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Annual report pursuant to Section 13 and 15(d)

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES

v3.20.4
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] Ìý
Goodwill and Intangible Assets and Liabilities Disclosure
Goodwill
The following is a summary of goodwill by segment:
(In Millions)
December 31,
2020 2019
Steelmaking $ 1,232Ìý $ 2Ìý
Other Businesses 174Ìý —Ìý
Total goodwill $ 1,406Ìý $ 2Ìý
The increase in the balance of goodwill in our Steelmaking segment as of DecemberÌý31, 2020, compared to DecemberÌý31, 2019, is due to the preliminary assignment of $1,230Ìýmillion to Goodwill in 2020 based on the preliminary purchase price allocation for the acquisition of ArcelorMittal USA. The increase in the balance of goodwill for our Other Businesses as of DecemberÌý31, 2020, compared to DecemberÌý31, 2019, is due to the preliminary assignment of $174Ìýmillion to Goodwill in 2020 based on the preliminary purchase price allocation for the acquisition of AK Steel, which was attributable to our Tubular and Tooling and Stamping operating segments.
Intangible Assets and Liabilities
The following is a summary of our intangible assets and liabilities:
(In Millions)
Classification1
Gross Amount Accumulated Amortization Net Amount
As of December 31, 2020
Intangible assets:
Customer relationships Other non-current assets $ 77Ìý $ (3) $ 74Ìý
Technology Other non-current assets 60Ìý (3) 57Ìý
Trade names and trademarks Other non-current assets 11Ìý (1) 10Ìý
Mining permits Other non-current assets 72Ìý (25) 47Ìý
Total intangible assets $ 220Ìý $ (32) $ 188Ìý
Intangible liabilities:
Above-market supply contracts Other non-current liabilities $ (71) $ 7Ìý $ (64)
As of December 31, 2019
Intangible assets:
Mining permits Other non-current assets $ 72Ìý $ (24) $ 48Ìý
1 Amortization of intangible liabilities related to above-market supply contracts and intangible assets related to mining permits is recognized in Cost of goods sold. Amortization of all other intangible assets is recognized in Selling, general and administrative expenses.
Amortization expense related to intangible assets was $8Ìýmillion and $1Ìýmillion for the years ended DecemberÌý31, 2020 and 2019, respectively. Estimated future amortization expense related to intangible assets is $10 million annually for the years 2021 through 2025.ÌýÌýÌýÌý
Income from amortization related to the intangible liabilities was $7Ìýmillion for the year ended DecemberÌý31, 2020. Estimated future amortization income related to the intangible liabilities is $8 million annually for the years 2021 through 2025.