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, 2024 |
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December 31, 2023 |
Steelmaking |
$ |
956
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$ |
956 |
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Other Businesses |
49
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49 |
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Total goodwill |
$ |
1,005
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$ |
1,005 |
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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, 2024 |
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December 31, 2023 |
(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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$ |
(20) |
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$ |
70
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$ |
90 |
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$ |
(18) |
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$ |
72 |
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Developed technology |
60
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(15) |
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45
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60 |
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(14) |
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46 |
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Trade names and trademarks |
18
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(5) |
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13
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18 |
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(5) |
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13 |
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Mining permits |
72
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(28) |
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44
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72 |
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(28) |
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44 |
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Supplier relationships |
29
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(4) |
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25
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29 |
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(3) |
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26 |
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Total intangible assets |
$ |
269
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$ |
(72) |
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$ |
197
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$ |
269 |
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$ |
(68) |
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$ |
201 |
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Intangible liabilities2:
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Above-market supply contracts |
$ |
(71) |
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$ |
25
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$ |
(46) |
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$ |
(71) |
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$ |
24 |
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$ |
(47) |
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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 of all other intangible assets is recognized in betfred sportsbook reviewSelling, 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, 2024 and 2023. Estimated future amortization expense is $9 million for the remainder of 2024 and $13 million annually for the years 2025 through 2029.
Income from amortization related to the intangible liabilities was $1 million for both the three months ended March 31, 2024 and 2023. Estimated future income from amortization is $4 million for the remainder of 2024 and $5 million annually for the years 2025 through 2029.
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