Cleveland-Cliffs Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

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GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES (Tables)

v3.20.2

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill [Table Text Block]

The following is a summary of our intangible assets and liabilities:



		(In Millions)
	Classification¹	Gross Amount			Accumulated Amortization			Net Amount
As of June 30, 2020
Intangible assets:
Customer relationships	Intangible assets, net	$	77.0		$	(1.5	)	$	75.5
Developed technology	Intangible assets, net	60.0			(1.2		)	58.8
Trade names and trademarks	Intangible assets, net	11.0			(0.4		)	10.6
Mining permits	Intangible assets, net	72.2			(24.5		)	47.7
Total intangible assets		$	220.2		$	(27.6	)	$	192.6
Intangible liabilities:
Above-market supply contracts	Intangible liabilities, net	$	(75.0	)	$	2.7		$	(72.3	)

As of December 31, 2019
Intangible assets:
Mining permits	Intangible assets, net	$	72.2		$	(24.1	)	$	48.1

¹Amortization 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.

Finite-lived Intangible Assets Amortization Expense [Table Text Block]

Estimated future amortization expense related to intangible assets at June 30, 2020 is as follows:



	(In Millions)
Years ending December 31,
2020 (remaining period of the year)	$	5.0
2021	10.0
2022	10.0
2023	10.0
2024	10.0
2025	10.0

Schedule of Finite-Lived Intangible Liabilities, Future Amortization Credit [Table Text Block]

Estimated future amortization income related to the intangible liabilities at June 30, 2020 is as follows:



	(In Millions)
Years ending December 31,
2020 (remaining period of the year)	$	4.1
2021	8.2
2022	8.2
2023	8.2
2024	8.2
2025	8.2

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Tabular disclosure of goodwill and intangible assets, which may be broken down by segment or major class.

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