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, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Net revenue $ 2,058 $ 2,010 $ 6,234 $ 5,954
Operating costs and expenses:        
Cost of goods sold (exclusive of depreciation and amortization shown separately below) 1,300 1,282 3,906 3,755
Operating 144 145 433 419
Selling, general and administrative, including transaction related costs and stock-based compensation 235 180 652 489
Depreciation 36 38 110 116
Amortization 42 91 119 324
Operating expenses 1,757 1,736 5,220 5,103
Operating income 301 274 1,014 851
Other (expense) income:        
Equity in losses of investee (1) 0 (2) (3)
Interest expense, net (57) (54) (172) (165)
Foreign currency (loss) gain (1) 4 0 (6)
Nonoperating expense (59) (50) (174) (174)
Income before income taxes 242 224 840 677
Income tax expense (69) (58) (224) (225)
Net income 173 166 616 452
Less net income attributable to the noncontrolling interest (11) (12) (33) (33)
Net income attributable to QVC, Inc. stockholder $ 162 $ 154 $ 583 $ 419