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, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues $ 2,512 $ 2,703 $ 8,002 $ 7,853
Cost of goods sold (exclusive of depreciation and amortization shown separately below) 1,617 1,722 5,130 5,041
Operating costs and expenses:        
Operating 183 184 565 548
Selling, general and administrative, including transaction related costs and stock-based compensation 285 295 873 881
Depreciation 37 45 115 131
Amortization 74 69 200 213
Operating expenses 2,196 2,315 6,883 6,814
Operating income 316 388 1,119 1,039
Other (expense) income:        
Equity in (losses) earnings of investee (2) 1 (2) (1)
Gain (Loss) on Derivative Instruments, Net, Pretax (5) 1 (8) (3)
Interest expense, net (64) (65) (192) (194)
Foreign currency gain (loss) 0 1 (4) 3
Gain (Loss) on Extinguishment of Debt 0 (42) 0 (42)
Other Income 0 0 8 0
Nonoperating Income (Expense) (71) (104) (198) (237)
Income before income taxes 245 284 921 802
Income tax expense (85) (80) (266) (232)
Net income 160 204 655 570
Less net income attributable to the noncontrolling interest (15) (15) (48) (41)
Net income attributable to QVC, Inc. stockholder $ 145 $ 189 $ 607 $ 529