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 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues $ 2,703 $ 2,504 $ 7,853 $ 7,519
Cost of goods sold (exclusive of depreciation and amortization shown separately below) 1,722 1,615 5,041 4,803
Operating costs and expenses:        
Operating 184 181 548 537
Selling, general and administrative, including transaction related costs and stock-based compensation 295 266 881 804
Depreciation 45 43 131 143
Amortization 69 69 213 211
Operating expenses 2,315 2,174 6,814 6,498
Operating income 388 330 1,039 1,021
Other (expense) income:        
Equity in earnings (losses) of investee 1 0 (1) (1)
Gain (Loss) on Derivative Instruments, Net, Pretax 1 (2) (3) (5)
Interest expense, net (65) (61) (194) (182)
Foreign currency gain (loss) 1 0 3 (3)
Gain (Loss) on Extinguishment of Debt (42) 0 (42) 0
Nonoperating Income (Expense) (104) (63) (237) (191)
Income before income taxes 284 267 802 830
Income tax expense (80) (79) (232) (238)
Net income 204 188 570 592
Less net income attributable to the noncontrolling interest (15) (14) (41) (36)
Net income attributable to QVC, Inc. stockholder $ 189 $ 174 $ 529 $ 556