XML 30 R28.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

QUARTERLY RESULTS OF OPERATIONS - (UNAUDITED) | 12 Months Ended
--- | ---
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Information [Text Block] | NOTE 20 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The sum of quarterly EPS may not equal EPS for the year due to discrete quarterly calculations.
| (In Millions, Except Per Share Amounts)
2019
Quarters |  |
First |  | Second |  | Third |  | Fourth |  | Year
Revenues from product sales and services | $ | 157.0 |  |  | $ | 743.2 |  |  | $ | 555.6 |  |  | $ | 534.1 |  |  | $ | 1,989.9 |
Sales margin | 30.9 |  |  | 263.0 |  |  | 154.9 |  |  | 126.9 |  |  | 575.7 |
Net income (loss) from continuing operations attributable to Cliffs shareholders | $ | (22.1 | ) |  | $ | 161.4 |  |  | $ | 91.8 |  |  | $ | 63.4 |  |  | $ | 294.5 |
Loss from discontinued operations, net of tax | — |  |  | (0.6 | ) |  | (0.9 | ) |  | (0.2 | ) |  | (1.7 | )
Net income (loss) attributable to Cliffs common shareholders | $ | (22.1 | ) |  | $ | 160.8 |  |  | $ | 90.9 |  |  | $ | 63.2 |  |  | $ | 292.8 |
Earnings (loss) per common share attributable to Cliffs common shareholders - basic: |  |  |  |  |  |  |  |  |
Continuing operations | $ | (0.08 | ) |  | $ | 0.59 |  |  | $ | 0.34 |  |  | $ | 0.23 |  |  | $ | 1.07 |
Discontinued operations | — |  |  | — |  |  | — |  |  | — |  |  | (0.01 | )
| $ | (0.08 | ) |  | $ | 0.59 |  |  | $ | 0.34 |  |  | $ | 0.23 |  |  | $ | 1.06 |
Earnings (loss) per common share attributable to Cliffs common shareholders - diluted: |  |  |  |  |  |  |  |  |
Continuing operations | $ | (0.08 | ) |  | $ | 0.57 |  |  | $ | 0.33 |  |  | $ | 0.23 |  |  | $ | 1.04 |
Discontinued operations | — |  |  | — |  |  | — |  |  | — |  |  | (0.01 | )
| $ | (0.08 | ) |  | $ | 0.57 |  |  | $ | 0.33 |  |  | $ | 0.23 |  |  | $ | 1.03 |
The diluted earnings per share calculation for the first quarter of 2019 excludes equity plan awards of 4.2 million and convertible senior notes awards of 7.3 million that were anti-dilutive.
| (In Millions, Except Per Share Amounts)
| 2018
Quarters |  |
First |  | Second |  | Third |  | Fourth |  | Year
Revenues from product sales and services | $ | 180.0 |  |  | $ | 714.3 |  |  | $ | 741.8 |  |  | $ | 696.3 |  |  | $ | 2,332.4 |
Sales margin | 61.5 |  |  | 284.5 |  |  | 261.6 |  |  | 202.0 |  |  | 809.6 |
Net income (loss) from continuing operations attributable to Cliffs shareholders | $ | (13.4 | ) |  | $ | 229.4 |  |  | $ | 199.8 |  |  | $ | 624.1 |  |  | $ | 1,039.9 |
Income (loss) from discontinued operations, net of tax | (70.9 | ) |  | (64.3 | ) |  | 238.0 |  |  | (14.6 | ) |  | 88.2 |
Net income (loss) attributable to Cliffs common shareholders | $ | (84.3 | ) |  | $ | 165.1 |  |  | $ | 437.8 |  |  | $ | 609.5 |  |  | $ | 1,128.1 |
Earnings (loss) per common share attributable to Cliffs common shareholders - basic: |  |  |  |  |  |  |  |  |
Continuing operations | $ | (0.05 | ) |  | $ | 0.77 |  |  | $ | 0.67 |  |  | $ | 2.11 |  |  | $ | 3.50 |
Discontinued operations | (0.24 | ) |  | (0.22 | ) |  | 0.80 |  |  | (0.05 | ) |  | 0.30 |
| $ | (0.29 | ) |  | $ | 0.55 |  |  | $ | 1.47 |  |  | $ | 2.06 |  |  | $ | 3.80 |
Earnings (loss) per common share attributable to Cliffs common shareholders - diluted: |  |  |  |  |  |  |  |  |
Continuing operations | $ | (0.05 | ) |  | $ | 0.76 |  |  | $ | 0.64 |  |  | $ | 2.03 |  |  | $ | 3.42 |
Discontinued operations | (0.24 | ) |  | (0.21 | ) |  | 0.77 |  |  | (0.05 | ) |  | 0.29 |
| $ | (0.29 | ) |  | $ | 0.55 |  |  | $ | 1.41 |  |  | $ | 1.98 |  |  | $ | 3.71 |
Net income (loss) from continuing operations attributable to Cliffs shareholders increased during the three months ended December 31, 2018, relative to the preceding three quarters, due primarily to the release of the deferred tax valuation allowance in the U.S. of $460.5 million. The diluted earnings per share calculation for the first quarter of 2018 excludes equity plan awards of 3.8 million that were anti-dilutive.

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration