Cleveland Cliffs Inc (CLF)

[DewDiligence]

The tax refund won’t affect reported earnings because it’s already been logged as an asset the balance sheet on the “Income tax receivable, current” line (https://www.sec.gov/Archives/edgar/data/764065/000076406519000072/clf-201933110xq.htm#s9480B6AB16EC574389B009328A6A12A6 ).

Cash is fungible (and CLF knew this amount was coming), so it doesn’t make much sense to allocate the cash from the tax refund to any particular use.