Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES

v3.23.3
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
NOTE 6 - GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
GOODWILL
The following is a summary of Goodwill by segment:
(In millions) September 30,
2023		 December 31,
2022
Steelmaking $ 956  $ 956 
Other Businesses 174  174 
Total goodwill $ 1,130  $ 1,130 
INTANGIBLE ASSETS AND LIABILITIES
The following is a summary of our intangible assets and liabilities:
September 30, 2023
December 31, 2022
(In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount
Intangible assets1:
Customer relationships $ 90  $ (17) $ 73  $ 90  $ (13) $ 77 
Developed technology 60  (13) 47  60  (10) 50 
Trade names and trademarks 18  (5) 13  18  (4) 14 
Mining permits 72  (28) 44  72  (27) 45 
Supplier relationships 29  (2) 27  29  (1) 28 
Total intangible assets $ 269  $ (65) $ 204  $ 269  $ (55) $ 214 
Intangible liabilities2:
Above-market supply contracts $ (71) $ 23  $ (48) $ (71) $ 19  $ (52)
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 $3 million for both the three months ended September 30, 2023 and 2022, and $10 million for both the nine months ended September 30, 2023 and 2022. Estimated future amortization expense is $3 million for the remainder of 2023 and $13 million annually for the years 2024 through 2028.
Income from amortization related to the intangible liabilities was $1 million for both the three months ended September 30, 2023 and 2022, and $4 million for both the nine months ended September 30, 2023 and 2022. Estimated future income from amortization is $1 million for the remainder of 2023 and $5 million annually for the years 2024 through 2028.