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SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | 12 Months Ended
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Dec. 31, 2022
Disclosure Text Block [Abstract] |
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) | 2022 |  | 2021
Allowance for credit losses as of January 1 | $ | (4) |  |  | $ | (5) |
Decrease in allowance | — |  |  | 1 |
Allowance for credit losses as of December 31 | $ | (4) |  |  | $ | (4) |
INVENTORIES The following table presents the detail of our Inventories on the Statements of Consolidated Financial Position:
| December 31,
(In millions) | 2022 |  | 2021
Product inventories |  |  |
Finished and semi-finished goods | $ | 2,971 |  |  | $ | 2,814 |
Raw materials | 1,794 |  |  | 2,070 |
Total product inventories | 4,765 |  |  | 4,884 |
Manufacturing supplies and critical spares | 365 |  |  | 304 |
Inventories | $ | 5,130 |  |  | $ | 5,188 |
The excess of current cost over LIFO cost of iron ore inventories was $169 million and $124 million at December 31, 2022 and 2021, respectively. As of December 31, 2022, the product inventory balance for iron ore inventories decreased, resulting in a liquidation of a LIFO layer in 2022. The effect of the inventory reduction was an increase in Cost of goods sold of $36 million in the Statements of Consolidated Operations for the year ended December 31, 2022. As of December 31, 2021, the product inventory balance for iron ore inventories increased, resulting in a LIFO increment in 2021. The effect of the inventory build was an increase in Inventories of $45 million on the Statements of Consolidated Financial Position for the year ended December 31, 2021. CASH FLOW INFORMATION A reconciliation of capital additions to cash paid for capital expenditures is as follows:
| Year Ended December 31,
(In millions) | 2022 |  | 2021 |  | 2020
Capital additions | $ | 1,033 |  |  | $ | 857 |  |  | $ | 483 |
Less: |  |  |  |  |
Non-cash accruals | 35 |  |  | 102 |  |  | (86) |
Right-of-use assets - finance leases | 55 |  |  | 50 |  |  | 44 |
Cash paid for capital expenditures including deposits | $ | 943 |  |  | $ | 705 |  |  | $ | 525 |
Additionally, included within Other investing activities on the Statements of Consolidated Cash Flows are grant reimbursements related to governmental funded capital projects. For the years ended December 31, 2022 and 2021, grant reimbursements were $27 million and $2 million, respectively. Cash payments (receipts) for interest and income taxes are as follows:
| Year Ended December 31,
(In millions) | 2022 |  | 2021 |  | 2020
Taxes paid on income | $ | 334 |  |  | $ | 166 |  |  | $ | 5 |
Income tax refunds | (3) |  |  | (16) |  |  | (120) |
Interest paid on debt obligations net of capitalized interest 1 | 249 |  |  | 299 |  |  | 170 |
1 Capitalized interest was $9 million, $6 million and $53 million for the years ended December 31, 2022, 2021 and 2020, respectively.
Other non-cash investing and financing activities are as follows:
| Year Ended December 31,
(In millions) | 2022 |  | 2021 |  | 2020
1.500% 2025 Convertible Senior Notes redemption | $ | 25 |  |  | $ | — |  |  | $ | — |
Fair value of settlement of a pre-existing relationship as part of consideration in connection with FPT Acquisition | — |  |  | (20) |  |  | — |
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 |

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