Cleveland-Cliffs Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Business Summary And Significant Accounting Policies (Tables)

Business Summary And Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2011


Name	Location	Ownership Interest			Operation
Northshore	Minnesota		100.0	%		Iron Ore
United Taconite	Minnesota		100.0	%		Iron Ore
Wabush	Labrador/ Quebec, Canada		100.0	%		Iron Ore
Bloom Lake	Quebec, Canada		75.0	%		Iron Ore
Tilden	Michigan		85.0	%		Iron Ore
Empire	Michigan		79.0	%		Iron Ore
Koolyanobbing	Western Australia		100.0	%		Iron Ore
Pinnacle	West Virginia		100.0	%		Coal
Oak Grove	Alabama		100.0	%		Coal
CLCC	West Virginia		100.0	%		Coal
Freewest	Ontario, Canada		100.0	%		Chromite
Spider	Ontario, Canada		100.0	%		Chromite

Inventories On The Statements Of Consolidated Financial Position


	(In Millions)
	2011						2010
Segment	Finished Goods		Work-in Process		Total Inventory		Finished Goods		Work-in Process		Total Inventory
U.S. Iron Ore	$	100.2	$	8.5	$	108.7	$	101.1	$	9.7	$	110.8
Eastern Canadian Iron Ore		96.2		43.0		139.2		43.5		21.2		64.7
North American Coal		19.7		110.5		130.2		16.1		19.8		35.9
Asia Pacific Iron Ore		57.2		21.6		78.8		34.7		20.4		55.1
Other		18.0		0.8		18.8		2.6		0.1		2.7

Total	$	291.3	$	184.4	$	475.7	$	198.0	$	71.2	$	269.2

Value By Major Class Of Consolidated Depreciable Assets


	(In Millions)
	December 31,
	2011			2010
Land rights and mineral rights	$	7,918.9		$	3,019.9
Office and information technology		67.0			60.4
Buildings		132.2			107.6
Mining equipment		1,323.8			628.5
Processing equipment		1,441.8			658.8
Railroad equipment		164.3			122.9
Electric power facilities		57.9			54.4
Port facilities		64.1			64.0
Interest capitalized during construction		22.5			19.4
Land improvements		30.4			25.0
Other		43.2			36.0
Construction in progress		615.4			140.0

		11,881.5			4,936.9
Allowance for depreciation and depletion		(1,356.9	)		(957.7	)

	$	10,524.6		$	3,979.2

Book Value Of Land And Mineral Rights Disclosure


	(In Millions)
	December 31,
	2011		2010
Land rights	$	37.3	$	36.8

Mineral rights:
Cost	$	7,881.6	$	2,983.1
Less depletion		533.9		376.4

Net mineral rights	$	7,347.7	$	2,606.7

Investments In Unconsolidated Venture


				(In Millions)
Investment	Classification	Interest Percentage		December 31, 2011			December 31, 2010
Amapá	Investments in ventures		30	$	498.6		$	461.3
AusQuest	Investments in ventures		30		3.7			24.1
Cockatoo (1)	Other liabilities		50		(15.0	)		10.5
Hibbing	Other liabilities		23		(6.8	)		(5.8	)
Other	Investments in ventures				24.3			18.9

				$	504.8		$	509.0

(1)	Recorded as Investments in ventures at December 31, 2010.

Reimbursements Revenue Disclosure


	(In Millions)
	Year Ended December 31,
	2011		2010		2009
Reimbursements for:
Freight	$	128.4	$	83.6	$	22.4
Venture partners' cost		95.9		139.8		71.3

Total reimbursements	$	224.3	$	223.4	$	93.7

U.S. Iron Ore And Eastern Canadian Iron Ore [Member]

Depreciation Methods And Useful Lives


Asset Class	Basis	Life
Buildings	Straight line	45 Years
Mining equipment	Straight line/Double declining balance	10 to 20 Years
Processing equipment	Straight line	15 to 45 Years
Information technology	Straight line	2 to 7 Years

North American Coal [Member]

Depreciation Methods And Useful Lives


Asset Class	Basis	Life
Buildings	Straight line	30 Years
Mining equipment	Straight line	2 to 22 Years
Processing equipment	Straight line	2 to 30 Years
Information technology	Straight line	2 to 3 Years

Asia Pacific Iron Ore [Member]

Depreciation Methods And Useful Lives


Asset Class	Basis	Life
Plant and equipment	Straight line	5 - 10 Years
Plant and equipment and mine assets	Production output	10 Years
Motor vehicles, furniture & equipment	Straight line	3 - 5 Years

- Definition

The tabular disclosure of the effects of any changes in a parent's ownership interest in a subsidiary on the equity attributable to the parent if the ownership interests in a subsidiary changes during the period. The changes represented by this element did not result in the deconsolidation of the subsidiary.

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- Definition

Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available.

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- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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