(5)   Intangible Assets

Goodwill

Changes in the carrying amount of goodwill by operating segment for the six months ended June 30, 2025 were as follows:

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Intangible Assets Subject to Amortization

Amortization expense for intangible assets with finite useful lives was $69 million and $73 million for the three months ended June 30, 2025 and 2024, respectively, and $133 million and $150 million for the six months ended June 30, 2025 and 2024, respectively. Based on its amortizable intangible assets as of June 30, 2025, QVC Group expects that amortization expense will be as follows for the next five years (amounts in millions):

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Impairments

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As a result of recent financial performance, macroeconomic conditions, declines in the Company’s stock price and credit rating downgrades, it was determined during the six months ended June 30, 2025 that an indication of impairment existed for the QxH reporting unit related to the QVC and HSN tradenames and goodwill. With the assistance of a third party specialist, the fair value of the tradenames was determined using the relief from royalty method, primarily using a discounted cash flow model using projections of future operating performance (income approach) and applying a royalty rate (market approach) (Level 3), and an impairment in the amount of $930 million for the QVC and HSN tradenames, was recorded during the second quarter of 2025, in the impairment of goodwill and intangible assets line item in the consolidated statements of operations. With the assistance of a third party specialist, the fair value of the QxH reporting unit was determined using a discounted cash flow method (Level 3), and a goodwill impairment in the amount of $1,465 million was recorded during the second quarter of 2025, in the impairment of goodwill and intangible assets line item in the consolidated statements of operations.

Based on assessments performed during the second quarter of 2025 and the resulting impairment losses recorded, the estimated fair value of the QxH reporting unit did not significantly exceed its carrying value as of June 30, 2025. As of June 30, 2025, the Company had accumulated goodwill impairment losses of $5,228 million attributed to the QxH reporting unit.