Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY Shareholders' Equity (Tables)

v2.4.0.8
SHAREHOLDERS' EQUITY Shareholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2013
Changes in Accumulated Othe Comprehensive Income [Abstract]  
Schedule of Stockholders Equity [Table Text Block]
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, 2013 and June 30, 2012:
 
(In Millions)
 
Cliffs
Shareholders’
Equity
 
Noncontrolling
Interest
 
Total Equity
December 31, 2012
$
4,632.7

 
$
1,128.2

 
$
5,760.9

Comprehensive income
 
 
 
 
 
Net income
253.0

 
9.1

 
262.1

Other comprehensive income (loss)
(184.0
)
 
2.3

 
(181.7
)
Total comprehensive income
69.0

 
11.4

 
80.4

Issuance of common shares
263.4

 
—

 
263.4

Issuance of Preferred Shares
731.3

 
—

 
731.3

Stock and other incentive plans
3.7

 
—

 
3.7

Common and Preferred Shares dividends
(68.9
)
 
—

 
(68.9
)
Capital contribution by noncontrolling
    interest to subsidiary
—

 
13.0

 
13.0

June 30, 2013
$
5,631.2

 
$
1,152.6

 
$
6,783.8

 
(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 shares 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

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table reflects the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for June 30, 2013 and June 30, 2012:
 
(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 loss before reclassifications
(1.1
)
 
2.5

 
3.3

 
(5.0
)
 
$
(0.3
)
Amounts reclassified from accumulated other comprehensive income (loss)
6.4

 
0.1

 
—

 
(2.0
)
 
$
4.5

Balance March 31, 2013
$
(377.4
)
 
$
4.7

 
$
319.6

 
$
1.7

 
$
(51.4
)
Other comprehensive loss before reclassifications
(1.5
)
 
(2.0
)
 
(152.0
)
 
(42.2
)
 
(197.7
)
Amounts reclassified from accumulated other comprehensive income (loss)
8.1

 
3.6

 
—

 
(2.2
)
 
9.5

Balance June 30, 2013
$
(370.8
)
 
$
6.3

 
$
167.6

 
$
(42.7
)
 
$
(239.6
)
 
(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, 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
)
Details of Accumulated Other Comprehensive Income (Loss) Components [Table Text Block]
The following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ equity for the three and six months ended June 30, 2013:
Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
 
Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
 
 
Three Months Ended
June 30, 2013
 
Six Months Ended
June 30, 2013
 
 
Amortization of Pension and Postretirement Benefit Liability:
 
 
 
 
 
 
Prior-service costs
 
$
(0.1
)
 
$
(0.3
)
 
(1)
Net actuarial loss
 
11.2

 
20.8

 
(1)
 
 
11.1

 
20.5

 
Total before taxes
 
 
(3.0
)
 
(6.0
)
 
Income tax benefit (expense)
 
 
$
8.1

 
$
14.5

 
Net of taxes
 
 
 
 
 
 
 
Unrealized gain (loss) on securities:
 
 
 
 
 
 
Sale of marketable securities
 
$
(1.1
)
 
$
(1.1
)
 
Other non-operating expense
Impairment
 
$
5.2

 
$
5.3

 
Other non-operating expense
 
 
4.1

 
4.2

 
Total before taxes
 
 
(0.5
)
 
(0.5
)
 
Income tax benefit (expense)
 
 
$
3.6

 
$
3.7

 
Net of taxes
 
 
 
 
 
 
 
Unrealized gain (loss) on derivative financial instruments:
 
 
 
 
 
 
Australian dollar foreign exchange contracts
 
$
(3.7
)
 
$
(6.3
)
 
Product revenues
Canadian dollar foreign exchange contracts
 
0.6

 
0.3

 
Cost of goods sold and operating expenses
 
 
(3.1
)
 
(6.0
)
 
Total before taxes
 
 
0.9

 
1.8

 
Income tax benefit (expense)
 
 
$
(2.2
)
 
$
(4.2
)
 
Net of taxes
 
 
 
 
 
 
 
Total Reclassifications for the Period
 
$
9.5

 
$
14.0

 
 
                                         
(1)
These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. See NOTE 12 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.