Balance Sheet

v3.24.1.u1

Statements Of Unaudited Condensed Consolidated Financial Position - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 30	$ 198
Accounts receivable, net	1,868	1,840
Inventories	4,449	4,460
Other current assets	122	138
Total current assets	6,469	6,636
Non-current assets:
Property, plant and equipment, net	8,771	8,895
Goodwill	1,005	1,005
Pension and OPEB assets	344	329
Other non-current assets	647	672
TOTAL ASSETS	17,236	17,537
Current liabilities:
Accounts payable	2,051	2,099
Accrued employment costs	449	511
Accrued expenses	318	380
Other current liabilities	578	518
Total current liabilities	3,396	3,508
Non-current liabilities:
Long-term debt	3,664	3,137
Pension and OPEB liabilities	791	821
Deferred income taxes	628	639
Other non-current liabilities	1,315	1,310
TOTAL LIABILITIES	9,794	9,415
Commitments and contingencies (See Note 17)
SHAREHOLDERS' EQUITY
Common shares - par value $0.125 per share	66	66
Capital in excess of par value of shares	4,851	4,861
Retained earnings	1,666	1,733
Cost of 55,579,044 common shares in treasury (2023 - 26,164,757 shares)	(1,030)	(430)
Accumulated other comprehensive income	1,648	1,657
Total Cliffs shareholders' equity	7,201	7,887
Noncontrolling interests	241	235
TOTAL EQUITY	7,442	8,122
TOTAL LIABILITIES AND EQUITY	$ 17,236	$ 17,537

- Definition

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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