v3.23.2
Statements Of Unaudited Condensed Consolidated Operations - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Revenues $ 5,984 $ 6,337 $ 11,279 $ 12,292
Operating costs:        
Cost of goods sold (5,340) (5,356) (10,536) (10,062)
Selling, general and administrative expenses (149) (107) (276) (229)
Miscellaneous – net (12) (34) (15) (67)
Total operating costs (5,501) (5,497) (10,827) (10,358)
Operating income 483 840 452 1,934
Other income (expense):        
Interest expense, net (79) (64) (156) (141)
Loss on extinguishment of debt 0 (66) 0 (80)
Net periodic benefit credits other than service cost component 50 50 100 99
Other non-operating income (expense) 4 (3) 6 (5)
Total other expense (25) (83) (50) (127)
Income from continuing operations before income taxes 458 757 402 1,807
Income tax expense (102) (157) (89) (394)
Income from continuing operations 356 600 313 1,413
Income from discontinued operations, net of tax 0 1 1 2
Net income 356 601 314 1,415
Income attributable to noncontrolling interest (9) (5) (24) (18)
Net income attributable to Cliffs shareholders $ 347 $ 596 $ 290 $ 1,397
Earnings per common share attributable to Cliffs shareholders - basic        
Continuing operations (in dollars per share) $ 0.68 $ 1.14 $ 0.56 $ 2.67
Discontinued operations (in dollars per share) 0 0 0 0
Earnings per Common Share - Basic (in dollars per share) 0.68 1.14 0.56 2.67
Earnings per common share attributable to Cliffs shareholders - diluted        
Continuing operations (in dollars per share) 0.67 1.13 0.56 2.64
Discontinued operations (in dollars per share) 0 0 0 0
Earnings per Common Share - Diluted (in dollars per share) $ 0.67 $ 1.13 $ 0.56 $ 2.64

Source