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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2023
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, 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 |
Translation and other | 13 |  |  | 9 |  |  | — |  |  | — |  |  | 22 |
Balances at December 31, 2023 |  |  |  |  |  |  |  |  |
Goodwill | 2,843 |  |  | 1,604 |  |  | 306 |  |  | 7 |  |  | 4,760 |
Accumulated impairment losses | (719) |  |  | (4) |  |  | (2) |  |  | — |  |  | (725) |
Goodwill, net | $ | 2,124 |  |  | $ | 1,600 |  |  | $ | 304 |  |  | $ | 7 |  |  | $ | 4,035 |
During the 2023 annual review of goodwill in the fourth quarter, management performed quantitative assessments on all reporting units. The estimated fair values of the reporting units exceeded their respective carrying values in excess of 50%; thus, there were no goodwill impairments. Howmet uses a 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 2023, 2022, and 2021 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. Other intangible assets were as follows:
December 31, 2023 | Gross carrying amount |  | Accumulated amortization |  | Intangibles, net
Computer software | $ | 217 |  |  | $ | (182) |  |  | $ | 35 |
Patents and licenses | 67 |  |  | (66) |  |  | 1 |
Other intangibles | 683 |  |  | (246) |  |  | 437 |
Total amortizable intangible assets | 967 |  |  | (494) |  |  | 473 |
Indefinite-lived trade names and trademarks | 32 |  |  | — |  |  | 32 |
Total intangible assets, net | $ | 999 |  |  | $ | (494) |  |  | $ | 505 |
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 |
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 $35, $36, and $36 for the years ended December 31, 2023, 2022, and 2021, respectively, and is expected to be in the range of approximately $33 to $38 annually from 2024 to 2028.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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