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Annual report pursuant to Section 13 and 15(d)

Statements Of Condensed Consolidated Operations

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Statements Of Condensed Consolidated Operations - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
REVENUES FROM PRODUCT SALES AND SERVICES Ìý Ìý Ìý
Product revenues $ 2,172.3 $ 1,644.6 $ 1,379.7
Freight and Reimbursement Revenue 160.1 221.4 174.8
TOTAL REVENUES FROM PRODUCT SALES AND SERVICES 2,332.4 1,866.0 1,554.5
COST OF GOODS SOLD AND OPERATING EXPENSES (1,522.8) (1,398.4) (1,274.4)
SALES MARGIN 809.6 467.6 280.1
OTHER OPERATING INCOME (EXPENSE) Ìý Ìý Ìý
Selling, general and administrative expenses (116.8) (102.9) (115.8)
Miscellaneous - net (19.6) 25.5 (33.6)
Other operating expense (136.4) (77.4) (149.4)
OPERATING INCOME 673.2 390.2 130.7
OTHER INCOME (EXPENSE) Ìý Ìý Ìý
Interest expense, net (118.9) (126.8) (193.9)
Gain (loss) on extinguishment/restructuring of debt (6.8) (165.4) 166.3
Other non-operating income 17.2 10.2 7.3
TOTAL OTHER INCOME (EXPENSE) (108.5) (282.0) (20.3)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 564.7 108.2 110.4
INCOME TAX BENEFIT 475.2 252.4 12.2
INCOME FROM CONTINUING OPERATIONS 1,039.9 360.6 122.6
INCOME FROM DISCONTINUED OPERATIONS, net of tax 88.2 2.5 76.7
NET INCOME 1,128.1 363.1 199.3
LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTEREST 0.0 3.9 (25.2)
NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ 1,128.1 $ 367.0 $ 174.1
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - BASIC Ìý Ìý Ìý
Continuing operations $ 3.50 $ 1.27 $ 0.49
Discontinued operations 0.30 0.01 0.39
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic: 3.80 1.28 0.88
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - DILUTED Ìý Ìý Ìý
Continuing operations 3.42 1.25 0.49
Discontinued operations 0.29 0.01 0.38
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted: $ 3.71 $ 1.26 $ 0.87
AVERAGE NUMBER OF SHARES (IN THOUSANDS) Ìý Ìý Ìý
Basic 297.2 288.4 197.7
Diluted 304.1 293.0 200.1