10-Q Filing

CLEVELAND-CLIFFS INC. CIK: 764065 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0000764065-16-000219`
Period End Date	20160331
Filing Date	20160428
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	clf-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 89 Income Statement 2 Cash Flow Statement 57 Comprehensive Income 16

Balance Sheet 89 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$355.70M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$285.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$59.90M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$41.90M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$40.20M	USD	Point-in-time
Inventories	`InventoryNet`	$406.30M	USD	Point-in-time
Inventories	`InventoryNet`	$329.60M	USD	Point-in-time
Supplies and other inventories	`Supplies`	$102.70M	USD	Point-in-time
Supplies and other inventories	`Supplies`	$110.40M	USD	Point-in-time
Short-term assets of discontinued operations	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$14.90M	USD	Point-in-time
Short-term assets of discontinued operations	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$500.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Loans to and accounts receivable from the Canadian Entities	`LoanstoandaccountsreceivablesfromtheCanadianEntities`	$72.90M	USD	Point-in-time
Preferred stock, par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Loans to and accounts receivable from the Canadian Entities	`LoanstoandaccountsreceivablesfromtheCanadianEntities`	$69.90M	USD	Point-in-time
Insurance coverage receivable	`InsuranceSettlementsReceivableCurrent`	$93.50M	USD	Point-in-time
Insurance coverage receivable	`InsuranceSettlementsReceivableCurrent`	$84.80M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$26.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$36.00M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$792.00M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$982.70M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.12	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.12	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT, NET	`PropertyPlantAndEquipmentNet`	$1.06B	USD	Point-in-time
PROPERTY, PLANT AND EQUIPMENT, NET	`PropertyPlantAndEquipmentNet`	$1.01B	USD	Point-in-time
Common shares, authorized (in shares)	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Common shares, authorized (in shares)	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Common shares, issued (in shares)	`CommonStockSharesIssued`	187.82M	shares	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$93.80M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$84.70M	USD	Point-in-time
Common shares, issued (in shares)	`CommonStockSharesIssued`	159.55M	shares	Point-in-time
TOTAL OTHER ASSETS	`TotalOtherAssets`	$93.80M	USD	Point-in-time
TOTAL OTHER ASSETS	`TotalOtherAssets`	$84.70M	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	181.91M	shares	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	153.59M	shares	Point-in-time
Common shares in treasury	`TreasuryStockShares`	5.95M	shares	Point-in-time
Common shares in treasury	`TreasuryStockShares`	5.91M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$2.14B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.89B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$106.30M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$77.20M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$111.10M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$156.00M	USD	Point-in-time
Short-term liabilities of discontinued operations	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$6.90M	USD	Point-in-time
Short-term liabilities of discontinued operations	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$4.30M	USD	Point-in-time
Guarantees	`GuaranteesFairValueDisclosure`	$96.50M	USD	Point-in-time
Guarantees	`GuaranteesFairValueDisclosure`	$23.60M	USD	Point-in-time
Insured loss	`LossContingencyAccrualCarryingValueNoncurrent`	$93.50M	USD	Point-in-time
Insured loss	`LossContingencyAccrualCarryingValueNoncurrent`	$84.80M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$138.80M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$122.50M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$439.80M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$581.70M	USD	Point-in-time
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$213.80M	USD	Point-in-time
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$221.00M	USD	Point-in-time
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS	`MineReclamationAndClosingLiabilityNoncurrent`	$231.20M	USD	Point-in-time
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS	`MineReclamationAndClosingLiabilityNoncurrent`	$214.30M	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebtNoncurrent`	$2.50B	USD	Point-in-time
LONG-TERM DEBT	`LongTermDebtNoncurrent`	$2.70B	USD	Point-in-time
OTHER LIABILITIES	`OtherLiabilitiesNoncurrent`	$216.00M	USD	Point-in-time
OTHER LIABILITIES	`OtherLiabilitiesNoncurrent`	$213.80M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$3.58B	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$3.95B	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (SEE NOTE 20)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (SEE NOTE 20)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred Stock - no par value, Class A - 3,000,000 shares authorized, 7 % Series A Mandatory Convertible, Class A, no par value and $1,000 per share liquidation preference, Issued and Outstanding - no shares (2015 - 731,223 shares), Class B - 4,000,000 shares authorized	`PreferredSharesIssuedAndOutstandingValue`	$731.30M	USD	Point-in-time
Preferred Stock - no par value, Class A - 3,000,000 shares authorized, 7 % Series A Mandatory Convertible, Class A, no par value and $1,000 per share liquidation preference, Issued and Outstanding - no shares (2015 - 731,223 shares), Class B - 4,000,000 shares authorized	`PreferredSharesIssuedAndOutstandingValue`	-	USD	Point-in-time
Common Shares - par value $0.125 per share, Authorized - 400,000,000 shares (2015 - 400,000,000 shares); Issued - 187,822,349 shares (2015 - 159,546,224 shares); Outstanding - 181,909,771 shares (2015 - 153,591,930 shares)	`CommonStockValueOutstanding`	$23.50M	USD	Point-in-time
Common Shares - par value $0.125 per share, Authorized - 400,000,000 shares (2015 - 400,000,000 shares); Issued - 187,822,349 shares (2015 - 159,546,224 shares); Outstanding - 181,909,771 shares (2015 - 153,591,930 shares)	`CommonStockValueOutstanding`	$19.80M	USD	Point-in-time
Capital in excess of par value of shares	`AdditionalPaidInCapital`	$2.30B	USD	Point-in-time
Capital in excess of par value of shares	`AdditionalPaidInCapital`	$3.03B	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-4.64B	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-4.75B	USD	Point-in-time
Cost of 5,912,578 common shares in treasury (2015 - 5,954,294 shares)	`TreasuryStockValue`	$265.00M	USD	Point-in-time
Cost of 5,912,578 common shares in treasury (2015 - 5,954,294 shares)	`TreasuryStockValue`	$262.70M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-38.20M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-12.30M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-18.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-245.80M	USD	Point-in-time
TOTAL CLIFFS SHAREHOLDERS' DEFICIT	`StockholdersEquity`	$-1.98B	USD	Point-in-time
TOTAL CLIFFS SHAREHOLDERS' DEFICIT	`StockholdersEquity`	$-1.86B	USD	Point-in-time
NONCONTROLLING INTEREST	`MinorityInterest`	$169.80M	USD	Point-in-time
NONCONTROLLING INTEREST	`MinorityInterest`	$162.70M	USD	Point-in-time
TOTAL DEFICIT	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-1.81B	USD	Point-in-time
TOTAL DEFICIT	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-1.70B	USD	Point-in-time
TOTAL DEFICIT	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-1.78B	USD	Point-in-time
TOTAL DEFICIT	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-1.73B	USD	Point-in-time
TOTAL LIABILITIES AND DEFICIT	`LiabilitiesAndStockholdersEquity`	$2.14B	USD	Point-in-time
TOTAL LIABILITIES AND DEFICIT	`LiabilitiesAndStockholdersEquity`	$1.89B	USD	Point-in-time

Income Statement 2 line items

Line Item	Tag	Value	Unit	Period
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest`	$7.70M	USD	1 Quarter
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest`	-	USD	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
NET INCOME (LOSS)	`ProfitLoss`	$-761.70M	USD	1 Quarter
NET INCOME (LOSS)	`ProfitLoss`	$116.80M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$33.00M	USD	1 Quarter
Depreciation, depletion and amortization	`DepreciationDepletionAndAmortization`	$35.20M	USD	1 Quarter
Impairment of long-lived assets	`AssetImpairmentChargesCashFlows`	$76.60M	USD	1 Quarter
Impairment of long-lived assets	`AssetImpairmentChargesCashFlows`	-	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$165.80M	USD	1 Quarter
Gain on extinguishment/restructuring of debt	`Gainonextinguishmentofdebtcashflows`	$-178.80M	USD	1 Quarter
Gain on extinguishment/restructuring of debt	`Gainonextinguishmentofdebtcashflows`	$-313.70M	USD	1 Quarter
(Gain) loss on deconsolidation, net of cash deconsolidated	`LossonDeconsolidationnetofcashdeconsolidated`	$3.80M	USD	1 Quarter
(Gain) loss on deconsolidation, net of cash deconsolidated	`LossonDeconsolidationnetofcashdeconsolidated`	$-776.10M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-18.50M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-31.60M	USD	1 Quarter
Receivables and other assets	`IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets`	$-38.50M	USD	1 Quarter
Receivables and other assets	`IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets`	$-71.70M	USD	1 Quarter
Product inventories	`IncreaseDecreaseInInventories`	$154.90M	USD	1 Quarter
Product inventories	`IncreaseDecreaseInInventories`	$66.10M	USD	1 Quarter
Payables, accrued expenses and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-152.70M	USD	1 Quarter
Payables, accrued expenses and other current liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-86.80M	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-126.50M	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-228.20M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.90M	USD	1 Quarter
Purchase of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.40M	USD	1 Quarter
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$-200.00K	USD	1 Quarter
Other investing activities	`PaymentsForProceedsFromOtherInvestingActivities`	$-5.50M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.90M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.70M	USD	1 Quarter
Repayment of equipment loans	`RepaymentsOfOtherDebt`	$72.90M	USD	1 Quarter
Repayment of equipment loans	`RepaymentsOfOtherDebt`	-	USD	1 Quarter
Distributions of partnership equity	`PaymentsOfDistributionsToAffiliates`	-	USD	1 Quarter
Distributions of partnership equity	`PaymentsOfDistributionsToAffiliates`	$11.10M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$33.10M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$5.20M	USD	1 Quarter
Proceeds from first lien notes offering	`ProceedsFromIssuanceOfSeniorLongTermDebt`	$503.50M	USD	1 Quarter
Proceeds from first lien notes offering	`ProceedsFromIssuanceOfSeniorLongTermDebt`	-	USD	1 Quarter
Repurchase of debt	`PaymentsforRepurchaseofSeniorNotesDebt`	-	USD	1 Quarter
Repurchase of debt	`PaymentsforRepurchaseofSeniorNotesDebt`	$133.30M	USD	1 Quarter
Borrowings under credit facilities	`ProceedsFromLongTermLinesOfCredit`	$295.00M	USD	1 Quarter
Borrowings under credit facilities	`ProceedsFromLongTermLinesOfCredit`	-	USD	1 Quarter
Repayment under credit facilities	`RepaymentsOfLongTermLinesOfCredit`	-	USD	1 Quarter
Repayment under credit facilities	`RepaymentsOfLongTermLinesOfCredit`	$295.00M	USD	1 Quarter
Preferred stock dividends	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	-	USD	1 Quarter
Preferred stock dividends	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$12.80M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-4.20M	USD	1 Quarter
Other financing activities	`ProceedsFromPaymentsForOtherFinancingActivities`	$-14.30M	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$310.00M	USD	1 Quarter
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-93.40M	USD	1 Quarter
EFFECT OF EXCHANGE RATE CHANGES ON CASH	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.30M	USD	1 Quarter
EFFECT OF EXCHANGE RATE CHANGES ON CASH	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-500.00K	USD	1 Quarter
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-225.30M	USD	1 Quarter
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$64.80M	USD	1 Quarter
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$290.90M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$285.20M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$355.70M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$285.20M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$59.90M	USD	Point-in-time

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS	`NetIncomeLoss`	$-759.80M	USD	1 Quarter
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS	`NetIncomeLoss`	$108.00M	USD	1 Quarter
Changes in pension and other post-retirement benefits, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-28.80M	USD	1 Quarter
Changes in pension and other post-retirement benefits, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-5.40M	USD	1 Quarter
Unrealized net gain on marketable securities, net of tax	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	-	USD	1 Quarter
Unrealized net gain on marketable securities, net of tax	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$800.00K	USD	1 Quarter
Unrealized net gain on foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$168.00M	USD	1 Quarter
Unrealized net gain on foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$4.40M	USD	1 Quarter
Unrealized net loss on derivative financial instruments, net of tax	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-800.00K	USD	1 Quarter
Unrealized net loss on derivative financial instruments, net of tax	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-3.50M	USD	1 Quarter
OTHER COMPREHENSIVE INCOME	`OtherComprehensiveIncomeLossNetOfTax`	$196.80M	USD	1 Quarter
OTHER COMPREHENSIVE INCOME	`OtherComprehensiveIncomeLossNetOfTax`	$6.30M	USD	1 Quarter
OTHER COMPREHENSIVE LOSS (INCOME) ATTRIBUTABLE TO THE NONCONTROLLING INTEREST	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-10.80M	USD	1 Quarter
OTHER COMPREHENSIVE LOSS (INCOME) ATTRIBUTABLE TO THE NONCONTROLLING INTEREST	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$600.00K	USD	1 Quarter
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS	`ComprehensiveIncomeNetOfTax`	$113.70M	USD	1 Quarter
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS	`ComprehensiveIncomeNetOfTax`	$-552.20M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.