Company Quick10K Filing
Cleveland-Cliffs
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 298 $3,105
10-Q 2019-10-23 Quarter: 2019-09-30
10-Q 2019-07-19 Quarter: 2019-06-30
10-Q 2019-04-25 Quarter: 2019-03-31
10-K 2019-02-08 Annual: 2018-12-31
10-Q 2018-10-19 Quarter: 2018-09-30
10-Q 2018-07-24 Quarter: 2018-06-30
10-Q 2018-04-24 Quarter: 2018-03-31
10-K 2018-02-14 Annual: 2017-12-31
10-Q 2017-10-23 Quarter: 2017-09-30
10-Q 2017-07-27 Quarter: 2017-06-30
10-Q 2017-04-27 Quarter: 2017-03-31
10-K 2017-02-09 Annual: 2016-12-31
10-Q 2016-10-27 Quarter: 2016-09-30
10-Q 2016-07-28 Quarter: 2016-06-30
10-Q 2016-04-28 Quarter: 2016-03-31
10-K 2016-02-24 Annual: 2015-12-31
10-Q 2015-10-29 Quarter: 2015-09-30
10-Q 2015-07-29 Quarter: 2015-06-30
10-Q 2015-05-06 Quarter: 2015-03-31
10-K 2015-02-25 Annual: 2014-12-31
10-Q 2014-11-07 Quarter: 2014-09-30
10-Q 2014-07-24 Quarter: 2014-06-30
10-Q 2014-04-25 Quarter: 2014-03-31
10-K 2014-02-14 Annual: 2013-12-31
10-Q 2013-10-25 Quarter: 2013-09-30
10-Q 2013-07-26 Quarter: 2013-06-30
10-Q 2013-04-25 Quarter: 2013-03-31
10-K 2013-02-12 Annual: 2012-12-31
10-Q 2012-10-25 Quarter: 2012-09-30
10-Q 2012-07-26 Quarter: 2012-06-30
10-Q 2012-04-26 Quarter: 2012-03-31
10-K 2012-02-16 Annual: 2011-12-31
10-Q 2011-11-01 Quarter: 2011-09-30
10-Q 2011-07-28 Quarter: 2011-06-30
10-Q 2011-04-29 Quarter: 2011-03-31
10-K 2011-02-17 Annual: 2010-12-31
10-Q 2010-10-29 Quarter: 2010-09-30
10-Q 2010-07-29 Quarter: 2010-06-30
10-Q 2010-04-29 Quarter: 2010-03-31
10-K 2010-02-18 Annual: 2009-12-31
8-K 2019-12-03 Other Events, Exhibits
8-K 2019-12-02 Enter Agreement, Exhibits
8-K 2019-10-23 Earnings, Exhibits
8-K 2019-09-10 Other Events, Exhibits
8-K 2019-07-19 Earnings, Exhibits
8-K 2019-06-13 Other Events
8-K 2019-05-13 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-04-29 Other Events, Exhibits
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-04-24 Shareholder Vote
8-K 2019-03-27
8-K 2019-03-04 Officers
8-K 2019-02-12 Officers, Exhibits
8-K 2019-02-08 Earnings, Exhibits
8-K 2019-01-28 Officers, Exhibits
8-K 2018-12-11 Officers, Exhibits
8-K 2018-10-19 Earnings, Exhibits
8-K 2018-07-20 Earnings, Exhibits
8-K 2018-04-24 Shareholder Vote
8-K 2018-04-20 Earnings, Exhibits
8-K 2018-04-06 Exit Costs
8-K 2018-02-28 Enter Agreement, Off-BS Arrangement
8-K 2018-01-25 Earnings, Exhibits
CLF 2019-09-30
Part I
Item 1. Financial Statements
Note 1 - Basis of Presentation and Significant Accounting Policies
Note 2 - New Accounting Standards
Note 3 - Segment Reporting
Note 4 - Revenue
Note 5 - Property, Plant and Equipment
Note 6 - Debt and Credit Facilities
Note 7 - Fair Value Measurements
Note 8 - Pensions and Other Postretirement Benefits
Note 9 - Stock Compensation Plans
Note 10 - Income Taxes
Note 11 - Environmental and Mine Closure Obligations
Note 12 - Derivative Instruments
Note 14 - Shareholders' Equity
Note 15 - Accumulated Other Comprehensive Loss
Note 16 - Cash Flow Information
Note 17 - Related Parties
Note 18 - Earnings per Share
Note 19 - Commitments and Contingencies
Note 20 - Subsequent Events
Note 21 - Supplementary Guarantor Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-4.1 clf-201993010xqex41.htm
EX-31.1 clf-201993010xqex311.htm
EX-31.2 clf-201993010xqex312.htm
EX-32.1 clf-201993010xqex321.htm
EX-32.2 clf-201993010xqex322.htm
EX-95 clf-201993010xqex95.htm

Cleveland-Cliffs Earnings 2019-09-30

CLF 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
SBGL 5,530 84,923 0 0 0 0 2,981 0%
AU 5,102 6,643 3,949 0 0 0 0 4,790 0%
BVN 4,371 4,217 1,188 0 0 0 0 4,371 0%
CLF 3,105 3,393 3,108 2,338 758 1,186 796 4,966 32% 6.2 35%
GFI 2,826 6,104 3,397 0 0 0 0 2,426 0%
NEXA 1,577 5,735 2,834 0 0 0 0 1,257 0%
NG 1,555 252 103 0 0 -107 -99 1,637 -16.6 -42%
CDE 871 1,677 831 610 -10 -109 24 1,180 -2% 49.6 -6%
MUX 623 623 135 132 18 -48 -36 649 14% -17.9 -8%
GSS 425 705 285 0 43 -24 111 465 4.2 -3%

Document
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Table of Contents


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2019
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from              to             .
Commission File Number: 1-8944
clf-logoa01a01a11.jpg
CLEVELAND-CLIFFS INC.
(Exact Name of Registrant as Specified in Its Charter)
 
Ohio
 
34-1464672
 
 
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
 
200 Public Square,
Cleveland,
Ohio
 
44114-2315
 
 
(Address of Principal Executive Offices)
 
(Zip Code)
 
Registrant’s Telephone Number, Including Area Code: (216694-5700
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common shares, par value $0.125 per share
 
CLF
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes                                           No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes                                           No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes                                          No  
The number of shares outstanding of the registrant’s common shares, par value $0.125 per share, was 270,082,088 as of October 21, 2019.



Table of Contents


TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
Page Number
 
 
 
 
 
 
DEFINITIONS
 
 
 
 
 
 
PART I - FINANCIAL INFORMATION
 
 
 
 
Item 1.
Financial Statements
 
 
 
 
 
Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2019 and December 31, 2018
 
 
 
 
Statements of Unaudited Condensed Consolidated Operations for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
Statements of Unaudited Condensed Consolidated Comprehensive Income for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
Statements of Unaudited Condensed Consolidated Cash Flows for the Nine Months Ended September 30, 2019 and 2018
 
 
 
 
Statements of Unaudited Condensed Consolidated Changes in Equity for the Three and Nine Months Ended September 30, 2019 and 2018
 
 
 
 
Notes to Unaudited Condensed Consolidated Financial Statements
 
 
 
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
 
 
 
Item 4.
Controls and Procedures
 
 
 
 
 
 
PART II - OTHER INFORMATION
 
 
 
 
Item 1.
Legal Proceedings
 
 
 
Item 1A.
Risk Factors
 
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
 
 
 
Item 4.
Mine Safety Disclosures
 
 
 
Item 5.
Other Information
 
 
 
Item 6.
Exhibits
 
 
 
 
 
 
 
 
Signatures
 
 
 
 
 
 


Table of Contents


DEFINITIONS
The following abbreviations or acronyms are used in the text. References in this report to the “Company,” “we,” “us,” “our” and “Cliffs” are to Cleveland-Cliffs Inc. and subsidiaries, collectively.
Abbreviation or acronym
 
Term
A&R 2015 Equity Plan
 
Cliffs Natural Resources Inc. Amended and Restated 2015 Equity and Incentive Compensation Plan
ABL Facility
 
Amended and Restated Syndicated Facility Agreement by and among Bank of America, N.A., as Administrative Agent and Australian Security Trustee, the Lenders that are parties hereto, as the Lenders, Cleveland-Cliffs Inc., as Parent and a Borrower, and the Subsidiaries of Parent party hereto, as Borrowers dated as of March 30, 2015, and Amended and Restated as of February 28, 2018
Adjusted EBITDA
 
EBITDA excluding certain items such as extinguishment/restructuring of debt, impacts of discontinued operations, foreign currency exchange remeasurement, impairment of other long-lived assets, severance and intersegment corporate allocations of SG&A costs
ArcelorMittal
 
ArcelorMittal (as the parent company of ArcelorMittal Mines Canada, ArcelorMittal USA and ArcelorMittal Dofasco, as well as many other subsidiaries)
AMT
 
Alternative Minimum Tax
ASC
 
Accounting Standards Codification
ASU
 
Accounting Standards Update
Bloom Lake Group
 
Bloom Lake General Partner Limited and certain of its affiliates, including Cliffs Quebec Iron Mining ULC
CCAA
 
Companies' Creditors Arrangement Act (Canada)
Compensation Committee
 
Compensation and Organization Committee of the Board of Directors
Dodd-Frank Act
 
Dodd-Frank Wall Street Reform and Consumer Protection Act
DR-grade
 
Direct Reduction-grade
EBITDA
 
Earnings before interest, taxes, depreciation and amortization
Empire
 
Empire Iron Mining Partnership
Exchange Act
 
Securities Exchange Act of 1934, as amended
FASB
 
Financial Accounting Standards Board
Fe
 
Iron
FMSH Act
 
U.S. Federal Mine Safety and Health Act 1977, as amended
GAAP
 
Accounting principles generally accepted in the United States
HBI
 
Hot briquetted iron
Hibbing
 
Hibbing Taconite Company, an unincorporated joint venture
Hot-rolled coil steel price
 
Estimated average annual daily market price for hot-rolled coil steel
Long ton
 
2,240 pounds
Metric ton
 
2,205 pounds
MMBtu
 
Million British Thermal Units
MSHA
 
U.S. Mine Safety and Health Administration
Net ton
 
2,000 pounds
Northshore
 
Northshore Mining Company
OPEB
 
Other postretirement employment benefits
Platts 62% Price
 
Platts IODEX 62% Fe Fines CFR North China
PPI
 
Producer Price Indices
SEC
 
U.S. Securities and Exchange Commission
SG&A
 
Selling, general and administrative
Tilden
 
Tilden Mining Company L.C.
Topic 606
 
ASC Topic 606, Revenue from Contracts with Customers
Topic 815
 
ASC Topic 815, Derivatives and Hedging
TSR
 
Total shareholder return
United Taconite
 
United Taconite LLC
U.S.
 
United States of America
U.S. Steel
 
U.S Steel Corporation and all subsidiaries
Wabush Group
 
Wabush Iron Co. Limited and Wabush Resources Inc., and certain of its affiliates, including Wabush Mines (an unincorporated joint venture of Wabush Iron Co. Limited and Wabush Resources Inc.), Arnaud Railway Company and Wabush Lake Railway Company

1

Table of Contents


PART I
Item 1.
Financial Statements
Statements of Unaudited Condensed Consolidated Financial Position
Cleveland-Cliffs Inc. and Subsidiaries
 
(In Millions)
 
September 30,
2019
 
December 31,
2018
ASSETS
 
 
 
CURRENT ASSETS
 
 
 
Cash and cash equivalents
$
399.3

 
$
823.2

Accounts receivable, net
164.9

 
226.7

Finished goods inventories
162.2

 
77.8

Work-in-process inventories
55.2

 
10.1

Supplies and other inventories
110.8

 
93.2

Derivative assets
72.8

 
91.5

Income tax receivable, current
58.7

 
117.3

Other current assets
40.7

 
39.8

TOTAL CURRENT ASSETS
1,064.6

 
1,479.6

PROPERTY, PLANT AND EQUIPMENT, NET
1,769.9

 
1,286.0

OTHER ASSETS
 
 
 
Deposits for property, plant and equipment
41.6

 
83.0

Income tax receivable, non-current
62.7

 
121.3

Deferred income taxes
437.5

 
464.8

Other non-current assets
114.9

 
94.9

TOTAL OTHER ASSETS
656.7

 
764.0

TOTAL ASSETS
$
3,491.2

 
$
3,529.6

(continued)
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2

Table of Contents


Statements of Unaudited Condensed Consolidated Financial Position
Cleveland-Cliffs Inc. and Subsidiaries - (Continued)
 
(In Millions)
 
September 30,
2019
 
December 31,
2018
LIABILITIES
 
 
 
CURRENT LIABILITIES
 
 
 
Accounts payable
$
212.8

 
$
186.8

Accrued employment costs
57.3

 
74.0

Accrued interest
34.1

 
38.4

Derivative liabilities
32.6

 
3.7

Partnership distribution payable

 
43.5

Other current liabilities
121.7

 
121.8

TOTAL CURRENT LIABILITIES
458.5

 
468.2

PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES
233.2

 
248.7

ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
179.1

 
172.0

LONG-TERM DEBT
2,109.1

 
2,092.9

OTHER LIABILITIES
151.4

 
123.6

TOTAL LIABILITIES
3,131.3

 
3,105.4

COMMITMENTS AND CONTINGENCIES (REFER TO NOTE 19)

 

EQUITY
 
 
 
SHAREHOLDERS' EQUITY
 
 
 
Preferred Stock - no par value
 
 
 
Class A - 3,000,000 shares authorized
 
 
 
Class B - 4,000,000 shares authorized
 
 
 
Common Shares - par value $0.125 per share
 
 
 
Authorized - 600,000,000 shares (2018 - 600,000,000 shares);
 
 
 
Issued - 301,886,794 shares (2018 - 301,886,794 shares);
 
 
 
Outstanding - 270,075,445 shares (2018 - 292,611,569 shares)
37.7

 
37.7

Capital in excess of par value of shares
3,867.7

 
3,916.7

Retained deficit
(2,889.0
)
 
(3,060.2
)
Cost of 31,811,349 common shares in treasury (2018 - 9,275,225 shares)
(390.9
)
 
(186.1
)
Accumulated other comprehensive loss
(265.6
)
 
(283.9
)
TOTAL EQUITY
359.9

 
424.2

TOTAL LIABILITIES AND EQUITY
$
3,491.2

 
$
3,529.6

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3

Table of Contents


Statements of Unaudited Condensed Consolidated Operations
Cleveland-Cliffs Inc. and Subsidiaries
 
(In Millions, Except Per Share Amounts)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
REVENUES FROM PRODUCT SALES AND SERVICES
 
 
 
 
 
 
 
Product
$
515.0

 
$
684.7

 
$
1,357.8

 
$
1,525.9

Freight
40.6

 
57.1

 
98.0

 
110.2


555.6

 
741.8

 
1,455.8

 
1,636.1

COST OF GOODS SOLD
(400.7
)
 
(480.2
)
 
(1,007.0
)
 
(1,028.5
)
SALES MARGIN
154.9

 
261.6

 
448.8

 
607.6

OTHER OPERATING EXPENSE
 
 
 
 
 
 
 
Selling, general and administrative expenses
(25.5
)
 
(29.1
)
 
(82.2
)
 
(78.9
)
Miscellaneous – net
(7.8
)
 
(7.0
)
 
(19.0
)
 
(18.7
)
 
(33.3
)
 
(36.1
)
 
(101.2
)
 
(97.6
)
OPERATING INCOME
121.6

 
225.5

 
347.6

 
510.0

OTHER INCOME (EXPENSE)
 
 
 
 
 
 
 
Interest expense, net
(25.3
)
 
(29.5
)
 
(76.5
)
 
(93.1
)
Gain (loss) on extinguishment of debt

 

 
(18.2
)
 
0.2

Other non-operating income
0.3

 
4.3

 
1.3

 
13.1

 
(25.0
)
 
(25.2
)
 
(93.4
)
 
(79.8
)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
96.6

 
200.3

 
254.2

 
430.2

INCOME TAX EXPENSE
(4.8
)
 
(0.5
)
 
(23.1
)
 
(14.4
)
INCOME FROM CONTINUING OPERATIONS
91.8

 
199.8

 
231.1

 
415.8

INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
(0.9
)
 
238.0

 
(1.5
)
 
102.8

NET INCOME
$
90.9

 
$
437.8

 
$
229.6

 
$
518.6

 
 
 
 
 
 
 
 
EARNINGS (LOSS) PER COMMON SHARE – BASIC
 
 
 
 
 
 
 
Continuing operations
$
0.34

 
$
0.67

 
$
0.83

 
$
1.40

Discontinued operations

 
0.80

 
(0.01
)
 
0.35

 
$
0.34

 
$
1.47

 
$
0.82

 
$
1.75

EARNINGS (LOSS) PER COMMON SHARE – DILUTED
 
 
 
 
 
 
 
Continuing operations
$
0.33

 
$
0.64

 
$
0.80

 
$
1.37

Discontinued operations

 
0.77

 

 
0.34

 
$
0.33

 
$
1.41

 
$
0.80

 
$
1.71

AVERAGE NUMBER OF SHARES (IN THOUSANDS)
 
 
 
 
 
 
 
Basic
269,960

 
297,878

 
278,418

 
297,587

Diluted
276,578

 
310,203

 
287,755

 
303,518

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4

Table of Contents


Statements of Unaudited Condensed Consolidated Comprehensive Income
Cleveland-Cliffs Inc. and Subsidiaries
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
NET INCOME
$
90.9

 
$
437.8

 
$
229.6

 
$
518.6

OTHER COMPREHENSIVE INCOME (LOSS)
 
 
 
 
 
 
 
Changes in pension and other post-retirement benefits, net of tax
5.8

 
6.8

 
17.3

 
20.2

Changes in foreign currency translation

 
(228.3
)
 

 
(225.4
)
Changes in derivative financial instruments, net of tax
0.4

 
0.3

 
1.0

 
0.8

OTHER COMPREHENSIVE INCOME (LOSS)
6.2

 
(221.2
)
 
18.3

 
(204.4
)
TOTAL COMPREHENSIVE INCOME
$
97.1

 
$
216.6

 
$
247.9

 
$
314.2

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5

Table of Contents


Statements of Unaudited Condensed Consolidated Cash Flows
Cleveland-Cliffs Inc. and Subsidiaries
 
(In Millions)
 
Nine Months Ended
September 30,
 
2019
 
2018
OPERATING ACTIVITIES
 
 
 
Net income
$
229.6

 
$
518.6

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation, depletion and amortization
63.1

 
68.6

Deferred income taxes
22.7

 

Loss (gain) on extinguishment of debt
18.2

 
(0.2
)
Change in derivatives
48.4

 
(136.4
)
Gain on foreign currency translation

 
(228.1
)
Other
49.4

 
5.7

Changes in operating assets and liabilities:
 
 
 
Receivables and other assets
156.5

 
96.2

Inventories
(129.4
)
 
(57.1
)
Payables, accrued expenses and other liabilities
(70.4
)
 
(78.6
)
Net cash provided by operating activities
388.1

 
188.7

INVESTING ACTIVITIES
 
 
 
Purchase of property, plant and equipment
(447.9
)
 
(111.4
)
Deposits for property, plant and equipment
(12.8
)
 
(83.3
)
Other investing activities
11.2

 
21.0

Net cash used by investing activities
(449.5
)
 
(173.7
)
FINANCING ACTIVITIES
 
 
 
Repurchase of common shares
(252.9
)
 

Dividends paid
(45.1
)
 

Proceeds from issuance of debt
720.9

 

Debt issuance costs
(6.8
)
 
(1.5
)
Repurchase of debt
(729.3
)
 
(16.3
)
Distributions of partnership equity
(44.2
)
 
(44.2
)
Other financing activities
(9.5
)
 
(45.7
)
Net cash used by financing activities
(366.9
)
 
(107.7
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH

 
(2.3
)
DECREASE IN CASH AND CASH EQUIVALENTS, INCLUDING CASH CLASSIFIED WITHIN OTHER CURRENT ASSETS RELATED TO DISCONTINUED OPERATIONS
(428.3
)
 
(95.0
)
LESS: DECREASE IN CASH AND CASH EQUIVALENTS FROM DISCONTINUED OPERATIONS, CLASSIFIED WITHIN OTHER CURRENT ASSETS
(4.4
)
 
(13.8
)
NET DECREASE IN CASH AND CASH EQUIVALENTS
(423.9
)
 
(81.2
)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
823.2

 
978.3

CASH AND CASH EQUIVALENTS AT END OF PERIOD
$
399.3

 
$
897.1

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

6

Table of Contents


Statements of Unaudited Condensed Consolidated Changes in Equity
Cleveland-Cliffs Inc. and Subsidiaries
 
(In Millions)
 
Number
of
Common
Shares Outstanding
 
Par Value of Common
Shares Issued
 
Capital in
Excess of
Par Value
of Shares
 
Retained
Deficit
 
Common
Shares
in
Treasury
 
Accumulated
Other
Comprehensive
Loss
 
Total
December 31, 2018
292.6

 
$
37.7

 
$
3,916.7

 
$
(3,060.2
)
 
$
(186.1
)
 
$
(283.9
)
 
$
424.2

Comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss

 

 

 
(22.1
)
 

 

 
(22.1
)
Other comprehensive income

 

 

 

 

 
8.4

 
8.4

Total comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
(13.7
)
Stock and other incentive plans
1.7

 

 
(56.5
)
 

 
46.5

 

 
(10.0
)
Common share repurchases
(11.5
)
 

 

 

 
(124.3
)
 

 
(124.3
)
Common share dividends ($0.05 per share)

 

 

 
(14.5
)
 

 

 
(14.5
)
March 31, 2019
282.8

 
$
37.7

 
$
3,860.2

 
$
(3,096.8
)
 
$
(263.9
)
 
$
(275.5
)
 
$
261.7

Comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income

 

 

 
160.8

 

 

 
160.8

Other comprehensive income

 

 

 

 

 
3.7

 
3.7

Total comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
164.5

Stock and other incentive plans
0.1

 

 
3.4

 

 
1.2

 

 
4.6

Common share repurchases
(12.9
)
 

 

 

 
(128.6
)
 

 
(128.6
)
Common share dividends ($0.06 per share)

 

 

 
(16.6
)
 

 

 
(16.6
)
June 30, 2019
270.0

 
$
37.7

 
$
3,863.6

 
$
(2,952.6
)
 
$
(391.3
)
 
$
(271.8
)
 
$
285.6

Comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income

 

 

 
90.9

 

 

 
90.9

Other comprehensive income

 

 

 

 

 
6.2

 
6.2

Total comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
97.1

Stock and other incentive plans
0.1

 

 
4.1

 

 
0.4

 

 
4.5

Common share dividends ($0.10 per share)

 

 

 
(27.3
)
 

 

 
(27.3
)
September 30, 2019
270.1

 
$
37.7

 
$
3,867.7

 
$
(2,889.0
)
 
$
(390.9
)
 
$
(265.6
)
 
$
359.9


7

Table of Contents


 
(In Millions)
 
Number
of
Common
Shares Outstanding
 
Par Value of Common
Shares Issued
 
Capital in
Excess of
Par Value
of Shares
 
Retained
Deficit
 
Common
Shares
in
Treasury
 
Accumulated
Other
Comprehensive
Loss
 
Non-Controlling Interest
 
Total
December 31, 2017
297.4

 
$
37.7

 
$
3,933.9

 
$
(4,207.3
)
 
$
(169.6
)
 
$
(39.0
)
 
$
0.2

 
$
(444.1
)
Adoption of accounting standard

 

 

 
34.0

 

 

 

 
34.0

Comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss

 

 

 
(84.3
)
 

 

 

 
(84.3
)
Other comprehensive income

 

 

 

 

 
7.7

 

 
7.7

Total comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(76.6
)
Stock and other incentive plans
0.3

 

 
(15.8
)
 

 
17.7

 

 

 
1.9

March 31, 2018
297.7

 
$
37.7

 
$
3,918.1

 
$
(4,257.6
)
 
$
(151.9
)
 
$
(31.3
)
 
$
0.2

 
$
(484.8
)
Comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income

 

 

 
165.1

 

 

 

 
165.1

Other comprehensive income