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Leases, Codification Topic 842 | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Lease of lessee disclosure | (8) Leases The Company has lease agreements with transponder and transmitter network suppliers for the right to transmit its signals. QVC also has leases for data processing equipment, facilities, office space and land that are classified as operating leases. Our leases have remaining lease terms of less than 1 year to 18 years, some of which may include the option to extend or terminate the leases. The components of lease cost for the years ended December 31, 2024, 2023 and 2022, were as follows:
|  | Year ended December 31,
(in millions) | 2024 | 2023 | 2022
Finance lease cost |  |  |
Depreciation of leased assets | $ | 2 |  | 2 |  | 5 |
Interest on lease liabilities | — |  | — |  | 3 |
Total finance lease cost | 2 |  | 2 |  | 8 |
Operating lease cost (1) | 124 |  | 121 |  | 73 |
Total lease cost | $ | 126 |  | 123 |  | 81 |
(1) Included within operating lease costs were short-term lease costs and variable lease costs, which were not material to the financial statements. The remaining weighted-average lease term and the weighted-average discount rate were as follows:
| December 31, 2024
Weighted-average remaining lease term (years): |
Operating leases | 12.6
Weighted-average discount rate: |
Operating leases | 14.2 | %
Supplemental balance sheet information related to leases was as follows:
| December 31,
(in millions) | 2024 | 2023
Operating Leases: |  |
Operating lease right-of-use assets | $ | 482 |  | 510 |
Accrued liabilities | $ | 27 |  | 27 |
Other long-term liabilities | 475 |  | 488 |
Total operating lease liabilities | $ | 502 |  | 515 |
Finance Leases: |  |
Property and equipment | $ | 10 |  | 10 |
Accumulated depreciation | (10) |  | (8) |
Property and equipment, net | $ | — |  | 2 |
Current portion of debt and finance lease obligations | $ | — |  | 1 |
Long-term portion of debt and finance lease obligations | — |  | 1 |
Total finance lease liabilities | $ | — |  | 2 |
Supplemental cash flow information related to leases for the years ended December 31, 2024, 2023 and 2022 was as follows:
| Year ended December 31,
(in millions) | 2024 | 2023 | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows for operating leases | $ | 87 |  | 90 |  | 57 |
Operating cash flows for finance leases | — |  | — |  | 3 |
Financing cash flows for finance leases | 1 |  | 2 |  | 6 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |
Operating leases | 15 |  | 133 |  | 256 |
Future payments under noncancelable operating leases with initial terms of one year or more as of December 31, 2024 consisted of the following:
(in millions) | Operating leases
2025 | 90 |
2026 | 86 |
2027 | 85 |
2028 | 85 |
2029 | 86 |
Thereafter | 696 |
Total lease payments | 1,128 |
Less: imputed interest | (626) |
Total lease liabilities | 502 |
Sale-Leaseback Transactions In June 2022, QVC modified the finance lease for its distribution center in Ontario, California which reduced the term of the lease and removed QVC’s ability to take ownership of the distribution center at the end of the lease term. QVC will make annual payments over the modified lease term. Since the lease was modified and removed QVC’s ability to take ownership at the end of the lease term, the Company accounted for the modification similar to a sale and leaseback transaction and, as a result, recognized a $240 million gain on the sale of the distribution center during the second quarter of 2022, calculated as the difference between the aggregate consideration received (including cash of $250 million and forgiveness of the remaining financing obligation of $84 million) and the carrying value of the distribution center. The gain is included in gains on sale of assets and sale leaseback transactions in the consolidated statement of operations. The Company accounted for the modified leases as an operating lease and recorded a $37 million right-of-use asset and a $31 million operating lease liability, with the difference attributable to prepaid rent. In December 2023, QVC modified the lease for its distribution center in Ontario, California pursuant to which the Company extended the term of the lease through December 31, 2030 with an option to renew the lease for an additional 3-year term ending December 31, 2033. In July 2022, QVC sold five owned and operated properties located in the U.S. to an independent third party and received net cash proceeds of $443 million. Concurrent with the sale, the Company entered into agreements to lease each of the properties back from the purchaser over an initial term of 20 years with the option to extend the terms of the property leases for up to four consecutive terms of five years. QVC recognized a $277 million gain related to the successful sale leaseback during the third quarter of 2022 calculated as the difference between the aggregate consideration received and the carrying value of the properties. The Company accounted for the leases as operating leases and recorded a $207 million right-of-use asset and a $205 million operating lease liability, with the difference attributable to initial direct costs. In November 2022, QVC-International entered into agreements to sell two properties located in Germany and the U.K. to an independent third party. Under the terms of the agreements, QVC received net cash proceeds of $182 million related to its German and U.K. facilities when the sales closed in January 2023. Concurrent with the sale, the Company entered into agreements to lease each of the properties back from the purchaser over an initial term of 20 years with the option to extend the terms of the property leases for up to four consecutive terms of five years. QVC recognized a $113 million gain related to the successful sale leaseback of the German and U.K. properties, during the first quarter of 2023 calculated as the difference between the aggregate consideration received and the carrying value of the properties. The Company accounted for the leases as operating leases and recorded $74 million of right-of-use assets and operating lease liabilities for the German and U.K. properties. In December 2023, QVC entered into an agreement to sell an owned and operated property in Germany to an independent third party. This property was owned as of December 31, 2023, and is included in assets held for sale noncurrent in the consolidated balance sheet. Under the terms of the agreement, QVC received net cash proceeds of $6 million related to its German facility when the sale closed in February 2024. QVC recognized a $1 million gain related to the sale during the first quarter of 2024, calculated as the difference between the aggregate consideration received and the carrying value of the property. Concurrent with the sale, the Company entered into an agreement to lease a portion of the property back over two years and recorded an operating lease right-of-use asset and operating lease liability of $1 million.

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