Annual report [Section 13 and 15(d), not S-K Item 405]

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)

v3.25.4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure Text Block [Abstract]  
Schedule of Inventories
The following table presents the detail of our Inventories on the Statements of Consolidated Financial Position:
December 31,
(In millions) 2025 2024
Product inventories
Finished and semi-finished goods $ 2,401  $ 2,393 
Raw materials 1,848  2,208 
Total product inventories 4,249  4,601 
Manufacturing supplies and critical spares 523  493 
Inventories $ 4,772  $ 5,094 
Supplier Finance Program
The following is a roll-forward of our obligations related to supply chain finance programs classified in Other current liabilities:
(In millions) 2025 2024
Supply chain finance obligations as of January 1 $ 29  $ 21 
Invoices confirmed during the year 212  230 
Confirmed invoices paid during the year (213) (222)
Supply chain finance obligations as of December 31 $ 28  $ 29 
The following is a roll-forward of our obligations related to supply chain finance programs classified in Accounts payable:
(In millions) 2025 2024
Supply chain finance obligations as of January 1 $ 76  $ 91 
Invoices confirmed during the year 363  375 
Confirmed invoices paid during the year (366) (390)
Supply chain finance obligations as of December 31 $ 73  $ 76 
Schedule of Restructuring Reserve by Type of Cost
(In millions) Employee-Related Costs Exit Costs Asset Impairment Total
Balance as of December 31, 2023 $ —  $ —  $ —  $ — 
Costs incurred1
82  49  79  210
Cash payments (26) (34) —  (60)
Non-cash —  —  (79) (79)
Balance as of December 31, 2024 $ 56  $ 15  $ —  $ 71 
Costs incurred2
59  32  39  130
Cash payments (45) (39) —  (84)
Non-cash —  —  (39) (39)
Balance as of December 31, 2025
 $ 70  $ 8  $ —  $ 78 
1 Of the $210 million of cost incurred, $129 million was recorded in Restructuring and other charges, $79 million was recorded in Asset impairment and $2 million was recorded in Net periodic benefit credits other than service cost component.
2 Of the $130 million of cost incurred, $86 million was recorded in Restructuring and other charges, $39 million was recorded in Asset impairment and $5 million was recorded in Net periodic benefit credits other than service cost component.
Schedule of Cash Flow, Supplemental Disclosures
A reconciliation of capital additions to cash paid for capital expenditures is as follows:
Year Ended December 31,
(In millions) 2025 2024 2023
Capital additions $ 680  $ 817  $ 785 
Less:
Non-cash accruals (41) (47) (13)
Equipment financed with seller 73  72  59 
Right-of-use assets - finance leases 87  97  93 
Cash paid for capital expenditures including deposits $ 561  $ 695  $ 646 
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, 2025, 2024 and 2023, grant reimbursements were $12 million, $8 million and $13 million, respectively.
Cash payments (receipts) for interest and income taxes are as follows:
Year Ended December 31,
(In millions) 2025 2024 2023
Income taxes paid $ 7  $ 17  $ 94 
Income tax refunds (23) (47) (205)
Interest paid on debt obligations net of capitalized interest1
459  255  256 
1 Capitalized interest was $15 million, $15 million and $12 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The components of cash payments in excess of refunds received (refunds in excess of payments made) by jurisdiction are as follows:
Year Ended December 31,
(In millions) 2025 2024 2023
U.S. Federal
 $ — 
State
Illinois (6)
Michigan (3)
Alabama (2)
Ohio (1)
State total (12)
Foreign
Canada (5)
Other 1 
Foreign total (4)
Total refunds in excess of payments made $ (16)
Total refunds in excess of payments made (prior to ASU 2023-09) $ (30) $ (111)
Schedule of Noncash or Part Noncash Acquisitions
Other non-cash investing and financing activities are as follows:
Year Ended December 31,
(In millions) 2025 2024 2023
Fair value of common shares issued as part of consideration in connection with the Stelco Acquisition $ —  $ 343  $ —