Annual report pursuant to Section 13 and 15(d)

Accumulated Other Comprehensive Income (Loss)

v2.4.0.6
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2011
Accumulated Other Comprehensive Income (Loss) [Abstract]  
Accumulated Other Comprehensive Income (Loss)

NOTE 14 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The components of Accumulated other comprehensive income (loss) within Cliffs shareholders' equity and related tax effects allocated to each are shown below as of December 31, 2011, 2010 and 2009:

 

     (In Millions)  
     Pre-tax
Amount		     Tax
Benefit
(Provision)		     After-tax
Amount		  

As of December 31, 2009:

       

Postretirement benefit liability

    $ (451.9 )    $ 132.8      $ (319.1 ) 

Foreign currency translation adjustments

      163.1        —          163.1   

Unrealized net gain on derivative financial instruments

      5.7        (1.7 )      4.0   

Unrealized loss on securities

      43.1        (13.7 )      29.4   
  

 

 

    

 

 

    

 

 

  
   $ (240.0 )    $ 117.4      $ (122.6 ) 
  

 

 

    

 

 

    

 

 

  

As of December 31, 2010:

       

Postretirement benefit liability

    $ (452.0 )    $ 146.9      $ (305.1 ) 

Foreign currency translation adjustments

      329.9        (15.2 )      314.7   

Unrealized net gain on derivative financial instruments

      3.9        (1.2 )      2.7   

Unrealized gain on securities

      46.9        (13.3 )      33.6   
  

 

 

    

 

 

    

 

 

  
   $ (71.3 )    $ 117.2      $ 45.9   
  

 

 

    

 

 

    

 

 

  

As of December 31, 2011:

       

Postretirement benefit liability

    $ (615.9 )    $ 207.0      $ (408.9 ) 

Foreign currency translation adjustments

      312.5        —          312.5   

Unrealized net gain on derivative financial instruments

      1.7        (0.5 )      1.2   

Unrealized gain on securities

      2.5        0.1        2.6   
  

 

 

    

 

 

    

 

 

  
   $ (299.2 )    $ 206.6      $ (92.6 ) 
  

 

 

    

 

 

    

 

 

  

The following table reflects the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders' equity for 2011, 2010 and 2009:

 

     Postretirement
Benefit
Liability		     Unrealized
Net Gain
(Loss) on
Securities		     Foreign
Currency
Translation		     Interest
Rate
Swap		     Net Gain
(Loss) on
Derivative
Financial
Instruments		     Accumulated
Other
Comprehensive
Income (Loss)		  

Balance December 31, 2008

    $ (343.3 )    $ (0.1 )    $ (68.6 )    $ (1.7 )    $ 19.1      $ (394.6 ) 

Change during 2009

      24.2        29.5        231.7        1.7        (15.1 )      272.0   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance December 31, 2009

      (319.1 )      29.4        163.1        —          4.0        (122.6 ) 

Change during 2010

      14.0        4.2        151.6        —          (1.3 )      168.5   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance December 31, 2010

      (305.1 )      33.6        314.7        —          2.7        45.9   

Change during 2011

      (103.8 )      (31.0 )      (2.2 )      —          (1.5 )      (138.5 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Balance December 31, 2011

    $ (408.9 )    $ 2.6      $ 312.5      $ —        $ 1.2      $ (92.6 )