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 six months ended June 30, 2017 and June 30, 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 income (loss) |
3.7 |
|
|
(3.4 |
) |
|
0.3 |
|
Other comprehensive income (loss) |
1.9 |
|
|
(4.6 |
) |
|
(2.7 |
) |
Total comprehensive income (loss) |
5.6 |
|
|
(8.0 |
) |
|
(2.4 |
) |
Issuance of common shares |
661.3 |
|
|
— |
|
|
661.3 |
|
Stock and other incentive plans |
8.3 |
|
|
— |
|
|
8.3 |
|
Distributions to noncontrolling interest |
— |
|
|
(3.4 |
) |
|
(3.4 |
) |
June 30, 2017 |
$ |
(789.1 |
) |
|
$ |
122.4 |
|
|
$ |
(666.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
120.8 |
|
|
25.5 |
|
|
146.3 |
|
Other comprehensive income |
9.0 |
|
|
1.3 |
|
|
10.3 |
|
Total comprehensive income |
129.8 |
|
|
26.8 |
|
|
156.6 |
|
Issuance of common shares |
14.4 |
|
|
— |
|
|
14.4 |
|
Stock and other incentive plans |
6.5 |
|
|
— |
|
|
6.5 |
|
Distributions of partnership equity |
— |
|
|
(41.4 |
) |
|
(41.4 |
) |
Distributions to noncontrolling interest |
— |
|
|
(3.4 |
) |
|
(3.4 |
) |
June 30, 2016 |
$ |
(1,830.7 |
) |
|
$ |
151.8 |
|
|
$ |
(1,678.9 |
) |
The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ deficit for June 30, 2017 and June 30, 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 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 loss |
6.4 |
|
|
— |
|
|
6.4 |
|
March 31, 2017 |
$ |
(250.9 |
) |
|
$ |
226.6 |
|
|
$ |
(24.3 |
) |
Other comprehensive loss before reclassifications |
(0.1 |
) |
|
(1.5 |
) |
|
(1.6 |
) |
Net loss reclassified from accumulated other comprehensive loss |
6.5 |
|
|
— |
|
|
6.5 |
|
June 30, 2017 |
$ |
(244.5 |
) |
|
$ |
225.1 |
|
|
$ |
(19.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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 reclassified from accumulated other comprehensive loss |
6.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
6.3 |
|
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 loss |
6.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
6.3 |
|
June 30, 2016 |
$ |
(230.7 |
) |
|
$ |
— |
|
|
$ |
222.4 |
|
|
$ |
(0.7 |
) |
|
$ |
(9.0 |
) |
The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ deficit for the three and six months ended June 30, 2017 and 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
June 30, |
|
Six Months Ended
June 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
Amortization of pension and postretirement benefit liability: |
|
|
|
|
|
|
|
|
|
|
Prior service credits1
|
|
$ |
(0.1 |
) |
|
$ |
(0.4 |
) |
|
$ |
(0.2 |
) |
|
$ |
(0.7 |
) |
|
|
Net actuarial loss1
|
|
6.6 |
|
|
6.7 |
|
|
13.1 |
|
|
13.3 |
|
|
|
Total before taxes |
|
6.5 |
|
|
6.3 |
|
|
12.9 |
|
|
12.6 |
|
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Income tax benefit (expense) |
Total reclassifications for the period, net of tax |
|
$ |
6.5 |
|
|
$ |
6.3 |
|
|
$ |
12.9 |
|
|
$ |
12.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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