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v3.7.0.1

Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended
--- | ---
Mar. 31, 2017 | Mar. 31, 2016
Net revenue | $ 1,965 | $ 2,013
Cost of goods sold | 1,243 | 1,280
Gross profit | 722 | 733
Operating expenses: |  |
Operating | 137 | 142
Selling, general and administrative, including stock-based compensation | 157 | 182
Depreciation | 41 | 34
Amortization | 116 | 114
Operating expenses | 451 | 472
Operating income | 271 | 261
Other (expense) income: |  |
Equity in losses of investee | (2) | (1)
Interest expense, net | (55) | (53)
Foreign currency (loss) gain | (2) | 2
Nonoperating expense | (59) | (52)
Income before income taxes | 212 | 209
Income tax expense | (77) | (76)
Net income | 135 | 133
Less net income attributable to the noncontrolling interest | (11) | (8)
Net income attributable to QVC, Inc. stockholder | $ 124 | $ 125

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