Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY Shareholders' Equity (Tables)

v3.8.0.1
SHAREHOLDERS' EQUITY Shareholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Schedule of Stockholders Equity
The following table reflects the changes in shareholders' deficit attributable to both Cliffs and the noncontrolling interests, primarily related to Tilden and Empire. Cliffs owns 100% of both mines as of September 30, 2017 and 85% and 79%, respectively, as of September 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)
57.1

 
(3.9
)
 
53.2

Other comprehensive income
4.2

 
1.1

 
5.3

Total comprehensive income (loss)
61.3

 
(2.8
)
 
58.5

Issuance of common shares
661.3

 
—

 
661.3

Stock and other incentive plans
13.5

 
—

 
13.5

Acquisition of noncontrolling interest
(89.1
)
 
(15.9
)
 
(105.0
)
Distribution of partnership equity
(16.0
)
 
(116.7
)
 
(132.7
)
Distributions to noncontrolling interest
—

 
1.8

 
1.8

September 30, 2017
$
(833.3
)
 
$
0.2

 
$
(833.1
)
 
(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
)
Distributions to noncontrolling interest
—

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

 
$
(1,400.5
)
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ deficit for September 30, 2017 and September 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
)
Other comprehensive income (loss) before reclassifications
(18.7
)
 
0.5

 
(18.2
)
Net loss reclassified from accumulated other comprehensive loss
6.8

 
—

 
6.8

September 30, 2017
$
(256.4
)
 
$
225.6

 
$
(30.8
)
 
(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
)
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

September 30, 2016
$
(224.5
)
 
$
—

 
$
223.3

 
$
—

 
$
(1.2
)
Details of Accumulated Other Comprehensive Income (Loss) Components

The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ deficit for the three and nine months ended September 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
September 30,
 
Nine Months Ended
September 30,
 
 
2017
 
2016
 
2017
 
2016
 
Amortization of pension and postretirement benefit liability:
 
 
 
 
 
 
 
 
 
 
Prior service credits1
 
$
(0.2
)
 
$
(0.4
)
 
$
(0.4
)
 
$
(1.2
)
 
 
Net actuarial loss1
 
7.0

 
7.1

 
20.1

 
20.4

 
 
Total before taxes
 
6.8

 
6.7

 
19.7

 
19.2

 
 
 
 
—

 
—

 
—

 
—

 
Income tax benefit
 
 
$
6.8

 
$
6.7

 
$
19.7

 
$
19.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on derivative financial instruments:
 
 
 
 
 
 
 
 
 
 
Treasury lock
 
$
—

 
$
1.2

 
$
—

 
$
1.2

 
Gain (loss) on extinguishment/restructuring of debt
 
 
—

 
(0.5
)
 
—

 
(0.5
)
 
Income tax benefit
 
 
$
—

 
$
0.7

 
$
—

 
$
0.7

 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Total reclassifications for the period, net of tax
 
$
6.8

 
$
7.4

 
$
19.7

 
$
19.9

 
 
 
 
 
 
 
 
 
 
 
 
 
1 These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (credit). Refer to NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.