NOTE 17 - 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 June 30, 2018 and 85% and 79% of each mine, respectively, as of June 30, 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 (REFER TO NOTE 2) |
34.0 |
|
|
— |
|
|
34.0 |
|
Comprehensive income |
|
|
|
|
|
Net income |
80.8 |
|
|
— |
|
|
80.8 |
|
Other comprehensive income |
16.8 |
|
|
— |
|
|
16.8 |
|
Total comprehensive income |
97.6 |
|
|
— |
|
|
97.6 |
|
Stock and other incentive plans |
6.4 |
|
|
— |
|
|
6.4 |
|
Distributions to noncontrolling interest |
— |
|
|
(0.2 |
) |
|
(0.2 |
) |
June 30, 2018 |
$ |
(306.3 |
) |
|
$ |
— |
|
|
$ |
(306.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
) |
The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ deficit:
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|
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|
|
|
|
|
|
|
|
(In Millions) |
|
Changes in Pension and OPEB,
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 |
) |
Other comprehensive income before reclassifications |
0.2 |
|
|
2.2 |
|
|
0.2 |
|
|
2.6 |
|
Net loss reclassified from accumulated other comprehensive loss |
6.5 |
|
|
— |
|
|
— |
|
|
6.5 |
|
June 30, 2018 |
$ |
(250.5 |
) |
|
$ |
228.3 |
|
|
$ |
— |
|
|
$ |
(22.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Changes in Pension and OPEB, 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 |
) |
The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ deficit:
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|
|
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|
(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
June 30, |
|
Six Months Ended
June 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Amortization of pension and OPEB liability: |
|
|
|
|
|
|
|
|
|
|
Prior service credits |
|
$ |
(0.1 |
) |
|
$ |
(0.1 |
) |
|
$ |
(0.4 |
) |
|
$ |
(0.2 |
) |
|
Other non-operating income |
Net actuarial loss |
|
6.6 |
|
|
6.6 |
|
|
13.1 |
|
|
13.1 |
|
|
Other non-operating income |
|
|
$ |
6.5 |
|
|
$ |
6.5 |
|
|
$ |
12.7 |
|
|
$ |
12.9 |
|
|
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 |
|
$ |
6.5 |
|
|
$ |
6.5 |
|
|
$ |
12.6 |
|
|
$ |
12.9 |
|
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|
|