Balance Sheet

v3.23.2

Statements Of Unaudited Condensed Consolidated Financial Position - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 34	$ 26
Accounts receivable, net	2,290	1,960
Inventories	4,727	5,130
Other current assets	114	306
Total current assets	7,165	7,422
Non-current assets:
Property, plant and equipment, net	8,878	9,070
Goodwill	1,130	1,130
Pension and OPEB, asset	379	356
Other non-current assets	751	777
TOTAL ASSETS	18,303	18,755
Current liabilities:
Accounts payable	2,116	2,186
Accrued employment costs	455	429
Accrued expenses	261	383
Other current liabilities	576	551
Total current liabilities	3,408	3,549
Non-current liabilities:
Long-term debt	3,963	4,249
Pension liability, non-current	461	473
OPEB liability, non-current	575	585
Deferred income taxes	545	590
Other non-current liabilities	1,307	1,267
TOTAL LIABILITIES	10,259	10,713
Commitments and contingencies (See Note 17)
SHAREHOLDERS' EQUITY
Common shares - par value $0.125 per share, Authorized - 1,200,000,000 shares (2022 - 1,200,000,000 shares); Issued - 531,051,530 shares (2022 -531,051,530 shares); Outstanding - 515,052,745 shares (2022 - 513,340,779 shares)	66	66
Capital in excess of par value of shares	4,841	4,871
Retained earnings	1,624	1,334
Cost of 22,372,351 common shares in treasury (2022 - 17,710,751 shares)	(372)	(310)
Accumulated other comprehensive income	1,643	1,830
Total Cliffs shareholders' equity	7,802	7,791
Noncontrolling interest	242	251
TOTAL EQUITY	8,044	8,042
TOTAL LIABILITIES AND EQUITY	$ 18,303	$ 18,755

- 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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