NOTE 15 - SHAREHOLDERS' DEFICIT
The following table reflects the changes in shareholders' deficit attributable to both Cliffs and the noncontrolling interests, primarily related to Tilden and Empire. Cliffs owns 100% of both mines as of SeptemberÌý30, 2017 and 85% and 79%, respectively, as of SeptemberÌý30, 2016:
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|
Ìý |
(In Millions) |
Ìý |
Cliffs
³§³ó²¹°ù±ð³ó´Ç±ô»å±ð°ù²õ’
Equity (Deficit) |
Ìý |
Noncontrolling
Interest (Deficit) |
Ìý |
Total Equity
(Deficit) |
December 31, 2016 |
$ |
(1,464.3 |
) |
Ìý |
$ |
133.8 |
|
Ìý |
$ |
(1,330.5 |
) |
Comprehensive loss |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Net income (loss) |
57.1 |
|
Ìý |
(3.9 |
) |
Ìý |
53.2 |
|
Other comprehensive income |
4.2 |
|
Ìý |
1.1 |
|
Ìý |
5.3 |
|
Total comprehensive income (loss) |
61.3 |
|
Ìý |
(2.8 |
) |
Ìý |
58.5 |
|
Issuance of common shares |
661.3 |
|
Ìý |
— |
|
Ìý |
661.3 |
|
Stock and other incentive plans |
13.5 |
|
Ìý |
— |
|
Ìý |
13.5 |
|
Acquisition of noncontrolling interest |
(89.1 |
) |
Ìý |
(15.9 |
) |
Ìý |
(105.0 |
) |
Distribution of partnership equity |
(16.0 |
) |
Ìý |
(116.7 |
) |
Ìý |
(132.7 |
) |
Distributions to noncontrolling interest |
— |
|
Ìý |
1.8 |
|
Ìý |
1.8 |
|
September 30, 2017 |
$ |
(833.3 |
) |
Ìý |
$ |
0.2 |
|
Ìý |
$ |
(833.1 |
) |
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|
Ìý |
(In Millions) |
Ìý |
Cliffs
³§³ó²¹°ù±ð³ó´Ç±ô»å±ð°ù²õ’
Equity (Deficit) |
Ìý |
Noncontrolling
Interest (Deficit) |
Ìý |
Total Equity
(Deficit) |
December 31, 2015 |
$ |
(1,981.4 |
) |
Ìý |
$ |
169.8 |
|
Ìý |
$ |
(1,811.6 |
) |
Comprehensive income |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Net income |
95.0 |
|
Ìý |
23.5 |
|
Ìý |
118.5 |
|
Other comprehensive income |
16.8 |
|
Ìý |
2.2 |
|
Ìý |
19.0 |
|
Total comprehensive income |
111.8 |
|
Ìý |
25.7 |
|
Ìý |
137.5 |
|
Issuance of common shares |
315.2 |
|
Ìý |
— |
|
Ìý |
315.2 |
|
Stock and other incentive plans |
10.1 |
|
Ìý |
— |
|
Ìý |
10.1 |
|
Distributions of partnership equity |
— |
|
Ìý |
(48.8 |
) |
Ìý |
(48.8 |
) |
Distributions to noncontrolling interest |
— |
|
Ìý |
(2.9 |
) |
Ìý |
(2.9 |
) |
September 30, 2016 |
$ |
(1,544.3 |
) |
Ìý |
$ |
143.8 |
|
Ìý |
$ |
(1,400.5 |
) |
The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ deficit for SeptemberÌý30, 2017 and SeptemberÌý30, 2016:
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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 Foreign Currency Translation |
Ìý |
Accumulated Other Comprehensive Loss |
December 31, 2016 |
$ |
(260.6 |
) |
Ìý |
$ |
239.3 |
|
Ìý |
$ |
(21.3 |
) |
Other comprehensive income (loss) before reclassifications |
3.3 |
|
Ìý |
(12.7 |
) |
Ìý |
(9.4 |
) |
Net loss reclassified from accumulated other comprehensive loss |
6.4 |
|
Ìý |
— |
|
Ìý |
6.4 |
|
March 31, 2017 |
$ |
(250.9 |
) |
Ìý |
$ |
226.6 |
|
Ìý |
$ |
(24.3 |
) |
Other comprehensive loss before reclassifications |
(0.1 |
) |
Ìý |
(1.5 |
) |
Ìý |
(1.6 |
) |
Net loss reclassified from accumulated other comprehensive loss |
6.5 |
|
Ìý |
— |
|
Ìý |
6.5 |
|
June 30, 2017 |
$ |
(244.5 |
) |
Ìý |
$ |
225.1 |
|
Ìý |
$ |
(19.4 |
) |
Other comprehensive income (loss) before reclassifications |
(18.7 |
) |
Ìý |
0.5 |
|
Ìý |
(18.2 |
) |
Net loss reclassified from accumulated other comprehensive loss |
6.8 |
|
Ìý |
— |
|
Ìý |
6.8 |
|
September 30, 2017 |
$ |
(256.4 |
) |
Ìý |
$ |
225.6 |
|
Ìý |
$ |
(30.8 |
) |
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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 Loss |
December 31, 2015 |
$ |
(241.4 |
) |
Ìý |
$ |
0.1 |
|
Ìý |
$ |
220.7 |
|
Ìý |
$ |
2.6 |
|
Ìý |
$ |
(18.0 |
) |
Other comprehensive income (loss) before reclassifications |
(1.5 |
) |
Ìý |
(0.1 |
) |
Ìý |
4.4 |
|
Ìý |
(3.4 |
) |
Ìý |
(0.6 |
) |
Net loss reclassified from accumulated other comprehensive loss |
6.3 |
|
Ìý |
— |
|
Ìý |
— |
|
Ìý |
— |
|
Ìý |
6.3 |
|
March 31, 2016 |
$ |
(236.6 |
) |
Ìý |
$ |
— |
|
Ìý |
$ |
225.1 |
|
Ìý |
$ |
(0.8 |
) |
Ìý |
$ |
(12.3 |
) |
Other comprehensive income (loss) before reclassifications |
(0.4 |
) |
Ìý |
— |
|
Ìý |
(2.7 |
) |
Ìý |
0.1 |
|
Ìý |
(3.0 |
) |
Net loss reclassified from accumulated other comprehensive loss |
6.3 |
|
Ìý |
— |
|
Ìý |
— |
|
Ìý |
— |
|
Ìý |
6.3 |
|
June 30, 2016 |
$ |
(230.7 |
) |
Ìý |
$ |
— |
|
Ìý |
$ |
222.4 |
|
Ìý |
$ |
(0.7 |
) |
Ìý |
$ |
(9.0 |
) |
Other comprehensive income (loss) before reclassifications |
(0.5 |
) |
Ìý |
— |
|
Ìý |
0.9 |
|
Ìý |
— |
|
Ìý |
0.4 |
|
Net loss reclassified from accumulated other comprehensive income (loss) |
6.7 |
|
Ìý |
— |
|
Ìý |
— |
|
Ìý |
0.7 |
|
Ìý |
7.4 |
|
September 30, 2016 |
$ |
(224.5 |
) |
Ìý |
$ |
— |
|
Ìý |
$ |
223.3 |
|
Ìý |
$ |
— |
|
Ìý |
$ |
(1.2 |
) |
The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ deficit for the three and nine months ended SeptemberÌý30, 2017 and 2016:
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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, |
Ìý |
Nine Months Ended
September 30, |
Ìý |
Ìý |
2017 |
Ìý |
2016 |
Ìý |
2017 |
Ìý |
2016 |
Ìý |
Amortization of pension and postretirement benefit liability: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Prior service credits1
|
Ìý |
$ |
(0.2 |
) |
Ìý |
$ |
(0.4 |
) |
Ìý |
$ |
(0.4 |
) |
Ìý |
$ |
(1.2 |
) |
Ìý |
Ìý |
Net actuarial loss1
|
Ìý |
7.0 |
|
Ìý |
7.1 |
|
Ìý |
20.1 |
|
Ìý |
20.4 |
|
Ìý |
Ìý |
Total before taxes |
Ìý |
6.8 |
|
Ìý |
6.7 |
|
Ìý |
19.7 |
|
Ìý |
19.2 |
|
Ìý |
Ìý |
Ìý |
Ìý |
— |
|
Ìý |
— |
|
Ìý |
— |
|
Ìý |
— |
|
Ìý |
Income tax benefit |
Ìý |
Ìý |
$ |
6.8 |
|
Ìý |
$ |
6.7 |
|
Ìý |
$ |
19.7 |
|
Ìý |
$ |
19.2 |
|
Ìý |
Ìý |
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 |
Treasury lock |
Ìý |
$ |
— |
|
Ìý |
$ |
1.2 |
|
Ìý |
$ |
— |
|
Ìý |
$ |
1.2 |
|
Ìý |
Gain (loss) on extinguishment/restructuring of debt |
Ìý |
Ìý |
— |
|
Ìý |
(0.5 |
) |
Ìý |
— |
|
Ìý |
(0.5 |
) |
Ìý |
Income tax benefit |
Ìý |
Ìý |
$ |
— |
|
Ìý |
$ |
0.7 |
|
Ìý |
$ |
— |
|
Ìý |
$ |
0.7 |
|
Ìý |
Net of taxes |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Total reclassifications for the period, net of tax |
Ìý |
$ |
6.8 |
|
Ìý |
$ |
7.4 |
|
Ìý |
$ |
19.7 |
|
Ìý |
$ |
19.9 |
|
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1ÌýThese accumulated other comprehensive income components are included in the computation of net periodic benefit cost (credit). Refer to NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
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