Quarterly report pursuant to Section 13 or 15(d)

Statements Of Unaudited Condensed Consolidated Operations

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Statements Of Unaudited Condensed Consolidated Operations - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Income Statement [Abstract]        
Revenues $ 6,337 $ 5,045 $ 12,292 $ 9,094
Operating costs:        
Cost of goods sold (5,356) (3,848) (10,062) (7,609)
Selling, general and administrative expenses (107) (105) (229) (213)
Miscellaneous – net (34) (25) (67) (28)
Total operating costs (5,497) (3,978) (10,358) (7,850)
Operating income 840 1,067 1,934 1,244
Other income (expense):        
Interest expense, net (64) (85) (141) (177)
Loss on extinguishment of debt (66) (22) (80) (88)
Net periodic benefit credits other than service cost component 50 46 99 93
Other non-operating income (expense) (3) 4 (5) 4
Total other expense (83) (57) (127) (168)
Income from continuing operations before income taxes 757 1,010 1,807 1,076
Income tax expense (157) (216) (394) (225)
Income from continuing operations 600 794 1,413 851
Income from discontinued operations, net of tax 1 1 2 1
Net income 601 795 1,415 852
Income attributable to noncontrolling interest (5) (15) (18) (31)
Net income attributable to Cliffs shareholders $ 596 $ 780 $ 1,397 $ 821
Earnings per common share attributable to Cliffs shareholders - basic        
Continuing operations (in dollars per share) $ 1.14 $ 1.40 $ 2.67 $ 1.48
Discontinued operations (in dollars per share) 0 0 0 0
Earnings per Common Share - Basic (in dollars per share) 1.14 1.40 2.67 1.48
Earnings per common share attributable to Cliffs shareholders - diluted        
Continuing operations (in dollars per share) 1.13 1.33 2.64 1.42
Discontinued operations (in dollars per share) 0 0 0 0
Earnings (Loss) per Common Share - Diluted (in dollars per share) $ 1.13 $ 1.33 $ 2.64 $ 1.42