Cleveland-Cliffs Inc. (CLF) Financial Statements (2023 and earlier)
Company Profile
| Business Address |
200 PUBLIC SQUARE CLEVELAND, OH 44114-2315 |
| State of Incorp. | OH |
| Fiscal Year End | December 31 |
| Industry (SIC) | 10 - Metal Mining (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in millions)
| 6/30/2023 MRQ | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 26 | 48 | 112 | 353 | 823 | 1,008 | |||
| Cash and cash equivalents | 26 | 48 | 112 | 353 | 823 | 1,008 | |||
| Receivables | 1,960 | 2,154 | 1,193 | 153 | 344 | 141 | |||
| Inventory, net of allowances, customer advances and progress billings | 5,130 | 5,188 | 3,828 | 317 | 88 | 183 | |||
| Inventory | 5,130 | 5,188 | 3,828 | 317 | 88 | 183 | |||
| Prepaid expense | 93 | 94 | |||||||
| Derivative instruments and hedges, assets | 46 | 92 | 39 | ||||||
| Disposal group, including discontinued operation | 12 | ||||||||
| Other current assets | 306 | 263 | 165 | 30 | 27 | 28 | |||
| Other undisclosed current assets | 52 | ||||||||
| Total current assets: | 7,422 | 7,653 | 5,298 | 898 | 1,480 | 1,545 | |||
| Noncurrent Assets | |||||||||
| Nontrade receivables | 63 | 121 | |||||||
| Property, plant and equipment | 9,070 | 9,186 | 8,743 | 1,929 | 1,286 | 1,051 | |||
| Intangible assets, net (including goodwill) | 1,130 | 1,116 | 1,406 | ||||||
| Goodwill | 1,130 | 1,116 | 1,406 | ||||||
| Deferred income tax assets | 537 | 460 | ✕ | ✕ | |||||
| Other noncurrent assets | 777 | 1,020 | 787 | 155 | 95 | 123 | |||
| Other undisclosed noncurrent assets | 356 | 548 | 235 | ||||||
| Total noncurrent assets: | 11,333 | 11,322 | 11,473 | 2,606 | 2,050 | 1,409 | |||
| TOTAL ASSETS: | 18,755 | 18,975 | 16,771 | 3,504 | 3,530 | 2,953 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 2,615 | 2,796 | 2,182 | 357 | 335 | 279 | |||
| Interest and dividends payable | ✕ | ✕ | 38 | 31 | |||||
| Taxes payable | ✕ | ✕ | 138 | 147 | 38 | 36 | 30 | ||
| Employee-related liabilities | ✕ | ✕ | 585 | 460 | 74 | 56 | |||
| Accounts payable | 2,186 | 2,073 | 1,575 | 193 | 187 | 128 | |||
| Accrued liabilities | 429 | 126 | 34 | ||||||
| Debt | 44 | 44 | |||||||
| Postemployment benefits liability | 151 | ||||||||
| Accrued environmental loss contingencies | |||||||||
| Asset retirement obligation | |||||||||
| Disposal group, including discontinued operation | 7 | 3 | |||||||
| Due to related parties | 12 | ||||||||
| Other liabilities | 934 | 765 | 596 | 52 | 83 | 56 | |||
| Other undisclosed current liabilities | 57 | ||||||||
| Total current liabilities: | 3,549 | 3,561 | 2,929 | 409 | 468 | 452 | |||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation | 4,249 | 5,238 | 5,390 | 2,114 | 2,093 | 2,304 | |||
| Long-term debt, excluding current maturities | 4,249 | 5,238 | 5,390 | 2,114 | 2,093 | 2,304 | |||
| Liabilities, other than long-term debt | 2,325 | 4,402 | 5,373 | 623 | 544 | 641 | |||
| Asset retirement obligations | 165 | 172 | 197 | ||||||
| Liability, pension and other postretirement and postemployment benefits | 1,058 | 2,961 | 4,113 | 312 | 249 | 258 | |||
| Disposal group, including discontinued operation, liabilities | 8 | ||||||||
| Other liabilities | 1,267 | 1,441 | 1,260 | 146 | 115 | 187 | |||
| Other undisclosed noncurrent liabilities | 590 | ||||||||
| Total noncurrent liabilities: | 7,164 | 9,640 | 10,763 | 2,737 | 2,637 | 2,945 | |||
| Total liabilities: | 10,713 | 13,201 | 13,692 | 3,146 | 3,105 | 3,398 | |||
| Temporary equity, carrying amount | 738 | ||||||||
| Equity | |||||||||
| Equity, attributable to parent, including: | 7,791 | 5,490 | 2,018 | 320 | 424 | (444) | |||
| Treasury stock, value | (310) | (82) | (354) | (391) | (186) | (170) | |||
| Additional paid in capital | 4,871 | 4,892 | 5,431 | 3,872 | 3,917 | 3,934 | |||
| Accumulated other comprehensive income (loss) | 1,830 | 618 | (133) | (319) | (284) | (39) | |||
| Retained earnings (accumulated deficit) | 1,334 | (1) | (2,989) | (2,842) | (3,060) | (4,207) | |||
| Other undisclosed equity, attributable to parent | 66 | 63 | 63 | 38 | 38 | ||||
| Equity, attributable to noncontrolling interest | 251 | 284 | 323 | 0 | |||||
| Other undisclosed equity | 38 | ||||||||
| Total equity: | 8,042 | 5,774 | 2,341 | 358 | 424 | (444) | |||
| TOTAL LIABILITIES AND EQUITY: | 18,755 | 18,975 | 16,771 | 3,504 | 3,530 | 2,953 | |||
Income Statement (P&L) ($ in millions)
| 6/30/2023 TTM | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 22,989 | 20,444 | 5,354 | 1,990 | 2,332 | 2,330 | ||
| Revenue, net | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | 2,330 | |
| Revenue from related parties | 139 | 893 | 1,235 | ✕ | ||||
| Cost of revenue | (20,581) | (15,990) | (5,162) | (1,414) | (1,523) | (1,829) | ||
| Cost of goods and services sold | (20,471) | (15,910) | (5,102) | (1,414) | (1,523) | (1,829) | ||
| Gross profit: | 2,408 | 4,454 | 192 | 576 | 810 | 502 | ||
| Operating expenses | (469) | (442) | (334) | (146) | (136) | (78) | ||
| Other operating expense, net | (110) | (80) | (60) | |||||
| Other undisclosed operating income | 110 | 80 | 60 | |||||
| Operating income (loss): | 1,939 | 4,012 | (142) | 429 | 673 | 424 | ||
| Nonoperating expense | (143) | (209) | (51) | (117) | (109) | (294) | ||
| Net periodic defined benefits expense (reversal of expense), excluding service cost component | ✕ | |||||||
| Other nonoperating income (expense) | (4) | 6 | 57 | 2 | 17 | 3 | ||
| Interest and debt expense | (8) | (9) | (4) | (18) | 235 | 1,721 | ||
| Other undisclosed income (loss) from continuing operations before equity method investments, income taxes | 4 | 18 | (235) | (1,721) | ||||
| Income (loss) from continuing operations before equity method investments, income taxes: | 1,788 | 3,794 | (193) | 312 | 565 | 129 | ||
| Other undisclosed income (loss) from continuing operations before income taxes | 8 | 9 | ||||||
| Income (loss) from continuing operations before income taxes: | 1,796 | 3,803 | (193) | 312 | 565 | 129 | ||
| Income tax expense (benefit) | (423) | (773) | 111 | (18) | 475 | 252 | ||
| Income (loss) from continuing operations: | 1,373 | 3,030 | (82) | 295 | 1,040 | 382 | ||
| Income (loss) before gain (loss) on sale of properties: | ✕ | 3,030 | (82) | 293 | 1,128 | 363 | ||
| Income (loss) from discontinued operations | (2) | 88 | (19) | |||||
| Other undisclosed net income | 3 | 3 | 1 | |||||
| Net income (loss): | 1,376 | 3,033 | (81) | 293 | 1,128 | 363 | ||
| Net income (loss) attributable to noncontrolling interest | (41) | (45) | (41) | 4 | ||||
| Net income (loss) attributable to parent: | 1,335 | 2,988 | (122) | 293 | 1,128 | 367 | ||
| Preferred stock dividends and other adjustments | (604) | |||||||
| Undistributed earnings (loss) allocated to participating securities, basic | (187) | (187) | ||||||
| Other undisclosed net income available to common stockholders, basic | 187 | 791 | ||||||
| Net income (loss) available to common stockholders, diluted: | 1,335 | 2,988 | (122) | 293 | 1,128 | 367 | ||
Comprehensive Income ($ in millions)
| 6/30/2023 TTM | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | ||
|---|---|---|---|---|---|---|---|---|
| Net income (loss): | 1,376 | 3,033 | (81) | 293 | 1,128 | 363 | ||
| Other comprehensive income (loss) | 1,212 | 751 | 186 | (35) | (245) | (3) | ||
| Comprehensive income: | 2,588 | 3,784 | 105 | 258 | 883 | 360 | ||
| Comprehensive income (loss), net of tax, attributable to noncontrolling interest | (41) | (45) | (41) | 3 | ||||
| Comprehensive income, net of tax, attributable to parent: | 2,547 | 3,739 | 64 | 258 | 883 | 363 | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.