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Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY

v2.4.0.6
SHAREHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2013
Shareholders' Equity [Abstract] Ìý
SHAREHOLDERS' EQUITY
NOTE 16 - SHAREHOLDERS' EQUITY
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 75 percent, 85 percent and 79 percent, respectively, for the three months ended MarchÌý31, 2013 and MarchÌý31, 2012:
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
107.0

Ìý
13.8

Ìý
120.8

Other comprehensive income
4.2

Ìý
1.2

Ìý
5.4

Total comprehensive income
111.2

Ìý
15.0

Ìý
126.2

Issuance of common shares
263.7

Ìý
—

Ìý
263.7

Issuance of Preferred Shares
731.3

Ìý
—

Ìý
731.3

Stock and other incentive plans
(1.5
)
Ìý
—

Ìý
(1.5
)
Common and Preferred Shares dividends
(32.8
)
Ìý
—

Ìý
(32.8
)
Capital contribution by noncontrolling
ÌýÌýÌýÌýinterest to subsidiary
—

Ìý
11.2

Ìý
11.2

March 31, 2013
$
5,704.6

Ìý
$
1,154.4

Ìý
$
6,859.0

Ìý
(In Millions)
Ìý
Cliffs
³§³ó²¹°ù±ð³ó´Ç±ô»å±ð°ù²õ’
Equity
Ìý
Noncontrolling
Interest
Ìý
Total Equity
December 31, 2011
$
5,785.0

Ìý
$
1,254.7

Ìý
$
7,039.7

Comprehensive income
Ìý
Ìý
Ìý
Ìý
Ìý
Net income
375.8

Ìý
15.6

Ìý
391.4

Other comprehensive income
21.7

Ìý
1.5

Ìý
23.2

Total comprehensive income
397.5

Ìý
17.1

Ìý
414.6

Stock and other incentive plans
(2.8
)
Ìý
—

Ìý
(2.8
)
Common shares dividends
(39.7
)
Ìý
—

Ìý
(39.7
)
Undistributed gains to noncontrolling interest
—

Ìý
7.8

Ìý
7.8

Capital contribution by noncontrolling interest
ÌýÌýÌýÌýto subsidiary
—

Ìý
22.3

Ìý
22.3

Acquisition of controlling interest
—

Ìý
(8.0
)
Ìý
(8.0
)
March 31, 2012
$
6,140.0

Ìý
$
1,293.9

Ìý
$
7,433.9

The following table reflects the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for MarchÌý31, 2013 and MarchÌý31, 2012:
Ìý
(In Millions)
Ìý
Postretirement Benefit Liability, net of tax
Ìý
Unrealized Net Gain 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, 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
)
Amounts 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
)
Ìý
(In Millions)
Ìý
Postretirement Benefit Liability, net of tax
Ìý
Unrealized Net Gain on Securities, net of tax
Ìý
Unrealized Net Gain on Foreign Currency Translation
Ìý
Net Unrealized Gain on Derivative Financial Instruments, net of tax
Ìý
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2011
$
(408.9
)
Ìý
$
2.6

Ìý
$
312.5

Ìý
$
1.2

Ìý
$
(92.6
)
Change during 2012
4.7

Ìý
2.3

Ìý
10.9

Ìý
3.8

Ìý
21.7

Balance March 31, 2012
$
(404.2
)
Ìý
$
4.9

Ìý
$
323.4

Ìý
$
5.0

Ìý
$
(70.9
)

The following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ equity for MarchÌý31, 2013:
Details about Accumulated Other Comprehensive Income (Loss) Components
Ìý
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
Ìý
Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
Amortization of Pension and Postretirement Benefit Liability:
Ìý
Ìý
Ìý
Ìý
Prior-service costs
Ìý
$
(0.2
)
Ìý
(1)
Net actuarial loss
Ìý
9.6

Ìý
(1)
Ìý
Ìý
9.4

Ìý
Total before taxes
Ìý
Ìý
(3.0
)
Ìý
Income tax benefit
Ìý
Ìý
$
6.4

Ìý
Net of taxes
Ìý
Ìý
Ìý
Ìý
Ìý
Unrealized gain (loss) on securities:
Ìý
Ìý
Ìý
Ìý
Impairment
Ìý
$
0.1

Ìý
Other non-operating income
Ìý
Ìý
0.1

Ìý
Total before taxes
Ìý
Ìý
—

Ìý
Income tax benefit
Ìý
Ìý
$
0.1

Ìý
Net of taxes
Ìý
Ìý
Ìý
Ìý
Ìý
Unrealized gain (loss) on derivative financial instruments:
Ìý
Ìý
Ìý
Ìý
Australian dollar foreign exchange contracts
Ìý
$
(2.6
)
Ìý
Product revenues
Canadian dollar foreign exchange contracts
Ìý
(0.3
)
Ìý
Cost of goods sold and operating expenses
Ìý
Ìý
(2.9
)
Ìý
Total before taxes
Ìý
Ìý
0.9

Ìý
Income tax benefit
Ìý
Ìý
$
(2.0
)
Ìý
Net of taxes
Ìý
Ìý
Ìý
Ìý
Ìý
Total Reclassifications for the Period
Ìý
$
4.5

Ìý
Ìý

ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
(1)
These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. See NOTE 12 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.