Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY

v3.5.0.2
SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2016
Equity [Abstract]  
SHAREHOLDERS' EQUITY
NOTE 16 - SHAREHOLDERS' EQUITY (DEFICIT)
The following table reflects the changes in shareholders' equity (deficit) attributable to both Cliffs and the noncontrolling interests primarily related to Tilden and Empire of which Cliffs owns 85 percent and 79 percent, respectively, for the nine months ended September 30, 2016 and September 30, 2015:
 
(In Millions)
 
Cliffs
Shareholders’
Equity (Deficit)
 
Noncontrolling
Interest (Deficit)
 
Total Equity (Deficit)
December 31, 2015
$
(1,981.4
)
 
$
169.8

 
$
(1,811.6
)
Comprehensive income
 
 
 
 
 
Net income
95.0

 
23.5

 
118.5

Other comprehensive income
16.8

 
2.2

 
19.0

Total comprehensive income
111.8

 
25.7

 
137.5

Issuance of common shares
315.2

 
—

 
315.2

Stock and other incentive plans
10.1

 
—

 
10.1

Distributions of partnership equity
—

 
(48.8
)
 
(48.8
)
Undistributed losses to noncontrolling interest
—

 
(2.9
)
 
(2.9
)
September 30, 2016
$
(1,544.3
)
 
$
143.8

 
$
(1,400.5
)
 
(In Millions)
 
Cliffs
Shareholders’
Equity (Deficit)
 
Noncontrolling
Interest (Deficit)
 
Total Equity (Deficit)
December 31, 2014
$
(1,431.3
)
 
$
(303.0
)
 
$
(1,734.3
)
Comprehensive income (loss)
 
 
 
 
 
Net loss
(689.0
)
 
(1.5
)
 
(690.5
)
Other comprehensive income (loss)
220.7

 
(9.3
)
 
211.4

Total comprehensive loss
(468.3
)
 
(10.8
)
 
(479.1
)
Effect of deconsolidation
—

 
528.2

 
528.2

Stock and other incentive plans
6.0

 
—

 
6.0

Preferred share dividends
(38.4
)
 
—

 
(38.4
)
Distributions to noncontrolling interest
—

 
(40.7
)
 
(40.7
)
Undistributed losses to noncontrolling interest
—

 
(1.2
)
 
(1.2
)
September 30, 2015
$
(1,932.0
)
 
$
172.5

 
$
(1,759.5
)

The following table reflects the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for September 30, 2016 and September 30, 2015:
 
(In Millions)
 
Changes in Pension and Other Post-Retirement Benefits, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2015
$
(241.4
)
 
$
0.1

 
$
220.7

 
$
2.6

 
$
(18.0
)
Other comprehensive income (loss) before reclassifications
(1.5
)
 
(0.1
)
 
4.4

 
(3.4
)
 
(0.6
)
Net loss reclassified from accumulated other comprehensive income (loss)
6.3

 
—

 
—

 
—

 
6.3

Balance March 31, 2016
$
(236.6
)
 
$
—

 
$
225.1

 
$
(0.8
)
 
$
(12.3
)
Other comprehensive income (loss) before reclassifications
(0.4
)
 
—

 
(2.7
)
 
0.1

 
(3.0
)
Net loss reclassified from accumulated other comprehensive income (loss)
6.3

 
—

 
—

 
—

 
6.3

Balance June 30, 2016
$
(230.7
)
 
$
—

 
$
222.4

 
$
(0.7
)
 
$
(9.0
)
Other comprehensive income (loss) before reclassifications
(0.5
)
 
—

 
0.9

 
—

 
0.4

Net loss reclassified from accumulated other comprehensive income (loss)
6.7

 
—

 
—

 
0.7

 
7.4

Balance September 30, 2016
$
(224.5
)
 
$
—

 
$
223.3

 
$
—

 
$
(1.2
)
 
(In Millions)
 
Changes in Pension and Other Post-Retirement Benefits, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2014
$
(291.1
)
 
$
(1.0
)
 
$
64.4

 
$
(18.1
)
 
$
(245.8
)
Other comprehensive income (loss) before reclassifications
9.3

 
2.8

 
(14.7
)
 
(7.1
)
 
(9.7
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
30.3

 
(2.0
)
 
182.7

 
6.3

 
217.3

Balance March 31, 2015
$
(251.5
)
 
$
(0.2
)
 
$
232.4

 
$
(18.9
)
 
$
(38.2
)
Other comprehensive income (loss) before reclassifications
1.3

 
1.0

 
1.2

 
0.5

 
4.0

Net loss (gain) reclassified from accumulated other comprehensive income (loss)
(1.6
)
 
(0.9
)
 
—

 
7.8

 
5.3

Balance June 30, 2015
$
(251.8
)
 
$
(0.1
)
 
$
233.6

 
$
(10.6
)
 
$
(28.9
)
Other comprehensive income (loss) before reclassifications
(0.7
)
 
0.1

 
(11.4
)
 
4.8

 
(7.2
)
Net loss reclassified from accumulated other comprehensive income (loss)
6.6

 
—

 
—

 
4.4

 
11.0

Balance September 30, 2015
$
(245.9
)
 
$
—

 
$
222.2

 
$
(1.4
)
 
$
(25.1
)

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 September 30, 2016:
 
 
(In Millions)
 
 
Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount of (Gain)/Loss Reclassified into Income
 
Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2016
 
2015
 
2016
 
2015
 
Amortization of pension and postretirement benefit liability:
 
 
 
 
 
 
 
 
 
 
Prior service costs (1)
 
$
(0.4
)
 
$
1.1

 
$
(1.2
)
 
$
0.5

 
 
Net actuarial loss (1)
 
7.1

 
5.6

 
20.4

 
19.5

 
 
Settlements/curtailments (1)
 
—

 
(0.1
)
 
—

 
0.2

 
 
Effect of deconsolidation (2)
 
—

 
—

 
—

 
15.1

 
Loss from Discontinued Operations, net of tax
 
 
6.7

 
6.6

 
19.2

 
35.3

 
Total before taxes
 
 
—

 
—

 
—

 
—

 
Income tax benefit (expense)
 
 
$
6.7

 
$
6.6

 
$
19.2

 
$
35.3

 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on marketable securities:
 
 
 
 
 
 
 
 
 
 
Impairment
 
—

 
—

 
—

 
(3.2
)
 
Other non-operating income (expense)
 
 
—

 
—

 
—

 
0.3

 
Income tax benefit (expense)
 
 
$
—

 
$
—

 
$
—

 
$
(2.9
)
 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on foreign currency translation:
 
 
 
 
 
 
 
 
 
 
Effect of deconsolidation (2)
 
$
—

 
$
—

 
$
—

 
$
182.7

 
Loss from Discontinued Operations, net of tax
 
 
—

 
—

 
—

 
—

 
Income tax benefit (expense)
 
 
$
—

 
$
—

 
$
—

 
$
182.7

 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on derivative financial instruments:
 
 
 
 
 
 
 
 
 
 
Australian dollar foreign exchange contracts
 
$
—

 
$
6.3

 
$
—

 
$
26.4

 
Product revenues
Treasury lock
 
1.2

 
—

 
1.2

 
—

 
Gain (loss) on extinguishment/restructuring of debt
 
 
(0.5
)
 
(1.9
)
 
(0.5
)
 
(7.9
)
 
Income tax benefit (expense)
 
 
$
0.7

 
$
4.4

 
$
0.7

 
$
18.5

 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Total Reclassifications for the Period
 
$
7.4

 
$
11.0

 
$
19.9

 
$
233.6

 
 
                                         
(1) 
These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
(2) 
Represents Canadian accumulated currency translation adjustments that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information.