Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v3.19.3
Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues $ 2,504 $ 2,569 $ 7,519 $ 7,727
Operating costs and expenses:        
Cost of goods sold (exclusive of depreciation and amortization shown separately below) 1,615 1,637 4,803 4,882
Operating 181 208 537 630
Selling, general and administrative, including transaction related costs and stock-based compensation 266 311 804 858
Depreciation 43 43 143 130
Amortization 69 65 211 176
Operating expenses 2,174 2,264 6,498 6,676
Operating income 330 305 1,021 1,051
Other expense:        
Equity in losses of investee 0 (1) (1) (2)
Gain (Loss) on Derivative Instruments, Net, Pretax (2) (1) (5) 0
Interest expense, net (61) (50) (182) (183)
Foreign currency loss 0 (1) (3) 0
Nonoperating Income (Expense) (63) (53) (191) (185)
Income before income taxes 267 252 830 866
Income tax expense (79) (71) (238) (229)
Net income 188 181 592 637
Less net income attributable to the noncontrolling interest (14) (11) (36) (33)
Net income attributable to QVC, Inc. stockholder $ 174 $ 170 $ 556 $ 604