XML 58 R31.htm IDEA: XBRL DOCUMENT
v3.3.1.900

QUARTERLY RESULTS OF OPERATIONS - (UNAUDITED) | 12 Months Ended
--- | ---
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Information [Text Block] | NOTE 22 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The sum of quarterly EPS may not equal EPS for the year due to discrete quarterly calculations.
| (In Millions, Except Per Share Amounts)
2015
Quarters |  |
First |  | Second |  | Third |  | Fourth |  | Year
Revenues from product sales and services | $ | 446.0 |  |  | $ | 498.1 |  |  | $ | 593.2 |  |  | $ | 476.0 |  |  | $ | 2,013.3 |
Sales margin | 80.8 |  |  | 57.3 |  |  | 55.1 |  |  | 43.3 |  |  | 236.5 |
Income (Loss) from Continuing Operations | $ | 166.8 |  |  | $ | (38.2 | ) |  | $ | 49.9 |  |  | $ | (34.8 | ) |  | $ | 143.7 |
Loss (Income) from Continuing Operations attributable to Noncontrolling Interest | 1.9 |  |  | (5.0 | ) |  | 4.6 |  |  | (2.4 | ) |  | (8.6 | )
Net Income (Loss) from Continuing Operations attributable to Cliffs shareholders | 168.7 |  |  | (43.2 | ) |  | 54.5 |  |  | (37.2 | ) |  | 135.1 |
Loss from Discontinued Operations, net of tax | (928.5 | ) |  | 103.4 |  |  | (43.9 | ) |  | (23.1 | ) |  | (884.4 | )
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | (759.8 | ) |  | 60.2 |  |  | 10.6 |  |  | (60.3 | ) |  | (749.3 | )
PREFERRED STOCK DIVIDENDS | (12.8 | ) |  | — |  |  | (25.6 | ) |  | — |  |  | (38.4 | )
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS | $ | (772.6 | ) |  | $ | 60.2 |  |  | $ | (15.0 | ) |  | $ | (60.3 | ) |  | $ | (787.7 | )
Earnings per common share attributable to Cliffs common shareholders — Basic: |  |  |  |  |  |  |  |  |
Continuing Operations | $ | 1.02 |  |  | $ | (0.28 | ) |  | $ | 0.19 |  |  | $ | (0.24 | ) |  | $ | 0.63 |
Discontinued Operations | (6.06 | ) |  | 0.67 |  |  | (0.29 | ) |  | (0.15 | ) |  | (5.77 | )
| $ | (5.04 | ) |  | $ | 0.39 |  |  | $ | (0.10 | ) |  | $ | (0.39 | ) |  | $ | (5.14 | )
Earnings per common share attributable to Cliffs common shareholders — Diluted: |  |  |  |  |  |  |  |  |
Continuing Operations | $ | 0.94 |  |  | $ | (0.28 | ) |  | $ | 0.19 |  |  | $ | (0.24 | ) |  | $ | 0.63 |
Discontinued Operations | (5.20 | ) |  | 0.67 |  |  | (0.29 | ) |  | (0.15 | ) |  | (5.76 | )
| $ | (4.26 | ) |  | $ | 0.39 |  |  | $ | (0.10 | ) |  | $ | (0.39 | ) |  | $ | (5.13 | )
The diluted earnings per share calculation for the second, third and fourth quarter of 2015 exclude depositary shares that were anti-dilutive ranging between 25.2 million and 25.6 million and equity plan awards ranging between 0.1 million and 0.3 million that were anti-dilutive. There was no anti-dilution in the first quarter of 2015.
| (In Millions, Except Per Share Amounts)
| 2014
Quarters |  |
First |  | Second |  | Third |  | Fourth |  | Year
Revenues from product sales and services | $ | 615.5 |  |  | $ | 747.7 |  |  | $ | 979.7 |  |  | $ | 1,030.3 |  |  | $ | 3,373.2 |
Sales margin | 190.0 |  |  | 183.5 |  |  | 256.2 |  |  | 256.0 |  |  | 885.7 |
Income (Loss) from Continuing Operations | $ | 69.7 |  |  | $ | 90.9 |  |  | $ | (274.2 | ) |  | $ | 170.0 |  |  | $ | 56.4 |
Loss (Income) from Continuing Operations attributable to Noncontrolling Interest | 0.4 |  |  | (3.6 | ) |  | (2.5 | ) |  | (3.4 | ) |  | (25.9 | )
Net Income (Loss) from Continuing Operations attributable to Cliffs shareholders | $ | 70.1 |  |  | $ | 87.3 |  |  | $ | (276.7 | ) |  | $ | 166.6 |  |  | $ | 30.5 |
Loss from Discontinued Operations, net of tax | (140.4 | ) |  | (76.4 | ) |  | (5,602.9 | ) |  | (1,451.8 | ) |  | (7,254.7 | )
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | (70.3 | ) |  | $ | 10.9 |  |  | $ | (5,879.6 | ) |  | $ | (1,285.2 | ) |  | $ | (7,224.2 | )
PREFERRED STOCK DIVIDENDS | (12.8 | ) |  | (12.8 | ) |  | (12.8 | ) |  | (12.8 | ) |  | (51.2 | )
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS | (83.1 | ) |  | (1.9 | ) |  | (5,892.4 | ) |  | (1,298.0 | ) |  | (7,275.4 | )
Earnings per common share attributable to Cliffs common shareholders — Basic: |  |  |  |  |  |  |  |  |
Continuing Operations | $ | 0.37 |  |  | $ | 0.49 |  |  | $ | (1.89 | ) |  | $ | 1.00 |  |  | $ | (0.14 | )
Discontinued Operations | (0.92 | ) |  | (0.50 | ) |  | (36.60 | ) |  | (9.48 | ) |  | (47.38 | )
| $ | (0.55 | ) |  | $ | (0.01 | ) |  | $ | (38.49 | ) |  | $ | (8.48 | ) |  | $ | (47.52 | )
Earnings per common share attributable to Cliffs common shareholders — Diluted: |  |  |  |  |  |  |  |  |
Continuing Operations | $ | 0.37 |  |  | $ | 0.48 |  |  | $ | (1.89 | ) |  | $ | 0.94 |  |  | $ | (0.14 | )
Discontinued Operations | (0.91 | ) |  | (0.50 | ) |  | (36.60 | ) |  | (8.13 | ) |  | (47.38 | )
| $ | (0.54 | ) |  | $ | (0.02 | ) |  | $ | (38.49 | ) |  | $ | (7.19 | ) |  | $ | (47.52 | )
The diluted earnings per share calculation for the first, second and third quarters of 2014 exclude depositary shares that were anti-dilutive totaling 25.2 million. Additionally, the third quarter of 2014 diluted earnings per share calculation also excludes 0.5 million of equity plan awards. There was no anti-dilution for the fourth quarter of 2014. Fourth Quarter Results Consistent with our strategy to extract maximum value from our current assets, we sold all the remaining North American Coal operations during the fourth quarter of 2015. On December 22, 2015, we closed the sale of our remaining North American Coal business, which included Pinnacle mine in West Virginia and Oak Grove mine in Alabama. Pinnacle mine and Oak Grove mine were sold to Seneca and the deal structure was a sale of equity interests of our remaining coal business. Additionally, Seneca may pay Cliffs an earn-out of up to $50 million contingent upon the terms of a revenue sharing agreement which extends through the year 2020. We recorded the results of this sale in our fourth quarter earnings within Loss from Discontinued Operations, net of tax as the transaction closed on December 22, 2015. During the fourth quarter of 2014, we recorded impairment charges for our continuing operations of $256.9 million primarily related to Asia Pacific Iron Ore and driven mainly by the changes in life-of-mine cash flows due to declining market pricing. There was also an additional $1.0 billion of impairment charges recorded during the fourth quarter of 2014 in Loss from Discontinued Operations, net of tax primarily related to Bloom Lake. Also, during the fourth quarter of 2014, we completed the sale of the CLCC assets for $174.0 million in cash and the assumption of certain liabilities, of which $155.0 million has been collected, and resulted in a loss on the sale of these assets of $419.6 million. We recorded the results of this sale in our 2014 fourth quarter earnings within Loss from Discontinued Operations, net of tax as historical North American Coal results are classified as discontinued operations. The fourth quarter 2014 results additionally included an income tax benefit of $207.3 million, which includes the benefits related to the continuing operations impairment charges.

X
- References No definition available. + Details
Name: | us-gaap_QuarterlyFinancialInformationDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
Name: | us-gaap_QuarterlyFinancialInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration