Cleveland-Cliffs Inc. Quarterly report pursuant to Section 13 or 15(d)

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2023

The following is a roll-forward of our allowance for credit losses associated with Accounts receivable, net:


(In millions)	2023		2022
Allowance for credit losses as of January 1	$	(4)	$	(4)
Increase in allowance	(3)		(1)
Allowance for credit losses as of September 30	$	(7)	$	(5)

The following table presents the detail of our Inventories on the Statements of Unaudited Condensed Consolidated Financial Position:


(In millions)	September 30, 2023		December 31, 2022
Product inventories
Finished and semi-finished goods	$	2,616	$	2,971
Raw materials	1,588		1,794
Total product inventories	4,204		4,765
Manufacturing supplies and critical spares	388		365
Inventories	$	4,592	$	5,130

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


	Nine Months Ended September 30,
(In millions)	2023		2022
Capital additions	$	508	$	736
Less:
Non-cash accruals	(98)		(10)
Equipment financed with seller	47		—
Right-of-use assets - finance leases	78		30

Cash paid for capital expenditures including deposits	$	481	$	716

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


	Nine Months Ended September 30,
(In millions)	2023		2022
Income taxes paid	$	91	$	306
Income tax refunds	(142)		(3)
Interest paid on debt obligations net of capitalized interest1	202		201

1 Capitalized interest was $8 million and $7 million for the nine months ended September 30, 2023 and 2022, respectively.