XML 59 R10.htm IDEA: XBRL DOCUMENT v3.22.4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
12 Months Ended
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)20222021
Allowance for credit losses as of January 1$(4)$(5)
Decrease in allowance 
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)20222021
Product inventories
Finished and semi-finished goods$2,971 $2,814 
Raw materials1,794 2,070 
Total product inventories4,765 4,884 
Manufacturing supplies and critical spares365 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)202220212020
Capital additions$1,033 $857 $483 
Less:
Non-cash accruals35 102 (86)
Right-of-use assets - finance leases55 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)202220212020
Taxes paid on income$334 $166 $
Income tax refunds(3)(16)(120)
Interest paid on debt obligations net of capitalized interest1
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)202220212020
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 —