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

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2020

The following table represents our consolidated Revenues (excluding intercompany revenues) by market:



	(In Millions)
	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Steel and Manufacturing:
Automotive	$	363.8	$	—	$	484.0	$	—
Infrastructure and manufacturing	203.4		—		247.4		—
Distributors and converters	147.9		—		201.2		—
Total Steel and Manufacturing	715.1		—		932.6		—
Mining and Pelletizing:
Steel producers¹	377.6		743.2		519.2		900.2
Total revenues	$	1,092.7	$	743.2	$	1,451.8	$	900.2

¹ Includes Realization of deferred revenue of $34.6 million for the six months ended June 30, 2020.

The following table represents our consolidated Revenues (excluding intercompany revenues) by product line:



	(In Millions)
	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Steel and Manufacturing:
Carbon steel	$	431.8	$	—	$	570.4	$	—
Stainless and electrical steel	222.5		—		281.9		—
Tubular products, components and other	60.8		—		80.3		—
Total Steel and Manufacturing	715.1		—		932.6		—
Mining and Pelletizing:
Iron ore¹	349.7		697.4		481.0		842.8
Freight	27.9		45.8		38.2		57.4
Total Mining and Pelletizing	377.6		743.2		519.2		900.2
Total revenues	$	1,092.7	$	743.2	$	1,451.8	$	900.2

¹ Includes Realization of deferred revenue of $34.6 million for the six months ended June 30, 2020.

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



	(In Millions)
	2020		2019
Allowance for credit losses as of January 1	$	—	$	—
Increase in allowance	4.3		—
Allowance for credit losses as of June 30	$	4.3	$	—

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



	(In Millions)
	June 30, 2020		December 31, 2019
Product inventories
Finished and semi-finished goods	$	1,026.4	$	114.1
Work-in-process	89.5		68.7
Raw materials	438.0		9.4
Total product inventories	1,553.9		192.2
Manufacturing supplies and critical spares	379.7		125.2
Inventories	$	1,933.6	$	317.4

The table below summarizes our deferred revenue balances:



	(In Millions)
	Deferred Revenue (Current)						Deferred Revenue (Long-Term)
	2020			2019			2020			2019
Opening balance as of January 1	$	22.1		$	21.0		$	25.7		$	38.5
Net decrease	(17.2		)	(5.5		)	(25.7		)	(4.2		)
Closing balance as of June 30	$	4.9		$	15.5		$	—		$	34.3

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

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



	(In Millions)
	Six Months Ended June 30,
	2020			2019
Capital additions	$	230.7		$	320.9
Less:
Non-cash accruals	(91.6		)	3.6
Right-of-use assets - finance leases	39.4			24.8
Grants	—			(8.4		)
Cash paid for capital expenditures including deposits	$	282.9		$	300.9

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



	(In Millions)
	Six Months Ended June 30,
	2020			2019
Taxes paid on income	$	0.2		$	0.1
Income tax refunds	(60.4		)	(117.9		)
Interest paid on debt obligations net of capitalized interest¹	63.0			53.2

¹Capitalized interest was $23.3 million and $9.9 million for the six months ended June 30, 2020 and 2019, respectively.

Non-Cash Investing and Financing Activities



	(In Millions)
	Six Months Ended June 30,
	2020		2019
Fair value of common shares issued for consideration for business combination	$	617.6	$	—
Fair value of equity awards assumed from AK Steel acquisition	3.9		—