Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY

v3.10.0.1
SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
SHAREHOLDERS' EQUITY
NOTE 17 - SHAREHOLDERS' DEFICIT
The following table reflects the changes in shareholders' deficit attributable to both us and the noncontrolling interests, primarily related to Tilden and Empire. We own 100% of both mines as of September 30, 2018 and September 30, 2017:
 
(In Millions)
 
Cliffs
Shareholders’
Equity (Deficit)
 
Noncontrolling
Interest
 
Total Equity
(Deficit)
December 31, 2017
$
(444.3
)
 
$
0.2

 
$
(444.1
)
Adoption of accounting standard (REFER TO NOTE 2)
34.0

 
—

 
34.0

Comprehensive income (loss)
 
 
 
 
 
Net loss
(84.3
)
 
—

 
(84.3
)
Other comprehensive income
7.7

 
—

 
7.7

Total comprehensive loss
(76.6
)
 
—

 
(76.6
)
Stock and other incentive plans
1.9

 
—

 
1.9

March 31, 2018
$
(485.0
)
 
$
0.2

 
$
(484.8
)
Comprehensive income
 
 
 
 
 
Net income
165.1

 
—

 
165.1

Other comprehensive income
9.1

 
—

 
9.1

Total comprehensive income
174.2

 
—

 
174.2

Stock and other incentive plans
4.5

 
—

 
4.5

Distributions to noncontrolling interest
—

 
(0.2
)
 
(0.2
)
June 30, 2018
$
(306.3
)
 
$
—

 
$
(306.3
)
Comprehensive income (loss)
 
 
 
 
 
Net income
437.8

 
—

 
437.8

Other comprehensive loss
(221.2
)
 
—

 
(221.2
)
Total comprehensive income
216.6

 
—

 
216.6

Stock and other incentive plans
3.5

 
—

 
3.5

September 30, 2018
$
(86.2
)
 
$
—

 
$
(86.2
)
 
(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
)
Comprehensive income (loss)
 
 
 
 
 
Net income (loss)
31.8

 
(1.7
)
 
30.1

Other comprehensive income
4.9

 
0.4

 
5.3

Total comprehensive income (loss)
36.7

 
(1.3
)
 
35.4

Stock and other incentive plans
4.3

 
—

 
4.3

Distributions to noncontrolling interest
—

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

 
$
(666.7
)
Comprehensive income
 
 
 
 
 
Net income (loss)
53.4

 
(0.5
)
 
52.9

Other comprehensive income
2.3

 
5.7

 
8.0

Total comprehensive income
55.7

 
5.2

 
60.9

Stock and other incentive plans
5.2

 
—

 
5.2

Acquisition of noncontrolling interest
(89.1
)
 
(15.9
)
 
(105.0
)
Distributions of partnership equity
(16.0
)
 
(116.7
)
 
(132.7
)
Contributions by noncontrolling interest
—

 
5.2

 
5.2

September 30, 2017
$
(833.3
)
 
$
0.2

 
$
(833.1
)

The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ deficit:
 
(In Millions)
 
Changes in Pension and OPEB,
net of tax
 
Changes in Foreign Currency Translation
 
Changes in Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Loss
December 31, 2017
$
(263.9
)
 
$
225.4

 
$
(0.5
)
 
$
(39.0
)
Other comprehensive income before reclassifications
0.5

 
0.7

 
0.4

 
1.6

Net loss (gain) reclassified from accumulated other comprehensive loss
6.2

 
—

 
(0.1
)
 
6.1

March 31, 2018
$
(257.2
)
 
$
226.1

 
$
(0.2
)
 
$
(31.3
)
Other comprehensive income before reclassifications
0.2

 
2.2

 
0.2

 
2.6

Net loss reclassified from accumulated other comprehensive loss
6.5

 
—

 
—

 
6.5

June 30, 2018
$
(250.5
)
 
$
228.3

 
$
—

 
$
(22.2
)
Other comprehensive income (loss) before reclassifications
0.3

 
(0.2
)
 
0.2

 
0.3

Net loss (gain) reclassified from accumulated other comprehensive loss
6.5

 
(228.1
)
 
0.1

 
(221.5
)
September 30, 2018
$
(243.7
)
 
$
—

 
$
0.3

 
$
(243.4
)
 
(In Millions)
 
Changes in Pension and OPEB, net of tax
 
Changes in 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
)
Other comprehensive income (loss) before reclassifications
(18.7
)
 
0.5

 
(18.2
)
Net loss reclassified from accumulated other comprehensive loss
6.8

 
—

 
6.8

September 30, 2017
$
(256.4
)
 
$
225.6

 
$
(30.8
)

The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ deficit:
 
 
(In Millions)
 
 
Details about Accumulated Other Comprehensive Loss Components
 
Amount of (Gain)/Loss Reclassified into Income, Net of Tax
 
Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2018
 
2017
 
2018
 
2017
 
Amortization of pension and OPEB liability:
 
 
 
 
 
 
 
 
 
 
Prior service credits
 
$
(0.1
)
 
$
(0.2
)
 
$
(0.5
)
 
$
(0.4
)
 
Other non-operating income
Net actuarial loss
 
6.6

 
7.0

 
19.7

 
20.1

 
Other non-operating income
 
 
$
6.5

 
$
6.8

 
$
19.2

 
$
19.7

 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in foreign currency translation:
 
 
 
 
 
 
 
 
 
 
Gain on foreign currency translation
 
$
(228.1
)
 
$
—

 
$
(228.1
)
 
$
—

 
Income from Discontinued Operations, net of tax
 
 
$
(228.1
)
 
$
—

 
$
(228.1
)
 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized loss on derivative financial instruments:
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
$
0.1

 
$
—

 
$
—

 
$
—

 
Cost of goods sold and operating expenses
 
 
$
0.1

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
Total reclassifications for the period, net of tax
 
$
(221.5
)
 
$
6.8

 
$
(208.9
)
 
$
19.7