Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

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Condensed Consolidated Statements of Operations (USD $)
In Millions, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Net revenue $ 1,961 $ 1,974 $ 3,935 $ 3,906
Cost of goods sold 1,227 1,234 2,479 2,464
Gross profit 734 740 1,456 1,442
Operating expenses:        
Operating 171 176 344 351
Selling, general and administrative, including stock-based compensation 138 134 293 276
Depreciation 33 33 63 64
Amortization of intangible assets 107 96 211 192
Operating expenses 449 439 911 883
Operating income 285 301 545 559
Other (expense) income:        
Equity in losses of investee (2) 0 (1) 0
Gains on financial instruments 3 13 15 24
Interest expense (50) (57) (113) (111)
Foreign currency loss 0 (8) (1) (2)
Loss on extinguishment of debt (16) 0 (57) 0
Nonoperating (expense) income (65) (52) (157) (89)
Income before income taxes 220 249 388 470
Income tax expense (81) (92) (143) (174)
Net income 139 157 245 296
Less net income attributable to the noncontrolling interest (13) (15) (25) (29)
Net income (loss) attributable to QVC, Inc. shareholder $ 126 $ 142 $ 220 $ 267