$CLF
CLEVELAND-CLIFFS INC.

2023 Q4 Form 10-Q Financial Statement

#000076406523000162 Filed on October 25, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $5.112B $5.605B
YoY Change 1.35% -0.85%
Cost Of Revenue $4.944B $5.125B
YoY Change -3.13% -3.39%
Gross Profit $168.0M $480.0M
YoY Change -380.0% 37.93%
Gross Profit Margin 3.29% 8.56%
Selling, General & Admin $162.0M $144.0M
YoY Change 48.62% 16.13%
% of Gross Profit 96.43% 30.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $235.0M $249.0M
YoY Change -4.47% 5.06%
% of Gross Profit 139.88% 51.88%
Operating Expenses $136.0M $144.0M
YoY Change 15.25% 16.13%
Operating Profit $32.00M $325.0M
YoY Change -117.98% 73.8%
Interest Expense -$63.00M -$70.00M
YoY Change -11.27% 9.38%
% of Operating Profit -196.88% -21.54%
Other Income/Expense, Net $55.00M -$22.00M
YoY Change -16.67% 83.33%
Pretax Income -$108.0M $303.0M
YoY Change -41.94% 73.14%
Income Tax $30.00M $29.00M
% Of Pretax Income 9.57%
Net Earnings -$156.0M $264.0M
YoY Change -27.1% 73.68%
Net Earnings / Revenue -3.05% 4.71%
Basic Earnings Per Share $0.52
Diluted Earnings Per Share -$0.31 $0.52
COMMON SHARES
Basic Shares Outstanding 504.9M shares 508.7M shares
Diluted Shares Outstanding 509.0M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $198.0M $31.00M
YoY Change 661.54% -44.64%
Cash & Equivalents $198.0M $31.00M
Short-Term Investments
Other Short-Term Assets $138.0M $196.0M
YoY Change -54.9% -53.99%
Inventory $4.460B $4.592B
Prepaid Expenses
Receivables $1.840B $2.122B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.636B $6.941B
YoY Change -10.59% -16.62%
LONG-TERM ASSETS
Property, Plant & Equipment $8.895B $8.837B
YoY Change -1.93% -2.14%
Goodwill $1.005B $1.130B
YoY Change -11.06% -0.96%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.001B $759.0M
YoY Change 28.83% -5.36%
Total Long-Term Assets $10.90B $11.12B
YoY Change -3.81% -2.16%
TOTAL ASSETS
Total Short-Term Assets $6.636B $6.941B
Total Long-Term Assets $10.90B $11.12B
Total Assets $17.54B $18.06B
YoY Change -6.49% -8.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.099B $2.076B
YoY Change -3.98% -12.07%
Accrued Expenses $891.0M $263.0M
YoY Change 107.69% -45.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $49.00M
YoY Change -47.31%
Total Short-Term Liabilities $3.508B $3.294B
YoY Change -1.16% -7.99%
LONG-TERM LIABILITIES
Long-Term Debt $3.137B $3.458B
YoY Change -26.17% -22.73%
Other Long-Term Liabilities $2.131B $1.362B
YoY Change 68.19% -15.61%
Total Long-Term Liabilities $5.268B $4.820B
YoY Change -4.5% -20.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.508B $3.294B
Total Long-Term Liabilities $5.268B $4.820B
Total Liabilities $9.415B $9.795B
YoY Change -12.12% -21.14%
SHAREHOLDERS EQUITY
Retained Earnings $1.733B $1.888B
YoY Change 29.91% 21.96%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.122B $8.020B
YoY Change
Total Liabilities & Shareholders Equity $17.54B $18.06B
YoY Change -6.49% -8.27%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$156.0M $264.0M
YoY Change -27.1% 73.68%
Depreciation, Depletion And Amortization $235.0M $249.0M
YoY Change -4.47% 5.06%
Cash From Operating Activities $652.0M $767.0M
YoY Change 33.33% 43.1%
INVESTING ACTIVITIES
Capital Expenditures $165.0M $162.0M
YoY Change -27.31% -165.32%
Acquisitions
YoY Change
Other Investing Activities $44.00M $2.000M
YoY Change 144.44% -116.67%
Cash From Investing Activities -$121.0M -$160.0M
YoY Change -42.11% -38.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -364.0M -610.0M
YoY Change 17.42% 128.46%
NET CHANGE
Cash From Operating Activities 652.0M 767.0M
Cash From Investing Activities -121.0M -160.0M
Cash From Financing Activities -364.0M -610.0M
Net Change In Cash 167.0M -3.000M
YoY Change -656.67% -133.33%
FREE CASH FLOW
Cash From Operating Activities $652.0M $767.0M
Capital Expenditures $165.0M $162.0M
Free Cash Flow $487.0M $605.0M
YoY Change 85.88% -22.83%

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513000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
526000000 shares
CY2023Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.52
CY2022Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.30
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.08
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.98
CY2023Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
0
CY2022Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
0
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
0
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
0
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.52
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.30
CY2023Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
0
CY2022Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
0
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
0
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
0
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.52
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.95
CY2023Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
141000000 usd
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
141000000 usd
CY2023Q3 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
25000000 usd
CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
23000000 usd
CY2023Q3 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
116000000 usd
CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
118000000 usd
CY2023Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
3000000 usd
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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clf-20230930_lab.xml Edgar Link unprocessable
0000764065-23-000162-index-headers.html Edgar Link pending
0000764065-23-000162-index.html Edgar Link pending
0000764065-23-000162.txt Edgar Link pending
0000764065-23-000162-xbrl.zip Edgar Link pending
clf-20230930.htm Edgar Link pending
clf-20230930.xsd Edgar Link pending
clf-20230930_g1.jpg Edgar Link pending
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clf-20230930_cal.xml Edgar Link unprocessable
clf-20230930_def.xml Edgar Link unprocessable
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clf-20230930_pre.xml Edgar Link unprocessable
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clf-20230930_htm.xml Edgar Link completed
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