Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Goodwill and Intangible Assets, Net

NOTE 5 — GOODWILL AND INTANGIBLE ASSETS, NET

The following table summarizes goodwill and intangible assets, net as of June 30, 2022 and December 31, 2021:

	June 30, 2022		December 31, 2021
	(in millions)
Intangible assets:
Customer relationships	$	50	$	—
Developed technology	41		9
Non-compete agreements	1		1
Intangible assets, acquired cost	92		10
Less: accumulated amortization	(10)		(6)
Intangible assets, net	$	82	$	4
Goodwill	$	847	$	9

Amortization expense was $4 million and less than $1 million during the three months ended June 30, 2022 and 2021 and $4 million and $1 million during the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, the remaining weighted-average amortization period for definite-lived intangible assets was approximately 6.5 years. The anticipated annual amortization expense to be recognized in future years as of June 30, 2022, is as follows:

	Expected Future Amortization
	(in millions)
Remainder of 2022	$	13
2023	17
2024	18
2025	14
2026	7
Thereafter	13
Total	$	82