Cleveland-Cliffs Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Quarterly Results Of Operations (Unaudited) (Tables)

Quarterly Results Of Operations (Unaudited) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2011

Dec. 31, 2011

Quarterly Results Of Operations (Unaudited) [Abstract]

Schedule Of Quarterly Financial Information

(In Millions, Except Per Share Amounts)

2011

Quarters

First

Second

Third

Fourth

Year

Revenues from product sales and services

1,183.2

1,805.8

2,142.8

1,662.5

6,794.3

Sales margin

599.5

731.6

861.3

496.2

2,688.6

Net Income from Continuing Operations attributable to Cliffs shareholders

423.8

409.8

618.7

185.3

1,637.6

Loss from Discontinued Operations

(0.4

)

(0.7

)

(17.5

)

0.1

(18.5

)

Net Income Attributable to Cliffs Shareholders

423.4

409.1

601.2

185.4

1,619.1

Earnings per common share attributable to Cliffs shareholders — Basic:

Continuing Operations

3.12

2.95

4.29

1.30

11.68

Discontinued Operations

—

(0.01

)

(0.12

)

—

(0.13

)

3.12

2.94

4.17

1.30

11.55

Earnings per common share attributable to Cliffs shareholders — Diluted:

Continuing Operations

3.11

2.93

4.27

1.30

11.61

Discontinued Operations

—

(0.01

)

(0.12

)

—

(0.13

)

3.11

2.92

4.15

1.30

11.48


	2010
	Quarters
	First			Second			Third			Fourth			Year
Revenues from product sales and services	$	727.7		$	1,184.3		$	1,346.0		$	1,424.1		$	4,682.1
Sales margin		150.5			415.2			477.3			483.5			1,526.5
Net Income from Continuing Operations attributable to Cliffs shareholders	$	78.0		$	261.5		$	298.3		$	385.2		$	1,023.0
Loss from Discontinued Operations		(0.6	)		(0.7	)		(0.7	)		(1.1	)		(3.1	)

Net Income Attributable to Cliffs Shareholders	$	77.4		$	260.8		$	297.6		$	384.1		$	1,019.9
Earnings per common share attributable to Cliffs shareholders — Basic:
Continuing Operations	$	0.58		$	1.93		$	2.20		$	2.85		$	7.56
Discontinued Operations		—			—			(0.01	)		(0.01	)		(0.02	)

	$	0.58		$	1.93		$	2.19		$	2.84		$	7.54

Earnings per common share attributable to Cliffs shareholders — Diluted:
Continuing Operations	$	0.57		$	1.92		$	2.19		$	2.83		$	7.51
Discontinued Operations		—			—			(0.01	)		(0.01	)		(0.02	)

	$	0.57		$	1.92		$	2.18		$	2.82		$	7.49

Schedule Of Error Corrections And Prior Period Adjustments


	(In Millions, Except Per Share Amounts)
	Three Months Ended						Six Months Ended
	March 31, 2011			June 30, 2011			June 30, 2011
Revenues from Product Sales and Services
Product	$	54.1		$	46.0		$	100.1
Freight and venture partners' cost reimbursements		—			(46.0	)		(46.0	)

		54.1			—			54.1
Cost of Goods Sold and Operating Expenses		(54.1	)		—			(54.1	)
Income from Continuing Operations		8.4			7.7			16.1
LESS: Income Attributable to Noncontrolling Interest		45.9			38.1			84.0

Net Income Attributable to Cliffs Shareholders	$	(37.5	)	$	(30.4	)	$	(67.9	)
Earnings per Common Share Attributable to Cliffs Shareholders - Basic and Diluted	$	(0.28	)	$	(0.22	)	$	(0.49	)

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References + Details