Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangibles

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Goodwill and Intangibles
 6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure Goodwill and Other Intangible Assets, Net
The changes in the carrying amount of goodwill by operating segment for the six months ended June 30, 2022 were as follows:
(in millions) QxH QVC-International Total
Balance as of December 31, 2021 $ 5,112  856  5,968 
Exchange rate fluctuations —  (89) (89)
Balance as of June 30, 2022 $ 5,112  767  5,879 
Other intangible assets consisted of the following:
June 30, 2022 December 31, 2021
(in millions) Gross
cost		 Accumulated
amortization		 Other intangible assets, net Gross
cost		 Accumulated
amortization		 Other intangible assets, net
Purchased and internally developed software $ 988  (708) 280  945  (659) 286 
Affiliate and customer relationships 2,817  (2,606) 211  2,832  (2,598) 234 
Debt origination fees 9  (1) 8  9  —  9 
Trademarks (indefinite life) 2,878  —  2,878  2,878  —  2,878 
$ 6,692  (3,315) 3,377  6,664  (3,257) 3,407 
The Company recorded amortization expense of $42 million and $41 million for the three months ended June 30, 2022 and 2021, respectively, related to other intangible assets. For the six months ended June 30, 2022 and 2021, amortization expense for other intangible assets was $85 million and $78 million, respectively.
As of June 30, 2022, the related amortization and interest expense for each of the next five years ended December 31 was as follows (in millions):
Remainder of 2022 $ 102 
2023 168 
2024 123 
2025 58 
2026 48 
QVC’s current business trends and global economic conditions are making it a challenge for the business to be able to realize its current long-term forecast. The Company will continue to monitor its current business performance versus the current and updated long-term forecasts, among other relevant considerations, to determine if the carrying value of its assets (including Goodwill and Trademarks) are appropriate. Future outlook declines in revenue, cash flows, or other factors could result in a sustained decrease in fair value that may result in a determination that carrying value adjustments are required, which could be material.