Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES

v3.22.2.2
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
 9 Months Ended
Sep. 30, 2022
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:
(In Millions)
September 30,
2022		 December 31,
2021
Steelmaking $ 967  $ 942 
Other Businesses 174  174 
Total goodwill $ 1,141  $ 1,116 
The increase of $25 million in the balance of Goodwill in our Steelmaking segment as of September 30, 2022, compared to December 31, 2021, is due to the change in estimated identified goodwill as a result of measurement period adjustments to the preliminary purchase price allocation for the FPT Acquisition. Refer to NOTE 3 - ACQUISITIONS for further details.
Intangible Assets and Liabilities
The following is a summary of our intangible assets and liabilities:
(In Millions)
September 30, 2022
December 31, 2021
Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount
Intangible assets1:
Customer relationships $ 90  $ (12) $ 78  $ 95  $ (8) $ 87 
Developed technology 60  (9) 51  60  (6) 54 
Trade names and trademarks 18  (4) 14  18  (2) 16 
Mining permits 72  (26) 46  72  (26) 46 
Supplier relationships 21  (1) 20  18  —  18 
Total intangible assets $ 261  $ (52) $ 209  $ 263  $ (42) $ 221 
Intangible liabilities2:
Above-market supply contracts $ (71) $ 18  $ (53) $ (71) $ 14  $ (57)
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 and $10 million for the three and nine months ended September 30, 2022, respectively, and $3 million and $8 million for the three and nine months ended September 30, 2021, respectively. Estimated future amortization expense is $3 million for the remainder of 2022 and $13 million annually for the years 2023 through 2027.
Income from amortization related to the intangible liabilities was $1 million and $4 million for the three and nine months ended September 30, 2022, respectively, and $2 million and $5 million for the three and nine months ended September 30, 2021, respectively. Estimated future income from amortization is $1 million for the remainder of 2022 and $5 million annually for the years 2023 through 2027.