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Annual report pursuant to Section 13 and 15(d)

ACQUISITIONS (Tables)

v3.24.0.1
ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combinations [Abstract] Ìý
Schedule of Fair Value of Purchase Consideration
The fair value of the total purchase consideration was determined as follows:
(In millions)
Cash consideration:
Cash consideration pursuant to the FPT Acquisition Agreement $ 778Ìý
Cash consideration paid related to IRC Section 338(h)(10) 23Ìý
Total cash consideration 801Ìý
Fair value of settlement of a pre-existing relationship (20)
Total purchase consideration $ 781Ìý
Summary of the Purchase Price Allocation to Assets Acquired and Liabilities Assumed The following is a summary of the purchase price allocation to assets acquired and liabilities assumed in the FPT Acquisition:
(In millions) Initial Allocation of Consideration Measurement
Period Adjustments		 Final Allocation of Consideration as of December 31, 2022
Cash and cash equivalents $ 9Ìý $ —Ìý $ 9Ìý
Accounts receivable, net 233Ìý 2Ìý 235Ìý
Inventories 137Ìý (2) 135Ìý
Other current assets 4Ìý (1) 3Ìý
Property, plant and equipment 179Ìý 12Ìý 191Ìý
Other non-current assets 74Ìý (2) 72Ìý
Accounts payable (122) —Ìý (122)
Accrued employment costs (8) —Ìý (8)
Other current liabilities (9) 3Ìý (6)
Other non-current liabilities (21) —Ìý (21)
Net identifiable assets acquired 476Ìý 12Ìý 488Ìý
Goodwill 279Ìý 14Ìý 293Ìý
Total net assets acquired $ 755Ìý $ 26Ìý $ 781Ìý
Summary of Purchase Price Allocated to Identifiable Intangible Assets and Liabilities Acquired
The purchase price allocated to identifiable intangible assets acquired was:
(In millions) Weighted Average Life (In years)
Customer relationships $ 13Ìý 15
Supplier relationships 29Ìý 18
Trade names and trademarks 7Ìý 15
Total identifiable intangible assets $ 49Ìý 17
Summary of Unaudited Pro Forma Financial Information
The following table provides unaudited pro forma financial information, prepared in accordance with Topic 805, as if FPT had been acquired as of January 1, 2020:
Year Ended
(In millions) December 31, 2021
Revenues $ 21,701Ìý
Net income attributable to Cliffs shareholders 3,074Ìý