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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Equity Method Investments Investees and equity ownership percentages are presented below:
InvesteeEquity Ownership Percentage
Combined Metals of Chicago, LLC40.0%
Spartan Steel Coating, LLC48.0%
Depreciation Disclosure Depreciation and depletion are recorded over the following estimated useful lives:
Asset ClassBasisLife
Land, land improvements and mineral rights
Land and mineral rightsUnits of productionLife of mine
Land improvementsStraight line
20 to 45 years
BuildingsStraight line
20 to 45 years
EquipmentStraight line/Double declining balance
3 to 20 years
The following table indicates the carrying value of each of the major classes of our depreciable assets:
(In Millions)
December 31,
20202019
Land, land improvements, and mineral rights$1,213 $582 
Buildings703 158 
Equipment6,786 1,456 
Other151 101 
Construction in progress1,364 730 
Total property, plant and equipment1
10,217 3,027 
Allowance for depreciation and depletion(1,474)(1,098)
Property, plant, and equipment, net$8,743 $1,929 
1 Includes right-of-use assets related to finance leases of $361 million and $49 million as of December 31, 2020 and 2019, respectively.
The net book value of the mineral and land rights are as follows:
(In Millions)
December 31,
20202019
Mineral rights:
Cost$773 $537 
Depletion(142)(134)
Net mineral rights$631 $403 
Land rights$361 $12 
Schedule of Finite-Lived Intangible Assets
Intangible assets and liabilities are subject to periodic amortization on a straight-line basis over their estimated useful lives as follows:
TypeBasisUseful Life
Intangible assets:
Customer relationshipsStraight line
18 years
Developed technologyStraight line
17 years
Trade names and trademarksStraight line
10 years
Mining permitsStraight lineLife of mine
Intangible liabilities:
Above-market supply contractsStraight lineContract term