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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

Note 12. Goodwill and Intangible Assets

The following table presents the net carrying amount of goodwill allocated by segment, and changes during 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

 

Balance at
December 31,
2021

 

 

Acquisitions

 

 

Divestitures

 

 

Translation

 

 

Balance at
December 31,
2022

 

Americas(1)

 

$

709

 

 

$

15

 

 

$

—

 

 

$

—

 

 

$

724

 

Europe, Middle East and Africa

 

 

231

 

 

 

18

 

 

 

(3

)

 

 

(14

)

 

 

232

 

Asia Pacific

 

 

64

 

 

 

—

 

 

 

—

 

 

 

(6

)

 

 

58

 

 

 

$

1,004

 

 

$

33

 

 

$

(3

)

 

$

(20

)

 

$

1,014

 

The following table presents the net carrying amount of goodwill allocated by segment, and changes during 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

 

Balance at
December 31,
2020

 

 

Acquisitions

 

 

Divestitures

 

 

Translation

 

 

Balance at
December 31,
2021

 

Americas(1)

 

$

91

 

 

$

618

 

 

$

—

 

 

$

—

 

 

$

709

 

Europe, Middle East and Africa

 

 

250

 

 

 

—

 

 

 

—

 

 

 

(19

)

 

 

231

 

Asia Pacific

 

 

67

 

 

 

—

 

 

 

—

 

 

 

(3

)

 

 

64

 

 

 

$

408

 

 

$

618

 

 

$

—

 

 

$

(22

)

 

$

1,004

 

 

(1)
The increase during 2022 and 2021 was due to the acquisition of Cooper Tire. For further information, refer to Note to the Consolidated Financial Statements No. 2, Cooper Tire Acquisition.

The following table presents information about intangible assets at December 31:

 

 

 

2022

 

 

2021

 

(In millions)

 

Gross
Carrying
Amount(1)

 

 

Accumulated
Amortization(1)

 

 

Net
Carrying
Amount

 

 

Gross
Carrying
Amount(1)

 

 

Accumulated
Amortization(1)

 

 

Net
Carrying
Amount

 

Intangible assets with indefinite lives

 

$

687

 

 

$

(6

)

 

$

681

 

 

$

684

 

 

$

(6

)

 

$

678

 

Customer relationships

 

 

350

 

 

 

(48

)

 

 

302

 

 

 

350

 

 

 

(18

)

 

 

332

 

Other intangible assets

 

 

31

 

 

 

(20

)

 

 

11

 

 

 

32

 

 

 

(17

)

 

 

15

 

Trademarks and patents

 

 

30

 

 

 

(20

)

 

 

10

 

 

 

32

 

 

 

(18

)

 

 

14

 

 

 

$

1,098

 

 

$

(94

)

 

$

1,004

 

 

$

1,098

 

 

$

(59

)

 

$

1,039

 

 

(1)
Includes impact of foreign currency translation.

Intangible assets are primarily comprised of the rights to use the Cooper and Dunlop brand names and related trademarks, Cooper Tire customer relationships, and certain other brand names and trademarks.

Amortization expense for intangible assets totaled $35 million in 2022, $21 million in 2021 and $2 million in 2020. We estimate that annual amortization expense related to intangible assets will be $34 million in 2023, and an average of $31 million in 2024 through 2027. The weighted average remaining amortization period is approximately 10 years.

Our annual impairment analyses for 2022 and 2021, including the acquisition of Cooper Tire, indicated no impairment of goodwill or intangible assets with indefinite lives. In 2020, we recorded a non-cash goodwill impairment charge of $182 million related to our EMEA reporting unit.