CLEVELAND-CLIFFS INC.
For the period ended Dec 31, 2024. Filed Apr 2, 2025.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Dec 31, 2024 · Filed Apr 2, 2025
Contents
49 | CLF 2025 PROXY STATEMENT
2023 to December 31, 2024. The primary driver for changes versus the prior year are due to the movement in underlying discount rates, as well as the impact of the plan change that reduced cash balance accruals beginning January 1, 2024. Pay credits were reduced from 4% to 2% and up to 10% reduced to 5%. This column also includes amounts for above-market interest for the NEOs’ balances in the NQDC Plan.
The following table summarizes changes in pension values and above-market earnings on deferred compensation in 2024:
| PRESENT VALUE OF PENSION ACCRUALS ($) | ABOVE-MARKET INTEREST ON DEFERRED COMPENSATION ($)(a) | TOTAL ($) | |
|---|---|---|---|
| Goncalves | 576,300 | — | 576,300 |
| C. Goncalves | 55,700 | — | 55,700 |
| Smith | 121,600 | — | 121,600 |
| Koci | 98,900 | — | 98,900 |
| Graham | 91,100 | — | 91,100 |
| (a) Messrs. Goncalves and Graham had a decrease in above-market interest on deferred compensation of negative $51.32 and $12.53. | |||
(6) The 2024 amounts in column (i) reflect the combined value of the NEOs’ perquisites (the benefits attributable to our paid parking, fitness reimbursement program, executive physical, financial services, commuter and travel expenses and other amounts) and matching contributions made on behalf of the executives under the 401(k) Savings Plan and the NQDC Plan.
The following table summarizes perquisites and other compensation in 2024:
| PAID PARKING ($) | EXECUTIVE PHYSICALS ($) | FINANCIAL SERVICES ($) | 401(k) SAVINGS PLAN MATCHING CONTRIBUTIONS ($) | NQDC PLAN MATCHING CONTRIBUTIONS ($) | OTHER ($) | TOTAL ($) | |
|---|---|---|---|---|---|---|---|
| Goncalves | 4,200 | — | 23,600 | 13,800 | 14,813 | 65,219(a) | 121,632 |
| C. Goncalves | 4,200 | — | 11,100 | 13,200 | 20,800 | 13,039(a) | 62,339 |
| Smith | 4,200 | — | 12,740 | 13,800 | 21,920 | — | 52,660 |
| Koci | 8,400 | 4,085 | 5,300 | 13,800 | 15,720 | — | 47,305 |
| Graham | 4,200 | — | 12,740 | 13,800 | 15,000 | — | 45,740 |
| (a)Other compensation reflects the aggregate incremental cost of commuter and travel expenses, including the cost of Mr. Goncalves’ personal use of corporate aircraft ($61,634) and ground transportation ($3,585) and Mr. C. Goncalves’ personal use of corporate aircraft ($11,994) and ground transportation ($1,045) in 2024. We have estimated our aggregate incremental cost of personal use of the corporate aircraft using a methodology that reflects the direct variable operating costs on an hourly basis, including all costs that may vary by the hours flown. Included in these direct variable operating costs are: aircraft fuel and oil, trip-related maintenance, crew travel expenses, trip-related fees, ramp fees, landing fees, catering and other miscellaneous variable costs. Fixed costs, such as hangar fee storage, maintenance not related to travel, pilot salaries, insurance and warranty are excluded from this calculation. | |||||||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.