Cleveland-Cliffs Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

Revenues from Product Sales and Services [Table Text Block]



	(In Millions)
	Year Ended December 31,
	2019		2018		2017
Revenue category:
Product	$	1,848.1	$	2,172.3	$	1,644.6
Freight	141.8		160.1		166.7
Venture partner's cost reimbursements	—		—		54.7
Total revenues from product sales and services	$	1,989.9	$	2,332.4	$	1,866.0

Freight and venture partner's cost reimbursements are included in both Revenues from product sales and services and Cost of goods sold and operating expenses and are offset within Sales margin.

There was no allowance for doubtful accounts at December 31, 2019 and 2018 and no bad debt expense for the years ended December 31, 2019, 2018 and 2017.

Deferred Revenue [Table Text Block]

The table below summarizes our deferred revenue balances:



	(In Millions)
	Deferred Revenue (Current)					Deferred Revenue (Long-Term)
	Year Ended December 31,					Year Ended December 31,
	2019		2018			2019			2018
Opening balance as of January 1	$	21.0	$	23.8		$	38.5		$	51.4
Closing balance as of December 31	22.1		21.0			25.7			38.5
Increase (Decrease)	$	1.1	$	(2.8	)	$	(12.8	)	$	(12.9	)

Schedule of Accrued Liabilities [Table Text Block]

The following table presents the detail of our Accrued liabilities in the Statements of Consolidated Financial Position:



	(In Millions)
	December 31,
	2019		2018
Accrued employment costs	$	61.7	$	74.0
Accrued interest	29.0		38.4
Accrued dividends	17.8		15.0
Accrued royalties	8.4		17.3
Other	9.4		14.2
Accrued liabilities	$	126.3	$	158.9

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

Cash payments (receipts) for interest and income taxes are as follows:



	(In Millions)
	2019			2018			2017
Taxes paid on income	$	0.2		$	2.9		$	1.7
Income tax refunds	(117.9		)	(11.3		)	(7.8		)
Interest paid on debt obligations net of capitalized interest¹	97.6			105.7			139.0

¹Capitalized interest was $24.8 million and $6.5 million for the years ended December 31, 2019 and 2018, respectively.

A reconciliation of capital additions to cash paid for capital expenditures is as follows:



	(In Millions)
	Year Ended December 31,
	2019			2018			2017
Capital additions¹	$	689.8		$	394.8		$	156.0
Less:
Non-cash accruals	15.3			93.6			(2.2		)
Right-of-use assets - finance leases	29.3			7.6			6.5
Grants	(10.8		)	(2.5		)	—
Cash paid for capital expenditures including deposits	$	656.0		$	296.1		$	151.7

¹Includes capital additions related to discontinued operations of $0.1 million and $2.8 million for the years ended December 31, 2018 and 2017, respectively.