Replies to post #4299 on 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.

[winchem21]

No surprise if CLF retires 4% of stock this quarter as it did during the first three months of the year. They certainly have the cash and cash flow to do this. What other company is buying back its stock at a 4%/qtr rate?