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, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues $ 2,224 $ 2,392 $ 4,417 $ 4,746
Cost of goods sold (exclusive of depreciation and amortization shown separately below) 1,456 1,608 2,944 3,249
Operating costs and expenses:        
Operating 177 179 355 357
Selling, general and administrative, including transaction related costs and stock-based compensation 340 303 665 597
Depreciation 22 32 45 67
Amortization 72 70 138 144
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds (211) 1 (215) 3
Gain (Loss) on Disposition of Assets (6) (243) (119) (243)
Operating expenses 1,850 1,950 3,813 4,174
Operating income 374 442 604 572
Other (expense) income:        
Gain (Loss) on Derivative Instruments, Net, Pretax 0 0 (1) 1
Interest expense, net (67) (63) (104) (125)
Foreign currency (loss) gain (3) 21 (9) 29
Gain (Loss) on Extinguishment of Debt 10 (6) 10 (6)
Other Income 0 0 0 20
Nonoperating Income (Expense) (60) (48) (104) (81)
Income before income taxes 314 394 500 491
Income tax expense (88) (109) (139) (150)
Net income 226 285 361 341
Less net income attributable to the noncontrolling interest (13) (15) (26) (29)
Net income attributable to QVC, Inc. stockholder $ 213 $ 270 $ 335 $ 312