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, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues $ 2,194 $ 2,217 $ 6,611 $ 6,963
Cost of goods sold (exclusive of depreciation and amortization shown separately below) 1,424 1,526 4,368 4,775
Operating costs and expenses:        
Operating 175 186 530 543
Selling, general and administrative, including transaction related costs and stock-based compensation 324 309 989 906
Depreciation 23 21 68 88
Amortization 75 73 213 217
Goodwill and Intangible Asset Impairment 0 2,600 0 2,600
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds 19 (137) (196) (134)
Gain (Loss) on Disposition of Assets 0 (277) (119) (520)
Operating expenses 2,040 4,301 5,853 8,475
Operating income (loss) 154 (2,084) 758 (1,512)
Other (expense) income:        
Gain (Loss) on Derivative Instruments, Net, Pretax 0 0 (1) 1
Interest expense, net (63) (50) (167) (175)
Foreign currency gain (loss) 6 21 (3) 50
Gain (Loss) on Extinguishment of Debt 0 0 10 (6)
Other Income 0 0 0 20
Nonoperating Income (Expense) (57) (29) (161) (110)
Income (loss) before income taxes 97 (2,113) 597 (1,622)
Income tax expense (34) (101) (173) (251)
Net income (loss) 63 (2,214) 424 (1,873)
Less net income attributable to the noncontrolling interest (12) (12) (38) (41)
Net income (loss) attributable to QVC, Inc. stockholder $ 51 $ (2,226) $ 386 $ (1,914)