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Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES

v3.23.3
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] Ìý
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
NOTE 6 - GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
GOODWILL
The following is a summary of Goodwill by segment:
(In millions) September 30,
2023		 December 31,
2022
Steelmaking $ 956Ìý $ 956Ìý
Other Businesses 174Ìý 174Ìý
Total goodwill $ 1,130Ìý $ 1,130Ìý
INTANGIBLE ASSETS AND LIABILITIES
The following is a summary of our intangible assets and liabilities:
SeptemberÌý30, 2023
DecemberÌý31, 2022
(In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount
Intangible assets1:
Customer relationships $ 90Ìý $ (17) $ 73Ìý $ 90Ìý $ (13) $ 77Ìý
Developed technology 60Ìý (13) 47Ìý 60Ìý (10) 50Ìý
Trade names and trademarks 18Ìý (5) 13Ìý 18Ìý (4) 14Ìý
Mining permits 72Ìý (28) 44Ìý 72Ìý (27) 45Ìý
Supplier relationships 29Ìý (2) 27Ìý 29Ìý (1) 28Ìý
Total intangible assets $ 269Ìý $ (65) $ 204Ìý $ 269Ìý $ (55) $ 214Ìý
Intangible liabilities2:
Above-market supply contracts $ (71) $ 23Ìý $ (48) $ (71) $ 19Ìý $ (52)
1 Intangible assets are classified as Other non-current assets. Amortization 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.
2 Intangible liabilities are classified as Other non-current liabilities. Amortization of all intangible liabilities is recognized in Cost of goods sold.
Amortization expense related to intangible assets was $3Ìýmillion for both the three months ended SeptemberÌý30, 2023 and 2022, and $10 million for both the nine months ended SeptemberÌý30, 2023 and 2022. Estimated future amortization expense is $3 million for the remainder of 2023 and $13 million annually for the years 2024 through 2028.
Income from amortization related to the intangible liabilities was $1 million for both the three months ended SeptemberÌý30, 2023 and 2022, and $4 million for both the nine months ended SeptemberÌý30, 2023 and 2022. Estimated future income from amortization is $1 million for the remainder of 2023 and $5 million annually for the years 2024 through 2028.