v3.25.2
Goodwill and Intangibles
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure Intangible Assets
The changes in the carrying amount of goodwill by operating segment for the six months ended June 30, 2025 were as follows:
(in millions)QxHQVC-Int'lTotal
Balance as of December 31, 2024$1,465 739 2,204 
Impairment(1,465)— (1,465)
Exchange rate fluctuations— 78 78 
Balance as of June 30, 2025$— 817 817 
Other intangible assets consisted of the following:
June 30, 2025December 31, 2024
(in millions)Gross
cost		Accumulated
amortization		Intangible assets subject to amortization, net Gross
cost		Accumulated
amortization		Intangible assets subject to amortization, net
Purchased and internally developed software$1,159 (927)232 1,094 (852)242 
Affiliate and customer relationships2,835 (2,765)70 2,816 (2,722)94 
Television distribution rights543 (442)101 535 (489)46 
Debt origination fees9 (7)2 9 (6)3 
Intangible assets subject to amortization$4,546 (4,141)405 4,454 (4,069)385 
Tradenames (indefinite life)$1,190 1,190 2,120 2,120 
The Company recorded amortization expense of $66 million and $69 million for the three months ended June 30, 2025 and 2024, respectively, related to intangible assets with finite useful lives. For the six months ended June 30, 2025 and 2024, amortization expense related to intangible assets with finite useful lives was $127 million and $141 million, respectively.
As of June 30, 2025, the related amortization and interest expense for each of the next five years ended December 31 was as follows (in millions):
Remainder of 2025$128 
2026201 
202756 
202816 
20294 
As a result of recent financial performance, macroeconomic conditions, declines in stock price and credit rating downgrades, it was determined during the second quarter of 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 impairment of goodwill and intangible assets 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 impairment of goodwill and intangible assets in the consolidated statements of operations.
Based on the 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. The Company had accumulated goodwill impairment losses of $5,113 million attributed to the QxH reporting unit as of June 30, 2025.