Annual report pursuant to Section 13 and 15(d)

Statements Of Consolidated Financial Position

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Statements Of Consolidated Financial Position (USD $)
In Millions, except Share data, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
CURRENT ASSETS    
Cash and cash equivalents $ 521.6 $ 1,566.7
Accounts receivable 304.2 359.1
Inventories 475.7 269.2
Supplies and other inventories 216.9 148.1
Deferred and refundable taxes 21.9 43.2
Derivative assets 82.1 82.6
Other current assets 168.3 114.8
TOTAL CURRENT ASSETS 1,790.7 2,583.7
PROPERTY, PLANT AND EQUIPMENT, NET 10,524.6 3,979.2
OTHER ASSETS    
Investments in ventures 526.6 514.8
Goodwill 1,152.1 196.5
Intangible assets, net 147.0 175.8
Deferred income taxes 209.5 140.3
Other non-current assets 191.2 187.9
TOTAL OTHER ASSETS 2,226.4 1,215.3
TOTAL ASSETS 14,541.7 7,778.2
CURRENT LIABILITIES    
Accounts payable 380.3 266.5
Accrued employment costs 144.2 129.9
Income taxes payable 265.4 103.4
State and local taxes payable 59.1 38.9
Below-market sales contracts - current 52.7 57.1
Current portion of term loan 74.8  
Accrued expenses 165.0 56.5
Accrued royalties 77.1 80.2
Deferred revenue 126.6 215.6
Other current liabilities 148.1 80.6
TOTAL CURRENT LIABILITIES 1,493.3 1,028.7
POSTEMPLOYMENT BENEFIT LIABILITIES    
Pensions 394.7 284.9
Other postretirement benefits 271.1 243.1
TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES 665.8 528.0
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS 222.0 184.9
DEFERRED INCOME TAXES 1,062.4 63.7
LONG-TERM DEBT 3,608.7 1,713.1
BELOW-MARKET SALES CONTRACTS 111.8 164.4
OTHER LIABILITIES 338.0 256.7
TOTAL LIABILITIES 7,502.0 3,939.5
CLIFFS SHAREHOLDERS' EQUITY    
Common Shares - par value $0.125 per share Authorized - 400,000,000 shares (2010 - 224,000,000); Issued - 149,195,469 shares (2010 - 138,845,469 shares); Outstanding - 142,021,718 shares (2010 - 135,456,999 shares) 18.5 17.3
Capital in excess of par value of shares 1,770.8 896.3
Retained earnings 4,424.3 2,924.1
Cost of 7,173,751 common shares in treasury (2010 - 3,388,470 shares) (336.0) (37.7)
Accumulated other comprehensive income (loss) (92.6) 45.9
TOTAL CLIFFS SHAREHOLDERS' EQUITY 5,785.0 3,845.9
NONCONTROLLING INTEREST 1,254.7 (7.2)
TOTAL EQUITY 7,039.7 3,838.7
TOTAL LIABILITIES AND EQUITY $ 14,541.7 $ 7,778.2