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

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

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


(In millions)	2024		2023
Allowance for credit losses as of January 1	$	(5)	$	(4)
Increase in allowance	—		(1)
Allowance for credit losses as of March 31	$	(5)	$	(5)

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


(In millions)	March 31, 2024		December 31, 2023
Product inventories
Finished and semi-finished goods	$	2,500	$	2,573
Raw materials	1,535		1,476
Total product inventories	4,035		4,049
Manufacturing supplies and critical spares	414		411
Inventories	$	4,449	$	4,460

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


	Three Months Ended March 31,
(In millions)	2024		2023
Capital additions	$	157	$	128
Less:
Non-cash accruals	(45)		(76)

Right-of-use assets - finance leases	20		16

Cash paid for capital expenditures including deposits	$	182	$	188

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


	Three Months Ended March 31,
(In millions)	2024		2023
Income taxes paid	$	1	$	1
Income tax refunds	(2)		(26)
Interest paid on debt obligations net of capitalized interest1	53		79

1 Capitalized interest was $4 million and $3 million for the three months ended March 31, 2024 and 2023, respectively.