XML 95 R50.htm IDEA: XBRL DOCUMENT
v3.24.0.1

EARNINGS PER SHARE (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Earnings Per Share [Abstract] |
Earnings Per Share Computation | The following table summarizes the computation of basic and diluted EPS:
| Year Ended December 31,
(In millions, except per share amounts) | 2023 |  | 2022 |  | 2021
Income from continuing operations | $ | 449 |  |  | $ | 1,373 |  |  | $ | 3,030 |
Income from continuing operations attributable to noncontrolling interest | (51) |  |  | (41) |  |  | (45) |
Net income from continuing operations attributable to Cliffs shareholders | 398 |  |  | 1,332 |  |  | 2,985 |
Income from discontinued operations, net of tax | 1 |  |  | 3 |  |  | 3 |
Net income attributable to Cliffs shareholders | $ | 399 |  |  | $ | 1,335 |  |  | $ | 2,988 |
Weighted average number of shares: |  |  |  |  |
Basic | 510 |  |  | 519 |  |  | 498 |
Redeemable preferred shares | — |  |  | — |  |  | 33 |
Convertible senior notes 1 | — |  |  | 2 |  |  | 22 |
Employee stock plans | 1 |  |  | 3 |  |  | 5 |
Diluted | 511 |  |  | 524 |  |  | 558 |
Earnings per common share attributable to Cliffs common shareholders - basic 2: |  |  |  |  |
Continuing operations | $ | 0.78 |  |  | $ | 2.57 |  |  | $ | 5.62 |
Discontinued operations | — |  |  | — |  |  | 0.01 |
| $ | 0.78 |  |  | $ | 2.57 |  |  | $ | 5.63 |
Earnings per common share attributable to Cliffs common shareholders - diluted: |  |  |  |  |
Continuing operations | $ | 0.78 |  |  | $ | 2.55 |  |  | $ | 5.35 |
Discontinued operations | — |  |  | — |  |  | 0.01 |
| $ | 0.78 |  |  | $ | 2.55 |  |  | $ | 5.36 |
1 On January 1, 2022, we adopted ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40). We utilized the modified retrospective method of adoption; using this approach, the guidance was applied to transactions outstanding as of the beginning of the fiscal year.
2 For the year ended December 31, 2021, basic earnings per share was calculated by dividing Net income attributable to Cliffs shareholders, less $187 million of earnings attributed to Series B Participating Redeemable Preferred Stock, by the weighted average number of basic common shares outstanding during the period presented.
Schedule of Potentially Dilutive Shares Excluded from the Computation of Diluted Earnings Per Share | The following table summarizes the potentially dilutive shares that were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive:
| Year Ended December 31,
(In millions) | 2023 |  | 2022 |  | 2021
Employee stock plans | 2 |  | — |  |  | — |

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

X
- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + Details
Name: | us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration