GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE 4: GOODWILL AND INTANGIBLE ASSETS

Goodwill

The carrying amount of goodwill for the period indicated was as follows:

(in millions)	Carrying Amount
As of December 31, 2022	$	100
Additions due to Robinhood Credit	64
As of September 30, 2023	$	164

There was no impairment of goodwill during the nine months ended September 30, 2023.

Intangible Assets

The components of intangible assets, net as of September 30, 2023 were as follows:

(in millions, except years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life - Years
Finite-lived intangible assets
Developed technology	$	48	$	(18)	$	30	3.11
Customer relationships	23		(3)		20		7.29
Trade names	1		—		1		0.78
Indefinite-lived intangible assets	2		—		2
Total	$	74	$	(21)	$	53

As of September 30, 2023, the estimated future amortization expense of finite-lived intangible assets was as follows:

(in millions)	Finite-lived intangible assets
Remainder of 2023	$	5
2024	14
2025	9
2026	9
2027	6
Thereafter	8
Total	$	51

Amortization expense of intangible assets was $5 million and $9 million for three and nine months ended September 30, 2023.

There was no impairment of intangible assets during the three and nine months ended September 30, 2023.