Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY

v2.4.0.6
SHAREHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2012
SHAREHOLDERS' EQUITY

NOTE 16 – SHAREHOLDERS’ EQUITY

The following table reflects the changes in shareholders’ equity attributable to both Cliffs and the noncontrolling interests primarily related to Bloom Lake, Tilden and Empire of which Cliffs owns 75 percent, 85 percent and 79 percent, respectively, for the six months ended June 30, 2012 and June 30, 2011:

 

     (In Millions)  
     Cliffs
Shareholders’
Equity		     Noncontrolling
Interest		     Total Equity  

December 31, 2011

    $ 5,785.0      $ 1,254.7      $       7,039.7   

Comprehensive income

       

Net income

      633.8        31.9        665.7   

Other comprehensive income

      2.7        3.0        5.7   
  

 

 

    

 

 

    

 

 

  

Total comprehensive income

      636.5        34.9        671.4   

Stock and other incentive plans

      2.3        -          2.3   

Common stock dividends

      (128.8 )      -          (128.8 ) 

Undistributed gains to noncontrolling interest

      -          8.6        8.6   

Capital contribution by noncontrolling interest to subsidiary

      -          22.3        22.3   

Acquisition of controlling interest

      -          (8.0 )      (8.0 ) 
  

 

 

    

 

 

    

 

 

  

June 30, 2012

    $ 6,295.0      $ 1,312.5      $ 7,607.5   
  

 

 

    

 

 

    

 

 

  
     (In Millions)  
     Cliffs
Shareholders’
Equity		     Noncontrolling
Interest		     Total
Equity 		 

December 31, 2010

    $ 3,845.9      $ (7.2 )    $       3,838.7   

Comprehensive income

       

Net income

      832.5        18.3        850.8   

Other comprehensive income

      50.1        0.9        51.0   
  

 

 

    

 

 

    

 

 

  

Total comprehensive income

      882.6        19.2        901.8   

Equity offering

      853.7        -          853.7   

Purchase of additional noncontrolling interest

      0.3        -          0.3   

Stock and other incentive plans

      3.1        -          3.1   

Common stock dividends

      (38.0 )      -          (38.0 ) 

Purchase of subsidiary shares from noncontrolling interest

      -          4.5        4.5   

Undistributed gains to noncontrolling interest

      -          9.6        9.6   

Capital contribution by noncontrolling interest to subsidiary

      -          0.2        0.2   

Acquisition of controlling interest

      -          947.6        947.6   
  

 

 

    

 

 

    

 

 

  

June 30, 2011

    $ 5,547.6      $ 973.9      $ 6,521.5   
  

 

 

    

 

 

    

 

 

  

The following table reflects the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for June 30, 2012 and June 30, 2011:

 

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

Balance December 31, 2011

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

Change during 2012

      10.3          (0.5)         (6.5)         (0.6)         2.7    
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Balance June 30, 2012

    $ (398.6)       $ 2.1        $ 306.0        $ 0.6        $ (89.9)   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

     (In Millions)  
     Postretirement
Benefit
Liability 		     Unrealized
Net Gain
(Loss) on
Securities 		     Unrealized
Net Gain
(Loss) on
Foreign
Currency 		     Net Gain
on
Derivative
Financial
Instruments 		     Accumulated
Other
Comprehensive
Income 		 

Balance December 31, 2010

      $ (305.1)          $ 33.6           $ 314.7           $ 2.7           $ 45.9     

Change during 2011

      8.6           (19.2)          57.5           3.2           50.1     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Balance June 30, 2011

      $ (296.5)          $ 14.4           $ 372.2           $         5.9           $ 96.0