Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY Shareholders' Equity (Tables)

v3.7.0.1
SHAREHOLDERS' EQUITY Shareholders' Equity (Tables)
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2017 and June 30, 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 income (loss)
3.7

 
(3.4
)
 
0.3

Other comprehensive income (loss)
1.9

 
(4.6
)
 
(2.7
)
Total comprehensive income (loss)
5.6

 
(8.0
)
 
(2.4
)
Issuance of common shares
661.3

 
—

 
661.3

Stock and other incentive plans
8.3

 
—

 
8.3

Distributions to noncontrolling interest
—

 
(3.4
)
 
(3.4
)
June 30, 2017
$
(789.1
)
 
$
122.4

 
$
(666.7
)
 
(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
120.8

 
25.5

 
146.3

Other comprehensive income
9.0

 
1.3

 
10.3

Total comprehensive income
129.8

 
26.8

 
156.6

Issuance of common shares
14.4

 
—

 
14.4

Stock and other incentive plans
6.5

 
—

 
6.5

Distributions of partnership equity
—

 
(41.4
)
 
(41.4
)
Distributions to noncontrolling interest
—

 
(3.4
)
 
(3.4
)
June 30, 2016
$
(1,830.7
)
 
$
151.8

 
$
(1,678.9
)
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ deficit for June 30, 2017 and June 30, 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 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 loss
6.4

 
—

 
6.4

March 31, 2017
$
(250.9
)
 
$
226.6

 
$
(24.3
)
Other comprehensive loss before reclassifications
(0.1
)
 
(1.5
)
 
(1.6
)
Net loss reclassified from accumulated other comprehensive loss
6.5

 
—

 
6.5

June 30, 2017
$
(244.5
)
 
$
225.1

 
$
(19.4
)
 
(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 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 reclassified from accumulated other comprehensive loss
6.3

 
—

 
—

 
—

 
6.3

March 31, 2016
$
(236.6
)
 
$
—

 
$
225.1

 
$
(0.8
)
 
$
(12.3
)
Other comprehensive income (loss) before reclassifications
(0.4
)
 
—

 
(2.7
)
 
0.1

 
(3.0
)
Net loss reclassified from accumulated other comprehensive loss
6.3

 
—

 
—

 
—

 
6.3

June 30, 2016
$
(230.7
)
 
$
—

 
$
222.4

 
$
(0.7
)
 
$
(9.0
)
Details of Accumulated Other Comprehensive Income (Loss) Components

The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ deficit for the three and six months ended June 30, 2017 and 2016:
 
 
(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
June 30,
 
Six Months Ended
June 30,
 
 
2017
 
2016
 
2017
 
2016
 
Amortization of pension and postretirement benefit liability:
 
 
 
 
 
 
 
 
 
 
Prior service credits1
 
$
(0.1
)
 
$
(0.4
)
 
$
(0.2
)
 
$
(0.7
)
 
 
Net actuarial loss1
 
6.6

 
6.7

 
13.1

 
13.3

 
 
Total before taxes
 
6.5

 
6.3

 
12.9

 
12.6

 
 
 
 
—

 
—

 
—

 
—

 
Income tax benefit (expense)
Total reclassifications for the period, net of tax
 
$
6.5

 
$
6.3

 
$
12.9

 
$
12.6

 
 
 
 
 
 
 
 
 
 
 
 
 
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.