v3.26.1
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
NOTE 6 - GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES
GOODWILL
The following table summarizes the changes in Goodwill by segment:
(In millions)SteelmakingOther BusinessesTotal
Beginning balance January 1, 2026$1,765 $49 $1,814 
Foreign currency translation(30)— (30)
Ending balance June 30, 2026$1,735 $49 $1,784 
INTANGIBLE ASSETS AND LIABILITIES
The following is a summary of our intangible assets and liabilities:
June 30, 2026
December 31, 2025
(In millions)Gross AmountAccumulated AmortizationNet AmountGross AmountAccumulated AmortizationNet Amount
Intangible assets1:
Customer relationships$1,027 $(136)$891 $1,058 $(104)$954 
Developed technology60 (23)37 60 (21)39 
Trade names and trademarks88 (17)71 91 (14)77 
Mining permits72 (30)42 72 (30)42 
Supplier relationships29 (7)22 29 (6)23 
Total intangible assets$1,276 $(213)$1,063 $1,310 $(175)$1,135 
Intangible liabilities2:
Above-market supply contracts$(71)$38 $(33)$(71)$35 $(36)
1 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, net was $20 million and $21 million for the three months ended June 30, 2026 and 2025, respectively, and was $41 million and $40 million for the six months ended June 30, 2026 and 2025, respectively. Any additional movements in the balance of Intangible assets, net as of June 30, 2026, compared to December 31, 2025, is due to fluctuation in foreign currency exchange rates. Estimated future amortization expense is $40 million for the remainder of 2026, $80 million annually for the years 2027 through 2029 and $79 million for 2030 and 2031.
Income from amortization related to the intangible liabilities was $2 million for both the three months ended June 30, 2026 and 2025, and was $3 million for both the six months ended June 30, 2026 and 2025. Estimated future income from amortization is $2 million for the remainder of 2026 and $5 million annually for the years 2027 through 2031.