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10-Q Filing

CLEVELAND-CLIFFS INC. CIK: 764065 Q1 2017
Filing Information
Form Type 10-Q
Accession Number 0000764065-17-000075
Period End Date 20170331
Filing Date 20170427
Fiscal Year 2017
Fiscal Period Q1
XBRL Instance clf-20170331.xml
Filing Contents
Balance Sheet 75 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $59.90M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $295.30M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $323.40M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $61.10M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $128.70M USD Point-in-time
Inventories InventoryNet $178.40M USD Point-in-time
Inventories InventoryNet $250.80M USD Point-in-time
Supplies and other inventories Supplies $80.40M USD Point-in-time
Supplies and other inventories Supplies $91.40M USD Point-in-time
Loans to and accounts receivable from the Canadian Entities LoanstoandaccountsreceivablesfromtheCanadianEntities $49.00M USD Point-in-time
Preferred stock, par value PreferredStockNoParValue - USD Point-in-time
Preferred stock, par value PreferredStockNoParValue - USD Point-in-time
Loans to and accounts receivable from the Canadian Entities LoanstoandaccountsreceivablesfromtheCanadianEntities $48.60M USD Point-in-time
Other current assets OtherAssetsCurrent $76.60M USD Point-in-time
Other current assets OtherAssetsCurrent $54.10M USD Point-in-time
TOTAL CURRENT ASSETS AssetsCurrent $813.20M USD Point-in-time
TOTAL CURRENT ASSETS AssetsCurrent $824.60M USD Point-in-time
PROPERTY, PLANT AND EQUIPMENT, NET PropertyPlantAndEquipmentNet $984.40M USD Point-in-time
PROPERTY, PLANT AND EQUIPMENT, NET PropertyPlantAndEquipmentNet $995.00M USD Point-in-time
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.12 USD Point-in-time
OTHER NON-CURRENT ASSETS OtherAssetsNoncurrent $117.50M USD Point-in-time
OTHER NON-CURRENT ASSETS OtherAssetsNoncurrent $114.90M USD Point-in-time
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.12 USD Point-in-time
TOTAL ASSETS Assets $1.92B USD Point-in-time
TOTAL ASSETS Assets $1.93B 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 238.64M shares Point-in-time
Common shares, issued (in shares) CommonStockSharesIssued 301.89M shares Point-in-time
Common shares, outstanding CommonStockSharesOutstanding 233.07M shares Point-in-time
Common shares, outstanding CommonStockSharesOutstanding 296.40M shares Point-in-time
Common shares in treasury TreasuryStockShares 5.49M shares Point-in-time
Accounts payable AccountsPayableCurrent $91.10M USD Point-in-time
Common shares in treasury TreasuryStockShares 5.56M shares Point-in-time
Accounts payable AccountsPayableCurrent $107.60M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $123.30M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $102.90M USD Point-in-time
Interest Payable, Current InterestPayableCurrent $19.70M USD Point-in-time
Interest Payable, Current InterestPayableCurrent $40.20M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $95.60M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $120.00M USD Point-in-time
TOTAL CURRENT LIABILITIES LiabilitiesCurrent $309.30M USD Point-in-time
TOTAL CURRENT LIABILITIES LiabilitiesCurrent $391.10M USD Point-in-time
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $280.50M USD Point-in-time
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $279.10M USD Point-in-time
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS MineReclamationAndClosingLiabilityNoncurrent $193.90M USD Point-in-time
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS MineReclamationAndClosingLiabilityNoncurrent $198.20M USD Point-in-time
LONG-TERM DEBT LongTermDebtNoncurrent $1.64B USD Point-in-time
LONG-TERM DEBT LongTermDebtNoncurrent $2.18B USD Point-in-time
OTHER LIABILITIES OtherLiabilitiesNoncurrent $199.20M USD Point-in-time
OTHER LIABILITIES OtherLiabilitiesNoncurrent $213.80M USD Point-in-time
TOTAL LIABILITIES Liabilities $3.25B USD Point-in-time
TOTAL LIABILITIES Liabilities $2.63B USD Point-in-time
COMMITMENTS AND CONTINGENCIES (SEE NOTE 18) CommitmentsAndContingencies - USD Point-in-time
COMMITMENTS AND CONTINGENCIES (SEE NOTE 18) CommitmentsAndContingencies - USD Point-in-time
Common Shares - par value $0.125 per share, Authorized - 400,000,000 shares (2016 - 400,000,000 shares); Issued - 301,886,794 shares (2016 - 238,636,794 shares); Outstanding - 296,398,149 shares (2016 - 233,074,091 shares) CommonStockValueOutstanding $29.80M USD Point-in-time
Common Shares - par value $0.125 per share, Authorized - 400,000,000 shares (2016 - 400,000,000 shares); Issued - 301,886,794 shares (2016 - 238,636,794 shares); Outstanding - 296,398,149 shares (2016 - 233,074,091 shares) CommonStockValueOutstanding $37.70M USD Point-in-time
Capital in excess of par value of shares AdditionalPaidInCapital $3.35B USD Point-in-time
Capital in excess of par value of shares AdditionalPaidInCapital $4.00B USD Point-in-time
Retained deficit RetainedEarningsAccumulatedDeficit $-4.60B USD Point-in-time
Retained deficit RetainedEarningsAccumulatedDeficit $-4.57B USD Point-in-time
Cost of 5,488,645 common shares in treasury (2016 - 5,562,703 shares) TreasuryStockValue $245.50M USD Point-in-time
Cost of 5,488,645 common shares in treasury (2016 - 5,562,703 shares) TreasuryStockValue $241.20M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-21.30M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-24.30M USD Point-in-time
TOTAL CLIFFS SHAREHOLDERS' DEFICIT StockholdersEquity $-1.46B USD Point-in-time
TOTAL CLIFFS SHAREHOLDERS' DEFICIT StockholdersEquity $-830.10M USD Point-in-time
NONCONTROLLING INTEREST MinorityInterest $133.80M USD Point-in-time
NONCONTROLLING INTEREST MinorityInterest $127.10M USD Point-in-time
TOTAL DEFICIT StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-1.70B USD Point-in-time
TOTAL DEFICIT StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-703.00M USD Point-in-time
TOTAL DEFICIT StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-1.81B USD Point-in-time
TOTAL DEFICIT StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-1.33B USD Point-in-time
TOTAL LIABILITIES AND DEFICIT LiabilitiesAndStockholdersEquity $1.93B USD Point-in-time
TOTAL LIABILITIES AND DEFICIT LiabilitiesAndStockholdersEquity $1.92B USD Point-in-time
Income Statement 56 line items
Line Item Tag Value Unit Period
Product SalesRevenueGoodsNet $412.80M USD 1 Quarter
Product SalesRevenueGoodsNet $275.60M USD 1 Quarter
Freight and venture partners' cost reimbursements ReimbursementRevenue $29.90M USD 1 Quarter
Freight and venture partners' cost reimbursements ReimbursementRevenue $48.80M USD 1 Quarter
TOTAL REVENUES Revenues $461.60M USD 1 Quarter
TOTAL REVENUES Revenues $305.50M USD 1 Quarter
COST OF GOODS SOLD AND OPERATING EXPENSES CostOfGoodsAndServicesSold $274.60M USD 1 Quarter
COST OF GOODS SOLD AND OPERATING EXPENSES CostOfGoodsAndServicesSold $365.90M USD 1 Quarter
SALES MARGIN GrossProfit $95.70M USD 1 Quarter
SALES MARGIN GrossProfit $30.90M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $25.70M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $28.20M USD 1 Quarter
Miscellaneous - net OtherOperatingIncomeExpenseNet $11.90M USD 1 Quarter
Miscellaneous - net OtherOperatingIncomeExpenseNet $-3.00M USD 1 Quarter
Other operating expense OperatingExpenses $13.80M USD 1 Quarter
Other operating expense OperatingExpenses $31.20M USD 1 Quarter
OPERATING INCOME (EXPENSE) OperatingIncomeLoss $-300.00K USD 1 Quarter
OPERATING INCOME (EXPENSE) OperatingIncomeLoss $81.90M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-56.80M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-42.80M USD 1 Quarter
Gain (loss) on extinguishment/restructuring of debt GainsLossesOnExtinguishmentOfDebt $-71.90M USD 1 Quarter
Gain (loss) on extinguishment/restructuring of debt GainsLossesOnExtinguishmentOfDebt $178.80M USD 1 Quarter
Other non-operating income OtherNonoperatingIncomeExpense $100.00K USD 1 Quarter
Other non-operating income OtherNonoperatingIncomeExpense $700.00K USD 1 Quarter
TOTAL OTHER INCOME (EXPENSE) NonoperatingIncomeExpense $122.10M USD 1 Quarter
TOTAL OTHER INCOME (EXPENSE) NonoperatingIncomeExpense $-114.00M USD 1 Quarter
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-32.10M USD 1 Quarter
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $121.80M USD 1 Quarter
INCOME TAX BENEFIT (EXPENSE) IncomeTaxExpenseBenefit $-1.80M USD 1 Quarter
INCOME TAX BENEFIT (EXPENSE) IncomeTaxExpenseBenefit $7.50M USD 1 Quarter
INCOME (LOSS) FROM CONTINUING OPERATIONS IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest $-30.30M USD 1 Quarter
INCOME (LOSS) FROM CONTINUING OPERATIONS IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest $114.30M USD 1 Quarter
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX IncomeLossFromDiscontinuedOperationsNetOfTax $2.50M USD 1 Quarter
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX IncomeLossFromDiscontinuedOperationsNetOfTax $500.00K USD 1 Quarter
NET INCOME (LOSS) ProfitLoss $116.80M USD 1 Quarter
NET INCOME (LOSS) ProfitLoss $-29.80M USD 1 Quarter
LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTEREST NetIncomeLossAttributableToNoncontrollingInterest $8.80M USD 1 Quarter
LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTEREST NetIncomeLossAttributableToNoncontrollingInterest $-1.70M USD 1 Quarter
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS NetIncomeLoss $-28.10M USD 1 Quarter
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS NetIncomeLoss $108.00M USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerBasicShare $0.61 USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerBasicShare $-0.11 USD 1 Quarter
Discontinued operations (in dollars per share) DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare - USD 1 Quarter
Discontinued operations (in dollars per share) DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare $0.01 USD 1 Quarter
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic (in dollars per share) EarningsPerShareBasic $-0.11 USD 1 Quarter
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic (in dollars per share) EarningsPerShareBasic $0.62 USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerDilutedShare $0.61 USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerDilutedShare $-0.11 USD 1 Quarter
Discontinued operations (in dollars per share) DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare - USD 1 Quarter
Discontinued operations (in dollars per share) DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare $0.01 USD 1 Quarter
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted (in dollars per share) EarningsPerShareDiluted $-0.11 USD 1 Quarter
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted (in dollars per share) EarningsPerShareDiluted $0.62 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 265.20M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 171.70M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 172.00M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 265.20M shares 1 Quarter
Cash Flow Statement 47 line items
Line Item Tag Value Unit Period
NET INCOME (LOSS) ProfitLoss $116.80M USD 1 Quarter
NET INCOME (LOSS) ProfitLoss $-29.80M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $35.20M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $23.20M USD 1 Quarter
(Gain) loss on extinguishment/restructuring of debt GainsLossesOnExtinguishmentOfDebt $-71.90M USD 1 Quarter
(Gain) loss on extinguishment/restructuring of debt GainsLossesOnExtinguishmentOfDebt $178.80M USD 1 Quarter
Other OtherNoncashIncomeExpense $-14.70M USD 1 Quarter
Other OtherNoncashIncomeExpense $16.90M USD 1 Quarter
Receivables and other assets IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets $-86.50M USD 1 Quarter
Receivables and other assets IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets $-38.50M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $66.10M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $70.00M USD 1 Quarter
Payables, accrued expenses and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-86.80M USD 1 Quarter
Payables, accrued expenses and other liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-90.00M USD 1 Quarter
Net cash used by operating activities NetCashProvidedByUsedInOperatingActivities $-25.10M USD 1 Quarter
Net cash used by operating activities NetCashProvidedByUsedInOperatingActivities $-126.50M USD 1 Quarter
Purchase of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $27.90M USD 1 Quarter
Purchase of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $10.40M USD 1 Quarter
Other investing activities PaymentsForProceedsFromOtherInvestingActivities $-5.50M USD 1 Quarter
Other investing activities PaymentsForProceedsFromOtherInvestingActivities $-500.00K USD 1 Quarter
Net cash used by investing activities NetCashProvidedByUsedInInvestingActivities $-27.40M USD 1 Quarter
Net cash used by investing activities NetCashProvidedByUsedInInvestingActivities $-4.90M USD 1 Quarter
Proceeds from issuance of senior notes ProceedsFromIssuanceOfSeniorLongTermDebt $500.00M USD 1 Quarter
Proceeds from issuance of senior notes ProceedsFromIssuanceOfSeniorLongTermDebt - USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $8.50M USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $5.20M USD 1 Quarter
Net proceeds from issuance of common shares ProceedsFromIssuanceOfCommonStock - USD 1 Quarter
Net proceeds from issuance of common shares ProceedsFromIssuanceOfCommonStock $661.30M USD 1 Quarter
Repurchase of debt PaymentsforRepurchaseofSeniorNotesDebt $1.12B USD 1 Quarter
Repurchase of debt PaymentsforRepurchaseofSeniorNotesDebt - USD 1 Quarter
Distributions of partnership equity PaymentsOfDistributionsToAffiliates $11.10M USD 1 Quarter
Distributions of partnership equity PaymentsOfDistributionsToAffiliates $8.70M USD 1 Quarter
Repayment of equipment loans RepaymentsOfOtherDebt $72.90M USD 1 Quarter
Repayment of equipment loans RepaymentsOfOtherDebt - USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $-4.20M USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $-5.60M USD 1 Quarter
Net cash provided (used) by financing activities NetCashProvidedByUsedInFinancingActivities $-93.40M USD 1 Quarter
Net cash provided (used) by financing activities NetCashProvidedByUsedInFinancingActivities $23.00M USD 1 Quarter
EFFECT OF EXCHANGE RATE CHANGES ON CASH EffectOfExchangeRateOnCashAndCashEquivalents $-500.00K USD 1 Quarter
EFFECT OF EXCHANGE RATE CHANGES ON CASH EffectOfExchangeRateOnCashAndCashEquivalents $1.40M USD 1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS CashAndCashEquivalentsPeriodIncreaseDecrease $-28.10M USD 1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS CashAndCashEquivalentsPeriodIncreaseDecrease $-225.30M USD 1 Quarter
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations $285.20M USD Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations $323.40M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $59.90M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $295.30M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $323.40M USD Point-in-time
Comprehensive Income 14 line items
Line Item Tag Value Unit Period
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS NetIncomeLoss $-28.10M 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 $-5.40M USD 1 Quarter
Changes in pension and other post-retirement benefits, net of tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-4.70M USD 1 Quarter
Unrealized net gain (loss) on foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $4.40M USD 1 Quarter
Unrealized net gain (loss) on foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-12.70M USD 1 Quarter
Unrealized net loss on derivative financial instruments, net of tax OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax $-3.50M USD 1 Quarter
Unrealized net loss on derivative financial instruments, net of tax OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax - USD 1 Quarter
OTHER COMPREHENSIVE INCOME (LOSS) OtherComprehensiveIncomeLossNetOfTax $6.30M USD 1 Quarter
OTHER COMPREHENSIVE INCOME (LOSS) OtherComprehensiveIncomeLossNetOfTax $-8.00M USD 1 Quarter
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest $-5.00M USD 1 Quarter
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest $600.00K USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-31.10M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $113.70M USD 1 Quarter

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

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