Goodwill and Intangible Assets, net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

The following table presents goodwill by reportable segment as of December 31, 2022 and 2021 (in millions):


IMT	$	2,175
Mortgages	199
Total	$	2,374

The goodwill recorded in connection with the acquisition of ShowingTime, which includes intangible assets that do not qualify for separate recognition, is not deductible for tax purposes and is included within the IMT segment.

The following tables present the detail of intangible assets as of the dates presented (in millions):


	December 31, 2022
	Cost		Accumulated Amortization		Net
Customer relationships	$	59	$	(10)	$	49
Software	54		(15)		39
Developed technology	49		(15)		34
Trade names and trademarks	45		(15)		30
Purchased content	8		(6)		2
Total	$	215	$	(61)	$	154


	December 31, 2021
	Cost		Accumulated Amortization		Net
Customer relationships	$	139	$	(84)	$	55
Developed technology	133		(86)		47
Trade names and trademarks	45		(9)		36
Software	53		(18)		35
Intangibles-in-progress	2		—		2
Purchased content	4		(3)		1
Total	$	376	$	(200)	$	176

Amortization expense recorded for intangible assets for the years ended December 31, 2022, 2021 and 2020 was $58 million, $56 million and $49 million, respectively. Amortization expense for trade names and trademarks and customer relationships intangible assets is included in sales and marketing expenses. Amortization expense for all other intangible assets is included in cost of revenue.

Estimated future amortization expense for intangible assets, including amortization related to future commitments (see Note 18), as of December 31, 2022 is as follows (in millions):


2023	$	45
2024	41
2025	30
2026	16
2027	14
Thereafter	24
Total future amortization expense	$	170

We did not record any impairment costs related to our intangible assets for the years ended December 31, 2022 and 2021. During the year ended December 31, 2020, we recognized a non-cash impairment charge of $72 million related to our Trulia trade names and trademarks intangible asset. The impairment charge is included in impairment costs in our consolidated statement of operations within our IMT and Mortgages segments for the year ended December 31, 2020 for $69 million and $3 million, respectively. In March 2020, we identified factors, including shortfalls in projected revenue related to the Trulia brand, directly related to the COVID-19 pandemic that led us to conclude it was more likely than not that the carrying value of the asset exceeded its fair value. Accordingly, with the assistance of a third-party specialist, we performed a quantitative analysis to determine the fair value of the intangible asset. The valuation was prepared using an income approach based on the relief-from-royalty method and relied on inputs with unobservable market prices including projected revenue, royalty rate, discount rate, and estimated tax rate, and therefore is considered a Level 3 measurement under the fair value hierarchy.