Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY Shareholders' Equity (Tables)

v3.7.0.1
SHAREHOLDERS' EQUITY Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2017
Equity [Abstract]  
Schedule of Stockholders Equity
The following table reflects the changes in shareholders' deficit attributable to both Cliffs and the noncontrolling interests primarily related to Tilden and Empire of which Cliffs owns 85% and 79%, respectively, for the three months ended March 31, 2017 and March 31, 2016:
 
(In Millions)
 
Cliffs
Shareholders’
Equity (Deficit)
 
Noncontrolling
Interest (Deficit)
 
Total Equity (Deficit)
December 31, 2016
$
(1,464.3
)
 
$
133.8

 
$
(1,330.5
)
Comprehensive loss
 
 
 
 
 
Net loss
(28.1
)
 
(1.7
)
 
(29.8
)
Other comprehensive loss
(3.0
)
 
(5.0
)
 
(8.0
)
Total comprehensive loss
(31.1
)
 
(6.7
)
 
(37.8
)
Issuance of common shares
661.3

 
—

 
661.3

Stock and other incentive plans
4.0

 
—

 
4.0

March 31, 2017
$
(830.1
)
 
$
127.1

 
$
(703.0
)
 
(In Millions)
 
Cliffs
Shareholders’
Equity (Deficit)
 
Noncontrolling
Interest (Deficit)
 
Total Equity (Deficit)
December 31, 2015
$
(1,981.4
)
 
$
169.8

 
$
(1,811.6
)
Comprehensive income
 
 
 
 
 
Net income
108.0

 
8.8

 
116.8

Other comprehensive income
5.7

 
0.6

 
6.3

Total comprehensive income
113.7

 
9.4

 
123.1

Issuance of common shares
5.4

 
—

 
5.4

Stock and other incentive plans
2.9

 
—

 
2.9

Distributions of partnership equity
—

 
(17.0
)
 
(17.0
)
Undistributed losses to noncontrolling interest
—

 
0.5

 
0.5

March 31, 2016
$
(1,859.4
)
 
$
162.7

 
$
(1,696.7
)
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table reflects the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ deficit for March 31, 2017 and March 31, 2016:
 
(In Millions)
 
Changes in Pension and Other Post-Retirement Benefits, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Accumulated Other Comprehensive Income (Loss)
December 31, 2016
$
(260.6
)
 
$
239.3

 
$
(21.3
)
Other comprehensive income (loss) before reclassifications
3.3

 
(12.7
)
 
(9.4
)
Net loss reclassified from accumulated other comprehensive income (loss)
6.4

 
—

 
6.4

March 31, 2017
$
(250.9
)
 
$
226.6

 
$
(24.3
)
 
(In Millions)
 
Changes in Pension and Other Post-Retirement Benefits, 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)
December 31, 2015
$
(241.4
)
 
$
0.1

 
$
220.7

 
$
2.6

 
$
(18.0
)
Other comprehensive income (loss) before reclassifications
(1.5
)
 
(0.1
)
 
4.4

 
(3.4
)
 
(0.6
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
6.3

 
—

 
—

 
—

 
6.3

March 31, 2016
$
(236.6
)
 
$
—

 
$
225.1

 
$
(0.8
)
 
$
(12.3
)
Details of Accumulated Other Comprehensive Income (Loss) Components

The following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ deficit for the three months ended March 31, 2017:
 
 
(In Millions)
 
 
Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount of (Gain)/Loss Reclassified into Income
 
Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
 
Three Months Ended
March 31,
 
 
2017
 
2016
 
Amortization of pension and postretirement benefit liability:
 
 
 
 
 
 
Prior service credits1
 
$
(0.1
)
 
$
(0.4
)
 
 
Net actuarial loss1
 
6.5

 
6.7

 
 
Total before taxes
 
6.4

 
6.3

 
 
 
 
—

 
—

 
Income tax benefit (expense)
Total reclassifications for the period, net of tax
 
$
6.4

 
$
6.3

 
 
 
 
 
 
 
 
 
1 These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (credit). See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.