CLEVELAND-CLIFFS INC. Goodwill & Intangibles Disclosure
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| (In millions) | Steelmaking | Other Businesses | Total | Steelmaking | Other Businesses | Total | |||||||||||||||||||||||||||||
| Beginning balance | $ | 1,719 | $ | 49 | $ | 1,768 | $ | 956 | $ | 49 | $ | 1,005 | |||||||||||||||||||||||
Stelco Acquisition1 | 16 | — | 16 | 786 | — | 786 | |||||||||||||||||||||||||||||
| Sale of business | (6) | — | (6) | — | — | — | |||||||||||||||||||||||||||||
| Foreign currency translation | 36 | — | 36 | (23) | — | (23) | |||||||||||||||||||||||||||||
| Ending balance | $ | 1,765 | $ | 49 | $ | 1,814 | $ | 1,719 | $ | 49 | $ | 1,768 | |||||||||||||||||||||||
1Refer to NOTE 3 - ACQUISITIONS for further details. | |||||||||||||||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| (In millions) | Gross Amount | Accumulated Amortization | Net Amount | Gross Amount | Accumulated Amortization | Net Amount | |||||||||||||||||||||||||||||
Intangible assets1: | |||||||||||||||||||||||||||||||||||
| Customer relationships | $ | 1,058 | $ | (104) | $ | 954 | $ | 1,015 | $ | (34) | $ | 981 | |||||||||||||||||||||||
| Developed technology | 60 | (21) | 39 | 60 | (17) | 43 | |||||||||||||||||||||||||||||
| Trade names and trademarks | 91 | (14) | 77 | 87 | (8) | 79 | |||||||||||||||||||||||||||||
| Mining permits | 72 | (30) | 42 | 72 | (29) | 43 | |||||||||||||||||||||||||||||
| Supplier relationships | 29 | (6) | 23 | 29 | (5) | 24 | |||||||||||||||||||||||||||||
| Total intangible assets | $ | 1,310 | $ | (175) | $ | 1,135 | $ | 1,263 | $ | (93) | $ | 1,170 | |||||||||||||||||||||||
Intangible liabilities2: | |||||||||||||||||||||||||||||||||||
| Above-market supply contracts | $ | (71) | $ | 35 | $ | (36) | $ | (71) | $ | 30 | $ | (41) | |||||||||||||||||||||||
1 Amortization related to mining permits 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. | |||||||||||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 9, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 8, 2024 | |
| 2022 | Feb 14, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2017 | Feb 14, 2018 | |
| 2016 | Feb 9, 2017 | |
| 2015 | Feb 24, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.