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Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES (Notes)

v3.20.2
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES (Notes)
 9 Months Ended
Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] Ìý
Goodwill and Intangible Assets Disclosure [Text Block]
Goodwill
ÌýÌýÌýÌýThe increase in the balance of Goodwill as of SeptemberÌý30, 2020, compared to DecemberÌý31, 2019, is due to the preliminary assignment of $141.9 million to Goodwill in 2020 based on the preliminary purchase price allocation for the acquisition of AK Steel. The carrying amount of goodwill related to our Mining and Pelletizing segment was $2.1 million as of both SeptemberÌý30, 2020 and DecemberÌý31, 2019.
Intangible Assets and LiabilitiesÌýÌýÌýÌý
The following is a summary of our intangible assets and liabilities:
(In Millions)
Classification1
Gross Amount Accumulated Amortization Net Amount
As of September 30, 2020
Intangible assets:
Customer relationships Intangible assets, net $ 77.0Ìý $ (2.6) $ 74.4Ìý
Developed technology Intangible assets, net 60.0Ìý (2.1) 57.9Ìý
Trade names and trademarks Intangible assets, net 11.0Ìý (0.7) 10.3Ìý
Mining permits Intangible assets, net 72.2Ìý (24.7) 47.5Ìý
Total intangible assets $ 220.2Ìý $ (30.1) $ 190.1Ìý
Intangible liabilities:
Above-market supply contracts Intangible liabilities, net $ (70.5) $ 4.6Ìý $ (65.9)
As of December 31, 2019
Intangible assets:
Mining permits Intangible assets, net $ 72.2Ìý $ (24.1) $ 48.1Ìý
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.
ÌýÌýÌýÌýAmortization expense related to intangible assets was $2.5 million and $6.0 million for the three and nine months ended SeptemberÌý30, 2020, respectively, and $0.2 million and $0.6 million for the three and nine months ended SeptemberÌý30, 2019, respectively.
ÌýÌýÌýÌýEstimated future amortization expense related to intangible assets at SeptemberÌý30, 2020 is as follows:
(In Millions)
Years ending December 31,
2020 (remaining period of the year) $ 2.5Ìý
2021 10.0Ìý
2022 10.0Ìý
2023 10.0Ìý
2024 10.0Ìý
2025 10.0Ìý
ÌýÌýÌýÌýIncome from amortization related to the intangible liabilities was $1.9 million and $4.6 million for the three and nine months ended SeptemberÌý30, 2020, respectively.
ÌýÌýÌýÌýEstimated future amortization income related to the intangible liabilities at SeptemberÌý30, 2020 is as follows:
(In Millions)
Years ending December 31,
2020 (remaining period of the year) $ 2.0Ìý
2021 7.8Ìý
2022 7.8Ìý
2023 7.8Ìý
2024 7.8Ìý
2025 7.8Ìý