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Annual report pursuant to Section 13 and 15(d)

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES

v3.22.4
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2022
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:
December 31,
(In millions) 2022 2021
Steelmaking $ 956Ìý $ 942Ìý
Other Businesses 174Ìý 174Ìý
Total goodwill $ 1,130Ìý $ 1,116Ìý
The increase of $14Ìýmillion in the balance of Goodwill in our Steelmaking segment as of DecemberÌý31, 2022, compared to DecemberÌý31, 2021, is due to the change in estimated identified goodwill as a result of measurement period adjustments to the 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:
December 31, 2022 December 31, 2021
(In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount
Intangible assets1:
Customer relationships $ 90Ìý $ (13) $ 77Ìý $ 95Ìý $ (8) $ 87Ìý
Developed technology 60Ìý (10) 50Ìý 60Ìý (6) 54Ìý
Trade names and trademarks 18Ìý (4) 14Ìý 18Ìý (2) 16Ìý
Mining permits 72Ìý (27) 45Ìý 72Ìý (26) 46Ìý
Supplier relationships 29Ìý (1) 28Ìý 18Ìý —Ìý 18Ìý
Total intangible assets $ 269Ìý $ (55) $ 214Ìý $ 263Ìý $ (42) $ 221Ìý
Intangible liabilities2:
Above-market supply contracts $ (71) $ 19Ìý $ (52) $ (71) $ 14Ìý $ (57)
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 $13Ìýmillion and $10Ìýmillion for the years ended DecemberÌý31, 2022 and 2021, respectively. Estimated future amortization expense related to intangible assets is $13 million annually for the years 2023 through 2027.
Income from amortization related to intangible liabilities was $5Ìýmillion and $7Ìýmillion for the years ended DecemberÌý31, 2022 and 2021, respectively. Estimated future amortization income related to the intangible liabilities is $5 million annually for the years 2023 through 2027.