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Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY Shareholders' Equity (Tables)

v2.4.0.8
SHAREHOLDERS' EQUITY Shareholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2014
Changes in Accumulated Othe Comprehensive Income [Abstract] Ìý
Schedule of Stockholders Equity [Table Text Block]
The following table reflects the changes in shareholders' equity attributable to both Cliffs and the noncontrolling interests primarily related to Bloom Lake, Tilden and Empire of which Cliffs owns 82.8 percent, 85 percent and 79 percent, respectively, for the six months ended JuneÌý30, 2014 and JuneÌý30, 2013:
Ìý
(In Millions)
Ìý
Cliffs
³§³ó²¹°ù±ð³ó´Ç±ô»å±ð°ù²õ’
Equity
Ìý
Noncontrolling
Interest
Ìý
Total Equity
December 31, 2013
$
6,069.5

Ìý
$
814.8

Ìý
$
6,884.3

Comprehensive income
Ìý
Ìý
Ìý
Ìý
Ìý
Net loss
(59.4
)
Ìý
3.2

Ìý
(56.2
)
Other comprehensive income
92.7

Ìý
1.1

Ìý
93.8

Total comprehensive income
33.3

Ìý
4.3

Ìý
37.6

Stock and other incentive plans
(3.1
)
Ìý
—

Ìý
(3.1
)
Common and preferred share dividends
(72.1
)
Ìý
—

Ìý
(72.1
)
Undistributed losses to noncontrolling interest
—

Ìý
(17.1
)
Ìý
(17.1
)
June 30, 2014
$
6,027.6

Ìý
$
802.0

Ìý
$
6,829.6

Ìý
(In Millions)
Ìý
Cliffs
³§³ó²¹°ù±ð³ó´Ç±ô»å±ð°ù²õ’
Equity
Ìý
Noncontrolling
Interest
Ìý
Total Equity
December 31, 2012
$
4,632.7

Ìý
$
1,128.2

Ìý
$
5,760.9

Comprehensive income
Ìý
Ìý
Ìý
Ìý
Ìý
Net income
253.0

Ìý
9.1

Ìý
262.1

Other comprehensive income
(184.0
)
Ìý
2.3

Ìý
(181.7
)
Total comprehensive income
69.0

Ìý
11.4

Ìý
80.4

Issuance of common shares
263.4

Ìý
—

Ìý
263.4

Issuance of preferred shares
731.3

Ìý
—

Ìý
731.3

Stock and other incentive plans
3.7

Ìý
—

Ìý
3.7

Common and preferred share dividends
(68.9
)
Ìý
—

Ìý
(68.9
)
Capital contribution by noncontrolling interest
ÌýÌýÌýÌýto subsidiary
—

Ìý
13.0

Ìý
13.0

June 30, 2013
$
5,631.2

Ìý
$
1,152.6

Ìý
$
6,783.8

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table reflects the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for JuneÌý30, 2014 and JuneÌý30, 2013:
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)
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 income (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
)
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)
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 income (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
)
Details of Accumulated Other Comprehensive Income (Loss) Components [Table Text Block]
The following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ equity for the three and six months ended JuneÌý30, 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
Three Months Ended
June 30,
Ìý
Six Months Ended
June 30,
Ìý
Ìý
2014
Ìý
2013
Ìý
2014
Ìý
2013
Ìý
Amortization of Pension and Postretirement Benefit Liability:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Prior-service costs
Ìý
$
5.6

Ìý
$
(0.1
)
Ìý
$
5.4

Ìý
$
(0.3
)
Ìý
(1)
Net actuarial loss
Ìý
(1.2
)
Ìý
11.2

Ìý
3.6

Ìý
20.8

Ìý
(1)
Settlements/curtailments
Ìý
0.9

Ìý
—

Ìý
1.2

Ìý
—

Ìý
(1)
Ìý
Ìý
5.3

Ìý
11.1

Ìý
10.2

Ìý
20.5

Ìý
Total before taxes
Ìý
Ìý
(1.3
)
Ìý
(3.0
)
Ìý
(2.9
)
Ìý
(6.0
)
Ìý
Income tax benefit (expense)
Ìý
Ìý
$
4.0

Ìý
$
8.1

Ìý
$
7.3

Ìý
$
14.5

Ìý
Net of taxes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Unrealized gain (loss) on marketable securities:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Sale of marketable securities
Ìý
$
(1.9
)
Ìý
$
(1.1
)
Ìý
$
(1.7
)
Ìý
$
(1.1
)
Ìý
Other non-operating income
Impairment
Ìý
—

Ìý
5.2

Ìý
—

Ìý
5.3

Ìý
Other non-operating income
Ìý
Ìý
(1.9
)
Ìý
4.1

Ìý
(1.7
)
Ìý
4.2

Ìý
Total before taxes
Ìý
Ìý
0.6

Ìý
(0.5
)
Ìý
0.5

Ìý
(0.5
)
Ìý
Income tax benefit (expense)
Ìý
Ìý
$
(1.3
)
Ìý
$
3.6

Ìý
$
(1.2
)
Ìý
$
3.7

Ìý
Net of taxes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Unrealized gain (loss) on derivative financial instruments:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Australian dollar foreign exchange contracts
Ìý
$
5.3

Ìý
$
(3.7
)
Ìý
$
18.3

Ìý
$
(6.3
)
Ìý
Product revenues
Canadian dollar foreign exchange contracts
Ìý
4.4

Ìý
0.6

Ìý
9.9

Ìý
0.3

Ìý
Cost of goods sold and operating expenses
Ìý
Ìý
9.7

Ìý
(3.1
)
Ìý
28.2

Ìý
(6.0
)
Ìý
Total before taxes
Ìý
Ìý
(3.1
)
Ìý
0.9

Ìý
(8.8
)
Ìý
1.8

Ìý
Income tax benefit (expense)
Ìý
Ìý
$
6.6

Ìý
$
(2.2
)
Ìý
$
19.4

Ìý
$
(4.2
)
Ìý
Net of taxes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Total Reclassifications for the Period
Ìý
$
9.3

Ìý
$
9.5

Ìý
$
25.5

Ìý
$
14.0

Ìý
Ìý
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
(1)
These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. See NOTE 11 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.