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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Equity Method Investments | Investees and equity ownership percentages are presented below:
Investee |  | Equity Ownership Percentage
Combined Metals of Chicago, LLC |  | 40.0%
Spartan Steel Coating, LLC |  | 48.0%
Depreciation Disclosure | Depreciation and depletion are recorded over the following estimated useful lives:
Asset Class |  | Basis |  | Life
Land, land improvements and mineral rights |  |  |  |
Land and mineral rights |  | Units of production |  | Life of mine
Land improvements |  | Straight line |  | 20 to 45 years
Buildings |  | Straight line |  | 20 to 45 years
Equipment |  | Straight 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,
| 2020 |  | 2019
Land, land improvements, and mineral rights | $ | 1,213 |  |  | $ | 582 |
Buildings | 703 |  |  | 158 |
Equipment | 6,786 |  |  | 1,456 |
Other | 151 |  |  | 101 |
Construction in progress | 1,364 |  |  | 730 |
Total property, plant and equipment 1 | 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,
| 2020 |  | 2019
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:
Type |  | Basis |  | Useful Life
Intangible assets: |  |  |  |
Customer relationships |  | Straight line |  | 18 years
Developed technology |  | Straight line |  | 17 years
Trade names and trademarks |  | Straight line |  | 10 years
Mining permits |  | Straight line |  | Life of mine
Intangible liabilities: |  |  |  |
Above-market supply contracts |  | Straight line |  | Contract term

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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