NOTE 6 - GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
GOODWILL
The following is a summary of Goodwill by segment:
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(In millions) |
March 31, 2023 |
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December 31, 2022 |
Steelmaking |
$ |
956
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$ |
956 |
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Other Businesses |
174
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|
174 |
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Total goodwill |
$ |
1,130
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$ |
1,130 |
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INTANGIBLE ASSETS AND LIABILITIES
The following is a summary of our intangible assets and liabilities:
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March 31, 2023 |
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December 31, 2022 |
(In millions) |
Gross Amount |
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Accumulated Amortization |
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Net Amount |
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Gross Amount |
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Accumulated Amortization |
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Net Amount |
Intangible assets1:
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Customer relationships |
$ |
90
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|
$ |
(15) |
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$ |
75
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|
$ |
90 |
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|
$ |
(13) |
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$ |
77 |
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Developed technology |
60
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(11) |
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49
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|
60 |
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(10) |
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50 |
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Trade names and trademarks |
18
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(4) |
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14
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18 |
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(4) |
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14 |
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Mining permits |
72
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(27) |
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45
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72 |
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(27) |
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45 |
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Supplier relationships |
29
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(2) |
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27
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29 |
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(1) |
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28 |
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Total intangible assets |
$ |
269
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|
$ |
(59) |
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|
$ |
210
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$ |
269 |
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$ |
(55) |
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$ |
214 |
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Intangible liabilities2:
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Above-market supply contracts |
$ |
(71) |
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$ |
20
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$ |
(51) |
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$ |
(71) |
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$ |
19 |
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$ |
(52) |
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1 Intangible assets are classified as Other non-current assets. Amortization related to mining permits is recognized in Cost of goods sold. Amortization betfred sportsbookof all other intangible assets is recognized in Selling, general and administrative expenses.
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2 Intangible liabilities are classified as Other non-current liabilities. Amortization of all intangible liabilities is recognized in Cost of goods sold.
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Amortization expense related to intangible assets was $4 million for both the three months ended March 31, 2023 and 2022. Estimated future amortization expense is $9 million for the remainder of 2023 and $13 million annually for the years 2024 through 2028.
Income from amortization related to the intangible liabilities was $1 million for both the three months ended March 31, 2023 and 2022. Estimated future income from amortization is $4 million for the remainder of 2023 and $5 million annually for the years 2024 through 2028.
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