Cleveland-Cliffs Inc. Annual report pursuant to Section 13 and 15(d)

Acquisitions And Other Investments (Tables)

12 Months Ended

Dec. 31, 2011

Wabush [Member]


	(In Millions)
	Initial Allocation			Final Allocation			Change
Consideration
Cash	$	88.0		$	88.0		$	—
Working capital adjustments		15.0			15.0			—

Fair value of total consideration transferred		103.0			103.0			—
Fair value of Cliffs' equity interest in Wabush held prior to acquisition of remaining interest		39.7			38.0			(1.7	)

	$	142.7		$	141.0		$	(1.7	)

Recognized amounts of identifiable assets acquired and liabilities assumed
ASSETS:
In-process inventories	$	21.8		$	21.8		$	—
Supplies and other inventories		43.6			43.6			—
Other current assets		13.2			13.2			—
Mineral rights		85.1			84.4			(0.7	)
Plant and equipment		146.3			147.8			1.5
Intangible assets		66.4			66.4			—
Other assets		16.3			19.3			3.0

Total identifiable assets acquired		392.7			396.5			3.8
LIABILITIES:
Current liabilities		(48.1	)		(48.1	)		—
Pension and OPEB obligations		(80.6	)		(80.6	)		—
Mine closure obligations		(39.6	)		(53.4	)		(13.8	)
Below-market sales contracts		(67.7	)		(67.7	)		—
Deferred taxes		(20.5	)		—			20.5
Other liabilities		(8.9	)		(8.8	)		0.1

Total identifiable liabilities assumed		(265.4	)		(258.6	)		6.8

Total identifiable net assets acquired		127.3			137.9			10.6
Goodwill		15.4			3.1			(12.3	)

Total net assets acquired	$	142.7		$	141.0		$	(1.7	)

Consolidated Thompson [Member]


	(In Millions)
	Initial Allocation			Revised Allocation			Change
Consideration
Cash	$	4,554.0		$	4,554.0		$	—

Fair value of total consideration transferred	$	4,554.0		$	4,554.0		$	—

Recognized amounts of identifiable assets acquired and liabilities assumed
ASSETS:
Cash	$	130.6		$	130.6		$	—
Accounts receivable		102.8			102.4			(0.4	)
Product inventories		134.2			134.2			—
Other current assets		35.1			35.1			—
Mineral rights		4,450.0			4,825.6			375.6
Property, plant and equipment		1,193.4			1,193.4			—
Intangible assets		2.1			2.1			—

Total identifiable assets acquired		6,048.2			6,423.4			375.2
LIABILITIES:
Accounts payable		(13.6	)		(13.6	)		—
Accrued liabilities		(130.0	)		(123.8	)		6.2
Convertible debentures		(335.7	)		(335.7	)		—
Other current liabilities		(41.8	)		(41.8	)		—
Long-term deferred tax liabilities		(831.5	)		(1,041.8	)		(210.3	)
Senior secured notes		(125.0	)		(125.0	)		—
Capital lease obligations		(70.7	)		(70.7	)		—
Other long-term liabilities		(25.1	)		(25.1	)		—

Total identifiable liabilities assumed		(1,573.4	)		(1,777.5	)		(204.1	)

Total identifiable net assets acquired		4,474.8			4,645.9			171.1
Noncontrolling interest in Bloom Lake		(947.6	)		(1,075.4	)		(127.8	)
Preliminary goodwill		1,026.8			983.5			(43.3	)

Total net assets acquired	$	4,554.0		$	4,554.0		$	—


	(In Millions, Except Per Common Share)
	2011		2010
REVENUES FROM PRODUCT SALES AND SERVICES	$	7,002.7	$	4,982.9
NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS	$	1,612.3	$	912.5
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS — BASIC	$	11.50	$	6.74
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS — DILUTED	$	11.43	$	6.70

Freewest [Member]


	(In Millions)
	Initial Allocation			Final Allocation			Change
Consideration
Equity instruments (4.2 million Cliffs common shares)	$	173.1		$	173.1		$	—
Cash		12.8			12.8			—

Fair value of total consideration transferred		185.9			185.9			—
Fair value of Cliffs' ownership interest in Freewest held prior to acquisition of remaining interest		27.4			27.4			—

	$	213.3		$	213.3		$	—

Recognized amounts of identifiable assets acquired and liabilities assumed
ASSETS:
Cash	$	7.7		$	7.7		$	—
Other current assets		1.4			1.4			—
Mineral rights		252.8			244.0			(8.8	)
Marketable securities		12.1			12.1			—

Total identifiable assets acquired		274.0			265.2			(8.8	)
LIABILITIES:
Accounts payable		(3.3	)		(3.3	)		—
Long-term deferred tax liabilities		(57.4	)		(54.3	)		3.1

Total identifiable liabilities assumed		(60.7	)		(57.6	)		3.1

Total identifiable net assets acquired		213.3			207.6			(5.7	)
Goodwill		—			5.7			5.7

Total net assets acquired	$	213.3		$	213.3		$	—

Spider [Member]


	(In Millions)
	Initial Allocation			Final Allocation			Change
Consideration
Cash	$	56.9		$	56.9		$	—

Fair value of total consideration transferred		56.9			56.9			—
Fair value of Cliffs' ownership interest in Spider held prior to acquisition of remaining interest		4.9			4.9			—

	$	61.8		$	61.8		$	—

Recognized amounts of identifiable assets acquired and liabilities assumed
ASSETS:
Cash	$	9.0		$	9.0		$	—
Other current assets		4.5			4.5			—
Mineral rights		31.0			35.3			4.3

Total identifiable assets acquired		44.5			48.8			4.3
LIABILITIES:
Other current liabilities		(5.2	)		(5.2	)		—
Long-term deferred tax liabilities		(2.7	)		(5.1	)		(2.4	)

Total identifiable liabilities assumed		(7.9	)		(10.3	)		(2.4	)

Total identifiable net assets acquired		36.6			38.5			1.9
Goodwill		77.1			75.2			(1.9	)
Noncontrolling interest in Spider		(51.9	)		(51.9	)		—

Total net assets acquired	$	61.8		$	61.8		$	—

CLCC [Member]


	(In Millions)
	Initial Allocation			Final Allocation			Change
Consideration
Cash	$	757.0		$	757.0			—
Working capital adjustments		17.5			18.9			1.4

Fair value of total consideration transferred	$	774.5		$	775.9		$	1.4

Recognized amounts of identifiable assets acquired and liabilities assumed
ASSETS:
Product inventories	$	20.0		$	20.0		$	—
Other current assets		11.8			11.8			—
Land and mineral rights		640.3			639.3			(1.0	)
Plant and equipment		111.1			112.3			1.2
Deferred taxes		16.5			15.9			(0.6	)
Intangible assets		7.5			7.5			—
Other non-current assets		0.8			0.8			—

Total identifiable assets acquired		808.0			807.6			(0.4	)
LIABILITIES:
Current liabilities		(22.8	)		(24.1	)		(1.3	)
Mine closure obligations		(2.8	)		(2.8	)		—
Below-market sales contracts		(32.6	)		(32.6	)		—

Total identifiable liabilities assumed		(58.2	)		(59.5	)		(1.3	)

Total identifiable net assets acquired		749.8			748.1			(1.7	)
Goodwill		24.7			27.8			3.1

Total net assets acquired	$	774.5		$	775.9		$	1.4