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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table details the changes in the carrying amount of goodwill:
| Engine Products |  | Fastening Systems |  | Engineered Structures |  | Forged Wheels |  | Total
Balances at December 31, 2020 |  |  |  |  |  |  |  |  |
Goodwill | $ | 2,890 |  |  | $ | 1,620 |  |  | $ | 306 |  |  | $ | 7 |  |  | $ | 4,823 |
Accumulated impairment losses | (719) |  |  | — |  |  | (2) |  |  | — |  |  | (721) |
Goodwill, net | 2,171 |  |  | 1,620 |  |  | 304 |  |  | 7 |  |  | 4,102 |
Impairment (See Note U) | — |  |  | (4) |  |  | — |  |  | — |  |  | (4) |
Translation and other | (22) |  |  | (9) |  |  | — |  |  | — |  |  | (31) |
Balances at December 31, 2021 |  |  |  |  |  |  |  |  |
Goodwill | 2,868 |  |  | 1,611 |  |  | 306 |  |  | 7 |  |  | 4,792 |
Accumulated impairment losses | (719) |  |  | (4) |  |  | (2) |  |  | — |  |  | (725) |
Goodwill, net | 2,149 |  |  | 1,607 |  |  | 304 |  |  | 7 |  |  | 4,067 |
Translation and other | (38) |  |  | (16) |  |  | — |  |  | — |  |  | (54) |
Balances at December 31, 2022 |  |  |  |  |  |  |  |  |
Goodwill | 2,830 |  |  | 1,595 |  |  | 306 |  |  | 7 |  |  | 4,738 |
Accumulated impairment losses | (719) |  |  | (4) |  |  | (2) |  |  | — |  |  | (725) |
Goodwill, net | $ | 2,111 |  |  | $ | 1,591 |  |  | $ | 304 |  |  | $ | 7 |  |  | $ | 4,013 |
During the 2022 annual review of goodwill in the fourth quarter, management elected to perform qualitative assessments on the Engine Products and Forged Wheels reporting units and performed quantitative impairment tests on the Engineered Structures and Fastening Systems reporting units. The estimated fair values for the Engineered Structures and Fastening Systems reporting units exceeded their respective carrying values by approximately 40%; thus, there were no goodwill impairments. Howmet uses a discounted cash flow (“DCF”) model to estimate the current fair value of the reporting unit, which is compared to its carrying value, when testing for impairment. Management believes forecasted cash flows are the best indicator of such fair value. A number of significant assumptions and estimates are involved in the application of the DCF model to forecast operating cash flows, including sales growth, production costs, capital spending, and discount rate. Assumptions can vary among the reporting units. Cash flow forecasts are generally based on approved business unit operating plans for the early years and historical relationships in later years. The WACC rate for the individual reporting units is estimated with the assistance of valuation experts. The annual goodwill impairment tests in the fourth quarters of 2022, 2021, and 2020 indicated that goodwill was not impaired for any of the Company’s reporting units. If actual results or external market factors decline significantly from management’s estimates, future goodwill impairment charges (or the amount by which the carrying amount exceeds the reporting unit’s fair value without exceeding the total amount of goodwill allocated to that reporting unit) may be necessary and could be material. During the first quarter of 2020, we performed a qualitative impairment test of our reporting units as a result of these macroeconomic factors, including Howmet’s market capitalization declining significantly compared to the fourth quarter of 2019, equity value of our peer group companies and the overall U.S. stock market significant declines amid market volatility and the onset of the COVID-19 pandemic and its impact on the aerospace and commercial transportation industries. As a result of this qualitative assessment, the Company performed a quantitative impairment test for the Engineered Structures reporting unit in the first quarter of 2020 and concluded that although the margin between the fair value of the reporting unit and carrying value had declined from 60% to approximately 15%, it was not impaired. Since the first quarter of 2020, there have been no indicators of impairment identified for the Engineered Structures reporting unit or any other reporting units or indefinite-lived intangible assets. Other intangible assets were as follows:
December 31, 2022 | Gross carrying amount |  | Accumulated amortization |  | Intangibles, net
Computer software | $ | 204 |  |  | $ | (173) |  |  | $ | 31 |
Patents and licenses | 67 |  |  | (66) |  |  | 1 |
Other intangibles | 678 |  |  | (221) |  |  | 457 |
Total amortizable intangible assets | 949 |  |  | (460) |  |  | 489 |
Indefinite-lived trade names and trademarks | 32 |  |  | — |  |  | 32 |
Total intangible assets, net | $ | 981 |  |  | $ | (460) |  |  | $ | 521 |
December 31, 2021 | Gross carrying amount |  | Accumulated amortization |  | Intangibles, net
Computer software | $ | 206 |  |  | $ | (175) |  |  | $ | 31 |
Patents and licenses | 67 |  |  | (65) |  |  | 2 |
Other intangibles | 686 |  |  | (202) |  |  | 484 |
Total amortizable intangible assets | 959 |  |  | (442) |  |  | 517 |
Indefinite-lived trade names and trademarks | 32 |  |  | — |  |  | 32 |
Total intangible assets, net | $ | 991 |  |  | $ | (442) |  |  | $ | 549 |
Computer software consists primarily of software costs associated with enterprise business solutions across Howmet's businesses. Amortization expense related to the intangible assets recorded in Provision for depreciation and amortization in the Statement of Consolidated Operations was $36, $36, and $40 for the years ended December 31, 2022, 2021, and 2020, respectively, and is expected to be in the range of approximately $34 to $39 annually from 2023 to 2027.

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