DEBT AND CREDIT FACILITIES (Tables)

12 Months Ended

Dec. 31, 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	December 31, 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%	368		500
4.875% 2031 Senior Notes	Cliffs	4.88%	325		500
6.250% 2040 Senior Notes	Cliffs	6.34%	235		263
IRBs	AK Steel	Various	—		66
ABL Facility3	Cliffs2	Variable3	1,864		1,609
Total debt			4,306		5,369
Unamortized discounts and issuance costs			(57)		(131)
Total long-term debt			$	4,249	$	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 5.60% and 1.87%, respectively, as of December 31, 2022 and December 31, 2021.

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)	2022
Available borrowing base on ABL Facility1	$	4,500
Borrowings	(1,864)
Letter of credit obligations2	(150)
Borrowing capacity available	$	2,486
1 As of December 31, 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.

Summary of Debt Extinguished

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

	Year Ended December 31, 2022
(In millions)	Debt Extinguished		Gain (Loss) on Extinguishment
9.875% 2025 Senior Secured Notes	$	607	$	(85)
6.750% 2026 Senior Secured Notes	16		(1)
1.500% 2025 Convertible Senior Notes	294		(16)
4.625% 2029 Senior Notes	132		9
4.875% 2024 Senior Secured Notes	175		13
6.250% 2040 Senior Notes	28		3
IRBs	66		2
Total	$	1,318	$	(75)

Summary of Debt Instrument Maturities

The following represents a summary of our debt instrument maturities based on the principal amounts outstanding at December 31, 2022 (in millions):

2023		2024		2025		2026		2027		Thereafter		Total
$	—	$	—	$	1,864	$	829	$	685	$	928	$	4,306