Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v2.4.0.8
Consolidated Statements of Operations (USD $)
In Millions, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Net revenue $ 8,623 $ 8,516 $ 8,268
Cost of goods sold 5,465 5,419 5,278
Gross profit 3,158 3,097 2,990
Operating expenses:      
Operating 740 715 744
Selling, general and administrative, including stock-based compensation 615 588 535
Depreciation 127 126 135
Amortization of intangible assets 431 400 439
Operating expenses 1,913 1,829 1,853
Operating income 1,245 1,268 1,137
Other (expense) income:      
Equity in losses of investee (4) (4) (2)
Gains on financial instruments 15 48 50
Interest expense, net (214) (233) (229)
Foreign currency gain (loss) 1 2 (2)
Loss on extinguishment of debt (57) 0 0
Nonoperating (expense) income (259) (187) (183)
Income before income taxes 986 1,081 954
Income tax expense (353) (394) (342)
Net income 633 687 612
Less net income attributable to the noncontrolling interest (45) (63) (52)
Net income (loss) attributable to QVC, Inc. shareholder $ 588 $ 624 $ 560