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Quarterly report [Sections 13 or 15(d)]

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION

v3.25.1
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] Ìý
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
INVENTORIES
The following table presents the detail of our Inventories on the Statements of Unaudited Condensed Consolidated Financial Position:
(In millions) March 31,
2025		 December 31,
2024
Product inventories
Finished and semi-finished goods $ 2,396Ìý $ 2,393Ìý
Raw materials 1,974Ìý 2,208Ìý
Total product inventories 4,370Ìý 4,601Ìý
Manufacturing supplies and critical spares 516Ìý 493Ìý
Inventories $ 4,886Ìý $ 5,094Ìý
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, 2025 and DecemberÌý31, 2024, we had $22Ìýmillion and $29Ìýmillion, respectively, deemed as short-term financings that are classified in Other current liabilities. Additionally, as of MarchÌý31, 2025 and DecemberÌý31, 2024, we had $79Ìýmillion and $76Ìýmillion, respectively, classified as Accounts payable.
CASH FLOW INFORMATION
A reconciliation of capital additions to cash paid for capital expenditures is as follows:
Three Months Ended
March 31,
(In millions) 2025 2024
Capital additions $ 129Ìý $ 157Ìý
Less:
Non-cash accruals (68) (45)
Equipment financed with seller 16Ìý —Ìý
Right-of-use assets - finance leases 29Ìý 20Ìý
Cash paid for capital expenditures including deposits $ 152Ìý $ 182Ìý
Cash payments (receipts) for income taxes and interest are as follows:
Three Months Ended
March 31,
(In millions) 2025 2024
Income taxes paid $ 1Ìý $ 1Ìý
Income tax refunds (5) (2)
Interest paid on debt obligations net of capitalized interest1
77Ìý 53Ìý
1 Capitalized interest was $4 million for both the three months ended MarchÌý31, 2025 and 2024, respectively.