CLIFFS NATURAL RESOURCES INC. | 2013 | FY | 3


NOTE 17 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The components of Accumulated other comprehensive income (loss) within Cliffs shareholders’ equity and related tax effects allocated to each are shown below as of December 31, 2013, 2012 and 2011:
 
(In Millions)
 
Pre-tax
Amount
 
Tax
Benefit
(Provision)
 
After-tax
Amount
As of December 31, 2011:
 
 
 
 
 
Postretirement benefit liability
$
(615.9
)
 
$
207.0

 
$
(408.9
)
Foreign currency translation adjustments
312.5

 

 
312.5

Unrealized net gain on derivative financial instruments
1.7

 
(0.5
)
 
1.2

Unrealized gain on securities
2.5

 
0.1

 
2.6

 
$
(299.2
)
 
$
206.6

 
$
(92.6
)
As of December 31, 2012:
 
 
 
 
 
Postretirement benefit liability
$
(576.7
)
 
$
194.0

 
$
(382.7
)
Foreign currency translation adjustments
316.3

 

 
316.3

Unrealized net gain on derivative financial instruments
12.4

 
(3.7
)
 
8.7

Unrealized gain on securities
3.3

 
(1.2
)
 
2.1

 
$
(244.7
)
 
$
189.1

 
$
(55.6
)
As of December 31, 2013:
 
 
 
 
 
Postretirement benefit liability
$
(299.3
)
 
$
94.4

 
$
(204.9
)
Foreign currency translation adjustments
106.7

 

 
106.7

Unrealized net loss on derivative financial instruments
(30.0
)
 
9.1

 
(20.9
)
Unrealized gain on securities
9.3

 
(3.1
)
 
6.2

 
$
(213.3
)
 
$
100.4

 
$
(112.9
)

The following tables reflect the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for December 31, 2013, 2012 and 2011 :
 
(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 income (loss) before reclassifications
(1.1
)
 
2.5

 
3.3

 
(5.0
)
 
(0.3
)
Net loss (gain) 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
)
Net loss (gain) 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
)
Other comprehensive income (loss) before reclassifications
(0.6
)
 
3.5

 
22.8

 
12.1

 
37.8

Net loss (gain) reclassified from accumulated other comprehensive income (loss)
6.3

 
0.9

 

 
16.2

 
23.4

Balance September 30, 2013
$
(365.1
)
 
$
10.7

 
$
190.4

 
$
(14.4
)
 
$
(178.4
)
Other comprehensive income (loss) before reclassifications
$
154.5

 
$
(4.9
)
 
$
(83.7
)
 
$
(16.6
)
 
$
49.3

Net loss (gain) reclassified from accumulated other comprehensive income (loss)
$
5.7

 
$
0.4

 
$

 
$
10.1

 
$
16.2

Balance December 31, 2013
$
(204.9
)
 
$
6.2

 
$
106.7

 
$
(20.9
)
 
$
(112.9
)
 
(In Millions)
 
Postretirement Benefit Liability, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain on Foreign Currency Translation
 
Net Unrealized Gain on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2010
$
(305.1
)
 
$
33.6

 
$
314.7

 
$
2.7

 
$
45.9

Change during 2011
$
(103.8
)
 
$
(31.0
)
 
$
(2.2
)
 
$
(1.5
)
 
$
(138.5
)
Balance December 31, 2011
$
(408.9
)
 
$
2.6

 
$
312.5

 
$
1.2

 
$
(92.6
)
Change during 2012
26.2

 
(0.5
)
 
3.8

 
7.5

 
37.0

Balance December 31, 2012
$
(382.7
)
 
$
2.1

 
$
316.3

 
$
8.7

 
$
(55.6
)
The following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ equity for the year ended December 31, 2013:
 
 
(In Millions)
 
 
Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount of (Gain)/Loss Reclassified into Income
 
Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
 
 
Year Ended
December 31, 2013
 
 
Amortization of Pension and Postretirement Benefit Liability:
 
 
 
 
Prior-service costs
 
$
(0.6
)
 
(1)
Net actuarial loss
 
41.4

 
(1)
 
 
40.8

 
Total before taxes
 
 
(14.3
)
 
Income tax expense
 
 
$
26.5

 
Net of taxes
 
 
 
 
 
Unrealized gain (loss) on marketable securities:
 
 
 
 
Sale of marketable securities
 
$
(0.2
)
 
Other non-operating income (expense)
Impairment
 
5.3

 
Other non-operating income (expense)
 
 
5.1

 
Total before taxes
 
 
(0.1
)
 
Income tax expense
 
 
$
5.0

 
Net of taxes
 
 
 
 
 
Unrealized gain (loss) on derivative financial instruments:
 
 
 
 
Australian dollar foreign exchange contracts
 
$
17.0

 
Product revenues
Canadian dollar foreign exchange contracts
 
15.3

 
Cost of goods sold and operating expenses
 
 
32.3

 
Total before taxes
 
 
(10.2
)
 
Income tax expense
 
 
$
22.1

 
Net of taxes
 
 
 
 
 
Total Reclassifications for the Period
 
$
53.6

 
 
                                         
(1)
These accumulated other comprehensive income components are included in the net periodic benefit cost recognized for the year ended December 31, 2013. See NOTE 13 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.

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