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ACQUISITIONS (Tables)
 12 Months Ended
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 consideration801 
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 ConsiderationMeasurement
Period Adjustments		Final Allocation of Consideration as of December 31, 2022
Cash and cash equivalents$9 $— $9 
Accounts receivable, net233 2 235 
Inventories137 (2)135 
Other current assets4 (1)3 
Property, plant and equipment179 12 191 
Other non-current assets74 (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 acquired476 12 488 
Goodwill279 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 relationships29 18
Trade names and trademarks7 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 shareholders3,074