Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
The changes in the carrying amount of goodwill were as follows (in millions):
As of As of
December 31,
Goodwill impairment December 31,
Goodwill $ 1,114  $ —  $ 1,114 
Accumulated impairment loss —  (1,114) (1,114)
Carrying amount of goodwill $ 1,114  $ (1,114) $ — 
During the second quarter and fourth quarter of 2022, the market price of the Company’s Class A common stock and its market capitalization declined significantly. As a result, the Company determined that a triggering event had occurred and goodwill impairment assessments were performed.
For each goodwill impairment assessment, the Company utilized a market approach valuation method utilizing the observable market price of the Company’s Class A common stock as it represented the best evidence of the fair value of its reporting unit. Based on the results, the Company recognized a $1,114 million goodwill impairment during the twelve months ended December 31, 2022.