Statements Of Unaudited Condensed Consolidated Operations (USD $) In Millions, except Share data in Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2011 |
Sep. 30, 2010 |
Sep. 30, 2011 |
Sep. 30, 2010 |
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| REVENUES FROM PRODUCT SALES AND SERVICES | Ìý | Ìý | Ìý | Ìý |
| Product | $ 2,124.4 | $ 1,287.2 | $ 4,962.4 | $ 3,074.8 |
| Freight and venture partners' cost reimbursements | 18.4 | 58.8 | 169.4 | 183.1 |
| TOTAL REVENUES | 2,142.8 | 1,346.0 | 5,131.8 | 3,257.9 |
| COST OF GOODS SOLD AND OPERATING EXPENSES | (1,279.5) | (868.8) | (2,936.9) | (2,215.3) |
| SALES MARGIN | 863.3 | 477.2 | 2,194.9 | 1,042.6 |
| OTHER OPERATING INCOME (EXPENSE) | Ìý | Ìý | Ìý | Ìý |
| Selling, general and administrative expenses | (78.3) | (57.3) | (193.4) | (143.0) |
| Consolidated Thompson acquisition costs | (2.1) | Ìý | (25.0) | Ìý |
| Exploration costs | (26.6) | (10.3) | (55.4) | (19.4) |
| Miscellaneous - net | 64.0 | (19.2) | 59.6 | (8.5) |
| TOTAL OTHER OPERATING EXPENSE | (43.0) | (86.8) | (214.2) | (170.9) |
| OPERATING INCOME | 820.3 | 390.4 | 1,980.7 | 871.7 |
| OTHER INCOME (EXPENSE) | Ìý | Ìý | Ìý | Ìý |
| Gain on acquisition of controlling interests | Ìý | 2.1 | Ìý | 40.7 |
| Changes in fair value of foreign currency contracts, net | (6.2) | 32.5 | 100.5 | 24.8 |
| Interest income | 2.7 | 3.3 | 7.6 | 8.4 |
| Interest expense | (49.6) | (17.4) | (169.2) | (41.0) |
| Other non-operating income | (1.7) | (0.3) | (0.7) | 6.9 |
| TOTAL OTHER INCOME | (54.8) | 20.2 | (61.8) | 39.8 |
| INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY INCOME FROM VENTURES | 765.5 | 410.6 | 1,918.9 | 911.5 |
| INCOME TAX EXPENSE | (17.8) | (116.1) | (312.3) | (282.5) |
| EQUITY INCOME FROM VENTURES | 11.1 | 3.6 | 2.8 | 8.4 |
| INCOME FROM CONTINUING OPERATIONS | 758.8 | 298.1 | 1,609.4 | 637.4 |
| LOSS FROM DISCONTINUED OPERATIONS, net of tax | (17.5) | (0.7) | (18.7) | (2.0) |
| NET INCOME | 741.3 | 297.4 | 1,590.7 | 635.4 |
| LESS: INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | 151.8 | Ìý | 170.1 | Ìý |
| NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ 589.5 | $ 297.4 | $ 1,420.6 | $ 635.4 |
| Continuing operations | $ 4.21 | $ 2.20 | $ 10.31 | $ 4.71 |
| Discontinued operations | $ (0.12) | Ìý | $ (0.13) | $ (0.01) |
| EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - BASIC | $ 4.09 | $ 2.20 | $ 10.18 | $ 4.70 |
| Discontinued operations | $ (0.12) | $ (0.01) | $ (0.13) | $ (0.01) |
| Continuing operations | $ 4.19 | $ 2.19 | $ 10.25 | $ 4.68 |
| EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - DILUTED | $ 4.07 | $ 2.18 | $ 10.12 | $ 4.67 |
| AVERAGE NUMBER OF SHARES (IN THOUSANDS) | Ìý | Ìý | Ìý | Ìý |
| Basic | 144,203 | 135,345 | 139,563 | 135,280 |
| Diluted | 144,989 | 136,213 | 140,321 | 136,098 |
| CASH DIVIDENDS DECLARED PER SHARE | $ 0.28 | $ 0.14 | $ 0.56 | $ 0.3675 |
| X | ||||||||||
- Definition Repayment received for expenses incurred on behalf of the client or customer and revenue from transporting freight between locations.
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- Definition This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition In a business combination achieved in stages, this element represents the amount of net gain (loss) recognized by the entity as a result of remeasuring to fair value the equity interest in the acquiree it held before the business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate dividends paid during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Exploration expenses (including prospecting) related to the mining industry would be included in operating expenses. Exploration costs include costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of mineral reserves.
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- Definition Amount of gain (loss) recognized in earnings in the period from the increase (decrease) in fair value of foreign currency derivatives not designated as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items before deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) derived from discontinued operations during the period, net of related tax effect, per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income or loss derived from discontinued operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
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- Details
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- Definition The net result for the period of deducting operating expenses from operating revenues.
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- Definition The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The net amount of other operating income and expenses, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operations.
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition Aggregate revenue during the period from the sale of goods in the normal course of business, after deducting returns, allowances and discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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