Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES (Notes)

v3.20.2
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES (Notes)
 9 Months Ended
Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]
Goodwill
    The increase in the balance of Goodwill as of September 30, 2020, compared to December 31, 2019, is due to the preliminary assignment of $141.9 million to Goodwill in 2020 based on the preliminary purchase price allocation for the acquisition of AK Steel. The carrying amount of goodwill related to our Mining and Pelletizing segment was $2.1 million as of both September 30, 2020 and December 31, 2019.
Intangible Assets and Liabilities    
The following is a summary of our intangible assets and liabilities:
(In Millions)
Classification1
Gross Amount Accumulated Amortization Net Amount
As of September 30, 2020
Intangible assets:
Customer relationships Intangible assets, net $ 77.0  $ (2.6) $ 74.4 
Developed technology Intangible assets, net 60.0  (2.1) 57.9 
Trade names and trademarks Intangible assets, net 11.0  (0.7) 10.3 
Mining permits Intangible assets, net 72.2  (24.7) 47.5 
Total intangible assets $ 220.2  $ (30.1) $ 190.1 
Intangible liabilities:
Above-market supply contracts Intangible liabilities, net $ (70.5) $ 4.6  $ (65.9)
As of December 31, 2019
Intangible assets:
Mining permits Intangible assets, net $ 72.2  $ (24.1) $ 48.1 
1 Amortization 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.
    Amortization expense related to intangible assets was $2.5 million and $6.0 million for the three and nine months ended September 30, 2020, respectively, and $0.2 million and $0.6 million for the three and nine months ended September 30, 2019, respectively.
    Estimated future amortization expense related to intangible assets at September 30, 2020 is as follows:
(In Millions)
Years ending December 31,
2020 (remaining period of the year) $ 2.5 
2021 10.0 
2022 10.0 
2023 10.0 
2024 10.0 
2025 10.0 
    Income from amortization related to the intangible liabilities was $1.9 million and $4.6 million for the three and nine months ended September 30, 2020, respectively.
    Estimated future amortization income related to the intangible liabilities at September 30, 2020 is as follows:
(In Millions)
Years ending December 31,
2020 (remaining period of the year) $ 2.0 
2021 7.8 
2022 7.8 
2023 7.8 
2024 7.8 
2025 7.8