CLEVELAND-CLIFFS INC. CLF Balance Sheet

Cleveland-cliffs inc. (CLF)

Balance Sheet / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Dec'09	Sep'09	Jun'09	Dec'08
ASSETS
Current assets:
Cash and cash equivalents
186	352	399	377	430	823	897	802	786	978	260	321	295	323	132	108	59	285	276	355	271	244	359	364	335	298	263	287	195	36	159	122	519	545	238	2,267	1,566	969	527	502	359	274	179
Accounts receivable, net
560	94	164	193	20	226	141	152	47	106	63	76	61	128	49	61	41	40	49	87	122	166	198	130	270	291	259	272	329	285	310	247	287	364	317	506	359	214	255	103	87	41	68
Finished goods inventories
-	-	162	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Work-in-process inventories
-	-	55	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts receivable from associated companies
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	69	70	-	-	-	-	-	-	-	-
Inventories
2,148	317	-	219	312	181	187	256	324	138	207	287	250	178	317	391	406	329	487	408	260	516	648	609	391	438	529	630	436	526	741	695	456	528	605	496	269	308	371	272	292	349	265
Supplies and other inventories
-	-	110	110	97	-	88	88	81	88	92	83	80	91	84	102	102	110	115	120	118	202	200	204	216	257	252	270	289	259	237	228	216	175	156	136	148	131	129	102	102	94	101
Deferred and refundable taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	21	-	-	-	-	-	-	-	-	-	-	-
Derivative assets
-	-	72	118	107	91	190	174	93	37	89	-	-	33	-	-	-	-	-	-	-	-	-	-	-	72	45	66	-	78	74	78	82	73	110	132	82	208	157	51	-	27	76
Loans to and accounts receivables from the Canadian Entities
-	-	-	-	-	-	0	0	50	51	51	50	49	48	69	70	69	72	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Current assets of discontinued operations
-	-	-	-	-	-	16	45	-	118	-	-	-	-	0	0	0	-	150	197	326	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Assets held for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	156	-	-	159	-	-	-	-	-	-	-	-	-	-
Other current assets
107	75	40	42	41	39	18	26	28	11	24	88	76	21	47	45	26	50	140	190	107	206	221	363	273	310	316	297	294	322	219	192	166	144	152	137	114	89	91	66	90	161	115
INCOME TAX RECEIVABLE
61	58	58	58	117	117	110	-	-	13	-	-	-	0	-	-	-	-	163	165	217	25	35	-	74	-	-	-	105	-	-	-	21	4	38	36	43	101	98	61	83	-	54
Insurance coverage receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	84	93	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total current assets
3,065	897	1,064	1,119	1,126	1,479	1,650	1,546	1,412	1,544	791	908	813	824	699	779	792	982	1,382	1,524	1,425	1,360	1,663	1,672	1,560	1,669	1,665	1,823	1,650	1,665	1,742	1,587	1,911	1,904	1,688	3,713	2,583	2,022	1,630	1,161	1,016	949	861
Non-current assets:
Property, plant and equipment, net
4,549	1,929	1,769	1,597	1,410	1,286	1,144	1,081	1,047	1,033	993	999	995	984	990	993	1,009	1,059	1,077	1,047	1,070	3,207	11,004	11,086	11,153	11,354	11,189	11,236	11,207	11,030	10,882	10,766	10,404	9,835	9,802	4,021	3,979	3,897	2,985	2,592	2,556	2,485	2,456
Marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	88	-	-	25
Investments in ventures
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	71	68	131	-	517	531	530	526	515	509	525	514	525	505	315	318	308	305
Goodwill
143	2	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	158	157	167	-	1,167	1,166	1,166	1,152	1,237	1,227	197	196	199	87	74	73	-	2
Intangible assets, net
210	48	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	110	115	124	-	133	137	143	147	149	159	171	175	178	170	114	116	115	109
OTHER ASSETS
Deposits for property, plant and equipment
-	-	41	52	68	-	94	85	74	17	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income tax receivable, non-current
4	62	62	62	121	121	-	-	-	235	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
486	459	437	443	466	464	-	-	-	0	-	-	-	-	-	-	-	-	-	-	175	-	-	-	-41	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Right-of-use asset, operating lease
238	11	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long-term receivables
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	49	-	-	33
Income tax receivable
-	-	-	-	-	-	113	219	219	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5	202	137	-	612	522	511	209	79	54	126	140	62	70	151	214	208	251
Non-current assets of discontinued operations
-	-	-	-	-	-	0	0	-	20	-	-	-	-	-	-	-	-	0	0	383	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other non-current assets
215	92	114	118	113	177	121	117	109	101	138	122	117	114	83	78	84	93	150	131	92	242	433	444	367	196	195	200	717	170	212	186	191	222	230	196	187	192	186	92	216	230	66
TOTAL OTHER ASSETS
-	-	656	676	770	-	329	423	403	-	-	-	-	-	83	78	84	-	150	131	651	-	-	444	408	542	739	761	717	2,600	2,569	2,539	2,226	2,205	2,181	1,216	1,215	1,158	1,020	885	938	861	793
Assets
8,912	3,503	3,491	3,393	3,306	3,529	3,125	3,051	2,862	2,953	1,923	2,030	1,925	1,923	1,772	1,851	1,886	2,135	2,609	2,702	3,147	4,811	13,102	13,202	13,121	13,566	13,594	13,821	13,574	15,296	15,194	14,893	14,541	13,945	13,671	8,952	7,778	7,078	5,636	4,639	4,511	4,296	4,111
LIABILITIES
Current liabilities:
Accounts payable
825	193	212	188	171	186	140	119	99	99	102	111	91	107	81	91	77	106	140	114	166	295	266	329	345	350	306	299	555	422	385	394	364	370	306	266	266	214	234	178	171	131	201
Below-market sales contracts - current
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	57	-	-	30	-	-	30
Current portion of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	234	161	96	20	7	0	0	94	369	369	87	74	62	62	-	-	-	-	-	-	-	-
Accrued Liabilities, Current
299	126	-	-	-	158	95	85	94	-	109	112	102	41	134	141	111	32	175	167	99	325	338	363	206	404	425	470	258	485	402	380	165	359	361	257	56	233	209	77	144	125	46
Accrued employment costs
-	-	57	58	42	-	-	-	-	52	-	-	-	56	-	-	-	53	-	-	73	-	-	-	129	-	-	-	135	-	-	-	144	-	-	-	129	-	-	78	-	-	98
Income taxes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	55	57	107	81	28	84	49	238	265	221	140	213	103	-	-	6	-	-	99
State and local taxes payable
-	-	-	-	-	35	-	-	-	30	-	-	-	28	-	-	-	35	-	-	40	-	-	-	61	-	-	-	65	-	-	-	-	-	-	-	38	42	68	35	40	-	45
Accrued interest
-	-	34	31	23	-	26	43	28	31	21	30	19	40	-	-	-	53	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15	20	22	-	125	123	108	126	99	141	238	215	75	100	105	-	71	86
Taxes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	64	-
Derivative liabilities
-	-	32	-	-	-	-	-	-	-	9	-	-	-	-	-	-	-	-	-	-	-	-	-	-	36	88	-	-	-	-	-	-	-	-	-	-	-	-	-	29	71	194
Accrued royalties
-	-	-	-	-	-	-	-	-	-	-	-	-	26	-	-	-	17	-	-	28	-	-	-	57	-	-	-	48	-	-	-	75	-	-	-	80	-	-	-	-	-	-
Contingent claims
-	-	-	-	-	-	0	0	54	55	50	50	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Partnership distribution payable
-	-	0	44	43	-	43	44	44	44	-	-	-	8	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Current liabilities of discontinued operations
-	-	-	-	-	-	14	117	-	75	-	-	-	-	5	4	4	-	196	265	399	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Guarantees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	23	96	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Insured loss
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	84	93	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Current portion of capital leases
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	49	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Liabilities held for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	29	-	-	25	-	-	-	-	-	-	-	-	-	-
Other current liabilities
245	89	121	115	113	87	61	66	104	63	125	108	95	82	102	137	138	94	246	300	146	262	272	253	160	188	206	226	195	197	204	175	259	185	178	131	80	124	102	59	173	75	42
TOTAL CURRENT LIABILITIES
1,370	409	458	437	394	468	380	474	424	452	417	413	309	391	323	376	439	581	758	846	954	1,118	1,037	1,043	1,085	1,060	1,154	1,101	1,381	1,714	1,534	1,384	1,502	1,299	1,191	1,107	1,028	690	714	570	560	540	844
Non-current liabilities:
DEFERRED INCOME TAXES
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	26	1,034	1,195	1,146	1,000	1,098	1,114	1,108	1,147	1,143	1,143	1,062	835	890	65	63	163	151	70	-	-	67
Long-term Debt, Excluding Current Maturities
4,357	2,113	2,109	2,104	2,087	2,092	2,300	2,297	2,308	2,304	1,689	1,611	1,642	2,175	2,195	2,489	2,499	2,699	2,887	2,880	2,826	3,012	3,293	3,194	3,022	3,319	3,323	3,433	3,960	3,514	3,614	3,583	3,608	3,883	3,898	2,412	1,713	1,713	725	-	525	525	-
Operating Lease, Liability, Noncurrent
201	10	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Intangible liability, net
137	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Pensions
-	-	-	-	-	-	-	-	-	222	-	-	-	245	-	-	-	209	-	-	246	-	-	-	197	-	-	-	403	-	-	-	394	-	-	-	284	-	-	267	-	-	250
Other postretirement benefits
-	-	-	-	-	-	-	-	-	34	-	-	-	34	-	-	-	11	-	-	22	-	-	-	96	-	-	-	214	-	-	-	271	-	-	-	243	-	-	178	-	-	197
Pension and OPEB liabilities
1,171	311	233	239	244	248	225	245	251	257	254	276	279	280	198	206	213	221	244	250	268	230	276	285	294	556	586	600	618	603	634	635	665	462	490	494	528	477	498	445	424	436	448
Asset Retirement Obligations, Noncurrent
179	163	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Environmental and mine closure obligations
-	-	179	176	174	172	174	172	181	167	205	201	198	193	220	217	214	231	214	165	165	305	304	300	309	299	235	240	252	226	231	227	213	210	207	189	184	194	170	124	-	-	104
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS
-	-	-	-	-	-	9	10	-	52	-	-	-	-	-	-	-	-	0	125	427	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
SENIOR NOTES
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	325	-	-	325
TERM LOAN
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	200	-	-	200
BELOW-MARKET SALES CONTRACTS, NET
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	83	98	113	-	128	145	161	164	185	196	153	163	173	183
Other non-current liabilities
263	137	151	149	145	123	121	158	182	163	189	193	199	213	235	240	216	213	244	216	239	296	326	347	379	395	412	473	492	318	330	371	449	273	328	248	256	204	190	212	431	355	183
TOTAL LIABILITIES
7,681	3,145	3,131	3,107	3,044	3,105	3,211	3,357	3,347	3,397	2,756	2,696	2,628	3,254	3,173	3,529	3,583	3,947	4,349	4,484	4,881	4,988	6,272	6,367	6,237	6,632	6,811	6,962	7,814	7,607	7,586	7,459	7,502	7,093	7,151	4,678	3,939	3,627	2,645	2,102	2,104	2,030	2,357
Commitments and contingencies (See Note 20)
-	-	-	-	-	-	0	0	0	-	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	-	-	-	-	-	-	-
Equity:
SHAREHOLDERS' EQUITY
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 (See Note 15), Issued and Outstanding - none issued (2015 - 731,223)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	731	731	731	731	731	731	731	731	731	731	731	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Shares - par value $0.125 per share, Authorized - 600,000,000 shares (2019 - 600,000,000 shares); Issued - 428,645,866 shares (2019 - 301,886,794 shares); Outstanding - 398,587,083 shares (2019 - 270,084,005 shares)
53	37	37	37	37	37	37	37	37	37	37	37	37	29	29	23	23	19	19	19	19	19	19	19	19	19	19	19	18	18	18	18	18	18	18	17	17	17	17	16	16	16	16
3.25% REDEEMABLE CUMULATIVE CONVERTIBLE PERPETUAL PREFERRED STOCK - ISSUED 172,500 SHARES, 205 SHARES OUTSTANDING IN 2008
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Capital in excess of par value of shares
4,450	3,872	3,867	3,863	3,860	3,916	3,913	3,918	3,918	3,933	3,913	3,999	4,000	3,347	3,336	3,037	3,032	2,298	2,304	2,308	2,309	2,312	2,318	2,321	2,329	2,029	2,024	2,020	1,774	1,766	1,759	1,755	1,770	1,766	1,760	903	896	875	871	695	693	696	442
Retained deficit
-2,918	-2,842	-2,889	-2,952	-3,096	-3,060	-3,654	-4,092	-4,257	-4,207	-4,517	-4,570	-4,602	-4,574	-4,653	-4,627	-4,640	-4,748	-4,673	-4,733	-3,960	-2,639	3,276	3,300	3,407	3,483	3,401	3,291	3,217	4,925	4,929	4,760	4,424	4,266	3,717	3,328	2,924	2,550	2,296	1,973	1,876	1,822	1,799
Cost of 30,058,783 common shares in treasury (2019 - 31,802,789 shares)
365	390	390	391	263	186	139	147	151	169	236	236	241	245	255	255	262	265	277	283	285	291	297	298	305	306	306	307	322	322	322	323	336	268	46	46	37	18	18	19	19	19	113
Accumulated other comprehensive loss
-317	-318	-265	-271	-275	-283	-243	-22	-31	-39	-30	-19	-24	-21	-1	-9	-12	-18	-28	-38	-245	-101	-20	-55	-112	-178	-239	-51	-55	-51	-89	-70	-92	-59	95	70	45	13	-166	-122	-160	-251	-394
Total Cliffs shareholders' equity
903	357	359	285	261	-	-86	-306	-485	-444	-833	-789	-830	-1,464	-1,544	-1,830	-1,859	-1,981	-1,923	-1,995	-1,431	30	6,027	6,019	6,069	5,779	5,631	5,704	4,632	6,336	6,295	6,140	5,785	5,723	5,546	4,273	3,845	3,436	2,999	2,542	2,405	2,265	1,750
Noncontrolling interest
327	0	-	-	-	-	0	0	0	0	0	122	127	133	143	151	162	169	183	213	-303	-208	802	816	814	1,154	1,152	1,154	1,128	1,352	1,312	1,293	1,254	1,128	973	0	-7	14	-8	5	1	0	3
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
1,231	357	-	-	-	424	-86	-306	-484	-444	-833	-666	-703	-1,330	-1,400	-1,678	-1,696	-1,811	-1,740	-1,782	-1,734	-177	6,829	6,835	6,884	6,934	6,783	6,859	5,760	7,689	7,607	7,433	7,039	6,851	6,520	4,273	3,838	3,451	2,990	2,537	2,406	2,265	1,753
TOTAL LIABILITIES AND EQUITY
8,912	3,503	3,491	3,393	3,306	3,529	3,125	3,051	2,862	2,953	1,923	2,030	1,925	1,923	1,772	1,851	1,886	2,135	2,609	2,702	3,147	4,811	13,102	13,202	13,121	13,566	13,594	13,821	13,574	15,296	15,194	14,893	14,541	13,945	13,671	8,952	7,778	7,078	5,636	4,639	4,511	4,296	4,111