Annual report pursuant to Section 13 and 15(d)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)

v3.3.1.900
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)
 12 Months Ended
Dec. 31, 2015
Schedule of Accumulate Other Comprehensive Income (Loss) and Related Tax Effects [Table Text Block]
The components of Accumulated other comprehensive loss within Cliffs shareholders’ deficit and related tax effects allocated to each are shown below as of December 31, 2015, 2014 and 2013:
 
(In Millions)
 
Pre-tax
Amount
 
Tax
Benefit
(Provision)
 
After-tax
Amount
As of December 31, 2013:
 
 
 
 
 
Postretirement benefit liability
$
(299.3
)
 
$
94.4

 
$
(204.9
)
Foreign currency translation adjustments
106.7

 
—

 
106.7

Unrealized net loss on derivative financial instruments
(30.0
)
 
9.1

 
(20.9
)
Unrealized gain on securities
9.3

 
(3.1
)
 
6.2

 
$
(213.3
)
 
$
100.4

 
$
(112.9
)
As of December 31, 2014:
 
 
 
 
 
Postretirement benefit liability
$
(425.3
)
 
$
134.2

 
$
(291.1
)
Foreign currency translation adjustments
64.4

 
—

 
64.4

Unrealized net loss on derivative financial instruments
(25.9
)
 
7.8

 
(18.1
)
Unrealized gain on securities
(1.3
)
 
0.3

 
(1.0
)
 
$
(388.1
)
 
$
142.3

 
$
(245.8
)
As of December 31, 2015:
 
 
 
 
 
Postretirement benefit liability
$
(364.8
)
 
$
123.4

 
$
(241.4
)
Foreign currency translation adjustments
220.7

 
—

 
220.7

Unrealized net gain on derivative financial instruments
2.2

 
0.4

 
2.6

Unrealized gain on securities
0.1

 
—

 
0.1

 
$
(141.8
)
 
$
123.8

 
$
(18.0
)
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following tables reflect the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for December 31, 2015, 2014 and 2013:
 
(In Millions)
 
Postretirement Benefit Liability, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2014
$
(291.1
)
 
$
(1.0
)
 
$
64.4

 
$
(18.1
)
 
$
(245.8
)
Other comprehensive income (loss) before reclassifications
9.1

 
5.4

 
(26.4
)
 
1.9

 
(10.0
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
40.6

 
(4.3
)
 
182.7

 
18.8

 
237.8

Balance December 31, 2015
$
(241.4
)
 
$
0.1

 
$
220.7

 
$
2.6

 
$
(18.0
)
 
(In Millions)
 
Postretirement Benefit Liability, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2013
$
(204.9
)
 
$
6.2

 
$
106.7

 
$
(20.9
)
 
$
(112.9
)
Other comprehensive income (loss) before reclassifications
(97.0
)
 
1.3

 
(42.3
)
 
(28.2
)
 
(166.2
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
10.8

 
(8.5
)
 
—

 
31.0

 
33.3

Balance December 31, 2014
$
(291.1
)
 
$
(1.0
)
 
$
64.4

 
$
(18.1
)
 
$
(245.8
)
 
(In Millions)
 
Postretirement Benefit Liability, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2012
$
(382.7
)
 
$
2.1

 
$
316.3

 
$
8.7

 
$
(55.6
)
Other comprehensive income (loss) before reclassifications
151.3

 
(0.9
)
 
(209.6
)
 
(51.7
)
 
(110.9
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
26.5

 
5.0

 
—

 
22.1

 
53.6

Balance December 31, 2013
$
(204.9
)
 
$
6.2

 
$
106.7

 
$
(20.9
)
 
$
(112.9
)
Details of Accumulated Other Comprehensive Income (Loss) Components [Table Text Block]
he following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ equity for the year ended December 31, 2015:
 
 
(In Millions)
 
 
Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount of (Gain)/Loss Reclassified into Income
 
Affected Line Item in the Statement of Consolidated Operations
 
 
Year Ended
December 31, 2015
 
Year Ended
December 31, 2014
 
Year Ended
December 31, 2013
 
 
Amortization of Pension and Postretirement Benefit Liability:
 
 
 
 
 
 
 
 
Prior service costs (1)
 
$
(1.4
)
 
$
(1.1
)
 
$
(0.8
)
 
 
Net actuarial loss (1)
 
27.4

 
18.5

 
37.2

 
 
Curtailments/Settlements (1)
 
0.2

 
1.4

 
—

 
 
Effect of deconsolidation (2)
 
15.1

 
—

 
—

 
Loss from Discontinued Operations, net of tax
 
 
41.3

 
18.8

 
36.4

 
Total before taxes
 
 
(0.7
)
 
(5.8
)
 
(14.3
)
 
Income tax benefit (expense)
 
 
$
40.6

 
$
13.0

 
$
22.1

 
Net of taxes
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on marketable securities:
 
 
 
 
 
 
 
 
Sale of marketable securities
 
$
(2.6
)
 
$
(11.4
)
 
$
(0.2
)
 
Other non-operating income (expense)
Impairment
 
(2.0
)
 
(0.5
)
 
5.3

 
Other non-operating income (expense)
 
 
(4.6
)
 
(11.9
)
 
5.1

 
Total before taxes
 
 
0.3

 
3.4

 
(0.1
)
 
Income tax benefit (expense)
 
 
$
(4.3
)
 
$
(8.5
)
 
$
5.0

 
Net of taxes
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on foreign currency translation:
 
 
 
 
 
 
 
 
Effect of deconsolidation (3)
 
$
182.7

 
$
—

 
$
—

 
Loss from Discontinued Operations, net of tax
 
 
—

 
—

 
—

 
Income tax benefit (expense)
 
 
$
182.7

 
$
—

 
$
—

 
Net of taxes
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on derivative financial instruments:
 
 
 
 
 
 
 
 
Australian dollar foreign exchange contracts
 
$
26.9

 
$
18.9

 
$
17.0

 
Product revenues
Canadian dollar foreign exchange contracts
 
—

 
26.7

 
15.3

 
Cost of goods sold and operating expenses
 
 
26.9

 
45.6

 
32.3

 
Total before taxes
 
 
(8.1
)
 
(14.6
)
 
(10.2
)
 
Income tax benefit (expense)
 
 
$
18.8

 
$
31.0

 
$
22.1

 
Net of taxes
 
 
 
 
 
 
 
 
 
Total Reclassifications for the Period
 
$
237.8

 
$
35.5

 
$
49.2

 
 
                                         
(1) 
These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
(2) 
Represents Canadian postretirement benefit liabilities that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information.
(3) 
Represents Canadian accumulated currency translation adjustments that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information.