NOTE 17 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
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, 2013, 2012 and 2011:
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|
Ìý |
(In Millions) |
Ìý |
Pre-tax
Amount
|
Ìý |
Tax
Benefit
(Provision)
|
Ìý |
After-tax
Amount
|
As of DecemberÌý31, 2011: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Postretirement benefit liability |
$ |
(615.9 |
) |
Ìý |
$ |
207.0 |
|
Ìý |
$ |
(408.9 |
) |
Foreign currency translation adjustments |
312.5 |
|
Ìý |
— |
|
Ìý |
312.5 |
|
Unrealized net gain on derivative financial instruments |
1.7 |
|
Ìý |
(0.5 |
) |
Ìý |
1.2 |
|
Unrealized gain on securities |
2.5 |
|
Ìý |
0.1 |
|
Ìý |
2.6 |
|
Ìý |
$ |
(299.2 |
) |
Ìý |
$ |
206.6 |
|
Ìý |
$ |
(92.6 |
) |
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 loss 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 |
) |
The following tables reflect the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for DecemberÌý31, 2013, 2012 and 2011 :
|
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|
|
|
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|
|
|
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 |
) |
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|
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, 2010 |
$ |
(305.1 |
) |
Ìý |
$ |
33.6 |
|
Ìý |
$ |
314.7 |
|
Ìý |
$ |
2.7 |
|
Ìý |
$ |
45.9 |
|
Change during 2011 |
$ |
(103.8 |
) |
Ìý |
$ |
(31.0 |
) |
Ìý |
$ |
(2.2 |
) |
Ìý |
$ |
(1.5 |
) |
Ìý |
$ |
(138.5 |
) |
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 |
) |
The following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ equity for the year ended DecemberÌý31, 2013:
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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 |
Ìý |
Year Ended
December 31, 2013
|
Ìý |
Ìý |
Amortization of Pension and Postretirement Benefit Liability: |
Ìý |
Ìý |
Ìý |
Ìý |
Prior-service costs |
Ìý |
$ |
(0.6 |
) |
Ìý |
(1) |
Net actuarial loss |
Ìý |
41.4 |
|
Ìý |
(1) |
Ìý |
Ìý |
40.8 |
|
Ìý |
Total before taxes |
Ìý |
Ìý |
(14.3 |
) |
Ìý |
Income tax expense |
Ìý |
Ìý |
$ |
26.5 |
|
Ìý |
Net of taxes |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Unrealized gain (loss) on marketable securities: |
Ìý |
Ìý |
Ìý |
Ìý |
Sale of marketable securities |
Ìý |
$ |
(0.2 |
) |
Ìý |
Other non-operating income (expense) |
Impairment |
Ìý |
5.3 |
|
Ìý |
Other non-operating income (expense) |
Ìý |
Ìý |
5.1 |
|
Ìý |
Total before taxes |
Ìý |
Ìý |
(0.1 |
) |
Ìý |
Income tax expense |
Ìý |
Ìý |
$ |
5.0 |
|
Ìý |
Net of taxes |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Unrealized gain (loss) on derivative financial instruments: |
Ìý |
Ìý |
Ìý |
Ìý |
Australian dollar foreign exchange contracts |
Ìý |
$ |
17.0 |
|
Ìý |
Product revenues |
Canadian dollar foreign exchange contracts |
Ìý |
15.3 |
|
Ìý |
Cost of goods sold and operating expenses |
Ìý |
Ìý |
32.3 |
|
Ìý |
Total before taxes |
Ìý |
Ìý |
(10.2 |
) |
Ìý |
Income tax expense |
Ìý |
Ìý |
$ |
22.1 |
|
Ìý |
Net of taxes |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Total Reclassifications for the Period |
Ìý |
$ |
53.6 |
|
Ìý |
Ìý |
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(1) |
These accumulated other comprehensive income components are included in the net periodic benefit cost recognized for the year ended December 31, 2013. See NOTE 13 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
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