DEBT AND CREDIT FACILITIES (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The following represents a summary of our long-term debt:

(In Millions)
Debt Instrument	Issuer1	Annual Effective Interest Rate	September 30, 2022		December 31, 2021
Senior Secured Notes:
9.875% 2025 Senior Secured Notes	Cliffs	10.57%	$	—	$	607
6.750% 2026 Senior Secured Notes	Cliffs	6.99%	829		845
Senior Unsecured Notes:
1.500% 2025 Convertible Senior Notes	Cliffs	6.26%	—		294
7.000% 2027 Senior Notes	Cliffs	9.24%	73		73
7.000% 2027 AK Senior Notes	AK Steel	9.24%	56		56
5.875% 2027 Senior Notes	Cliffs	6.49%	556		556
4.625% 2029 Senior Notes	Cliffs	4.63%	370		500
4.875% 2031 Senior Notes	Cliffs	4.88%	326		500
6.250% 2040 Senior Notes	Cliffs	6.34%	235		263
IRBs due 2024 to 2028	AK Steel	Various	—		66
ABL Facility	Cliffs2	Variable3	2,090		1,609
Total principal amount			4,535		5,369
Unamortized discounts and issuance costs			(60)		(131)
Total long-term debt			$	4,475	$	5,238
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 4.23% and 1.87%, respectively, as of September 30, 2022 and December 31, 2021.

Schedule of Extinguishment of Debt

The following is a summary of the debt extinguished and the respective impact on extinguishment:

	(In Millions)
	Three Months Ended September 30, 2022				Nine Months Ended September 30, 2022
Debt Instrument	Debt Extinguished		Gain on Extinguishment		Debt Extinguished		Gain (Loss) on Extinguishment
9.875% 2025 Senior Secured Notes	$	—	$	—	$	607	$	(85)
6.750% 2026 Senior Notes	—		—		16		(1)
1.500% 2025 Convertible Senior Notes	—		—		294		(16)
4.625% 2029 Senior Notes	—		—		130		8
4.875% 2031 Senior Notes	13		1		174		13
6.250% 2040 Senior Notes	28		3		28		3
IRBs due 2024 to 2028	—		—		66		2
Total	$	41	$	4	$	1,315	$	(76)

Schedule of Line of Credit Facilities

The following represents a summary of our borrowing capacity under the ABL Facility:

	(In Millions)
	September 30, 2022
Available borrowing base on ABL Facility1	$	4,500
Borrowings	(2,090)
Letter of credit obligations2	(166)
Borrowing capacity available	$	2,244
1 As of September 30, 2022, the ABL Facility has a maximum available borrowing base of $4.5 billion. The 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, workers' compensation, employee severance, insurance, operating agreements and environmental obligations.

Schedule of Maturities of Long-term Debt

The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at September 30, 2022:

	(In Millions)
	Maturities of Debt
2022 (remaining period of year)	$	—
2023	—
2024	—
2025	2,090
2026	829
Thereafter	1,616
Total maturities of debt	$	4,535