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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
| | | |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended September 30, 2019
OR
|
| | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to .
Commission File Number: 1-8944
CLEVELAND-CLIFFS INC.
(Exact Name of Registrant as Specified in Its Charter)
|
| | | | | | |
| Ohio | | 34-1464672 | |
| (State or Other Jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification No.) | |
| | | | |
| 200 Public Square, | Cleveland, | Ohio | | 44114-2315 | |
| (Address of Principal Executive Offices) | | (Zip Code) | |
Registrant’s Telephone Number, Including Area Code: (216) 694-5700
Securities registered pursuant to Section 12(b) of the Act:
|
| | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common shares, par value $0.125 per share | | CLF | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
|
| | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
The number of shares outstanding of the registrant’s common shares, par value $0.125 per share, was 270,082,088 as of October 21, 2019.
TABLE OF CONTENTS |
| | | | | |
| | | | | |
| | | Page Number |
| | | | | |
DEFINITIONS | | | |
| | | |
PART I - FINANCIAL INFORMATION | | | |
| Item 1. | Financial Statements | | | |
| | Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2019 and December 31, 2018 | | | |
| | Statements of Unaudited Condensed Consolidated Operations for the Three and Nine Months Ended September 30, 2019 and 2018 | | | |
| | Statements of Unaudited Condensed Consolidated Comprehensive Income for the Three and Nine Months Ended September 30, 2019 and 2018 | | | |
| | Statements of Unaudited Condensed Consolidated Cash Flows for the Nine Months Ended September 30, 2019 and 2018 | | | |
| | Statements of Unaudited Condensed Consolidated Changes in Equity for the Three and Nine Months Ended September 30, 2019 and 2018 | | | |
| | Notes to Unaudited Condensed Consolidated Financial Statements | | | |
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | | | |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | | | |
| Item 4. | Controls and Procedures | | | |
| | | |
PART II - OTHER INFORMATION | | | |
| Item 1. | Legal Proceedings | | | |
| Item 1A. | Risk Factors | | | |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | | | |
| Item 4. | Mine Safety Disclosures | | | |
| Item 5. | Other Information | | | |
| Item 6. | Exhibits | | | |
| | | | | |
Signatures | | | |
| | | |
DEFINITIONS
The following abbreviations or acronyms are used in the text. References in this report to the “Company,” “we,” “us,” “our” and “Cliffs” are to Cleveland-Cliffs Inc. and subsidiaries, collectively.
|
| | |
Abbreviation or acronym | | Term |
A&R 2015 Equity Plan | | Cliffs Natural Resources Inc. Amended and Restated 2015 Equity and Incentive Compensation Plan |
ABL Facility | | Amended and Restated Syndicated Facility Agreement by and among Bank of America, N.A., as Administrative Agent and Australian Security Trustee, the Lenders that are parties hereto, as the Lenders, Cleveland-Cliffs Inc., as Parent and a Borrower, and the Subsidiaries of Parent party hereto, as Borrowers dated as of March 30, 2015, and Amended and Restated as of February 28, 2018 |
Adjusted EBITDA | | EBITDA excluding certain items such as extinguishment/restructuring of debt, impacts of discontinued operations, foreign currency exchange remeasurement, impairment of other long-lived assets, severance and intersegment corporate allocations of SG&A costs |
ArcelorMittal | | ArcelorMittal (as the parent company of ArcelorMittal Mines Canada, ArcelorMittal USA and ArcelorMittal Dofasco, as well as many other subsidiaries) |
AMT | | Alternative Minimum Tax |
ASC | | Accounting Standards Codification |
ASU | | Accounting Standards Update |
Bloom Lake Group | | Bloom Lake General Partner Limited and certain of its affiliates, including Cliffs Quebec Iron Mining ULC |
CCAA | | Companies' Creditors Arrangement Act (Canada) |
Compensation Committee | | Compensation and Organization Committee of the Board of Directors |
Dodd-Frank Act | | Dodd-Frank Wall Street Reform and Consumer Protection Act |
DR-grade | | Direct Reduction-grade |
EBITDA | | Earnings before interest, taxes, depreciation and amortization |
Empire | | Empire Iron Mining Partnership |
Exchange Act | | Securities Exchange Act of 1934, as amended |
FASB | | Financial Accounting Standards Board |
Fe | | Iron |
FMSH Act | | U.S. Federal Mine Safety and Health Act 1977, as amended |
GAAP | | Accounting principles generally accepted in the United States |
HBI | | Hot briquetted iron |
Hibbing | | Hibbing Taconite Company, an unincorporated joint venture |
Hot-rolled coil steel price | | Estimated average annual daily market price for hot-rolled coil steel |
Long ton | | 2,240 pounds |
Metric ton | | 2,205 pounds |
MMBtu | | Million British Thermal Units |
MSHA | | U.S. Mine Safety and Health Administration |
Net ton | | 2,000 pounds |
Northshore | | Northshore Mining Company |
OPEB | | Other postretirement employment benefits |
Platts 62% Price | | Platts IODEX 62% Fe Fines CFR North China |
PPI | | Producer Price Indices |
SEC | | U.S. Securities and Exchange Commission |
SG&A | | Selling, general and administrative |
Tilden | | Tilden Mining Company L.C. |
Topic 606 | | ASC Topic 606, Revenue from Contracts with Customers |
Topic 815 | | ASC Topic 815, Derivatives and Hedging |
TSR | | Total shareholder return |
United Taconite | | United Taconite LLC |
U.S. | | United States of America |
U.S. Steel | | U.S Steel Corporation and all subsidiaries |
Wabush Group | | Wabush Iron Co. Limited and Wabush Resources Inc., and certain of its affiliates, including Wabush Mines (an unincorporated joint venture of Wabush Iron Co. Limited and Wabush Resources Inc.), Arnaud Railway Company and Wabush Lake Railway Company |
PART I
|
| |
Item 1. | Financial Statements |
Statements of Unaudited Condensed Consolidated Financial Position
Cleveland-Cliffs Inc. and Subsidiaries
|
| | | | | | | |
| (In Millions) |
| September 30, 2019 | | December 31, 2018 |
ASSETS | | | |
CURRENT ASSETS | | | |
Cash and cash equivalents | $ | 399.3 |
| | $ | 823.2 |
|
Accounts receivable, net | 164.9 |
| | 226.7 |
|
Finished goods inventories | 162.2 |
| | 77.8 |
|
Work-in-process inventories | 55.2 |
| | 10.1 |
|
Supplies and other inventories | 110.8 |
| | 93.2 |
|
Derivative assets | 72.8 |
| | 91.5 |
|
Income tax receivable, current | 58.7 |
| | 117.3 |
|
Other current assets | 40.7 |
| | 39.8 |
|
TOTAL CURRENT ASSETS | 1,064.6 |
| | 1,479.6 |
|
PROPERTY, PLANT AND EQUIPMENT, NET | 1,769.9 |
| | 1,286.0 |
|
OTHER ASSETS | | | |
Deposits for property, plant and equipment | 41.6 |
| | 83.0 |
|
Income tax receivable, non-current | 62.7 |
| | 121.3 |
|
Deferred income taxes | 437.5 |
| | 464.8 |
|
Other non-current assets | 114.9 |
| | 94.9 |
|
TOTAL OTHER ASSETS | 656.7 |
| | 764.0 |
|
TOTAL ASSETS | $ | 3,491.2 |
| | $ | 3,529.6 |
|
(continued)
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Statements of Unaudited Condensed Consolidated Financial Position
Cleveland-Cliffs Inc. and Subsidiaries - (Continued)
|
| | | | | | | |
| (In Millions) |
| September 30, 2019 | | December 31, 2018 |
LIABILITIES | | | |
CURRENT LIABILITIES | | | |
Accounts payable | $ | 212.8 |
| | $ | 186.8 |
|
Accrued employment costs | 57.3 |
| | 74.0 |
|
Accrued interest | 34.1 |
| | 38.4 |
|
Derivative liabilities | 32.6 |
| | 3.7 |
|
Partnership distribution payable | — |
| | 43.5 |
|
Other current liabilities | 121.7 |
| | 121.8 |
|
TOTAL CURRENT LIABILITIES | 458.5 |
| | 468.2 |
|
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES | 233.2 |
| | 248.7 |
|
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 179.1 |
| | 172.0 |
|
LONG-TERM DEBT | 2,109.1 |
| | 2,092.9 |
|
OTHER LIABILITIES | 151.4 |
| | 123.6 |
|
TOTAL LIABILITIES | 3,131.3 |
| | 3,105.4 |
|
COMMITMENTS AND CONTINGENCIES (REFER TO NOTE 19) |
| |
|
EQUITY | | | |
SHAREHOLDERS' EQUITY | | | |
Preferred Stock - no par value | | | |
Class A - 3,000,000 shares authorized | | | |
Class B - 4,000,000 shares authorized | | | |
Common Shares - par value $0.125 per share | | | |
Authorized - 600,000,000 shares (2018 - 600,000,000 shares); | | | |
Issued - 301,886,794 shares (2018 - 301,886,794 shares); | | | |
Outstanding - 270,075,445 shares (2018 - 292,611,569 shares) | 37.7 |
| | 37.7 |
|
Capital in excess of par value of shares | 3,867.7 |
| | 3,916.7 |
|
Retained deficit | (2,889.0 | ) | | (3,060.2 | ) |
Cost of 31,811,349 common shares in treasury (2018 - 9,275,225 shares) | (390.9 | ) | | (186.1 | ) |
Accumulated other comprehensive loss | (265.6 | ) | | (283.9 | ) |
TOTAL EQUITY | 359.9 |
| | 424.2 |
|
TOTAL LIABILITIES AND EQUITY | $ | 3,491.2 |
| | $ | 3,529.6 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Statements of Unaudited Condensed Consolidated Operations
Cleveland-Cliffs Inc. and Subsidiaries
|
| | | | | | | | | | | | | | | |
| (In Millions, Except Per Share Amounts) |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
REVENUES FROM PRODUCT SALES AND SERVICES | | | | | | | |
Product | $ | 515.0 |
| | $ | 684.7 |
| | $ | 1,357.8 |
| | $ | 1,525.9 |
|
Freight | 40.6 |
| | 57.1 |
| | 98.0 |
| | 110.2 |
|
| 555.6 |
| | 741.8 |
| | 1,455.8 |
| | 1,636.1 |
|
COST OF GOODS SOLD | (400.7 | ) | | (480.2 | ) | | (1,007.0 | ) | | (1,028.5 | ) |
SALES MARGIN | 154.9 |
| | 261.6 |
| | 448.8 |
| | 607.6 |
|
OTHER OPERATING EXPENSE | | | | | | | |
Selling, general and administrative expenses | (25.5 | ) | | (29.1 | ) | | (82.2 | ) | | (78.9 | ) |
Miscellaneous – net | (7.8 | ) | | (7.0 | ) | | (19.0 | ) | | (18.7 | ) |
| (33.3 | ) | | (36.1 | ) | | (101.2 | ) | | (97.6 | ) |
OPERATING INCOME | 121.6 |
| | 225.5 |
| | 347.6 |
| | 510.0 |
|
OTHER INCOME (EXPENSE) | | | | | | | |
Interest expense, net | (25.3 | ) | | (29.5 | ) | | (76.5 | ) | | (93.1 | ) |
Gain (loss) on extinguishment of debt | — |
| | — |
| | (18.2 | ) | | 0.2 |
|
Other non-operating income | 0.3 |
| | 4.3 |
| | 1.3 |
| | 13.1 |
|
| (25.0 | ) | | (25.2 | ) | | (93.4 | ) | | (79.8 | ) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 96.6 |
| | 200.3 |
| | 254.2 |
| | 430.2 |
|
INCOME TAX EXPENSE | (4.8 | ) | | (0.5 | ) | | (23.1 | ) | | (14.4 | ) |
INCOME FROM CONTINUING OPERATIONS | 91.8 |
| | 199.8 |
| | 231.1 |
| | 415.8 |
|
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX | (0.9 | ) | | 238.0 |
| | (1.5 | ) | | 102.8 |
|
NET INCOME | $ | 90.9 |
| | $ | 437.8 |
| | $ | 229.6 |
| | $ | 518.6 |
|
| | | | | | | |
EARNINGS (LOSS) PER COMMON SHARE – BASIC | | | | | | | |
Continuing operations | $ | 0.34 |
| | $ | 0.67 |
| | $ | 0.83 |
| | $ | 1.40 |
|
Discontinued operations | — |
| | 0.80 |
| | (0.01 | ) | | 0.35 |
|
| $ | 0.34 |
| | $ | 1.47 |
| | $ | 0.82 |
| | $ | 1.75 |
|
EARNINGS (LOSS) PER COMMON SHARE – DILUTED | | | | | | | |
Continuing operations | $ | 0.33 |
| | $ | 0.64 |
| | $ | 0.80 |
| | $ | 1.37 |
|
Discontinued operations | — |
| | 0.77 |
| | — |
| | 0.34 |
|
| $ | 0.33 |
| | $ | 1.41 |
| | $ | 0.80 |
| | $ | 1.71 |
|
AVERAGE NUMBER OF SHARES (IN THOUSANDS) | | | | | | | |
Basic | 269,960 |
| | 297,878 |
| | 278,418 |
| | 297,587 |
|
Diluted | 276,578 |
| | 310,203 |
| | 287,755 |
| | 303,518 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Statements of Unaudited Condensed Consolidated Comprehensive Income
Cleveland-Cliffs Inc. and Subsidiaries
|
| | | | | | | | | | | | | | | |
| (In Millions) |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2019 | | 2018 | | 2019 | | 2018 |
NET INCOME | $ | 90.9 |
| | $ | 437.8 |
| | $ | 229.6 |
| | $ | 518.6 |
|
OTHER COMPREHENSIVE INCOME (LOSS) | | | | | | | |
Changes in pension and other post-retirement benefits, net of tax | 5.8 |
| | 6.8 |
| | 17.3 |
| | 20.2 |
|
Changes in foreign currency translation | — |
| | (228.3 | ) | | — |
| | (225.4 | ) |
Changes in derivative financial instruments, net of tax | 0.4 |
| | 0.3 |
| | 1.0 |
| | 0.8 |
|
OTHER COMPREHENSIVE INCOME (LOSS) | 6.2 |
| | (221.2 | ) | | 18.3 |
| | (204.4 | ) |
TOTAL COMPREHENSIVE INCOME | $ | 97.1 |
| | $ | 216.6 |
| | $ | 247.9 |
| | $ | 314.2 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Statements of Unaudited Condensed Consolidated Cash Flows
Cleveland-Cliffs Inc. and Subsidiaries
|
| | | | | | | |
| (In Millions) |
| Nine Months Ended September 30, |
| 2019 | | 2018 |
OPERATING ACTIVITIES | | | |
Net income | $ | 229.6 |
| | $ | 518.6 |
|
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation, depletion and amortization | 63.1 |
| | 68.6 |
|
Deferred income taxes | 22.7 |
| | — |
|
Loss (gain) on extinguishment of debt | 18.2 |
| | (0.2 | ) |
Change in derivatives | 48.4 |
| | (136.4 | ) |
Gain on foreign currency translation | — |
| | (228.1 | ) |
Other | 49.4 |
| | 5.7 |
|
Changes in operating assets and liabilities: | | | |
Receivables and other assets | 156.5 |
| | 96.2 |
|
Inventories | (129.4 | ) | | (57.1 | ) |
Payables, accrued expenses and other liabilities | (70.4 | ) | | (78.6 | ) |
Net cash provided by operating activities | 388.1 |
| | 188.7 |
|
INVESTING ACTIVITIES | | | |
Purchase of property, plant and equipment | (447.9 | ) | | (111.4 | ) |
Deposits for property, plant and equipment | (12.8 | ) | | (83.3 | ) |
Other investing activities | 11.2 |
| | 21.0 |
|
Net cash used by investing activities | (449.5 | ) | | (173.7 | ) |
FINANCING ACTIVITIES | | | |
Repurchase of common shares | (252.9 | ) | | — |
|
Dividends paid | (45.1 | ) | | — |
|
Proceeds from issuance of debt | 720.9 |
| | — |
|
Debt issuance costs | (6.8 | ) | | (1.5 | ) |
Repurchase of debt | (729.3 | ) | | (16.3 | ) |
Distributions of partnership equity | (44.2 | ) | | (44.2 | ) |
Other financing activities | (9.5 | ) | | (45.7 | ) |
Net cash used by financing activities | (366.9 | ) | | (107.7 | ) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |
| | (2.3 | ) |
DECREASE IN CASH AND CASH EQUIVALENTS, INCLUDING CASH CLASSIFIED WITHIN OTHER CURRENT ASSETS RELATED TO DISCONTINUED OPERATIONS | (428.3 | ) | | (95.0 | ) |
LESS: DECREASE IN CASH AND CASH EQUIVALENTS FROM DISCONTINUED OPERATIONS, CLASSIFIED WITHIN OTHER CURRENT ASSETS | (4.4 | ) | | (13.8 | ) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (423.9 | ) | | (81.2 | ) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 823.2 |
| | 978.3 |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 399.3 |
| | $ | 897.1 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Statements of Unaudited Condensed Consolidated Changes in Equity
Cleveland-Cliffs Inc. and Subsidiaries
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| (In Millions) |
| Number of Common Shares Outstanding | | Par Value of Common Shares Issued | | Capital in Excess of Par Value of Shares | | Retained Deficit | | Common Shares in Treasury | | Accumulated Other Comprehensive Loss | | Total |
December 31, 2018 | 292.6 |
| | $ | 37.7 |
| | $ | 3,916.7 |
| | $ | (3,060.2 | ) | | $ | (186.1 | ) | | $ | (283.9 | ) | | $ | 424.2 |
|
Comprehensive income (loss) | | | | | | | | | | | | | |
Net loss | — |
| | — |
| | — |
| | (22.1 | ) | | — |
| | — |
| | (22.1 | ) |
Other comprehensive income | — |
| | — |
| | — |
| | — |
| | — |
| | 8.4 |
| | 8.4 |
|
Total comprehensive loss | | | | | | | | | | | | | (13.7 | ) |
Stock and other incentive plans | 1.7 |
| | — |
| | (56.5 | ) | | — |
| | 46.5 |
| | — |
| | (10.0 | ) |
Common share repurchases | (11.5 | ) | | — |
| | — |
| | — |
| | (124.3 | ) | | — |
| | (124.3 | ) |
Common share dividends ($0.05 per share) | — |
| | — |
| | — |
| | (14.5 | ) | | — |
| | — |
| | (14.5 | ) |
March 31, 2019 | 282.8 |
| | $ | 37.7 |
| | $ | 3,860.2 |
| | $ | (3,096.8 | ) | | $ | (263.9 | ) | | $ | (275.5 | ) | | $ | 261.7 |
|
Comprehensive income | | | | | | | | | | | | | |
Net income | — |
| | — |
| | — |
| | 160.8 |
| | — |
| | — |
| | 160.8 |
|
Other comprehensive income | — |
| | — |
| | — |
| | — |
| | — |
| | 3.7 |
| | 3.7 |
|
Total comprehensive income | | | | | | | | | | | | | 164.5 |
|
Stock and other incentive plans | 0.1 |
| | — |
| | 3.4 |
| | — |
| | 1.2 |
| | — |
| | 4.6 |
|
Common share repurchases | (12.9 | ) | | — |
| | — |
| | — |
| | (128.6 | ) | | — |
| | (128.6 | ) |
Common share dividends ($0.06 per share) | — |
| | — |
| | — |
| | (16.6 | ) | | — |
| | — |
| | (16.6 | ) |
June 30, 2019 | 270.0 |
| | $ | 37.7 |
| | $ | 3,863.6 |
| | $ | (2,952.6 | ) | | $ | (391.3 | ) | | $ | (271.8 | ) | | $ | 285.6 |
|
Comprehensive income | | | | | | | | | | | | | |
Net income | — |
| | — |
| | — |
| | 90.9 |
| | — |
| | — |
| | 90.9 |
|
Other comprehensive income | — |
| | — |
| | — |
| | — |
| | — |
| | 6.2 |
| | 6.2 |
|
Total comprehensive income | | | | | | | | | | | | | 97.1 |
|
Stock and other incentive plans | 0.1 |
| | — |
| | 4.1 |
| | — |
| | 0.4 |
| | — |
| | 4.5 |
|
Common share dividends ($0.10 per share) | — |
| | — |
| | — |
| | (27.3 | ) | | — |
| | — |
| | (27.3 | ) |
September 30, 2019 | 270.1 |
| | $ | 37.7 |
| | $ | 3,867.7 |
| | $ | (2,889.0 | ) | | $ | (390.9 | ) | | $ | (265.6 | ) | | $ | 359.9 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (In Millions) |
| Number of Common Shares Outstanding | | Par Value of Common Shares Issued | | Capital in Excess of Par Value of Shares | | Retained Deficit | | Common Shares in Treasury | | Accumulated Other Comprehensive Loss | | Non-Controlling Interest | | Total |
December 31, 2017 | 297.4 |
| | $ | 37.7 |
| | $ | 3,933.9 |
| | $ | (4,207.3 | ) | | $ | (169.6 | ) | | $ | (39.0 | ) | | $ | 0.2 |
| | $ | (444.1 | ) |
Adoption of accounting standard | — |
| | — |
| | — |
| | 34.0 |
| | — |
| | — |
| | — |
| | 34.0 |
|
Comprehensive income (loss) | | | | | | | | | | | | | | | |
Net loss | — |
| | — |
| | — |
| | (84.3 | ) | | — |
| | — |
| | — |
| | (84.3 | ) |
Other comprehensive income | — |
| | — |
| | — |
| | — |
| | — |
| | 7.7 |
| | — |
| | 7.7 |
|
Total comprehensive loss | | | | | | | | | | | | | | | (76.6 | ) |
Stock and other incentive plans | 0.3 |
| | — |
| | (15.8 | ) | | — |
| | 17.7 |
| | — |
| | — |
| | 1.9 |
|
March 31, 2018 | 297.7 |
| | $ | 37.7 |
| | $ | 3,918.1 |
| | $ | (4,257.6 | ) | | $ | (151.9 | ) | | $ | (31.3 | ) | | $ | 0.2 |
| | $ | (484.8 | ) |
Comprehensive income | | | | | | | | | | | | | | | |
Net income | — |
| | — |
| | — |
| | 165.1 |
| | — |
| | — |
| | — |
| | 165.1 |
|
Other comprehensive income | — |
| | — |
| | — |
| | — |
| | — |
| | 9.1 |
| | — |
| | 9.1 |
|
Total comprehensive income | | | | | | | | | | | | | | | 174.2 |
|
Distributions to noncontrolling interest | — |
| | — |
| | — |
| | | | — |
| | — |
| | (0.2 | ) | | (0.2 | ) |
Stock and other incentive plans | 0.1 |
| | — |
| | 0.2 |
| | — |
| | 4.3 |
| | — |
| | — |
| | 4.5 |
|
June 30, 2018 | 297.8 |
| | $ | 37.7 |
| | $ | 3,918.3 |
| | $ | (4,092.5 | ) | | $ | (147.6 | ) | | $ | (22.2 | ) | | $ | — |
| | $ | (306.3 | ) |
Comprehensive income (loss) | | | | | | | | | | | | | | | |
Net income | — |
| | — |
| | — |
| | 437.8 |
| | — |
| | — |
| | — |
| | 437.8 |
|
Other comprehensive loss | — |
| | — |
| | — |
| | — |
| | — |
| | (221.2 | ) | | | | (221.2 | ) |
Total comprehensive income | | | | | | | | | | | | | | | 216.6 |
|
Stock and other incentive plans | 0.2 |
| | — |
| | (5.0 | ) | | — |
| | 8.5 |
| | — |
| | — |
| | 3.5 |
|
September 30, 2018 | 298.0 |
| | $ | 37.7 |
| | $ | 3,913.3 |
| | $ | (3,654.7 | ) | | $ | (139.1 | ) | | $ | (243.4 | ) | | $ | — |
| | $ | (86.2 | ) |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Cleveland-Cliffs Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with SEC rules and regulations and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations, comprehensive income, cash flows and changes in equity for the periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates on various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates, actual results may differ significantly due to changed conditions or assumptions. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of results to be expected for the year ending December 31, 2019 or any other future period. Certain prior period amounts have been reclassified to conform with the current year presentation. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2018.
We have two reportable segments - the Mining and Pelletizing segment and the Metallics segment. Unless otherwise noted, discussion of our business and results of operations in this Quarterly Report on Form 10-Q refers to our continuing operations.
As more fully described in the Form 10-K for the year ended December 31, 2018, in 2018 we committed to a course of action leading to the permanent closure of the Asia Pacific Iron Ore mining operations. As a result of our exit, management determined that our Asia Pacific Iron Ore operating segment met the criteria to be classified as held for sale and a discontinued operation under ASC Topic 205, Presentation of Financial Statements. As such, all Asia Pacific Iron Ore operating segment results are classified within discontinued operations. Refer to NOTE 13 - DISCONTINUED OPERATIONS for further information.
Basis of Consolidation
The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, including the following operations as of September 30, 2019:
|
| | | | | | |
Name | | Location | | Business Segment | | Status of Operations |
Northshore | | Minnesota | | Mining and Pelletizing | | Active |
United Taconite | | Minnesota | | Mining and Pelletizing | | Active |
Tilden | | Michigan | | Mining and Pelletizing | | Active |
Empire | | Michigan | | Mining and Pelletizing | | Indefinitely Idled |
Toledo HBI | | Ohio | | Metallics | | Construction Stage |
Intercompany transactions and balances are eliminated upon consolidation.
Equity Method Investments
Our 23% ownership interest in Hibbing is recorded as an equity method investment. As of September 30, 2019 and December 31, 2018, our investment in Hibbing was $14.0 million and $15.4 million, respectively, classified as Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position.
Foreign Currency
Our financial statements are prepared with the U.S. dollar as the reporting currency and the functional currency of all subsidiaries is the U.S. dollar. In August 2018, management determined that there were significant changes in economic factors related to our Australian subsidiaries. The change in economic factors was a result of the sale and conveyance of substantially all assets and liabilities of our Australian subsidiaries to third parties, representing a significant change in operations. As such, the functional currency for the Australian subsidiaries changed from the Australian dollar to the U.S. dollar, requiring all remaining Australian denominated monetary balances to be remeasured through the Statements of Unaudited Condensed Consolidated Operations.
As a result of the liquidation of the Australian subsidiaries' assets, the historical impact of foreign currency translation recorded in Accumulated other comprehensive loss in the Statements of Unaudited Condensed Consolidated Financial Position of $228.1 million was reclassified and recognized as a gain in Income (loss) from discontinued operations, net of tax in the Statements of Unaudited Condensed Consolidated Operations for the three and nine months ended September 30, 2018. Refer to NOTE 13 - DISCONTINUED OPERATIONS for further information regarding our Australian subsidiaries.
Significant Accounting Policies
A detailed description of our significant accounting policies can be found in the audited financial statements for the fiscal year ended December 31, 2018 included in our Annual Report on Form 10-K filed with the SEC. There have been no material changes in our significant accounting policies and estimates from those disclosed therein.
NOT