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SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | 9 Months Ended
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Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [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) | 2024 |  | 2023
Allowance for credit losses as of January 1 | $ | (5) |  |  | $ | (4) |
Decrease (increase) in allowance | 1 |  |  | (3) |
Allowance for credit losses as of September 30 | $ | (4) |  |  | $ | (7) |
INVENTORIES The following table presents the detail of our Inventories on the Statements of Unaudited Condensed Consolidated Financial Position:
(In millions) | September 30, 2024 |  | December 31, 2023
Product inventories |  |  |
Finished and semi-finished goods | $ | 2,319 |  |  | $ | 2,573 |
Raw materials | 1,486 |  |  | 1,476 |
Total product inventories | 3,805 |  |  | 4,049 |
Manufacturing supplies and critical spares | 431 |  |  | 411 |
Inventories | $ | 4,236 |  |  | $ | 4,460 |
SUPPLY CHAIN FINANCE PROGRAMS We negotiate payment terms directly with our suppliers for the purchase of goods and services. We currently offer voluntary supply chain finance programs that enable our suppliers to sell their Cliffs receivables to financial intermediaries, at the sole discretion of both the suppliers and financial intermediaries. No guarantees are provided by us or our subsidiaries under the supply chain finance programs. The supply chain finance programs allow our suppliers to be paid by the financial intermediaries earlier than the due date on the applicable invoice. Supply chain finance programs that extend terms or provide us an economic benefit are classified as short-term financings. As of September 30, 2024 and December 31, 2023, we had $27 million and $21 million, respectively, deemed as short-term financings that are classified in Other current liabilities. Additionally, as of September 30, 2024 and December 31, 2023, we had $71 million and $91 million, respectively, classified as Accounts payable. WEIRTON INDEFINITE IDLE On February 15, 2024, we announced the indefinite idle of our tinplate production plant located in Weirton, West Virginia. As of September 30, 2024, we have incurred $212 million of charges related to the idle and estimate that we will incur nominal future charges to Restructuring and other charges, primarily related to employee related costs which are expected to be incurred by the end of 2024. The following table represents a reconciliation of our accrued liabilities related to the Weirton indefinite idle:
(In millions) | Employee- Related Costs |  | Exit Costs |  | Asset Impairment |  | Total
Balance as of December 31, 2023 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Costs incurred 1 | 58 |  |  | 48 |  |  | 64 |  |  | 170 |
Cash payments | — |  |  | (2) |  |  | — |  |  | (2) |
Non-cash | — |  |  | — |  |  | (64) |  |  | (64) |
Balance as of March 31, 2024 | $ | 58 |  |  | $ | 46 |  |  | $ | — |  |  | $ | 104 |
Costs incurred 2 | 23 |  |  | 2 |  |  | 15 |  |  | 40 |
Cash payments | (8) |  |  | (10) |  |  | — |  |  | (18) |
Non-cash | — |  |  | — |  |  | (15) |  |  | (15) |
Balance as of June 30, 2024 | $ | 73 |  |  | $ | 38 |  |  | $ | — |  |  | $ | 111 |
Costs incurred 3 | — |  |  | 2 |  |  | — |  |  | 2 |
Cash payments | (10) |  |  | (11) |  |  | — |  |  | (21) |
Balance as of September 30, 2024 | $ | 63 |  |  | $ | 29 |  |  | $ | — |  |  | $ | 92 |
1 Of the $170 million of cost incurred, $104 million was recorded in Restructuring and other charges, $64 million was recorded in Asset impairments and $2 million was recorded in Net periodic benefit credits other than service cost component.
2 Of the $40 million of costs incurred, $25 million was recorded in Restructuring and other charges and $15 million was recorded in Asset impairments.
3 Costs incurred of $2 million were recorded in Restructuring and other charges.
CASH FLOW INFORMATION A reconciliation of capital additions to cash paid for capital expenditures is as follows:
| Nine Months Ended September 30,
(In millions) | 2024 |  | 2023
Capital additions | $ | 557 |  |  | $ | 508 |
Less: |  |  |
Non-cash accruals | (58) |  |  | (98) |
Equipment financed with seller | 50 |  |  | 47 |
Right-of-use assets - finance leases | 75 |  |  | 78 |
Cash paid for capital expenditures including deposits | $ | 490 |  |  | $ | 481 |
Cash payments (receipts) for income taxes and interest are as follows:
| Nine Months Ended September 30,
(In millions) | 2024 |  | 2023
Income taxes paid | $ | 13 |  |  | $ | 91 |
Income tax refunds | (5) |  |  | (142) |
Interest paid on debt obligations net of capitalized interest 1 | 193 |  |  | 202 |
1 Capitalized interest was $11 million and $8 million for the nine months ended September 30, 2024 and 2023, respectively.

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