Annual report pursuant to Section 13 and 15(d)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.20.4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Equity Method Investments Investees and equity ownership percentages are presented below:
Investee Equity Ownership Percentage
Combined Metals of Chicago, LLC 40.0%
Spartan Steel Coating, LLC 48.0%
Depreciation Disclosure Depreciation and depletion are recorded over the following estimated useful lives:
Asset Class Basis Life
Land, land improvements and mineral rights
Land and mineral rights Units of production Life of mine
Land improvements Straight line
20 to 45 years
Buildings Straight line
20 to 45 years
Equipment Straight line/Double declining balance
3 to 20 years
The following table indicates the carrying value of each of the major classes of our depreciable assets:
(In Millions)
December 31,
2020 2019
Land, land improvements, and mineral rights $ 1,213  $ 582 
Buildings 703  158 
Equipment 6,786  1,456 
Other 151  101 
Construction in progress 1,364  730 
Total property, plant and equipment1
10,217  3,027 
Allowance for depreciation and depletion (1,474) (1,098)
Property, plant, and equipment, net $ 8,743  $ 1,929 
1 Includes right-of-use assets related to finance leases of $361 million and $49 million as of December 31, 2020 and 2019, respectively.
The net book value of the mineral and land rights are as follows:
(In Millions)
December 31,
2020 2019
Mineral rights:
Cost $ 773  $ 537 
Depletion (142) (134)
Net mineral rights $ 631  $ 403 
Land rights $ 361  $ 12 
Schedule of Finite-Lived Intangible Assets
Intangible assets and liabilities are subject to periodic amortization on a straight-line basis over their estimated useful lives as follows:
Type Basis Useful Life
Intangible assets:
Customer relationships Straight line
18 years
Developed technology Straight line
17 years
Trade names and trademarks Straight line
10 years
Mining permits Straight line Life of mine
Intangible liabilities:
Above-market supply contracts Straight line Contract term