NOTE 16 - SHAREHOLDERS' DEFICIT
The following table reflects the changes in shareholders' deficit attributable to both us and the noncontrolling interests, primarily related to Tilden and Empire. We own 100% of both mines as of March 31, 2018 and 85% and 79% of each mine, respectively, as of March 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Cliffs
Shareholders’
Equity (Deficit) |
|
Noncontrolling
Interest |
|
Total Equity
(Deficit) |
December 31, 2017 |
$ |
(444.3 |
) |
|
$ |
0.2 |
|
|
$ |
(444.1 |
) |
Adoption of accounting standard (Note 2) |
34.0 |
|
|
— |
|
|
34.0 |
|
Comprehensive loss |
|
|
|
|
|
Net loss |
(84.3 |
) |
|
— |
|
|
(84.3 |
) |
Other comprehensive income |
7.7 |
|
|
— |
|
|
7.7 |
|
Total comprehensive loss |
(76.6 |
) |
|
— |
|
|
(76.6 |
) |
Stock and other incentive plans |
1.9 |
|
|
— |
|
|
1.9 |
|
March 31, 2018 |
$ |
(485.0 |
) |
|
$ |
0.2 |
|
|
$ |
(484.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Cliffs
Shareholders’
Equity (Deficit) |
|
Noncontrolling
Interest |
|
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 |
) |
The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ deficit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Changes in Pension and Other Post-Retirement Benefits,
net of tax |
|
Unrealized Net Gain on Foreign Currency Translation |
|
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax |
|
Accumulated Other Comprehensive Loss |
December 31, 2017 |
$ |
(263.9 |
) |
|
$ |
225.4 |
|
|
$ |
(0.5 |
) |
|
$ |
(39.0 |
) |
Other comprehensive income before reclassifications |
0.5 |
|
|
0.7 |
|
|
0.4 |
|
|
1.6 |
|
Net loss (gain) reclassified from accumulated other comprehensive loss |
6.2 |
|
|
— |
|
|
(0.1 |
) |
|
6.1 |
|
March 31, 2018 |
$ |
(257.2 |
) |
|
$ |
226.1 |
|
|
$ |
(0.2 |
) |
|
$ |
(31.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
) |
The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ deficit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
Details about Accumulated Other Comprehensive 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, |
|
|
2018 |
|
2017 |
|
Amortization of pension and OPEB liability: |
|
|
|
|
|
|
Prior service credits |
|
$ |
(0.3 |
) |
|
$ |
(0.1 |
) |
|
Other non-operating income |
Net actuarial loss |
|
6.5 |
|
|
6.5 |
|
|
Other non-operating income |
|
|
$ |
6.2 |
|
|
$ |
6.4 |
|
|
Net of taxes |
|
|
|
|
|
|
|
Unrealized loss on derivative financial instruments: |
|
|
|
|
|
|
Commodity contracts |
|
$ |
(0.1 |
) |
|
$ |
— |
|
|
Cost of goods sold and operating expenses |
|
|
$ |
(0.1 |
) |
|
$ |
— |
|
|
Net of taxes |
|
|
|
|
|
|
|
Total reclassifications for the period, net of tax |
|
$ |
6.1 |
|
|
$ |
6.4 |
|
|
|
|