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Quarterly report pursuant to Section 13 or 15(d)

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION

v3.20.1
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
3 Months Ended
Mar. 31, 2020
Disclosure Text Block [Abstract] Ìý
Supplementary Financial Statement Information
Revenues
The following table represents our consolidated Revenues (excluding intercompany revenues) by market:
Ìý
(In Millions)
Ìý
Three Months Ended
March 31,
Ìý
2020
Ìý
2019
Steel and Manufacturing:
Ìý
Ìý
Ìý
Automotive
$
120.2

Ìý
$
—

Infrastructure and manufacturing
44.0

Ìý
—

Distributors and converters
53.3

Ìý
—

Total Steel and Manufacturing
217.5

Ìý
—

Mining and Pelletizing:
Ìý
Ìý
Ìý
Steel producers1
141.6

Ìý
157.0

Total revenues
$
359.1

Ìý
$
157.0

1 Includes Realization of deferred revenue of $34.6 million for the three months ended March 31, 2020.
The following table represents our consolidated Revenues (excluding intercompany revenues) by product line:
Ìý
(In Millions)
Ìý
Three Months Ended
March 31,
Ìý
2020
Ìý
2019
Steel and Manufacturing:
Ìý
Ìý
Ìý
Carbon steel
$
138.6

Ìý
$
—

Stainless and electrical steel
59.4

Ìý
—

Tubular products, components and other
19.5

Ìý
—

Total Steel and Manufacturing
217.5

Ìý
—

Mining and Pelletizing:
Ìý
Ìý
Ìý
Iron ore1
131.3

Ìý
145.4

Freight
10.3

Ìý
11.6

Total Mining and Pelletizing
141.6

Ìý
157.0

Total revenues
$
359.1

Ìý
$
157.0

1 Includes Realization of deferred revenue of $34.6 million for the three months ended March 31, 2020.

We sell domestically to customers located primarily in the Midwestern, Southern and Eastern United States and to foreign customers, primarily in Canada, Mexico and Western Europe. Net revenues to customers located outside the United States were $46.7 million and $43.0 million for the three months ended MarchÌý31, 2020 and 2019, respectively.
Allowance for Credit Losses
The following is a roll forward of our allowance for credit losses associated with Accounts receivable, net:
Ìý
(In Millions)
Ìý
MarchÌý31,
2020
Ìý
March 31,
2019
Allowance for credit losses at beginning of period
$
—

Ìý
$
—

Increase in allowance
1.2

Ìý
—

Allowance for credit losses at end of period
$
1.2

Ìý
$
—


Inventories
The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position:
Ìý
(In Millions)
Ìý
MarchÌý31,
2020
Ìý
DecemberÌý31,
2019
Product inventories
Ìý
Ìý
Ìý
Finished and semi-finished goods
$
1,358.9

Ìý
$
114.1

Work-in-process
88.0

Ìý
68.7

Raw materials
343.0

Ìý
9.4

Total product inventories
1,789.9

Ìý
192.2

Manufacturing supplies and critical spares
358.9

Ìý
125.2

Inventories
$
2,148.8

Ìý
$
317.4


Accrued Liabilities
The following table presents the detail of our Accrued liabilities in the Statements of Unaudited Condensed Consolidated Financial Position:
Ìý
(In Millions)
Ìý
MarchÌý31,
2020
Ìý
DecemberÌý31, 2019
Accrued employment costs
$
158.3

Ìý
$
61.7

Accrued interest
47.1

Ìý
29.0

Accrued dividends
24.9

Ìý
17.8

Other
69.5

Ìý
17.8

Accrued liabilities
$
299.8

Ìý
$
126.3


Cash Flow Information
A reconciliation of capital additions to cash paid for capital expenditures is as follows:
Ìý
(In Millions)
Ìý
Three Months Ended
March 31,
Ìý
2020
Ìý
2019
Capital additions
$
157.7

Ìý
$
129.3

Less:
Ìý
Ìý
Ìý
Non-cash accruals
(10.3
)
Ìý
(11.5
)
Right-of-use assets - finance leases
29.9

Ìý
15.1

Grants
—

Ìý
(8.4
)
Cash paid for capital expenditures including deposits
$
138.1

Ìý
$
134.1

Cash payments (receipts) for income taxes and interest are as follows:
Ìý
(In Millions)
Ìý
Three Months Ended
March 31,
Ìý
2020
Ìý
2019
Taxes paid on income
$
0.1

Ìý
$
0.1

Income tax refunds
(60.4
)
Ìý
—

Interest paid on debt obligations net of capitalized interest1
29.7

Ìý
39.2

1 Capitalized interest was $9.7 million and $4.0 million for the three months ended March 31, 2020 and 2019, respectively.
Non-Cash Investing and Financing Activities
Ìý
(In Millions)
Ìý
Three Months Ended
March 31,
Ìý
2020
Ìý
2019
Fair value of common shares issued for consideration for business combination
$
617.6

Ìý
$
—

Fair value of equity awards assumed from AK Steel acquisition
4.3

Ìý
—

Dividends declared
24.0

Ìý
14.5


On February 18, 2020, our Board declared a quarterly cash dividend on our common shares of $0.06 per share. The cash dividend of $23.9 million was paid on April 15, 2020 to shareholders of record as of the close of business on April 3, 2020.