Quarterly report [Sections 13 or 15(d)]

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES (Tables)

v3.25.2
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following is a summary of Goodwill by segment:
(In millions) June 30,
2025		 December 31,
2024
Steelmaking $ 1,765  $ 1,719 
Other Businesses 49  49 
Total $ 1,814  $ 1,768 
The increase of $46 million in the balance of Goodwill in our Steelmaking segment as of June 30, 2025, compared to December 31, 2024, is primarily due to fluctuation in foreign currency exchange rates. Additionally, to a lesser extent, the change is attributable to an increase in estimated identified goodwill as a result of measurement period adjustments to the preliminary purchase price allocation for the Stelco Acquisition. 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:
June 30, 2025
December 31, 2024
Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount
Intangible assets1:
Customer relationships $ 1,067  $ (69) $ 998  $ 1,015  $ (34) $ 981 
Developed technology 60  (19) 41  60  (17) 43 
Trade names and trademarks 91  (11) 80  87  (8) 79 
Mining permits 72  (29) 43  72  (29) 43 
Supplier relationships 29  (6) 23  29  (5) 24 
Total intangible assets $ 1,319  $ (134) $ 1,185  $ 1,263  $ (93) $ 1,170 
Intangible liabilities2:
Above-market supply contracts $ (71) $ 33  $ (38) $ (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.