Cleveland-Cliffs Inc. (CLF) Financial Statements (2024 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)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments1982648112353823
Cash and cash equivalents1982648112353823
Receivables1,8401,9602,1541,193153344
Inventory, net of allowances, customer advances and progress billings4,4605,1305,1883,82831788
Inventory4,4605,1305,1883,82831788
Prepaid expense      93
Derivative instruments and hedges, assets     4692
Disposal group, including discontinued operation      12
Other current assets1383062631653027
Total current assets:6,6367,4227,6535,2988981,480
Noncurrent Assets
Nontrade receivables     63121
Property, plant and equipment8,8959,0709,1868,7431,9291,286
Intangible assets, net (including goodwill)1,0051,1301,1161,406  
Goodwill1,0051,1301,1161,406  
Deferred income tax assets    537460
Other noncurrent assets6727771,02078715595
Other undisclosed noncurrent assets329356   548
Total noncurrent assets:10,90111,33311,32211,4732,6062,050
TOTAL ASSETS:17,53718,75518,97516,7713,5043,530
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities2,4792,6152,7962,182357335
Interest and dividends payable   38
Taxes payable1381473836
Employee-related liabilities585460 74
Accounts payable2,0992,1862,0731,575193187
Accrued liabilities380429  126 
Debt 49    44
Postemployment benefits liability    151  
Accrued environmental loss contingencies21     
Asset retirement obligation15     
Disposal group, including discontinued operation      7
Other liabilities5189347655965283
Other undisclosed current liabilities426     
Total current liabilities:3,5083,5493,5612,929409468
Noncurrent Liabilities
Long-term debt and lease obligation3,1374,2495,2385,3902,1142,093
Long-term debt, excluding current maturities3,1374,2495,2385,3902,1142,093
Liabilities, other than long-term debt2,1312,3254,4025,373623544
Asset retirement obligations    165172
Liability, pension and other postretirement and postemployment benefits8211,0582,9614,113312249
Accrued environmental loss contingencies      
Disposal group, including discontinued operation, liabilities      8
Other liabilities1,3101,2671,4411,260146115
Other undisclosed noncurrent liabilities639590    
Total noncurrent liabilities:5,9077,1649,64010,7632,7372,637
Total liabilities:9,41510,71313,20113,6923,1463,105
Temporary equity, carrying amount    738  
Equity
Equity, attributable to parent, including:7,8877,7915,4902,018320424
Treasury stock, value(430)(310)(82)(354)(391)(186)
Additional paid in capital4,8614,8714,8925,4313,8723,917
Accumulated other comprehensive income (loss)1,6571,830618(133)(319)(284)
Retained earnings (accumulated deficit)1,7331,334(1)(2,989)(2,842)(3,060)
Other undisclosed equity, attributable to parent66666363 38
Equity, attributable to noncontrolling interest235251284323  
Other undisclosed equity     38 
Total equity:8,1228,0425,7742,341358424
TOTAL LIABILITIES AND EQUITY:17,53718,75518,97516,7713,5043,530

Income Statement (P&L) ($ in millions)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues21,99622,98920,4445,3541,9902,332
Revenue from related parties 139893 1,235
Cost of revenue(20,605)(20,581)(15,990)(5,162)(1,414)(1,523)
Cost of goods and services sold(20,605)(20,471)(15,910)(5,102)(1,414)(1,523)
Gross profit:1,3912,4084,454192576810
Operating expenses(714)(469)(442)(334)(146)(136)
Other operating expense, net (110)(80)(60)  
Other undisclosed operating income 1108060  
Operating income (loss):6771,9394,012(142)429673
Nonoperating expense(80)(143)(209)(51)(117)(109)
Net periodic defined benefits expense (reversal of expense), excluding service cost component      
Other nonoperating income (expense)5(4)657217
Interest and debt expense(11)(8)(9)(4)(18)235
Other undisclosed income (loss) from continuing operations before equity method investments, income taxes   418(235)
Income (loss) from continuing operations before equity method investments, income taxes:5861,7883,794(193)312565
Other undisclosed income from continuing operations before income taxes1189   
Income (loss) from continuing operations before income taxes:5971,7963,803(193)312565
Income tax expense (benefit)(148)(423)(773)111(18)475
Income (loss) from continuing operations:4491,3733,030(82)2951,040
Income (loss) before gain (loss) on sale of properties:3,030(82)2931,128
Income (loss) from discontinued operations     (2)88
Other undisclosed net income 1331  
Net income (loss):4501,3763,033(81)2931,128
Net loss attributable to noncontrolling interest(51)(41)(45)(41)  
Net income (loss) attributable to parent:3991,3352,988(122)2931,128
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  187791   
Net income (loss) available to common stockholders, diluted:3991,3352,988(122)2931,128

Comprehensive Income ($ in millions)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income (loss):4501,3763,033(81)2931,128
Other comprehensive income (loss)(173)1,212751186(35)(245)
Comprehensive income:2772,5883,784105258883
Comprehensive loss, net of tax, attributable to noncontrolling interest(51)(41)(45)(41)  
Comprehensive income, net of tax, attributable to parent:2262,5473,73964258883

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.

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