STOCK COMPENSATION PLANS (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Ìý
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| Approved Grants Equity Plans [Table Text Block] |
Following is a summary of approved grants by the Compensation Committee:
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Grant Year |
Ìý |
Vesting Date |
Ìý |
Plan |
Ìý |
Restricted Stock Granted |
Ìý |
Performance Shares Granted |
Ìý |
Stock Options Granted |
2017 |
Ìý |
12/31/2019 |
Ìý |
Amended 2015 Equity Plan |
Ìý |
532,358 |
|
Ìý |
249,106 |
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Ìý |
— |
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2017 |
Ìý |
12/31/2019 |
Ìý |
2015 Equity Plan |
Ìý |
553,725 |
|
Ìý |
553,725 |
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Ìý |
— |
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2016 |
Ìý |
12/31/2018 |
Ìý |
2015 Equity Plan |
Ìý |
3,406,716 |
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Ìý |
— |
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Ìý |
— |
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2015 |
Ìý |
12/15/2017 |
Ìý |
2015 Equity Plan |
Ìý |
1,473,184 |
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Ìý |
— |
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Ìý |
— |
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2015 |
Ìý |
12/31/2017 |
Ìý |
2012 Equity Plan |
Ìý |
874,575 |
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Ìý |
874,575 |
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Ìý |
412,710 |
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| Stock Incentive Plans Disclosure [Table Text Block] |
Following is a summary of our performance share award agreements currently outstanding:
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Performance
Share
Plan Year |
Ìý |
Performance Shares Granted |
Ìý |
Forfeitures to Date |
Ìý |
Expected to Vest |
Ìý |
Grant Date |
Ìý |
Performance Period |
2017 |
Ìý |
249,106 |
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Ìý |
— |
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Ìý |
249,106 |
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Ìý |
June 26, 2017 |
Ìý |
5/31/2017 - 12/31/2019 |
2017 |
Ìý |
553,725 |
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Ìý |
5,192 |
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Ìý |
548,533 |
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Ìý |
February 21, 2017 |
Ìý |
1/1/2017 - 12/31/2019 |
20151
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Ìý |
410,105 |
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Ìý |
155,235 |
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Ìý |
254,870 |
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Ìý |
February 9, 2015 |
Ìý |
1/1/2015 - 12/31/2017 |
20151
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Ìý |
464,470 |
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Ìý |
68,667 |
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Ìý |
395,803 |
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Ìý |
January 12, 2015 |
Ìý |
1/1/2015 - 12/31/2017 |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1ÌýThe performance shares granted in 2015 will have a payout of 75.3% of the original grant based on the final performance evaluation versus the performance goals that were established in the grants.
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| Incentive Compensation and Other Benefit Plans for Employees and Directors [Table Text Block] |
For the last three years, Equity Grant shares have been awarded to elected or re-elected nonemployee Directors as follows:
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Year of Grant |
Ìý |
Restricted Equity Grant Shares |
Ìý |
Deferred Equity Grant Shares |
2015 |
Ìý |
109,408 |
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Ìý |
25,248 |
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2016 |
Ìý |
135,038 |
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Ìý |
29,583 |
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2017 |
Ìý |
93,359 |
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Ìý |
17,289 |
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| Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] |
The following table summarizes the share-based compensation expense that we recorded for continuing operations in 2017, 2016 and 2015:
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Ìý |
(InÌýMillions,Ìýexcept per
shareÌýamounts)
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Ìý |
2017 |
Ìý |
2016 |
Ìý |
2015 |
Cost of goods sold and operating expenses |
$ |
2.3 |
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Ìý |
$ |
2.1 |
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Ìý |
$ |
4.0 |
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Selling, general and administrative expenses |
16.4 |
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Ìý |
12.1 |
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Ìý |
9.9 |
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Reduction of operating income from continuing operations before income
ÌýÌýÌýÌýtaxes and equity loss from ventures
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18.7 |
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Ìý |
14.2 |
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Ìý |
13.9 |
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Income tax benefit1
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— |
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Ìý |
— |
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Ìý |
— |
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Reduction of net income attributable to Cliffs shareholders |
$ |
18.7 |
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Ìý |
$ |
14.2 |
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Ìý |
$ |
13.9 |
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Reduction of earnings per share attributable to Cliffs shareholders: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Basic |
$ |
0.06 |
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Ìý |
$ |
0.07 |
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Ìý |
$ |
0.09 |
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Diluted |
$ |
0.06 |
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Ìý |
$ |
0.07 |
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Ìý |
$ |
0.09 |
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Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1 No income tax benefit due to the full valuation allowance.
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| Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] |
Stock option, restricted stock awards and performance share activity under our long-term equity plans and Directors’ Plans are as follows:
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Ìý |
2017 |
Ìý |
2016 |
Ìý |
2015 |
Ìý |
Shares |
Ìý |
Shares |
Ìý |
Shares |
Stock options: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Outstanding at beginning of year |
599,870 |
|
Ìý |
607,489 |
|
Ìý |
250,000 |
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Granted during the year |
— |
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Ìý |
— |
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Ìý |
412,710 |
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Forfeited/canceled |
— |
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Ìý |
(7,619 |
) |
Ìý |
(55,221 |
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Outstanding at end of year |
599,870 |
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Ìý |
599,870 |
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Ìý |
607,489 |
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Restricted awards: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Outstanding and restricted at beginning of year |
5,461,783 |
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Ìý |
2,338,070 |
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Ìý |
523,176 |
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Granted during the year |
1,196,731 |
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Ìý |
3,571,337 |
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Ìý |
2,482,415 |
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Vested |
(1,813,315 |
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Ìý |
(271,988 |
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Ìý |
(477,157 |
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Forfeited/canceled |
(68,716 |
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Ìý |
(175,636 |
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Ìý |
(190,364 |
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Outstanding and restricted at end of year |
4,776,483 |
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Ìý |
5,461,783 |
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Ìý |
2,338,070 |
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Performance shares: |
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Ìý |
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Ìý |
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Outstanding at beginning of year |
1,368,469 |
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Ìý |
1,496,489 |
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Ìý |
1,072,376 |
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Granted during the year |
802,831 |
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Ìý |
— |
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Ìý |
874,575 |
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Issued1
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— |
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Ìý |
(59,260 |
) |
Ìý |
(242,920 |
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Forfeited/canceled |
(322,988 |
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Ìý |
(68,760 |
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Ìý |
(207,542 |
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Outstanding at end of year |
1,848,312 |
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Ìý |
1,368,469 |
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Ìý |
1,496,489 |
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Vested or expected to vest as of DecemberÌý31, 20172
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7,224,665 |
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Ìý |
Ìý |
Ìý |
Ìý |
Directors’ retainer and voluntary shares: |
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Ìý |
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Ìý |
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Outstanding at beginning of year |
— |
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Ìý |
— |
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Ìý |
— |
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Granted during the year |
25,476 |
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Ìý |
— |
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Ìý |
— |
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Vested |
(25,476 |
) |
Ìý |
— |
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Ìý |
— |
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Outstanding at end of year |
— |
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Ìý |
— |
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Ìý |
— |
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Reserved for future grants or awards at end of year: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Employee plans |
16,606,386 |
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Ìý |
Ìý |
Ìý |
Ìý |
Directors’ plans |
612,266 |
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Ìý |
Ìý |
Ìý |
Ìý |
Total |
17,218,652 |
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Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1ÌýFor the year ended DecemberÌý31, 2015, the shares vesting due to the change in control were paid out in cash, at target, and valued as of the respective participants' termination dates.
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2ÌýWith the adoption of ASU 2016-09, we assume all shares are expected to vest and none will forfeit.
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| Employee Stock Awards Outstanding [Table Text Block] |
A summary of our outstanding share-based awards as of DecemberÌý31, 2017 is shown below:
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Ìý |
Shares |
Ìý |
Weighted
Average
GrantÌýDate
Fair Value
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Outstanding, beginning of year |
7,430,122 |
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Ìý |
$ |
5.55 |
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Granted |
1,999,562 |
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Ìý |
$ |
12.19 |
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Vested |
(1,813,315 |
) |
Ìý |
$ |
5.52 |
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Forfeited/expired |
(391,704 |
) |
Ìý |
$ |
12.84 |
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Outstanding, end of year |
7,224,665 |
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Ìý |
$ |
6.79 |
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