Annual report [Section 13 and 15(d), not S-K Item 405]

Statements of Consolidated Financial Position

v3.25.4
Statements of Consolidated Financial Position - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 57 $ 54
Accounts receivable, net 1,442 1,576
Inventories 4,772 5,094
Other current assets 164 183
Total current assets 6,435 6,907
Non-current assets:    
Property, plant and equipment, net 9,481 9,942
Goodwill 1,814 1,768
Intangible assets 1,135 1,170
Pension and OPEB assets 469 427
Other non-current assets 678 733
TOTAL ASSETS 20,012 20,947
Current liabilities:    
Accounts payable 1,893 2,008
Accrued employment costs 517 486
Accrued expenses 396 375
Other current liabilities 496 492
Total current liabilities 3,302 3,361
Non-current liabilities:    
Long-term debt 7,253 7,065
Pension and OPEB liabilities 655 751
Deferred income taxes 375 849
Asset retirement and environmental obligations 682 601
Other non-current liabilities 1,422 1,453
TOTAL LIABILITIES 13,689 14,080
Commitments and contingencies (See NOTE 20)
Equity:    
Common Shares - par value $0.125 per share 76 66
Capital in excess of par value of shares 5,736 4,758
Retained earnings (deficit) (529) 949
Cost of 36,292,287 common shares in treasury (2024 - 37,102,625 shares) (659) (676)
Accumulated other comprehensive income 1,492 1,537
Total Cliffs shareholders' equity 6,116 6,634
Noncontrolling interests 207 233
TOTAL EQUITY 6,323 6,867
TOTAL LIABILITIES AND EQUITY $ 20,012 $ 20,947