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v3.19.2

Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018
Revenues | $ 2,514 | $ 2,556 | $ 5,015 | $ 5,158
Operating costs and expenses: |  |  |  |
Cost of goods sold (exclusive of depreciation and amortization shown separately below) | 1,578 | 1,589 | 3,188 | 3,245
Operating | 179 | 209 | 356 | 422
Selling, general and administrative, including transaction related costs and stock-based compensation | 268 | 270 | 538 | 547
Depreciation | 54 | 43 | 100 | 87
Amortization | 70 | 55 | 142 | 111
Operating expenses | 2,149 | 2,166 | 4,324 | 4,412
Operating income | 365 | 390 | 691 | 746
Other (expense) income: |  |  |  |
Equity in losses of investee | (1) | (2) | (1) | (1)
Gain (Loss) on Derivative Instruments, Net, Pretax | (1) | 0 | (3) | 1
Interest expense, net | (60) | (68) | (121) | (133)
Foreign currency gain (loss) | 0 | 2 | (3) | 1
Nonoperating expense | (62) | (68) | (128) | (132)
Income before income taxes | 303 | 322 | 563 | 614
Income tax expense | (85) | (78) | (159) | (158)
Net income | 218 | 244 | 404 | 456
Less net income attributable to the noncontrolling interest | (12) | (11) | (22) | (22)
Net income attributable to QVC, Inc. stockholder | $ 206 | $ 233 | $ 382 | $ 434

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- Definition The aggregate total costs related to selling a firm's product and services, transaction related costs, stock-based compensation, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. + References No definition available. + Details
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