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Information about QVC's Operating Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment reporting disclosure Information about QVC's Operating Segments and Geographical Data
The Company evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as net revenue, Adjusted OIBDA (defined below), gross margin, average sales price per unit, number of units shipped and revenue or sales per customer. For segment reporting purposes, the Company defines Adjusted OIBDA, as net revenue less cost of goods sold (excluding fire related costs, net of recoveries and Rocky Mount inventory losses, see note 17), operating expenses, and selling, general and administrative expenses (excluding stock-based compensation, penalties and restructuring costs). 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, impairment losses, gains on sale of assets and sale-leaseback transactions, restructuring, penalties and fire related costs, net of recoveries, Rocky Mount inventory losses and stock-based compensation 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.
The Company's chief operating decision maker ("CODM") is the Company's Chief Executive Officer who has ultimate responsibility for enterprise decisions. QVC's CODM determines, in particular, resource allocation for, and monitors performance of, the consolidated enterprise, QxH, and QVC-International. 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 (see below).
For the year ended December 31, 2024, QVC has 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 in certain markets.
QVC allocates certain corporate costs for management reporting purposes from its QxH segment to the QVC-International segment. These management cost allocations are related to certain functions such as merchandising, commerce platforms, information technology, human resources, legal, finance, brand and communications, corporate development and administration that support all of QVC’s operations. For the years ended December 31, 2024, 2023 and 2022, the costs allocated to QVC-International totaled $45 million, $49 million and $46 million, respectively.
Performance measures
Year ended December 31, 2024
(in millions)QxHQVC-InternationalConsolidated QVC
Net revenue$6,598 2,399 8,997 
Cost of goods sold (exclusive of depreciation and amortization)4,373 1,532 5,905 
Segment gross profit2,225 867 3,092 
Operating512 181 693 
Advertising277 35 312 
Selling, general and administrative, excluding stock-based compensation and advertising671 318 989 
Adjusted OIBDA$765 333 1,098 
Year ended December 31, 2023
(in millions)QxHQVC-InternationalTotal
Net revenue$6,995 2,454 9,449 
Cost of goods sold (exclusive of depreciation and amortization)4,711 1,562 6,273 
Segment gross profit2,284 892 3,176 
Operating549 190 739 
Advertising251 38 289 
Selling, general and administrative, excluding stock-based compensation and advertising738 339 1,077 
Adjusted OIBDA$746 325 1,071 
Year ended December 31, 2022
(in millions)QxHQVC-InternationalTotal
Net revenue$7,359 2,528 9,887 
Cost of goods sold (exclusive of depreciation, amortization and Rocky Mount inventory losses)5,131 1,620 6,751 
Segment gross profit2,228 908 3,136 
Operating562 198 760 
Advertising259 39 298 
Selling, general and administrative, excluding stock-based compensation and advertising657 313 970 
Adjusted OIBDA$750 358 1,108 
Other information
Years ended December 31,
202420232022
(in millions)DepreciationAmortizationDepreciationAmortizationDepreciationAmortization
QxH$51 252 59 265 77 277 
QVC-International26 22 31 17 34 13 
Consolidated QVC$77 274 90 282 111 290 
Years ended December 31,
20242023
(in millions)Total
assets		Capital
expenditures		Total
assets		Capital
expenditures
QxH$8,128 122 9,828 128 
QVC-International1,761 51 1,892 54 
Consolidated QVC$9,889 173 11,720 182 
Property and equipment, net of accumulated depreciation, by segment was as follows:
December 31,
(in millions)20242023
QxH$259 263 
QVC-International151 164 
Consolidated QVC$410 427 
The following table provides a reconciliation of Adjusted OIBDA to income before income taxes:
Years ended December 31,
(in millions)202420232022
Adjusted OIBDA$1,098 1,071 1,108 
Gains on sales of assets and sale leaseback transactions1 113 520 
Restructuring, penalties and fire related (costs), net of recoveries (including Rocky Mount inventory losses)
(18)196 10 
Impairment losses(1,480)(326)(2,600)
Stock-based compensation(20)(37)(36)
Depreciation and amortization(351)(372)(401)
Operating (loss) income(770)645 (1,399)
Losses on financial instruments— (1)(9)
Interest expense, net(251)(228)(228)
Foreign currency gain (loss)9 (10)32 
Gain (loss) on extinguishment of debt— 10 (6)
Other (loss) income(7)— 20 
(Loss) income before income taxes$(1,019)416 (1,590)
The following table summarizes net revenues based on revenues generated by subsidiaries located within the identified geographic area:
Years ended December 31,
(in millions)202420232022
United States$6,598 6,995 7,359 
Japan870 945 1,017 
Germany785 788 813 
United Kingdom629 594 565 
Other countries115 127 133 
Consolidated QVC$8,997 9,449 9,887 
The following table summarizes property and equipment, net of accumulated depreciation, based on physical location:
December 31,
(in millions)20242023
United States$259 263 
Japan81 91 
Other countries70 73 
Consolidated QVC$410 427