Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues $ 11,354 $ 11,472 $ 10,986
Cost of Goods and Services Sold 7,368 7,418 7,148
Operating costs and expenses:      
Operating 791 786 768
Selling, General and Administrative, Including Transaction Related Costs and Stock-Based Compensation 1,238 1,248 1,128
Depreciation 159 171 186
Amortization 270 282 282
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) 0 0 (147)
Fire related costs, net 21 0 0
Operating Expenses 9,847 9,905 9,659
Operating income 1,507 1,567 1,327
Other (expense) income:      
Equity in losses of investee (2) (30) 0
Gains (losses) on financial instruments 8 3 (5)
Interest expense, net (249) (257) (240)
Foreign currency (loss) gain (9) 6 (3)
Loss on extinguishment of debt (7) (42) 0
Other Income 11 0 0
Nonoperating expense (248) (320) (248)
Income before income taxes 1,259 1,247 1,079
Income tax expense (408) (337) (262)
Net income 851 910 817
Less net income attributable to the noncontrolling interest (64) (58) (50)
Net income attributable to QVC, Inc. stockholder $ 787 $ 852 $ 767