XML 93 R2.htm IDEA: XBRL DOCUMENT v2.3.0.15
Statements Of Unaudited Condensed Consolidated Operations (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
REVENUES FROM PRODUCT SALES AND SERVICES    
Product$ 2,124.4$ 1,287.2$ 4,962.4$ 3,074.8
Freight and venture partners' cost reimbursements18.458.8169.4183.1
TOTAL REVENUES2,142.81,346.05,131.83,257.9
COST OF GOODS SOLD AND OPERATING EXPENSES(1,279.5)(868.8)(2,936.9)(2,215.3)
SALES MARGIN863.3477.22,194.91,042.6
OTHER OPERATING INCOME (EXPENSE)    
Selling, general and administrative expenses(78.3)(57.3)(193.4)(143.0)
Consolidated Thompson acquisition costs(2.1) (25.0) 
Exploration costs(26.6)(10.3)(55.4)(19.4)
Miscellaneous - net64.0(19.2)59.6(8.5)
TOTAL OTHER OPERATING EXPENSE(43.0)(86.8)(214.2)(170.9)
OPERATING INCOME820.3390.41,980.7871.7
OTHER INCOME (EXPENSE)    
Gain on acquisition of controlling interests 2.1 40.7
Changes in fair value of foreign currency contracts, net(6.2)32.5100.524.8
Interest income2.73.37.68.4
Interest expense(49.6)(17.4)(169.2)(41.0)
Other non-operating income(1.7)(0.3)(0.7)6.9
TOTAL OTHER INCOME(54.8)20.2(61.8)39.8
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY INCOME FROM VENTURES765.5410.61,918.9911.5
INCOME TAX EXPENSE(17.8)(116.1)(312.3)(282.5)
EQUITY INCOME FROM VENTURES11.13.62.88.4
INCOME FROM CONTINUING OPERATIONS758.8298.11,609.4637.4
LOSS FROM DISCONTINUED OPERATIONS, net of tax(17.5)(0.7)(18.7)(2.0)
NET INCOME741.3297.41,590.7635.4
LESS: INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST151.8 170.1 
NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS$ 589.5$ 297.4$ 1,420.6$ 635.4
Continuing operations$ 4.21$ 2.20$ 10.31$ 4.71
Discontinued operations$ (0.12) $ (0.13)$ (0.01)
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - BASIC$ 4.09$ 2.20$ 10.18$ 4.70
Discontinued operations$ (0.12)$ (0.01)$ (0.13)$ (0.01)
Continuing operations$ 4.19$ 2.19$ 10.25$ 4.68
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - DILUTED$ 4.07$ 2.18$ 10.12$ 4.67
AVERAGE NUMBER OF SHARES (IN THOUSANDS)    
Basic144,203135,345139,563135,280
Diluted144,989136,213140,321136,098
CASH DIVIDENDS DECLARED PER SHARE$ 0.28$ 0.14$ 0.56$ 0.3675