| ACCUMLATED OTHER COMPREHENSIVE INCOME (LOSS) |
NOTE 16 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The components of Accumulated other comprehensive income (loss) within Cliffs shareholdersâ€� equity and related tax effects allocated to each are shown below as of DecemberÌý31, 2014, 2013 and 2012:
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Ìý |
(In Millions) |
Ìý |
Pre-tax
Amount
|
Ìý |
Tax
Benefit
(Provision)
|
Ìý |
After-tax
Amount
|
As of DecemberÌý31, 2012: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Postretirement benefit liability |
$ |
(576.7 |
) |
Ìý |
$ |
194.0 |
|
Ìý |
$ |
(382.7 |
) |
Foreign currency translation adjustments |
316.3 |
|
Ìý |
� |
|
Ìý |
316.3 |
|
Unrealized net gain on derivative financial instruments |
12.4 |
|
Ìý |
(3.7 |
) |
Ìý |
8.7 |
|
Unrealized gain on securities |
3.3 |
|
Ìý |
(1.2 |
) |
Ìý |
2.1 |
|
Ìý |
$ |
(244.7 |
) |
Ìý |
$ |
189.1 |
|
Ìý |
$ |
(55.6 |
) |
As of DecemberÌý31, 2013: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Postretirement benefit liability |
$ |
(299.3 |
) |
Ìý |
$ |
94.4 |
|
Ìý |
$ |
(204.9 |
) |
Foreign currency translation adjustments |
106.7 |
|
Ìý |
� |
|
Ìý |
106.7 |
|
Unrealized net gain on derivative financial instruments |
(30.0 |
) |
Ìý |
9.1 |
|
Ìý |
(20.9 |
) |
Unrealized gain on securities |
9.3 |
|
Ìý |
(3.1 |
) |
Ìý |
6.2 |
|
Ìý |
$ |
(213.3 |
) |
Ìý |
$ |
100.4 |
|
Ìý |
$ |
(112.9 |
) |
As of DecemberÌý31, 2014: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Postretirement benefit liability |
$ |
(425.3 |
) |
Ìý |
$ |
134.2 |
|
Ìý |
$ |
(291.1 |
) |
Foreign currency translation adjustments |
64.4 |
|
Ìý |
� |
|
Ìý |
64.4 |
|
Unrealized net loss on derivative financial instruments |
(25.9 |
) |
Ìý |
7.8 |
|
Ìý |
(18.1 |
) |
Unrealized gain on securities |
(1.3 |
) |
Ìý |
0.3 |
|
Ìý |
(1.0 |
) |
Ìý |
$ |
(388.1 |
) |
Ìý |
$ |
142.3 |
|
Ìý |
$ |
(245.8 |
) |
The following tables reflect the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholdersâ€� equity for DecemberÌý31, 2014, 2013 and 2012:
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|
Ìý |
(In Millions) |
Ìý |
Postretirement Benefit Liability, net of tax |
Ìý |
Unrealized Net Gain (Loss) on Securities, net of tax |
Ìý |
Unrealized Net Gain (Loss) on Foreign Currency Translation |
Ìý |
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax |
Ìý |
Accumulated Other Comprehensive Income (Loss) |
Balance December 31, 2013 |
$ |
(204.9 |
) |
Ìý |
$ |
6.2 |
|
Ìý |
$ |
106.7 |
|
Ìý |
$ |
(20.9 |
) |
Ìý |
$ |
(112.9 |
) |
Other comprehensive income (loss) before reclassifications |
(0.4 |
) |
Ìý |
3.8 |
|
Ìý |
40.5 |
|
Ìý |
(2.3 |
) |
Ìý |
41.6 |
|
Net loss (gain) reclassified from accumulated other comprehensive income (loss) |
3.3 |
|
Ìý |
0.1 |
|
Ìý |
� |
|
Ìý |
12.8 |
|
Ìý |
16.2 |
|
Balance March 31, 2014 |
$ |
(202.0 |
) |
Ìý |
$ |
10.1 |
|
Ìý |
$ |
147.2 |
|
Ìý |
$ |
(10.4 |
) |
Ìý |
$ |
(55.1 |
) |
Other comprehensive loss before reclassifications |
(1.4 |
) |
Ìý |
(2.4 |
) |
Ìý |
19.7 |
|
Ìý |
9.7 |
|
Ìý |
25.6 |
|
Net loss (gain) reclassified from accumulated other comprehensive income (loss) |
4.0 |
|
Ìý |
(1.3 |
) |
Ìý |
� |
|
Ìý |
6.6 |
|
Ìý |
9.3 |
|
Balance June 30, 2014 |
$ |
(199.4 |
) |
Ìý |
$ |
6.4 |
|
Ìý |
$ |
166.9 |
|
Ìý |
$ |
5.9 |
|
Ìý |
$ |
(20.2 |
) |
Other comprehensive income (loss) before reclassifications |
3.5 |
|
Ìý |
1.3 |
|
Ìý |
(65.9 |
) |
Ìý |
(20.0 |
) |
Ìý |
(81.1 |
) |
Net loss (gain) reclassified from accumulated other comprehensive income (loss) |
7.6 |
|
Ìý |
(7.1 |
) |
Ìý |
� |
|
Ìý |
(0.6 |
) |
Ìý |
(0.1 |
) |
Balance September 30, 2014 |
$ |
(188.3 |
) |
Ìý |
$ |
0.6 |
|
Ìý |
$ |
101.0 |
|
Ìý |
$ |
(14.7 |
) |
Ìý |
$ |
(101.4 |
) |
Other comprehensive income (loss) before reclassifications |
$ |
(98.7 |
) |
Ìý |
$ |
(1.4 |
) |
Ìý |
$ |
(36.6 |
) |
Ìý |
$ |
(15.6 |
) |
Ìý |
$ |
(152.3 |
) |
Net loss (gain) reclassified from accumulated other comprehensive income (loss) |
$ |
(4.1 |
) |
Ìý |
$ |
(0.2 |
) |
Ìý |
$ |
� |
|
Ìý |
$ |
12.2 |
|
Ìý |
$ |
7.9 |
|
Balance December 31, 2014 |
$ |
(291.1 |
) |
Ìý |
$ |
(1.0 |
) |
Ìý |
$ |
64.4 |
|
Ìý |
$ |
(18.1 |
) |
Ìý |
$ |
(245.8 |
) |
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|
Ìý |
(In Millions) |
Ìý |
Postretirement Benefit Liability, net of tax |
Ìý |
Unrealized Net Gain (Loss) on Securities, net of tax |
Ìý |
Unrealized Net Gain (Loss) on Foreign Currency Translation |
Ìý |
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax |
Ìý |
Accumulated Other Comprehensive Income (Loss) |
Balance December 31, 2012 |
$ |
(382.7 |
) |
Ìý |
$ |
2.1 |
|
Ìý |
$ |
316.3 |
|
Ìý |
$ |
8.7 |
|
Ìý |
$ |
(55.6 |
) |
Other comprehensive income (loss) before reclassifications |
(1.1 |
) |
Ìý |
2.5 |
|
Ìý |
3.3 |
|
Ìý |
(5.0 |
) |
Ìý |
(0.3 |
) |
Net loss (gain) reclassified from accumulated other comprehensive income (loss) |
6.4 |
|
Ìý |
0.1 |
|
Ìý |
� |
|
Ìý |
(2.0 |
) |
Ìý |
4.5 |
|
Balance March 31, 2013 |
$ |
(377.4 |
) |
Ìý |
$ |
4.7 |
|
Ìý |
$ |
319.6 |
|
Ìý |
$ |
1.7 |
|
Ìý |
$ |
(51.4 |
) |
Other comprehensive loss before reclassifications |
(1.5 |
) |
Ìý |
(2.0 |
) |
Ìý |
(152.0 |
) |
Ìý |
(42.2 |
) |
Ìý |
(197.7 |
) |
Net loss (gain) reclassified from accumulated other comprehensive income (loss) |
8.1 |
|
Ìý |
3.6 |
|
Ìý |
� |
|
Ìý |
(2.2 |
) |
Ìý |
9.5 |
|
Balance June 30, 2013 |
$ |
(370.8 |
) |
Ìý |
$ |
6.3 |
|
Ìý |
$ |
167.6 |
|
Ìý |
$ |
(42.7 |
) |
Ìý |
$ |
(239.6 |
) |
Other comprehensive income (loss) before reclassifications |
(0.6 |
) |
Ìý |
3.5 |
|
Ìý |
22.8 |
|
Ìý |
12.1 |
|
Ìý |
37.8 |
|
Net loss (gain) reclassified from accumulated other comprehensive income (loss) |
6.3 |
|
Ìý |
0.9 |
|
Ìý |
� |
|
Ìý |
16.2 |
|
Ìý |
23.4 |
|
Balance September 30, 2013 |
$ |
(365.1 |
) |
Ìý |
$ |
10.7 |
|
Ìý |
$ |
190.4 |
|
Ìý |
$ |
(14.4 |
) |
Ìý |
$ |
(178.4 |
) |
Other comprehensive income (loss) before reclassifications |
$ |
154.5 |
|
Ìý |
$ |
(4.9 |
) |
Ìý |
$ |
(83.7 |
) |
Ìý |
$ |
(16.6 |
) |
Ìý |
$ |
49.3 |
|
Net loss (gain) reclassified from accumulated other comprehensive income (loss) |
$ |
5.7 |
|
Ìý |
$ |
0.4 |
|
Ìý |
$ |
� |
|
Ìý |
$ |
10.1 |
|
Ìý |
$ |
16.2 |
|
Balance December 31, 2013 |
$ |
(204.9 |
) |
Ìý |
$ |
6.2 |
|
Ìý |
$ |
106.7 |
|
Ìý |
$ |
(20.9 |
) |
Ìý |
$ |
(112.9 |
) |
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|
Ìý |
(In Millions) |
Ìý |
Postretirement Benefit Liability, net of tax |
Ìý |
Unrealized Net Gain (Loss) on Securities, net of tax |
Ìý |
Unrealized Net Gain on Foreign Currency Translation |
Ìý |
Net Unrealized Gain on Derivative Financial Instruments, net of tax |
Ìý |
Accumulated Other Comprehensive Income (Loss) |
Balance December 31, 2011 |
$ |
(408.9 |
) |
Ìý |
$ |
2.6 |
|
Ìý |
$ |
312.5 |
|
Ìý |
$ |
1.2 |
|
Ìý |
$ |
(92.6 |
) |
Change during 2012 |
26.2 |
|
Ìý |
(0.5 |
) |
Ìý |
3.8 |
|
Ìý |
7.5 |
|
Ìý |
37.0 |
|
Balance December 31, 2012 |
$ |
(382.7 |
) |
Ìý |
$ |
2.1 |
|
Ìý |
$ |
316.3 |
|
Ìý |
$ |
8.7 |
|
Ìý |
$ |
(55.6 |
) |
The following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholdersâ€� equity for the year ended DecemberÌý31, 2014:
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Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
Details about Accumulated Other Comprehensive Income (Loss) Components |
Ìý |
Amount of (Gain)/Loss Reclassified into Income |
Ìý |
Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations |
Ìý |
Ìý |
Year Ended
December 31, 2014 |
Ìý |
Year Ended
December 31, 2013
|
Ìý |
Ìý |
Amortization of Pension and Postretirement Benefit Liability: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Prior service costs |
Ìý |
$ |
(0.9 |
) |
Ìý |
$ |
(0.6 |
) |
Ìý |
(1) |
Net actuarial loss |
Ìý |
19.1 |
|
Ìý |
41.4 |
|
Ìý |
(1) |
Curtailments/Settlements |
Ìý |
(5.0 |
) |
Ìý |
� |
|
Ìý |
(1) |
Special termination benefits |
Ìý |
3.4 |
|
Ìý |
� |
|
Ìý |
(1) |
Ìý |
Ìý |
16.6 |
|
Ìý |
40.8 |
|
Ìý |
Total before taxes |
Ìý |
Ìý |
(5.8 |
) |
Ìý |
(14.3 |
) |
Ìý |
Income tax benefit (expense) |
Ìý |
Ìý |
$ |
10.8 |
|
Ìý |
$ |
26.5 |
|
Ìý |
Net of taxes |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Unrealized gain (loss) on marketable securities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Sale of marketable securities |
Ìý |
$ |
(11.4 |
) |
Ìý |
$ |
(0.2 |
) |
Ìý |
Other non-operating income (expense) |
Impairment |
Ìý |
(0.5 |
) |
Ìý |
5.3 |
|
Ìý |
Other non-operating income (expense) |
Ìý |
Ìý |
(11.9 |
) |
Ìý |
5.1 |
|
Ìý |
Total before taxes |
Ìý |
Ìý |
3.4 |
|
Ìý |
(0.1 |
) |
Ìý |
Income tax benefit (expense) |
Ìý |
Ìý |
$ |
(8.5 |
) |
Ìý |
$ |
5.0 |
|
Ìý |
Net of taxes |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Unrealized gain (loss) on derivative financial instruments: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Australian dollar foreign exchange contracts |
Ìý |
$ |
18.9 |
|
Ìý |
$ |
17.0 |
|
Ìý |
Product revenues |
Canadian dollar foreign exchange contracts |
Ìý |
26.7 |
|
Ìý |
15.3 |
|
Ìý |
Cost of goods sold and operating expenses |
Ìý |
Ìý |
45.6 |
|
Ìý |
32.3 |
|
Ìý |
Total before taxes |
Ìý |
Ìý |
(14.6 |
) |
Ìý |
(10.2 |
) |
Ìý |
Income tax benefit (expense) |
Ìý |
Ìý |
$ |
31.0 |
|
Ìý |
$ |
22.1 |
|
Ìý |
Net of taxes |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Total Reclassifications for the Period |
Ìý |
$ |
33.3 |
|
Ìý |
$ |
53.6 |
|
Ìý |
Ìý |
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
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(1) |
These accumulated other comprehensive income components are included in the net periodic benefit cost recognized for the year ended December 31, 2014 and 2013. See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
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