Cleveland-Cliffs Inc. Quarterly report pursuant to Section 13 or 15(d)

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2020

The following table represents our consolidated Revenues (excluding intercompany revenues) by market:



	(In Millions)
	Three Months Ended March 31,
	2020		2019
Steel and Manufacturing:
Automotive	$	120.2	$	—
Infrastructure and manufacturing	44.0		—
Distributors and converters	53.3		—
Total Steel and Manufacturing	217.5		—
Mining and Pelletizing:
Steel producers¹	141.6		157.0
Total revenues	$	359.1	$	157.0

¹ Includes Realization of deferred revenue of $34.6 million for the three months ended March 31, 2020.

The following table represents our consolidated Revenues (excluding intercompany revenues) by product line:



	(In Millions)
	Three Months Ended March 31,
	2020		2019
Steel and Manufacturing:
Carbon steel	$	138.6	$	—
Stainless and electrical steel	59.4		—
Tubular products, components and other	19.5		—
Total Steel and Manufacturing	217.5		—
Mining and Pelletizing:
Iron ore¹	131.3		145.4
Freight	10.3		11.6
Total Mining and Pelletizing	141.6		157.0
Total revenues	$	359.1	$	157.0

¹ Includes Realization of deferred revenue of $34.6 million for the three months ended March 31, 2020.

^[1]

The following is a roll forward of our allowance for credit losses associated with Accounts receivable, net:



	(In Millions)
	March 31, 2020		March 31, 2019
Allowance for credit losses at beginning of period	$	—	$	—
Increase in allowance	1.2		—
Allowance for credit losses at end of period	$	1.2	$	—

The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position:



	(In Millions)
	March 31, 2020		December 31, 2019
Product inventories
Finished and semi-finished goods	$	1,358.9	$	114.1
Work-in-process	88.0		68.7
Raw materials	343.0		9.4
Total product inventories	1,789.9		192.2
Manufacturing supplies and critical spares	358.9		125.2
Inventories	$	2,148.8	$	317.4

The following table presents the detail of our Accrued liabilities in the Statements of Unaudited Condensed Consolidated Financial Position:

A reconciliation of capital additions to cash paid for capital expenditures is as follows:



	(In Millions)
	Three Months Ended March 31,
	2020			2019
Capital additions	$	157.7		$	129.3
Less:
Non-cash accruals	(10.3		)	(11.5		)
Right-of-use assets - finance leases	29.9			15.1
Grants	—			(8.4		)
Cash paid for capital expenditures including deposits	$	138.1		$	134.1

Cash payments (receipts) for income taxes and interest are as follows:



	(In Millions)
	Three Months Ended March 31,
	2020			2019
Taxes paid on income	$	0.1		$	0.1
Income tax refunds	(60.4		)	—
Interest paid on debt obligations net of capitalized interest¹	29.7			39.2

¹Capitalized interest was $9.7 million and $4.0 million for the three months ended March 31, 2020 and 2019, respectively.

Non-Cash Investing and Financing Activities



	(In Millions)
	Three Months Ended March 31,
	2020		2019
Fair value of common shares issued for consideration for business combination	$	617.6	$	—
Fair value of equity awards assumed from AK Steel acquisition	4.3		—
Dividends declared	24.0		14.5

[1]	¹ Includes Realization of deferred revenue of $34.6 million for the three months ended March 31, 2020.