Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.22.4
Consolidated Statements of Operations - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues $ 9,887 $ 11,354 $ 11,472
Cost of Goods and Services Sold 6,846 7,368 7,418
Operating costs and expenses:      
Operating 760 791 786
Selling, General and Administrative, Including Transaction Related Costs and Stock-Based Compensation 1,304 1,238 1,248
Depreciation 111 159 171
Amortization 290 270 282
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) (2,600) 0 0
Restructuring and fire related costs, net of (recoveries) (note 19) 105 21 0
Gain (Loss) on Disposition of Assets (520) 0 0
Operating Expenses 11,286 9,847 9,905
Operating (loss) income (1,399) 1,507 1,567
Other (expense) income:      
Equity in losses of investee 0 (2) (30)
(Losses) gains on financial instruments (9) 8 3
Interest expense, net (228) (249) (257)
Foreign currency gain (loss) 32 9 (6)
Loss on extinguishment of debt (6) (7) (42)
Other Income 20 11 0
Nonoperating expense (191) (248) (320)
(Loss) income before income taxes (1,590) 1,259 1,247
Income tax expense (220) (408) (345)
Net (loss) income (1,810) 851 902
Less net income attributable to the noncontrolling interest (57) (64) (58)
Net income attributable to QVC, Inc. stockholder $ (1,867) $ 787 $ 844