Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues $ 2,723 $ 2,514 $ 5,150 $ 5,015
Cost of goods sold (exclusive of depreciation and amortization shown separately below) 1,735 1,578 3,319 3,188
Operating costs and expenses:        
Operating 187 179 364 356
Selling, general and administrative, including transaction related costs and stock-based compensation 304 268 586 538
Depreciation 43 54 86 100
Amortization 73 70 144 142
Operating expenses 2,342 2,149 4,499 4,324
Operating income 381 365 651 691
Other expense:        
Equity in losses of investee (1) (1) (2) (1)
Gain (Loss) on Derivative Instruments, Net, Pretax 0 (1) (4) (3)
Interest expense, net (64) (60) (129) (121)
Foreign currency gain (loss) 1 0 2 (3)
Nonoperating Income (Expense) (64) (62) (133) (128)
Income before income taxes 317 303 518 563
Income tax expense (92) (85) (152) (159)
Net income 225 218 366 404
Less net income attributable to the noncontrolling interest (14) (12) (26) (22)
Net income attributable to QVC, Inc. stockholder $ 211 $ 206 $ 340 $ 382