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, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Revenues $ 2,780 $ 2,723 $ 5,490 $ 5,150
Cost of goods sold (exclusive of depreciation and amortization shown separately below) 1,755 1,735 3,513 3,319
Operating costs and expenses:        
Operating 196 187 382 364
Selling, general and administrative, including transaction related costs and stock-based compensation 305 304 588 586
Depreciation 38 43 78 86
Amortization 64 73 126 144
Operating expenses 2,358 2,342 4,687 4,499
Operating income 422 381 803 651
Other (expense) income:        
Equity in losses of investee 0 (1) 0 (2)
Gain (Loss) on Derivative Instruments, Net, Pretax (4) 0 (3) (4)
Interest expense, net (65) (64) (128) (129)
Foreign currency (loss) gain (2) 1 (4) 2
Nonoperating Income (Expense) (69) (64) (127) (133)
Income before income taxes 353 317 676 518
Income tax expense (96) (92) (181) (152)
Net income 257 225 495 366
Less net income attributable to the noncontrolling interest (17) (14) (33) (26)
Net income attributable to QVC, Inc. stockholder 240 211 462 340
Other Income $ 2 $ 0 $ 8 $ 0