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Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES

v3.22.2.2
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
 9 Months Ended
Sep. 30, 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:
(In Millions)
September 30,
2022		 December 31,
2021
Steelmaking $ 967Ìý $ 942Ìý
Other Businesses 174Ìý 174Ìý
Total goodwill $ 1,141Ìý $ 1,116Ìý
The increase of $25 million in the balance of Goodwill in our Steelmaking segment as of SeptemberÌý30, 2022, compared to DecemberÌý31, 2021, is due to the change in estimated identified goodwill as a result of measurement period adjustments to the preliminary purchase price allocation for the FPT Acquisition. 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)
SeptemberÌý30, 2022
DecemberÌý31, 2021
Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount
Intangible assets1:
Customer relationships $ 90Ìý $ (12) $ 78Ìý $ 95Ìý $ (8) $ 87Ìý
Developed technology 60Ìý (9) 51Ìý 60Ìý (6) 54Ìý
Trade names and trademarks 18Ìý (4) 14Ìý 18Ìý (2) 16Ìý
Mining permits 72Ìý (26) 46Ìý 72Ìý (26) 46Ìý
Supplier relationships 21Ìý (1) 20Ìý 18Ìý —Ìý 18Ìý
Total intangible assets $ 261Ìý $ (52) $ 209Ìý $ 263Ìý $ (42) $ 221Ìý
Intangible liabilities2:
Above-market supply contracts $ (71) $ 18Ìý $ (53) $ (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 $3Ìýmillion and $10Ìýmillion for the three and nine months ended SeptemberÌý30, 2022, respectively, and $3Ìýmillion and $8Ìýmillion for the three and nine months ended SeptemberÌý30, 2021, respectively. Estimated future amortization expense is $3 million for the remainder of 2022 and $13 million annually for the years 2023 through 2027.
Income from amortization related to the intangible liabilities was $1 million and $4 million for the three and nine months ended SeptemberÌý30, 2022, respectively, and $2 million and $5 million for the three and nine months ended SeptemberÌý30, 2021, respectively. Estimated future income from amortization is $1 million for the remainder of 2022 and $5 million annually for the years 2023 through 2027.