NOTE 15 - SHAREHOLDERS' DEFICIT
The following table reflects the changes in shareholders' deficit attributable to both Cliffs and the noncontrolling interests primarily related to Tilden and Empire of which Cliffs owns 85% and 79%, respectively, for the three months ended MarchÌý31, 2017 and MarchÌý31, 2016:
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Ìý |
(In Millions) |
Ìý |
Cliffs
³§³ó²¹°ù±ð³ó´Ç±ô»å±ð°ù²õ’
Equity (Deficit) |
Ìý |
Noncontrolling
Interest (Deficit)
|
Ìý |
Total Equity (Deficit) |
December 31, 2016 |
$ |
(1,464.3 |
) |
Ìý |
$ |
133.8 |
|
Ìý |
$ |
(1,330.5 |
) |
Comprehensive loss |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Net loss |
(28.1 |
) |
Ìý |
(1.7 |
) |
Ìý |
(29.8 |
) |
Other comprehensive loss |
(3.0 |
) |
Ìý |
(5.0 |
) |
Ìý |
(8.0 |
) |
Total comprehensive loss |
(31.1 |
) |
Ìý |
(6.7 |
) |
Ìý |
(37.8 |
) |
Issuance of common shares |
661.3 |
|
Ìý |
— |
|
Ìý |
661.3 |
|
Stock and other incentive plans |
4.0 |
|
Ìý |
— |
|
Ìý |
4.0 |
|
March 31, 2017 |
$ |
(830.1 |
) |
Ìý |
$ |
127.1 |
|
Ìý |
$ |
(703.0 |
) |
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|
Ìý |
(In Millions) |
Ìý |
Cliffs
³§³ó²¹°ù±ð³ó´Ç±ô»å±ð°ù²õ’
Equity (Deficit) |
Ìý |
Noncontrolling
Interest (Deficit) |
Ìý |
Total Equity (Deficit) |
December 31, 2015 |
$ |
(1,981.4 |
) |
Ìý |
$ |
169.8 |
|
Ìý |
$ |
(1,811.6 |
) |
Comprehensive income |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Net income |
108.0 |
|
Ìý |
8.8 |
|
Ìý |
116.8 |
|
Other comprehensive income |
5.7 |
|
Ìý |
0.6 |
|
Ìý |
6.3 |
|
Total comprehensive income |
113.7 |
|
Ìý |
9.4 |
|
Ìý |
123.1 |
|
Issuance of common shares |
5.4 |
|
Ìý |
— |
|
Ìý |
5.4 |
|
Stock and other incentive plans |
2.9 |
|
Ìý |
— |
|
Ìý |
2.9 |
|
Distributions of partnership equity |
— |
|
Ìý |
(17.0 |
) |
Ìý |
(17.0 |
) |
Undistributed losses to noncontrolling interest |
— |
|
Ìý |
0.5 |
|
Ìý |
0.5 |
|
March 31, 2016 |
$ |
(1,859.4 |
) |
Ìý |
$ |
162.7 |
|
Ìý |
$ |
(1,696.7 |
) |
The following table reflects the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ deficit for MarchÌý31, 2017 and MarchÌý31, 2016:
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Ìý |
(In Millions) |
Ìý |
Changes in Pension and Other Post-Retirement Benefits, net of tax |
Ìý |
Unrealized Net Gain (Loss) on Foreign Currency Translation |
Ìý |
Accumulated Other Comprehensive Income (Loss) |
December 31, 2016 |
$ |
(260.6 |
) |
Ìý |
$ |
239.3 |
|
Ìý |
$ |
(21.3 |
) |
Other comprehensive income (loss) before reclassifications |
3.3 |
|
Ìý |
(12.7 |
) |
Ìý |
(9.4 |
) |
Net loss reclassified from accumulated other comprehensive income (loss) |
6.4 |
|
Ìý |
— |
|
Ìý |
6.4 |
|
March 31, 2017 |
$ |
(250.9 |
) |
Ìý |
$ |
226.6 |
|
Ìý |
$ |
(24.3 |
) |
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|
Ìý |
(In Millions) |
Ìý |
Changes in Pension and Other Post-Retirement Benefits, 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) |
December 31, 2015 |
$ |
(241.4 |
) |
Ìý |
$ |
0.1 |
|
Ìý |
$ |
220.7 |
|
Ìý |
$ |
2.6 |
|
Ìý |
$ |
(18.0 |
) |
Other comprehensive income (loss) before reclassifications |
(1.5 |
) |
Ìý |
(0.1 |
) |
Ìý |
4.4 |
|
Ìý |
(3.4 |
) |
Ìý |
(0.6 |
) |
Net loss (gain) reclassified from accumulated other comprehensive income (loss) |
6.3 |
|
Ìý |
— |
|
Ìý |
— |
|
Ìý |
— |
|
Ìý |
6.3 |
|
March 31, 2016 |
$ |
(236.6 |
) |
Ìý |
$ |
— |
|
Ìý |
$ |
225.1 |
|
Ìý |
$ |
(0.8 |
) |
Ìý |
$ |
(12.3 |
) |
The following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ deficit for the three months ended MarchÌý31, 2017:
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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 |
Three Months Ended
March 31, |
Ìý |
Ìý |
2017 |
Ìý |
2016 |
Ìý |
Amortization of pension and postretirement benefit liability: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Prior service credits1
|
Ìý |
$ |
(0.1 |
) |
Ìý |
$ |
(0.4 |
) |
Ìý |
Ìý |
Net actuarial loss1
|
Ìý |
6.5 |
|
Ìý |
6.7 |
|
Ìý |
Ìý |
Total before taxes |
Ìý |
6.4 |
|
Ìý |
6.3 |
|
Ìý |
Ìý |
Ìý |
Ìý |
— |
|
Ìý |
— |
|
Ìý |
Income tax benefit (expense) |
Total reclassifications for the period, net of tax |
Ìý |
$ |
6.4 |
|
Ìý |
$ |
6.3 |
|
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1ÌýThese accumulated other comprehensive income components are included in the computation of net periodic benefit cost (credit). See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
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