Quarterly report [Sections 13 or 15(d)]

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES (Tables)

v3.25.1
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following is a summary of Goodwill by segment:
(In millions) March 31,
2025		 December 31,
2024
Steelmaking $ 1,718  $ 1,719 
Other Businesses 49  49 
Total goodwill $ 1,767  $ 1,768 
The decrease of $1 million in the balance of Goodwill in our Steelmaking segment as of March 31, 2025, compared to December 31, 2024, is due to the change in estimated identified goodwill as a result of measurement period adjustments to the preliminary purchase price allocation for the acquisition of Stelco. Refer to NOTE 3 - ACQUISITIONS for further details.
Schedule of Intangible Assets and Liabilities
The following is a summary of our intangible assets and liabilities:
March 31, 2025
December 31, 2024
(In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount
Intangible assets1:
Customer relationships $ 1,014  $ (51) $ 963  $ 1,015  $ (34) $ 981 
Developed technology 60  (18) 42  60  (17) 43 
Trade names and trademarks 87  (9) 78  87  (8) 79 
Mining permits 72  (29) 43  72  (29) 43 
Supplier relationships 29  (5) 24  29  (5) 24 
Total intangible assets $ 1,262  $ (112) $ 1,150  $ 1,263  $ (93) $ 1,170 
Intangible liabilities2:
Above-market supply contracts $ (71) $ 31  $ (40) $ (71) $ 30  $ (41)
1 Intangible assets are classified as Other non-current assets. Amortization related to mining permits and supplier relationships 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.