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, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues $ 2,392 $ 2,780 $ 4,746 $ 5,490
Cost of goods sold (exclusive of depreciation and amortization shown separately below) 1,608 1,755 3,249 3,513
Operating costs and expenses:        
Operating 179 196 357 382
Selling, general and administrative, including transaction related costs and stock-based compensation 303 305 597 588
Depreciation 32 38 67 78
Amortization 70 64 144 126
Operating expenses 1,950 2,358 4,174 4,687
Operating income 442 422 572 803
Other (expense) income:        
Gain (Loss) on Derivative Instruments, Net, Pretax 0 (4) 1 (3)
Interest expense, net (63) (65) (125) (128)
Foreign currency gain (loss) 21 (2) 29 (4)
Gain (Loss) on Extinguishment of Debt (6) 0 (6) 0
Nonoperating Income (Expense) (48) (69) (81) (127)
Income before income taxes 394 353 491 676
Income tax expense (109) (96) (150) (181)
Net income 285 257 341 495
Less net income attributable to the noncontrolling interest (15) (17) (29) (33)
Net income attributable to QVC, Inc. stockholder 270 240 312 462
Other Income 0 2 20 8
Unusual or Infrequent Item, or Both, Net of Insurance Proceeds 1 0 3 0
Gain (Loss) on Disposition of Assets $ (243) $ 0 $ (243) $ 0