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Annual report pursuant to Section 13 and 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)

v2.4.1.9
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Dec. 31, 2014
Equity [Abstract] Ìý
Schedule of Accumulate Other Comprehensive Income (Loss) and Related Tax Effects [Table Text Block]
The components of Accumulated other comprehensive income (loss) within Cliffs shareholders’ equity and related tax effects allocated to each are shown below as of DecemberÌý31, 2014, 2013 and 2012:
Ìý
(In Millions)
Ìý
Pre-tax
Amount
Ìý
Tax
Benefit
(Provision)
Ìý
After-tax
Amount
As of DecemberÌý31, 2012:
Ìý
Ìý
Ìý
Ìý
Ìý
Postretirement benefit liability
$
(576.7
)
Ìý
$
194.0

Ìý
$
(382.7
)
Foreign currency translation adjustments
316.3

Ìý
—

Ìý
316.3

Unrealized net gain on derivative financial instruments
12.4

Ìý
(3.7
)
Ìý
8.7

Unrealized gain on securities
3.3

Ìý
(1.2
)
Ìý
2.1

Ìý
$
(244.7
)
Ìý
$
189.1

Ìý
$
(55.6
)
As of DecemberÌý31, 2013:
Ìý
Ìý
Ìý
Ìý
Ìý
Postretirement benefit liability
$
(299.3
)
Ìý
$
94.4

Ìý
$
(204.9
)
Foreign currency translation adjustments
106.7

Ìý
—

Ìý
106.7

Unrealized net gain on derivative financial instruments
(30.0
)
Ìý
9.1

Ìý
(20.9
)
Unrealized gain on securities
9.3

Ìý
(3.1
)
Ìý
6.2

Ìý
$
(213.3
)
Ìý
$
100.4

Ìý
$
(112.9
)
As of DecemberÌý31, 2014:
Ìý
Ìý
Ìý
Ìý
Ìý
Postretirement benefit liability
$
(425.3
)
Ìý
$
134.2

Ìý
$
(291.1
)
Foreign currency translation adjustments
64.4

Ìý
—

Ìý
64.4

Unrealized net loss on derivative financial instruments
(25.9
)
Ìý
7.8

Ìý
(18.1
)
Unrealized gain on securities
(1.3
)
Ìý
0.3

Ìý
(1.0
)
Ìý
$
(388.1
)
Ìý
$
142.3

Ìý
$
(245.8
)
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following tables reflect the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for DecemberÌý31, 2014, 2013 and 2012:
Ìý
(In Millions)
Ìý
Postretirement Benefit Liability, net of tax
Ìý
Unrealized Net Gain (Loss) on Securities, net of tax
Ìý
Unrealized Net Gain (Loss) on Foreign Currency Translation
Ìý
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
Ìý
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2013
$
(204.9
)
Ìý
$
6.2

Ìý
$
106.7

Ìý
$
(20.9
)
Ìý
$
(112.9
)
Other comprehensive income (loss) before reclassifications
(0.4
)
Ìý
3.8

Ìý
40.5

Ìý
(2.3
)
Ìý
41.6

Net loss (gain) reclassified from accumulated other comprehensive income (loss)
3.3

Ìý
0.1

Ìý
—

Ìý
12.8

Ìý
16.2

Balance March 31, 2014
$
(202.0
)
Ìý
$
10.1

Ìý
$
147.2

Ìý
$
(10.4
)
Ìý
$
(55.1
)
Other comprehensive loss before reclassifications
(1.4
)
Ìý
(2.4
)
Ìý
19.7

Ìý
9.7

Ìý
25.6

Net loss (gain) reclassified from accumulated other comprehensive income (loss)
4.0

Ìý
(1.3
)
Ìý
—

Ìý
6.6

Ìý
9.3

Balance June 30, 2014
$
(199.4
)
Ìý
$
6.4

Ìý
$
166.9

Ìý
$
5.9

Ìý
$
(20.2
)
Other comprehensive income (loss) before reclassifications
3.5

Ìý
1.3

Ìý
(65.9
)
Ìý
(20.0
)
Ìý
(81.1
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
7.6

Ìý
(7.1
)
Ìý
—

Ìý
(0.6
)
Ìý
(0.1
)
Balance September 30, 2014
$
(188.3
)
Ìý
$
0.6

Ìý
$
101.0

Ìý
$
(14.7
)
Ìý
$
(101.4
)
Other comprehensive income (loss) before reclassifications
$
(98.7
)
Ìý
$
(1.4
)
Ìý
$
(36.6
)
Ìý
$
(15.6
)
Ìý
$
(152.3
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
$
(4.1
)
Ìý
$
(0.2
)
Ìý
$
—

Ìý
$
12.2

Ìý
$
7.9

Balance December 31, 2014
$
(291.1
)
Ìý
$
(1.0
)
Ìý
$
64.4

Ìý
$
(18.1
)
Ìý
$
(245.8
)
Ìý
(In Millions)
Ìý
Postretirement Benefit Liability, net of tax
Ìý
Unrealized Net Gain (Loss) on Securities, net of tax
Ìý
Unrealized Net Gain (Loss) on Foreign Currency Translation
Ìý
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
Ìý
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2012
$
(382.7
)
Ìý
$
2.1

Ìý
$
316.3

Ìý
$
8.7

Ìý
$
(55.6
)
Other comprehensive income (loss) before reclassifications
(1.1
)
Ìý
2.5

Ìý
3.3

Ìý
(5.0
)
Ìý
(0.3
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
6.4

Ìý
0.1

Ìý
—

Ìý
(2.0
)
Ìý
4.5

Balance March 31, 2013
$
(377.4
)
Ìý
$
4.7

Ìý
$
319.6

Ìý
$
1.7

Ìý
$
(51.4
)
Other comprehensive loss before reclassifications
(1.5
)
Ìý
(2.0
)
Ìý
(152.0
)
Ìý
(42.2
)
Ìý
(197.7
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
8.1

Ìý
3.6

Ìý
—

Ìý
(2.2
)
Ìý
9.5

Balance June 30, 2013
$
(370.8
)
Ìý
$
6.3

Ìý
$
167.6

Ìý
$
(42.7
)
Ìý
$
(239.6
)
Other comprehensive income (loss) before reclassifications
(0.6
)
Ìý
3.5

Ìý
22.8

Ìý
12.1

Ìý
37.8

Net loss (gain) reclassified from accumulated other comprehensive income (loss)
6.3

Ìý
0.9

Ìý
—

Ìý
16.2

Ìý
23.4

Balance September 30, 2013
$
(365.1
)
Ìý
$
10.7

Ìý
$
190.4

Ìý
$
(14.4
)
Ìý
$
(178.4
)
Other comprehensive income (loss) before reclassifications
$
154.5

Ìý
$
(4.9
)
Ìý
$
(83.7
)
Ìý
$
(16.6
)
Ìý
$
49.3

Net loss (gain) reclassified from accumulated other comprehensive income (loss)
$
5.7

Ìý
$
0.4

Ìý
$
—

Ìý
$
10.1

Ìý
$
16.2

Balance December 31, 2013
$
(204.9
)
Ìý
$
6.2

Ìý
$
106.7

Ìý
$
(20.9
)
Ìý
$
(112.9
)
Ìý
(In Millions)
Ìý
Postretirement Benefit Liability, net of tax
Ìý
Unrealized Net Gain (Loss) on Securities, net of tax
Ìý
Unrealized Net Gain on Foreign Currency Translation
Ìý
Net Unrealized Gain on Derivative Financial Instruments, net of tax
Ìý
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2011
$
(408.9
)
Ìý
$
2.6

Ìý
$
312.5

Ìý
$
1.2

Ìý
$
(92.6
)
Change during 2012
26.2

Ìý
(0.5
)
Ìý
3.8

Ìý
7.5

Ìý
37.0

Balance December 31, 2012
$
(382.7
)
Ìý
$
2.1

Ìý
$
316.3

Ìý
$
8.7

Ìý
$
(55.6
)
Details of Accumulated Other Comprehensive Income (Loss) Components [Table Text Block]
he following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ equity for the year ended DecemberÌý31, 2014:
Ìý
Ìý
(In Millions)
Ìý
Ìý
Details about Accumulated Other Comprehensive Income (Loss) Components
Ìý
Amount of (Gain)/Loss Reclassified into Income
Ìý
Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
Ìý
Ìý
Year Ended
December 31, 2014
Ìý
Year Ended
December 31, 2013
Ìý
Ìý
Amortization of Pension and Postretirement Benefit Liability:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Prior service costs
Ìý
$
(0.9
)
Ìý
$
(0.6
)
Ìý
(1)
Net actuarial loss
Ìý
19.1

Ìý
41.4

Ìý
(1)
Curtailments/Settlements
Ìý
(5.0
)
Ìý
—

Ìý
(1)
Special termination benefits
Ìý
3.4

Ìý
—

Ìý
(1)
Ìý
Ìý
16.6

Ìý
40.8

Ìý
Total before taxes
Ìý
Ìý
(5.8
)
Ìý
(14.3
)
Ìý
Income tax benefit (expense)
Ìý
Ìý
$
10.8

Ìý
$
26.5

Ìý
Net of taxes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Unrealized gain (loss) on marketable securities:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Sale of marketable securities
Ìý
$
(11.4
)
Ìý
$
(0.2
)
Ìý
Other non-operating income (expense)
Impairment
Ìý
(0.5
)
Ìý
5.3

Ìý
Other non-operating income (expense)
Ìý
Ìý
(11.9
)
Ìý
5.1

Ìý
Total before taxes
Ìý
Ìý
3.4

Ìý
(0.1
)
Ìý
Income tax benefit (expense)
Ìý
Ìý
$
(8.5
)
Ìý
$
5.0

Ìý
Net of taxes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Unrealized gain (loss) on derivative financial instruments:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Australian dollar foreign exchange contracts
Ìý
$
18.9

Ìý
$
17.0

Ìý
Product revenues
Canadian dollar foreign exchange contracts
Ìý
26.7

Ìý
15.3

Ìý
Cost of goods sold and operating expenses
Ìý
Ìý
45.6

Ìý
32.3

Ìý
Total before taxes
Ìý
Ìý
(14.6
)
Ìý
(10.2
)
Ìý
Income tax benefit (expense)
Ìý
Ìý
$
31.0

Ìý
$
22.1

Ìý
Net of taxes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Total Reclassifications for the Period
Ìý
$
33.3

Ìý
$
53.6

Ìý
Ìý
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
(1)
These accumulated other comprehensive income components are included in the net periodic benefit cost recognized for the year ended December 31, 2014 and 2013. See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.