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SHAREHOLDERS' EQUITY Shareholders' Equity (Tables)
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9 Months Ended |
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Sep. 30, 2014
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| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Ìý
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| 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 nine months ended SeptemberÌý30, 2014 and SeptemberÌý30, 2013:
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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 |
(5,939.0 |
) |
Ìý |
(1,004.4 |
) |
Ìý |
(6,943.4 |
) |
Other comprehensive income |
11.5 |
|
Ìý |
1.6 |
|
Ìý |
13.1 |
|
Total comprehensive income |
(5,927.5 |
) |
Ìý |
(1,002.8 |
) |
Ìý |
(6,930.3 |
) |
Stock and other incentive plans |
(3.4 |
) |
Ìý |
— |
|
Ìý |
(3.4 |
) |
Common and preferred share dividends |
(107.9 |
) |
Ìý |
— |
|
Ìý |
(107.9 |
) |
Undistributed losses to noncontrolling interest |
— |
|
Ìý |
(20.0 |
) |
Ìý |
(20.0 |
) |
September 30, 2014 |
$ |
30.7 |
|
Ìý |
$ |
(208.0 |
) |
Ìý |
$ |
(177.3 |
) |
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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 |
370.2 |
|
Ìý |
5.8 |
|
Ìý |
376.0 |
|
Other comprehensive income |
(122.8 |
) |
Ìý |
3.2 |
|
Ìý |
(119.6 |
) |
Total comprehensive income |
247.4 |
|
Ìý |
9.0 |
|
Ìý |
256.4 |
|
Issuance of common shares |
285.3 |
|
Ìý |
— |
|
Ìý |
285.3 |
|
Issuance of preferred shares |
709.4 |
|
Ìý |
— |
|
Ìý |
709.4 |
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Stock and other incentive plans |
9.6 |
|
Ìý |
— |
|
Ìý |
9.6 |
|
Common and preferred share dividends |
(104.7 |
) |
Ìý |
— |
|
Ìý |
(104.7 |
) |
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Capital contribution by noncontrolling interest
ÌýÌýÌýÌýto subsidiary
|
— |
|
Ìý |
17.7 |
|
Ìý |
17.7 |
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September 30, 2013 |
$ |
5,779.7 |
|
Ìý |
$ |
1,154.9 |
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Ìý |
$ |
6,934.6 |
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| 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 SeptemberÌý30, 2014 and SeptemberÌý30, 2013:
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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) |
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 |
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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 |
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Ìý |
9.7 |
|
Ìý |
25.6 |
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Net loss (gain) reclassified from accumulated other comprehensive income (loss) |
4.0 |
|
Ìý |
(1.3 |
) |
Ìý |
— |
|
Ìý |
6.6 |
|
Ìý |
9.3 |
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Balance June 30, 2014 |
$ |
(199.4 |
) |
Ìý |
$ |
6.4 |
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Ìý |
$ |
166.9 |
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Ìý |
$ |
5.9 |
|
Ìý |
$ |
(20.2 |
) |
Other comprehensive income (loss) before reclassifications |
3.5 |
|
Ìý |
1.3 |
|
Ìý |
(65.9 |
) |
Ìý |
(20.0 |
) |
Ìý |
(81.1 |
) |
Net loss (gain) reclassified from accumulated other comprehensive income (loss) |
7.6 |
|
Ìý |
(7.1 |
) |
Ìý |
— |
|
Ìý |
(0.6 |
) |
Ìý |
(0.1 |
) |
Balance September 30, 2014 |
$ |
(188.3 |
) |
Ìý |
$ |
0.6 |
|
Ìý |
$ |
101.0 |
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Ìý |
$ |
(14.7 |
) |
Ìý |
$ |
(101.4 |
) |
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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) |
Balance December 31, 2012 |
$ |
(382.7 |
) |
Ìý |
$ |
2.1 |
|
Ìý |
$ |
316.3 |
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Ìý |
$ |
8.7 |
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Ìý |
$ |
(55.6 |
) |
Other comprehensive income (loss) before reclassifications |
(1.1 |
) |
Ìý |
2.5 |
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Ìý |
3.3 |
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Ìý |
(5.0 |
) |
Ìý |
(0.3 |
) |
Net loss (gain) reclassified from accumulated other comprehensive income (loss) |
6.4 |
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Ìý |
0.1 |
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Ìý |
— |
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Ìý |
(2.0 |
) |
Ìý |
4.5 |
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Balance March 31, 2013 |
$ |
(377.4 |
) |
Ìý |
$ |
4.7 |
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Ìý |
$ |
319.6 |
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Ìý |
$ |
1.7 |
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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 |
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Balance June 30, 2013 |
$ |
(370.8 |
) |
Ìý |
$ |
6.3 |
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Ìý |
$ |
167.6 |
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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 |
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Net loss (gain) reclassified from accumulated other comprehensive income (loss) |
6.3 |
|
Ìý |
0.9 |
|
Ìý |
— |
|
Ìý |
16.2 |
|
Ìý |
23.4 |
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Balance September 30, 2013 |
$ |
(365.1 |
) |
Ìý |
$ |
10.7 |
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Ìý |
$ |
190.4 |
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Ìý |
$ |
(14.4 |
) |
Ìý |
$ |
(178.4 |
) |
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| 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 nine months ended SeptemberÌý30, 2014:
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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
September 30,
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Ìý |
Nine Months Ended
September 30,
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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 |
$ |
(0.2 |
) |
Ìý |
$ |
(0.1 |
) |
Ìý |
$ |
(0.7 |
) |
Ìý |
$ |
(0.4 |
) |
Ìý |
(1) |
Net actuarial loss |
Ìý |
4.5 |
|
Ìý |
10.4 |
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Ìý |
14.0 |
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Ìý |
31.2 |
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Ìý |
(1) |
Settlements/curtailments |
Ìý |
1.7 |
|
Ìý |
— |
|
Ìý |
2.9 |
|
Ìý |
— |
|
Ìý |
(1) |
Ìý |
Ìý |
6.0 |
|
Ìý |
10.3 |
|
Ìý |
16.2 |
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Ìý |
30.8 |
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Ìý |
Total before taxes |
Ìý |
Ìý |
1.6 |
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Ìý |
(4.0 |
) |
Ìý |
(1.3 |
) |
Ìý |
(10.0 |
) |
Ìý |
Income tax benefit (expense) |
Ìý |
Ìý |
$ |
7.6 |
|
Ìý |
$ |
6.3 |
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Ìý |
$ |
14.9 |
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Ìý |
$ |
20.8 |
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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 |
$ |
(9.7 |
) |
Ìý |
$ |
0.6 |
|
Ìý |
$ |
(11.4 |
) |
Ìý |
$ |
(0.5 |
) |
Ìý |
Other non-operating income (expense) |
Impairment |
Ìý |
(0.3 |
) |
Ìý |
— |
|
Ìý |
(0.3 |
) |
Ìý |
5.3 |
|
Ìý |
Other non-operating income (expense) |
Ìý |
Ìý |
(10.0 |
) |
Ìý |
0.6 |
|
Ìý |
(11.7 |
) |
Ìý |
4.8 |
|
Ìý |
Total before taxes |
Ìý |
Ìý |
2.9 |
|
Ìý |
0.3 |
|
Ìý |
3.4 |
|
Ìý |
(0.2 |
) |
Ìý |
Income tax benefit (expense) |
Ìý |
Ìý |
$ |
(7.1 |
) |
Ìý |
$ |
0.9 |
|
Ìý |
$ |
(8.3 |
) |
Ìý |
$ |
4.6 |
|
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 |
$ |
(1.6 |
) |
Ìý |
$ |
12.7 |
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Ìý |
$ |
16.7 |
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Ìý |
$ |
6.4 |
|
Ìý |
Product revenues |
Canadian dollar foreign exchange contracts |
Ìý |
1.5 |
|
Ìý |
11.0 |
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Ìý |
11.4 |
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Ìý |
11.3 |
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Ìý |
Cost of goods sold and operating expenses |
Ìý |
Ìý |
(0.1 |
) |
Ìý |
23.7 |
|
Ìý |
28.1 |
|
Ìý |
17.7 |
|
Ìý |
Total before taxes |
Ìý |
Ìý |
(0.5 |
) |
Ìý |
(7.5 |
) |
Ìý |
(9.3 |
) |
Ìý |
(5.7 |
) |
Ìý |
Income tax benefit (expense) |
Ìý |
Ìý |
$ |
(0.6 |
) |
Ìý |
$ |
16.2 |
|
Ìý |
$ |
18.8 |
|
Ìý |
$ |
12.0 |
|
Ìý |
Net of taxes |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Total Reclassifications for the Period |
Ìý |
$ |
(0.1 |
) |
Ìý |
$ |
23.4 |
|
Ìý |
$ |
25.4 |
|
Ìý |
$ |
37.4 |
|
Ìý |
Ìý |
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
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(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.
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