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(5)ÌýÌýÌýIntangible Assets

Goodwill

Changes in the carrying amount of goodwill are as follows:

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As a result of recent financial performance of certain subsidiary businesses, macroeconomic conditions including inflation and higher interest rates and a decline in the Company’s stock price, the Company initiated a process to evaluate those subsidiaries’ current business models and long-term business strategies. ÌýIt was determined during the third quarter of 2022 that an indication of impairment existed for the QxH and Zulily reporting units related to their 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 QxH’s and Zulily’s projections of future operating performance (income approach) and applying a royalty rate (market approach) (Level 3), and impairments in the amounts ofÌý$180Ìýmillion and $140 million for QxH (related to the HSN tradename) and Zulily, respectively, were recorded during the third quarter of 2022, in the impairment of intangible assets line item in the consolidated statements of operations. With the assistance of a third party specialist, the fair value of the QxH and Zulily reporting units was determined using a discounted cash flow method (Level 3), and goodwill impairments in the amounts ofÌý$2,535Ìýmillion and $226 million for QxH and Zulily, respectively, were recorded during the third quarter of 2022, in the impairment of intangible assets line item in the consolidated statements of operations.

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As of September 30, 2022 the Company had accumulated goodwill impairment losses of $899Ìýmillion attributed to the Zulily reporting unit, and goodwill impairment losses of $2,535 million attributed to the QxH reporting unit.

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Based on the quantitative assessment performed during the third quarter and the resulting impairment losses recorded, the estimated fair values of the HSN and Zulily tradenames and the QxH and Zulily reporting units equal their carrying values as of September 30, 2022.

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Intangible Assets Subject to Amortization

Amortization expense for intangible assets with finite useful lives was $81 million and $94 million for the three months ended SeptemberÌý30, 2022 and 2021, respectively, and $241 million and $261 million for the nine months ended SeptemberÌý30, 2022 and 2021, respectively. Based on its amortizable intangible assets as of SeptemberÌý30, 2022, º¬Ð߲ݴ«Ã½ expects that amortization expense will be as follows for the next five years (amounts in millions):

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