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Annual report pursuant to Section 13 and 15(d)

ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)

v3.8.0.1
ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Dec. 31, 2017
Schedule of Accumulate Other Comprehensive Income (Loss) and Related Tax Effects [Table Text Block]
The components of Accumulated other comprehensive loss within Cliffs shareholders’ deficit and related tax effects allocated to each are shown below as of DecemberÌý31, 2017, 2016 and 2015:
Ìý
(In Millions)
Ìý
Pre-tax
Amount
Ìý
Tax
Benefit
Ìý
After-tax
Amount
As of DecemberÌý31, 2017:
Ìý
Ìý
Ìý
Ìý
Ìý
Postretirement benefit liability
$
(387.3
)
Ìý
$
123.4

Ìý
$
(263.9
)
Foreign currency translation adjustments
225.4

Ìý
—

Ìý
225.4

Unrealized net loss on derivative financial instruments
(0.5
)
Ìý
—

Ìý
(0.5
)
Ìý
$
(162.4
)
Ìý
$
123.4

Ìý
$
(39.0
)
As of DecemberÌý31, 2016:
Ìý
Ìý
Ìý
Ìý
Ìý
Postretirement benefit liability
$
(384.0
)
Ìý
$
123.4

Ìý
$
(260.6
)
Foreign currency translation adjustments
239.3

Ìý
—

Ìý
239.3

Ìý
$
(144.7
)
Ìý
$
123.4

Ìý
$
(21.3
)
As of DecemberÌý31, 2015:
Ìý
Ìý
Ìý
Ìý
Ìý
Postretirement benefit liability
$
(364.8
)
Ìý
$
123.4

Ìý
$
(241.4
)
Foreign currency translation adjustments
220.7

Ìý
—

Ìý
220.7

Unrealized net gain on derivative financial instruments
2.2

Ìý
0.4

Ìý
2.6

Unrealized gain on securities
0.1

Ìý
—

Ìý
0.1

Ìý
$
(141.8
)
Ìý
$
123.8

Ìý
$
(18.0
)
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following tables reflect the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ equity for DecemberÌý31, 2017, 2016 and 2015:
Ìý
(In Millions)
Ìý
Postretirement Benefit Liability, net of tax
Ìý
Unrealized Net Gain (Loss) on Foreign Currency Translation
Ìý
Net Unrealized Loss on Derivative Financial Instruments, net of tax
Ìý
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2016
$
(260.6
)
Ìý
$
239.3

Ìý
$
—

Ìý
$
(21.3
)
Other comprehensive loss before reclassifications
(29.8
)
Ìý
(13.9
)
Ìý
(0.5
)
Ìý
(44.2
)
Net loss reclassified from accumulated other comprehensive income (loss)
26.5

Ìý
—

Ìý
—

Ìý
26.5

Balance December 31, 2017
$
(263.9
)
Ìý
$
225.4

Ìý
$
(0.5
)
Ìý
$
(39.0
)
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 (Loss) on Derivative Financial Instruments, net of tax
Ìý
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2015
$
(241.4
)
Ìý
$
0.1

Ìý
$
220.7

Ìý
$
2.6

Ìý
$
(18.0
)
Other comprehensive income (loss) before reclassifications
(44.8
)
Ìý
(0.1
)
Ìý
18.4

Ìý
(3.3
)
Ìý
(29.8
)
Net loss reclassified from accumulated other comprehensive income (loss)
25.6

Ìý
—

Ìý
0.2

Ìý
0.7

Ìý
26.5

Balance December 31, 2016
$
(260.6
)
Ìý
$
—

Ìý
$
239.3

Ìý
$
—

Ìý
$
(21.3
)
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, 2014
$
(291.1
)
Ìý
$
(1.0
)
Ìý
$
64.4

Ìý
$
(18.1
)
Ìý
$
(245.8
)
Other comprehensive income (loss) before reclassifications
9.1

Ìý
5.4

Ìý
(26.4
)
Ìý
1.9

Ìý
(10.0
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
40.6

Ìý
(4.3
)
Ìý
182.7

Ìý
18.8

Ìý
237.8

Balance December 31, 2015
$
(241.4
)
Ìý
$
0.1

Ìý
$
220.7

Ìý
$
2.6

Ìý
$
(18.0
)
Details of Accumulated Other Comprehensive Income (Loss) Components [Table Text Block]
The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ equity for the years ended DecemberÌý31, 2017, 2016 and 2015:
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 Consolidated Operations
Ìý
Ìý
Year Ended
December 31, 2017
Ìý
Year Ended
December 31, 2016
Ìý
Year Ended
December 31, 2015
Ìý
Ìý
Amortization of Pension and Postretirement Benefit Liability:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Prior service costs1
Ìý
$
(0.4
)
Ìý
$
(1.5
)
Ìý
$
(1.4
)
Ìý
Ìý
Net actuarial loss1
Ìý
26.9

Ìý
27.1

Ìý
27.4

Ìý
Ìý
Curtailments/Settlements1
Ìý
—

Ìý
—

Ìý
0.2

Ìý
Ìý
Effect of deconsolidation2
Ìý
—

Ìý
—

Ìý
15.1

Ìý
Loss from Discontinued Operations, net of tax
Ìý
Ìý
26.5

Ìý
25.6

Ìý
41.3

Ìý
Total before taxes
Ìý
Ìý
—

Ìý
—

Ìý
(0.7
)
Ìý
Income tax benefit (expense)
Ìý
Ìý
$
26.5

Ìý
$
25.6

Ìý
$
40.6

Ìý
Net of taxes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Unrealized loss on marketable securities:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Sale of marketable securities
Ìý
$
—

Ìý
$
—

Ìý
$
(2.6
)
Ìý
Other non-operating income (expense)
Impairment
Ìý
—

Ìý
—

Ìý
(2.0
)
Ìý
Other non-operating income (expense)
Ìý
Ìý
—

Ìý
—

Ìý
(4.6
)
Ìý
Total before taxes
Ìý
Ìý
—

Ìý
—

Ìý
0.3

Ìý
Income tax benefit (expense)
Ìý
Ìý
$
—

Ìý
$
—

Ìý
$
(4.3
)
Ìý
Net of taxes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Unrealized gain on foreign currency translation:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Dissolution of entity
Ìý
$
—

Ìý
$
0.2

Ìý
$
—

Ìý
Other non-operating income (expense)
Effect of deconsolidation3
Ìý
—

Ìý
—

Ìý
182.7

Ìý
Loss from Discontinued Operations, net of tax
Ìý
Ìý
$
—

Ìý
$
0.2

Ìý
$
182.7

Ìý
Net of taxes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Unrealized gain on derivative financial instruments:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Treasury lock
Ìý
$
—

Ìý
$
1.2

Ìý
$
—

Ìý
Gain (loss) on extinguishment/restructuring of debt
Australian dollar foreign exchange contracts
Ìý
—

Ìý
—

Ìý
26.9

Ìý
Product revenues
Ìý
Ìý
—

Ìý
1.2

Ìý
26.9

Ìý
Total before taxes
Ìý
Ìý
—

Ìý
(0.5
)
Ìý
(8.1
)
Ìý
Income tax benefit (expense)
Ìý
Ìý
$
—

Ìý
$
0.7

Ìý
$
18.8

Ìý
Net of taxes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Total Reclassifications for the Period
Ìý
$
26.5

Ìý
$
26.5

Ìý
$
237.8

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
1 These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
2 Represents Canadian postretirement benefit liabilities that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information.
3ÌýRepresents Canadian accumulated currency translation adjustments that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information.