Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

In November 2023, the Company completed an acquisition, which increased goodwill and intangible assets. The acquisition was not material to the Company’s financial results.

Goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2023 were as follows (in millions):


	Amount



Balance as of December 31, 2021	$	653

Foreign currency translation adjustments	(3)
Balance as of December 31, 2022	650

Acquisition	101
Foreign currency translation adjustments	1
Balance as of December 31, 2023	$	752

Intangible Assets

As of December 31, 2022 and 2023, intangible assets, net was $34 million and $40 million, respectively, and primarily consisted of listing relationships, technology and trade names.

Amortization expense related to intangible assets for the years ended December 31, 2021, 2022 and 2023 was $24 million, $19 million and $13 million, respectively. The accumulated amortization related to intangible assets as of December 31, 2022 and 2023, was $43 million and $55 million, respectively.

Estimated future amortization expense for intangible assets as of December 31, 2023 was as follows (in millions):


Year Ending December 31,	Amount
2024	$	12
2025	11
2026	8
2027	4
2028	4
Thereafter	1
Total future amortization expense	$	40