日韩三级片 Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

听

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES

NOTE 7 - GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES

GOODWILL

The following is a summary of Goodwill by segment:


(In millions)	March 31, 2025		December 31, 2024
Steelmaking	$	1,718听	$	1,719听
Other Businesses	49听		49听
Total goodwill	$	1,767听	$	1,768听

The decrease of $1 million in the balance of Goodwill in our Steelmaking segment as of March听31, 2025, compared to December听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.

INTANGIBLE ASSETS AND LIABILITIES

The following is a summary of our intangible assets and liabilities:


	March听31, 2025						December听31, 2024
(In millions)	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Intangible assets1:
Customer relationships	$	1,014听	$	(51)	$	963听	$	1,015听	$	(34)	$	981听
Developed technology	60听		(18)		42听		60听		(17)		43听
Trade names and trademarks	87听		(9)		78听		87听		(8)		79听
Mining permits	72听		(29)		43听		72听		(29)		43听
Supplier relationships	29听		(5)		24听		29听		(5)		24听
Total intangible assets	$	1,262听	$	(112)	$	1,150听	$	1,263听	$	(93)	$	1,170听
Intangible liabilities2:
Above-market supply contracts	$	(71)	$	31听	$	(40)	$	(71)	$	30听	$	(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.

Amortization expense related to Intangible assets was $19听million and $4听million for the three months ended March听31, 2025 and 2024, respectively. Estimated future amortization expense is $59 million for the remainder of 2025 and $79 million annually for the years 2026 through 2030.

Income from amortization related to the intangible liabilities was $1 million for each of the three months ended March听31, 2025 and 2024. Estimated future income from amortization is $4 million for the remainder of 2025 and $5 million annually for the years 2026 through 2030.