GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS


GOODWILL	January 1, 2023		Currency exchange and other		Balance at March 31, 2023
Aerospace	$	8,835	$	64	$	8,899
Renewable Energy	3,201		42		3,243
Power	144		—		144

Corporate(a)	818		2		821
Total	$	12,999	$	108	$	13,107

(a) Corporate balance comprises our Digital business.

We assess the possibility that a reporting unit’s fair value has been reduced below its carrying amount due to the occurrence of events or circumstances between annual impairment testing dates. In the first quarter of 2023, we did not identify any reporting units that required an interim impairment test. However, we continue to monitor the operating results and cash flow forecasts of our Digital reporting unit at Corporate and our Additive reporting unit in our Aerospace segment as the fair value of these reporting units were not significantly in excess of their carrying values based on the results of our most recent annual impairment test, performed in the fourth quarter of 2022. At March 31, 2023, our Digital and Additive reporting units had goodwill of $821 million and $244 million, respectively.

Intangible assets decreased $115 million during the three months ended March 31, 2023, primarily as a result of amortization partially offset by changes in foreign exchange rates of $23 million and additions of capitalized software mainly at Aerospace of $20 million. Consolidated amortization expense was $140 million and $922 million in the three months ended March 31, 2023 and 2022, respectively. Included within consolidated amortization expense for the three months ended March 31, 2022 was a non-cash pre-tax impairment charge of $765 million. For further information on this non-cash pre-tax impairment charge, refer to our Annual Report on Form 10-K for the year ended December 31, 2022.