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DEBT AND CREDIT FACILITIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule Of Long-Term Debt | The following represents a summary of our long-term debt:
(In Millions)
Debt Instrument |  | Issuer 1 |  | Annual Effective Interest Rate |  | December 31, 2023 |  | December 31, 2022
Senior Secured Notes: |  |  |  |  |  |  |  |
6.750% 2026 Senior Secured Notes |  | Cliffs |  | 6.990% |  | 829 |  |  | 829 |
Senior Unsecured Notes: |  |  |  |  |  |  |  |
7.000% 2027 Senior Notes |  | Cliffs |  | 9.240% |  | 73 |  |  | 73 |
7.000% 2027 AK Senior Notes |  | AK Steel |  | 9.240% |  | 56 |  |  | 56 |
5.875% 2027 Senior Notes |  | Cliffs |  | 6.490% |  | 556 |  |  | 556 |
4.625% 2029 Senior Notes |  | Cliffs |  | 4.625% |  | 368 |  |  | 368 |
6.750% 2030 Senior Notes |  | Cliffs |  | 6.750% |  | 750 |  |  | — |
4.875% 2031 Senior Notes |  | Cliffs |  | 4.875% |  | 325 |  |  | 325 |
6.250% 2040 Senior Notes |  | Cliffs |  | 6.340% |  | 235 |  |  | 235 |
ABL Facility |  | Cliffs 2 |  | Variable 3 |  | — |  |  | 1,864 |
Total debt |  |  |  |  |  | 3,192 |  |  | 4,306 |
Unamortized discounts and issuance costs |  |  |  |  |  | (55) |  |  | (57) |
Total long-term debt |  |  |  |  |  | $ | 3,137 |  |  | $ | 4,249 |
1 Unless otherwise noted, references in this column and throughout this NOTE 8 - DEBT AND CREDIT FACILITIES to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK Steel" are to AK Steel Corporation (n/k/a Cleveland-Cliffs Steel Corporation).
2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility.
3 Our ABL Facility annual effective interest rate was 5.60% as of December 31, 2022.
The following represents a summary of our other unsecured senior notes' maturity and interest payable due dates:
Debt Instrument |  | Maturity |  | Interest Payable (until maturity)
7.000% 2027 Senior Notes |  | March 15, 2027 |  | March 15 and September 15
5.875% 2027 Senior Notes |  | June 1, 2027 |  | June 1 and December 1
4.625% 2029 Senior Notes |  | March 1, 2029 |  | March 1 and September 1
4.875% 2031 Senior Notes |  | March 1, 2031 |  | March 1 and September 1
6.250% 2040 Senior Notes |  | October 1, 2040 |  | April 1 and October 1
Summary of Borrowing Capacity Under the ABL Facility | The following represents a summary of our borrowing capacity under the ABL Facility:
| December 31,
(In millions) | 2023
Available borrowing base on ABL Facility 1 | $ | 4,397 |
Borrowings | — |
Letter of credit obligations 2 | (56) |
Borrowing capacity available | $ | 4,341 |
1 As of December 31, 2023, the ABL Facility has a maximum borrowing base of $4.75 billion. The available borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
2 We issued standby letters of credit with certain financial institutions in order to support business obligations, including, but not limited to, operating agreements, employee severance, environmental obligations, workers' compensation, and insurance obligations.
Summary of Debt Instrument Maturities | The following represents a summary of our debt instrument maturities based on the principal amounts outstanding at December 31, 2023 (in millions):
2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
$ | — |  |  | $ | — |  |  | $ | 829 |  |  | $ | 685 |  |  | $ | — |  |  | $ | 1,678 |  |  | $ | 3,192 |

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