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Lease and Transponder Service Agreements | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
Leases of Lessee | 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 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 13 years, some of which may include the option to extend or terminate the leases. The components of lease cost for the three and nine months ended September 30, 2021 and 2020, were as follows:
| Three months ended September 30, | Nine months ended September 30,
(in millions) | 2021 | 2020 | 2021 | 2020
Finance lease cost |  |  |  |
Depreciation of leased assets | $ | 4 |  | 5 |  | 14 |  | 15 |
Interest on lease liabilities | 2 |  | 2 |  | 6 |  | 6 |
Total finance lease cost | 6 |  | 7 |  | 20 |  | 21 |
Operating lease cost | 10 |  | 9 |  | 30 |  | 29 |
Total lease cost | $ | 16 |  | 16 |  | 50 |  | 50 |
The remaining weighted-average lease term and the weighted-average discount rate were as follows:
| September 30, 2021
Weighted-average remaining lease term (years): |
Finance leases | 7.9
Operating leases | 10.7
Weighted-average discount rate: |
Finance leases | 5.1 | %
Operating leases | 6.0 | %
Supplemental balance sheet information related to leases was as follows:
(in millions) | September 30, 2021 | December 31, 2020
Operating Leases: |  |
Operating lease right-of-use assets | $ | 206 |  | 221 |
Accrued liabilities | $ | 24 |  | 25 |
Other long-term liabilities | 181 |  | 195 |
Total operating lease liabilities | $ | 205 |  | 220 |
Finance Leases: |  |
Property and equipment | $ | 281 |  | 278 |
Accumulated depreciation | (149) |  | (141) |
Property and equipment, net | $ | 132 |  | 137 |
Current portion of debt and finance lease obligations | $ | 18 |  | 18 |
Long-term portion of debt and finance lease obligations | 145 |  | 150 |
Total finance lease liabilities | $ | 163 |  | 168 |
Supplemental cash flow information related to leases was as follows:
| Nine months ended September 30,
(in millions) | 2021 | 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |
Operating cash flows from operating leases | $ | 29 |  | 33 |
Operating cash flows from finance leases | 6 |  | 6 |
Financing cash flows from finance leases | 13 |  | 14 |
Right-of-use assets obtained in exchange for lease obligations: |  |
Operating leases | 6 |  | 22 |
Finance leases | $ | 11 |  | — |
Future payments under noncancelable operating leases and finance leases with initial terms of one year or more as of September 30, 2021 consisted of the following:
(in millions) | Finance leases | Operating leases | Total leases
Remainder of 2021 | $ | 6 |  | 9 |  | 15 |
2022 | 28 |  | 35 |  | 63 |
2023 | 27 |  | 28 |  | 55 |
2024 | 26 |  | 25 |  | 51 |
2025 | 24 |  | 21 |  | 45 |
Thereafter | 90 |  | 167 |  | 257 |
Total lease payments | 201 |  | 285 |  | 486 |
Less: imputed interest | (38) |  | (80) |  | (118) |
Total lease liabilities | $ | 163 |  | 205 |  | 368 |

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- Definition Leases of Lessee + References No definition available. + Details
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- References No definition available. + Details
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