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, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues $ 2,514 $ 2,556 $ 5,015 $ 5,158
Operating costs and expenses:        
Cost of goods sold (exclusive of depreciation and amortization shown separately below) 1,578 1,589 3,188 3,245
Operating 179 209 356 422
Selling, general and administrative, including transaction related costs and stock-based compensation 268 270 538 547
Depreciation 54 43 100 87
Amortization 70 55 142 111
Operating expenses 2,149 2,166 4,324 4,412
Operating income 365 390 691 746
Other (expense) income:        
Equity in losses of investee (1) (2) (1) (1)
Gain (Loss) on Derivative Instruments, Net, Pretax (1) 0 (3) 1
Interest expense, net (60) (68) (121) (133)
Foreign currency gain (loss) 0 2 (3) 1
Nonoperating expense (62) (68) (128) (132)
Income before income taxes 303 322 563 614
Income tax expense (85) (78) (159) (158)
Net income 218 244 404 456
Less net income attributable to the noncontrolling interest (12) (11) (22) (22)
Net income attributable to QVC, Inc. stockholder $ 206 $ 233 $ 382 $ 434