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Annual report pursuant to Section 13 and 15(d)

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES

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GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] Ìý
Goodwill and Intangible Assets and Liabilities
NOTE 7 - GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
Goodwill
The following is a summary of Goodwill by segment:
(In Millions)
December 31,
2021 2020
Steelmaking $ 942Ìý $ 1,232Ìý
Other Businesses 174Ìý 174Ìý
Total goodwill $ 1,116Ìý $ 1,406Ìý
The decrease of $290Ìýmillion in the balance of Goodwill in our Steelmaking segment as of DecemberÌý31, 2021, compared to DecemberÌý31, 2020, is due to the decrease in estimated identified goodwill as a result of measurement period adjustments to the purchase price allocation for the acquisition of ArcelorMittal USA, partially offset by the increase due to the preliminary assignment of Goodwill in 2021 based on the preliminary purchase price allocation for the acquisition of FPT. Refer to NOTE 3 - ACQUISITIONS for further details.
Intangible Assets and Liabilities
The following is a summary of our intangible assets and liabilities:
(In Millions)
December 31, 2021 December 31, 2020
Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount
Intangible assets1:
Customer relationships $ 95Ìý $ (8) $ 87Ìý $ 77Ìý $ (3) $ 74Ìý
Developed technology 60Ìý (6) 54Ìý 60Ìý (3) 57Ìý
Trade names and trademarks 18Ìý (2) 16Ìý 11Ìý (1) 10Ìý
Mining permits 72Ìý (26) 46Ìý 72Ìý (25) 47Ìý
Supplier relationships 18Ìý —Ìý 18Ìý —Ìý —Ìý —Ìý
Total intangible assets $ 263Ìý $ (42) $ 221Ìý $ 220Ìý $ (32) $ 188Ìý
Intangible liabilities2:
Above-market supply contracts $ (71) $ 14Ìý $ (57) $ (71) $ 7Ìý $ (64)
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 $10Ìýmillion and $8Ìýmillion for the years ended DecemberÌý31, 2021 and 2020, respectively. Estimated future amortization expense related to intangible assets is $13 million annually for the years 2022 through 2026.
Income from amortization related to intangible liabilities was $7Ìýmillion in both of the years ended DecemberÌý31, 2021 and 2020. Estimated future amortization income related to the intangible liabilities is $5 million annually for the years 2022 through 2026.