NOTE 17 - SHAREHOLDERS' DEFICIT
The following table reflects the changes in shareholders' deficit attributable to both us and the noncontrolling interests, primarily related to Tilden and Empire. We own 100% of both mines as of JuneÌý30, 2018 and 85% and 79% of each mine, respectively, as of JuneÌý30, 2017:
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Ìý |
(In Millions) |
Ìý |
Cliffs
³§³ó²¹°ù±ð³ó´Ç±ô»å±ð°ù²õ’
Equity (Deficit) |
Ìý |
Noncontrolling
Interest |
Ìý |
Total Equity
(Deficit) |
December 31, 2017 |
$ |
(444.3 |
) |
Ìý |
$ |
0.2 |
|
Ìý |
$ |
(444.1 |
) |
Adoption of accounting standard (REFER TO NOTE 2) |
34.0 |
|
Ìý |
— |
|
Ìý |
34.0 |
|
Comprehensive income |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Net income |
80.8 |
|
Ìý |
— |
|
Ìý |
80.8 |
|
Other comprehensive income |
16.8 |
|
Ìý |
— |
|
Ìý |
16.8 |
|
Total comprehensive income |
97.6 |
|
Ìý |
— |
|
Ìý |
97.6 |
|
Stock and other incentive plans |
6.4 |
|
Ìý |
— |
|
Ìý |
6.4 |
|
Distributions to noncontrolling interest |
— |
|
Ìý |
(0.2 |
) |
Ìý |
(0.2 |
) |
June 30, 2018 |
$ |
(306.3 |
) |
Ìý |
$ |
— |
|
Ìý |
$ |
(306.3 |
) |
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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) |
3.7 |
|
Ìý |
(3.4 |
) |
Ìý |
0.3 |
|
Other comprehensive income (loss) |
1.9 |
|
Ìý |
(4.6 |
) |
Ìý |
(2.7 |
) |
Total comprehensive income (loss) |
5.6 |
|
Ìý |
(8.0 |
) |
Ìý |
(2.4 |
) |
Issuance of common shares |
661.3 |
|
Ìý |
— |
|
Ìý |
661.3 |
|
Stock and other incentive plans |
8.3 |
|
Ìý |
— |
|
Ìý |
8.3 |
|
Distributions to noncontrolling interest |
— |
|
Ìý |
(3.4 |
) |
Ìý |
(3.4 |
) |
June 30, 2017 |
$ |
(789.1 |
) |
Ìý |
$ |
122.4 |
|
Ìý |
$ |
(666.7 |
) |
The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ deficit:
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|
Ìý |
(In Millions) |
Ìý |
Changes in Pension and OPEB,
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 Loss |
December 31, 2017 |
$ |
(263.9 |
) |
Ìý |
$ |
225.4 |
|
Ìý |
$ |
(0.5 |
) |
Ìý |
$ |
(39.0 |
) |
Other comprehensive income before reclassifications |
0.5 |
|
Ìý |
0.7 |
|
Ìý |
0.4 |
|
Ìý |
1.6 |
|
Net loss (gain) reclassified from accumulated other comprehensive loss |
6.2 |
|
Ìý |
— |
|
Ìý |
(0.1 |
) |
Ìý |
6.1 |
|
March 31, 2018 |
$ |
(257.2 |
) |
Ìý |
$ |
226.1 |
|
Ìý |
$ |
(0.2 |
) |
Ìý |
$ |
(31.3 |
) |
Other comprehensive income before reclassifications |
0.2 |
|
Ìý |
2.2 |
|
Ìý |
0.2 |
|
Ìý |
2.6 |
|
Net loss reclassified from accumulated other comprehensive loss |
6.5 |
|
Ìý |
— |
|
Ìý |
— |
|
Ìý |
6.5 |
|
June 30, 2018 |
$ |
(250.5 |
) |
Ìý |
$ |
228.3 |
|
Ìý |
$ |
— |
|
Ìý |
$ |
(22.2 |
) |
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|
Ìý |
(In Millions) |
Ìý |
Changes in Pension and OPEB, 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 |
) |
The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ deficit:
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Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
Details about Accumulated Other Comprehensive 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 |
2018 |
Ìý |
2017 |
Ìý |
2018 |
Ìý |
2017 |
Ìý |
Amortization of pension and OPEB liability: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Prior service credits |
Ìý |
$ |
(0.1 |
) |
Ìý |
$ |
(0.1 |
) |
Ìý |
$ |
(0.4 |
) |
Ìý |
$ |
(0.2 |
) |
Ìý |
Other non-operating income |
Net actuarial loss |
Ìý |
6.6 |
|
Ìý |
6.6 |
|
Ìý |
13.1 |
|
Ìý |
13.1 |
|
Ìý |
Other non-operating income |
Ìý |
Ìý |
$ |
6.5 |
|
Ìý |
$ |
6.5 |
|
Ìý |
$ |
12.7 |
|
Ìý |
$ |
12.9 |
|
Ìý |
Net of taxes |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Unrealized loss on derivative financial instruments: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Commodity contracts |
Ìý |
$ |
— |
|
Ìý |
$ |
— |
|
Ìý |
$ |
(0.1 |
) |
Ìý |
$ |
— |
|
Ìý |
Cost of goods sold and operating expenses |
Ìý |
Ìý |
$ |
— |
|
Ìý |
$ |
— |
|
Ìý |
$ |
(0.1 |
) |
Ìý |
$ |
— |
|
Ìý |
Net of taxes |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Total reclassifications for the period, net of tax |
Ìý |
$ |
6.5 |
|
Ìý |
$ |
6.5 |
|
Ìý |
$ |
12.6 |
|
Ìý |
$ |
12.9 |
|
Ìý |
Ìý |
|