Annual report pursuant to Section 13 and 15(d)

Acquisitions And Other Investments (Tables)

v2.4.0.6
Acquisitions And Other Investments (Tables)
12 Months Ended
Dec. 31, 2011
Wabush [Member]
 
Schedule Of Allocation Of Purchase Price
     (In Millions)  
     Initial
Allocation
    Final
Allocation
    Change  

Consideration

      

Cash

   $ 88.0      $ 88.0      $ —     

Working capital adjustments

     15.0        15.0        —     
  

 

 

   

 

 

   

 

 

 

Fair value of total consideration transferred

     103.0        103.0        —     

Fair value of Cliffs' equity interest in Wabush held prior to acquisition of remaining interest

     39.7        38.0        (1.7
  

 

 

   

 

 

   

 

 

 
   $ 142.7      $ 141.0      $ (1.7
  

 

 

   

 

 

   

 

 

 

Recognized amounts of identifiable assets acquired and liabilities assumed

      

ASSETS:

      

In-process inventories

   $ 21.8      $ 21.8      $ —     

Supplies and other inventories

     43.6        43.6        —     

Other current assets

     13.2        13.2        —     

Mineral rights

     85.1        84.4        (0.7

Plant and equipment

     146.3        147.8        1.5   

Intangible assets

     66.4        66.4        —     

Other assets

     16.3        19.3        3.0   
  

 

 

   

 

 

   

 

 

 

Total identifiable assets acquired

     392.7        396.5        3.8   

LIABILITIES:

      

Current liabilities

     (48.1     (48.1     —     

Pension and OPEB obligations

     (80.6     (80.6     —     

Mine closure obligations

     (39.6     (53.4     (13.8

Below-market sales contracts

     (67.7     (67.7     —     

Deferred taxes

     (20.5     —          20.5   

Other liabilities

     (8.9     (8.8     0.1   
  

 

 

   

 

 

   

 

 

 

Total identifiable liabilities assumed

     (265.4     (258.6     6.8   
  

 

 

   

 

 

   

 

 

 

Total identifiable net assets acquired

     127.3        137.9        10.6   

Goodwill

     15.4        3.1        (12.3
  

 

 

   

 

 

   

 

 

 

Total net assets acquired

   $ 142.7      $ 141.0      $ (1.7
  

 

 

   

 

 

   

 

 

 
Consolidated Thompson [Member]
 
Schedule Of Allocation Of Purchase Price
     (In Millions)  
     Initial
Allocation
    Revised
Allocation
    Change  

Consideration

      

Cash

   $ 4,554.0      $ 4,554.0      $ —     
  

 

 

   

 

 

   

 

 

 

Fair value of total consideration transferred

   $ 4,554.0      $ 4,554.0      $ —     
  

 

 

   

 

 

   

 

 

 

Recognized amounts of identifiable assets acquired and liabilities assumed

      

ASSETS:

      

Cash

   $ 130.6      $ 130.6      $ —     

Accounts receivable

     102.8        102.4        (0.4

Product inventories

     134.2        134.2        —     

Other current assets

     35.1        35.1        —     

Mineral rights

     4,450.0        4,825.6        375.6   

Property, plant and equipment

     1,193.4        1,193.4        —     

Intangible assets

     2.1        2.1        —     
  

 

 

   

 

 

   

 

 

 

Total identifiable assets acquired

     6,048.2        6,423.4        375.2   

LIABILITIES:

      

Accounts payable

     (13.6     (13.6     —     

Accrued liabilities

     (130.0     (123.8     6.2   

Convertible debentures

     (335.7     (335.7     —     

Other current liabilities

     (41.8     (41.8     —     

Long-term deferred tax liabilities

     (831.5     (1,041.8     (210.3

Senior secured notes

     (125.0     (125.0     —     

Capital lease obligations

     (70.7     (70.7     —     

Other long-term liabilities

     (25.1     (25.1     —     
  

 

 

   

 

 

   

 

 

 

Total identifiable liabilities assumed

     (1,573.4     (1,777.5     (204.1
  

 

 

   

 

 

   

 

 

 

Total identifiable net assets acquired

     4,474.8        4,645.9        171.1   

Noncontrolling interest in Bloom Lake

     (947.6     (1,075.4     (127.8

Preliminary goodwill

     1,026.8        983.5        (43.3
  

 

 

   

 

 

   

 

 

 

Total net assets acquired

   $ 4,554.0      $ 4,554.0      $ —     
  

 

 

   

 

 

   

 

 

 
Schedule Of Unaudited Consolidated Proforma Information
     (In Millions, Except
Per Common Share)
 
     2011      2010  

REVENUES FROM PRODUCT SALES AND SERVICES

   $ 7,002.7       $ 4,982.9   

NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS

   $ 1,612.3       $ 912.5   

EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS — BASIC

   $ 11.50       $ 6.74   

EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS — DILUTED

   $ 11.43       $ 6.70   
Freewest [Member]
 
Schedule Of Allocation Of Purchase Price
     (In Millions)  
     Initial
Allocation
    Final
Allocation
    Change  

Consideration

      

Equity instruments (4.2 million Cliffs common shares)

   $ 173.1      $ 173.1      $ —     

Cash

     12.8        12.8        —     
  

 

 

   

 

 

   

 

 

 

Fair value of total consideration transferred

     185.9        185.9        —     

Fair value of Cliffs' ownership interest in Freewest held prior to acquisition of remaining interest

     27.4        27.4        —     
  

 

 

   

 

 

   

 

 

 
   $ 213.3      $ 213.3      $ —     
  

 

 

   

 

 

   

 

 

 

Recognized amounts of identifiable assets acquired and liabilities assumed

      

ASSETS:

      

Cash

   $ 7.7      $ 7.7      $ —     

Other current assets

     1.4        1.4        —     

Mineral rights

     252.8        244.0        (8.8

Marketable securities

     12.1        12.1        —     
  

 

 

   

 

 

   

 

 

 

Total identifiable assets acquired

     274.0        265.2        (8.8

LIABILITIES:

      

Accounts payable

     (3.3     (3.3     —     

Long-term deferred tax liabilities

     (57.4     (54.3     3.1   
  

 

 

   

 

 

   

 

 

 

Total identifiable liabilities assumed

     (60.7     (57.6     3.1   
  

 

 

   

 

 

   

 

 

 

Total identifiable net assets acquired

     213.3        207.6        (5.7

Goodwill

     —          5.7        5.7   
  

 

 

   

 

 

   

 

 

 

Total net assets acquired

   $ 213.3      $ 213.3      $ —     
  

 

 

   

 

 

   

 

 

 
Spider [Member]
 
Schedule Of Allocation Of Purchase Price
     (In Millions)  
     Initial
Allocation
    Final
Allocation
    Change  

Consideration

      

Cash

   $ 56.9      $ 56.9      $ —     
  

 

 

   

 

 

   

 

 

 

Fair value of total consideration transferred

     56.9        56.9        —     

Fair value of Cliffs' ownership interest in Spider held prior to acquisition of remaining interest

     4.9        4.9        —     
  

 

 

   

 

 

   

 

 

 
   $ 61.8      $ 61.8      $ —     
  

 

 

   

 

 

   

 

 

 

Recognized amounts of identifiable assets acquired and liabilities assumed

      

ASSETS:

      

Cash

   $ 9.0      $ 9.0      $ —     

Other current assets

     4.5        4.5        —     

Mineral rights

     31.0        35.3        4.3   
  

 

 

   

 

 

   

 

 

 

Total identifiable assets acquired

     44.5        48.8        4.3   

LIABILITIES:

      

Other current liabilities

     (5.2     (5.2     —     

Long-term deferred tax liabilities

     (2.7     (5.1     (2.4
  

 

 

   

 

 

   

 

 

 

Total identifiable liabilities assumed

     (7.9     (10.3     (2.4
  

 

 

   

 

 

   

 

 

 

Total identifiable net assets acquired

     36.6        38.5        1.9   

Goodwill

     77.1        75.2        (1.9

Noncontrolling interest in Spider

     (51.9     (51.9     —     
  

 

 

   

 

 

   

 

 

 

Total net assets acquired

   $ 61.8      $ 61.8      $ —     
  

 

 

   

 

 

   

 

 

 
CLCC [Member]
 
Schedule Of Allocation Of Purchase Price
     (In Millions)  
     Initial
Allocation
    Final
Allocation
    Change  

Consideration

      

Cash

   $ 757.0      $ 757.0        —     

Working capital adjustments

     17.5        18.9        1.4   
  

 

 

   

 

 

   

 

 

 

Fair value of total consideration transferred

   $ 774.5      $ 775.9      $ 1.4   
  

 

 

   

 

 

   

 

 

 

Recognized amounts of identifiable assets acquired and liabilities assumed

      

ASSETS:

      

Product inventories

   $ 20.0      $ 20.0      $ —     

Other current assets

     11.8        11.8        —     

Land and mineral rights

     640.3        639.3        (1.0

Plant and equipment

     111.1        112.3        1.2   

Deferred taxes

     16.5        15.9        (0.6

Intangible assets

     7.5        7.5        —     

Other non-current assets

     0.8        0.8        —     
  

 

 

   

 

 

   

 

 

 

Total identifiable assets acquired

     808.0        807.6        (0.4

LIABILITIES:

      

Current liabilities

     (22.8     (24.1     (1.3

Mine closure obligations

     (2.8     (2.8     —     

Below-market sales contracts

     (32.6     (32.6     —     
  

 

 

   

 

 

   

 

 

 

Total identifiable liabilities assumed

     (58.2     (59.5     (1.3
  

 

 

   

 

 

   

 

 

 

Total identifiable net assets acquired

     749.8        748.1        (1.7

Goodwill

     24.7        27.8        3.1   
  

 

 

   

 

 

   

 

 

 

Total net assets acquired

   $ 774.5      $ 775.9      $ 1.4