CLEVELAND-CLIFFS INC.CLF

CLEVELAND-CLIFFS INC. New Standards Disclosure

10-KFiled Feb 9, 20261 min read
RECENT ACCOUNTING PRONOUNCEMENTS AND LEGISLATION
ACCOUNTING PRONOUNCEMENTS - ISSUED AND ADOPTED
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance requires additional annual and interim disclosures for income taxes. This new standard does not affect the recognition, measurement or financial statement presentation. As of December 31, 2025, we had adopted this standard and applied the amendment prospectively. Refer to NOTE 11 - INCOME TAXES for further information.
ACCOUNTING PRONOUNCEMENTS - ISSUED AND NOT EFFECTIVE
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses. This new standard does not affect the recognition, measurement or financial statement presentation. However, this guidance does require additional annual and interim disclosures related to the disaggregation of various income statement expense captions. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.

Historical Timeline

Fiscal YearFiled
2025Feb 9, 2026Showing above
2024Feb 25, 2025
2023Feb 8, 2024
2022Feb 14, 2023
2021Feb 11, 2022
2020Feb 26, 2021
2019Feb 20, 2020
2018Feb 8, 2019
2017Feb 14, 2018
2016Feb 9, 2017
2015Feb 24, 2016

About New Standards Disclosures

New accounting standards disclosures describe recently adopted pronouncements and those not yet effective, along with management's assessment of their expected impact. This section provides an early warning system for upcoming changes to how a company reports its financial results, often years before the new rules take effect.

Key signals: when management describes a not-yet-adopted standard's impact as "material" or "still being evaluated," it signals potential significant changes to reported metrics upon adoption. Watch for standards that affect a company's core operations — for example, revenue recognition changes for software companies or lease accounting changes for retailers with large store footprints. The transition method chosen (full retrospective versus modified retrospective) affects comparability with prior periods. Companies that delay adoption to the latest permitted date may be struggling with implementation complexity. Compare the disclosed impact assessments against peers in the same industry to gauge whether management's expectations are reasonable.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesLeasesSegmentsDebtCommitmentsStock Compensation