Cleveland-Cliffs Inc. reported first-quarter 2018 results

As previously discussed, on January 1, 2018, Cliffs adopted the new revenue recognition standard and recognized the cumulative effect of this change as an addition to the opening balance of retained earnings of $34 million. Under ASC Topic 606, revenue will generally be recognized upon delivery for Cliffs’ U.S. Iron Ore customers, which in most cases is earlier than under the previous standard. Therefore, as a result of the adoption of the standard and the annual winter closure of the Soo Locks, revenues and net income will be relatively lower than historical levels during the first quarter and relatively higher than historical levels during the remaining nine months.

Read more at Cleveland-Cliffs Inc. Reports First-Quarter 2018 Results.


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