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, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Net revenue $ 2,083 $ 1,979 $ 4,176 $ 3,944
Operating costs and expenses:        
Cost of goods sold (exclusive of depreciation and amortization shown separately below) 1,286 1,230 2,606 2,473
Operating 144 137 289 274
Selling, general and administrative, including transaction related costs and stock-based compensation 209 152 417 309
Depreciation 36 37 74 78
Amortization 38 117 77 233
Operating expenses 1,713 1,673 3,463 3,367
Operating income 370 306 713 577
Other (expense) income:        
Equity in losses of investee (2) (1) (1) (3)
Interest expense, net (58) (56) (115) (111)
Foreign currency gain (loss) 2 (8) 1 (10)
Nonoperating expense (58) (65) (115) (124)
Income before income taxes 312 241 598 453
Income tax expense (76) (90) (155) (167)
Net income 236 151 443 286
Less net income attributable to the noncontrolling interest (11) (10) (22) (21)
Net income attributable to QVC, Inc. stockholder $ 225 $ 141 $ 421 $ 265