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Quarterly report pursuant to Section 13 or 15(d)

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION

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SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] Ìý
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
ALLOWANCE FOR CREDIT LOSSES
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 —Ìý (1)
Allowance for credit losses as of March 31 $ (5) $ (5)
INVENTORIES
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 $ 2,500Ìý $ 2,573Ìý
Raw materials 1,535Ìý 1,476Ìý
Total product inventories 4,035Ìý 4,049Ìý
Manufacturing supplies and critical spares 414Ìý 411Ìý
Inventories $ 4,449Ìý $ 4,460Ìý
SUPPLY CHAIN FINANCE PROGRAMS
We negotiate payment terms directly with our suppliers for the purchase of goods and services. We currently offer voluntary supply chain finance programs that enable our suppliers to sell their Cliffs receivables to financial intermediaries, at the sole discretion of both the suppliers and financial intermediaries. No guarantees are provided by us or our subsidiaries under the supply chain finance programs. The supply chain finance programs allow our suppliers to be paid by the financial intermediaries earlier than the due date on the applicable invoice. Supply chain finance programs that extend terms or provide us an economic benefit are classified as short-term financings. As of MarchÌý31, 2024 and DecemberÌý31, 2023, we had $25Ìýmillion and $21Ìýmillion, respectively, deemed as short-term financings that are classified in Other current liabilities. Additionally, as of MarchÌý31, 2024 and DecemberÌý31, 2023, we had $89Ìýmillion and $91Ìýmillion, respectively, classified as Accounts payable.
WEIRTON INDEFINITE IDLE
During the first quarter of 2024, we announced the indefinite idle of our tinplate production plant located in Weirton, West Virginia. As a result of the announcement of the indefinite idle, we recorded Restructuring and other charges of $104Ìýmillion for severance, other employee-related benefits and asset retirement obligation charges and Asset impairments of $64Ìýmillion during the three months ended MarchÌý31, 2024.
CASH FLOW INFORMATION
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 $ 157Ìý $ 128Ìý
Less:
Non-cash accruals (45) (76)
Right-of-use assets - finance leases 20Ìý 16Ìý
Cash paid for capital expenditures including deposits $ 182Ìý $ 188Ìý
Cash payments (receipts) for income taxes and interest are as follows:
Three Months Ended
March 31,
(In millions) 2024 2023
Income taxes paid $ 1Ìý $ 1Ìý
Income tax refunds (2) (26)
Interest paid on debt obligations net of capitalized interest1
53Ìý 79Ìý
1 Capitalized interest was $4 million and $3 million for the three months ended MarchÌý31, 2024 and 2023, respectively.