Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

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Condensed Consolidated Statements of Operations (USD $)
In Millions, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Net revenue $ 2,020 $ 1,947 $ 6,020 $ 5,882
Cost of goods sold 1,266 1,222 3,772 3,701
Gross profit 754 725 2,248 2,181
Operating expenses:        
Operating 175 176 533 520
Selling, general and administrative, including stock-based compensation 156 151 459 444
Depreciation 34 26 100 89
Amortization 113 113 336 324
Operating expenses 478 466 1,428 1,377
Operating income 276 259 820 804
Other (expense) income:        
Equity in losses of investee (2) (2) (5) (3)
Gains on financial instruments 0 0 0 15
Interest expense, net (60) (52) (182) (165)
Foreign currency gain (loss) 2 (1) 2 (2)
Loss on extinguishment of debt (48) 0 (48) (57)
Nonoperating income (expense) (108) (55) (233) (212)
Income before income taxes 168 204 587 592
Income tax expense (65) (70) (222) (213)
Net income 103 134 365 379
Less net income attributable to the noncontrolling interest (8) (9) (27) (34)
Net income attributable to QVC, Inc. stockholder $ 95 $ 125 $ 338 $ 345