C"CR)YR$K)/0CA",G01\?,3&1[22$%722:*128A2)-HP MHAA\WDG,.HFIDP@YB6F2!$_IYYH;'PGK(Z$^8N0C(3E$BM9_PVB2B?E(61\I M]8%J7:B?J7/!2 3O GR>&C[U,>BD"QB(FW!HJ\61QA*YQH M:GEX+@(%8XK!" SUL!,JF4U\*8 '(U RIIB,0+$WB_'7EQ5-[7H>CD#IF&(Z M F6?\,FT,*)X:MORB 3*R!0S$B@!9S&A 2,:?8UOCSX\)P7E9(HY*2@!(<3S MPHG2B342/"4%I>0<4U)0 ,X ?TI9T<0:"9Z20E O@+T(G)D1 F>%V]T M&"YE?;#WAL;9JG.EVV/GJ'>XFSS8JPGJ7YL[2W?#^!BFN_#\S.I#7C7.B]+F MJ&X/U'NEM#0>_3LS4T=SQQH:A=SK]C4Q[W5WT>@:6IWZ2Y0WW.16_P%02P,$ M% @ UXNG4(L$;0DE @ /P8 !@ !X;"]W;W)K,\ G;6H)"CPO02UN.K?(=.S BHQ>!6DZ.#"'7]L6LS][('3(7=^]!UZ: M2RU4 !59CR_P'<2/_L#D#LU93DT+'6]HYS XY^ZSORM3I=>"GPT,?+%V5"=' M2E_5YLLI=ST%! 0JH3)@>;E!"82H1!+C]Y33G4LJXW)]S_Y)]RY[.6(.)26_ MFI.HM,S7^%&Q I5R2R1D4)U[].=>6"ME,6B=+B MM_':=/HZ3/GO-KLAF S!;)"U_V<()T/X;HAT\R.9;O4C%KC(&!T<-CZL'JMW MPM^%\C K%=1GI^_);KF,WHIMD*&;RC-)]J,D6$C\68%D\KE"8*NP#U;V8/MO MA7(M21^4"*U-A-H?+?P;H\1^E"1:THU-1+Z!8=%L$CM'9.6(5AS;T. 8)?&B MQH? ./#2HGF $5LQXC5&9&#$JQ*^;SX5BV;CV3D2*T>RYH@-CF3=JF\<66G3 M/.!(K1SIFB,Q.-+UH_<,36G1I"8'6GQW+;"+'E'BU$^H-7T3G*?@DSRE6D[S>4/@+-0RE6LV MSK1Q(V@_C6LT_V<4?P%02P,$% @ UXNG4)YX355K! M!8 !@ !X M;"]W;W)KOQ!G='-@&8BT6 M+= "P1;;/BLV?<%*EBO)\?;?5Q?'ZYTYS$LL*6?(,^3H(\7%M6Z^MP=K.^]' M59[:I7_HNO-3$+2;@ZV*]E-]MJ?^/[NZJ8JNOVWV07MN;+$=@ZHRH#!,@JHX MGOS58GSVTJP6]:4KCR?[TGCMI:J*YK^U+>OKTC?^^X.OQ_VA&QX$J\6YV-N_ M;/?M_-+T=\&]E>VQLJ?V6)^\QNZ6_K-YRGD^!(R*OX_VVCY<>T,JKW7]?;CY M?;OTP\&1+>VF&YHH^I\WF]NR'%KJ??Q[:]2_]SD$/EZ_M_YE3+Y/YK5H;5Z7 M_QRWW6'I9[ZWM;OB4G9?Z^MO]I90['NW[/^P;[;LY8.3OH]-7;;C7V]S:;NZ MNK726ZF*']/O\33^7F_MOX?A +H%T#V@[_NC +X%\,^ :$Q^,\W6N1B*PCQQ/YB;X>$X=N/_^FS;_NG;:IXN@K>AG9MD/4GH06+NBJ!O M_-X#H1[6I,)I_FL/N9:DCBX8)L%C?/00GXDNUI,D&26G*8G("!M DR781P1] M1&,#_#B8&8Z/87RL\R"1QR2)'SV*++0BQ!X2Z"%1'N9R+!/5@W"9:\7,,:$I M-)$J$R8,A8OTHSXF&UK"V$4&763*12K?C4SU$+$P 22.HII#%W/M(A,NYJJ+ M5 X%D!!V84(,BA#,B9&H"%4WB3 "))'#B(-8!AB1K\E-]*$1+9D[C$"P/1L" M1E@:(5VFD70"-(Y"-1B 1A/0A)&TPKH&I!,M<<##8 *:"!B)I9%(EX #22%R29N&,U2X-B&+'6T 8F020*6=Q30"' MUJDBA/'.DV8=018 M9R3K2%-,O;$Y$"5.,YAT!$A'DG2D(1:GL32C18X7@#'G&&PN26XN6>\<9W)! M AJ7$XQ+!K@DB4L&)%2J'*G8!4S&P&0 3)+ 9 1,.4=(Y%JIV?&9#8A)DIB, M<"B] (UK7# Q&1"3)#%9XW#&K,P %66NJL'89(!-DMAD0$3Y48(TKI'!T&2P MT22YT63P@9[(72\2/7Y5_.H&\YOGU'AU4LDM:X-['E?"3G MYXS]4UI>R^I[?9:R6?S(LZ)>&>>FN3R;9GTXRSRIOY076:C_G,HJ3QIU6;V9 M]:62R;$+RC-36)9GYDE:&.ME]]E+M5Z6[TV6%O*E6M3O>9Y4_VYD5EY7!A@_ M/_B:OIV;]@-SO;PD;_*;;/Z\O%3JRARS'--<%G5:%HM*GE;&+_ <"]$&=,1? MJ;S6-^\7K937LOS>7OQV7!E6NR*9R4/3IDC4RX?#M M^Y_9HTZ\$O.:U');9G^GQ^:\,@)C<92GY#UKOI;77^4@R#46@_K?Y8?,%-ZN M1-4XE%G=_5T',#Y # %B# AG>7O@[9&' M^0+.$.", <*?#7"' /G'&FQK:7ZTB09FTS-BPL"4V7*, MF#([RKC!%-DS2#A%(HIX:,$Q@WRNQ53]&)LBV*:(+MZ9B+%14WK&ZYBBKQ$( MM-8MA=!2=Y0(0:!:>PH]">'AQC 4. YJ#84 0KXW-ML;F^D-*K+M&?>V"%_" M84LX7;@]*>'R"5PV@4O6&*!F;5RZQ,!#>T,9M'M[)HN/LD3:+#&3Q>+E>JQ< MC\@-\6GU2(DGK)8B6*V6B/1EXKDD$ZT^J]5GCA\JL?'I*FR\+3L*8;E<&A<= M]4B;)F;2B#N_1@$K.6 D^TAR0(J@$[#3$GM*X.W5$O$<,9$:LE)#*M5"+K() M:3_1EWNG1_84P6*U1#Q'3,2"Q7NOQ>PLX+ M0ST)QT'G+>(P<(D/4PHL_TZ/[LPGP/2(J(='#0=XPP?&\1TR!@FZ$X&%O0_T MGL\D"H5%1B%*/0D[Q,>4PZCM,]3MG#?M$6_\P#B_0\; AZT?>.^'_V'^P+L_ M/&#_P'@N%K-C(.P17![\G8KT>6(VSQW5_! #TP!P/BS(%.Z?A#0(Q%;RL:J M*73OM/#3 #PR#@#CP,1!=PQ%9'.)OI>GR729XEGD:EB?C8 9C@@_=5N&(O?>% D%D)MO M2JE?L@!P>Q@,/!]WB%(@@CL]NO-P@IM5\!0B&+]'5K% M:]DT9=X]$SJ592-5.NN+2G26R7&\R.2I:=_ZZGW5/^[K+YKR,CS*-,?GJ>O_ M %!+ P04 " #7BZ=0\@KE@;CL<^N _#D14GM"MIYWQ\9ZH+M@""14/BAP7*[P"%(&(;3Q>]:D2\E 7.]?U3_%WK&7"W?P:.0O M4?NNH =*:FCX(/V3&3_#W,\M)7/S7^$*$N'!"=:HC'3Q2ZK!>:-F%;2B^,NT M"AW7Q['JYX?TSP;*J0C$<1 M_Z%YA]EKN<]NR-P/V['KRC_X-.[? MN&V%=N1B/%YMO(#&& ]H97>#,]3A"UL""8T/VWOU 0 TP, !@ !X;"]W;W)K&?$3S8CL 1UZ5U+:@G7/]D3%;=:"XO<$>M+]IT"CN MO&E:9GL#O(XD)5F:)!^8XD+3,H^^LRES')P4&LZ&V$$I;GZ?0.)8T!U]C/QMOL46E%@JT%:B)@::@][OC*0OX"'@6,-K5F81*+H@O MP?A2%S0)"8&$R@4%[KGA(1,?HT)IXTJJP3I4LXI/1?'7:1:[G+[G)V#4(SYC1ATC5F03"OOH1(MT*^5;.%DB>NU%O;M",H,&=W2]\2SK!L? M$BQ/.U'##_ _NY/%B,TJI=30.FE:8J'*Z.WV<$P"/@)^21C<8D]")V=C7D+P MOE)!*UJ\CJMLXSJ, M?Q(^T=8)?"+PF7 3Z["Q4'1^+[S(4VL&8L>S[T2XXNV!X]D4(1F/(OY#\PZS MEWR[YRF[!*$)9.>)O8VWR/[!QW%_$K:6K2-G MX_%JXP54QGA *YLKG*$&7]@<**A\V%[CWHYS-@;>=-,38O,[SO\"4$L#!!0 M ( ->+IU#NE\T5MP$ -,# 9 >&PO=V]R:W-H965T "F7JDJE1CJE:OOL@P6LV%YBFR/Y^]J& M4)+R@KW+S.RLO;&Z:XT+3(8NYDB@Q[)X6&DR&V5XJ;MR-(''*:T/?$DVA:%Q*L MR#K>P$]PO[J3\1&;52JA0%N!FABH1LODR:=2P;B("IGVM*IN9_P 6DAPR2+0Y5@6GB.%E28J_C*"^R\\3>I?%2_L''<7_DIA':DC,Z M?[7Q FI$!][*YLK/4.M?V!Q(J%W8WOJ]&>=L#!QVTQ-B\SLN_@)02P,$% M @ UXNG4!&T;R>W 0 TP, !D !X;"]W;W)K&UL=5/M;IPP$'P5RP\0<[[+1T^ E$M5I5(CG5*U_>V#!:S8++'-D;Q];4,H M2;(-@",O6K4VHXUSW9XQ6S2@A;W #EK_IT*CA?.AJ9GM M#(@RDK1B/$FNF!:RI7D:3I]@[)5LX&F)[K85Y/8#"(:,;^I9XE'7C0H+E M:2=J^ GN5WIGTM*IN9_P!F4AP<@-&$.(X8O,3.">?6Y!%\K<>#_T?F7=?YVU>(V\K?O+'YB8+969VUE[GH['/K@/PY$5)[0K:>=\?&7-5!XJ[&].#QC^-L8I[#&W+7&^! MUY&D)$MWNP-37&A:YC%WMF5N!B^%AK,E;E"*VS\GD&8L:$)?$T^B[7Q(L#+O M>0O?P?_HSQ8CMJC40H%VPFABH2GH0W(\90$? 3\%C&ZU)Z&3BS'/(?A2%W07 M#(&$R@<%CLL5'D'*((0V?L^:="D9B.O]J_JGV#OVDAH: M/DC_9,;/,/=S2\G<_%>X@D1X<((U*B-=_))J<-ZH606M*/XRK4+'=9S^9,E, MVR:D,R%="/>Q#IL*1>=E;LU(['3V/0]7G!Q3/)LJ).-1Q']HWF'V6B:' M+&?7(#1C3A,F76,6!$/UI42Z5>*4_D=//VSS]YL6]Y&_?V/Q=EL@VQ3(HD#V M1N#PKL+IU"]BD61MP$ -,# 9 >&PO=V]R:W-H965T@N\ MCB0E69HDMTQQH6F9Q]S9EKD9O!0:SI:X02EN?YU FK&@._J:>!)MYT."E7G/ M6_@*_EM_MABQ1:46"K031A,+34$?=L=3%O 1\%W Z%9[$CJY&/,<@D]U09-@ M""14/BAP7*[P"%(&(;3Q<]:D2\E 7.]?U3_$WK&7"W?P:.0/4?NNH =*:FCX M(/V3&3_"W,\[2N;F/\,5),*#$ZQ1&>GBEU2#\T;-*FA%\9=I%3JNX_0GNY]I MVX1T)J0+X1#KL*E0=/Z>>U[FUHS$3F??\W#%NV.*9U.%9#R*^ _-.\Q>R]WM M(6?7(#1C3A,F76,6!$/UI42Z5>*4_D-/[[?Y^TV+^\C?_V7Q/P+9ID 6!;*U MP%WRILI0%=@VCI,CE1ET'.55=IG8AS1>RA_X-.Y?N&V%=N1B/%YM MO(#&& ]H);G!&>KPA2V!A,:'[1WN[31G4^!-/S\AMKSC\C=02P,$% @ MUXNG4#CR_$ZW 0 TP, !D !X;"]W;W)K&UL M;5/M;IPP$'P5RP\0WQGRT1,@Y5)%K=1*IU1-?_M@ 2LV2VUSI&]?VQ!*4OY@ M[S(S.VNOLQ'-BVT!''G5JK,Y;9WK#XS9L@4M[!7VT/D_-1HMG ]-PVQO0%21 MI!7CN]T-TT)VM,AB[F2*# >G9 OB6>9-.ZD&!%UHL& M?H#[V9^,C]BB4DD-G978$0-U3N_WAV,:\!'P+&&TJST)G9P17T+PMSL/" ZI>L7)O3.THJJ,6@ MW!..7V#NYYJ2N?EO< 'EX<&)KU&BLO%+RL$ZU+.*MZ+%Z[3*+J[C]"=)9MHV M@<\$OA#N8ATV%8K./PLGBLS@2,QT]KT(5[P_<'\V94C&HXC_O'GKLY=B?\LS M=@E",^8X8?@:LR"85U]*\*T21_X?G7_:YB>;%I/(3]Y93+8%TDV!- JD[P32 M#SUN8:X_%&&K0]5@FCA.EI0X='&45]EE8N]YO)1_\&G^KV9YFP*'/;S$V++.R[^ E!+ P04 " #7 MBZ=0CRFHX+8! #3 P &0 'AL+W=OV#,%0TH[JY,"QK_5,8J[C&T-7.M!5Y& MDI(L6:UNF.)"TSR-N9/-4]-Y*32<+'&=4MS^.8(T?4;7]"WQ(.K&AP3+TY;7 M\ O\[_9D,6*32BD4:">,)A:JC-ZN#\=MP$? HX#>S?8D='(VYCD$W\N,KH(A MD%#XH,!QN< =2!F$T,;+J$FGDH$XW[^I?XN]8R]G[N#.R"=1^B:C>TI*J'@G M_8/I[V'LYYJ2L?D?< &)\. $:Q1&NO@E1>>\4:,*6E'\=5B%CFL__+E.1MHR M(1D)R438QSIL*!2=?^6>YZDU/;'#V;<\7/'ZD.#9%"$9CR+^0_,.LY=\O;M) MV24(C9CC@$GFF G!4'TJD2R5."8?Z,F79?YFT>(F\C?_6-PM"VP7!;918/MI MCTN8_7]%V.Q0%=@ZCI,CA>ET'.59=IK8VWB+[!T^C/M/;FNA'3D;CU<;+Z R MQ@-:65WA##7XPJ9 0N7#=H=[.\S9$'C3CD^(3>\X_PM02P,$% @ UXNG M4)^X, JW 0 TP, !D !X;"]W;W)K&UL;5/; M;MP@$/T5Q <$F]TDFY5M*9LH:J566J5J^LS:8QN%BP-XG?Y] 7M=)_$+,,,Y M9RX,V:#-JVT!''J70MDT)LV8)D]DIWH/Q-K8UDSINF(;8SP*I(DH+0 M)+DADG&%BRSZCJ;(=.\$5W TR/92,O/W $(/.4[QQ?',F]8%!RFRCC7P"]SO M[FB\16:5BDM0EFN%#-0YOD_WAVW 1\ +A\$NSBA4851!S7KAGO7P M#:9ZKC&:BO\!9Q >'C+Q,4HM;%Q1V5NGY:3B4Y'L?=RYBOLPWEQ?:.L$.A'H M3-A% AD#Q.>3M]Y[+M+;NXR<@]"$ M.8P8NL3,".+5YQ!T+<2!?J'3NW7^9C7%3>1OEN%WR;K =E5@&P6V'P323S6N M8>BG(&315 FFB>-D4:E[%4=YX9TG]I[&1_D/'\?])S,-5Q:=M/-/&Q^@UMJ! M3R6Y\C/4^A\V&P)J%XZW_FS&.1L-I[OI"Y'Y'Q?_ %!+ P04 " #7BZ=0 M\UX(>[5%2VX)VSO5'QFS5@>+V!GO0_D^#1G'G0],RVQO@=20IR9+= M[HXI+C0M\Y@[FS+'P4FAX6R('93BYL\))(X%W=/7Q*-H.Q<2K,Q[WL(/<#_[ ML_$16U1JH4!;@9H8: IZOS^>LH"/@"CD@O@<@J]U07?!$$BH7%#@ M?KG" T@9A+R-W[,F74H&XGK_JOXY]NY[N7 +#RA_B=IU!3U04D/#!^D>BXCM.?+)UIVX1D)B0+ MX1#KL*E0=/Z).U[F!D=BIK/O>;CB_3'Q9U.%9#R*^,^;MSY[+?>'-&?7(#1C M3A,F66,6!//J2XEDJ\0I^8^>?-SFIYL6T\A/WUC,M@6R38$L"F1O!&[?];B% MN7M7A*T.58%IXSA94N&@XRBOLLO$WB?Q4O[!IW'_SDTKM"47=/YJXP4TB Z\ ME=V-GZ'.O[ ED-"XL/W@]V::LREPV,]/B"WON/P+4$L#!!0 ( ->+IU!] M).:@N $ -,# 9 >&PO=V]R:W-H965T_@?G07 MXR,VJU1"@;8"-3%0Y_1A,ZC'_N]Q-MG9!.A'0F M'&(=-A:*SC]RQXO,X$#,>/8=#U>\.:7^;,J0C$<1_WGSUF=OQ>:PS]@M"$V8 M\XA)EY@9P;SZ7")=*W%._Z.GQW7^=M7B-O*W;RP>U@5VJP*[*+![(W!\U^,* MYIB\*\(6AZK -'&<+"FQUW&4%]EY8A_2>"G_X..X?^.F$=J2*SI_M?$":D0' MWDIRYV>H]2]L#B34+FSW?F_&.1L#A]WTA-C\CHN_4$L#!!0 ( ->+IU!( M==]!M@$ -,# 9 >&PO=V]R:W-H965TM>I=03OOAR-CKNI "W=C!NCQ3V.L%AY#VS(W6!!U)&G%^.'P MGFDA>UKF,7>V96Y&KV0/9TOZH(=@"!14/B@( M7*[P $H%(;3Q>]&D:\E W.Y?U#_%WK&7BW#P8-0O6?NNH+>4U-"(4?E',WV& MI9]WE"S-?X4K*(0')UBC,LK%+ZE&YXU>5-"*%L_S*ONX3O.?-%EH^P2^$/A* MN(UUV%PH.O\HO"AS:R9BY[,?1+CBY,CQ;*J0C$<1_Z%YA]EKF=PE.;L&H05S MFC%\BUD1#-77$GROQ(G_1^=W^_QTUV(:^>DKBWQ?(-L5R*) ]DH@?=/C'B9[ M4X1M#E6#;>,X.5*9L8^CO,FN$WO/XZ7\@\_C_DW85O:.7(S'JXT7T!CC :T< M;G"&.GQA:Z"@\6'[ ?=VGK,Y\&98GA!;WW'Y%U!+ P04 " #7BZ=0T!1< MX;@! #3 P &0 'AL+W=ON.C-FR!<7M#7:@_4V-1G'G3=,PVQG@520IR9+-9L\4 M%YH66?2=39%A[Z30<#;$]DIQ\^<$$H><;NF;XUDTK0L.5F0=;^ [N!_=V7B+ MS2J54*"M0$T,U#E]V!Y/:[ X3;9V03(1D)MS% M.&P,%#-_XHX7F<&!F+'W'0]/O#TFOC=E<,96Q#N?O/7>:[&]O\W8-0A-F-.( M29:8&<&\^APB60MQ2C[0D_MU_FXUQ5WD[Y;AT_VZ0+HJD$:!]+\:]^]J7,,< MW@5ABZ8J,$T<)TM*['43VG 1\"3@,$MSB14-V MA0>0,@AA&K\F33J'#,3E^57]4ZP=:[EP!P]&_A25;W.ZIZ2"FO?2/YKA,TSU M?*!D*OXK7$$B/&2",4HC75Q)V3MOU*2"J2C^,NY"QWT8;]*[B;9.2"9",A/V M,0X; \7,/W+/B\R:@=BQ]QT/3[P])MB;,CAC*^(=)N_0>RVVAWW&KD%HPIQ& M3++$S B&ZG.(9"W$*7E'3P[K_-UJBKO(WRW#W_Y'(%T52*- ^D^-AS=-,78O,_+OX 4$L#!!0 ( ->+IU!@ M#8$UQ0$ #@$ 9 >&PO=V]R:W-H965T(_+//A.NLS5: 7OX:21&:5D^NT(0DT%WN%WQQ-O.^L=I,P'UL)/L+^& MDW8665EJ+J$W7/5(0U/@^]WAF'E\ /SF,)G-'OE*SDH]>^-[7>#$)P0"*NL9 MF%LN\ !">"*7QLO"B5=)'[C=O[-_#;6[6L[,P(,2?WAMNP+?851#PT9AG]3T M#99Z,HR6XG_ !82#^TR<1J6$"5]4C<8JN;"X5"1[G5?>AW6:3])L"8L'T"6 MK@%W08?,0B'S+\RR,M=J0GJ^^X'Y%N\.U-U-Y9WA*L*92]XX[Z6DR2XG%T^T M8(XSAFXP'PCBV%<)&I,XTO_"Z>=X_#Z:XC[$[[?R61(G2*,$:2!(_ZF17M48 MP^SC(EE4)(L0I%6_065GW?D*7&Z4LN%22&Y=+Y\9X-00TUF\_N;V>'_-L6#4LFY*_QCNY=QSSL5 .DKUK!L @UX$[W2&&V/Z(R&Z:$ P?2=[Z.Q*)95@ MQH:J)KI7P$I?)#BA4900P=H.YZG/G56>RL'PMH.S0GH0@JF_)^!RS'",7Q./ M;=T8ER!YVK,:?H+YU9^5C)/_= MEJ;)\ &C$BHVR< &="^A2][YGYQ?*1V;PJ7]%OA MUZQY;;/7G$9)2JZ.:,:<)@Q=8>(%02S[(D%#$B?ZKIQ^"M=O@A8WOG[SQN(^ M3+ -$FP]P?8-P>&FQQ#F Y>[H,CN/4$^N/U'SY=W!],U6VGT44:>TC]4:JD-&"M1'>V MX<:^%4O H3)NNK=S-=V8*3"RGQ\#LKQ(^3]02P,$% @ UXNG4"Y&:JBX M 0 TP, !D !X;"]W;W)K&UL;5/;;MP@$/T5 MQ >$->M-TI5M*9NJ:J566J5J^LS:8QL%C MXG?Y]!^RX;NH78(9SSEP8LM'8 M%]<">/*J5>=RVGK?'QES90M:N!O30X#1MPUQO0521I!7CN]TMTT)V MM,BB[VR+S Q>R0[.EKA!:V%_GT"9,:<)?7,\R:;UP<&*K!<-? ?_HS];M-BB M4DD-G9.F(Q;JG#XDQU,:\!'P+&%TJS,)E5R,>0G&ERJGNY 0*"A]4!"X7>$1 ME I"F,:O69,N(0-Q?7Y3_Q1KQUHNPL&C43]EY=N@Z4 MS,5_A2LHA(=,,$9IE(LK*0?GC9Y5,!4M7J===G$?IYL]GVG;!#X3^$*XCW'8 M%"AF_E%X4636C,1.O>]%>.+DR+$W97#&5L0[3-ZA]UKP),W8-0C-F-.$X2M, MLB 8JB\A^%:($_^/SC]L\_>;*>XC?[\.?[C;%D@W!=(HD/Y3X^%=C5N8VW=! MV*JI&FP3Q\F1T@Q='.65=YG8A_B*["]\&O=OPC:R<^1B/#YM?(#:& ^8RNX& M9ZC%'[88"FH?CG=XMM.<388W_?R%V/*/BS]02P,$% @ UXNG4"K W8.X M 0 TP, !D !X;"]W;W)K&UL=5/M;MP@$'P5 MQ .$,W?)74^VI5RJJI5:Z92JZ6_.7G\HP+J S^G;%[#CNJGSQ[#KF=E96-(! MS;-M !QY45+;C#;.=4?&;-& $O8&.]#^3X5&">=#4S/;&1!E)"G)^&9SQY1H M-R5;#V1#;*R7,[Q-('#*:T-?$8ULW+B18GG:BAN_@?G1GXR,V MJY2M FU;U,1 E='[Y'C:!7P$/+4PV,6>A$XNB,\A^%)F=!,,@83"!07AERL\ M@)1!R-OX-6G2N60@+O>OZI]B[[Z7B[#P@/)G6[HFHP=*2JA$+]TC#I]AZN>6 MDJGYKW %Z>'!B:]1H+3Q2XK>.E23BK>BQ,NXMCJNP_B'[R?:.H%/!#X3#K$. M&PM%YQ^%$WEJ<"!F//M.A"M.CMR?31&2\2CB/V_>^NPUY\D^9=<@-&%.(X8O M,,F,8%Y]+L'72ISX?W3^89V_7;6XC?SMLOS=.P9VJP*[*+#[I\?#FQ[7,&]= MLL6A*C!U'"=+"NQU'.5%=I[8>QXOY2]\'/=OPM2MMN2"SE]MO( *T8&WLKGQ M,]3X%S8'$BH7MGN_-^.&UL;5/MCIP@%'T5 MP@,LRLQLMQ,UV=FF:9,VF6S3]C>C5R4+8@''[=OW@HZU6_\ ]W+.N1]/*J5>=RVGK?'QES90M:N#O30X#1MPUQO0521I!7C27+/M) = M+;+H.]LB,X-7LH.S)6[06MC?)U!FS&E*;XYGV;0^.%B1]:*!;^"_]V>+%EM4 M*JFA<])TQ$*=T\?T>-H'? 3\D#"ZU9F$2B[&O 3CL?)O3!THJJ,6@_+,9/\%"\T;,*IJ+%Z[3++N[C='.XT;8)?";PA? 0"6P* M%#/_(+PH,FM&8J?>]R(\<7KDV)LR.&,KXATF[]![+3A/,G8-0C/F-&'X"I,N M"(;J2PB^%>+$_Z/S]]O\W6:*N\C?K(X.5*:H8NCO/(N$_O(XZ/\A4_C_E781G:.7(S'IXT/4!OC 5-)[G"& M6OQABZ&@]N'X#L]VFK/)\*:?OQ!;_G'Q!U!+ P04 " #7BZ=0F=T^8[0! M #3 P &0 'AL+W=O1IS1YNGIO=*MG"TQ/5:"_OG ,H,&=W22^)%UHT/"9:GG:CA!_B?W=%BQ&:5 M4FIHG30ML5!E]'Z[/R0!'P&_) QNL2>ADY,QKR'X7F9T$PR!@L('!8'+&1Y MJ2"$-MXF33J7#,3E_J+^+?:.O9R$@P>C?LO2-QG]3$D)E>B5?S'#(TS]W%(R M-?\$9U (#TZP1F&4BU]2],X;/:F@%2W>QU6V<1TF_0MMG< G K\BL+%0=/Y5 M>)&GU@S$CF??B7#%VSW'LRE",AY%_(?F'6;/.>>[E)V#T(0YC!B^P&QG!$/U MN01?*W'@_]'YEW7^;M7B+O)W'RPFZP+)JD 2!9(/ K=7/:YA[JZ*L,6A:K!U M'"='"M.W<907V7EB[WF\E'_P<=R?A:UEZ\C)>+S:> &5,1[0RN8&9ZC!%S8' M"BH?MI]P;\+IU#AP 3BM0$ -,# M 9 >&PO=V]R:W-H965T\]^Z=?4X'8]]< ^#) MNU:MRVCC?;=GS!4-:.%N3 R5;.%KB>JV%_7, 98:,;N@E\2+KQH<$R]-.U/ #_,_N:#%BLTHI-;1. MFI98J#+ZL-D?=@$? :\2!K?8D]#)R9BW$'PM,YH$0Z"@\$%!X'*&1U J"*&- MWY,FG4L&XG)_47^.O6,O)^'@T:A?LO1-1N\H*:$2O?(O9O@"4S^?*)F:_P9G M4 @/3K!&892+7U+TSAL]J: 5+=['5;9Q'2;]"VV=P"<"OR*PL5!T_B2\R%-K M!F+'L^]$N.+-GN/9%"$9CR+^0_,.L^><\]N4G8/0A#F,&+[ ;&8$0_6Y!%\K M<>#_T?G].G^[:G$;^=L/%N_6!7:K KLHL/L@<'_5XPIFFUP588M#U6#K.$Z. M%*9OXR@OLO/$/O!X*?_@X[A_%[:6K2,GX_%JXP54QGA *\D-SE"#+VP.%%0^ M;&]Q;\+IU"X 0" L@$ -,# 9 M >&PO=V]R:W-H965T9F9VUU]EH[+-K 3QYT:IS M.6V][P^,N;(%+=R=Z:'#/[6Q6G@,;<-<;T%4D:05X[O=>Z:%[&B1Q=S)%ID9 MO)(=G"QQ@];"_CV",F-.]_2:>)1-ZT."%5DO&O@)_E=_LABQ1:62&CHG3443(W_QTNH! > MG&"-TB@7OZ0/D2&F&+H[R M*KM,[#V/E_(*G\;]A["-[!PY&X]7&R^@-L8#6MG=X0RU^,*60$'MP_8#[NTT M9U/@33\_(;:\X^(?4$L#!!0 ( ->+IU"6B(@;M0$ -,# 9 >&PO M=V]R:W-H965T&<\Y#)FU:-2VGM?7M@ MS.4U:.'N3 L-_BF-U<*C:ROF6@NBB"2M&%^M]DP+V= LB;&3S1+3>24;.%GB M.JV%?3^",GU*U_0:>)95[4. 94DK*O@)_E=[LNBQ2:60&AHG34,LE"E]7!^. MVX"/@-\2>C>S2>CD;,QK<+X5*5V%@D!![H."P.,"3Z!4$,(R_HR:=$H9B'/[ MJOXE]HZ]G(6#)Z->9.'KE#Y04D I.N6?3?\5QGYVE(S-?X<+*(2'2C!';I2+ M7Y)WSAL]JF I6KP-IVSBV8_Z5]HR@8\$?D-@0Z)8^6?A1998TQ,[S+X5X8K7 M!XZSR4,PCB+^P^(=1B\9W^P2=@E"(^8X8/@,LYX0#-6G%'PIQ9'_1^>?EOF; MQ1(WD;^9I]_OE@6VBP+;*+#]T./^IL;3OLV>!X MTXY/B$WO./L+4$L#!!0 ( ->+IU#DQ24ON0$ -,# 9 >&PO=V]R M:W-H965T)W^?0?LN&[JO@ SG'/FPI"-QCZ[%L"3%ZTZE]/6^_[(F"M; MT,+=F!XZO*F-U<*C:1OF>@NBBB2M&$^26Z:%[&B11=_9%ID9O)(=G"UQ@];" M_CJ!,F-.=_35\22;U@<'*[)>-/ 5_+?^;-%BBTHE-71.FHY8J'/ZL#N>TH"/ M@.\21KX@D)XR 1CE$:YN))R M<-[H6053T>)EVF47]W&Z2>]FVC:!SP2^$ XQ#IL"QOZEQ Y,F;X*P55,UV":.DR.E&;HXRBOO M,K$//#[*'_@T[E^$;63GR,5X?-KX +4Q'C"5Y 9GJ,4?MA@*:A^.=WBVTYQ- MAC?]_(78\H^+WU!+ P04 " #7BZ=04(C*0+@! #3 P &0 'AL+W=O M=&JLSEMG>N/C-FR M!2WL#?;0^9L:C1;.FZ9AMC<@JDC2BO$D^<"TD!TMLN@[FR+#P2G9P=D0.V@M MS)\3*!QSNJ.OCB?9M"XX6)'UHH'OX'[T9^,MMJA44D-G)7;$0)W3N]WQE 9\ M!/R4,-K5F81*+HC/P?A2Y30)"8&"T@4%X;X@O+PD(F/4:*R<27E M8!WJ6<6GHL7+M,LN[N-T\_%VIFT3^$S@"^$0X[ I4,S\03A19 9'8J;>]R(\ M\>[(?6_*X(RMB'<^>>N]UX*GNXQ=@]",.4T8OL*\(9A77T+PK1 G_A^=?]KF M[S=3W$?^?AW^D&P+I)L":11(_ZF1OZMQ"[-_%X2MFJK!-'&<+"EQZ.(HK[S+ MQ-[Q^"AO\&G(! "!0 &0 'AL+W=O MG-2"\FI-J9LL!HDT,H%<89)&":8TZX/BLSYKK+(Q*A9U\-5(C5R M3N7O"S QY<$A>'>\=$VKK0,7V4 ;^ ;Z^W"5QL(K2]5QZ%4G>B2ASH.GP_F2 M6KP#_.A@4IL]LI7G %50TY'I%S%]@J6>.$!+\5_@#LS ;29&HQ1, MN2\J1Z4%7UA,*IR^S6O7NW6:3Y+C$N8/($L 60-.3@?/0B[S#U33(I-B0G*^ M^X':7WPX$W,WI76ZJW!G)GEEO/>"1%&&[Y9HP5QF#-E@#BL"&_95@O@D+N2_ M0(HG]JC'@G0GXL.<_"*) M5R3Q$#SN1#R8./2+I%Z1U$-PV(GX,&0G@C=OD(-L7/:R$TF%3"!W.KK1E(J\&@UG:;FKV9%MJ.DV=M$E1I[6? MB7VV4<&X@./NWP^PZWH97PQWO'OOCN..G=2*RV9=:9NB.DUL"H$24'H9G-+).,=+K+@.^DB4X,5O(.31F:0DND_ M1Q!JS/$6?SB>>--:[R!%UK,&?H']W9^TL\C"4G$)G>&J0QKJ'-]O#\?$XP/@ MF<-H5GOD*SDK]>J-[U6.-SXA$%!:S\#<9DZ\2/K ]?Z#_5NH MW=5R9@8>E'CAE6USG&)40 -.B022AD_I595F1:C4A/=]\SW^+M M@;J[*;TS7$4X<\D;Y[T4--EEY.*)9LQQPM 59KL@B&-?)&A,XDC_"Z=?XO&[ M:(J[$+];RZ=IG& ?)=@'@OT_->ZO:HQADKA($A5)(@2W5R(QS-V5"%EU3H)N MPILUJ%1#%^9EY5W&XIZ&SG_"IYGZR73#.X/.RKKW$[I<*V7!I;*Y<;FT;HP7 M0T!M_?;.[?7TF"?#JGZ>4[+\+(J_4$L#!!0 ( ->+IU!$@]T0SP( 0, M 9 >&PO=V]R:W-H965T5[#Q 18Q*^<767OWC-2MIR_FL77_=P/346L M8#ME**B^7-B:%85ATG7\:4G]+J<)[-^_LW^VXK68+95LS8O?^5Z=YO[$]_;L M0,^%>N'7+ZP5E/A>J_X;N[!"PTTE.L>.%]+^>KNS5+QL670I)7UKKGEEK]?F M21:U87@ M '0!>C<_PN(VH#H(R"VXIO*K-1/5-'%3/"K)YJW55/SIR#/D6[F MSFS:WMEG6JW4NY<%))-9<#%$+6;58*"'(1TBT.Q="L!2K& 4#M/;#.LQ)'.D MB% 5D8V/;E1,<8(8)8@M0=R7"-&@#0TFM9BJP20#'6,( %Y&@I:1C,J -,0) M4I0@O;\1&4J0(160@C35.48'J_2A+B?_L0J6'XPEO0 MC5!'%H>Y")(E=E"@YED2>$ K;@X2W:,U&FD=0-8(Q-4.W&1D[#)($P<%;A"2 M/- .W"(DO:<=Z4AK.FQ'.C*[2PMN-8)Y+750X$XBDP?:@7N)3.]IQW3\[7,< M ;C? /-;YJ# S03D?JV FPD J6)XVJ$@5Q[<<8 X+G-\QP'W"L0/J,6] LAI MDI&A6@SDL#7@A@+$4%GDH,"M -D#:G$K '*J9/%0+08:NC;HS4XE$T<[9DIO MQ\^5,D-*;[<;99=@9J_!_DJ/N,U ^D'3S,??J3CFE?2V7.G)SLY?!\X5TS6& M3_J-G/1(WBT*=E#F-M/WHIE+FX7B=3MS!]W@O_@'4$L#!!0 ( ->+IU"3 MQ5&PO=V]R:W-H965T53]\#5*!F\[*N&MJ)B;<3I81G?@_D69-K *'Y7]"I&[Y%.Y9FQ M%SWXOE_&J2:B-=U)[8*HQX5N:%UK3XKCKW4:#S&UX?C]S?M7D[Q*YID(NF'U MGVHO3\NXC*,]/9!S+1_9]1NU">5Q9+/_02^T5G)-HF+L6"W,;[0["\D:ZT6A M-.2U?U:M>5ZM_S>SL &T!G P4+$_,LBL0?9N@#XT0-8 .09)GXJIS99(LEIP M=HUXO[P=T;L(S)&J_DY/FF*;_U1YA)J]K" N%LE%.[*:=:^!(PT8%(GR/H2 MH1!KZ)G#V33"QI=@,)5L?4F6ABFR8**9L<\FB>*P Q1T@(P#- ;(G4+UDL)( MVKY0$" GD4]$$Y(\2)+[).Z2]9)\'"1S00*:\@9'$>0H/ [D+.RZ\&*4*',X M? U(41X&P4$0[(% 7#HDV(_BTFY]#+IU!A+X,%,P( -$& 9 M>&PO=V]R:W-H965T5D 0?Z M-/+D2!E!0B[9R>,M W30)(*]T/<3CZ"Z<8M<[^U8D=.S MP'4#.^;P,R&(_=T IMW:#=SKQG-]JH3:\(J\12?X!>*EW3&Y\@:50TV@X35M M' ;'M?L8K+:!KP@:\;N&CH_FCDIE3^FK6GP_K%U?.0(,I5 22 X7V +&2DGZ M>.M%W2&F(H[G5_4GG;Q,9H\X;"G^4Q]$M78SUSG $9VQ>*;=-^@36KA.G_T/ MN "6<.5$QB@IYOK7*<]<4-*K2"L$O9NQ;O38F9/T2K,3PIX0#@09^S-"U!.B M#T*LDS?.=*I?D4!%SFCG,/-OM4A=BF 5R6*6:E/73I_);+G88$!X4GT($=I";,(9/9Q$V,XAD6\/$5FSB#0_&H?(;@C$5H%8"\3_ M"023,AA,HC&-*8.?31*Q8.(;1A96(PN+D= ND%@%DOM+D5H%TD\=F%(8S&*4 M9IKXDU+8,+'=2&8UDEF,1!,CV2S(EV0Q<;NU@<(;5I96*\L[KL=R%F5^/9;W M7P_9&ZW?JS^SDF;3[]6?A8FFZ7JC!D& G70OY4Y)SXUNY*/=H5\_AKK!?,!- ML_^)V*ENN+.G0K8IW4R.E J05OP'68]*OB_# L-1J&DJY\PT6;,0M.T?$&]X MQ8I_4$L#!!0 ( ->+IU#_U$ZSUP$ .8$ 9 >&PO=V]R:W-H965T M;,<;Y*.2[:@$T^N2L5P5NM1YVA*BJ!4[5DQB@ M-V\:(3G5)I0GH@8)M'9)G)$H"!+":=?C,G=K!UGFXJQ9U\-!(G7FG,I_>V!B M+'"(KPMOW:G5=H&4^4!/\ OT[^$@3406E[KCT*M.]$A"4^ OX6Z?6KT3_.E@ M5#=S9#LY"O%N@^]U@0-;$#"HM'6@9KC "S!FC4P9'[,G7I V\79^=7]UO9M> MCE3!BV!_NUJW!RBVPKWSA2OS.JEC+)M3B[6:-;L)TUTIXD7#3'^"R3R0B)GL+DS2/P&&Z_! MQAEL[PS25963)G&:WFFRS,_8>AE;#R-;,29-?,,(4S\C]C)B#^-YQ8@?&!L_ M(O$BDD?$<[!") ^(P(](O8C4@PA7B/3A:ZP1Y.:(VAO@)Y6GKE?H*+0Y[>Y, M-D)H,&[!DZFU-9?.$C!HM)VF9BZG7V\*M!CF6X4L5UOY'U!+ P04 " #7 MBZ=0X][ _IT# "+$ &0 'AL+W=O-D4EZ[90M=?([<*_YK-;P3J#'O&K MD*=V/P9G?KGF)WA]/[% M^^<^>9/,0][*E2I_%QN]7_BI[VWD-C^6^EZ=OL@QH;@6=7\]C?Y?S&@#& W@;&!BOV4@1@/Q:A"^:1". M!J%E$ RI]+6YS76^G#?JY#7#ZSWDW2[BL]!4?]TM]L7N?S/E:$F51:B5"@1)'02.228280"8L*@,FFD3YQ 4= M)":#Q+A>64@[2$@'"<$RLE@FB&5J8VX)3!K11%*22$H0B2TB*0H"*=A,2%!& M4\E(*AE!);&H9"@*9Q:1-R$7-#BCNYX11%*[[1F1;V)OY_=0EW0<(L0).IE- MAZ- <!:;7AX@.[?P1=-&D,8&=$H9BCESFM71R+ M%^Z!$701""*6V'PH6)@Y^H#3$L8I#;,[@1,B)FPV!,;UMFFAXS&B(ABWJ<0$ M%2[0NR)AS*&;G!9.GA#;SY43+7F\V15UZSTH;>;%?JK;*J6EX'K0ZC*-_+IU#=(P%#W $ M .P$ 9 >&PO=V]R:W-H965T]S#E#R0<@W MU0#HX)VS3AU0HW6_QUB5#7"JGD0/G?E2"\FI-J&\8-5+H)5+X@R3,$PQIVV' MBMRMG621BZMF;0;/"M.J#0%@0,2FT=J!EN M\ R,62-3QI_)$\U(F[BJX%FPWVVEFP/:HJ""FEZ9?A'#5YCZ M25 P-?\=;L",W%9B&*5@ROT&Y55IP2<74PJG[^/8=FX<)O][FC^!3 ED3B!C M+R/(5?Z9:EKD4@R!'/>^I_:(HSTQ>U/:1;<5[ILI7IG56Q&'68YOUFC2'$<- M66C(-IDUV/C/$.*%$&<0?S (_0:QUR!V!IL/!NLJ1TWJ-)W31"3S0S9>R,8# MV:X@HR990N*='Y)X(8D'LEM!DD=(%/DAJ1>2/D)VX0J2/D#2_YQIYF5D'D:T M8F0/1Y*2%0,O+JI]!WY0>6D[%9R%-G?>W+IU""[)M.#@( /8% 9 M>&PO=V]R:W-H965T;)&]BJ]AX0.+N[@?8M5Q ^Q.^SGMX#@Y4(Q>OL@%0T5O'>KF- M&Z6&)X3DJ8&.R@<^0*]7+EQT5.FAN"(Y"*!G6]0QA).D0!UM^[BN[-Q!U!6_ M*=;V*YO3;*3*"Z&N@5?H+Z-1R$'J'%Y=QVT,N6 M]Y& RS;^E#[M2Z.W@I<61KGJ1R;)D?-7,_AVWL:) 0(&)V4FY89$[W'B3-K?Z'23BG>SBT;IZ-O4MKUMQVDES^:R< &>"_!2D/Z_@,P% MQ"E $YF-^IDJ6E>"CY&8/M9 S7\B?2+Z,$]FTIZ=7=-II9Z]UR395.ANC&;- M;M+@E08_?I3L?0E)%@G2! L&#F)@6T]6]6E>A@U(T(!8@^P#@ .YFS2%U?13 MCDWA!/$UI'@,@V1!D,P#P:5[H),F7VV29NZ)^AI,-F&0/ B2^R>2)@Y([H.0 MT@$):%(M]_DQ$'Q->D M298[)&AU \V+^(.*:]O+Z,B5OLSVRETX5Z -DP<=JM&/\#)@<%&F6^J^F)ZB M::#X,+^R:'GJZW]02P,$% @ UXNG4 6U%CPD! (A8 !D !X;"]W M;W)K&ULE5A=CZ-&$/PKB/<[F.D!S,JVM/8J2J1$ M6EV4Y)FUQS8Z8!S Z\N_#U_GM>F:%;R8#U?WU#1373#+JRF_5R>M:^='GA75 MRCW5]?G)\ZK=2>=)]=6<=='\>]/W0RY.T<-?+ M[MYKN5Z:2YVEA7XMG>J2YTGYWT9GYKIRA?OSQK?T>*K;&]YZ>4Z.^D]=_W5^ M+9LK[Y9EG^:ZJ%)3.*4^K-QG\?2BXC:@0_R=ZFMU=^ZT4WDSYGM[\=M^Y?HM M(YWI7=VF2)K#N][J+&LS-3S^'9*ZMS';P/OSG]E_Z2;?3.8MJ?369/^D^_JT M NL]>'Y)+5W\SU5SU,*'"=8?:_ZW>=-?"623/&SF15]^OL+E5M\B%+0R5/ M?O3'M.B.U_Z?,!["<( < N0MH!G[LP : N@C(/PT0 T!ZB- ==7JI]+5YB6I MD_6R-%>G[!_O.6E7D7A23?5W[N]MH@&SZ3'R#B,> M$5N.($$WC-0_0EX 1"A,@V UJ$M #PD"G$#!!*I+ MH!X2A*-R]IBPPQ0=YHN*1I-%&!\3"2"1 ! 9#;+I,<'=("J6P8@)!P5"Q)A* M"*F$@,IB1"5DHWP9T]TBS (3B2"1"! 9K;)-!&KBC]AN.2@0OL!4%I#*@E.1 MEN<;PP3Q])4J?*Q\'W 08^G[;"$&OC]6O\_KX5MF(RQM2 RK \AD*7-"-AG MGH4$*2PM0N >(68T"8&[A !M@I>>]X H8*57K/3WH$&D[,7@4D;SBQQ9,D5K&D":6'(-LX6.H2 M2)TLJT1B@9Y'OECH$E@U?SH 1&), MYG/0(QG<,B1H&20M*;#0Y0R[)JQAFF+7Q.V:F'J(VS79U$.X&] 4NT8@LM@U MX99!H&60[8W>\DH_PZX):YBFV#5QNR;F&<3MFFR>0;@;T!2[1B"R31JW# (M M@RQV35C%-,.N"6N/IM@U<;N6[#N&N%U+VQL,8173%+M&(++8M<)25T#J9+%K MA06J9MBUPMI34^Q: ;MFJUX!N[:M>H55K*;8-0*1I;$IR_<[D+KMPUMA@:H9 M=JVP]M04NU;<9HE]'RANUT+X-C98Q@I8J+)8J,(R5HL9-<'B4TA\K"8QJXF( MU+@F +08S\>[VT#+=7GL-BG?WM@'Z++L-N ]XOWOZ1U(>TZ)R MWDQ=F[S;;#L84^N&B_^U>3(GG>QO%YD^U.UIU)R7_:YE?U&;\[ CZ]VVA=?_ M U!+ P04 " #7BZ=0L8QU *@# #L$@ &0 'AL+W=O<^^US[5A=E+E2[63LO9>\ZRHYOZNKO>W05"M=S)/ MJANUEX7^9ZO*/*GUL'P.JGTIDTUKE&L?^T?2ST*SEXV:2Z+*E6% M5\KMW/]$;A]X:] B?J?R5%W<>TTJ3TJ]-(.OF[D?-A')3*[KQD6B+T=Y+[.L M\:3C^&N<^F?.QO#R_LW[JDU>)_.45/)>97_23;V;^Q/?V\AM!.)YEBKK&I_O?6AJE5NO.A0\N2UNZ9%>SUU_\34F&$#:@SH MV8#P=PV8,6!C#;@QX&,-(F,0C340QD",-8B-06P9!%UUV^E:)G6RF)7JY)7= MBMLGS<(FM[%>$.OF83O_[7]ZQBK]]+A@G,Z"8^/(8.XZ#+W T&D?!,*J M:X<1+:;HZLK#$+-PR,(!2VRQ(,P$DT20) (.K/E?1<-4II$C%0%9Q) ELI>' M&+ 0&EE3_SZF%T@, XE!(,2J:3P@X9AB BDF@,(2W:K#1)<4KH).(<2'L'*(T!Z@CJV'ZPJ&HY/EF+!4*"%P=0:T&6R-'*E2QU[)1"#8 X76 R4 M79$N%@,%^]R@#R&0<+1NBA5#@6(&?0B!A"L?K!@*%,,<^S;%BJ%7*(9BQ5"@ M&&J?#Q&(.;HAQ9*A0#+4WG4-2/24:9T1EA^ ^D%)D[HZ)\,"9>"L*6*;!X$H6*!L.KZJ',N* UD- M%C0",6LUWG\ Z@>#!_,=Z'M2/J=% MY3VI6K_]M^_H6Z5JJ=V%-WJ-[V2R.0\RN:V;VUC?E]WWEVY0J[WYMA2&ULE9K;;N,V$(9?Q?!]8G%XDH(D0!RC:($66&RQ[;62,(FQ MMN5*2K)]^TJRXK5F_C'0F]A6AIPAQ?_C\'#]4=7?F]>4VMF/[6;7W,Q?VW9_ MM5@TCZ]I6S:7U3[MNO\\5_6V;+N?]I?!H*;3<+RK*PV);KW?SV>GCV MI;Z]KM[:S7J7OM2SYFV[+>M_EVE3?=S,S?SSP=?URVO;/UC<7N_+E_1G:K_M MO]3=K\6QEJ?U-NV:=;6;U>GY9GYGKE8Q[PL,%G^MTT=S\GW6-^6AJK[W/WY[ MNIEG?41IDQ[;OHJR^WA/]VFSZ6OJXOAGK'1^]-D7//W^6?LO0^.[QCR43;JO M-G^OG]K7FWD^GSVEY_)MTWZM/GY-8X/\?#:V_O?TGC:=>1])Y^.QVC3#W]GC M6]-6V[&6+I1M^>/PN=X-GQ]C_9_%< $:"]"Q /FS!>Q8P/XL8,X6<&,!QPHL M#DT9^F95MN7M=5U]S.K#Z]V7_2@R5Z[K_^ MHM%F>;"A$QLSM5A)"VOLT6;117 ,@U 82Y(5Q&SJY![9\$"0#>% +.P/.U1@ M)Q4H+7&P C=4X"85.-:AR,9C)QXZ\:""P)P<;,)@LSO8Y!EV$J"3 )Q$YN1@ MXT^=L+<61!@AQU%$&$4$4>0LBBBBH(QUQRJ*.,@H@>0PD!R,C )74, *"MF2 MG(WQ92%:XEE_GK.8!&$R+/@,A&&XXC/9HRR.LR;30!3R&! (\4",\!)Y(.=, MIH% ]MP9 H%8'@@)+X8#"M@$)1(,'V-!)!P>H]'I2#:B3ZR,5J&8P1@S3@[W M7!MI&%(&4"KGE()&VOO#G#( 5#E'!#12Y&LPB0Q 4<$%#(V,X@>#QN2@"B$, M9*2]8LPC4\A77#A%Y\%(6!#Q M6("-,E,0)@H!HA1\Y!,@"A?["AD5RBQ.&"H$H%+P>9PD,(A/3BMHI$"?,%8( MI#X%U^IH=.KGPEC+HT%6I$B:,*((T*?@Z>]H-'D'+O)H@)'74F#,,9*(Q *.@]0OF(4G4N8SS<#2:]HM0$S#* M%3@3AB9):)+55A@8FA9!D^<;5@+1L.;< QLEW[ 8F58BTV4\W[ ASR0*ZDR('ZI,A-KO2:QRKW0.6&)Q0>K+ *A?0>J]PCE?-TP4N57V@+4X]5 M[@FH3]L?Q0+V:&RQRCT3.U>>ER+W"$J]L]R*1\X'DIZ!R(7ZO!2Y4R#NL<@]$CE7GYDP;2$.4H"1 MT]+7@"4LJH(,0 MK;58,@%(AOB$-1KEIQ/CI9*U1"R9""1#O%>AD3(-1*R8"+8>^5'9*LJ)T3CE M[44LJPCV%?EAV"J"+4.K^<':BT!6) [4P#F$HIN(I1>1]#C11J.)&V6^B5B> M$:R#21PA@A19\8(5')$X^72#C*S6:W:_J3^Y.GQ)LD=]3<9V/.EN;H_W'#X6LH? M9?VRWC6SAZIMJ^UPF^&YJMK4Q9A==GWPFLJGXX]->F[[K_T+KP_70@X_VFH_ M7GE9'._=W/X'4$L#!!0 ( ->+IU!!YY"ZX 0 .H< 9 >&PO=V]R M:W-H965T4E9@6,@R5!LP 8$ M'=9]5FPF-BI9KJ3$W=M/_^K*Y+D)]26VE,,KWF/_Q&-Q?2ZK;_7>VF;QH\B/ M]>URWS2GFRBJMWM;9/6G\F2/[7^>RZK(FO:P>HGJ4V6S73^HR",9QR8JLL-Q MN5GWYQZKS;I\;?+#T3Y6B_JU*++JOWN;E^?;I5C^//'E\+)ONA/19GW*7NS? MMOGG]%BU1]&ERNY0V&-]*(^+RC[?+N_$S4.BN@&]XNO!GNO)^T77RE-9?NL. M_MC=+N-N1C:WVZ8KD;4O;_;!YGE7J9W']['H\G+-;N#T_<_JG_OFVV:>LMH^ ME/F_AUVSOUVNEHN=?\^9+>?[=C@WIY6+L_D_[9O-6WLVDO<:VS.O^[V+[ M6C=E,59IIU)D/X;7P[%_/0__(3D.PP/D.$!>!K37?F^ &@>H7P.H;WZ86=_J M;UF3;=95>5Y4PZ=URKHOA;A1K9G;[F3O7?^_MMNZ/?NV(47KZ*TK-&KN!XV< M:,1%$;75+Y>0Z!+WTALNT^LK//B2A+F$@EVH?KRZZD+C @0+4%^ IA.0C@N# MQ/22X] &R<1I!(ATS+2BX4RT-Q-2!AM)FJE:.%4 S M^=ROYK&"\U@!)Q)<((4%TG G1(SIB#_V8M1,&R6E'#.@B)L+0ZH ?JR8$I#$ M.R%G.())$RK $>4W&\>N(T"DF.^'P- *GUJ^!*9-Z!F.8-Z$"7#$>,W*Q',$ MB%:*F0M&5_CL$L5,"4R=6,UP!',GT@!'4J]9D1K7$5\D8^86(#'!TB>8B%N^ M,'A2A#LB,7A2?NS(J+ERA-SU!8D,-Q=,L/0))I),"0R>I!F.8/"DO\[YCFAP MBW ->5=S/1/,K_3Y53'7#,9.)C/\P-A)?[7S_5CY'WZ22M<1H%IICAI,L/0) M)LY6A<%3<;@G"H.G_!7/\V343+LU*^%8 D7,5UYA@I5/,!$Q)9B0.B.E*@R> M"LBIH^9Z&7'#&1*EG".88 62*G'M8/34C*RJ,'HJ(*TJ/XK*U/T) D1*,M0H MS+ "B968[*XP>&I&9B4,'@5D5O+CJ!3NC02))+-T$B:80&8EQE3"X-&,S$H8 M/ K(K.3'49&0ZP@0$5DUQDX'1%8-PBAYWQ$D8NXB&O.K06#5S)W98/#, MC,!J,'@F(+ :/XN*V VL2"2X=C#!!@16S9AJ,'AF1F U&#P3$%B-GT6UN] MC>'\P/P:$%@T(JYHK@:$S,\)J M@J%+ L)J IZ=NND=:#C\$\QN J*J9M;=!".7S(BJ"48N"8BJHV:ZR> ^%7E7 M,LPCFNP0%;9ZZ3?3ZL6V?#TVW5;,Y.QEP^ZNW\-RSM^+FX=AV^U7F6$7\*^L M>CD\R/9=E8]L9QI_:CVIOL]WE(+?/3?1 M*!\9*X7Y6ME%2%;U*BJ4BKQU8U&;L>WU;S28X/8$=R HWQ\1O)[@O1/\#PE^ M3_ G!-2E8FJS(Y*D"6>MQ;OM;8@^17CIJ^IGVFB*;?ZI\@AEO:9^$"7HJH5Z MS*;#N",,'A!(J0\N7,C%QIW1W<6]A^T<$N%[R&X.\1PX"@],U#-\[R[1&!;P M00'?"/@C@3B>%*J#A 92&\B7T)FD"F B'XXC .,(9G'XP:2>&P S"P3"/-C7 M$ PD! 1<6" "!:+/;TD,"L1 !-ZD%!#F0;T7H),%(!# MB![YCS^43Q@VN* M@2C"Z3W%L[/E/K@C&+RJ:^P";B;/P:X'W1_AB1LT>G\JRL_F;1=6QBZUU+=X M9!WZQ]JTCXE]@Y?;K@N\RW1-Z2?AYZ(6UH%)]3J:-^S$F*0J1.=)'>Y<]<%A M4=*3U--(S7G7#+J%9$W?Z-#0;=/_4$L#!!0 ( ->+IU"KCGP:A@( ,T) M 9 >&PO=V]R:W-H965TJ:J56BJ[J];>3. $=8&H[X?KVM8V#""PG^@=L,SL[:W; 6<5D0\L8;6ZLF9\8I(->473S2&EN.12+WC;K"$7^I/*7\V> MJYG7LYR*BM:B8+7#Z7GC?D+K'4IU@$&\%K05@[&C2SDP]J8GWTX;U]>*:$F/ M4E,0=;O1'2U+S:1T_+&D;I]3!P['=_8OIGA5S($(NF/E[^(D\XV[A62595%2*O+>W8O:W%O+?P^# M P(;$/0!*/PP -L / KP.F6FU,]$DFW&6>OP[FTU1#<%6F.UF4>]:/;./%/5 M"K5ZVX;Q*O-NFLABGCM,,, $Z2-D-X5@OX=X2D$O(P!E!"8>/\A(80(,$F!# M$ X)$G]41X>)#:;NZ@B#42$ )@E@(2$H) 2$H%&2#A,-DLQL5@2FB*:;-:;58\T1CZX\[834$10C$L)0&E)("4<"0EF4J!4ZS %"L@1003I"!! MNKPYD0^[S%_0GA84?=B?$&CNY:,9RZ/E_8-@NZ)@00=9T$-W8']3]<0]9T +/(=C7"#+V3*LCV+<(,.YL(\'.19!UQY\7-+7E7*VP*5'R M'QT"FPY!KIMTR&HB%$=X_)&QJ.$W.<31W-;#%D;IDAY)IXE&6;S!?U4?='X0 M?BEJX1R85+]H\R,],R:IHO.?5%VY.EOUDY*>I1XF:LR[ T8WD:RQAR>O/\%M M_P%02P,$% @ UXNG4 $#PH)N @ (0@ !D !X;"]W;W)K&ULC5;;CILP$/T5Q @-9C: M3K+]^]J&L"PXW;P$>SASYLQ,["&[,OXB*D*D\]K05JS=2LINY7FBK$B#Q1/K M2*O>'!EOL%1;?O)$QPD^&*>&>M#W(Z_!=>OFF;'M>)ZQLZ1U2W;<$>>FP?SO MEE!V7;O O1F>ZU,EM<'+LPZ?R \B?W8[KG;>R'*H&]**FK4.)\>UNP&K B#M M8!"_:G(5D[6C4]DS]J(W7P]KU]>*""6EU!18/2ZD()1J)J7CST#JCC&UXW1] M8_]LDE?)[+$@!:._ZX.LUF[B.@=RQ&5T*HD7"@)XEFYMCTFG$1!J3]3LL0$(;(+B:Q"HH40Y(=V M@MA*$#_>E,1*D'S?5]_2EN@.Q9TC#QYO#+ >Z0V '[=FP$R3C5 X*X@-% 1WM-C//D /-&< M30]F.C^[%@Q8G%UO;]T.HWDG7#0/;& MKX+\'U!+ P04 " #7BZ=0MY1R U\" -" &0 'AL+W=O_N=D=@MXA&!QD[/<._U-9LNE]9I'J9]Y5T748[8&$XPP:$!X MDGT($=A";(.9>[#\/\)N#DGNA BM683:/QQGD:1V@LA*$&F":"P@F>R"@<0: MTI@8X20-"R2VJUA852SF*M*)"@-9C$*,=LJHL$ "NXK8JB*>J0C]A9T@L1(D M'Z]&:B5('U-J+&=XX5 MNG/)T<(."QS7I,>-<4339#AOFGA+[74?AX[KTF/%-G-[5=R%&AS=Z M1&M@9]UON%/02R/4:S6R#CUM$ZA'>&+?JEZG'^Y2:7LS<."P$FH:2+GS#0HLQ"T[9NO-_P#R/\!4$L#!!0 ( M ->+IU"\ SV'>0( *X( 9 >&PO=V]R:W-H965T8VDZXOGUMXQ .3"_] M$VQG=F9G-QN3=H2^L@)C;KW55X1NR)M+@1WYP(K1$76WIV M6$LQ.JJ@NG*@ZX9.C.%G:HC/^@?G/=D_%SAE8CF6-&U:2QJ+XM+8W8+4#H0Q0B)<2=VRTMJ25 M R&O-&7@>'UC_ZS,"S,'Q/". M5+_*(R_6=FQ;1WQ"EXH_D^X+UH8"V]+NO^$KK@1<9B(T&_L(HK-!+Z1P%<$_I@@F%2AAX0*TO15\#UW4JN="97 MR)Q+8,PEF.4" )PDTV."D8R7F#5"HT8XT_ F/=F&,PD XGAB-YS;A2 P9Q(9 M,XGFF;@+!+&1('Z\]XF1(/FX]\F\%L)F:%8!KGG2W ?ZJD'O&KM0#; PT.#C MUFK,6"5*%@8.&(=Z Z"A;TL%,0\M^(^I!>:Q!0_,K<:,S4+@+Q75/)+@D9D$ M\Z'T%U3,0PD>F$HPGS@OF1;-&?W[UYB>U47)K)Q<&G5+CTZ'RW@#U>UQA_< MVG$^OD?_;(I7Q>R)H%M6_ZZ.\K+R<]\[TA.YUO*%]5_H6%#B>V/UW^B-UDJN M252. ZN%N7J'JY"L&:,HE(:\#?>J-?=^C']W@QWPZ( G!Y7[?P[1Z!"].\2F M^(',E/J)2+(N..L]/NQ61_1+@9:16LR#-IJU,\]4M4)9;^LXQT5PTX%&33EH M\$R#)D6@HD\I,)2BQ(X[7GS,L'4EV8,4$5A%9/RC.6$>PP%B,$!L L3S9<@L MR'+0I$;3&DVT"*U"7$V<1#!( H(D#@@*[?T8-,DLR5-J<0"2!8R1@ABINQYY M9&&D;@Z$8@L$%.4P2@:B9 "*E:7,G"PXL[?&U40XA4%R$"1W0)PO)0>JM3!< M20A#+$"(A0MA[\O"A;!W!9!@F *%\+$1NASVIHR:C^]I8I& H@??/GIPA"&7 M);%9D)/&WAA \O3@TT7@0;=!V 7);!#LG! X=% 46J_)L'LB&\H/YMN*+P# MN[92GZ4SZ]1Q-Z;A6O92=V+3.M[##&W\.^'GJA7>GDG5@$R;.#$FJ6(,G]5" M7=2?PS2IZ4GJ8:;&?&B?PT2R;OPU"*;_D_4_4$L#!!0 ( ->+IU O>34B M10( %P' 9 >&PO=V]R:W-H965TU#6$).+MY"?9PYLR9F3"3 MM8R_B!) .J^4U&+MEE(V*X1$40+%XH$U4*LW!\8IENK*CT@T'/#>.%&" L]+ M$,55[>:9L3WQ/&,G2:H:GK@C3I1B_F\#A+5KUW>+JA@:6?46A%A6K'0Z'M?OHK[:^IQT,XG<%K1B='9W*CK$7??FV7[N>5@0$ M"JDIL'J<80N$:":EXV]/Z@XQM>/X?&'_8I)7R>RP@"TC?ZJ]+-=NZCI[.. 3 MD<^L_0I]0K'K]-E_AS,0!==*5(R"$6%^G>(D)*,]BY)"\6OWK&KS;'O^BYO= M(>@=@L%!Q7[/(>P=PC>'R"3?*3.I?L82YQEGK<.[;C58_RG\5:B*66BCJ9UY MI[(5RGK.HS3.T%D3]9A-APE&&'] (,4^A AL(3;!S#U87D?8SB&+&R%":Q:A M\0^OLDCL!)&5(#($T17!8E*&#I,83&TPG_PHFF3R >A*2FR5$ENDI!,I'28> M1PG"B1(+YD9)$JN.Q*)CTK=-,H_A)Y.Z;6V@V+-+65BE+.;M7=X@2*T$Z1WM M32TR9^W] '0E96F5LKRCO@:E6J53=<"!RD/B[4F7?SOKM(UO2[# T+-?\/4$L#!!0 ( ->+ MIU#BZM#]! ( &X% 9 >&PO=V]R:W-H965TU?79@^=#9F-I.N/[[VH80#MR^@+W, MS,XN]L8#XZ^B 9#.&R6=2-Q&ROZ(D"@:H%@\L!XZ]:5BG&*IMKQ&HN> 2T.B M!/F>%R&*V\Y-8Q,[\31F%TG:#D[<$1=*,?^3 6%#XN[<6^"EK1NI RB->US# M=Y _^A-7.S2KE"V%3K2L3K%14A&)Q5EA>*W\=UVYCU,^C>: MG>!/!'\FJ-S_(P03(;@30E/\Z,R4^A%+G,:<#0X??U:/]9G8'0/5S$('3>_, M-U6M4-%K&C[M8G350A,F&S'^ G-'(*4^I_!M*3)_0_>?WF?(MY#'?Z0(K%4$ MAA\L'1X.=H'0*A :@?!=&_Q5&T9,9#"=P7SP@U4A%DQD][&W^MA;?*QR9"-F MO\BQ^F'Y%N'93416$]'&Q,9#9.G%JE^Y!;/N!5H<4PJ\-C=:. 6[=%*?AT5T M'AK/OC[FJWBFALEX]^\RXR3ZAGG==L(Y,ZDND3GJ%6,2E$/O0;6H4<-OWA"H MI%X^JC4?1\"XD:R?IAN:1VSZ%U!+ P04 " #7BZ=0G/41S[L! #5 P M&0 'AL+W=OK"PF;5YM#^#0FQ3* MEKAW;C@08NL>)+-W>@#E7UIM)'->-1VQ@P'61"BKQ!K\;GGG7NV @53&P#GZ"^S6.$PV2L9A4K.6K\&Y5M3XBPD! )J%QB8OR[P!$($(I_&GYD3 M+R&#X[7\SOXEUNYK.3,+3UK\YHWK2_R 40,M&X5[UM-7F.O98307_QTN(#P\ M9.)CU%K8>*)ZM$[+F<6G(ME;NKF*]Y1>&UL[7UICG?;^B@DM;8$03 M(@Y>&J\B.#QDRG.9'-G/ZW@?&D"#; W0#?5!#AW^\9M7'=W5W0!(K?=YS5", M2 )U9F7EG5F_R_-"?5TNDOP_=NZ+8O7=M]_FT_MH&>;]=!4E\,T\S99A 7]F M=]_FJRP*9_E]%!7+Q;?#@X.C;Y=AG.RH,HE_*:/SM$R*_]@9GY[N?/^[//[^ M=\7W%^FT7$9)H<)DIBZ3(BZ>U'7"8\9IHO3WO_NV^/YWWV(?[C=2[].DN,^A MSRR:U;]]'V9]-1H$:G@P/,COPRS*ZTW,Q.YL?SV;Y$463HO_5V\N2[N)[F)L M ?T^A,NHWNJ/?SI7UQ_.6SJ?PW19N( 99]%7]8?HJ=[NX.!@,#P<'YV>UK\Y M+[,,%WL5YU,8X2]1F.'.U458>(O8WQ\,]T>#ED5;C1TY<1OHE6:%0!. '18^'/^Q4=M&>'V/EHL\)168>(=M&ZS#*'- MVS*/DRAO&^AR&65WN((?LO2QN&\;\CQ-\G01SPAQWH:+,)E&N(BHR-6^^NGV M0O5V]]2NBA/U/EXLX+YY$U;NK7<2T51_.6B](&&>PWS?>5^'^3V1F"G^$OU2 MQ@_A MI[*[B)X'K'4]P"-O7.[-%6M+N8#C"KV!_T7("E[-MC]?) RPY MS6+_R#]ET2J,9RKZ"D09I\2!T^(>1IM6(%/O^#DM *F[VP!1F':#]U,&S" # M5,%I$;HKQ/E )5&!FP>*4B[+!2'&+ (>,8V9WA)@@M'1<2MH@M'H9"/@?%PA MR4(L?1>%.9S*37QW7^RG\_V?\DB=X;J]O0.9>XAS7,@,J7H\*6E5&?;,>?6] M)"TB-=RK]_TA36>/@,728.0U^$C CQ,@AG9P0%B\0BBJ=+.([.JM<%GWH+=K-\=#4"^"$!\ #J8(]>]3Q>S*/LFIRM7 M//GGS!PZ9PZ]>] _&, A90IH7PDW9*#"LK@'>O(WV I)2=ZAS8"* 2A@54A> M]H%T3\-5#*ML.%[GBL_C:>P!PFTBI D821;= \6*'R(BELT0Z=YV$U* ;)BE MP&. ', 5C$ R\6\_#=T\A'<0AK#Y;;O87N]3B,AY'Q4QR [YWJ9\\*S"3&9I M.2GFY0+I*-VT;N!;^MJ%#Q816EI5Y;HS@RF=^T<9)4+:3TQ/:#)>I>T% )_$ MP^4"O@L\T%^SI?[3-"_DN(07-ER+G-C2'=#P7,'B9ZH7?9TN2D)#(@T.C\*A MPB72C;_Q!_E]^@C_!X:+,O+B24TB."V?ENLEU;^XC0@Q W47)1'J S3#;!DG MI%H4L(@ 8 3K02E:H;:1@TI"G"GB0[:;I+/8=R29<+<<,*33$(/'D1>4/^ #JEZKV#=GL* M=400R1\(;D D (0DKS,Q#A1(1D7XU1>EF"CH71%;KC>Z2K,HODN$$4V?U!W- MB^OS3AN(3EH'E3\I[AS0!2YU)'!0L#@?IM?FN[:Q\"XTP_L=2J.)^1J$)Y9L MD#6K(E5P'"1A;$ B/[2/TDB2MR -YQ72+_LU338E%]X)T659R,6=_5SFA>"" M2*(-J"#"1F4]S9 ];VCC 69#T&XTUHN!C,K.%1"GC>GOF849+@!(!FPGAM4X M"(6;A+](DUIEZ4,\@XDG3\KB/U*KAV91S(A.7>CO'6L/;]Y>HX1P?@\"-D)0 MS<-8.!KNG:6Z&(XVMC2!2":>$*Z][6AN-R2I=N9T/*_F;F)\&R$7TTJFTONBOOQ4X94[W:*-.5WP= MN@'S*8-;&:](VG\R5&2]HM0^SB3-LO01IK4CS;-T"=)3$@-0\PB @M>,S27S M<(JHX8G8G[)T&D4@JU'?ZSPO:1TPXJT,< $C>[UX#V9BN!EWL ,ZM7G4<$EB M1+5DEI.N0_2W1 E/W8 $$2^8$J_OM"$#X/.>-QS+VO/>I-/E?!Y-:>]S(:8@ MX3+!HCU-!4'3A,8./,,8G7C6;0W#E]$D0Q\PY=8PXR:=-+2U=E>+TY8OP=Y M>5UOPU%ZFGJCR,[:( L@^3=Z\W^] 217P*T?PVSFN4PVND^&(V]P94@5%<:L M+_=9EB$BL[G1\!LDV&B;^7-X\TWZU]:!6*$?4C8&X3%TBD9>3/)[%848&SC(A MYP#) (\Q4Y1QM(-JF5X":*O@,CX!TJ2N=IYC((=M9.6&?XH M<_@_?KDC/I@=6L0.K&D'1@/1NJHVK%TAW&T@CBJC&PF]T5BO'N':*KI6^#?V M!>DY0UEL5DY1F7J\C^'PX?C4,LR^1#@HV2+0DK+*8O@P1K/(DX)NR&A 8(KV MY^@Q@Y8B2)'),5VM$!U@Y+LL7.:\<=+-41]:4,.? MDMB098#USD_]V_[.7H#[_R;OGL>:5Q:H?S%[F*;9C&1^6 "2$]R@D?5PC],, M%!"U+!=%O%HP#TVB!6C;(1M)8=.H=ZIYN5CL%S'J^HA"[G1T-O"_(?U_%*C? MWWZ@Z>'GL*\NRHQL/K"[>9SEA?JE#+."#P:O,T-(#I^U73+01GS.=L]OH[!$ M<\H?]2H%,=2(9G.^YMVJQQ!VECY$1*A#V/<=RP57ZTT3 M KT!3"7-:2WD(&A0Y$#*:(/Z>I"^ MO"H1W^&:LVDQ!2$,KSOP+*OP1YHF/,^H1TK)/Z&>A9+L5D#X((&P.%@2,5A67 -RHST MJ@+M&GB$L'P<:R(.9AAT%BT"=I:2M;8$Z4=#+TKN0E&HH8^YM:BF :U"]O$( MDT4/2.7NHR><,V"XT24&@@K*]2Q:DI]7T)HG( ^'V+YF< 8PE!Y!X=+NB*:$ MXNW EG1T!NTL3? S7OAUT:2(7 /99$!F!#HX6!FT0GBK O5_HL?4 M2-1,2V0QDL; !^W>(@8:!^#('D!"[5_P.L8098C63_#T3V\YA+?T5^WQ=."P89, MP-FL_DQ(,\VN+K\"B3??<-]8F!_L6MW&2R $F49M!B6B:.P>K;E^D9!GN6CV M\B&EU0@=--]\9O#V]FO"V#R3BI:K1?J4:WR&KD :B;5%"#@0-0'O%ZBB6O(& M1"W-[$75:@!1D2@$B0.%U87(''5>1!@2H5W".IUZ*!CMTS<[3*( 17$RG.0^ M2\L[)+D_IS"30MM9"2V(GKP'9EK&ZK?A9;?QRL+L(H< 1N-0%#C:+D(H^6:(BU(]0B<;9'.-C,J')R)K)1B M-@[5DC5=#M,8#LW?@;,VO'&5_2+R 7]L!OKYAQOU/@+!%..,RE6 ]!"P$TC" MEP0];M#O_#Y.0O56\V?-LC?A M+$Y5[YMO8/YOOMFKKA@ZX6K'I[\QT*5#HL4:01IN*_[]>_)A:"+!:%/,^C+V M+0V.OQ@28R1O>V]@<%Z?Q4]#=AP3I!;J6&I(2&) [Q[L4.XQ[@-0LPIGE,^8 M^D-#9#=X%HDXMD%:+^[3F9@32?HPI#W4SG:V-Y+IOL>HN>=ZZC1UPGN&UN59 M3?6HN"?L3:T"/:9%H::4(8&HJ*46YCA"DT$!+KW[*5S\WHR V0[_UDN M8N2\[]Z=P\+Y+R15L$1 ;+S8!0CW@/'P26XV>/[V&AD>',HCAOB%>AZ0)]., M#TD?(=-I!"D(((7F>Y5E\G5#N-W\@,.::X<=Y2J&%#DSAX-$T0B @^NIJS4@ M:)HEPN\X%N^(]_/VVM EHN:RELWI$_-$_$N&93Y&-E'#<[^.>>M_F^@67S;*,:178GQT62#V-+<%80#OG43$"1:M9/J">< M;7QF.,5U8NV1O-50)=$C$+T,6.5#G)6H".=L'MXY__BGZXO]P>DW0+" ;H/B M!7(WFA$R"ED6N3\$$24OLSFH[73N?R[O49)G)H>[0WD :2+P%U98.(E R]*X M]+M%.JG$Q*"0Y(GP,#B3*[ZLS9K,YX)ON(S/(7[0OE'KS0B3,.S0')$@^ M,3KG#E1/')^V$B]7*5FQ,OAK87P*+"-S;S39A$F!V(HZ*?"\)S1RWB//=-LC M>%!E"H5G\JHT3T*P3$.RF($($-\E\1R$<>#)< !9N=)Z*JTZ!VQ,LUQO")WV MZ?+)V[H^,*1U2+F,0MV4\-''P"HD&43TFW)P4#:33*1&66Y)O? MS;YB;UH!J(4]A&FR=('1A85M")3>-L6BXQC6&* M'""+T4+ OD<2[@6,%NG),/.8EHN9-NE6S72I*E!U#H#6)$I!X<]OTD0 @ ]1[1:D(2 ]YG MO=7I%(>EZ#,3YQD[Z3"HVDP0 2+1HG$W>3F]-^Y#"H&>T &G@*)_XSLN$J"5 M^VPPAI4 3VG11DN!$'12(T G,5H>6%H.Z"JS,YM(CH>W.<$#=$@O>$$:+LI MLY89/[>+IDT=!,GY4$S( \J=GH5]&?Y,HE>#D <;!2"Y5YA$3:V7F'%QJ HS M?$231(2W*J$EHH?5+!E:\'ZP/XU$CI5PKVV#$W'!4'86R8QSW_OD4I])%"5J MAK%U"!X\CQ N?!NL^(AZDSVKN\=+( .ZSS9@)TI+TU.P"H<+T4:S&>V!U!XR MPTD,I=BY5FR$(8"RH88"$1;&/:!^.#O[!/P*28M>HQLI9'&?3H-V@M%#EF)? MH>T.LY78U)P5\10(W. P7D3W942?':[_W\1QJ#)@Z!SQP? M@$*6;#Q+Y?: M+8_>X#C/Z5S/:*NP ]0-R%(Y2XEV:81T&&!]T?,T+5 :R"ON);-Y3D\!C%E$ M1=1R3<2_DH+6*<'REHJ2\=:-K5,]/-"8M7%HFN!J\%9CO L'*4RSDJ*?J>&, M3.))A%9)5.-(#>7@+=<9I[>GJ0,VH\O/CGH7200H,[X/ND-%P>194+>40^=1 MV&P-<-7+80,DN>@D%MB=G]PR)6S_*4*/Y6?F-%L@-JCR2..(8(;Z0O\,O))V M3%B]$>T4KSD>,C*^R$H2?%78-'>6)$A?.8,,;4<:=_]@=H,;$9;JT0(&)]] M3L(WP<+"9FU'/QP;7 OFU)$IY>B3]W MA?#,9/,Q F[ !(M[$#@MI/KJT@!-$)\E,(W*KA16D:>>(90%VKR+YHL9[&T! M5PKMP//BD;PO** 8W BG0F^\K">"QYU.F2*>Z81_ A!FZ4J/@@)*A82#, L+ M%^ #:3HK[X#V4/ *&_VOS"F=V7ZWF(4:9D HWJ;P ^C_U=GMVQUT>.<8AWAV M^Q,-L3\X1%:N%YSOJQ_<=9)@N:]=)0M*)KN5[:O>;3DI@$I.U>CP8']\H(Q% M*5P N\_ER DJO'PBOAQ^&/^-; U(B)>&Z'%@?\RQ@LSU0'J3X#X;ZL+7@USW MH@6S7RA$YU4@(-+BP#UJ)P8&JZ0Y.R^K&P"72%=O:8Q8\ MXN'0$F&\RENO,/E;#5R"BJ\U3!JN%ABSL(!==7*"OPW4X!A_#M4(?XS4;__]9#@8OL$_QOJ/UA15 M0\<<.L<9L5T9BU[;#FR_]@B^9;[UMKW17@.);5D::VPVF+JB'3/?U9E<--[F MYCQ2KNQ9U*_4'[_^GIQA%1^YXEP1'PF^GQP,KY)/9 M?;XHD>FSH*-/LC<8X=6B_U M86=^\Y;-/TG8S$Q$ RUR*%_DP"MQ>H@D""G1\'@$-P3_/$"X#4^&ZFP^!X$. MP4R1$#9^@A4S=)3F:AB<#*'7,#@\.(9^H\$)?72*'XU/3_&CT0$%E7M1XZCJ M]7"R8_H-5W&B/F/V SH0Z$YC_BL&*8 H-H_V<.3C$WMCZ:^FSW;547 $U+(W M"K!8 *PA&!\?T8=#^O!@S!^>GFQ+38^K5O#1286Z;NTE=@W@@4MET^93;B6O M+*8TD%B#!TZ.WC^$W@Z&QT)P1Z=,<0># =/(1W?SP":?%@?-B8XO\9DZ^:4D'H)E]8?; = M\M2RG7E5IZ$U7TE6#)6=<*+,(-#@X-OOLH/#@>J\') M@)4(0OE8IVJ1>BFU3\;(GL!\4?$YY^&FMA$EO0*,"(]]3 MSRWWL8O3 .&:0X&S6 [8[LKV]=J26QLCT,917^BP_HEWY#K+G!WED[$O88! M-$5>C0QAURCP-M#B,>8NBSFT0X+CNA/H6"DW##1-NE8<6X*>1\MX/R2SX>+) M6A*BKVA:=XRR&V%ACQ(5Z%?Z1N):N/]ZQ#3=3W1W;5QQ%BSA\>B'W^2&?TS4 M533)R.@P9OH9J#\JC-(4B_B,/*98Y(W,U)PXJ&.!D:/M(I70TI. 8Y.I]7:& M#C0*#,J1.%PY)VQE&QG_&GG\JZ<3.WLA5P29Q20@VN1O4KP2)PNFQG2&)B_V MF];6?,YH=*5O_A&M7]>TT\!4:7Y?0E3UY4S;,D>57KV"1AHGB1L8K[+;DW')H M))[,K4 NMN*QRDI J<:;*>#S= Y/N250\HE_J@*@<;NF ",0L6DG^FUST M"DX/CM_@X4_(AT,.%ZZ3X5@YF5V2Y(GA2^Y7EV^O/U^<,961&W.N!ZLT?(>1 M !C]?8-3Z,O4##I@I#-8*M&G29A\41\EH>4& =#;>7?]]N/-SMX+P"DQYDC* M:;!-03LPH!UL"-I-H-%7EQQF#O=0\$U72\"=8"@')G61%$&NF9C+8=!/O!)I M">0F O$-Z$=J0U+8"H&$>I)%X1>*O4\I3OL#.L(26$M**1R1H=LVL$)\*LYP MC_< 2>SGAQ9=,\<$E3F. UR;B0-G#!$A.V-+:J D U4/->W>HHB$:>P1#K1 M9,%DH!9I*_YGE%KD>B)?H?4RN"0LPB>-7/P"QD6K/CHCM-_6$-YER%474H_Y M#$=]Y63U5PB#6[74J$Y&PK(GH&-?4"*6MN('9M/E%O]HPZ5*"*EGY$T4M7G&H!<6UTSG+?" HGER WY M"N?SF&)\).4NB>[XCVD*Y"RD\"M+2W2O2K"IW'PW]<@)SG?,JM7L(J=H1C6S M'?[Z6<[=1(EJ-3'?J^-&@.9=Y,["Q?".?"?N9G+EN &(J'1%,PSV?H-<@P/" M%W'$NUCI6K.I#HE\@\$D[L:9,:2ZG YQU#>8;T;E);"B8IROTEP"EO0@A/Y-*3/X*^$DL+\=IW-@)T5V <#+" M63?B[F!821! *&'L7B4=D4?-XOQ+)>L*!S5-C!CG^$90'$(IEN@@C8%XSM3! M6Z,.@4!9.9Z3DARRZ#3';.-[(D',8TRD55!.6H'\LDLJ'^/Y9P^?VB M AO ];D@_14W:U"Q6O6MT./;HF\DOU @#5H?;5X@$@!3A-J&&S0+:FQKX)$X MV'!-W;?^IK83A'"<%:C4D/=M'?:2S!=18!P'V5"R-\6A[0X==5RD\RK&D1)7 M-W30(N;Q5U8["8R#_@$H57K;+@9)Q(YVF/75>=4YWWP<;!;-HCG:=G@D7>4S M::G4]]Q$0O88D8Y\(Y?/?>$!X2\(02:_V,83.SH-F?T,;VWVPS,R/T880$(J M%I.ZZO$Y^BV"V4;MIO:=!)Z-*]#2WQ4+-?!2LOU2?]=%BFEX !SC(M!%KG09 M8,_\3OL>]T^;!7GEA4NQ0PL'_8Q\9I72#;R5>#,CK7B>R7>L1;;[V*0!:G"8 M0!EU^=NXJ>ONQM#TJ@T_-$L1D[6S7!-43Y:W#&G 8YI] 0:))X.JJ?: 4R00 MB;'2G&WR\1T0-(..G&&/@TK:OI^YBF(LYEJ:B]6X5"[L'!:A+MR !W\?9K-' M72:;0(C?IJX_53QA66%L?(P&=$,]:SVIX;59)$W$3VG7@=Y5PS$O* M6>:1#$T!B 5GG@D6[:I#^,_UB/B8-(3_V!0Z]X<_AO_JZ$I?# [4D71S/MW%R+K! MJ&:4UE1]7U-U>[I&\/#:&%\M47X/DC5 _;G>O0F55(\09N^[*B!S==H?U'>9 M U;WA_ZXE65Y QW"0+_QASKJ'\#'MT@DS16KY ^Y62>.D"O=JW$W6P&6-<7!P+> -SI8KE%F4X.3L1J<'@B6=!$SG.L(YCJIAG_ M2IN?0J$ F0,.4&M[#*4W&'$(X! #T+J>5 &D'0/6'H[,*T';.KH1Z4^>[2@? M'$+WHU'C):Q"28<$5##)BO;;8=$+:1%5PR;K-#D")6G#E>?Q6B]A[C(S93Z] M3;FX:#8BE6GK&(/G!$2GO4-5TB/"9@OUKFF,=/*FX1KHC$T5.S5?Y]INX)ZC M=ZUR-5)')W42L6N"8O3/*^;,EB>3J$5UM:&?5":K#^VA5*Z59LN;69I/1/U' M\TF:M83!;AXO5;VA_IX=GI WQP2>JN&1&A]R8"#&UARKPR&'4>%?(S4^X1#! MX1A^JO&8 P7Q _B+F$L6A7.4/RD<_@2^.!U4F)&!Y1 [8M 0],9(E^\P[:%D MI4F88N\08V=ZITPMQB,32--V Y%6C8#\@$KZ<5JD2&L/.Q12'J8G;L3+\XMS MAIWQO',RG;H,83'G*?Z_$E,_I?%8.!GT;>QICM$:$24HJDR82AES==8X5[J$ M AS>VZBX7T3WT3)0GZ(DR9\6#V$2AX;WVC5Q.:$&">]09"V6G9U+P>UT5;14 M2ILXT1S.X)*YQ:C'U5E1&M.#V4&*BOB@!Y3NMYB7:HHJ<'HEGA<#WX;OB@J" ML0+Z.K,)93RHQ._"=MMXTQ-W&-D.;D6-ZNX"&^!C$ZJ]-PBT Q0/S-22,5Y) M;(".)WL [""/M/7'&B30#8Q'4H]0(8/&)+JC,41>C;-9O?*ESAK#0@6R'0!, MP^A.51S4MZ']0K&EG;/-''.NP3X+3O'+>+T:M1)-?NP :LP>M1K@C@CY28 MB?X#LJ8;&J>QD^SNM*"$LPTM!FMEP=/+;R3'L$OX7[^J6U_T6@[-Y)U0C^=()56^ZLPTF*P^&]Q]OL80U+;RDAJXI7_R%A/[U!+RD. 8-G $BQ\&8UQJ< +[/D(^%QS"%LYU MB>!/HQ.66-8QI"JRGB"8*6R34T!SB MXB$[UY98[:Y?.Q"Y [FS*+1*< M]_KIW?GYSIXMCP,,'DN/6E [R9-24LD4S3.Q^,4LJ!L6:K-8G+2*< (MH/92SJ!WAW,I@]H9PPM0->*U99XZ(VY5)KL8FB! M-B(Y:]<[$G-];DH28.D&UM4>(TK*8?>O'(>G;Y =%5_[P?.F@LCV05"=),*X M(ODA55NJ!8A96^ZLS69V0A]$%WVV5,M9 K5R^VV<\_L9DZ&8^MC M.)L%+("9.\MR@XN"$J9*<->AZ.+RI@7N,XSCRAL==.1LYM<76)I7=QZ)EX1L MT1&@ !TQ+7+)LO@BGCYQQ-I:..JH.P([&\/KH&G%4I8+J[B%2QUK*NY"5VTVQTX&<5S55!XIFL4D,55\25R&200T+FS%54#HFEJJ M84SJ0,^B)RP9;.L0_6CJ3Z%=VW!<"JTR^R*.*&39*"A\8VG9CQ'9KX53Z)>D MB.;J"&:8 NFURW&],J3&45FC-$C'I/B%C@VPWF6--/)4&:$2TG9.-Z,4"UD( M73U3Q2PL;+T$7-_*9*!QH:Z9)KSRU@R)Z?7:'70YF@MG32+DUKD-?.I[+JQ9 MQ!9]" N"X7B'3Y(AH<:[C.$%1NP$18HTHAP0HFC/-[>]VE8+K<(N-- MU,RDXQJS;FHOIS!V)([N,NC1@SO*^:4'#SR51=[W^]SQUB$^3+)1AM[U^G<3 M:9X*Q.$F3*37E:HCARN_Z640)^Y()\=E)+KW#1:DI%(JS M3E P+/6#'W[5MUIY)2-SNZ*JOUGC1@S5UM@"Q&0."-K,UF*@W5 MRQ;*4ZD.Y=.5]]:5,20:H,_86@GD]-PJ2EC"/L6(N%C>/> +G#H2JO2"QHD M$)&8G_221[I^+K,XGYF"DBMR,FMU&:"'I:XIILL6P NK11[=KW2TO+9UBVV[ MZ?#JQ=40UHOPT37;BME,,U9=RT4JOY%7,OX"C/N>I(0Y3?# \6LS_>HC#JMS MPA$!G/'L8;&*E6I3AQCT16;Y M'-X"JTT%&0H3A4-_6YXBB.NCJZY?(>; 4)NV!+W,2VTDM/%&C%\<:;4TITR] MNKO">2+6H*,62*5?_QF*31,;(!-EE52BB>_HH%IJ5 I@69)&X^PEH M30!#D]\I!:K@1_''4ND$6?Y#;NO5F0U6V)< M(*G1KGK&PH]NGKNTQ$4-?4.;%I\F36LT 5B"3*;DG:WU%&+Q0Q!/N!09QNQ5 M2C()]$54Q*A6_H(B_"O>'$Q?S@ M4"E=R\O8 '1($Z=H7M_<[NQQ^5V3$XKPB+Z&2UT(1"ZK71Z&I>K+F/HP7W"N %X#8# 78$S'-@ M_?9)7HTQ=A%GO0&_J!,UI2<'>)Y<@JPN ZZX)H M-$,O,._%/0%=,[F0"^VYB9S8%="&)0-?2XP@8-AW"1F*A7<&X/XIX*2D(&EE)0'93.7R9U,I2E2K";BI MH&EX(,DBA?MV,MX-*4C ,;BMLHW9K)G$X2AQ;D3-PF%2%>.'H$CE?(.ZPU$, MI^:9D9@,"*')OU"V9IP]7/E> M':&:B!+"S8]4(J39'=9$H-[Q7JL,Q":3+*I(#,-O7N(NB'$*;"\H0:7XJ!_E!N14O\HE/Q*E668Z M=IU,E6@ 7I1:&B:KG*PE4&%2L1O@(-B5-'#]L Q] #HIWG*J8SZ+UA5@YN4: MM=3<5[D+EM;9Z%(WDYA2B=#O\&2-B/9XB,B:Q>C*FSJ.@%W@F^)ES*%K<[EOVA7O+LQ";XAJ0\B3]1'#K*L%K@M?2(D6*YMIAGEEN9=8 MQC97@ZA-^%DGPK8H\K6354,%RS!%YT_D%GAO@QT]1N TLU2_*ZWCRJ;^V(0. M?]AMUT76BY:2W2Y-FT05$Z22(%+'5A#$M$4N46^:*ZB("F@@# M4B/T7WI)(Q=Z9>(,+9^WSU#7REN0RUA+V[')C_)W+L'216)^Y=P5*#F1I1J1 M)+%'#%B!J.NP!X/Z5\= MGAMOLM[Q'W P6#/OB.I[CX/1X=&OOV8V9>HB;ZH'I.E+E-%KMQ>VXINMXU9I M<6Z>9=4/@VC:6*&C#J-PGA2A$*/&8@IGZM*4'E2D\WU(7I4?T'! MZI9*\>FRS('Q4KG" R])E\,!@K=3(<;!CG(*3;A/K+@EKB22O&J"TD35RL?U M1#E.WW3V36) (\4UU9I0:'< R&[?/&K)Q>74O?50-_MJ/+L& MK[#SQ9&4C]&\Y6-03(N1S>=H$6[:+);JMY8;MZ::;KZ@:L,.2 0#! M+:&"J(^OG""23&-^#YT'E><"*5TQH@H2N8O-5+F>RJ1*VM,1IT'^GR\?GMQ%HAKGLMI!293F6,N"8LH?!KD>,PO*HFL4L$ZLOI* MT!B[#"5:Z8J"@.IPM:9V]R+Q#8N@6(:R__3D"WB![H?L5&%M!/TRY) M!R'W,;T5E)I+;E+12>D%AG)7W#<5UR'0F@-^$J%N_L2*EG665VZWD8A"'9PG MU@'RALMPWU2Q4(0G^Z 1\)*438NB1. J9_SJDW:5!M5=AUP^N_J #[Y'[QR. M?L#&V2O\'BZ>6%0E8P$H-ZG$Y4Q R[M'4A1S(?]J,1)'!Q?=7<-'T=E&I+SC MC5FB$!^Y.Y:'C_7:,>S4 8>$W^65U+N@DED?M*)(X)I9)8RMQ\86YG3X0DF< M$83(KF.^-,>X)MW,"S& .X4Y_ 1QA\%42'?U9CF/3#G<(+:'2X$-VK!,AFYT MB8""@+YV %3@K8+C-O7O-GW/%)(#!'8LS$[ H[7/:8*5NF](N2>S]JDWWKFH MZ*"PN=#2%)8(;D:/DUZ\I\=^I,,Y=;C\JC,Q/E)F?*;'P^:D'F$A4;+7H=46 MP2>J$GEU460">HF)09JB5P8P,5UDH1$':;G X!!-YPWM9Z\KDS) _Y@>\*P2 MB:#F=<%@&+,$J:4B1)BO9F:RTKVU^Z#*@V8^1&04[UTNH6YF1:+2%?4:49J. M56"1(?VDT##]GH-+/RS3X)N!A *5;0?$+D&QO(8_$QMD#?%)O7Y>M /E-3&) MP2((F/V!7_H9("$'D&%B#^]!ZB9K"+S%ZF8-/)Q%*'0O2 AH"."<1=8.["4^ MN-&2++,)%Z: 3!L",'GJ3E'8;TA1L"E2F*G@65F7Z82<8!QP*J[:3PXFF-N\ M/BFG(>\&WW4Q1U?Y ^&NTTV&IR-)-!D=#AM. M-13CD+92 Y*.::X''N2K+* MZ/1 TE3&AR/S#HF5\YZUA4H1@S.W+$O[-[RYX2FFV Y/U-%IPZ8&8S7"S.Q1 MTW[&(W4,NP!M;EA?8I/:>RY.LZY,<@'X,!B :@@ /09@^:N"KS&1"4!YTK2N M 6B6 -[1*5:(/^''26RZ#M\0Q]:&YM!D2D7.1'RIW6-,;JCS0H> M%8_UFNRP*G3LF=;FW25<02RY;1$ 5.^(,F]5#0.(9E9>RAH,QI2=2P7IK?H@ M :J8T(4/6ESJ6H&F'!(:X;%F'6RF-U![CF6@NUQ2CZ;#5V.,8B_"KU3=/SJD ME[MPS"N)Q3#ULN_0]]S#)>R!YDVOVURWPIIJ'PS4\.B@^=TH%.&RZ!ZF1M[ MXVS>4O5PIWO\^!- WW'G9[&MA&VF/*SC;LS5:>DI I1:J=@@T2W5T9!N)G, M%@91;^?LX_D[K%@?HXJV1%+]-\DG:*Z)X9T)29HZ5L-Y;14'KCT057]&;Q>S MPAG]Z,?'ED5[N;[V66.2@.^!T: P-:1$\^':EZEZ@R-^A(%^=*R1WLCZ===( M]_*H<.L\_/M=/NNET!?7)/^R4+Q,Q=)/J9$WC5?&EWT@R#=XXD:D4 M+5AQCGOHVH:B=8Q[2U=[GR)R.7P&[YH./H?KAW4EW&_7\LF-<7A7L EH#3WC MU7KXU6;K\WNW6<&10UWIC_95U)MZ)B;0GX"QX@%8OX'!>2Y;SGW/F$65MR0K?ZA\[573M[RGKYZ?2TV="P0KZ_%_K>\%FLS MA*7<0BL.ZQ9_I19/JOVZJJ_+Q7=4C>\_=B@(/GN(=KY_S45^S45^S45^S45^ MS45^S45^S47^M7.1U7.>9N]])J>V+^E/[Z-9N>!PR\XGQ3MF_5__V'L7U*2J M;]-;Q9Z<_R_\)GLK!IH1_OH.+JRZ1B^QKQ4Z +<=:,0.Z?1[:PA[?6R]Y;'U M+DB'4XE&]9]B!TF/:FPW6R5?GV[_UWFZO9,VTMS[*&\V(='+2:F]] M(X[=D&:UP?8SZ]0AU)D'"W/,SV8\H!5I?37X"N.74I4#\>Y!GEN52 MO]G:Y?7Z<_T=I=J+&]7'-3;#I-?W/*KO>3P;*[AR?E!]Q4'K3;?T'H@;.=]) M"S8?9MT#4IL/M!9;7A\Z>7WHY%=YZ.37O6*4@G:%D=:;7*\-NFYYI5H&V>XZ MO;[V\L_]VLN+4;I-&%@C/"RE?>U]E/78]_HZS3_EZS2MSURTH(GSPH00=!.' ML19%7E^G^-=YG>+E!2@VL82Y%2;6UA- ]J=?/BO M^04IWIO<>_>EFUHZ"; 3&6JC*,!_NERJ+K!XV3&53*A_"&3^IU.TNL"C4[,N MT=,VBPO*I2.1F@C"F7$:-X/I^_^/L[]\,6Y]MEQ?,CVLDWZ["+ M*KUFG+UFG+TTXZPES>J"4KH U/OJI]L+ MU=O=@WGA#-[+&7C!A%(ZQ]2"<4RT?JYM!HWA5B61>@N;G&%ZU53]]3WI.0T/ M@1JC$8G)C#Z?J/+G14/8" H3@%S_62YB+J\JKP&;$C[M$[E#?[8%6@(6K[ O M652=K\2X5^E:'U=6PC1EFP7)3L[?7NLJ\-#KLMY+_5UM"5$<=H/U+MBYF5>B>CRGBK8*[N*@):181R@7DEXYX6^C4^;IG\?%WD9J[]>I&A! M12BU;OL#B) !FWK(:H=)\CS$ILC$Y\9PE#:03E^;9 M&/N\#'% -SOR[/9<'1WPRQ22PGBT#^KVUH2BMJ)/U33+%.0I(R!5FE'. '"6 MKF#ECG"W9X7N;[NW*XZZ?$=1EUXT=N?2-XB*WZZ+[VSI"-%_%G3$.U)1>X4X M[55@MS:-H .D[_&M&,VEY1"V SNM-FA<9J"NXAS3D?Z";ICW(>P'R477F]8U MKTF] 7I.&C[S5'CTHC1\-GY!E'_+MWO/X.4R:6!DDG,MDWQV9)(?2"%KE$XY M]!OCB.K?;!'E[=WN#8*Z/?=,4_2VA^T=@=N;AMD[90%U5L.>E$ML" S>Z!)N M-]6F5[LK!O]E*V@8H'+IC'SO#>C)$5]_WREC5*Q*+[@R&U.PEF&ZKU%C;/FV M=[$]S+MMNM8X[L;371>ZC?]_!@D9#-5[UG4N4=?Q*'8TZ:N#<7/A!YK8>M0Z MV2:WU5&R&!OJW^X-8V0;&68M3+8]0GVK:"!/HOL5(L@;(8.KX"B+CV;V-> . MK&T. S,#E!E)LVD5DSEEI?QVUH \Q1(VITQ.^W#]2 R]VQ_>6^7',NDK+$:#*IVWQ)A?[3OG M+5_)E@.)'T()X&V:96SZ.P<=>-H D-9!*I0&?=V?. 4=>(8G'/<'8S_L6 :N M'4B@EN%7BOB:F+5-6]9V 3,^$- #Q SV4YTMFRFJ;FI?YPNT,WWC/9,*#JK^ MNPB?=K)--MY;B4;895P@45ZDOM'!H^?OTD>8Z$:7!V5#P>TJBT(*(/F3+E& MAU ?[*#I.G@S_!X4N1=,T7!S<8K SR&H((Q/'$]]LP@J+--[X'\)LK)[JF7E M6^S4W]?D[SQ_V,IQY^WGC<:X;5F@Z1"&3OFNV ^B:".A[I6ZBK^R3MY^;(/^@3_UYME"AE#.B]_^^^#X MY(U+)8/MC0MZF(ZV@],60X1+9]O:H%@9 60DG>DBRJ=9S&:V+D%7=ZO%^0>4 M4,.^(Z[\T2")L]>A&<0.)2-!V;-XZ$AA+$!&6@^(DC90^-(-%*ZMS8[M:1[U M3;2VK"1]M;\7Y4:^!LI?<]7\LZ:[P=;+YHSH6G,)DFBP=7@1N#H=NLF81Z,P MW)K&VC*K:5-0>136\G6;KU4?XU2RM@>,66JL9N&3KU[6#_E9/3CU:-'ZC6PV^%'_8.2+EIOE"[4?:/M=:I5-NKI\,)6_ M-KED2'B<2_9#D[EKD\OIV*ZVN*C^4&LZK =->X>- ;,YU=/Y"YO2HT_ZD>6D M?9):WT^FUE+;9-L0^,K@&Z_! :(L MA>N061\@?(@VH"@V/&]PBKR4EXWC+K MO:[K60HFVDEH\CHNL!8MF!68Y):-UC#W\E":&4PMHR70R2+M9^$RINW6U)"A M[ E5DIG3)DH.B/C[HMC7[EYCYAGUSR_/+\Y;.YT!EG!\ 493\FOP)N+Q[ZI- M+&2YC."#L#^S@<6!>EO&"XISN2U!B-]47CML7GP]P1-O0%)83Y8&Y0VQDI=V M#^BN-]^H]BWG#?+I!_,*U!5JSN1IN\2B@N0/_+AJM;VV35&7,F'%T2/FK#1( M#RVP?/8.L#KI-CMH&(WAVK7H%NPU64S;FH8ZTILZ%([?-Q3;EY2>^L><".0U MMOD]WD6TB3V>-8HS>CST=7-Y/-79<1?!56U:>:U)RT9JK9KW51^J?9NUEAV[ MKK5L 4*M53=,O.#K%L TM&N#3D/3%A U#=H!IX;F7,GI-QH] !+=39I&,/3)A/8\*1_Z'_ZTX?K MSY<7ZO;SV>?+V^>O!)/$HAF%_B'/+ M,;ZQU:E_OH"F2Z5T\$::+P#.VGGHS MG<6$LY@ P9DNF\K*!+V;Y2,<2I]V>;GPR MV^M4R]OJ,%B+HM5FK&Y*QFIOQ,99N\1-#.4^?Z3'69L_]L)EMDFUVBB/ZAD7 MVG\IM%+*H"LLK;J*2Q,\X<21&L-QHP][F_V[.1_?MB1+/8N>;9'MYN8>X3DT M9BG]PY;SLL2A9RRN,^VF73)_[JM#O MFX7AL:MDUC$7)K)L \U*2L;_"#@U&@)K\]1QS*30536IND?7F$[.E&]XK#\. M8[?3'=K3&=F##[H<''>&:WH/S70&^)CG9B[T4S2 %9]"XI:2V&[[?)OGQ??_ M!5!+ P04 " #7BZ=09F4KOSD" "W"0 #0 'AL+W-T>6QE;#OA7%/ML"O7BRG#G]]=.+7Y*, MLI%U8_EBW3VG>^Z1+'2*&[UE\% !:-1Q)IH$5UK7[X.@R2K@I+F0-0@3*:3B M1!M7E4%3*R!Y8Y,X"^9AN PXH0*GL6CY+=<-RF0K=((O1PCY_!N90X(?SUY_ M:Z6^?H7\.'LSFX6/Y]>'^)D+G&/D.3[E"8Z6;W'P^Z07X?.\)G9 O7B&NI]N MF(;,@\2E30SZQ:=Q(<7^'EC ,!,.:$-8@F\(HVM%;59!.&5;#\\MD$DF%=)F M\TWER"+-DP]'WK/_I>?A5$CE:OL*_KONIQ\$!L\*I(R- N?8 VE<$ZU!B5OC MN,D._"F$>GNUK8W"4I%M-%_@*<$-ILA:JAS46";" Y3&# HK1]&RLJ.6=6"# M6DMNC)R24@KB- P9O6%H,V#LP1[:K\4>=U<@/\?^DA CJV(PS:I[<_IKH9.\ MR^:Y=VBOCJ)%-=U(_;$UJQ'.MV<.[A44M'-^5XSU#3NI:[;]P&@I./BU_+)@ M=&3!-"9#'51)19\,GSTIF0% 8;0!I6FVBWQ7I%Y!IX?3U!7':IZ?H.:7WN<2 M!"C"=D6;H_\_[_(_5GSY[L\ENTOE4/ +:K0=Z 1$+DY!Y/(OBPSZ"WVG:^SU MC!%%ZY8R344OMZ)Y#EZ/;=H)OK.O ;9W=4^MP]!KLC:OJ#U^DYM#05JF[^T2 M73#!D_W9"H^6XZS52)'@R?X".6WYE2LX/=72'U!+ P04 " #7BZ=0[M3$ MI'@$ #0) #P 'AL+W=O4JQ[LYM0W<211TB/2.L\K M6N]WVGQ9:/V%?6NDLM-D[=SF8C2RU1H:;O_4&U!^RU*;ACN_:%8CNS' :[L& M<(T<9>/Q9-1PH9(/[P_'>C2C>$$[J)S0RJ\,*YX%[.SK]K#(N&^PA3E?3)-Q MPGCK](V0#LP5=_#9Z'8CU&J:I E;"F/=+)R[:]D()1KQ'>INR:[U[B]MQ'>M M')>SRF@IN[W"AFXG?P;[LN89C!-5KZ'CBR?N6:?)9.P/N!56+(04[M]ITOTO M(?%7,8HNH^N'P^>^$R_,_^E&O5R*"JYTU3:@W+X?#]B B2 +!+(X M&>2E;C819(E EJ>#Y'8=04X0R,DI( /C]==6N CR'($\IX7\Q*WH^NW1@/5- MCXO.6P3M+2W:'"2$DVK%KH1U1BS:T(8]B=7:V=\CR'<(Y#M:R,]:USLA95>^ M']P:C*_>CJM5P& ?X_(]QNKWF!;S8U69UG\-[P3OC"<@+MPIJA9BM]QIM?IC M#J9A5["([XH4\TE*+)0[X!:Z09T;KNQ&J]H/[0S,UN_?'U?,*"FQ4IY@"ZH% M=G;O8YA]$V-A#DF))7*K*MT F_-O_>\9IHR4W!E-(]S>$V%"JHYN M!DP9*;$S;H3RT45PZ:N(+WGM*^X-%X;%F)@T4F)K1 &5\85N'?O[^?(WV\48 MOS;&Q 22$AMD7X]#;#&P!F7]0PC;?S5C0LP>*;$^9NW"PMNS=VCDZ#4;L&C0]]C$QU^3$KOEY>NP&/L;$=),3Z^8G2>T*'!>R M_]W$M),3:V<8\QYVS#M=MS$FIIV<6#MX7(NUDV/:R4\Y-];33HYI)S_E[%BO M-PM,.P6Q=G#,N#<+3#L%L78&P^_ ?5Y@#BJH)\Z.TF_X^V88$W-00>R@8\Q[ M;L+,Q1;VK#$F^F,,L8/P0'0>8V(.*H@=]!*(AH89LTY!;)UX(O*'0>;Q1%6! M6:<@M@X>W'IU$K-.06P=/+CU,#'K%,36P3'C^4Q-[Y85YZL+27Z"L G7-& MAS=H:E@*!?6]/[SUZRLNJT?#PL?^M[ZB#!/QRU;*2[_N0=UIWKWS$HYQ>)GH MPW]02P,$% @ UXNG4"V>3C?Y 0 >B$ !H !X;"]?;KD_M^,VN&TYU&3\.^]#7F]=ZGX(NEZLP3&=4CP_3F8OG[;H:GK=2 M+7[5PSZ5=17>CN%/-[SF)J62P_E-;L8%XT_>^_0_Z[O=[K!)3]WF]RFUY8N* M?PNJ\'60S@Y/-!3@^*\T&1'K2:#UK1@V[G@V[I07?S07?TH/OY MH'MZD"R!C$M^$L*:K[4 KH7OM0"PA2^V +*%;[8 M(6OM@"VA>^V +B%+[< MNH5OMP"\A:^W KV5K[<"O?4*]]KH9INOMP*]E:^W KV5K[<"O96OMP*]E:^W M KV5K[<"O96OMP*]E:^W ;V-K[BPA*^W ;V-K[D>@=^3K'8'> MD:]W!'K'*SRK1 \K^7K'B=ZYJ8>T?2G#H=WG2Y=\&OYMS03N7-Z/Z?(9YZG? M[I\H7<8M*9Q?+WZ)GZ=^1(1/?[5X_ M02P,$% @ UXNG4'>_$UO6 0 M-2$ !, !;0V]N=&5N=%]4>7!E&ULS=I=3\(P% ;@OT)V:UCIQ_R* M>*/>JHG^@;H=V,+6-FU!_/=V$TPTF&" Y+UA;*<[Y]UHGBMN7C\V2W-_MIYEVKFU*'1MKV,I4OYJ.-PUS3^VP)M2-"V=I039Z6*=]4]*]H=C9K2JILN>S2+7EPGG05:J+8M7FHM:?J M)?K&S#=YG[6/C[I+C=FZ93\6Y*?+$3]:VAU@J!QSSX=\2 MMY]02P$"% ,4 " #7BZ=0'R// \ 3 @ "P @ $ M 7W)E;',O+G)E;'-02P$"% ,4 " #7BZ=0)^B'#H( "Q $ M @ 'I 9&]C4')O<',O87!P+GAM;%!+ 0(4 Q0 ( ->+ MIU !8:HD[P "L" 1 " 9D! !D;V-0+IU"97)PC$ 8 )PG 3 " M ;<" !X;"]T:&5M92]T:&5M93$N>&UL4$L! A0#% @ UXNG4*X$XI5E M @ Y0@ !@ ( !^ @ 'AL+W=O+IU!HSW7,#@0 "X4 8 " M 9,+ !X;"]W;W)K8! F!0 & @ '7#P >&PO=V]R:W-H965T&UL4$L! A0#% @ UXNG4!JU([!% P U0T !@ M ( !\Q$ 'AL+W=O+IU"+!&T))0( #\& 8 " 6X5 !X;"]W;W)K&PO=V]R:W-H965T&UL4$L! A0# M% @ UXNG4)\K'0T3! 6Q4 !@ ( !:AP 'AL+W=O M+IU#R"N6!MP$ -,# M 8 " ;,@ !X;"]W;W)K&PO=V]R:W-H965T&UL4$L! A0#% @ UXNG4%@0PTZW M 0 TP, !D ( !BR0 'AL+W=O&PO=V]R:W-H965T+ MIU 1M&\GMP$ -,# 9 " 6&UL4$L! A0#% @ UXNG4 "H& RW 0 TP, !D M ( !52H 'AL+W=O&PO=V]R M:W-H965T+IU X\OQ.MP$ -,# M 9 " 3$N !X;"]W;W)K&UL M4$L! A0#% @ UXNG4(\IJ."V 0 TP, !D ( !'S M 'AL+W=O&PO=V]R:W-H965T+IU#S7@A[MP$ -,# 9 M " ?HS !X;"]W;W)K&UL4$L! A0#% @ MUXNG4'TDYJ"X 0 TP, !D ( !Z#4 'AL+W=O&PO=V]R:W-H965T+IU#0%%SAN $ -,# 9 " <0Y !X;"]W M;W)K&UL4$L! A0#% @ UXNG4 6W\H>Z 0 MTP, !D ( !LSL 'AL+W=O&PO=V]R:W-H965T+IU#" MB3[!U $ )T$ 9 " : _ !X;"]W;W)K&UL4$L! A0#% @ UXNG4"Y&:JBX 0 TP, !D M ( !JT$ 'AL+W=O&PO=V]R:W-H M965T+IU#$D>.*MP$ -,# 9 M " 8E% !X;"]W;W)K&UL4$L! M A0#% @ UXNG4)G=/F.T 0 TP, !D ( !=T< 'AL M+W=O&PO=V]R:W-H965T+IU"X 0" L@$ -,# 9 " M 4Y+ !X;"]W;W)K&UL4$L! A0#% @ UXNG M4):(B!NU 0 TP, !D ( !-TT 'AL+W=O&PO=V]R:W-H965T+IU!0B,I N $ -,# 9 " 1-1 !X;"]W;W)K M&UL4$L! A0#% @ UXNG4-B*C=7B 0 @4 M !D ( ! E, 'AL+W=O&PO=V]R:W-H965T+IU!$@]T0 MSP( 0, 9 " 1A7 !X;"]W;W)K&UL4$L! A0#% @ UXNG4)/%5R*W @ F0D !D M ( !'EH 'AL+W=O&PO=V]R:W-H965T M+IU#_U$ZSUP$ .8$ 9 M " 79? !X;"]W;W)K&UL4$L! A0# M% @ UXNG4./>P/Z= P BQ !D ( !A&$ 'AL+W=O M&PO=V]R:W-H965T+IU""[)M.#@( /8% 9 " 6MG M !X;"]W;W)K&UL4$L! A0#% @ UXNG4 6U M%CPD! (A8 !D ( !L&D 'AL+W=O&PO=V]R:W-H965T+IU#/^ 3J) 8 (,C 9 " >IQ !X;"]W;W)K&UL4$L! A0#% @ UXNG4$'GD+K@! ZAP !D M ( !17@ 'AL+W=O&PO M=V]R:W-H965T+IU"KCGP:A@( M ,T) 9 " >!_ !X;"]W;W)K&UL4$L! A0#% @ UXNG4 $#PH)N @ (0@ !D ( ! MG8( 'AL+W=O&PO=V]R:W-H965T+IU"\ SV'>0( *X( 9 M " =B' !X;"]W;W)K&UL4$L! A0#% M @ UXNG4-K,/B*# @ JP@ !D ( !B(H 'AL+W=O&POTP >&PO+IU#NU,2D> 0 - D / " 8+5 !X;"]W M;W)K8F]O:RYX;6Q02P$"% ,4 " #7BZ=0+9Y.-_D! !Z(0 &@ M @ $GV@ >&PO7W)E;',O=V]R:V)O;VLN>&UL+G)E;'-02P$"% ,4 M " #7BZ=0=[\36]8! U(0 $P @ %8W 6T-O;G1E C;G1?5'EP97-=+GAM;%!+!08 0 ! '(1 !?W@ ! end XML 50 R5.htm IDEA: XBRL DOCUMENT v3.20.1

Consolidated Statements of Comprehensive Income Statement - USD ($)
$ in Millions
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Net income $ 141 $ 186

Foreign currency translation adjustments, net of tax (22) (6)

Total comprehensive income 119 180

Comprehensive income attributable to noncontrolling interest (13) (10)

Comprehensive income attributable to QVC, Inc. stockholder $ 106 $ 170

X

- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=118930883&loc=d3e557-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580
+ Details

Name: us-gaap_ComprehensiveIncomeNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4613674-111683

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569643-111683
+ Details

Name: us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580
+ Details

Name: us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 18
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32157-110900

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32022-110900

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (a-c)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669646-108580

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=118930883&loc=d3e637-108580
+ Details

Name: us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686
+ Details

Name: us-gaap_ProfitLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

XML 51 R49.htm IDEA: XBRL DOCUMENT v3.20.1

Information about QVC's Operating Segments (Revenue and Adjusted OIBDA by Segment) (Details) - USD ($)
$ in Millions
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Segment Reporting Information [Line Items]

Net revenue $ 2,427 $ 2,501

Adjusted OIBDA Excluding Transaction Related Costs 390 453

QxH [Member]

Segment Reporting Information [Line Items]

Net revenue 1,792 1,857

Adjusted OIBDA Excluding Transaction Related Costs 293 352

QVC-International

Segment Reporting Information [Line Items]

Net revenue 635 644

Adjusted OIBDA Excluding Transaction Related Costs $ 97 $ 101

X

- Definition
Adjusted OIBDA during the reporting period. Adjusted OIBDA is defined as revenue less cost of sales, operating expenses, and selling, general and administrative expenses (excluding transaction related costs and stock-based compensation).
+ References
No definition available.
+ Details

Name: qvc_AdjustedOIBDAExcludingTransactionRelatedCosts

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227
+ Details

Name: us-gaap_Revenues

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_SegmentReportingInformationLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_StatementBusinessSegmentsAxis=qvc_QxHMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementBusinessSegmentsAxis=qvc_QVCInternationalMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 52 R1.htm IDEA: XBRL DOCUMENT v3.20.1

Document and Entity Information Document
3 Months Ended

Mar. 31, 2020

shares

Document Information [Abstract]

Entity Registrant Name QVC INC

Entity Central Index Key 0001254699

Current Fiscal Year End Date --12-31

Entity Filer Category Non-accelerated Filer

Entity Common Stock, Shares Outstanding 1

Document Type 10-Q

Document Period End Date Mar. 31, 2020

Document Fiscal Year Focus 2020

Document Fiscal Period Focus Q1

Amendment Flag false

Entity Current Reporting Status Yes

Entity Shell Company false

Entity Small Business false

Entity Emerging Growth Company false

X

- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document.
+ References
No definition available.
+ Details

Name: dei_AmendmentFlag

Namespace Prefix: dei_

Data Type: xbrli:booleanItemType

Balance Type: na

Period Type: duration

X

- Definition
End date of current fiscal year in the format --MM-DD.
+ References
No definition available.
+ Details

Name: dei_CurrentFiscalYearEndDate

Namespace Prefix: dei_

Data Type: xbrli:gMonthDayItemType

Balance Type: na

Period Type: duration

X

- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.
+ References
No definition available.
+ Details

Name: dei_DocumentFiscalPeriodFocus

Namespace Prefix: dei_

Data Type: dei:fiscalPeriodItemType

Balance Type: na

Period Type: duration

X

- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
No definition available.
+ Details

Name: dei_DocumentFiscalYearFocus

Namespace Prefix: dei_

Data Type: xbrli:gYearItemType

Balance Type: na

Period Type: duration

X

- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
+ References
No definition available.
+ Details

Name: dei_DocumentPeriodEndDate

Namespace Prefix: dei_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
No definition available.
+ Details

Name: dei_DocumentType

Namespace Prefix: dei_

Data Type: dei:submissionTypeItemType

Balance Type: na

Period Type: duration

X

- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation 12B
-Number 240
-Section 12
-Subsection b-2
+ Details

Name: dei_EntityCentralIndexKey

Namespace Prefix: dei_

Data Type: dei:centralIndexKeyItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
No definition available.
+ Details

Name: dei_EntityCommonStockSharesOutstanding

Namespace Prefix: dei_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition
Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
No definition available.
+ Details

Name: dei_EntityCurrentReportingStatus

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation 12B
-Number 240
-Section 12
-Subsection b-2
+ Details

Name: dei_EntityEmergingGrowthCompany

Namespace Prefix: dei_

Data Type: xbrli:booleanItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated), (5) Smaller Reporting Accelerated Filer or (6) Smaller Reporting Company and Large Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation 12B
-Number 240
-Section 12
-Subsection b-2
+ Details

Name: dei_EntityFilerCategory

Namespace Prefix: dei_

Data Type: dei:filerCategoryItemType

Balance Type: na

Period Type: duration

X

- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation 12B
-Number 240
-Section 12
-Subsection b-2
+ Details

Name: dei_EntityRegistrantName

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicate if company meets the shell company criteria: a company with no or nominal operations, and with no or nominal assets or assets consisting solely of cash and cash equivalents.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation 12B
-Number 240
-Section 12
-Subsection b-2
+ Details

Name: dei_EntityShellCompany

Namespace Prefix: dei_

Data Type: xbrli:booleanItemType

Balance Type: na

Period Type: duration

X

- Definition
Indicates that the company is a smaller reporting company with both a public float and revenues of less than $75 million.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation 12B
-Number 240
-Section 12
-Subsection b-2
+ Details

Name: dei_EntitySmallBusiness

Namespace Prefix: dei_

Data Type: xbrli:booleanItemType

Balance Type: na

Period Type: duration

X

- Definition
Document Information [Abstract]
+ References
No definition available.
+ Details

Name: qvc_DocumentInformationAbstract

Namespace Prefix: qvc_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 53 R45.htm IDEA: XBRL DOCUMENT v3.20.1

Lease and Transponder Service Agreements (Details)
ft² in Millions, $ in Millions
3 Months Ended 12 Months Ended

Mar. 31, 2020

USD ($)

ft²

Mar. 31, 2019

USD ($)

Dec. 31, 2019

USD ($)

Lessee, Lease, Description [Line Items]

Lessee, Operating Lease, Term of Contract 12 months

Lease Liability, Total $ 380

Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 3 $ 68

Operating Lease, Liability 206 $ 218

Lease, Cost [Abstract]

Finance Lease, Right-of-Use Asset, Amortization 5 5

Finance Lease, Interest Expense 2 2

Finance Lease, Total Cost 7 7

Operating leases expense net 10 6

Total Lease Cost $ 17 13

Weighted average lease term and discount rate [Abstract]

Finance Lease, Weighted Average Remaining Lease Term 9 years 1 month 4 days

Operating Lease, Weighted Average Remaining Lease Term 12 years 2 months 9 days

Finance Lease, Weighted Average Discount Rate, Percent 5.09%

Operating Lease, Weighted Average Discount Rate, Percent 6.03%

Supplemental balance sheet information [Abstract]

Operating Lease, Right-of-Use Asset $ 208 214

Operating Lease, Liability, Current 22 28

Operating Lease, Liability, Noncurrent 184 190

Finance Lease, Right of Use Asset, Gross 280 282

Finance Lease, Right-of-Use Asset, Accumulated Amortization (133) (129)

Finance Lease, Right-of-Use Asset 147 153

Finance Lease, Liability, Current 17 18

Finance Lease, Liability, Noncurrent 157 163

Finance Lease, Liability 174 181

Supplemental Cash Flow Information [Abstract]

Operating Lease, Payments 14 6

Finance Lease, Interest Payment on Liability 2 2

Finance Lease, Principal Payments 5 5

Right-of-Use Asset Obtained in Exchange for Finance Lease Liability 0 $ 0

Finance Lease, Liability, Payment, Due [Abstract]

Finance Lease, Liability, Payments, Remainder of Fiscal Year 19

2021 25

2022 25

2023 24

2024 23

Thereafter 108

Finance Lease, Liability, Payment, Due 224

Imputed interest on finance lease (50)

Operating leases

Remainder of 2020 26

2021 27

2022 23

2023 20

2024 20

Thereafter 183

Operating Lease, Total Payments Due 299

Imputed interest of operating leases (93)

Total Future payments, Leases [Abstract]

Remainder of 2020 45

2021 52

2022 48

2023 44

2024 43

Thereafter 291

Total Lease Payments Due 523

Imputed interest on lease liabilities $ (143)

Minimum [Member]

Lessee, Lease, Description [Line Items]

Lessee, Operating Lease, Term of Contract 1 year

Maximum [Member]

Lessee, Lease, Description [Line Items]

Lessee, Operating Lease, Term of Contract 14 years

ECDC [Member]

Lessee, Lease, Description [Line Items]

Area of Real Estate Property | ft² 1.7

Lessee Leasing Arrangement, Build to Suit Lease, Term of Contract 15 years

Right-of-Use Asset Obtained in Exchange for Operating Lease Liability 141

Operating Lease, Liability 131

Operating Leases, Rent Expense, Minimum Rentals $ 10

Operating Leases, Rent Expense, Minimum Rentals, Final Year $ 14

Lessee Leasing Arrangements, Operating Lease, Number of Five Year Extension Options 2

Lessee Leasing Arrangements,Operating Lease Renewal Term 5 years

Lessee Leasing Arrangements, Operating Lease, Number of Four Year Extension Options 1

Lessee, Operating Lease, Final Renewal Term 4 years

X

- Definition
Finance Lease Liability, Payments, Thereafter
+ References
No definition available.
+ Details

Name: qvc_FinanceLeaseLiabilityPaymentsThereafter

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Finance Lease, Right-of-Use Asset, Accumulated Amortization
+ References
No definition available.
+ Details

Name: qvc_FinanceLeaseRightofUseAssetAccumulatedAmortization

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Finance Lease, Right-of-Use Asset, Gross
+ References
No definition available.
+ Details

Name: qvc_FinanceLeaseRightofUseAssetGross

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Finance Lease, Total Cost
+ References
No definition available.
+ Details

Name: qvc_FinanceLeaseTotalCost

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Imputed interest of operating leases
+ References
No definition available.
+ Details

Name: qvc_Imputedinterestofoperatingleases

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Imputed interest on finance lease
+ References
No definition available.
+ Details

Name: qvc_Imputedinterestonfinancelease

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Imputed interest on lease liabilities
+ References
No definition available.
+ Details

Name: qvc_Imputedinterestonleaseliabilities

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Lease Liability, Total
+ References
No definition available.
+ Details

Name: qvc_LeaseLiabilityTotal

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Term of the lessee's leasing arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
No definition available.
+ Details

Name: qvc_LesseeLeasingArrangementBuildtoSuitLeaseTermofContract

Namespace Prefix: qvc_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Lessee Leasing Arrangements, Operating Lease, Number of Five Year Extension Options
+ References
No definition available.
+ Details

Name: qvc_LesseeLeasingArrangementsOperatingLeaseNumberofFiveYearExtensionOptions

Namespace Prefix: qvc_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: duration

X

- Definition
Lessee Leasing Arrangements, Operating Lease, Number of Four Year Extension Options
+ References
No definition available.
+ Details

Name: qvc_LesseeLeasingArrangementsOperatingLeaseNumberofFourYearExtensionOptions

Namespace Prefix: qvc_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: duration

X

- Definition
Renewel term for a build to suit lease
+ References
No definition available.
+ Details

Name: qvc_LesseeLeasingArrangementsOperatingLeaseRenewalTerm

Namespace Prefix: qvc_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Term of lessee's final operating lease renewal, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.
+ References
No definition available.
+ Details

Name: qvc_LesseeOperatingLeaseFinalRenewalTerm

Namespace Prefix: qvc_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: duration

X

- Definition
Operating Lease, Total Payments Due
+ References
No definition available.
+ Details

Name: qvc_OperatingLeaseTotalPaymentsDue

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
This element represents the payments that the lessee is obligated to make or can be required to make, in the final year, in connection with a property under the terms of an agreement classified as an operating lease, excluding contingent rentals and a guarantee by the lessee of the lessor's debt and the lessee's obligation to pay (apart from the rental payments) executory costs such as insurance, maintenance, and taxes.
+ References
No definition available.
+ Details

Name: qvc_OperatingLeasesRentExpenseMinimumRentalsFinalYear

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Supplemental balance sheet information [Abstract]
+ References
No definition available.
+ Details

Name: qvc_SupplementalbalancesheetinformationAbstract

Namespace Prefix: qvc_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Total Future payments, Leases [Abstract]
+ References
No definition available.
+ Details

Name: qvc_TotalFuturepaymentsLeasesAbstract

Namespace Prefix: qvc_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Total Lease Cost
+ References
No definition available.
+ Details

Name: qvc_TotalLeaseCost

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Total Lease Payments Due
+ References
No definition available.
+ Details

Name: qvc_TotalLeasePaymentsDue

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total Leases, Future Minimum Payments due Thereafter
+ References
No definition available.
+ Details

Name: qvc_TotalLeasesFutureMinimumPaymentsdueThereafter

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total Leases, Future Minimum Payments due in Five Years
+ References
No definition available.
+ Details

Name: qvc_TotalLeasesFutureMinimumPaymentsdueinFiveYears

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total Leases, Future Minimum Payments due in Four Years
+ References
No definition available.
+ Details

Name: qvc_TotalLeasesFutureMinimumPaymentsdueinFourYears

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total Leases, Future Minimum Payments due in Three Years
+ References
No definition available.
+ Details

Name: qvc_TotalLeasesFutureMinimumPaymentsdueinThreeYears

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total Leases, Future Minimum Payments due in Two Years
+ References
No definition available.
+ Details

Name: qvc_TotalLeasesFutureMinimumPaymentsdueinTwoYears

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Total Leases, Future Minimum Payments due remainder of the year
+ References
No definition available.
+ Details

Name: qvc_TotalLeasesFutureMinimumPaymentsdueremainderoftheyear

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Weighted average lease term and discount rate [Abstract]
+ References
No definition available.
+ Details

Name: qvc_WeightedaverageleasetermanddiscountrateAbstract

Namespace Prefix: qvc_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Area of a real estate property.
+ References
No definition available.
+ Details

Name: us-gaap_AreaOfRealEstateProperty

Namespace Prefix: us-gaap_

Data Type: num:areaItemType

Balance Type: na

Period Type: instant

X

- Definition
Amount of interest expense on finance lease liability.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 45
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=77888419&loc=SL77918638-209977

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 55
-Paragraph 53
-URI http://asc.fasb.org/extlink&oid=77888399&loc=SL77918982-209971
+ Details

Name: us-gaap_FinanceLeaseInterestExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of interest paid on finance lease liability.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 45
-Paragraph 5
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=77888419&loc=SL77918643-209977
+ Details

Name: us-gaap_FinanceLeaseInterestPaymentOnLiability

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_FinanceLeaseLiabilitiesPaymentsDueAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Present value of lessee's discounted obligation for lease payments from finance lease.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 45
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=77888419&loc=SL77918627-209977
+ Details

Name: us-gaap_FinanceLeaseLiability

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Present value of lessee's discounted obligation for lease payments from finance lease, classified as current.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 45
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=77888419&loc=SL77918627-209977
+ Details

Name: us-gaap_FinanceLeaseLiabilityCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Present value of lessee's discounted obligation for lease payments from finance lease, classified as noncurrent.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 45
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=77888419&loc=SL77918627-209977
+ Details

Name: us-gaap_FinanceLeaseLiabilityNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of lessee's undiscounted obligation for lease payments for finance lease.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980
+ Details

Name: us-gaap_FinanceLeaseLiabilityPaymentsDue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of lessee's undiscounted obligation for lease payments for finance lease, due in fifth fiscal year following latest fiscal year.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980
+ Details

Name: us-gaap_FinanceLeaseLiabilityPaymentsDueYearFive

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of lessee's undiscounted obligation for lease payments for finance lease, due in fourth fiscal year following latest fiscal year.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980
+ Details

Name: us-gaap_FinanceLeaseLiabilityPaymentsDueYearFour

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of lessee's undiscounted obligation for lease payments for finance lease, due in third fiscal year following latest fiscal year.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980
+ Details

Name: us-gaap_FinanceLeaseLiabilityPaymentsDueYearThree

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of lessee's undiscounted obligation for lease payments for finance lease, due in second fiscal year following latest fiscal year.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980
+ Details

Name: us-gaap_FinanceLeaseLiabilityPaymentsDueYearTwo

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of lessee's undiscounted obligation for lease payments for finance lease, due in remainder of fiscal year following latest fiscal year ended.
+ References
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980
+ Details

Name: us-gaap_FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of cash outflow for principal payment on finance lease.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 45
-Paragraph 5
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=77888419&loc=SL77918643-209977

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980
+ Details

Name: us-gaap_FinanceLeasePrincipalPayments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of lessee's right to use underlying asset under finance lease.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 45
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=77888419&loc=SL77918627-209977
+ Details

Name: us-gaap_FinanceLeaseRightOfUseAsset

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of amortization expense attributable to right-of-use asset from finance lease.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 45
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=77888419&loc=SL77918638-209977

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 55
-Paragraph 53
-URI http://asc.fasb.org/extlink&oid=77888399&loc=SL77918982-209971
+ Details

Name: us-gaap_FinanceLeaseRightOfUseAssetAmortization

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Weighted average discount rate for finance lease calculated at point in time.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (g)(4)
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 55
-Paragraph 53
-URI http://asc.fasb.org/extlink&oid=77888399&loc=SL77918982-209971
+ Details

Name: us-gaap_FinanceLeaseWeightedAverageDiscountRatePercent

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Weighted average remaining lease term for finance lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (g)(3)
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 55
-Paragraph 53
-URI http://asc.fasb.org/extlink&oid=77888399&loc=SL77918982-209971
+ Details

Name: us-gaap_FinanceLeaseWeightedAverageRemainingLeaseTerm1

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_LeaseCostAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_LeasesOperatingAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_LesseeLeaseDescriptionLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Term of lessee's operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918673-209980
+ Details

Name: us-gaap_LesseeOperatingLeaseTermOfContract

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: instant

X

- Definition
Present value of lessee's discounted obligation for lease payments from operating lease.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 45
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=77888419&loc=SL77918627-209977
+ Details

Name: us-gaap_OperatingLeaseLiability

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Present value of lessee's discounted obligation for lease payments from operating lease, classified as current.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 45
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=77888419&loc=SL77918627-209977
+ Details

Name: us-gaap_OperatingLeaseLiabilityCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Present value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 45
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=77888419&loc=SL77918627-209977
+ Details

Name: us-gaap_OperatingLeaseLiabilityNoncurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of cash outflow from operating lease, excluding payments to bring another asset to condition and location necessary for its intended use.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 45
-Paragraph 5
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=77888419&loc=SL77918643-209977

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980
+ Details

Name: us-gaap_OperatingLeasePayments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of lessee's right to use underlying asset under operating lease.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 45
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=77888419&loc=SL77918627-209977
+ Details

Name: us-gaap_OperatingLeaseRightOfUseAsset

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Weighted average discount rate for operating lease calculated at point in time.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (g)(4)
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 55
-Paragraph 53
-URI http://asc.fasb.org/extlink&oid=77888399&loc=SL77918982-209971
+ Details

Name: us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Weighted average remaining lease term for operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 55
-Paragraph 53
-URI http://asc.fasb.org/extlink&oid=77888399&loc=SL77918982-209971

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (g)(3)
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980
+ Details

Name: us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1

Namespace Prefix: us-gaap_

Data Type: xbrli:durationItemType

Balance Type: na

Period Type: instant

X

- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph (Note 3)
-URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697
+ Details

Name: us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph (Note 3)
-URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697
+ Details

Name: us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph (Note 3)
-URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717
+ Details

Name: us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph (Note 3)
-URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697
+ Details

Name: us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph (Note 3)
-URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717
+ Details

Name: us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the remainder of the fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
No definition available.
+ Details

Name: us-gaap_OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
This element represents the payments that the lessee is obligated to make or can be required to make in connection with a property under the terms of an agreement classified as an operating lease, excluding contingent rentals and a guarantee by the lessee of the lessor's debt and the lessee's obligation to pay (apart from the rental payments) executory costs such as insurance, maintenance, and taxes.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 25
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=77910348&loc=d3e34039-112682

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 40
-Subparagraph (Note 3)
-URI http://asc.fasb.org/extlink&oid=82846649&loc=d3e38371-112697

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41499-112717
+ Details

Name: us-gaap_OperatingLeasesRentExpenseMinimumRentals

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Rental expense for the reporting period incurred under operating leases, including minimum and any contingent rent expense, net of related sublease income.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41499-112717
+ Details

Name: us-gaap_OperatingLeasesRentExpenseNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of increase in right-of-use asset obtained in exchange for finance lease liability.
+ References
Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 55
-Paragraph 53
-URI http://asc.fasb.org/extlink&oid=77888399&loc=SL77918982-209971

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980
+ Details

Name: us-gaap_RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount of increase in right-of-use asset obtained in exchange for operating lease liability.
+ References
Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 55
-Paragraph 53
-URI http://asc.fasb.org/extlink&oid=77888399&loc=SL77918982-209971

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980
+ Details

Name: us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_SupplementalCashFlowInformationAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: srt_RangeAxis=srt_MinimumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: srt_RangeAxis=srt_MaximumMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: qvc_LeaseAxis=qvc_ECDCMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 54 R9.htm IDEA: XBRL DOCUMENT v3.20.1

Television Distribution Rights, Net
3 Months Ended

Mar. 31, 2020

Television Distribution Rights [Abstract]

Television Distribution Rights, Net
Television Distribution Rights, Net
Television distribution rights consisted of the following:
(in millions)
March 31, 2020

December 31, 2019

Television distribution rights
$
760

764

Less accumulated amortization
(652
)
(624
)
Television distribution rights, net
$
108

140

The Company recorded amortization expense of $34 million for each of the three months ended March 31, 2020 and 2019 related to television distribution rights.
As of March 31, 2020, related amortization expense for each of the next five years ended December 31 was as follows (in millions):
Remainder of 2020
$
88

2021
17

2022
3

2023
—

2024
—

X

- Definition
Television Distribution Rights [Abstract]
+ References
No definition available.
+ Details

Name: qvc_TelevisionDistributionRightsAbstract

Namespace Prefix: qvc_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure for affiliation agreements with cable and satellite television providers for carriage of the company's service, as well as for certain channel placement.
+ References
No definition available.
+ Details

Name: qvc_TelevisionDistributionRightsTextBlock

Namespace Prefix: qvc_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 55 R41.htm IDEA: XBRL DOCUMENT v3.20.1

Goodwill and Other Intangible Assets, Net (Future Amortization Expense) (Details) - Other Intangible Assets
$ in Millions

Mar. 31, 2020

USD ($)

Finite-Lived Intangible Assets [Line Items]

Remainder of 2020 $ 127

2021 139

2022 111

2023 65

2024 $ 62

X

- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275
+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275
+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275
+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275
+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275
+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 56 R29.htm IDEA: XBRL DOCUMENT v3.20.1

Lease and Transponder Service Agreements Leases, Supplemental Balance Sheet Information (Tables)
3 Months Ended

Mar. 31, 2020

Leases, Supplemental Balance Sheet Information [Abstract]

Leases, Supplemental Balance Sheet Information [Table Text Block]
Supplemental balance sheet information related to leases was as follows:
(in millions)
March 31, 2020

December 31, 2019

Operating Leases:

  Operating lease right-of-use assets
$
208

214

  Accrued liabilities
$
22

28

  Other long-term liabilities
184

190

      Total operating lease liabilities
$
206

218

Finance Leases:

   Property and equipment
$
280

282

   Accumulated depreciation
(133
)
(129
)
     Property and equipment, net
$
147

153

   Current portion of debt and finance lease obligations
$
17

18

   Long-term portion of debt and finance lease obligations
157

163
     Total finance lease liabilities
$
174

181

X

- Definition
Leases, Supplemental Balance Sheet Information [Abstract]
+ References
No definition available.
+ Details

Name: qvc_LeasesSupplementalBalanceSheetInformationAbstract

Namespace Prefix: qvc_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
[Table Text Block] for Leases, Supplemental Balance Sheet Information [Table]
+ References
No definition available.
+ Details

Name: qvc_LeasesSupplementalBalanceSheetInformationTableTextBlock

Namespace Prefix: qvc_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 57 R21.htm IDEA: XBRL DOCUMENT v3.20.1

Basis of Presentation (Policies)
3 Months Ended

Mar. 31, 2020

Basis of Presentation [Abstract]

New accounting pronouncements policy
Adoption of new accounting pronouncements
In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-15, Intangibles- Goodwill and Other- Internal-Use Software (Subtopic 350-40), 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 Company prospectively adopted this new standard as of January 1, 2020 and it did not have a material impact on its consolidated financial statements.

X

- Definition
Basis of Presentation [Abstract]
+ References
No definition available.
+ Details

Name: qvc_BasisOfPresentationAbstract

Namespace Prefix: qvc_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
+ References
No definition available.
+ Details

Name: us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 58 R25.htm IDEA: XBRL DOCUMENT v3.20.1

Accrued Liabilities (Tables)
3 Months Ended

Mar. 31, 2020

Accrued Liabilities [Abstract]

Schedule of accrued liabilities
Accrued liabilities consisted of the following:
(in millions)
March 31, 2020

December 31, 2019

Accounts payable non-trade
$
286

369

Allowance for sales returns
149

238

Accrued compensation and benefits
137

112

Other
271

326

$
843

1,045

X

- References
No definition available.
+ Details

Name: us-gaap_AccruedLiabilitiesCurrentAndNoncurrentAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Tabular disclosure of the components of accrued liabilities.
+ References
No definition available.
+ Details

Name: us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 59 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 60 R44.htm IDEA: XBRL DOCUMENT v3.20.1

Long-Term Debt (Narrative) (Details) - USD ($)
$ in Millions

Mar. 31, 2020

Feb. 04, 2020

Dec. 31, 2019

Jul. 01, 2019

Dec. 31, 2018

Jun. 15, 2016

Debt Instrument [Line Items]

Line of Credit Facility, Remaining Borrowing Capacity $ 2,400

Line of Credit Facility, Interest Rate at Period End 2.14%

Line of credit facility, maximum borrowing capacity $ 2,950

Derivative, Notional Amount $ 125 $ 125

Derivative Liability, Current $ 4

Line of Credit Facility, Standby Letter of Credit 450

Line of credit facility, uncommitted loan 1,500

Debt Instrument, Lower Range of Basis Spread on Variable Rate 0.25%

Debt Instrument, Higher Range of Basis Spread on Variable Rate 0.75%

Debt, Weighted Average Interest Rate 4.90%

Tranche One, Shared with Related Party | Senior secured credit facility

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity 400

Tranche One, Shared with Related Party | Standby Letters of Credit

Debt Instrument [Line Items]

Line of Credit Facility, Standby Letter of Credit 50

QVC | Senior secured credit facility

Debt Instrument [Line Items]

Line of credit facility, maximum borrowing capacity 2,550

London Interbank Offered Rate (LIBOR)

Debt Instrument [Line Items]

Debt Instrument, Lower Range of Basis Spread on Variable Rate 1.25%

Debt Instrument, Higher Range of Basis Spread on Variable Rate 1.75%

6.25% Senior Secured Notes [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage 6.25%

Debt and Lease Obligation $ 500 $ 500

6.375% Senior Secured Notes [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage 6.375%

Debt and Lease Obligation $ 225 225

250 million interest rate swap [Member]

Debt Instrument [Line Items]

Derivative, Notional Amount $ 250

Derivative, Fixed Interest Rate 1.05%

4.75% Senior Secured Notes [Member] [Member]

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Stated Percentage 4.75% 4.75%

Debt and Lease Obligation $ 575 $ 575 $ 0

X

- Definition
High end of the range of percentage points added to the reference rate to compute the variable rate on the debt instrument.
+ References
No definition available.
+ Details

Name: qvc_DebtInstrumentHigherRangeOfBasisSpreadOnVariableRate

Namespace Prefix: qvc_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Low end of the range of percentage points added to the reference rate to compute the variable rate on the debt instrument.
+ References
No definition available.
+ Details

Name: qvc_DebtInstrumentLowerRangeOfBasisSpreadOnVariableRate

Namespace Prefix: qvc_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Standby Letter of Credit - The total amount available under letters of credit outstanding as of the reporting date.
+ References
No definition available.
+ Details

Name: qvc_LineOfCreditFacilityStandbyLetterOfCredit

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Uncommitted incremental revolving loan or incremental term loan
+ References
No definition available.
+ Details

Name: qvc_LineOfCreditFacilityUncommittedLoan

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of short-term and long-term debt and lease obligation.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13,16)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.16)
-URI http://asc.fasb.org/extlink&oid=119400593&loc=d3e572229-122910
+ Details

Name: us-gaap_DebtAndCapitalLeaseObligations

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Contractual interest rate for funds borrowed, under the debt agreement.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_DebtInstrumentInterestRateStatedPercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_DebtInstrumentLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Weighted average interest rate of debt outstanding.
+ References
No definition available.
+ Details

Name: us-gaap_DebtWeightedAverageInterestRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Fixed interest rate related to the interest rate derivative.
+ References
No definition available.
+ Details

Name: us-gaap_DerivativeFixedInterestRate

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312
+ Details

Name: us-gaap_DerivativeLiabilitiesCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Nominal or face amount used to calculate payment on derivative.
+ References
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959
+ Details

Name: us-gaap_DerivativeNotionalAmount

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: instant

X

- Definition
The effective interest rate at the end of the reporting period.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding).
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: qvc_DebtInstrumentTranchesAxis=qvc_TrancheOneSharedwithRelatedPartyMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_CreditFacilityAxis=us-gaap_StandbyLettersOfCreditMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: qvc_DebtInstrumentTranchesAxis=qvc_QVCMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=qvc_A6.25SeniorSecuredNotesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=qvc_A6.375SeniorSecuredNotesMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=qvc_A250millioninterestrateswapMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_DebtInstrumentAxis=qvc_A4.75SeniorSecuredNotesMemberMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 61 R8.htm IDEA: XBRL DOCUMENT v3.20.1

Basis of Presentation
3 Months Ended

Mar. 31, 2020

Basis of Presentation [Abstract]

Basis of presentation
Basis of Presentation
QVC, Inc. and its consolidated subsidiaries (unless otherwise indicated or required by the context, the terms "we," "our," "us," the "Company" and "QVC" refer to QVC, Inc. and its consolidated subsidiaries) is a retailer of a wide range of consumer products, which are marketed and sold primarily by merchandise-focused televised shopping programs, the Internet and mobile applications.
In the United States ("U.S."), QVC's televised shopping programs, including live and recorded content, are distributed across multiple channels nationally on a full-time basis, including QVC, QVC2, QVC3, HSN and HSN2. During the first quarter of 2019, the Company transitioned its televised Beauty iQ channel to QVC 3 and Beauty iQ content was moved to a digital only platform. The Company's U.S. programming is also available on QVC.com and HSN.com, QVC's "U.S. websites"; applications via streaming video; Facebook Live, Roku, Apple TV, and Amazon Fire; mobile applications; social pages and over-the-air broadcasters.
QVC's digital platforms enable consumers to purchase goods offered on our televised programming, along with a wide assortment of products that are available only on our U.S. websites. QVC.com, HSN.com and our other digital platforms (including our mobile applications, social pages and others) are natural extensions of our business model, allowing customers to engage in our shopping experience wherever they are, with live or on-demand content customized to the device they are using. In addition to offering video content, our U.S. websites allow shoppers to browse, research, compare and perform targeted searches for products, read customer reviews, control the order-entry process and conveniently access their QVC account.
Internationally, QVC's televised shopping programs, including live and recorded content, are distributed to households outside of the U.S., primarily in Germany, Austria, Japan, the United Kingdom ("U.K."), the Republic of Ireland, and Italy. In some of the countries where QVC operates, QVC's televised shopping programs are distributed across multiple QVC channels: QVC Style and QVC2 in Germany and QVC Beauty, QVC Extra and QVC Style in the U.K. Similar to the U.S., our international businesses also engage customers via websites, mobile applications, and social pages. QVC's international business employs product sourcing teams who select products tailored to the interests of each local market.
The Company's Japanese operations ("QVC-Japan") are conducted through a joint venture with Mitsui & Co., LTD ("Mitsui"). QVC-Japan is owned 60% by the Company and 40% by Mitsui. The Company and Mitsui share in all profits and losses based on their respective ownership interests. During the three months ended March 31, 2020 and 2019, QVC-Japan paid dividends to Mitsui of $15 million and $22 million, respectively.
The Company also has a joint venture with CNR Media Group, formerly known as China Broadcasting Corporation, a limited liability company owned by China National Radio (''CNR''). The Company owns a 49% interest in a CNR subsidiary, CNR Home Shopping Co., Ltd. (''CNRS''). CNRS operates a retail business in China through a shopping television channel with an associated website. This joint venture is accounted for as an equity method investment recorded as equity in income (losses) of investee in the condensed consolidated statements of operations.
The Company is an indirect wholly-owned subsidiary of Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA and QRTEB), which owns interests in a broad range of digital commerce businesses, including Qurate Retail's other wholly-owned subsidiaries Zulily, LLC ("Zulily") and Cornerstone Brands, Inc. ("CBI"), as well as other minority investments. QVC is part of the Qurate Retail Group ("QRG"), formerly QVC Group, a portfolio of brands including QVC, HSN, Inc. ("HSN"), Zulily and CBI.
During each of the three months ended March 31, 2020 and 2019, QVC and Zulily engaged in multiple transactions relating to sales, sourcing of merchandise, marketing initiatives and business advisory services. QVC allocated expenses of $2 million to Zulily for each of the three months ended March 31, 2020 and 2019. Zulily allocated expenses of $3 million and $2 million to QVC for the three months ended March 31, 2020 and 2019, respectively.
During the three months ended March 31, 2020 and 2019, QVC and CBI engaged in multiple transactions relating to personnel and business advisory services. QVC allocated expenses of $6 million and $5 million to CBI for the three months ended March 31, 2020 and 2019, respectively. CBI allocated expenses of $1 million to QVC for each of the three months ended March 31, 2020 and 2019. CBI also repaid a $29 million note receivable to QVC during the three months ended March 31, 2019.
In December 2019, a new coronavirus disease ("COVID-19'") pandemic was reported to have surfaced in Wuhan, China and has subsequently spread across the globe, including all of the countries in which QVC operates. As a result of the spread of the virus, most 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.
As a result of COVID-19, management has increased the amounts of certain estimated reserves including, but not limited to, uncollectible receivables, inventory obsolescence and sales returns for the three months ended March 31, 2020. Other than these changes, management is not presently aware of any events or circumstances arising from the COVID-19 pandemic that would require the Company to update our 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.
The condensed consolidated financial statements include the accounts of QVC, Inc. and its majority-owned subsidiaries. All significant intercompany accounts and transactions were eliminated in consolidation.
The accompanying (a) condensed consolidated balance sheet as of December 31, 2019, 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 ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in QVC's Annual Report on Form 10-K for the year ended December 31, 2019.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates include, but are not limited to, sales returns, uncollectible receivables, inventory obsolescence, internally-developed software, valuation of acquired intangible assets and goodwill and income taxes.
Adoption of new accounting pronouncements
In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-15, Intangibles- Goodwill and Other- Internal-Use Software (Subtopic 350-40), 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 Company prospectively adopted this new standard as of January 1, 2020 and it did not have a material impact on its consolidated financial statements.

X

- Definition
Basis of Presentation [Abstract]
+ References
No definition available.
+ Details

Name: qvc_BasisOfPresentationAbstract

Namespace Prefix: qvc_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-URI http://asc.fasb.org/topic&trid=2122369

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-URI http://asc.fasb.org/topic&trid=2122149

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-URI http://asc.fasb.org/topic&trid=2134479
+ Details

Name: us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 62 R40.htm IDEA: XBRL DOCUMENT v3.20.1

Goodwill and Other Intangible Assets, Net (Other Intangible Assets) (Details) - USD ($)
$ in Millions
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Dec. 31, 2019

Goodwill [Line Items]

Goodwill (note 3) $ 5,958 $ 5,971

Goodwill, Foreign Currency Translation Gain (Loss) (13)

Gross cost

Purchased and internally developed software 895 885

Affiliate and customer relationships 2,825 2,829

Debt origination fees 10 10

Trademarks (indefinite life) 2,878 2,878

Other intangible assets (excluding goodwill), gross 6,608 6,602

Accumulated amortization

Purchased and internally developed software (622) (603)

Affiliate and customer relationships (2,507) (2,499)

Debt origination fees (3) (2)

Other intangible assets (excluding goodwill), accumulated amortization (3,132) (3,104)

Other intangible assets, net

Purchased and internally developed software 273 282

Affiliate and customer relationships 318 330

Debt origination fees 7 8

Other intangible assets (excluding goodwill), net 3,476 3,498

Amortization of other intangible assets 37 $ 38

QxH [Member]

Goodwill [Line Items]

Goodwill (note 3) 5,112 5,112

Goodwill, Foreign Currency Translation Gain (Loss) 0

QVC-International

Goodwill [Line Items]

Goodwill (note 3) 846 $ 859

Goodwill, Foreign Currency Translation Gain (Loss) $ (13)

X

- Definition
The aggregate expense charged against earnings to allocate the cost of other intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.
+ References
No definition available.
+ Details

Name: qvc_AmortizationOfOtherIntangibleAssets

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
For each balance sheet presented, the amount of accumulated amortization for finite-lived customer relationships.
+ References
No definition available.
+ Details

Name: qvc_FiniteLivedCustomerRelationshipsAccumulatedAmortization

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Customer relationships net of accumulated amortization as of the balance sheet date to an asset acquired in a business combination representing a favorable existing relationship with customers having a finite beneficial life.
+ References
No definition available.
+ Details

Name: qvc_Finitelivedcustomerrelationshipsnet

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Other Intangible Assets, Accumulated Amortization [Abstract]
+ References
No definition available.
+ Details

Name: qvc_OtherIntangibleAssetsAccumulatedAmortizationAbstract

Namespace Prefix: qvc_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Accumulated amount of amortization of other intangible assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
+ References
No definition available.
+ Details

Name: qvc_OtherIntangibleAssetsExcludingGoodwillAccumulatedAmortization

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Other Intangible Assets, Gross [Abstract]
+ References
No definition available.
+ Details

Name: qvc_OtherIntangibleAssetsGrossAbstract

Namespace Prefix: qvc_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Amount of accumulated amortization of debt issuance costs.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28555-108399

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.17)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_AccumulatedAmortizationDeferredFinanceCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
For each balance sheet presented, the amount of accumulated amortization for capitalized computer software costs.
+ References
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 985
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6501960&loc=d3e128462-111756
+ Details

Name: us-gaap_CapitalizedComputerSoftwareAccumulatedAmortization

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Amount before accumulated amortization of capitalized costs for computer software, including but not limited to, acquired and internally developed computer software.
+ References
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 985
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6501960&loc=d3e128462-111756
+ Details

Name: us-gaap_CapitalizedComputerSoftwareGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The carrying amount of capitalized computer software costs net of accumulated amortization as of the balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 985
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6501960&loc=d3e128462-111756
+ Details

Name: us-gaap_CapitalizedComputerSoftwareNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount, before accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28555-108399
+ Details

Name: us-gaap_DeferredFinanceCostsGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.17)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28555-108399
+ Details

Name: us-gaap_DeferredFinanceCostsNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Gross carrying amount before accumulated amortization as of the balance sheet date to an asset acquired in a business combination representing a favorable existing relationship with customers having a finite beneficial life.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275
+ Details

Name: us-gaap_FiniteLivedCustomerRelationshipsGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=77989000&loc=SL49117168-202975

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99380562&loc=d3e13770-109266
+ Details

Name: us-gaap_Goodwill

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount of foreign currency translation gain (loss) which increases (decreases) an asset representing future economic benefits from other assets acquired in a business combination that are not individually identified and separately recognized.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267
+ Details

Name: us-gaap_GoodwillForeignCurrencyTranslationGainLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_GoodwillLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Carrying amount (original costs adjusted for previously recognized amortization and impairment) as of the balance sheet date for the rights acquired through registration of a trademark to gain or protect exclusive use of a business name, symbol or other device or style for a projected indefinite period of benefit.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275
+ Details

Name: us-gaap_IndefiniteLivedTrademarks

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount before accumulated amortization of intangible assets, excluding goodwill.
+ References
No definition available.
+ Details

Name: us-gaap_IntangibleAssetsGrossExcludingGoodwill

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph ((a)(1),(b))
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388964&loc=d3e16212-109274
+ Details

Name: us-gaap_IntangibleAssetsNetExcludingGoodwill

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- References
No definition available.
+ Details

Name: us-gaap_IntangibleAssetsNetExcludingGoodwillAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_StatementBusinessSegmentsAxis=qvc_QxHMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementBusinessSegmentsAxis=qvc_QVCInternationalMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 63 R4.htm IDEA: XBRL DOCUMENT v3.20.1

Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Net revenue $ 2,427 $ 2,501

Operating costs and expenses:

Cost of goods sold (exclusive of depreciation and amortization shown separately below) 1,584 1,610

Operating 177 177

Selling, general and administrative, including transaction related costs and stock-based compensation 282 270

Depreciation 43 46

Amortization 71 72

Operating expenses 2,157 2,175

Operating income 270 326

Other (expense) income:

Equity in losses of investee (1) 0

Gain (Loss) on Derivative Instruments, Net, Pretax (4) (2)

Interest expense, net (65) (61)

Foreign currency gain (loss) 1 (3)

Nonoperating expense (69) (66)

Income before income taxes 201 260

Income tax expense (60) (74)

Net income 141 186

Less net income attributable to the noncontrolling interest (12) (10)

Net income attributable to QVC, Inc. stockholder $ 129 $ 176

X

- Definition
The aggregate total costs related to selling a firm's product and services, transaction related costs, stock-based compensation, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.
+ References
No definition available.
+ Details

Name: qvc_SellingGeneralandAdministrativeIncludingTransactionRelatedCostsandStockBasedCompensation

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3602-108585

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6388964&loc=d3e16225-109274
+ Details

Name: us-gaap_AmortizationOfIntangibleAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2(a),(d))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227
+ Details

Name: us-gaap_CostOfGoodsAndServicesSold

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3602-108585
+ Details

Name: us-gaap_Depreciation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450222&loc=d3e30840-110895

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109240200&loc=d3e30700-110894

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109240200&loc=d3e30690-110894
+ Details

Name: us-gaap_ForeignCurrencyTransactionGainLossBeforeTax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959
+ Details

Name: us-gaap_GainLossOnDerivativeInstrumentsNetPretax

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260
+ Details

Name: us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of income (loss) for proportionate share of equity method investee's income (loss).
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(12))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(10))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3602-108585

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(13)(f))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109237563&loc=d3e33749-111570
+ Details

Name: us-gaap_IncomeLossFromEquityMethodInvestments

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109238882&loc=d3e38679-109324
+ Details

Name: us-gaap_IncomeTaxExpenseBenefit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The net amount of operating interest income (expense).
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.10)
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260
+ Details

Name: us-gaap_InterestIncomeExpenseNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3602-108585

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686
+ Details

Name: us-gaap_NetIncomeLossAttributableToNoncontrollingInterest

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.7)
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227
+ Details

Name: us-gaap_NonoperatingIncomeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_NonoperatingIncomeExpenseAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.
+ References
No definition available.
+ Details

Name: us-gaap_OperatingCostsAndExpenses

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
+ References
No definition available.
+ Details

Name: us-gaap_OperatingExpenses

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_OperatingExpensesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The net result for the period of deducting operating expenses from operating revenues.
+ References
No definition available.
+ Details

Name: us-gaap_OperatingIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686
+ Details

Name: us-gaap_ProfitLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227
+ Details

Name: us-gaap_Revenues

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

XML 64 R48.htm IDEA: XBRL DOCUMENT v3.20.1

Financial Instruments and Fair Value Measurements (Details) - Recurring - USD ($)
$ in Millions

Mar. 31, 2020

Dec. 31, 2019

Current Assets, Fair Value Disclosure

Cash equivalents $ 242 $ 272

Derivative Asset, Current 0

Long-term liabilities

Long-term Debt, Fair Value 4,068 5,116

Derivative Liability 4

Level 1

Current Assets, Fair Value Disclosure

Cash equivalents 242 272

Long-term liabilities

Long-term Debt, Fair Value 530 760

Derivative Liability 0

Level 2

Current Assets, Fair Value Disclosure

Derivative Asset, Current 0

Long-term liabilities

Long-term Debt, Fair Value 3,538 $ 4,356

Derivative Liability $ 4

X

- Definition
Current Assets, Fair Value Disclosure [Abstract]
+ References
No definition available.
+ Details

Name: qvc_CurrentAssetsFairValueDisclosureAbstract

Namespace Prefix: qvc_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Long-term Liabilities, Fair Value Disclosure [Abstract]
+ References
No definition available.
+ Details

Name: qvc_LongTermLiabilitiesFairValueDisclosureAbstract

Namespace Prefix: qvc_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ References
No definition available.
+ Details

Name: us-gaap_CashAndCashEquivalentsFairValueDisclosure

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312
+ Details

Name: us-gaap_DerivativeAssetsCurrent

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13433-108611

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=99393222&loc=SL20226008-175313
+ Details

Name: us-gaap_DerivativeLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.
+ References
No definition available.
+ Details

Name: us-gaap_LongTermDebtFairValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 65 R51.htm IDEA: XBRL DOCUMENT v3.20.1

Information about QVC's Operating Segments (Total Assets and Capital Expenditures by Segment) (Details) - USD ($)
$ in Millions
3 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Segment Reporting Information [Line Items]

Total assets $ 14,301 $ 14,927

Capital expenditures 39

Property and equipment, net of accumulated depreciation of $1,367 at March 31, 2020 and $1,338 at December 31, 2019 1,188 $ 1,215

QxH [Member]

Segment Reporting Information [Line Items]

Total assets 12,156

Capital expenditures 35

Property and equipment, net of accumulated depreciation of $1,367 at March 31, 2020 and $1,338 at December 31, 2019 790

QVC-International

Segment Reporting Information [Line Items]

Total assets 2,145

Capital expenditures 4

Property and equipment, net of accumulated depreciation of $1,367 at March 31, 2020 and $1,338 at December 31, 2019 $ 398

X

- Definition
Cash outflow for purchases of property, plant, and equipment
+ References
No definition available.
+ Details

Name: qvc_CapitalExpenditures

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=119400593&loc=d3e572229-122910
+ Details

Name: us-gaap_Assets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(14))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(8))
-URI http://asc.fasb.org/extlink&oid=119400593&loc=d3e572229-122910

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(13))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details

Name: us-gaap_PropertyPlantAndEquipmentNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_SegmentReportingInformationLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_StatementBusinessSegmentsAxis=qvc_QxHMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

X

- Details

Name: us-gaap_StatementBusinessSegmentsAxis=qvc_QVCInternationalMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 66 R55.htm IDEA: XBRL DOCUMENT v3.20.1

Subsequent Events (Details)
$ in Millions
1 Months Ended

May 07, 2020

USD ($)

Subsequent Event [Line Items]

Dividends Declared to Parent Company $ 50

X

- Definition
Dividends Declared to Parent Company
+ References
No definition available.
+ Details

Name: qvc_DividendsDeclaredtoParentCompany

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event.
+ References
No definition available.
+ Details

Name: us-gaap_SubsequentEventLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 67 R34.htm IDEA: XBRL DOCUMENT v3.20.1

Information about QVC's Operating Segments (Tables)
3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Schedule of Revenue and Adjusted OIBDA by Segment

Three months ended March 31,

2020

2019

(in millions)
Net
revenue

Adjusted
OIBDA

Net
revenue

Adjusted
OIBDA

QxH
$
1,792

293

1,857

352

QVC-International
635

97

644

101

Consolidated QVC
$
2,427

390

2,501

453

Schedule of Depreciation and Amortization by Segment

Three months ended March 31,

2020

2019

(in millions)
Depreciation

Amortization

Depreciation

Amortization

QxH
$
29

68

28

69

QVC-International
14

3

18

3

Consolidated QVC
$
43

71

46

72

Schedule of Capital Expenditures and Total Assets by Segment

March 31, 2020

(in millions)
Total
assets

Capital
expenditures

Property and equipment, net

QxH
$
12,156

35

790

QVC-International
2,145

4

398

Consolidated QVC
$
14,301

39

1,188

Reconciliation of Adjusted OIBDA to Income before Income Taxes
The following table provides a reconciliation of Adjusted OIBDA to operating income and income before income taxes:

Three months ended March 31,

(in millions)
2020

2019

Adjusted OIBDA
$
390

453

Stock-based compensation
(6
)
(9
)
Depreciation and amortization
(114
)
(118
)
Operating Income
270

326

Equity in losses of investee
(1
)
—

Losses on financial instruments
(4
)
(2
)
Interest expense, net
(65
)
(61
)
Foreign currency gain (loss)
1

(3
)
Income before income taxes
$
201

260

X

- Definition
[Table Text Block] for Reconciliation of consolidated Adjusted OIBDA to income before taxes.
+ References
No definition available.
+ Details

Name: qvc_ReconciliationOfAdjustedOibdaToIncomeBeforeIncomeTaxesConsolidatedTableTextBlock

Namespace Prefix: qvc_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
[Table Text Block] for Tabular disclosure of capital expenditures and total assets for each reportable segment.
+ References
No definition available.
+ Details

Name: qvc_ScheduleOfCapitalExpendituresAndTotalAssetsBySegmentTableTextBlock

Namespace Prefix: qvc_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
[Table Text Block] for tabular disclosure of depreciation and amortization for each reportable segment.
+ References
No definition available.
+ Details

Name: qvc_ScheduleOfDepreciationAndAmortizationBySegmentTableTextBlock

Namespace Prefix: qvc_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition
[Table Text Block] for Tabular disclosure of revenue and Adjusted OIBDA for each reportable segment.
+ References
No definition available.
+ Details

Name: qvc_ScheduleOfRevenueAndAdjustedOibdaBySegmentTableTextBlock

Namespace Prefix: qvc_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_SegmentReportingAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 68 R30.htm IDEA: XBRL DOCUMENT v3.20.1

Lease and Transponder Service Agreements Leases, Supplemental Cash Flow Information (Tables)
3 Months Ended

Mar. 31, 2020

Supplemental Cash Flow Information [Abstract]

Leases, Supplemental Cash Flow Information [Table Text Block]
Supplemental cash flow information related to leases was as follows:

Three months ended
(in millions)
March 31, 2020

March 31, 2019

Cash paid for amounts included in the measurement of lease liabilities:

     Operating cash flows from operating lease
$
14

6

     Operating cash flows from finance leases
2

2

     Financing cash flows from finance leases
5

5

Right-of-use assets obtained in exchange for lease obligations:

      Operating leases
3

68

      Finance leases
$
—

—

X

- Definition
[Table Text Block] for Leases, Supplemental Cash Flow Information [Table]
+ References
No definition available.
+ Details

Name: qvc_LeasesSupplementalCashFlowInformationTableTextBlock

Namespace Prefix: qvc_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- References
No definition available.
+ Details

Name: us-gaap_SupplementalCashFlowInformationAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 69 R38.htm IDEA: XBRL DOCUMENT v3.20.1

Television Distribution Rights, Net (Details) - USD ($)
$ in Millions
3 Months Ended

Mar. 31, 2020

Dec. 31, 2019

Finite-Lived Intangible Assets [Line Items]

Television distribution rights, net $ 108 $ 140

Television distribution rights

Finite-Lived Intangible Assets [Line Items]

Television distribution rights 760 764

Less accumulated amortization (652) (624)

Television distribution rights, net 108 $ 140

Amortization $ 34

X

- Definition
Affiliation agreements with television providers for carriage of the company's service, as well as for certain channel placement, net of accumulated amortization.
+ References
No definition available.
+ Details

Name: qvc_TelevisionDistributionRightsNet

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
Gross television distribution rights as of the balance sheet date.
+ References
No definition available.
+ Details

Name: qvc_Televisiondistributionrights

Namespace Prefix: qvc_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition
The aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of assets over their estimated remaining economic lives.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3602-108585
+ Details

Name: us-gaap_AdjustmentForAmortization

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition
Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275
+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition
Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
No definition available.
+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsLineItems

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=qvc_TelevisionDistributionRightsMember

Namespace Prefix:

Data Type: na

Balance Type:

Period Type:

XML 70 R13.htm IDEA: XBRL DOCUMENT v3.20.1

Lease and Transponder Service Agreements
3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases of lessee disclosure
Leases
The Company has finance lease agreements with transponder and transmitter network suppliers for the right 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.
QVC also leases data processing equipment, facilities, office space and land. These leases are classified as operating leases. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future lease payments using our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Our leases have remaining lease terms of less than 1 year to 14 years, some of which may include the option to extend or terminate the leases.
The components of lease cost for the three months ended March 31, 2020 and 2019 were as follows:

Three months ended
(in millions)
March 31, 2020

March 31, 2019

Finance lease cost

     Depreciation of leased assets
$
5

5

     Interest on lease liabilities
2

2
Total finance lease cost
7

7

Operating lease cost
10

6

     Total lease cost
$
17

13

The remaining weighted-average lease term and the weighted-average discount rate were as follows:

March 31, 2020

Weighted-average remaining lease term (years):

     Finance leases
9.1

     Operating leases
12.2

Weighted-average discount rate:

     Finance leases
5.1
%
     Operating leases
6.0
%

Supplemental balance sheet information related to leases was as follows:
(in millions)
March 31, 2020

December 31, 2019

Operating Leases:

  Operating lease right-of-use assets
$
208

214

  Accrued liabilities
$
22

28

  Other long-term liabilities
184

190

      Total operating lease liabilities
$
206

218

Finance Leases:

   Property and equipment
$
280

282

   Accumulated depreciation
(133
)
(129
)
     Property and equipment, net
$
147

153

   Current portion of debt and finance lease obligations
$
17

18

   Long-term portion of debt and finance lease obligations
157

163
     Total finance lease liabilities
$
174

181

Supplemental cash flow information related to leases was as follows:

Three months ended
(in millions)
March 31, 2020

March 31, 2019

Cash paid for amounts included in the measurement of lease liabilities:

     Operating cash flows from operating lease
$
14

6

     Operating cash flows from finance leases
2

2

     Financing cash flows from finance leases
5

5

Right-of-use assets obtained in exchange for lease obligations:

      Operating leases
3

68

      Finance leases
$
—

—

Future payments under noncancelable operating leases and finance leases with initial terms of one year or more as of March 31, 2020 consisted of the following:
(in millions)
Finance Leases

Operating leases

Total leases

Remainder of 2020
$
19

26

45

2021
25

27

52

2022
25

23

48

2023
24

20

44

2024
23

20

43

Thereafter
108

183

291

Total lease payments
224

299

523

Less: imputed interest
(50
)
(93
)
(143
)
Total lease liabilities
$
174

206

380

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 the ECDC Lease has an initial term of 15 years. QVC obtained initial access to a portion of the ECDC Lease during March 2019 and obtained access to the remaining portion during September 2019. In total, QVC recorded a right of use asset of $141 million and an operating lease liability of $131 million relating to the ECDC Lease, with the difference attributable to prepaid rent. QVC is required to pay an initial base rent of $10 million per year, with payments that began in the third quarter of 2019 and increasing to $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.

X

- References
No definition available.
+ Details

Name: us-gaap_LeasesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.
+ References
Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI http://asc.fasb.org/topic&trid=2208923
+ Details

Name: us-gaap_LeasesOfLesseeDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 71 R17.htm IDEA: XBRL DOCUMENT v3.20.1

Financial Instruments and Fair Value Measurements
3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair value disclosures
Financial Instruments and Fair Value Measurements
For assets and liabilities required to be reported or disclosed at fair value, U.S. GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs, other than quoted market prices included within Level 1, are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.
The Company's assets and liabilities measured or disclosed at fair value were as follows:

Fair value measurements at March 31, 2020 using

(in millions)
Total

Quoted prices
in active
markets for
identical
assets
(Level 1)

Significant
other
observable
inputs
(Level 2)

Significant
unobservable
inputs
(Level 3)

Current assets:

    Cash equivalents
$
242

242

—

—

Long-term liabilities:

Long-term debt excluding finance lease obligations (note 5)
4,068

530

3,538

—

Interest rate swap arrangements (note 5)
4

—

4

—

Fair value measurements at December 31, 2019 using

(in millions)
Total

Quoted prices
in active
markets for
identical
assets
(Level 1)

Significant
other
observable
inputs
(Level 2)

Significant
unobservable
inputs
(Level 3)

Current assets:

    Cash equivalents
$
272

272

—

—

    Interest rate swap arrangements (note 5)
—

—

—

—

Long-term liabilities:

Long-term debt excluding finance lease obligations (note 5)
5,116

760

4,356

—

Interest rate swap arrangements (note 5)
—

—

—

—

The 2067 Notes (ticker: QVCD) and the 2068 Notes (ticker: QVCC) are considered Level 1 fair value instruments as reported in the foregoing tables as they are traded on the New York Stock Exchange, which the Company considers to be an "active market," as defined by U.S. GAAP. The remainder of the Company's Level 2 financial liabilities are debt instruments with quoted market prices that are not considered to be traded on "active markets." Accordingly, these financial instruments are reported in the foregoing tables as Level 2 fair value instruments.

X

- References
No definition available.
+ Details

Name: us-gaap_FairValueDisclosuresAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition
The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258
+ Details

Name: us-gaap_FairValueDisclosuresTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income taxes	Income Taxes The Company calculates its interim income tax provision by applying its best estimate of the annual expected effective tax rate to its ordinary year-to-date income or loss. The tax or benefit related to significant, unusual or extraordinary items that will be separately reported or reported net of their related tax effect are individually computed and recognized in the interim period in which those items occur. The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in foreign jurisdictions, permanent and temporary differences as a result of differences between amounts measured and recognized in accordance with tax laws and financial accounting standards, and the likelihood of recovering deferred tax assets. The accounting estimates used to compute the provision for income taxes may change as new events occur, additional information is obtained or as the tax environment changes. To the extent that the estimated annual effective tax rate changes during a quarter, the effect of the change on the prior quarters is included in the tax expense for the current quarter. For the three months ended March 31, 2020 and 2019, the Company recorded a tax provision of $60 million and $74 million, respectively, which represented an effective tax rate of 29.9% and 28.5%, respectively. The 2020 rate differs from the U.S. federal income tax rate of 21% due primarily to state and foreign tax expenses, and a valuation allowance established for excess U.S. foreign tax credits. The 2020 effective tax rate has increased from the prior year primarily due to increases in foreign tax expense and the valuation allowance on foreign tax credits in the current year. The Company participates in a consolidated federal return filing with Qurate Retail. As of March 31, 2020, the Company's tax years through 2015 are closed for federal income tax purposes, and the Internal Revenue Service (the "IRS") has completed its examination of the Company's 2016 and 2017 tax years. The Company's 2018, 2019 and 2020 tax years are being examined currently as part of the Qurate Retail consolidated return under the IRS's Compliance Assurance Process program. The Company, or one of its subsidiaries, files income tax returns in various states and foreign jurisdictions. As of March 31, 2020, the Company was under examination in the state of Pennsylvania and certain of the Company's subsidiaries were under examination in Germany and the U.K. The Company is a party to a Tax Liability Allocation and Indemnification Agreement (the “Tax Agreement”) with Qurate Retail. The Tax Agreement establishes the methodology for the calculation and payment of income taxes in connection with the consolidation of the Company with Qurate Retail for income tax purposes. Generally, the Tax Agreement provides that the Company will pay Qurate Retail an amount equal to the tax liability, if any, that it would have if it were to file as a consolidated group separate and apart from Qurate Retail, with exceptions for the treatment and timing of certain items, including but not limited to deferred intercompany transactions, credits, and net operating and capital losses. To the extent that the separate company tax expense is different from the payment terms of the Tax Agreement, the difference is recorded as either a dividend or capital contribution. The amounts of the tax-related balance payable (receivable) due to (from) Qurate Retail as of March 31, 2020 and December 31, 2019 were $20 million and $(7) million, respectively, and were included in accrued liabilities in the accompanying condensed consolidated balance sheets.

Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended
Basis of Presentation (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019
General business information
Dividends paid to noncontrolling interest	$ 15	$ 22
Cornerstone Brands Inc [Member]
General business information
Repayments of Related Party Debt		29
QVC to Zulily allocated expenses [Member]
General business information
Related Party Transaction, Expenses from Transactions with Related Party	2
Zulily to QVC allocated expenses [Member]
General business information
Related Party Transaction, Expenses from Transactions with Related Party	3	2
QVC to CBI Allocated Expenses [Member] \| Cornerstone Brands Inc [Member]
General business information
Related Party Transaction, Expenses from Transactions with Related Party	6	$ 5
CBI to QVC allocated expenses [Member] \| Cornerstone Brands Inc [Member]
General business information
Related Party Transaction, Expenses from Transactions with Related Party	$ 1
QVC-Japan
General business information
Investment Owned, Percent of Net Assets	60.00%
CNR Home Shopping Co., Ltd.
General business information
Equity Method Investment, Ownership Percentage	49.00%
Mitsui [Domain] \| QVC-Japan
General business information
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	40.00%

Information about QVC's Operating Segments (Reconciliation of Adjusted OIBDA to Income before Income Taxes) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting [Abstract]
Adjusted OIBDA Excluding Transaction Related Costs	$ 390	$ 453
Stock-based compensation	(6)	(9)
Depreciation and amortization	(114)	(118)
Operating Income (Loss)	270	326
Equity in losses of investee	(1)	0
Gain (Loss) on Derivative Instruments, Net, Pretax	(4)	(2)
Interest expense, net	(65)	(61)
Foreign currency gain (loss)	1	(3)
Income before income taxes	$ 201	$ 260

Revenue Revenue (Policies)	3 Months Ended
Revenue Revenue (Policies)	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue [Policy Text Block]	Revenue Recognition For the three months ended March 31, 2020 and 2019, revenue is recognized when obligations with our customer are satisfied; generally this occurs at the time of shipment to our customers consistent with when control of the shipped product passes. The recognized revenue reflects the consideration we expect to receive in exchange for transferring goods, net of allowances for returns. The Company generally recognizes revenue related to the PLCC program over time as the PLCC is used by QVC's customers. Sales, value add, use and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. The Company elected to treat shipping and handling activities that occur after the customer obtains control of the goods as a fulfillment cost and not as a promised good or service. Accordingly, the Company accrues the related shipping costs and recognizes revenue upon delivery of the goods to the shipping carrier. In electing this accounting policy, all shipping and handling activities will be treated as fulfillment costs. The Company generally extends payment terms with its customers of one year or less and elected the practical expedient applicable to such contracts not to consider the time value of money. Significant Judgments Our products are generally sold with a right of return and we may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. Returns and credits are estimated at contract inception and updated at the end of each reporting period as additional information becomes available. The Company has determined that it is generally the principal in vendor arrangements as the Company can establish control over the goods prior to shipment. Accordingly, the Company records revenue for these arrangements on a gross basis.

Consolidated Statement of Equity - USD ($) $ in Millions	Total	Common stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Noncontrolling interest
Balance, December 31, 2019 at Dec. 31, 2018	$ 6,829	$ 0	$ 9,123	$ (2,269)	$ (144)	$ 119
Balance beginning (in shares) at Dec. 31, 2018		1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	186		0	176	0	10
Foreign currency translation adjustments, net of tax	(6)		0	0	(6)	0
Dividends paid to Qurate Retail, Inc. and noncontrolling interest	(376)		0	(354)	0	(22)
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	3		3	0	0	0
Stock-based compensation	(9)		(9)	0	0	0
Balance, March 31, 2020 at Mar. 31, 2019	6,639	$ 0	9,129	(2,447)	(150)	107
Balance ending (in shares) at Mar. 31, 2019		1
Balance, December 31, 2019 at Dec. 31, 2019	6,804	$ 0	9,208	(2,390)	(144)	130
Balance beginning (in shares) at Dec. 31, 2019		1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	141		0	129	0	12
Foreign currency translation adjustments, net of tax	(22)		0	0	(23)	1
Dividends paid to Qurate Retail, Inc. and noncontrolling interest	(137)		0	(122)	0	(15)
Tax liability allocation to wholly-owned parent	2		0	2	0	0
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	1		1	0	0	0
Stock-based compensation	6		6	0	0	0
Balance, March 31, 2020 at Mar. 31, 2020	$ 6,793	$ 0	$ 9,213	$ (2,381)	$ (167)	$ 128
Balance ending (in shares) at Mar. 31, 2020		1

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 132	$ 123
Accumulated depreciation	$ 1,367	$ 1,338
Common stock par value	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1	1

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Tax Contingency [Line Items]
Income tax expense	$ (60)	$ (74)
Effective income tax rate reconciliation, percent	29.90%	28.50%
UNITED STATES
Income Tax Contingency [Line Items]
Effective income tax rate reconciliation, at federal statutory income tax rate, percent	21.00%
Liberty \| Tax Agreement
Income Tax Contingency [Line Items]
Current tax payments due to related parties	$ 20
Due from Affiliates			$ (7)

Long-Term Debt (Debt) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Long-Term Debt (Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019	Feb. 04, 2020
Debt Instrument [Line Items]
Debt Issuance Costs	$ (47)	$ (40)
Total debt and finance lease obligations	4,925	5,119
Less current portion	(17)	(18)
Long-term portion of debt and finance lease obligations	4,908	5,101
4.375% Senior Secured Notes due 2023, net of original issue discount
Debt Instrument [Line Items]
Debt and Lease Obligation	$ 500	500
Debt Instrument, Interest Rate, Stated Percentage	5.125%
4.85% Senior Secured Notes due 2024, net of original issue discount
Debt Instrument [Line Items]
Debt and Lease Obligation	$ 750	750
Debt Instrument, Interest Rate, Stated Percentage	4.375%
4.45% Senior Secured Notes due 2025, net of original issue discount
Debt Instrument [Line Items]
Debt and Lease Obligation	$ 600	600
Debt Instrument, Interest Rate, Stated Percentage	4.85%
4.75% Senior Secured Notes due 2027
Debt Instrument [Line Items]
Debt and Lease Obligation	$ 599	599
Debt Instrument, Interest Rate, Stated Percentage	4.45%
4.75% Senior Secured Notes [Member] [Member]
Debt Instrument [Line Items]
Debt and Lease Obligation	$ 575	0	$ 575
Debt Instrument, Interest Rate, Stated Percentage	4.75%		4.75%
5.45% Senior Secured Notes due 2034, net of original issue discount
Debt Instrument [Line Items]
Debt and Lease Obligation	$ 399	399
Debt Instrument, Interest Rate, Stated Percentage	5.45%
5.95% Senior Secured Notes due 2043, net of original issue discount
Debt Instrument [Line Items]
Debt and Lease Obligation	$ 300	300
Debt Instrument, Interest Rate, Stated Percentage	5.95%
6.375% Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt and Lease Obligation	$ 225	225
Debt Instrument, Interest Rate, Stated Percentage	6.375%
6.25% Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt and Lease Obligation	$ 500	500
Debt Instrument, Interest Rate, Stated Percentage	6.25%
Senior secured credit facility
Debt Instrument [Line Items]
Debt and Lease Obligation	$ 350	1,105
Finance lease obligations
Debt Instrument [Line Items]
Debt and Lease Obligation	$ 174	$ 181

Information about QVC's Operating Segments (Depreciation/Amortization by Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Depreciation	$ 43	$ 46
Amortization	71	72
QxH [Member]
Segment Reporting Information [Line Items]
Depreciation	29	28
Amortization	68	69
QVC-International
Segment Reporting Information [Line Items]
Depreciation	14	18
Amortization	$ 3	$ 3

Other Comprehensive Income (Component of Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation adjustments before tax	$ (23)	$ (6)
Tax expense from foreign currency translation gain (loss)	1	0
Foreign currency translation adjustments, net of tax	$ (22)	$ (6)

Television Distribution Rights, Net (Future Amortization Expense) (Details) - Television distribution rights $ in Millions	Mar. 31, 2020 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2020	$ 88
2021	17
2022	3
2023	0
2024	$ 0

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company has contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. Although it is reasonably possible the Company may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made. In the opinion of management, it is expected that the amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying condensed consolidated financial statements. Network and information systems, including the Internet and telecommunication systems, third party delivery services and other technologies are critical to QVC's business activities. Substantially all of QVC's customer orders, fulfillment and delivery services are dependent upon the use of network and information systems, including the use of third party telecommunication and delivery service providers. If information systems including the Internet or telecommunication services are disrupted, or if the third party delivery services experience a disruption in their transportation delivery services, the Company could face a significant disruption in fulfilling QVC's customer orders and shipment of QVC's products. The Company has active disaster recovery programs in place to help mitigate risks associated with these critical business activities.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Event QVC declared and paid dividends to Qurate Retail in the amount of $50 million from April 1, 2020 to May 7, 2020

Document and Entity Information Document	3 Months Ended
Document and Entity Information Document	Mar. 31, 2020 shares
Document Information [Abstract]
Entity Registrant Name	QVC INC
Entity Central Index Key	0001254699
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	1
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false

Lease and Transponder Service Agreements (Details) ft² in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2020 USD ($) ft²	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	12 months
Lease Liability, Total	$ 380
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	3	$ 68
Operating Lease, Liability	206		$ 218
Lease, Cost [Abstract]
Finance Lease, Right-of-Use Asset, Amortization	5	5
Finance Lease, Interest Expense	2	2
Finance Lease, Total Cost	7	7
Operating leases expense net	10	6
Total Lease Cost	$ 17	13
Weighted average lease term and discount rate [Abstract]
Finance Lease, Weighted Average Remaining Lease Term	9 years 1 month 4 days
Operating Lease, Weighted Average Remaining Lease Term	12 years 2 months 9 days
Finance Lease, Weighted Average Discount Rate, Percent	5.09%
Operating Lease, Weighted Average Discount Rate, Percent	6.03%
Supplemental balance sheet information [Abstract]
Operating Lease, Right-of-Use Asset	$ 208		214
Operating Lease, Liability, Current	22		28
Operating Lease, Liability, Noncurrent	184		190
Finance Lease, Right of Use Asset, Gross	280		282
Finance Lease, Right-of-Use Asset, Accumulated Amortization	(133)		(129)
Finance Lease, Right-of-Use Asset	147		153
Finance Lease, Liability, Current	17		18
Finance Lease, Liability, Noncurrent	157		163
Finance Lease, Liability	174		181
Supplemental Cash Flow Information [Abstract]
Operating Lease, Payments	14	6
Finance Lease, Interest Payment on Liability	2	2
Finance Lease, Principal Payments	5	5
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	0	$ 0
Finance Lease, Liability, Payment, Due [Abstract]
Finance Lease, Liability, Payments, Remainder of Fiscal Year	19
2021	25
2022	25
2023	24
2024	23
Thereafter	108
Finance Lease, Liability, Payment, Due	224
Imputed interest on finance lease	(50)
Operating leases
Remainder of 2020	26
2021	27
2022	23
2023	20
2024	20
Thereafter	183
Operating Lease, Total Payments Due	299
Imputed interest of operating leases	(93)
Total Future payments, Leases [Abstract]
Remainder of 2020	45
2021	52
2022	48
2023	44
2024	43
Thereafter	291
Total Lease Payments Due	523
Imputed interest on lease liabilities	$ (143)
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	14 years
ECDC [Member]
Lessee, Lease, Description [Line Items]
Area of Real Estate Property \| ft²	1.7
Lessee Leasing Arrangement, Build to Suit Lease, Term of Contract	15 years
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability			141
Operating Lease, Liability			131
Operating Leases, Rent Expense, Minimum Rentals			$ 10
Operating Leases, Rent Expense, Minimum Rentals, Final Year	$ 14
Lessee Leasing Arrangements, Operating Lease, Number of Five Year Extension Options	2
Lessee Leasing Arrangements,Operating Lease Renewal Term	5 years
Lessee Leasing Arrangements, Operating Lease, Number of Four Year Extension Options	1
Lessee, Operating Lease, Final Renewal Term	4 years

Goodwill and Other Intangible Assets, Net (Future Amortization Expense) (Details) - Other Intangible Assets $ in Millions	Mar. 31, 2020 USD ($)
Finite-Lived Intangible Assets [Line Items]
Remainder of 2020	$ 127
2021	139
2022	111
2023	65
2024	$ 62

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2020
Basis of Presentation [Abstract]
New accounting pronouncements policy	Adoption of new accounting pronouncements In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-15, Intangibles- Goodwill and Other- Internal-Use Software (Subtopic 350-40), 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 Company prospectively adopted this new standard as of January 1, 2020 and it did not have a material impact on its consolidated financial statements.

Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Feb. 04, 2020	Dec. 31, 2019	Jul. 01, 2019	Dec. 31, 2018	Jun. 15, 2016
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 2,400
Line of Credit Facility, Interest Rate at Period End	2.14%
Line of credit facility, maximum borrowing capacity					$ 2,950
Derivative, Notional Amount				$ 125		$ 125
Derivative Liability, Current	$ 4
Line of Credit Facility, Standby Letter of Credit					450
Line of credit facility, uncommitted loan					1,500
Debt Instrument, Lower Range of Basis Spread on Variable Rate	0.25%
Debt Instrument, Higher Range of Basis Spread on Variable Rate	0.75%
Debt, Weighted Average Interest Rate	4.90%
Tranche One, Shared with Related Party \| Senior secured credit facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					400
Tranche One, Shared with Related Party \| Standby Letters of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Standby Letter of Credit					50
QVC \| Senior secured credit facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					2,550
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt Instrument, Lower Range of Basis Spread on Variable Rate	1.25%
Debt Instrument, Higher Range of Basis Spread on Variable Rate	1.75%
6.25% Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.25%
Debt and Lease Obligation	$ 500		$ 500
6.375% Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.375%
Debt and Lease Obligation	$ 225		225
250 million interest rate swap [Member]
Debt Instrument [Line Items]
Derivative, Notional Amount					$ 250
Derivative, Fixed Interest Rate					1.05%
4.75% Senior Secured Notes [Member] [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.75%	4.75%
Debt and Lease Obligation	$ 575	$ 575	$ 0

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2020
Basis of Presentation [Abstract]
Basis of presentation	Basis of Presentation QVC, Inc. and its consolidated subsidiaries (unless otherwise indicated or required by the context, the terms "we," "our," "us," the "Company" and "QVC" refer to QVC, Inc. and its consolidated subsidiaries) is a retailer of a wide range of consumer products, which are marketed and sold primarily by merchandise-focused televised shopping programs, the Internet and mobile applications. In the United States ("U.S."), QVC's televised shopping programs, including live and recorded content, are distributed across multiple channels nationally on a full-time basis, including QVC, QVC2, QVC3, HSN and HSN2. During the first quarter of 2019, the Company transitioned its televised Beauty iQ channel to QVC 3 and Beauty iQ content was moved to a digital only platform. The Company's U.S. programming is also available on QVC.com and HSN.com, QVC's "U.S. websites"; applications via streaming video; Facebook Live, Roku, Apple TV, and Amazon Fire; mobile applications; social pages and over-the-air broadcasters. QVC's digital platforms enable consumers to purchase goods offered on our televised programming, along with a wide assortment of products that are available only on our U.S. websites. QVC.com, HSN.com and our other digital platforms (including our mobile applications, social pages and others) are natural extensions of our business model, allowing customers to engage in our shopping experience wherever they are, with live or on-demand content customized to the device they are using. In addition to offering video content, our U.S. websites allow shoppers to browse, research, compare and perform targeted searches for products, read customer reviews, control the order-entry process and conveniently access their QVC account. Internationally, QVC's televised shopping programs, including live and recorded content, are distributed to households outside of the U.S., primarily in Germany, Austria, Japan, the United Kingdom ("U.K."), the Republic of Ireland, and Italy. In some of the countries where QVC operates, QVC's televised shopping programs are distributed across multiple QVC channels: QVC Style and QVC2 in Germany and QVC Beauty, QVC Extra and QVC Style in the U.K. Similar to the U.S., our international businesses also engage customers via websites, mobile applications, and social pages. QVC's international business employs product sourcing teams who select products tailored to the interests of each local market. The Company's Japanese operations ("QVC-Japan") are conducted through a joint venture with Mitsui & Co., LTD ("Mitsui"). QVC-Japan is owned 60% by the Company and 40% by Mitsui. The Company and Mitsui share in all profits and losses based on their respective ownership interests. During the three months ended March 31, 2020 and 2019, QVC-Japan paid dividends to Mitsui of $15 million and $22 million, respectively. The Company also has a joint venture with CNR Media Group, formerly known as China Broadcasting Corporation, a limited liability company owned by China National Radio (''CNR''). The Company owns a 49% interest in a CNR subsidiary, CNR Home Shopping Co., Ltd. (''CNRS''). CNRS operates a retail business in China through a shopping television channel with an associated website. This joint venture is accounted for as an equity method investment recorded as equity in income (losses) of investee in the condensed consolidated statements of operations. The Company is an indirect wholly-owned subsidiary of Qurate Retail, Inc. ("Qurate Retail") (Nasdaq: QRTEA and QRTEB), which owns interests in a broad range of digital commerce businesses, including Qurate Retail's other wholly-owned subsidiaries Zulily, LLC ("Zulily") and Cornerstone Brands, Inc. ("CBI"), as well as other minority investments. QVC is part of the Qurate Retail Group ("QRG"), formerly QVC Group, a portfolio of brands including QVC, HSN, Inc. ("HSN"), Zulily and CBI. During each of the three months ended March 31, 2020 and 2019, QVC and Zulily engaged in multiple transactions relating to sales, sourcing of merchandise, marketing initiatives and business advisory services. QVC allocated expenses of $2 million to Zulily for each of the three months ended March 31, 2020 and 2019. Zulily allocated expenses of $3 million and $2 million to QVC for the three months ended March 31, 2020 and 2019, respectively. During the three months ended March 31, 2020 and 2019, QVC and CBI engaged in multiple transactions relating to personnel and business advisory services. QVC allocated expenses of $6 million and $5 million to CBI for the three months ended March 31, 2020 and 2019, respectively. CBI allocated expenses of $1 million to QVC for each of the three months ended March 31, 2020 and 2019. CBI also repaid a $29 million note receivable to QVC during the three months ended March 31, 2019. In December 2019, a new coronavirus disease ("COVID-19'") pandemic was reported to have surfaced in Wuhan, China and has subsequently spread across the globe, including all of the countries in which QVC operates. As a result of the spread of the virus, most 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. As a result of COVID-19, management has increased the amounts of certain estimated reserves including, but not limited to, uncollectible receivables, inventory obsolescence and sales returns for the three months ended March 31, 2020. Other than these changes, management is not presently aware of any events or circumstances arising from the COVID-19 pandemic that would require the Company to update our 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. The condensed consolidated financial statements include the accounts of QVC, Inc. and its majority-owned subsidiaries. All significant intercompany accounts and transactions were eliminated in consolidation. The accompanying (a) condensed consolidated balance sheet as of December 31, 2019, 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 ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in QVC's Annual Report on Form 10-K for the year ended December 31, 2019. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates include, but are not limited to, sales returns, uncollectible receivables, inventory obsolescence, internally-developed software, valuation of acquired intangible assets and goodwill and income taxes. Adoption of new accounting pronouncements In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-15, Intangibles- Goodwill and Other- Internal-Use Software (Subtopic 350-40), 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 Company prospectively adopted this new standard as of January 1, 2020 and it did not have a material impact on its consolidated financial statements.

Financial Instruments and Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current Assets, Fair Value Disclosure
Cash equivalents	$ 242	$ 272
Derivative Asset, Current		0
Long-term liabilities
Long-term Debt, Fair Value	4,068	5,116
Derivative Liability	4
Level 1
Current Assets, Fair Value Disclosure
Cash equivalents	242	272
Long-term liabilities
Long-term Debt, Fair Value	530	760
Derivative Liability	0
Level 2
Current Assets, Fair Value Disclosure
Derivative Asset, Current		0
Long-term liabilities
Long-term Debt, Fair Value	3,538	$ 4,356
Derivative Liability	$ 4

Subsequent Events (Details) $ in Millions	1 Months Ended
Subsequent Events (Details) $ in Millions	May 07, 2020 USD ($)
Subsequent Event [Line Items]
Dividends Declared to Parent Company	$ 50