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SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | 12 Months Ended
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Dec. 31, 2020
Disclosure Text Block [Abstract] |
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)
| 2020 |  | 2019
Allowance for credit losses as of January 1 | $ | — |  |  | $ | — |
Increase in allowance | (5) |  |  | — |
Allowance for credit losses as of December 31 | $ | (5) |  |  | $ | — |
Inventories The following table presents the detail of our Inventories in the Statements of Consolidated Financial Position:
| (In Millions)
| Year Ended December 31,
| 2020 |  | 2019
Product inventories |  |  |
Finished and semi-finished goods | $ | 2,125 |  |  | $ | 114 |
Work-in-process | — |  |  | 69 |
Raw materials | 1,431 |  |  | 9 |
Total product inventories | 3,556 |  |  | 192 |
Manufacturing supplies and critical spares | 272 |  |  | 125 |
Inventories | $ | 3,828 |  |  | $ | 317 |
The excess of current cost over LIFO cost of iron ore inventories was $104 million and $101 million at December 31, 2020 and 2019, respectively. As of December 31, 2020, the product inventory balance for iron ore inventories decreased, resulting in the liquidation of a LIFO layer. The effect of the inventory reduction was an increase in Cost of goods sold of $30 million in the Statements of Consolidated Operations for the year ended December 31, 2020. As of December 31, 2019, the product inventory balance for iron ore inventories increased, resulting in a LIFO increment in 2019. The effect of the inventory build was an increase in Inventories of $34 million in the Statements of Consolidated Financial Position for the year ended December 31, 2019. The allowance for obsolete and surplus items in supplies and other inventories was $13 million at both December 31, 2020 and 2019. Cash Flow Information A reconciliation of capital additions to cash paid for capital expenditures is as follows:
| (In Millions)
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Capital additions | $ | 483 |  |  | $ | 690 |  |  | $ | 395 |
Less: |  |  |  |  |
Non-cash accruals | (86) |  |  | 15 |  |  | 94 |
Right-of-use assets - finance leases | 44 |  |  | 29 |  |  | 8 |
Grants | — |  |  | (10) |  |  | (3) |
Cash paid for capital expenditures including deposits | $ | 525 |  |  | $ | 656 |  |  | $ | 296 |
Cash payments (receipts) for interest and income taxes are as follows:
| (In Millions)
2020 |  | 2019 |  | 2018
Taxes paid on income | $ | 5 |  |  | $ | — |  |  | $ | 3 |
Income tax refunds | (120) |  |  | (118) |  |  | (11) |
Interest paid on debt obligations net of capitalized interest 1 | 170 |  |  | 98 |  |  | 106 |
1 Capitalized interest was $53 million, $25 million and $7 million for the years ended December 31, 2020, 2019 and 2018, respectively.
Non-Cash Investing and Financing Activities
| (In Millions)
2020 |  | 2019 |  | 2018
Fair value of common shares issued as part of consideration in connection with AM USA Transaction | $ | 990 |  |  | $ | — |  |  | $ | — |
Fair value of Series B Participating Redeemable Preferred Stock issued as part of consideration in connection with AM USA Transaction | 738 |  |  | — |  |  | — |
Fair value of settlement of a pre-existing relationship as part of consideration in connection with AM USA Transaction | 237 |  |  | — |  |  | — |
Fair value of common shares issued as consideration in connection with AK Steel Merger | 618 |  |  | — |  |  | — |
Fair value of equity awards assumed in connection with AK Steel Merger | 4 |  |  | — |  |  | — |
Discontinued Operations We had income from discontinued operations, net of tax of $88 million for the year ended December 31, 2018. During 2018, we sold all of the assets of our Asia Pacific Iron Ore mining operations, which had operating losses of $105 million for the year ended December 31, 2018. Additionally, as a result of the liquidation of the net assets of our Australian subsidiaries, the historical changes in foreign currency translation recorded in Accumulated other comprehensive loss totaling $228 million was reclassified and recognized as a gain in Income (loss) from discontinued operations, net of tax.

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