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Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES

v3.5.0.2
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES
9 Months Ended
Sep. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract] Ìý
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES
NOTE 12 - GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES
Goodwill
The carrying amount of goodwill for the nine months ended SeptemberÌý30, 2016 and the year ended DecemberÌý31, 2015 was $2.0 million and related to our U.S. Iron Ore operating segment.
Other Intangible Assets and Liabilities
The following table is a summary of intangible assets and liabilities as of SeptemberÌý30, 2016 and DecemberÌý31, 2015:
Ìý
Ìý
Ìý
(In Millions)
Ìý
Ìý
Ìý
September 30, 2016
Ìý
December 31, 2015
Ìý
Classification
Ìý
Gross
Carrying
Amount
Ìý
Accumulated
Amortization
Ìý
Net
Carrying
Amount
Ìý
Gross
Carrying
Amount
Ìý
Accumulated
Amortization
Ìý
Net
Carrying
Amount
Definite-lived intangible assets:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Permits
Other non-current assets
Ìý
$
78.7

Ìý
$
(23.8
)
Ìý
$
54.9

Ìý
$
78.4

Ìý
$
(20.2
)
Ìý
$
58.2

Total intangible assets
Ìý
Ìý
$
78.7

Ìý
$
(23.8
)
Ìý
$
54.9

Ìý
$
78.4

Ìý
$
(20.2
)
Ìý
$
58.2

Below-market sales contracts
Other current liabilities
Ìý
$
(23.1
)
Ìý
$
15.4

Ìý
$
(7.7
)
Ìý
$
(23.1
)
Ìý
$
—

Ìý
$
(23.1
)
Below-market sales contracts
Other liabilities
Ìý
(205.8
)
Ìý
205.8

Ìý
—

Ìý
(205.8
)
Ìý
205.8

Ìý
—

Total below-market sales contracts
Ìý
Ìý
$
(228.9
)
Ìý
$
221.2

Ìý
$
(7.7
)
Ìý
$
(228.9
)
Ìý
$
205.8

Ìý
$
(23.1
)

Amortization expense relating to intangible assets was $1.2 million and $3.8 million for the three and nine months ended SeptemberÌý30, 2016, respectively, and is recognized in Cost of goods sold and operating expenses in the Statements of Unaudited Condensed Consolidated Operations. Amortization expense relating to intangible assets was $0.9 million and $3.1 million, respectively, for the comparable periods in 2015. The estimated amortization expense relating to intangible assets for the remainder of this year and each of the five succeeding years is as follows:

(In Millions)

Amount
Year Ending December 31,

2016 (remaining three months)
$
1.0

2017
4.2

2018
4.2

2019
2.5

2020
2.5

2021
2.5

Total
$
16.9

The below-market sales contract is classified as a liability and recognized over the term of the underlying contract, which expires December 31, 2016. For the three and nine months ended SeptemberÌý30, 2016 and SeptemberÌý30, 2015, we recognized $7.7 million and $15.4 million, respectively, in Product revenues related to the below-market sales contract. The remaining $7.7 million is estimated to be recognized in Product revenues during the remainder of 2016.