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

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION

3 Months Ended

Mar. 31, 2022

听

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)
	2022		2021
Allowance for credit losses as of January 1	$	(4)	$	(5)
Increase in allowance	鈥�听		(1)
Allowance for credit losses as of March 31	$	(4)	$	(6)

Inventories

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


	(In Millions)
	March 31, 2022		December 31, 2021
Product inventories
Finished and semi-finished goods	$	2,943听	$	2,814听
Raw materials	2,312听		2,070听
Total product inventories	5,255听		4,884听
Manufacturing supplies and critical spares	307听		304听
Inventories	$	5,562听	$	5,188听

Cash Flow Information

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


	(In Millions)
	Three Months Ended March 31,
	2022		2021
Capital additions	$	181听	$	162听
Less:
Non-cash accruals	(55)		23听
Right-of-use assets - finance leases	鈥�听		3听

Cash paid for capital expenditures including deposits	$	236听	$	136听

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


	(In Millions)
	Three Months Ended March 31,
	2022		2021
Taxes paid on income	$	1听	$	3听
Income tax refunds	(1)		(14)
Interest paid on debt obligations net of capitalized interest1	65听		75听

1 Capitalized interest was $2 million and $1 million for the three months ended March听31, 2022 and 2021, respectively.

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