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 of which Cliffs owns 85% and 79%, respectively, for the three months ended March 31, 2017 and March 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Cliffs
Shareholders’
Equity (Deficit) |
|
Noncontrolling
Interest (Deficit)
|
|
Total Equity (Deficit) |
December 31, 2016 |
$ |
(1,464.3 |
) |
|
$ |
133.8 |
|
|
$ |
(1,330.5 |
) |
Comprehensive loss |
|
|
|
|
|
Net loss |
(28.1 |
) |
|
(1.7 |
) |
|
(29.8 |
) |
Other comprehensive loss |
(3.0 |
) |
|
(5.0 |
) |
|
(8.0 |
) |
Total comprehensive loss |
(31.1 |
) |
|
(6.7 |
) |
|
(37.8 |
) |
Issuance of common shares |
661.3 |
|
|
— |
|
|
661.3 |
|
Stock and other incentive plans |
4.0 |
|
|
— |
|
|
4.0 |
|
March 31, 2017 |
$ |
(830.1 |
) |
|
$ |
127.1 |
|
|
$ |
(703.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
108.0 |
|
|
8.8 |
|
|
116.8 |
|
Other comprehensive income |
5.7 |
|
|
0.6 |
|
|
6.3 |
|
Total comprehensive income |
113.7 |
|
|
9.4 |
|
|
123.1 |
|
Issuance of common shares |
5.4 |
|
|
— |
|
|
5.4 |
|
Stock and other incentive plans |
2.9 |
|
|
— |
|
|
2.9 |
|
Distributions of partnership equity |
— |
|
|
(17.0 |
) |
|
(17.0 |
) |
Undistributed losses to noncontrolling interest |
— |
|
|
0.5 |
|
|
0.5 |
|
March 31, 2016 |
$ |
(1,859.4 |
) |
|
$ |
162.7 |
|
|
$ |
(1,696.7 |
) |
The following table reflects the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ deficit for March 31, 2017 and March 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Changes in Pension and Other Post-Retirement Benefits, net of tax |
|
Unrealized Net Gain (Loss) on Foreign Currency Translation |
|
Accumulated Other Comprehensive Income (Loss) |
December 31, 2016 |
$ |
(260.6 |
) |
|
$ |
239.3 |
|
|
$ |
(21.3 |
) |
Other comprehensive income (loss) before reclassifications |
3.3 |
|
|
(12.7 |
) |
|
(9.4 |
) |
Net loss reclassified from accumulated other comprehensive income (loss) |
6.4 |
|
|
— |
|
|
6.4 |
|
March 31, 2017 |
$ |
(250.9 |
) |
|
$ |
226.6 |
|
|
$ |
(24.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
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 (gain) reclassified from accumulated other comprehensive income (loss) |
6.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
6.3 |
|
March 31, 2016 |
$ |
(236.6 |
) |
|
$ |
— |
|
|
$ |
225.1 |
|
|
$ |
(0.8 |
) |
|
$ |
(12.3 |
) |
The following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ deficit for the three months ended March 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
March 31, |
|
|
2017 |
|
2016 |
|
Amortization of pension and postretirement benefit liability: |
|
|
|
|
|
|
Prior service credits1
|
|
$ |
(0.1 |
) |
|
$ |
(0.4 |
) |
|
|
Net actuarial loss1
|
|
6.5 |
|
|
6.7 |
|
|
|
Total before taxes |
|
6.4 |
|
|
6.3 |
|
|
|
|
|
— |
|
|
— |
|
|
Income tax benefit (expense) |
Total reclassifications for the period, net of tax |
|
$ |
6.4 |
|
|
$ |
6.3 |
|
|
|
|
|
|
|
|
|
|
1 These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (credit). See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
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