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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combinations [Abstract] |
Schedule of Fair Value of Purchase Consideration | The fair value of the total purchase consideration was determined as follows:
(In millions) |
Cash consideration: |
Cash consideration pursuant to the FPT Acquisition Agreement | $ | 778 |
Cash consideration paid related to IRC Section 338(h)(10) | 23 |
Total cash consideration | 801 |
Fair value of settlement of a pre-existing relationship | (20) |
Total purchase consideration | $ | 781 |
Summary of the Purchase Price Allocation to Assets Acquired and Liabilities Assumed | The following is a summary of the purchase price allocation to assets acquired and liabilities assumed in the FPT Acquisition:
(In millions) | Initial Allocation of Consideration |  | Measurement Period Adjustments |  | Final Allocation of Consideration as of December 31, 2022
Cash and cash equivalents | $ | 9 |  |  | $ | — |  |  | $ | 9 |
Accounts receivable, net | 233 |  |  | 2 |  |  | 235 |
Inventories | 137 |  |  | (2) |  |  | 135 |
Other current assets | 4 |  |  | (1) |  |  | 3 |
Property, plant and equipment | 179 |  |  | 12 |  |  | 191 |
Other non-current assets | 74 |  |  | (2) |  |  | 72 |
Accounts payable | (122) |  |  | — |  |  | (122) |
Accrued employment costs | (8) |  |  | — |  |  | (8) |
Other current liabilities | (9) |  |  | 3 |  |  | (6) |
Other non-current liabilities | (21) |  |  | — |  |  | (21) |
Net identifiable assets acquired | 476 |  |  | 12 |  |  | 488 |
Goodwill | 279 |  |  | 14 |  |  | 293 |
Total net assets acquired | $ | 755 |  |  | $ | 26 |  |  | $ | 781 |
Summary of Purchase Price Allocated to Identifiable Intangible Assets and Liabilities Acquired | The purchase price allocated to identifiable intangible assets acquired was:
| (In millions) |  | Weighted Average Life (In years)
Customer relationships | $ | 13 |  |  | 15
Supplier relationships | 29 |  |  | 18
Trade names and trademarks | 7 |  |  | 15
Total identifiable intangible assets | $ | 49 |  |  | 17
Summary of Unaudited Pro Forma Financial Information | The following table provides unaudited pro forma financial information, prepared in accordance with Topic 805, as if FPT had been acquired as of January 1, 2020:
| Year Ended
(In millions) | December 31, 2021 |  |
Revenues | $ | 21,701 |  |  |
Net income attributable to Cliffs shareholders | 3,074 |  |  |

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