Intangible Assets

3 Months Ended

Mar. 31, 2026

(5) Intangible Assets

Goodwill

Changes in the carrying amount of goodwill for the three months ended March 31, 2026 were as follows:


	QVC Int'l

	amounts in millions
Balance at December 31, 2025	$	800

Foreign currency translation adjustments	(18)
Balance at March 31, 2026	$	782

As of March 31, 2026 and December 31, 2025, there were no goodwill balances at QxH and CBI.

Intangible Assets

Other intangible assets consist of the following:


	March 31, 2026				December 31, 2025
	Gross carrying amount		Accumulated amortization	Intangible assets, net	Gross carrying amount	Accumulated amortization	Intangible assets, net

	amounts in millions
Purchased and internally developed software	$	1,243	(1,044)	199	1,230	(1,015)	215
Affiliate and customer relationships	2,831		(2,795)	36	2,835	(2,788)	47
Television distribution rights	155		(98)	57	161	(93)	68
Other	55		(49)	6	54	(48)	6
Intangible assets subject to amortization	$	4,284	(3,986)	298	4,280	(3,944)	336
Tradenames (indefinite life)	$	1,190		1,190	1,190		1,190

As of March 31, 2026, QVC Group expects that amortization expense will be as follows for the next five years (amounts in millions):

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