Annual report [Section 13 and 15(d), not S-K Item 405]

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES

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GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets and Liabilities
NOTE 7 - GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
GOODWILL
The following is a summary of Goodwill by segment:
December 31,
(In millions) 2024 2023
Steelmaking $ 1,719  $ 956 
Other Businesses 49  49 
Total goodwill $ 1,768  $ 1,005 
The increase in the balance of Goodwill in our Steelmaking segment as of December 31, 2024, compared to December 31, 2023, is due to the preliminary purchase price allocation of goodwill in 2024, related to the Stelco Acquisition.
INTANGIBLE ASSETS AND LIABILITIES
The following is a summary of our intangible assets and liabilities:
December 31, 2024 December 31, 2023
(In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount
Intangible assets1:
Customer relationships $ 1,015  $ (34) $ 981  $ 90  $ (18) $ 72 
Developed technology 60  (17) 43  60  (14) 46 
Trade names and trademarks 87  (8) 79  18  (5) 13 
Mining permits 72  (29) 43  72  (28) 44 
Supplier relationships 29  (5) 24  29  (3) 26 
Total intangible assets $ 1,263  $ (93) $ 1,170  $ 269  $ (68) $ 201 
Intangible liabilities2:
Above-market supply contracts $ (71) $ 30  $ (41) $ (71) $ 24  $ (47)
1 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 $24 million and $13 million for the years ended December 31, 2024 and 2023, respectively. Estimated future amortization expense related to intangible assets is $79 million annually for the years 2025 through 2029.
Income from amortization related to intangible liabilities was $5 million for both the years ended December 31, 2024 and 2023. Estimated future amortization income related to the intangible liabilities is $5 million annually for the years 2025 through 2029.
The increase in the balance of Intangible assets as of December 31, 2024, compared to December 31, 2023, is due to the preliminary purchase price allocation to intangible assets in 2024, related to the Stelco Acquisition.