Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CLIFFS NATURAL RESOURCES INC. | ||
Entity Central Index Key | 764,065 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 180,111,831 | ||
Trading Symbol | clf | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 653,133,194 |
Statements Of Condensed Consoli
Statements Of Condensed Consolidated Financial Position - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 285.2 | $ 271.3 |
Accounts receivable, net | 40.2 | 122.7 |
Inventories | 329.6 | 260.1 |
Supplies and other inventories | 110.4 | 118.6 |
Income tax receivable | 5.7 | 217.6 |
Short-term assets of discontinued operations | 14.9 | 326.9 |
Loans to and accounts receivables from the Canadian Entities | 72.9 | 0.4 |
Insurance coverage receivable | 93.5 | 0 |
Other current assets | 30.3 | 107.7 |
TOTAL CURRENT ASSETS | 982.7 | 1,425.3 |
PROPERTY, PLANT AND EQUIPMENT, NET | 1,059 | 1,070.5 |
OTHER ASSETS | ||
Deferred income taxes | 0 | 175.5 |
Long-term assets of discontinued operations | 0 | 383 |
Other non-current assets | 93.8 | 92.9 |
TOTAL OTHER ASSETS | 93.8 | 651.4 |
TOTAL ASSETS | 2,135.5 | 3,147.2 |
CURRENT LIABILITIES | ||
Accounts payable | 106.3 | 166.1 |
Accrued employment costs | 53 | 73.8 |
State and local taxes payable | 35.2 | 40.7 |
Accrued expenses | 85.7 | 99.4 |
Accrued royalties | 17.3 | 28.5 |
Short-term liabilities of discontinued operations | 6.9 | 399.4 |
Guarantees | 96.5 | 0 |
Insured loss | 93.5 | 0 |
Other current liabilities | 87.3 | 146.6 |
TOTAL CURRENT LIABILITIES | 581.7 | 954.5 |
POSTEMPLOYMENT BENEFIT LIABILITIES | ||
Pensions | 209.7 | 246 |
Other postretirement benefits | 11.3 | 22.3 |
TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES | 221 | 268.3 |
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 231.2 | 165.6 |
LONG-TERM DEBT | 2,699.4 | 2,826.5 |
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 427.5 |
OTHER LIABILITIES | 213.8 | 239.1 |
TOTAL LIABILITIES | $ 3,947.1 | $ 4,881.5 |
COMMITMENTS AND CONTINGENCIES (SEE NOTE 20) | ||
CLIFFS SHAREHOLDERS' DEFICIT | ||
Preferred Stock - no par value, Class A - 3,000,000 shares authorized, 7 % Series A Mandatory Convertible, Class A, no par value and $1,000 per share liquidation preference (See Note 15), Issued and Outstanding - 731,223 shares (2014 - 731,223) | $ 731.3 | $ 731.3 |
Common Shares - par value $0.125 per share, Authorized - 400,000,000 shares (2014 - 400,000,000 shares); Issued - 159,546,224 shares (2014 - 159,546,224) shares); Outstanding - 153,591,930 shares (2014 - 153,246,754) shares) | 19.8 | 19.8 |
Capital in excess of par value of shares | 2,298.9 | 2,309.8 |
Retained deficit | (4,748.4) | (3,960.7) |
Cost of 5,954,294 common shares in treasury (2014 - 6,299,470 shares) | (265) | (285.7) |
Accumulated other comprehensive loss | (18) | (245.8) |
TOTAL CLIFFS SHAREHOLDERS' DEFICIT | (1,981.4) | (1,431.3) |
NONCONTROLLING INTEREST (DEFICIT) | 169.8 | (303) |
TOTAL DEFICIT | (1,811.6) | (1,734.3) |
TOTAL LIABILITIES AND DEFICIT | $ 2,135.5 | $ 3,147.2 |
Statements Of Condensed Consol3
Statements Of Condensed Consolidated Financial Position (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||
Preferred stock, par value | $ 0 | $ 0 |
Cumulative Mandatory Convertible | 7.00% | 7.00% |
Common shares, par value | $ 0.125 | $ 0.125 |
Common shares, authorized (in shares) | 400,000,000 | 400,000,000 |
Common shares, issued (in shares) | 159,546,224 | 159,546,224 |
Common shares, outstanding | 153,591,930 | 153,246,754 |
Common shares in treasury | 5,954,294 | 6,299,470 |
Preferred Class A [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred Shares, Issued and Outstanding, Shares | 731,223 | 731,223 |
Preferred Class B [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Statements Of Condensed Consol4
Statements Of Condensed Consolidated Operations - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUES FROM PRODUCT SALES AND SERVICES | |||
Product | $ 1,832.4 | $ 3,095.2 | $ 3,631.8 |
Freight and venture partners' cost reimbursements | 180.9 | 278 | 259 |
TOTAL REVENUES | 2,013.3 | 3,373.2 | 3,890.8 |
COST OF GOODS SOLD AND OPERATING EXPENSES | (1,776.8) | (2,487.5) | (2,406.4) |
SALES MARGIN | 236.5 | 885.7 | 1,484.4 |
OTHER OPERATING INCOME (EXPENSE) | |||
Selling, general and administrative expenses | (110) | (154.7) | (163.8) |
Impairment of goodwill and other long-lived assets | (3.3) | (635.5) | (14.3) |
Miscellaneous - net | 28.1 | 34.6 | 74 |
Other operating expense | (85.2) | (755.6) | (104.1) |
OPERATING INCOME | 151.3 | 130.1 | 1,380.3 |
OTHER INCOME (EXPENSE) | |||
Interest expense, net | (228.5) | (176.7) | (186.4) |
Gain on extinguishment of debt | 392.9 | 16.2 | 0 |
Other non-operating income (expense) | (2.6) | 10.7 | (3) |
TOTAL OTHER INCOME (EXPENSE) | 161.8 | (149.8) | (189.4) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY LOSS FROM VENTURES | 313.1 | (19.7) | 1,190.9 |
INCOME TAX BENEFIT (EXPENSE) | (169.3) | 86 | (237.6) |
EQUITY LOSS FROM VENTURES, net of tax | (0.1) | (9.9) | (74.4) |
INCOME FROM CONTINUING OPERATIONS | 143.7 | 56.4 | 878.9 |
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (892.1) | (8,368) | (517.1) |
NET INCOME (LOSS) | (748.4) | (8,311.6) | 361.8 |
LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTEREST (Year Ended December 31, 2015 - Loss of $7.7 million related to Discontinued Operations, Year Ended December 31, 2014 - Loss of $1,113.3 million and Year Ended December 31, 2013 - Loss of $66.5 million related to Discontinued Operations) | (0.9) | 1,087.4 | 51.7 |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | (749.3) | (7,224.2) | 413.5 |
PREFERRED STOCK DIVIDENDS | (38.4) | (51.2) | (48.7) |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS | $ (787.7) | $ (7,275.4) | $ 364.8 |
EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - BASIC | |||
Continuing operations | $ 0.63 | $ (0.14) | $ 5.37 |
Discontinued operations | (5.77) | (47.38) | (2.97) |
Earnings (loss) per Common Share Attributable to Cliffs Common Shareholders - Basic: | (5.14) | (47.52) | 2.40 |
EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - DILUTED | |||
Continuing operations | 0.63 | (0.14) | 4.95 |
Discontinued operations | (5.76) | (47.38) | (2.58) |
Earnings (loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted: | $ (5.13) | $ (47.52) | $ 2.37 |
AVERAGE NUMBER OF SHARES (IN THOUSANDS) | |||
Basic | 153,230 | 153,098 | 151,726 |
Diluted | 153,605 | 153,098 | 174,323 |
CASH DIVIDENDS DECLARED PER DEPOSITARY SHARE | $ 1.32 | $ 1.76 | $ 1.66 |
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ 0 | $ 0.60 | $ 0.60 |
Statements Of Condensed Consol5
Statements Of Condensed Consolidated Operations (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | $ 7.7 | $ 1,113.3 | $ 66.5 |
Statements Of Condensed Consol6
Statements Of Condensed Consolidated Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ (749.3) | $ (7,224.2) | $ 413.5 |
OTHER COMPREHENSIVE INCOME (LOSS) | |||
Pension and OPEB liability, net of tax | 45.2 | (91) | 208.3 |
Unrealized net gain (loss) on marketable securities, net of tax | 1.7 | (7.2) | 3.1 |
Unrealized net gain (loss) on foreign currency translation | 155.6 | (42.3) | (208.6) |
Unrealized net gain (loss) on derivative financial instruments, net of tax | 20.7 | 2.8 | (29.6) |
OTHER COMPREHENSIVE INCOME (LOSS) | 223.2 | (137.7) | (26.8) |
OTHER COMPREHENSIVE LOSS (INCOME) ATTRIBUTABLE TO THE NONCONTROLLING INTEREST | 4.6 | 4.8 | (30.5) |
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ (521.5) | $ (7,357.1) | $ 356.2 |
Statements Of Condensed Consol7
Statements Of Condensed Consolidated Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES | |||
Net income (loss) | $ (748.4) | $ (8,311.6) | $ 361.8 |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | |||
Depreciation, depletion and amortization | 134 | 504 | 593.3 |
Impairment of goodwill and other long-lived assets | 76.6 | 9,029.9 | 250.8 |
Equity loss in ventures (net of tax) | (0.1) | 9.9 | 74.4 |
Deferred income taxes | 159.8 | (1,153.9) | (138.1) |
Changes in deferred revenue and below-market sales contracts | (42.6) | (18) | (52.8) |
Gain on extinguishment of debt | (392.9) | (16.2) | 0 |
Loss on deconsolidation, net of cash deconsolidated | 668.3 | 0 | 0 |
Loss (gain) on sale of North American Coal mines | (9.3) | 419.6 | 0 |
Other | 113.1 | (21.5) | (3.3) |
Changes in operating assets and liabilities: | |||
Receivables and other assets | 369.1 | (82.8) | 138.8 |
Product inventories | (62) | 37.8 | 30.8 |
Payables and accrued expenses | (227.7) | (38.3) | (109.8) |
Net cash provided by operating activities | 37.9 | 358.9 | 1,145.9 |
INVESTING ACTIVITIES | |||
Purchase of property, plant and equipment | (80.8) | (284.1) | (861.6) |
Investments in DIP and prepetition financing | (14) | 0 | 0 |
Proceeds (uses) from sale of North American Coal mines | (15.2) | 155 | 0 |
Other investing activities | 6.8 | 25.5 | 50.3 |
Net cash used in investing activities | (103.2) | (103.6) | (811.3) |
FINANCING ACTIVITIES | |||
Net proceeds from issuance of Series A, Mandatory Convertible Preferred Stock, Class A | 0 | 0 | 709.4 |
Net proceeds from issuance of common shares | 0 | 0 | 285.3 |
Proceeds from first lien notes offering | 503.5 | 0 | 0 |
Debt issuance costs | (33.6) | (9) | 0 |
Repayment of term loan | 0 | 0 | (847.1) |
Borrowings under credit facilities | 309.8 | 1,219.5 | 670.5 |
Repayment under credit facilities | (309.8) | (1,219.5) | (995.5) |
Proceeds from equipment loans | 0 | 0 | 164.8 |
Repayments of equipment loans | (45.4) | (20.9) | (3) |
Repurchase of debt | (225.9) | (28.8) | 0 |
Contributions (to)/by joint ventures, net | 0.1 | (25.7) | 23.3 |
Distributions of partnership equity | (40.6) | 0 | 0 |
Common stock dividends | 0 | (92.5) | (91.9) |
Preferred stock dividends | (51.2) | (51.2) | (35.7) |
Other financing activities | (45.9) | (60.2) | (52) |
Net cash provided by (used in) financing activities | 61 | (288.3) | (171.9) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (1.4) | (11.6) | (22.4) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (5.7) | (44.6) | 140.3 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 290.9 | 335.5 | 195.2 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 285.2 | $ 290.9 | $ 335.5 |
Statements of Consolidated Chan
Statements of Consolidated Changes in Equity - USD ($) $ in Millions | Total | Depositary Shares [Member] | Common Stock [Member] | Capital in Excess of Par Value of Shares [Member] | Retained Earnings [Member] | Common Shares in Treasury [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Depositary Shares [Member] | Depositary Shares [Member]Capital in Excess of Par Value of Shares [Member] |
Balance, beginning of period (in shares) at Dec. 31, 2012 | 142,500,000 | |||||||||
Balance, beginning of period at Dec. 31, 2012 | $ 5,760.9 | $ 18.5 | $ 1,774.7 | $ 3,217.7 | $ (322.6) | $ (55.6) | $ 1,128.2 | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||||
NET INCOME (LOSS) | 361.8 | 413.5 | (51.7) | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (356.2) | (57.3) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 30.5 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (26.8) | |||||||||
Pension and OPEB liability, net of tax | 208.3 | |||||||||
Unrealized net loss on marketable securities, net of tax | 3.1 | |||||||||
Total comprehensive income (loss) | 335 | (21.2) | ||||||||
Stock Issued During Period, Value, New Issues | 285.3 | $ (731.3) | $ (1.3) | 284 | $ (709.4) | $ 21.9 | ||||
Equity offering (in shares) | 29,300,000 | 10,400,000 | ||||||||
Undistributed losses to noncontrolling interest to subsidiary | 17 | 17 | ||||||||
Capital contribution by noncontrolling interest to subsidiary | 5.2 | 0.2 | (0.6) | 5.6 | ||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (295.4) | (82.7) | ||||||||
Stock Issued During Period, Value, Acquisitions | (102.1) | (314.8) | ||||||||
Stock and other incentive plans (in shares) | 300,000 | |||||||||
Stock and other incentive plans | 14.2 | (2.9) | 17.1 | |||||||
Common stock dividends ($0.60 per share) | (91.9) | 91.9 | ||||||||
Preferred stock dividends ($1.66 per depositary share) | (48.7) | (48.7) | ||||||||
Balance, end of period (in shares) at Dec. 31, 2013 | 153,200,000 | |||||||||
Balance, end of period at Dec. 31, 2013 | 6,884.3 | $ 731.3 | $ 19.8 | 2,329.5 | 3,407.3 | (305.5) | (112.9) | 814.8 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||||
Preferred Stock, Shares Outstanding | 29,300,000 | |||||||||
NET INCOME (LOSS) | (8,311.6) | (7,224.2) | (1,087.4) | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 7,357.1 | (132.9) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (4.8) | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (137.7) | |||||||||
Pension and OPEB liability, net of tax | (91) | |||||||||
Unrealized net loss on marketable securities, net of tax | (7.2) | |||||||||
Total comprehensive income (loss) | (8,449.3) | (1,092.2) | ||||||||
Undistributed losses to noncontrolling interest to subsidiary | (25.5) | (25.5) | ||||||||
Capital contribution by noncontrolling interest to subsidiary | (0.1) | (0.1) | ||||||||
Stock and other incentive plans | 0.1 | (19.7) | 19.8 | |||||||
Common stock dividends ($0.60 per share) | (92.5) | (92.5) | ||||||||
Preferred stock dividends ($1.66 per depositary share) | (51.2) | |||||||||
Preferred Stock Dividends | $ (51.3) | (51.3) | ||||||||
Balance, end of period (in shares) at Dec. 31, 2014 | 153,246,754 | 153,200,000 | ||||||||
Balance, end of period at Dec. 31, 2014 | $ (1,734.3) | $ 731.3 | $ 19.8 | 2,309.8 | (3,960.7) | (285.7) | (245.8) | (303) | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||||
Preferred Stock, Shares Outstanding | 29,300,000 | |||||||||
NET INCOME (LOSS) | (748.4) | (749.3) | 0.9 | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 521.5 | 227.8 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (4.6) | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 223.2 | |||||||||
Pension and OPEB liability, net of tax | 45.2 | |||||||||
Unrealized net loss on marketable securities, net of tax | 1.7 | |||||||||
Total comprehensive income (loss) | (525.2) | (3.7) | ||||||||
Undistributed losses to noncontrolling interest to subsidiary | (0.2) | (0.2) | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (51.7) | (51.7) | ||||||||
Deconsolidation, Gain (Loss), Amount | 528.2 | 528.2 | ||||||||
Capital contribution by noncontrolling interest to subsidiary | 0.2 | 0.2 | ||||||||
Stock and other incentive plans (in shares) | 300,000 | |||||||||
Stock and other incentive plans | 9.8 | (10.9) | 20.7 | |||||||
Preferred stock dividends ($1.66 per depositary share) | (38.4) | |||||||||
Preferred Stock Dividends | $ (38.4) | (38.4) | ||||||||
Balance, end of period (in shares) at Dec. 31, 2015 | 153,591,930 | 153,500,000 | ||||||||
Balance, end of period at Dec. 31, 2015 | $ (1,811.6) | $ 731.3 | $ 19.8 | $ 2,298.9 | $ (4,748.4) | $ (265) | $ (18) | $ 169.8 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||||
Preferred Stock, Shares Outstanding | 29,300,000 |
Statements of Consolidated Cha9
Statements of Consolidated Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Common stock dividends per share | $ 0 | $ 0.60 | $ 0.60 |
Preferred stock dividends per share | $ 1.32 | $ 1.76 | $ 1.66 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BUSINESS SUMMARY AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Business Summary We are a leading mining and natural resources company in the United States. We are a major supplier of iron ore pellets to the North American steel industry from our five iron ore mines and pellet plants located in Michigan and Minnesota. Additionally, Cliffs operates an iron ore mining complex in Western Australia. Our continuing operations are organized according to geography: U.S. Iron Ore and Asia Pacific Iron Ore. As more fully described in NOTE 14 - DISCONTINUED OPERATIONS , in January 2015, we announced that the Bloom Lake Group commenced restructuring proceedings in Montreal, Quebec under the CCAA. At that time, we had suspended Bloom Lake operations and for several months had been exploring options to sell certain of our Canadian assets, among other initiatives. Effective January 27, 2015, following the CCAA filing of the Bloom Lake Group, we deconsolidated the Bloom Lake Group and certain other wholly-owned subsidiaries comprising substantially all of our Canadian operations. Additionally, on May 20, 2015, the Wabush Group commenced restructuring proceedings in Montreal, Quebec under the CCAA which resulted in the deconsolidation of the remaining Wabush Group entities that were not previously deconsolidated. The Wabush Group was no longer generating revenues and was not able to meet its obligations as they came due. As a result of this action, the CCAA protections granted to the Bloom Lake Group were extended to include the Wabush Group to facilitate the reorganization of each of their businesses and operations. Financial results prior to the respective deconsolidations of the Bloom Lake and Wabush Groups and subsequent expenses directly associated with the Canadian Entities are included in our financial statements and classified within discontinued operations. Also, for the majority of 2015, we operated two metallurgical coal operations in Alabama and West Virginia. In December 2015, we completed the sale of these two metallurgical coal operations, which marked our exit from the coal business. As of March 31, 2015, management determined that our North American Coal operating segment met the criteria to be classified as held for sale under ASC 205, Presentation of Financial Statements . As such, all current year and historical North American Coal operating segment results are included in our financial statements and classified within discontinued operations. Refer to NOTE 14 - DISCONTINUED OPERATIONS for further discussion of the North American Coal segment discontinued operations. Significant Accounting Policies We consider the following policies to be beneficial in understanding the judgments that are involved in the preparation of our consolidated financial statements and the uncertainties that could impact our financial condition, results of operations and cash flows. Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions related to mineral reserves future realizable cash flow; environmental, reclamation and closure obligations; valuation of long-lived assets and investments; valuation of inventory; valuation of post-employment, post-retirement and other employee benefit liabilities; valuation of tax assets; reserves for contingencies and litigation; and the fair value of derivative instruments. Actual results could differ from estimates. On an ongoing basis, management reviews estimates. Changes in facts and circumstances may alter such estimates and affect the results of operations and financial position in future periods. Basis of Consolidation The consolidated financial statements include our accounts and the accounts of our wholly owned and majority-owned subsidiaries, including the following operations at December 31, 2015: Name Location Ownership Interest Operation Status of Operations Northshore Minnesota 100.0% Iron Ore Active United Taconite Minnesota 100.0% Iron Ore Active Tilden Michigan 85.0% Iron Ore Active Empire Michigan 79.0% Iron Ore Active Koolyanobbing Western Australia 100.0% Iron Ore Active Intercompany transactions and balances are eliminated upon consolidation. Equity Method Investments Investments in unconsolidated ventures that we have the ability to exercise significant influence over, but not control, are accounted for under the equity method. The following table presents the detail of our investments in unconsolidated ventures and where those investments are classified in the Statements of Consolidated Financial Position as of December 31, 2015 and December 31, 2014 . Parentheses indicate a net liability. (In Millions) Investment Classification Accounting Method Ownership Interest December 31, December 31, 2014 Hibbing Other liabilities (1) Equity Method 23% $ (2.4 ) $ 3.1 Other (2) Other non-current assets Equity Method Various — 1.0 $ (2.4 ) $ 4.1 (1) At December 31, 2014, the classification for Hibbing was Other non-current assets. (2) At December 31, 2015, no Other equity method investments remain. Hibbing Our share of equity income (loss) is eliminated against consolidated product inventory upon production, and against Cost of goods sold and operating expenses when sold. This effectively reduces our cost for our share of the mining ventures' production cost, reflecting the cost-based nature of our participation in unconsolidated ventures. Amapá On March 28, 2013, an unknown event caused the Santana port shiploader to collapse into the Amazon River, preventing further ship loading by the mine operator, Anglo. In light of the March 28, 2013 collapse of the Santana port shiploader and subsequent evaluation of the effect that this event had on the carrying value of our investment in Amapá as of June 30, 2013, we recorded an impairment charge of $67.6 million in the second quarter of 2013. On August 28, 2013, we entered into additional agreements to sell our 30 percent interest in Amapá to Anglo for nominal cash consideration, plus the right to certain contingent deferred consideration upon the two-year anniversary of the closing. However, no contingent deferred consideration was earned upon the two-year anniversary. The closing was conditional on obtaining certain regulatory approvals and the additional agreement provided Anglo with an option to request that we transfer our interest in Amapá directly to Zamin. Anglo exercised this option and the transfer to Zamin was completed in the fourth quarter of 2013. Noncontrolling Interests During the fourth quarter of 2013, CQIM’s interest in Bloom Lake increased by an aggregate of 7.8 percent after CQIM paid both its own and WISCO’s proportionate shares of the cash call for the first half of 2013. As a result of our cash call payments, CQIM was issued a total of 457,556 new Bloom Lake units, increasing our interest to 82.8 percent in Bloom Lake and diluting WISCO’s interest to 17.2 percent . The new unit issuance decreased equity attributable to WISCO by $314.8 million for the year ended December 31, 2013 by decreasing WISCO’s interest in Bloom Lake’s accumulated deficit. We accounted for the increase in ownership as an equity transaction, which resulted in a $314.8 million increase to equity attributable to Cliffs’ shareholders. As discussed above, as of January 27, 2015, we deconsolidated the Bloom Lake Group following the CCAA filing. Financial results prior to the deconsolidation of the Bloom Lake Group and subsequent expenses directly associated with the Canadian Entities are included in our financial statements. See NOTE 14 - DISCONTINUED OPERATIONS for further information. Cash Equivalents Cash and cash equivalents include cash on hand and on deposit as well as all short-term securities held for the primary purpose of general liquidity. We consider investments in highly liquid debt instruments with an original maturity of three months or less from the date of acquisition to be cash equivalents. We routinely monitor and evaluate counterparty credit risk related to the financial institutions by which our short-term investment securities are held. Trade Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in Cliffs' existing accounts receivable. We establish provisions for losses on accounts receivable when it is probable that all or part of the outstanding balance will not be collected. We regularly review our accounts receivable balances and establish or adjust the allowance as necessary using the specific identification method. The allowance for doubtful accounts was $7.1 million at December 31, 2015. There was no allowance for doubtful accounts at December 31, 2014. There was bad debt expense of $7.1 million for the year ended December 31, 2015. There was no bad debt expense for the years ended December 31, 2014 and 2013. Inventories U.S. Iron Ore U.S. Iron Ore product inventories are stated at the lower of cost or market. Cost of iron ore inventories is determined using the LIFO method. We had approximately 1.3 million tons and 1.4 million tons of finished goods stored at ports and customer facilities on the lower Great Lakes to service customers at December 31, 2015 and 2014 , respectively. We maintain ownership of the inventories until title has transferred to the customer, usually when payment is received. Maintaining ownership of the iron ore products at ports on the lower Great Lakes reduces risk of non-payment by customers. Asia Pacific Iron Ore Asia Pacific Iron Ore product inventories are stated at the lower of cost or market. Costs of inventories are being valued on a weighted average cost basis. We maintain ownership of the inventories until title has transferred to the customer, which generally is when the product is loaded into the vessel. Supplies and Other Inventories Supply inventories include replacement parts, fuel, chemicals and other general supplies, which are expected to be used or consumed in normal operations. Supply inventories also include critical spares. Critical spares are replacement parts for equipment that is critical for the continued operation of the mine or processing facilities. Supply inventories are stated at the lower of cost or market using average cost, less an allowance for obsolete and surplus items. The allowance for obsolete and surplus items was $31.8 million and $16.0 million at December 31, 2015 and 2014, respectively. Derivative Financial Instruments and Hedging Activities We are exposed to certain risks related to the ongoing operations of our business, including those caused by changes in commodity prices, interest rates and foreign currency exchange rates. We have established policies and procedures, including the use of certain derivative instruments, to manage such risks, if deemed necessary. Derivative financial instruments are recognized as either assets or liabilities in the Statements of Consolidated Financial Position and measured at fair value. On the date a derivative instrument is entered into, we generally designate a qualifying derivative instrument as a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability or forecasted transaction (cash flow hedge). We formally document all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to specific firm commitments or forecasted transactions. We also formally assess both at the hedge's inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the related hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, we discontinue hedge accounting prospectively and record all future changes in fair value in the period of the instrument's earnings or losses. For derivative instruments that have been designated as cash flow hedges, the effective portion of the changes in fair value are recorded in accumulated other comprehensive income (loss) and any portion that is ineffective is recorded in current period earnings or losses. Amounts recorded in accumulated other comprehensive income (loss) are reclassified to earnings or losses in the period the underlying hedged transaction affects earnings or when the underlying hedged transaction is no longer reasonably possible of occurring. For derivative instruments that have not been designated as cash flow hedges, changes in fair value are recorded in the period of the instrument's earnings or losses. According to our global hedge policy, the policy allows for hedging not more than 75 percent , but not less than 40 percent for up to 12 months and not less than 10 percent for up to 15 months, of forecasted net currency exposures that are probable to occur. Full hedge compliance under the policy has been waived through December 31, 2016. The waiver was a result of the evaluation of the potential risk of being over hedged and the uncertainty of the 2015 and 2016 currency exposures. During 2015, we did not enter into any new foreign currency exchange contracts to hedge our foreign currency exposure and we do not expect to enter into any during 2016. In the future, we may enter into additional hedging instruments as needed in order to further hedge our exposure to changes in foreign currency exchange rates. Refer to NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information. Property, Plant and Equipment Our properties are stated at the lower of cost less accumulated depreciation or fair value. Depreciation of plant and equipment is computed principally by the straight-line method based on estimated useful lives, not to exceed the mine lives. The Northshore, United Taconite, Empire and Tilden operations use the double-declining balance method of depreciation for certain mining equipment. The Asia Pacific Iron Ore operation uses the production output method for certain mining equipment. Depreciation is provided over the following estimated useful lives: Asset Class Basis Life Buildings Straight line 45 Years Mining equipment Straight line/Double declining balance 3 to 20 Years Processing equipment Straight line 10 to 45 Years Electric power facilities Straight line 10 to 45 years Land improvements Straight line 20 to 45 years Office and information technology Straight line 3 to 15 Years Depreciation continues to be recognized when operations are idled temporarily. Refer to NOTE 4 - PROPERTY, PLANT AND EQUIPMENT for further information. Capitalized Stripping Costs During the development phase, stripping costs are capitalized as a part of the depreciable cost of building, developing and constructing a mine. These capitalized costs are amortized over the productive life of the mine using the units of production method. The production phase does not commence until the removal of more than a de minimis amount of saleable mineral material occurs in conjunction with the removal of overburden or waste material for purposes of obtaining access to an ore body. The stripping costs incurred in the production phase of a mine are variable production costs included in the costs of the inventory produced (extracted) during the period that the stripping costs are incurred. Stripping costs related to expansion of a mining asset of proven and probable reserves are variable production costs that are included in the costs of the inventory produced during the period that the stripping costs are incurred. Other Intangible Assets and Liabilities Other intangible assets are subject to periodic amortization on a straight-line basis over their estimated useful lives as follows: Intangible Assets Basis Useful Life (years) Permits - Asia Pacific Iron Ore Units of production Life of mine Permits - USIO Straight line 28 Asset Impairment Long-Lived Tangible and Intangible Assets We monitor conditions that may affect the carrying value of our long-lived tangible and intangible assets when events and circumstances indicate that the carrying value of the asset groups may not be recoverable. In order to determine if assets have been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available ("asset group"). An impairment loss exists when projected undiscounted cash flows are less than the carrying value of the asset group. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying value of the asset group. Fair value can be determined using a market approach, income approach or cost approach. As a result of these assessments during 2015, we recorded no material impairment charges related to long-lived tangible or intangible assets at our continuing operations. During 2014, we recorded a long-lived tangible asset impairment charge of $537.8 million and an intangible asset impairment charge of $13.8 million in our Statements of Consolidated Operations related to our continuing operations. There were no long-lived tangible or intangible asset impairments during 2013 related to our continuing operations. Refer to NOTE 4 - PROPERTY, PLANT AND EQUIPMENT , NOTE 12 - GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES and NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS for further information. Fair Value Measurements Valuation Hierarchy ASC 820, Fair Value Measurements and Disclosures , establishes a three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our own views about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized below: • Level 1 — Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 — Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. Valuation methodologies used for assets and liabilities measured at fair value are as follows: Cash Equivalents Where quoted prices are available in an active market, cash equivalents are classified within Level 1 of the valuation hierarchy. Cash equivalents classified in Level 1 at December 31, 2015 and 2014 include money market funds. Valuation of these instruments is determined using a market approach and is based upon unadjusted quoted prices for identical assets in active markets. Derivative Financial Instruments Derivative financial instruments valued using financial models that use as their basis readily observable market parameters are classified within Level 2 of the valuation hierarchy. Such derivative financial instruments include substantially all of our foreign currency exchange contracts and derivative financial instruments that are valued based upon published pricing settlements realized by other companies in the industry. Derivative financial instruments that are valued based upon models with significant unobservable market parameters and are normally traded less actively, are classified within Level 3 of the valuation hierarchy. Refer to NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS and NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information. Pensions and Other Postretirement Benefits We offer defined benefit pension plans, defined contribution pension plans and other postretirement benefit plans, primarily consisting of retiree healthcare benefits, to most employees in North America as part of a total compensation and benefits program. We do not have employee pension or post-retirement benefit obligations at our Asia Pacific Iron Ore operations. We recognize the funded or unfunded status of our postretirement benefit obligations on our December 31, 2015 and 2014 Statements of Consolidated Financial Position based on the difference between the market value of plan assets and the actuarial present value of our retirement obligations on that date, on a plan-by-plan basis. If the plan assets exceed the retirement obligations, the amount of the surplus is recorded as an asset; if the retirement obligations exceed the plan assets, the amount of the underfunded obligations are recorded as a liability. Year-end balance sheet adjustments to postretirement assets and obligations are recorded as Accumulated other comprehensive loss . The actuarial estimates of the PBO and APBO retirement obligations incorporate various assumptions including the discount rates, the rates of increases in compensation, healthcare cost trend rates, mortality, retirement timing and employee turnover. The discount rate is determined based on the prevailing year-end rates for high-grade corporate bonds with a duration matching the expected cash flow timing of the benefit payments from the various plans. The remaining assumptions are based on our estimates of future events by incorporating historical trends and future expectations. The amount of net periodic cost that is recorded in the Statements of Consolidated Operations consists of several components including service cost, interest cost, expected return on plan assets, and amortization of previously unrecognized amounts. Service cost represents the value of the benefits earned in the current year by the participants. Interest cost represents the cost associated with the passage of time. Certain items, such as plan amendments, gains and/or losses resulting from differences between actual and assumed results for demographic and economic factors affecting the obligations and assets of the plans, and changes in other assumptions are subject to deferred recognition for income and expense purposes. The expected return on plan assets is determined utilizing the weighted average of expected returns for plan asset investments in various asset categories based on historical performance, adjusted for current trends. See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information. Asset Retirement Obligations Asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The fair value of the liability is determined as the discounted value of the expected future cash flow. The asset retirement obligation is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. Reclamation costs are adjusted periodically to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. We review, on an annual basis, unless otherwise deemed necessary, the asset retirement obligation at each mine site in accordance with the provisions of ASC 410, Asset Retirement and Environmental Obligations . We perform an in-depth evaluation of the liability every three years in addition to routine annual assessments. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing maintenance and monitoring costs. Changes in estimates at inactive mines are reflected in earnings in the period an estimate is revised. See NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS for further information. Environmental Remediation Costs We have a formal policy for environmental protection and restoration. Our mining and exploration activities are subject to various laws and regulations governing protection of the environment. We conduct our operations to protect the public health and environment and believe our operations are in compliance with applicable laws and regulations in all material respects. Our environmental liabilities, including obligations for known environmental remediation exposures at active and closed mining operations and other sites, have been recognized based on the estimated cost of investigation and remediation at each site. If the cost only can be estimated as a range of possible amounts with no point in the range being more likely, the minimum of the range is accrued. Future expenditures are not discounted unless the amount and timing of the cash disbursements reasonably can be estimated. It is possible that additional environmental obligations could be incurred, the extent of which cannot be assessed. Potential insurance recoveries have not been reflected in the determination of the liabilities. See NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS for further information. Revenue Recognition We sell our products pursuant to comprehensive supply agreements negotiated and executed with our customers. Revenue is recognized from a sale when persuasive evidence of an arrangement exists, the price is fixed or determinable, the product is delivered in accordance with F.O.B. terms, title and risk of loss have transferred to the customer in accordance with the specified provisions of each supply agreement and collection of the sales price reasonably is assured. Our U.S. Iron Ore and Asia Pacific Iron Ore supply agreements provide that title and risk of loss transfer to the customer either upon loading of the vessel, shipment or, as is the case with some of our U.S. Iron Ore supply agreements, when payment is received. Under certain term supply agreements, we ship the product to ports on the lower Great Lakes or to the customers’ facilities prior to the transfer of title. Our rationale for shipping iron ore products to certain customers and retaining title until payment is received for these products is to minimize credit risk exposure. Iron ore sales are recorded at a sales price specified in the relevant supply agreements resulting in revenue and a receivable at the time of sale. Upon revenue recognition for provisionally priced sales, a freestanding derivative is created for the difference between the sales price used and expected future settlement price. The derivative, which does not qualify for hedge accounting, is adjusted to fair value through Product revenues as a revenue adjustment each reporting period based upon current market data and forward-looking estimates determined by management until the final sales price is determined. The principal risks associated with recognition of sales on a provisional basis include iron ore price fluctuations between the date initially recorded and the date of final settlement. For revenue recognition, we estimate the future settlement rate; however, if significant changes in iron ore prices occur between the provisional pricing date and the final settlement date, we might be required to either return a portion of the sales proceeds received or bill for the additional sales proceeds due based on the provisional sales price. Refer to NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information. In addition, certain supply agreements with one customer include provisions for supplemental revenue or refunds based on the customer’s annual steel pricing for the year the product is consumed in the customer’s blast furnaces. We account for this provision as a free standing derivative instrument at the time of sale and record this provision at fair value until the year the product is consumed and the amounts are settled as an adjustment to revenue. Refer to NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information. Revenue from product sales also includes reimbursement for freight charges paid on behalf of customers and freight costs to move product from the port of Esperance to ports in China, which are included in Freight and venture partners' cost reimbursements separate from Product revenues . Revenue is recognized for the expected reimbursement of services when the services are performed. Deferred Revenue The terms of one of our U.S. Iron Ore pellet supply agreements required supplemental payments to be paid by the customer during the period 2009 through 2012, with the option to defer a portion of the 2009 monthly amount in exchange for interest payments until the deferred amount was repaid in 2013. Installment amounts received under this arrangement in excess of sales are classified as deferred revenue in the Statements of Consolidated Financial Position upon receipt of payment. Revenue is recognized over the life of the supply agreement, which extends until 2022, in equal annual installments. As of December 31, 2015 and 2014 , installment amounts received in excess of sales totaled $89.9 million and $102.8 million , respectively. As of December 31, 2015, deferred revenue of $12.8 million was recorded in Other current liabilities and $77.1 million was recorded as long term in Other liabilities in the Statements of Consolidated Financial Position . As of December 31, 2014, deferred revenue of $12.8 million was recorded in Other current liabilities and $90.0 million was recorded as long term in Other liabilities in the Statements of Consolidated Financial Position . In 2014, due to the payment terms and the timing of cash receipts near year-end, cash receipts exceeded shipments. The shipments were completed early in the subsequent years. We considered whether revenue should be recognized on these sales under the “bill and hold” guidance provided by the SEC Staff; however, based upon the assessment performed, revenue recognition on these transactions totaling $29.3 million was deferred on the December 31, 2014 Statements of Consolidated Financial Position . Cost of Goods Sold Cost of goods sold and operating expenses represents all direct and indirect costs and expenses applicable to the sales and revenues of our mining operations. Operating expenses primarily represent the portion of the Tilden mining venture costs for which we do not own; that is, the costs attributable to the share of the mine’s production owned by the other joint venture partner in the Tilden mine. The mining venture functions as a captive cost company; it supplies product only to its owners effectively for the cost of production. Accordingly, the noncontrolling interests’ revenue amounts are stated at cost of production and are offset by an equal amount included in Cost of goods sold and operating expenses resulting in no sales margin reflected for the noncontrolling partner participant. As we are responsible for product fulfillment, we act as a principal in the transaction and, accordingly, record revenue under these arrangements on a gross basis. The following table is a summary of reimbursements in our U.S. Iron Ore operations for the years ended December 31, 2015 , 2014 and 2013 : (In Millions) Year Ended December 31, 2015 2014 2013 Reimbursements for: Freight $ 105.3 $ 163.0 $ 177.3 Venture partners’ cost 52.0 108.0 82.2 Total reimbursements $ 157.3 $ 271.0 $ 259.5 In 2014, we began selling a portion of our Asia Pacific Iron Ore product on a CFR basis. As a result, $23.6 million and $6.9 million of freight was included in Cost of go |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 2 - SEGMENT REPORTING Our continuing operations are organized and managed according to geographic location: U.S. Iron Ore and Asia Pacific Iron Ore. The U.S. Iron Ore segment is comprised of our interests in five U.S. mines that provide iron ore to the integrated steel industry. The Asia Pacific Iron Ore segment is located in Western Australia and provides iron ore to the seaborne market for Asian steel producers. There were no intersegment product revenues in 2015 or 2014. Inter-segment revenues for 2013 were eliminated in consolidation. We have historically evaluated segment performance based on sales margin, defined as revenues less cost of goods sold, and operating expenses identifiable to each segment. Additionally, beginning in the third quarter of 2014, concurrent with the change in control on July 29, 2014, management began to evaluate segment performance based on EBITDA, defined as net income (loss) before interest, income taxes, depreciation, depletion and amortization, and Adjusted EBITDA, defined as EBITDA excluding certain items such as impairment of goodwill and other long-lived assets, impacts of discontinued operations, extinguishment of debt, severance and contractor termination costs and other costs associated with the change in control, foreign currency remeasurement, certain supplies inventory write-offs, and intersegment corporate allocations of selling, general and administrative costs. Management believes that investors benefit from referring to these measures in evaluating operating and financial results, as well as in planning, forecasting and analyzing future periods as these financial measures approximate the cash flows associated with the operational earnings. The following tables present a summary of our reportable segments for the years ended December 31, 2015 , 2014 and 2013 , including a reconciliation of segment sales margin to Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA: (In Millions) 2015 2014 2013 Revenues from product sales and services: U.S. Iron Ore $ 1,525.4 76% $ 2,506.5 74% $ 2,667.9 69% Asia Pacific Iron Ore 487.9 24% 866.7 26% 1,224.3 31% Other (including inter-segment revenue eliminations) — —% — —% (1.4 ) —% Total revenues from product sales and services $ 2,013.3 100% $ 3,373.2 100% $ 3,890.8 100% Sales margin: U.S. Iron Ore $ 227.1 $ 710.4 $ 901.9 Asia Pacific Iron Ore 9.4 121.7 367.1 Eliminations with discontinued operations — 53.6 217.3 Other (including inter-segment sales margin eliminations) — — (1.9 ) Sales margin 236.5 885.7 1,484.4 Other operating income (expense) (85.2 ) (755.6 ) (104.1 ) Other income (expense) 161.8 (149.8 ) (189.4 ) Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures $ 313.1 $ (19.7 ) $ 1,190.9 (In Millions) 2015 2014 2013 Net Income (Loss) $ (748.4 ) $ (8,311.6 ) $ 361.8 Less: Interest expense, net (231.4 ) (185.2 ) (179.1 ) Income tax benefit (expense) (163.3 ) 1,302.0 (55.1 ) Depreciation, depletion and amortization (134.0 ) (504.0 ) (593.3 ) EBITDA $ (219.7 ) $ (8,924.4 ) $ 1,189.3 Less: Impairment of goodwill and other long-lived assets $ (3.3 ) $ (635.5 ) $ (14.3 ) Impact of discontinued operations (892.0 ) (9,332.5 ) (398.4 ) Gain on extinguishment of debt 392.9 16.2 — Severance and contractor termination costs (10.2 ) (23.3 ) (16.6 ) Foreign exchange remeasurement 16.3 29.0 53.2 Proxy contest and change in control in SG&A — (26.6 ) — Supplies inventory write-off (16.3 ) — — Total Adjusted EBITDA $ 292.9 $ 1,048.3 $ 1,565.4 EBITDA: U.S. Iron Ore $ 317.6 $ 805.6 $ 1,000.1 Asia Pacific Iron Ore 35.3 (352.9 ) 543.0 Other (including discontinued operations) (572.6 ) (9,377.1 ) (353.8 ) Total EBITDA $ (219.7 ) $ (8,924.4 ) $ 1,189.3 Adjusted EBITDA: U.S. Iron Ore $ 352.1 $ 833.5 $ 1,031.8 Asia Pacific Iron Ore 32.7 252.9 513.1 Other (91.9 ) (38.1 ) 20.5 Total Adjusted EBITDA $ 292.9 $ 1,048.3 $ 1,565.4 (In Millions) 2015 2014 2013 Depreciation, depletion and amortization: U.S. Iron Ore $ 98.9 $ 107.4 $ 120.3 Asia Pacific Iron Ore 25.3 145.9 153.7 Other 6.6 7.7 10.8 Total depreciation, depletion and amortization $ 130.8 $ 261.0 $ 284.8 Capital additions (1) : U.S. Iron Ore $ 58.2 $ 48.4 $ 53.3 Asia Pacific Iron Ore 5.4 10.8 13.0 Other 8.6 6.3 4.5 Total capital additions $ 72.2 $ 65.5 $ 70.8 (1) Includes capital lease additions and non-cash accruals. Refer to NOTE 17 - CASH FLOW INFORMATION . A summary of assets by segment is as follows: (In Millions) December 31, December 31, 2014 December 31, 2013 Assets: U.S. Iron Ore $ 1,476.4 $ 1,464.9 $ 1,537.9 Asia Pacific Iron Ore 202.5 306.2 1,176.8 Total segment assets 1,678.9 1,771.1 2,714.7 Corporate 441.7 666.2 204.2 Assets of Discontinued Operations 14.9 709.9 10,184.0 Total assets $ 2,135.5 $ 3,147.2 $ 13,102.9 Included in the consolidated financial statements are the following amounts relating to geographic location: (In Millions) 2015 2014 2013 Revenue United States $ 1,206.4 $ 1,923.2 $ 1,543.9 China 370.8 662.7 1,165.3 Canada 282.4 430.5 758.5 Other countries 153.7 356.8 423.1 Total revenue $ 2,013.3 $ 3,373.2 $ 3,890.8 Property, Plant and Equipment, Net United States $ 1,012.7 $ 998.1 $ 1,120.6 Australia 46.3 72.4 750.2 Total Property, Plant and Equipment, Net $ 1,059.0 $ 1,070.5 $ 1,870.8 Concentrations in Revenue In 2015 , 2014 and 2013 three customers accounted for more than 10 percent of our consolidated product revenue. Total product revenue from these customers represents approximately $1.3 billion , $ 1.9 billion and $ 1.9 billion of our total consolidated product revenue in 2015 , 2014 and 2013 , respectively, and is attributable to our U.S. Iron Ore business segment. The following table represents the percentage of our total revenue contributed by each category of products and services in 2015 , 2014 , and 2013 : 2015 2014 2013 Revenue Category Iron ore 91 % 92 % 93 % Freight and venture partners’ cost reimbursements 9 % 8 % 7 % Total revenue 100 % 100 % 100 % |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 3 - INVENTORIES The following table presents the detail of our Inventories in the Statements of Consolidated Financial Position as of December 31, 2015 and 2014 : (In Millions) December 31, 2015 December 31, 2014 Segment Finished Goods Work-in Process Total Inventory Finished Goods Work-in Process Total Inventory U.S. Iron Ore $ 252.3 $ 11.7 $ 264.0 $ 132.1 $ 13.5 $ 145.6 Asia Pacific Iron Ore 20.8 44.8 65.6 26.4 88.1 114.5 Total $ 273.1 $ 56.5 $ 329.6 $ 158.5 $ 101.6 $ 260.1 Asia Pacific Iron Ore had long-term work-in-process stockpiles of $6.8 million classified as Other non-current assets in the Statements of Consolidated Financial Position at December 31, 2015 . There were no long-term work-in-process stockpiles as of December 31, 2014 . U.S. Iron Ore The excess of current cost over LIFO cost of iron ore inventories was $87.8 million and $119.0 million at December 31, 2015 and 2014 , respectively. As of December 31, 2015 , the product inventory balance for U.S. Iron Ore increased, resulting in a LIFO increment in 2015. The effect of the inventory build was an increase in Inventories of $118.8 million in the Statements of Consolidated Financial Position for the year ended December 31, 2015 . As of December 31, 2014 , the product inventory balance for U.S. Iron Ore increased, resulting in a LIFO increment in 2014 . The effect of the inventory build was an increase in Inventories of $44.8 million in the Statements of Consolidated Financial Position for the year ended December 31, 2014 . |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 4 - PROPERTY, PLANT AND EQUIPMENT The following table indicates the value of each of the major classes of our consolidated depreciable assets as of December 31, 2015 and 2014 : (In Millions) December 31, 2015 2014 Land rights and mineral rights $ 500.5 $ 500.5 Office and information technology 71.0 73.7 Buildings 60.4 59.8 Mining equipment 594.0 585.1 Processing equipment 516.8 510.2 Electric power facilities 46.4 46.8 Land improvements 24.8 24.7 Asset retirement obligation 87.9 26.5 Other 28.2 28.5 Construction in-progress 40.3 14.4 1,970.3 1,870.2 Allowance for depreciation and depletion (911.3 ) (799.7 ) $ 1,059.0 $ 1,070.5 We recorded depreciation expense of $119.2 million , $173.0 million and $191.5 million in the Statements of Consolidated Operations for the years ended December 31, 2015 , 2014 and 2013 , respectively. During the second half of 2014 , due to lower than previously expected profits as a result of decreased iron ore pricing expectations and increased costs, we determined that indicators of impairment with respect to certain of our long-lived assets or asset groups existed. Our asset groups generally consist of the assets and liabilities of one or more mines, preparation plants and associated reserves for which the lowest level of identifiable cash flows largely are independent of cash flows of other mines, preparation plants and associated reserves. As a result of these assessments during 2014 , we determined that the future cash flows associated with our Asia Pacific Iron Ore asset group and other asset groups were not sufficient to support the recoverability of the carrying value of these productive assets. Accordingly, during 2014 , an other long-lived asset impairment charge of $537.8 million was recorded as Impairment of goodwill and other long-lived assets in the Statements of Consolidated Operations related to property, plant and equipment. The fair value estimates were calculated using income and market approaches. Refer to NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS for further discussion of these impairments and related fair value estimates. Although certain factors indicated that the carrying value of certain asset groups may not be recoverable during 2015, an assessment was performed and no further impairment was indicated for the year ended December 31, 2015. The net book value of the land rights and mineral rights as of December 31, 2015 and 2014 is as follows : (In Millions) December 31, 2015 2014 Land rights $ 11.6 $ 11.6 Mineral rights: Cost $ 488.9 $ 488.9 Depletion (108.4 ) (101.0 ) Net mineral rights $ 380.5 $ 387.9 Accumulated depletion relating to mineral rights, which was recorded using the unit-of-production method, is included in Cost of goods sold and operating expenses . We recorded depletion expense of $7.4 million , $79.6 million and $84.9 million in the Statements of Consolidated Operations for the years ended December 31, 2015 , 2014 and 2013 , respectively. As discussed above, during 2014 we performed impairment assessments with respect to certain of our long-lived assets or asset groups. As a result of these assessments, we recorded an other long-lived asset impairment charge related to mineral rights of $ 297.2 million associated primarily with our Asia Pacific Iron Ore asset group. |
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
DEBT AND CREDIT FACILITIES | NOTE 5 - DEBT AND CREDIT FACILITIES The following represents a summary of our long-term debt as of December 31, 2015 and 2014 : ($ in Millions) December 31, 2015 Debt Instrument Type Annual Effective Interest Rate Final Maturity Total Principal Amount Total Debt $700 Million 4.875% 2021 Senior Notes Fixed 4.89% 2021 $ 412.5 $ 410.6 (1) $1.3 Billion Senior Notes: $500 Million 4.80% 2020 Senior Notes Fixed 4.83% 2020 306.7 305.2 (2) $800 Million 6.25% 2040 Senior Notes Fixed 6.34% 2040 492.8 482.7 (3) $400 Million 5.90% 2020 Senior Notes Fixed 5.98% 2020 290.8 288.9 (4) $500 Million 3.95% 2018 Senior Notes Fixed 6.30% 2018 311.2 309.1 (5) $540 Million 8.25% 2020 First Lien Notes Fixed 9.97% 2020 540.0 497.4 (6) $544.2 Million 7.75% 2020 Second Lien Notes Fixed 15.55% 2020 544.2 403.2 (7) $550 Million ABL Facility: ABL Facility Variable N/A 2020 550.0 — (8) Fair Value Adjustment to Interest Rate Hedge 2.3 Total debt $ 3,448.2 $ 2,699.4 ($ in Millions) December 31, 2014 Debt Instrument Type Annual Effective Interest Rate Final Maturity Total Face Amount Total Debt $700 Million 4.875% 2021 Senior Notes Fixed 4.89% 2021 $ 690.0 $ 686.0 (1) $1.3 Billion Senior Notes: $500 Million 4.80% 2020 Senior Notes Fixed 4.83% 2020 490.0 487.2 (2) $800 Million 6.25% 2040 Senior Notes Fixed 6.34% 2040 800.0 783.3 (3) $400 Million 5.90% 2020 Senior Notes Fixed 5.98% 2020 395.0 391.9 (4) $500 Million 3.95% 2018 Senior Notes Fixed 5.17% 2018 480.0 475.3 (5) $1.125 Billion Credit Facility: Revolving Credit Agreement Variable 2.94% 2017 1,125.0 — (9) Fair Value Adjustment to Interest Rate Hedge 2.8 Long-term debt $ 3,980.0 $ 2,826.5 (1) During the third quarter of 2015, we purchased $10.7 million of outstanding 4.875 percent senior notes that were trading at 50.0 percent of par which resulted in a gain on extinguishment of $5.3 million . In addition, during the first quarter of 2015, we purchased $58.3 million of outstanding 4.875 percent senior notes that were trading at 52.0 percent of par, which resulted in a gain on extinguishment of $20.0 million . Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $208.5 million of the 4.875 percent senior notes for $170.3 million of the 7.75 percent second lien notes at a discount of $46.0 million based on an imputed interest rate of 15.55 percent , resulting in a gain on extinguishment of $83.1 million , net of amounts expensed for unamortized original issue discount and deferred origination fees. During the fourth quarter of 2014, we purchased $ 10.0 million of outstanding 4.875 percent senior notes that were trading at a discount of 40.5 percent which resulted in a gain on the extinguishment of debt of $4.1 million . As of December 31, 2015 , the $700.0 million 4.875 percent senior notes were recorded at a par value of $412.5 million less debt issuance costs of $1.7 million and unamortized discounts of $0.2 million , based on an imputed interest rate of 4.89 percent . As of December 31, 2014 , the $700.0 million 4.875 percent senior notes were recorded at a par value of $690.0 million less debt issuance costs of $3.5 million and unamortized discounts of $0.5 million , based on an imputed interest rate of 4.89 percent . (2) During the third quarter of 2015, we purchased $1.8 million of outstanding 4.80 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $0.9 million . In addition, during the first quarter of 2015, we purchased $43.8 million of outstanding 4.80 percent senior notes that were trading at 54.3 percent of par, which resulted in a gain on extinguishment of $15.6 million . Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $137.8 million of the 4.80 percent senior notes for $112.9 million of the 7.75 percent second lien notes at a discount of $30.5 million based on an imputed interest rate of 15.55 percent , resulting in a gain on extinguishment of $54.6 million , net of amounts expensed for unamortized original issue discount and deferred origination fees. During the fourth quarter of 2014, we purchased $ 10.0 million of outstanding 4.80 percent senior notes that were trading at a discount of 40.25 percent which resulted in a gain on the extinguishment of debt of $ 4.0 million . As of December 31, 2015 , the $500.0 million 4.80 percent senior notes were recorded at a par value of $306.7 million less debt issuance costs of $1.1 million and unamortized discounts of $0.4 million , based on an imputed interest rate of 4.83 percent . As of December 31, 2014 , the $500.0 million 4.80 percent senior notes were recorded at a par value of $490.0 million less debt issuance costs of $2.2 million and unamortized discounts of $0.6 million , based on an imputed interest rate of 4.83 percent . (3) During the first quarter of 2015, we purchased $45.9 million of outstanding 6.25 percent senior notes that were trading at 52.5 percent of par, which resulted in a gain on extinguishment of $15.0 million . Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $261.3 million of the 6.25 percent senior notes for $203.5 million of the 7.75 percent second lien notes at a discount of $55.0 million based on an imputed interest rate of 15.55 percent , resulting in a gain on extinguishment of $107.3 million , net of amounts expensed for unamortized original issue discount and deferred origination fees. As of December 31, 2015 , the $800.0 million 6.25 percent senior notes were recorded at par value of $492.8 million less debt issuance costs of $4.3 million and unamortized discounts of $5.8 million , based on an imputed interest rate of 6.34 percent . As of December 31, 2014 , the $800.0 million 6.25 percent senior notes were recorded at par value of $800.0 million less debt issuance costs of $7.2 million and unamortized discounts of $9.5 million , based on an imputed interest rate of 6.34 percent . (4) During the third quarter of 2015, we purchased $36.0 million of outstanding 5.90 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $18.0 million . In addition, during the first quarter of 2015, we purchased $1.3 million of outstanding 5.90 percent senior notes that were trading at 58.0 percent of par, which resulted in a gain on extinguishment of $0.3 million . Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $67.0 million of the 5.90 percent senior notes for $57.5 million of the 7.75 percent second lien notes at a discount of $15.5 million based on an imputed interest rate of 15.55 percent , resulting in a gain on extinguishment of $24.5 million , net of amounts expensed for unamortized original issue discount and deferred origination fees. During the fourth quarter of 2014, we purchased $ 5.0 million of outstanding 5.90 percent senior notes that were trading at a discount of 38.125 percent which resulted in a gain on the extinguishment of debt of $ 1.9 million . As of December 31, 2015 , the $400.0 million 5.90 percent senior notes were recorded at a par value of $290.8 million less debt issuance costs of $1.1 million and unamortized discounts of $0.8 million , based on an imputed interest rate of 5.98 percent . As of December 31, 2014 , the $400.0 million 5.90 percent senior notes were recorded at a par value of $395.0 million less debt issuance costs of $1.8 million and unamortized discounts of $1.3 million , based on an imputed interest rate of 5.98 percent . (5) During the third quarter, on August 28, 2015, we purchased for cash as part of a tender offer, $124.8 million of the 3.95 percent senior notes for $68.6 million , resulting in a gain on extinguishment of $54.9 million , net of amounts expensed for reacquisition costs, unamortized original issue discount and deferred origination fees. In addition, during the first quarter of 2015, we purchased $44.0 million of outstanding 3.95 percent senior notes that were trading at 77.5 percent of par, which resulted in a gain on the extinguishment of debt of $7.1 million . During the fourth quarter of 2014, we purchased $ 20.0 million of outstanding 3.95 percent senior notes that were trading at a discount of 30.875 percent which resulted in a gain on the extinguishment of debt of $ 6.2 million . As of December 31, 2015 , the $500.0 million 3.95 percent senior notes were recorded at a par value of $311.2 million less debt issuance cost of $0.9 million and unamortized discounts of $1.2 million , based on an imputed interest rate of 6.30 percent . As of December 31, 2014 , the $500.0 million 3.95 percent senior notes were recorded at a par value of $480.0 million less debt issuance costs of $2.1 million and unamortized discounts of $2.6 million , based on an imputed interest rate of 5.17 percent . (6) As of December 31, 2015 , the $540.0 million 8.25 percent first lien notes were recorded at a par value of $540.0 million less debt issuance costs of $10.5 million and unamortized discounts of $32.1 million , based on an imputed interest rate of 9.97 percent . (7) As of December 31, 2015 , the $544.2 million 7.75 percent second lien notes were recorded at a par value of $544.2 million less debt issuance costs of $9.5 million and unamortized discounts of $131.5 million , based on an imputed interest rate of 15.55 percent . See NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS for further discussion of unamortized discount as a result of the exchange offers. (8) As of December 31, 2015 , no loans were drawn under the $550.0 million ABL Facility and we had total availability of $366.0 million as a result of borrowing base limitations. As of December 31, 2015 , the principal amount of letter of credit obligations totaled $186.3 million and commodity hedge obligations totaled $0.5 million , thereby further reducing available borrowing capacity on our ABL Facility to $179.2 million . (9) As of December 31, 2014 , we had no revolving loans drawn under the revolving credit agreement, which had total availability of $ 1.125 billion as of December 31, 2014. As of December 31, 2014, the principal amount of letter of credit obligations totaled $149.5 million , thereby reducing available borrowing capacity to $975.5 million . Revolving Credit Facility As of March 30, 2015, we eliminated the revolving credit agreement which was last amended on January 22, 2015 (Amendment No. 6). The revolving credit agreement was replaced with our ABL Facility. As of December 31, 2014, we were in compliance with all applicable financial covenants related to the revolving credit agreement. ABL Facility On March 30, 2015, we entered into a new senior secured asset-based revolving credit facility with various financial institutions. The ABL Facility will mature upon the earlier of March 30, 2020 or 60 days prior to the maturity of the New First Lien Notes (as defined below) and certain other material debt, and provides for up to $550.0 million in borrowings, comprised of (i) a $450.0 million U.S. tranche, including a $250.0 million sublimit for the issuance of letters of credit and a $100.0 million sublimit for U.S. swingline loans, and (ii) a $100.0 million Australian tranche, including a $50.0 million sublimit for the issuance of letters of credit and a $20.0 million sublimit for Australian swingline loans. Availability under both the U.S. tranche and Australian tranche of the ABL Facility is limited to an eligible U.S. borrowing base and Australian borrowing base, as applicable, determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment. The ABL Facility and certain bank products and hedge obligations are guaranteed by us and certain of our existing wholly-owned U.S. and Australian subsidiaries and are required to be guaranteed by certain of our future U.S. and Australian subsidiaries; provided, however, that the obligations of any U.S. entity will not be guaranteed by any Australian entity. Amounts outstanding under the ABL Facility will be secured by (i) a first-priority security interest in the ABL Collateral (as defined herein), including, in the case of the Australian tranche only, ABL Collateral owned by a borrower or guarantor that is organized under the laws of Australia, and (ii) a third-priority security interest in the Notes Collateral (as defined herein). The priority of the security interests in the ABL Collateral and the Notes Collateral of the lenders under the ABL Facility and the holders of the First Lien Notes are set forth in intercreditor provisions contained in an ABL intercreditor agreement. The ABL Collateral generally consists of the following assets: accounts receivable and other rights to payment, inventory, as-extracted collateral, investment property, certain general intangibles and commercial tort claims, certain mobile equipment, commodities accounts, deposit accounts, securities accounts and other related assets and proceeds and products of each of the foregoing. Borrowings under the ABL Facility bear interest, at our option, at a base rate, an Australian base rate or, if certain conditions are met, a LIBOR rate, in each case plus an applicable margin. The base rate is equal to the greater of the federal funds rate plus ½ of 1 percent , the LIBOR rate based on a one-month interest period plus 1 percent and the floating rate announced by BAML as its “prime rate.” The Australian base rate is equal to the LIBOR rate as of 11:00 a.m. on the first business day of each month for a one-month period. The LIBOR rate is a per annum fixed rate equal to LIBOR with respect to the applicable interest period and amount of LIBOR rate loan requested. The ABL Facility contains customary representations and warranties and affirmative and negative covenants including, among others, covenants regarding the maintenance of certain financial ratios if certain conditions are triggered, covenants relating to financial reporting, covenants relating to the payment of dividends on, or purchase or redemption of our capital stock, covenants relating to the incurrence or prepayment of certain debt, covenants relating to the incurrence of liens or encumbrances, compliance with laws, transactions with affiliates, mergers and sales of all or substantially all of our assets and limitations on changes in the nature of our business. The ABL Facility provides for customary events of default, including, among other things, the event of nonpayment of principal, interest, fees, or other amounts, a representation or warranty proving to have been materially incorrect when made, failure to perform or observe certain covenants within a specified period of time, a cross-default to certain material indebtedness, the bankruptcy or insolvency of the Company and certain of its subsidiaries, monetary judgment defaults of a specified amount, invalidity of any loan documentation, a change of control of the Company, and ERISA defaults resulting in liability of a specified amount. In the event of a default by us (beyond any applicable grace or cure period, if any), the administrative agent may and, at the direction of the requisite number of lenders, shall declare all amounts owing under the ABL Facility immediately due and payable, terminate such lenders’ commitments to make loans under the ABL Facility and/or exercise any and all remedies and other rights under the ABL Facility. For certain defaults related to insolvency and receivership, the commitments of the lenders will be automatically terminated and all outstanding loans and other amounts will become immediately due and payable. As of December 31, 2015, we were in compliance with the ABL Facility liquidity requirements and, therefore, the springing financial covenant requiring a minimum fixed charge coverage ratio of 1.0 to 1.0 was not applicable. $540 Million 8.25 percent 2020 Senior Secured First Lien Notes - 2015 Offering On March 30, 2015, we entered into an indenture among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee and notes collateral agent, relating to our issuance of $540 million aggregate principal amount of 8.25 percent Senior First Lien Notes due 2020 (the "First Lien Notes"). The First Lien Notes were sold on March 30, 2015 in a private transaction exempt from the registration requirements of the Securities Act. The First Lien Notes bear interest at a rate of 8.25 percent per annum. Interest on the First Liens Notes is payable semi-annually in arrears on March 31 and September 30 of each year, commencing on September 30, 2015. The First Lien Notes mature on March 31, 2020 and are secured senior obligations of the Company. The First Lien Notes are jointly and severally and fully and unconditionally guaranteed on a senior secured basis by substantially all of our material U.S. subsidiaries and are secured (subject in each case to certain exceptions and permitted liens) by (i) a first-priority lien on substantially all of our U.S. assets, other than the ABL Collateral (the "Notes Collateral"), and (ii) a second-priority lien on the U.S. ABL Collateral, which is junior to a first-priority lien for the benefit of the lenders under the ABL Facility. The First Lien Notes and guarantees are general senior obligations of the Company and the applicable guarantor; are effectively senior to all of our unsecured indebtedness, to the extent of the value of the collateral; together with other obligations secured equally and ratably with the First Lien Notes, are effectively (i) senior to our existing and future ABL obligations, to the extent and value of the Notes Collateral and (ii) senior to our obligations under the Second Lien Notes, to the extent and value of the collateral; are effectively subordinated to (i) our existing and future ABL obligations, to the extent and value of the ABL Collateral, and (ii) any existing or future indebtedness that is secured by liens on assets that do not constitute a part of the collateral, to the extent of the value of such assets; will rank equally in right of payment with all existing and future senior indebtedness, and any guarantees thereof; will rank equally in priority as to the Notes Collateral with any future debt secured equally and ratably with the First Lien Notes incurred after March 30, 2015; rank senior in right of payment to all existing and future subordinated indebtedness; and structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries that do not guarantee the First Lien Notes. The relative priority of the liens securing our First Lien Notes obligations and Second Lien Notes obligations compared to the liens securing our obligations under the ABL Facility and certain other matters relating to the administration of security interests are set forth in intercreditor agreements. The terms of the First Lien Notes are governed by the First Lien Notes indenture. The First Lien Notes indenture contains customary covenants that, among other things, limit our ability to incur secured indebtedness, create liens on principal property and the capital stock or debt of a subsidiary that owns a principal property, use proceeds of dispositions of collateral, enter into sale and leaseback transactions, merge or consolidate with another company, and transfer or sell all or substantially all of our assets. Upon the occurrence of a “change of control triggering event,” as defined in the indenture, we are required to offer to repurchase the First Lien Notes at 101 percent of the aggregate principal amount thereof, plus any accrued and unpaid interest, if any, to, but excluding, the repurchase date. We may redeem any of the First Lien Notes beginning on March 31, 2018. The initial redemption price is 108.25 percent of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The redemption price will decline after 2018 and will be 100 percent of their principal amount, plus accrued interest, beginning on June 30, 2019. We may also redeem some or all of the First Lien Notes at any time and from time to time prior to March 31, 2018 at a price equal to 100 percent of the principal amount thereof plus a “make-whole” premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time and from time to time on or prior to March 31, 2018, we may redeem in the aggregate up to 35 percent of the original aggregate principal amount of the First Lien Notes (calculated after giving effect to any issuance of additional First Lien Notes) with the net cash proceeds of certain equity offerings, at a redemption price of 108.25 percent , plus accrued and unpaid interest, if any, to, but excluding, the redemption date, so long as at least 65 percent of the original aggregate principal amount of the First Lien Notes (calculated after giving effect to any issuance of additional First Lien Notes) issued under the First Lien Notes indenture remain outstanding after each such redemption. The First Lien Notes indenture contains customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to pay or acceleration of certain other indebtedness, certain events of bankruptcy and insolvency, and failure to pay certain judgments. An event of default under the First Lien indenture will allow either the trustee or the holders of at least 25 percent in aggregate principal amount of the then-outstanding First Lien Notes issued under such indenture to accelerate, or in certain cases, will automatically cause the acceleration of the amounts due under the First Lien Notes. $544 Million 7.75 percent 2020 Senior Secured Second Lien Notes - 2015 Offering On March 30, 2015, we also entered into an indenture among the Company, the guarantors and U.S. Bank National Association, as trustee and notes collateral agent, relating to our issuance of $544.2 million aggregate principal amount of 7.75 percent second lien senior secured notes due 2020 (the "Second Lien Notes"). The Second Lien Notes were issued on March 30, 2015 in exchange offers for certain of our existing senior notes. The Second Lien Notes bear interest at a rate of 7.75 percent per annum. Interest on the Second Lien Notes is payable semi-annually in arrears on March 31 and September 30 of each year, commencing on September 30, 2015. The Second Lien Notes mature on March 31, 2020 and are secured senior obligations of the Company. The Second Lien Notes have substantially similar terms to those of the First Lien Notes except with respect to their priority security interest in the collateral. The Second Lien Notes are jointly and severally and fully and unconditionally guaranteed on a senior secured basis by substantially all of our material U.S. subsidiaries and are secured (subject in each case to certain exceptions and permitted liens) by (i) a second-priority lien (junior to the First Lien Notes) on substantially all of our U.S. assets, other than the ABL Collateral, and (ii) a third-priority lien (junior to the ABL Facility and the First Lien Notes) on the U.S. ABL Collateral. The Company may redeem any of the Second Lien Notes beginning on March 31, 2017. The initial redemption price is 103.875 percent of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The redemption price will decline each year after March 31, 2017 and will be 100 percent of their principal amount, plus accrued interest, beginning on March 31, 2019. The Company may also redeem some or all of the Second Lien Notes at any time and from time to time prior to March 31, 2017 at a price equal to 100 percent of the principal amount thereof plus a “make-whole” premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time and from time to time on or prior to March 31, 2017, the Company may redeem in the aggregate up to 35 percent of the original aggregate principal amount of the Second Lien Notes (calculated after giving effect to any issuance of additional Second Lien Notes) with the net cash proceeds of certain equity offerings, at a redemption price of 107.75 percent , plus accrued and unpaid interest, if any, to, but excluding, the redemption date, so long as at least 65 percent of the original aggregate principal amount of the Second Lien Notes (calculated after giving effect to any issuance of additional Second Lien Notes) issued under the Second Lien Notes Indenture remain outstanding after each such redemption. $500 Million Senior Notes — 2012 Offering On December 6, 2012, we completed a $500 million public offering of senior notes at 3.95 percent due January 15, 2018. Interest is fixed and is payable on January 15 and July 15 of each year, beginning on July 15, 2013 until maturity. The senior notes are unsecured obligations and rank equally in right of payment with all our other existing and future unsecured and unsubordinated indebtedness. There are no subsidiary guarantees of the interest and principal amounts. The senior notes may be redeemed any time at our option not less than 30 days nor more than 60 days after prior notice is sent to the holders of the applicable series of notes. The senior notes are redeemable at a redemption price equal to the greater of (1) 100 percent of the principal amount of the notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semi-annual basis at the treasury rate plus 50 basis points with respect to the 2018 senior notes, plus, in each case, accrued and unpaid interest to the date of redemption. In addition, if a change of control triggering event occurs with respect to the senior notes, as defined in the agreement, we will be required to offer to purchase the notes of the applicable series at a purchase price equal to 101 percent of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase. The terms of the senior notes contain certain customary covenants; however, there are no financial covenants. Interest Rate Adjustment Based on Rating Events The interest rate payable on the $500.0 million 3.95 percent senior notes may be subject to adjustments from time to time if either Moody's or S&P or, in either case, any Substitute Rating Agency thereof downgrades (or subsequently upgrades) the debt rating assigned to the senior notes. In no event shall (1) the interest rate for the senior notes be reduced to below the interest rate payable on the senior notes on the date of the initial issuance of senior notes or (2) the total increase in the interest rate on the senior notes exceed 2.00 percent above the interest rate payable on the senior notes on the date of the initial issuance of senior notes. During 2014, the interest rate payable on the $500.0 million 3.95 percent senior notes was increased from 3.95 percent ultimately to 5.70 percent based on Substitute Rating Agency downgrades throughout the year. During the first quarter of 2015, subsequent to a downgrade, the interest rate was further increased and is currently at the maximum interest rate of 5.95 percent per annum. $1 Billion Senior Notes — 2011 Offering On March 23, 2011 and April 1, 2011, respectively, we completed a $1 billion public offering of senior notes consisting of two tranches: a 10-year tranche of $700 million aggregate principal amount at 4.88 percent senior notes due April 1, 2021, and a 30-year tranche of $300 million aggregate principal amount at 6.25 percent senior notes due October 1, 2040, of which $500 million aggregate principal amount previously was issued during September 2010. Interest is fixed and is payable on April 1 and October 1 of each year, beginning on October 1, 2011, for both series of senior notes until maturity. The senior notes are unsecured obligations and rank equally in right of payment with all our other existing and future unsecured and unsubordinated indebtedness. There are no subsidiary guarantees of the interest and principal amounts. The net proceeds from the senior notes offering were used to fund a portion of the acquisition of Consolidated Thompson and to pay the related fees and expenses. The senior notes may be redeemed any time at our option not less than 30 days nor more than 60 days after prior notice is sent to the holders of the applicable series of notes. The senior notes are redeemable at a redemption price equal to the greater of (1) 100 percent of the principal amount of the notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semi-annual basis at the treasury rate plus 25 basis points with respect to the 2021 senior notes and 40 basis points with respect to the 2040 senior notes, plus, in each case, accrued and unpaid interest to the date of redemption. However, if the 2021 senior notes are redeemed on or after the date that is three months prior to their maturity date, the 2021 senior notes will be redeemed at a redemption price equal to 100 percent of the principal amount of the notes to be redeemed plus accrued and unpaid interest to the date of redemption. In addition, if a change of control triggering event occurs with respect to the senior notes, as defined in the agreement, we will be required to offer to purchase the notes of the applicable series at a purchase price equal to 101 percent of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase. The terms of the senior notes contain certain customary covenants; however, there are no financial covenants. $1 Billion Senior Notes — 2010 Offering On September 20, 2010, we completed a $1 billion public offering of senior notes consisting of two tranches: a 10-year tranche of $500 million aggregate principal amount at 4.80 percent due October 1, 2020, and a 30-year tranche of $500 million aggregate principal amount at 6.25 percent due October 1, 2040. Interest is fixed and is payable on April 1 and October 1 of each year, beginning on April 1, 2011, for both series of senior notes until maturity. The senior notes are unsecured obligations and rank equally in right of payment with all of our other existing and future senior unsecured and unsubordinated indebtedness. There are no subsidiary guarantees of the interest and principal amounts. A portion of the net proceeds from the senior notes offering was used on September 22, 2010 to repay $350 million outstanding under our credit facility. A portion of the net proceeds was also used for general corporate purposes, including funding of capital expenditures and were used to fund a portion of the acquisition of Consolidated Thompson and related expenses. The senior notes may be redeemed any time at our option not less than 30 days nor more than 60 days after prior notice is sent to the holders of the applicable series of notes. The senior notes are redeemable at a redemption price equal to the greater of (1) 100 percent of the principal amount of the notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semi-annual basis at the treasury rate plus 35 basis points with respect to the 2020 senior notes and 40 basis points with respect to the 2040 senior notes, plus, in each case, accrued and unpaid interest to the date of redemption. In addition, if a change of control triggering event occurs with respect to the notes, we will be required to offer to purchase the notes at a purchase price equal to 101 percent of the principal amount, plus accrued and unpaid interest to the date of purchase. The terms of the senior notes contain certain customary covenants; however, there are no financial covenants. $400 Million Senior Notes Offering — 2010 Offering On March 17, 2010, we completed a $400 million public offering of senior notes due March 15, 2020. Interest at a fixed rate of 5.90 percent is payable on March 15 and September 15 of each year, beginning on September 15, 2010, until maturity on March 15, 2020. The senior notes are unsecured obligations and rank equally in right of payment with all of our other existing and future senior unsecured and unsubordinated indebtedness. There are no subsidiary guarantees of the interest and principal amounts. A portion of the net proceeds fro |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS The following represents the assets and liabilities of the Company measured at fair value at December 31, 2015 and 2014 : (In Millions) December 31, 2015 Description Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Cash equivalents $ 30.0 $ — $ — $ 30.0 Derivative assets — — 7.8 7.8 Total $ 30.0 $ — $ 7.8 $ 37.8 Liabilities: Derivative liabilities $ — $ 0.6 $ 3.4 $ 4.0 Total $ — $ 0.6 $ 3.4 $ 4.0 (In Millions) December 31, 2014 Description Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Derivative assets $ — $ — $ 63.2 $ 63.2 Available-for-sale marketable securities 4.3 — — 4.3 Total $ 4.3 $ — $ 63.2 $ 67.5 Liabilities: Derivative liabilities $ — $ — $ 9.5 $ 9.5 Foreign exchange contracts — 31.5 — 31.5 Total $ — $ 31.5 $ 9.5 $ 41.0 Financial assets classified in Level 1 at December 31, 2015 include money market funds. Financial assets classified in Level 1 at December 31, 2014 include available-for-sale marketable securities. The valuation of these instruments is based upon unadjusted quoted prices for identical assets in active markets. The valuation of financial assets and liabilities classified in Level 2 is determined using a market approach based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable. Level 2 securities primarily include derivative financial instruments valued using financial models that use as their basis readily observable market parameters. At December 31, 2015, such derivative financial instruments included our commodity hedge contracts. The fair value of the commodity hedge contracts is based on forward market prices and represents the estimated amount we would receive or pay to terminate these agreements at the reporting date, taking into account creditworthiness, nonperformance risk and liquidity risks associated with current market conditions. At December 31, 2014 , such derivative financial instruments included our foreign currency exchange contracts. The fair value of the foreign currency exchange contracts was based on forward market prices and represented the estimated amount we would receive or pay to terminate these agreements at the reporting date, taking into account creditworthiness, nonperformance risk and liquidity risks associated with current market conditions. The derivative assets classified within Level 3 at December 31, 2015 and December 31, 2014 primarily relate to a freestanding derivative instrument related to certain supply agreements with one of our U.S. Iron Ore customers. The agreements include provisions for supplemental revenue or refunds based on the customer’s annual steel pricing at the time the product is consumed in the customer’s blast furnaces. We account for this provision as a derivative instrument at the time of sale and adjust this provision to fair value as an adjustment to Product revenues each reporting period until the product is consumed and the amounts are settled. The fair value of the instrument is determined using a market approach based on an estimate of the annual realized price of hot-rolled steel at the steelmaker’s facilities, and takes into consideration current market conditions and nonperformance risk. The Level 3 derivative assets and liabilities at December 31, 2015 and December 31, 2014 also consisted of derivatives related to certain provisional pricing arrangements with our U.S. Iron Ore and Asia Pacific Iron Ore customers. These provisional pricing arrangements specify provisional price calculations, where the pricing mechanisms generally are based on market pricing, with the final revenue rate to be based on market inputs at a specified point in time in the future, per the terms of the supply agreements. The difference between the estimated final revenue at the date of sale and the estimated final revenue rate is characterized as a derivative and is required to be accounted for separately once the revenue has been recognized. The derivative instrument is adjusted to fair value through Product revenues each reporting period based upon current market data and forward-looking estimates provided by management until the final revenue rate is determined. The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy: Qualitative/Quantitative Information About Level 3 Fair Value Measurements ($ in millions) Fair Value at Balance Sheet Location Valuation Technique Unobservable Input Range or Point Estimate (Weighted Average) 12/31/2015 Provisional Pricing Arrangements $ 2.0 Other current assets Market Approach Management's Estimate of 62% Fe $43 $ 3.4 Other current liabilities Customer Supply Agreement $ 5.8 Other current assets Market Approach Hot-Rolled Steel Estimate $415 - $450 ($430) The significant unobservable input used in the fair value measurement of the reporting entity’s provisional pricing arrangements is management’s estimate of 62 percent Fe fines spot price based upon current market data, including historical seasonality and forward-looking estimates determined by management. Significant increases or decreases in this input would result in a significantly higher or lower fair value measurement, respectively. The significant unobservable input used in the fair value measurement of the reporting entity’s customer supply agreements is the future hot-rolled steel price that is estimated based on current market data, analysts' projections, projections provided by the customer and forward-looking estimates determined by management. Significant increases or decreases in this input would result in a significantly higher or lower fair value measurement, respectively. We recognize any transfers between levels as of the beginning of the reporting period, including both transfers into and out of levels. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2015 and 2014 . The following tables represent a reconciliation of the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015 and 2014 . (In Millions) Derivative Assets (Level 3) Derivative Liabilities (Level 3) Year Ended Year Ended 2015 2014 2015 2014 Beginning balance - January 1 $ 63.2 $ 57.7 $ (9.5 ) $ (1.0 ) Total gains (losses) Included in earnings 35.1 187.8 (61.0 ) (9.5 ) Settlements (90.5 ) (182.3 ) 67.1 1.0 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Ending balance - December 31 $ 7.8 $ 63.2 $ (3.4 ) $ (9.5 ) Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) on assets still held at the reporting date $ 29.1 $ 187.8 $ (3.4 ) $ (9.5 ) Gains and losses included in earnings are reported in Product revenues in the Statements of Consolidated Operations for the years ended December 31, 2015 and 2014 . The carrying amount for certain financial instruments (e.g. Accounts receivable, net , Accounts payable and Accrued expenses ) approximate fair value and, therefore, have been excluded from the table below. A summary of the carrying amount and fair value of other financial instruments at December 31, 2015 and 2014 were as follows: (In Millions) December 31, 2015 December 31, 2014 Classification Carrying Value Fair Value Carrying Value Fair Value Long-term debt: Senior Notes—$700 million Level 1 $ 410.6 $ 69.4 $ 686.0 $ 367.3 Senior Notes—$1.3 billion Level 1 787.9 137.4 1,270.5 704.0 Senior Notes—$400 million Level 1 288.9 52.8 391.9 228.1 Senior Notes—$500 million Level 1 309.1 87.1 475.3 312.0 Senior First Lien Notes—$540 million Level 1 497.4 414.5 — — Senior Second Lien Notes—$544.2 million Level 1 403.2 134.7 — — ABL Facility Level 2 — — — — Fair Value Adjustment to Interest Rate Hedge Level 2 2.3 2.3 2.8 2.8 Total long-term debt $ 2,699.4 $ 898.2 $ 2,826.5 $ 1,614.2 The fair value of long-term debt was determined using quoted market prices or discounted cash flows based upon current borrowing rates. The revolving loan and equipment loan facilities are variable rate interest and approximate fair value. See NOTE 5 - DEBT AND CREDIT FACILITIES for further information. Items Measured at Fair Value on a Non-Recurring Basis The following tables present information about the impairment charges on both financial and nonfinancial assets and liabilities that were measured on a fair value basis at March 31, 2015 and December 31, 2014 . There were no financial and non-financial assets and liabilities that were measured on a non-recurring fair value basis at December 31, 2015. The tables also indicate the fair value hierarchy of the valuation techniques used to determine such fair value. (In Millions) March 31, 2015 Description Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Total Gains Liabilities: $544.2 Million 7.75% 2020 Second Lien Notes $ — $ 397.2 $ — $ 397.2 $ 269.5 $ — $ 397.2 $ — $ 397.2 $ 269.5 The $544.2 million 7.75 percent Second Lien Notes issued in the exchange offers were recorded as an extinguishment of debt as the change in debt terms was considered substantial. As such, the newly issued Second Lien Senior Notes were recorded at fair value at the issuance date. In order to determine the fair value of the Second Lien Senior Notes on the date of the exchange, we utilized the median bid-ask spread obtained from various investment banks for the exchange date. The bid-ask spread is indicative of the fair value of the notes on the exchange date. The 27.0 percent discount equated to a discount of $147.0 million on the issue value of $544.2 million , or an estimated fair value of $397.2 million . (In Millions) Year Ended December 31, 2014 Description Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Total Losses Assets: Goodwill impairment - $ — $ — $ — $ — $ 73.5 Other long-lived assets - and Mineral rights: Asia Pacific Iron Ore reporting unit — — 72.4 72.4 526.5 Other reporting units — — — — 11.3 Other long-lived assets - Asia Pacific Iron Ore reporting unit — — 7.0 7.0 24.2 Investment in ventures — — — — 9.2 $ — $ — $ 79.4 $ 79.4 $ 644.7 Financial Assets During the third quarter of 2014, an impairment charge of $9.2 million to investment in ventures was recorded within our Global Exploration operating segment as a decision was made to abandon the investment during the period. Non-Financial Assets During the third and fourth quarter of 2014, we identified factors that indicated the carrying values of the asset groups in the chart above may not be recoverable primarily due to long-term price forecasts as part of management’s long-range planning process. Updated estimates of long-term prices for all products, specifically the Platts 62 percent Fe fines spot price were lower than prior estimates. This especially affects the Asia Pacific Iron Ore business segment because their contracts correlate heavily to world market spot pricing, which were updated based upon current market conditions, macro-economic factors influencing the balance of supply and demand for our products and expectations for future cost and capital expenditure requirements. Additionally, our CEO, Lourenco Goncalves, was appointed by the Board of Directors in early August 2014 and was subsequently identified as the CODM in accordance with ASC 280, Segment Reporting . Our CODM views Asia Pacific Iron Ore as a non-core asset and has communicated plans to evaluate the business unit for a change in strategy including possible divestiture. These factors, among other considerations utilized in the individual impairment assessments, indicate that the carrying value of the respective asset groups in the chart above and Asia Pacific Iron Ore goodwill may not be recoverable. During the third quarter of 2014, a goodwill impairment charge of $73.5 million was recorded for our Asia Pacific Iron Ore reporting segment. Based on our review of the fair value hierarchy, the inputs used in these fair value measurements were considered Level 3 inputs. We also recorded impairment charges to property, plant and equipment, mineral rights, intangible assets and other long-term assets during the second half of 2014 related to our Asia Pacific Iron Ore operating segment, along with impairments charged to reporting units within our Other reportable segments. A detailed break out of the impairment charges is shown in the chart above. The recorded impairment charges reduce the related assets to their estimated fair value as we determined that the future cash flows associated with these operations were not sufficient to support the recoverability of the carrying value of these assets. Fair value was determined based on management's best estimate within a range of fair values, which is considered a Level 3 input, and resulted in an asset impairment charge of $562.0 million . The Level 3 inputs used to determine fair value included models developed and market inputs obtained by management which provided a range of fair value estimates of property, plant and equipment. Management’s models include internally developed long-term future cash flow estimates, capital expenditure and cost estimates, market inputs to determine long-term pricing assumptions, discount rates, and foreign exchange rates. |
PENSIONS AND OTHER POSTRETIREME
PENSIONS AND OTHER POSTRETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
PENSIONS AND OTHER POSTRETIREMENT BENEFITS | NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS We offer defined benefit pension plans, defined contribution pension plans and other postretirement benefit plans, primarily consisting of retiree healthcare benefits, to most employees in the United States as part of a total compensation and benefits program. We do not have employee retirement benefit obligations at our Asia Pacific Iron Ore operations. The defined benefit pension plans largely are noncontributory and benefits generally are based on employees’ years of service and average earnings for a defined period prior to retirement or a minimum formula. The labor agreements we have with the USW at our U.S. Iron Ore operations cover approximately 2,000 USW-represented employees at our Empire and Tilden mines in Michigan and our United Taconite and Hibbing mines in Minnesota, or 81.0 percent of our total U.S. Iron Ore hourly workforce. This percentage includes the U.S. Iron Ore hourly employees that are on lay-off. We offer retiree medical coverage to hourly retirees of our USW-represented mines. The 2012 USW agreement set temporary maximum monthly medical premiums for participants who retired prior to January 1, 2015. These premium maximums expired on December 31, 2015 and reverted to increasing premiums based on the terms of the 2012 bargaining agreement. The agreements also provide for an OPEB cap that limits the amount of contributions that we have to make toward retiree medical insurance coverage for each retiree and spouse of a retiree per calendar year who retired on or after January 1, 2015. The amount of the annual OPEB cap is based upon the gross plan costs we incurred in 2014. The OPEB cap applies to employees who retired on or after January 1, 2015 and does not apply to surviving spouses. In addition, we currently provide various levels of retirement health care and OPEB to some full-time employees who meet certain length of service and age requirements (a portion of which is pursuant to collective bargaining agreements). Most plans require retiree contributions and have deductibles, co-pay requirements and benefit limits. Most bargaining unit plans require retiree contributions and co-pays for major medical and prescription drug coverage. There is a cap on our cost for medical coverage under the salaried plans. The annual limit applies to each covered participant and equals $7,000 for coverage prior to age 65, with the retiree’s participation adjusted based on the age at which the retiree’s benefits commence. Beginning in 2015, Cliffs changed the delivery of the post-65 salaried retiree medical benefit program, including salaried retirees from our Northshore operation, from an employer sponsored plan to the combination of an employer subsidy plan and an individual supplemental Medicare insurance plan purchased through a Medicare exchange. This allows the program to take full advantage of available government subsidies and more efficient pricing in the Medicare market. For participants at our Northshore operation, the annual limit ranges from $4,020 to $4,500 for coverage prior to age 65. Covered participants pay an amount for coverage equal to the excess of (i) the average cost of coverage for all covered participants, over (ii) the participant’s individual limit, but in no event will the participant’s cost be less than 15.0 percent of the average cost of coverage for all covered participants. For Northshore participants, the minimum participant cost is a fixed dollar amount. We do not provide OPEB for most salaried employees hired after January 1, 1993. Retiree healthcare coverage is provided through programs administered by insurance companies whose charges are based on benefits paid. In December 2003, The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 was enacted. This act introduced a prescription drug benefit under Medicare Part D as well as a federal subsidy to sponsors of retiree healthcare benefit plans that provide a benefit that at least actuarially is equivalent to Medicare Part D. Our measures of the accumulated postretirement benefit obligation and net periodic postretirement benefit cost as of December 31, 2004 and for periods thereafter reflect amounts associated with the subsidy. We elected to adopt the retroactive transition method for recognizing the cost reduction in 2004. The Pinnacle and Oak Grove mines were sold in December 2015, and the liabilities representing vested benefits at the time of the sale remained with Cliffs. The sale triggered a curtailment event for the Salaried Pension Plan. Liabilities for other postretirement benefits were transferred as part of the sale, and associated adjustments were made to the Accumulated other comprehensive loss balances as they pertained to Pinnacle and Oak Grove participants in the Hourly OPEB plan. Accordingly, all amounts shown below include retained obligations of vested employees of the North American Coal mines. Further, all disclosures presented include the annual expense, contributions and obligations associated with the retained vested benefits of these participants. The following table summarizes the annual expense recognized related to the retirement plans for 2015 , 2014 and 2013 : (In Millions) 2015 2014 2013 Defined benefit pension plans $ 23.9 $ 26.2 $ 46.8 Defined contribution pension plans 3.6 4.4 5.0 Other postretirement benefits 4.4 (2.5 ) 3.2 Total $ 31.9 $ 28.1 $ 55.0 The following tables and information provide additional disclosures for our consolidated plans. Obligations and Funded Status The following tables and information provide additional disclosures for the periods ending December 31, 2015 and 2014 : (In Millions) Pension Benefits Other Benefits Change in benefit obligations: 2015 2014 2015 2014 Benefit obligations — beginning of year $ 998.0 $ 891.2 $ 295.8 $ 265.1 Service cost (excluding expenses) 22.7 26.1 1.9 1.9 Interest cost 37.7 40.2 11.5 11.9 Plan amendments — — — (0.9 ) Actuarial (gain) loss (67.7 ) 113.4 (27.0 ) 37.4 Benefits paid (78.7 ) (71.4 ) (20.6 ) (25.3 ) Participant contributions — — 4.0 4.8 Federal subsidy on benefits paid — — 0.4 0.9 Curtailment gain (1.2 ) (1.5 ) — — Benefit obligations — end of year $ 910.8 $ 998.0 $ 266.0 $ 295.8 Change in plan assets: Fair value of plan assets — beginning of year $ 749.8 $ 712.5 $ 269.3 $ 251.8 Actual return on plan assets (6.4 ) 59.1 (3.9 ) 31.9 Participant contributions — — 0.4 0.8 Employer contributions 35.7 49.6 1.3 5.2 Asset transfers 0.2 — — — Benefits paid (78.7 ) (71.4 ) (16.5 ) (20.4 ) Fair value of plan assets — end of year $ 700.6 $ 749.8 $ 250.6 $ 269.3 Funded status at December 31: Fair value of plan assets $ 700.6 $ 749.8 $ 250.6 $ 269.3 Benefit obligations (910.8 ) (998.0 ) (266.0 ) (295.8 ) Funded status (plan assets less benefit obligations) $ (210.2 ) $ (248.2 ) $ (15.4 ) $ (26.5 ) Amount recognized at December 31 $ (210.2 ) $ (248.2 ) $ (15.4 ) $ (26.5 ) Amounts recognized in Statements of Financial Position: Current liabilities $ (0.5 ) $ (2.2 ) $ (4.1 ) $ (4.2 ) Noncurrent liabilities (209.7 ) (246.0 ) (11.3 ) (22.3 ) Net amount recognized $ (210.2 ) $ (248.2 ) $ (15.4 ) $ (26.5 ) Amounts recognized in accumulated other comprehensive loss: Net actuarial loss $ 290.9 $ 311.8 $ 91.5 $ 99.3 Prior service cost (credit) 7.5 9.8 (39.5 ) (42.9 ) Net amount recognized $ 298.4 $ 321.6 $ 52.0 $ 56.4 The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2016: Net actuarial loss $ 21.1 $ 5.5 Prior service cost 2.2 (3.7 ) Net amount recognized $ 23.3 $ 1.8 (In Millions) 2015 Pension Plans Other Benefits Salaried Hourly Mining SERP Total Salaried Hourly Total Fair value of plan assets $ 258.3 $ 436.7 $ 5.6 $ — $ 700.6 $ — $ 250.6 $ 250.6 Benefit obligation (340.0 ) (558.6 ) (8.6 ) (3.6 ) (910.8 ) (38.2 ) (227.8 ) (266.0 ) Funded status $ (81.7 ) $ (121.9 ) $ (3.0 ) $ (3.6 ) $ (210.2 ) $ (38.2 ) $ 22.8 $ (15.4 ) 2014 Pension Plans Other Benefits Salaried Hourly Mining SERP Total Salaried Hourly Total Fair value of plan assets $ 288.3 $ 454.9 $ 6.6 $ — $ 749.8 $ — $ 269.3 $ 269.3 Benefit obligation (379.2 ) (603.9 ) (9.2 ) (5.7 ) (998.0 ) (41.6 ) (254.2 ) (295.8 ) Funded status $ (90.9 ) $ (149.0 ) $ (2.6 ) $ (5.7 ) $ (248.2 ) $ (41.6 ) $ 15.1 $ (26.5 ) The accumulated benefit obligation for all defined benefit pension plans was $898.9 million and $980.6 million at December 31, 2015 and 2014 , respectively. The decrease in the accumulated benefit obligation primarily is a result of an increase in the discount rates. Components of Net Periodic Benefit Cost (In Millions) Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 Service cost $ 22.7 $ 26.1 $ 32.9 $ 6.4 $ 1.8 $ 4.0 Interest cost 37.7 40.3 36.4 13.4 11.9 12.6 Expected return on plan assets (59.8 ) (58.1 ) (52.3 ) (18.3 ) (17.1 ) (20.0 ) Amortization: Prior service costs (credits) 2.3 2.5 2.8 (3.7 ) (3.6 ) (3.6 ) Net actuarial loss 20.8 14.0 27.0 6.6 4.5 10.2 Curtailments and settlements 0.2 1.4 — — — — Net periodic benefit cost $ 23.9 $ 26.2 $ 46.8 $ 4.4 $ (2.5 ) $ 3.2 Curtailment effects (1.2 ) — — — — — Current year actuarial (gain)/loss (0.7 ) 109.7 (128.0 ) 0.2 22.2 (68.6 ) Amortization of net loss (21.0 ) (15.4 ) (27.0 ) (6.6 ) (4.5 ) (10.2 ) Current year prior service (credit) cost — — 0.8 — (0.9 ) — Amortization of prior service (cost) credit (2.3 ) (2.5 ) (2.8 ) 3.7 3.6 3.6 Total recognized in other comprehensive income $ (25.2 ) $ 91.8 $ (157.0 ) $ (2.7 ) $ 20.4 $ (75.2 ) Total recognized in net periodic cost and other comprehensive income $ (1.3 ) $ 118.0 $ (110.2 ) $ 1.7 $ 17.9 $ (72.0 ) Additional Information (In Millions) Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 Effect of change in mine ownership & noncontrolling interest $ 48.4 $ 51.2 $ 46.3 $ 5.5 $ 5.9 $ 4.8 Actual return on plan assets (6.4 ) 59.1 80.3 (3.9 ) 31.9 11.0 Assumptions The discount rate for determining PBO is determined individually for each plan. For our pension and other postretirement benefit plans, we used a discount rate as of December 31, 2015 of 4.27 percent for Iron Hourly, 4.12 percent for Salaried, 4.28 percent for Ore Mining and 4.22 percent for SERP, and 4.22 percent for Salaried OPEB, and 4.32 percent for Hourly OPEB , compared with a discount rate of 3.83 percent as of December 31, 2014. The discount rates are determined by matching the projected cash flows used to determine the PBO and APBO to a projected yield curve of 688 Aa graded bonds in the 40 th to 90 th percentiles. These bonds are either noncallable or callable with make-whole provisions. For the year ended December 31, 2014, bonds in the 10 th to 90 th percentile were utilized. The portion of the increases in discount rates due to market conditions resulted in decreases to our plan projected benefit obligations of approximately $31.5 million and $13.6 million for the pension and other postretirement benefit plans, respectively. In addition, the portion of the increases in discount rates due to the change to the 40 th to 90 th percentiles measurement resulted in decreases to our plan projected benefit obligations of approximately $8.3 million and $2.7 million for the pension and other postretirement benefit plans, respectively. On December 31, 2015, the assumed mortality improvement projection was changed from generational scale MP-2014 to generational scale MP-2015. The healthy mortality assumption remains the RP-2014 mortality tables with blue collar adjustments for the Iron Hourly and Hourly PRW plans, with white collar adjustments for the SERP and Salaried PRW Plan, and without collar adjustments for the Salaried and Ore Mining. The adoption of the new projection scale resulted in decreases to our projected benefit obligations totaling approximately $15.1 million or 1.5 percent for the pension plans and $7.9 million or 2 percent for the OPEB plans. The rates of retirement and termination for certain groups were also updated as a result of a recent experience review . Weighted-average assumptions used to determine benefit obligations at December 31 were: Pension Benefits Other Benefits 2015 2014 2015 2014 Discount rate Iron Hourly Pension Plan 4.27 % 3.83 % N/A % N/A % Salaried Pension Plan 4.12 3.83 N/A N/A Ore Mining Pension Plan 4.28 3.83 N/A N/A SERP 4.22 3.83 N/A N/A Hourly OPEB Plan N/A N/A 4.32 3.83 Salaried OPEB Plan N/A N/A 4.22 3.83 Salaried rate of compensation increase 3.00 3.00 3.00 3.00 Hourly rate of compensation increase (ultimate) 2.00 2.50 N/A N/A Weighted-average assumptions used to determine net benefit cost for the years 2015 , 2014 and 2013 were: Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 Discount rate 3.83 % 4.57 % 3.70 % 3.83 % 4.57 % 3.70 % Expected return on plan assets 8.25 8.25 8.25 7.00 7.00 8.25 Salaried rate of compensation increase 3.00 4.00 4.00 3.00 4.00 4.00 Hourly rate of compensation increase 2.50 3.00 4.00 N/A N/A N/A Assumed health care cost trend rates at December 31 were: 2015 2014 Health care cost trend rate assumed for next year 6.75 % 7.00 % Ultimate health care cost trend rate 5.00 5.00 Year that the ultimate rate is reached 2023 2023 Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A change of one percentage point in assumed health care cost trend rates would have the following effects: (In Millions) Increase Decrease Effect on total of service and interest cost $ 3.4 $ (2.6 ) Effect on postretirement benefit obligation 27.2 (22.6 ) Plan Assets Our financial objectives with respect to our pension and VEBA plan assets are to fully fund the actuarial accrued liability for each of the plans, to maximize investment returns within reasonable and prudent levels of risk, and to maintain sufficient liquidity to meet benefit obligations on a timely basis. Our investment objective is to outperform the expected ROA assumption used in the plans’ actuarial reports over the life of the plans. The expected ROA takes into account historical returns and estimated future long-term returns based on capital market assumptions applied to the asset allocation strategy. The expected return is net of investment expenses paid by the plans. In addition, investment performance is monitored on a quarterly basis by benchmarking to various indices and metrics for the one-, three- and five-year periods. The asset allocation strategy is determined through a detailed analysis of assets and liabilities by plan, which defines the overall risk that is acceptable with regard to the expected level and variability of portfolio returns, surplus (assets compared to liabilities), contributions and pension expense. The asset allocation review process involves simulating capital market behaviors including global asset class performance, inflation and interest rates in order to evaluate various asset allocation scenarios and determine the asset mix with the highest likelihood of meeting financial objectives. The process includes factoring in the current funded status and likely future funded status levels of the plans by taking into account expected growth or decline in the contributions over time. The asset allocation strategy varies by plan. The following table reflects the actual asset allocations for pension and VEBA plan assets as of December 31, 2015 and 2014 , as well as the 2016 weighted average target asset allocations as of December 31, 2015 . Equity investments include securities in large-cap, mid-cap and small-cap companies located in the U.S. and worldwide. Fixed income investments primarily include corporate bonds and government debt securities. Alternative investments include hedge funds, private equity, structured credit and real estate. Pension Assets VEBA Assets Asset Category 2016 Target Allocation Percentage of Plan Assets at December 31, 2016 Target Allocation Percentage of Plan Assets at December 31, 2015 2014 2015 2014 Equity securities 45.0 % 44.0 % 45.6 % 8.0 % 8.8 % 8.6 % Fixed income 28.0 % 27.7 % 28.7 % 80.1 % 78.2 % 79.3 % Hedge funds 5.0 % 5.8 % 5.5 % 4.2 % 4.5 % 4.3 % Private equity 7.0 % 4.7 % 4.2 % 2.6 % 2.2 % 2.3 % Structured credit 7.5 % 8.9 % 8.7 % 2.1 % 2.3 % 2.3 % Real estate 7.5 % 8.2 % 6.7 % 3.0 % 4.0 % 3.2 % Cash — % 0.7 % 0.6 % — % — % — % Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Pension The fair values of our pension plan assets at December 31, 2015 and 2014 by asset category are as follows: (In Millions) December 31, 2015 Asset Category Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity securities: U.S. large-cap $ 150.5 $ — $ — $ 150.5 U.S. small/mid-cap 40.6 — — 40.6 International 116.8 — — 116.8 Fixed income 166.3 27.9 — 194.2 Hedge funds — — 40.7 40.7 Private equity — — 33.1 33.1 Structured credit — — 62.1 62.1 Real estate — — 57.5 57.5 Cash 5.1 — — 5.1 Total $ 479.3 $ 27.9 $ 193.4 $ 700.6 (In Millions) December 31, 2014 Asset Category Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity securities: U.S. large-cap $ 168.4 $ — $ — $ 168.4 U.S. small/mid-cap 45.9 — — 45.9 International 127.7 — — 127.7 Fixed income 183.1 31.8 — 214.9 Hedge funds — — 41.5 41.5 Private equity — — 31.2 31.2 Structured credit — — 65.4 65.4 Real estate — — 50.0 50.0 Cash 4.8 — — 4.8 Total $ 529.9 $ 31.8 $ 188.1 $ 749.8 Following is a description of the inputs and valuation methodologies used to measure the fair value of our plan assets. Equity Securities Equity securities classified as Level 1 investments include U.S. large-, small- and mid-cap investments and international equity. These investments are comprised of securities listed on an exchange, market or automated quotation system for which quotations are readily available. The valuation of these securities is determined using a market approach, and is based upon unadjusted quoted prices for identical assets in active markets. Fixed Income Fixed income securities classified as Level 1 investments include bonds and government debt securities. These investments are comprised of securities listed on an exchange, market or automated quotation system for which quotations are readily available. The valuation of these securities is determined using a market approach, and is based upon unadjusted quoted prices for identical assets in active markets. Also included in Fixed Income is a portfolio of U.S. Treasury STRIPS, which are zero-coupon bearing fixed income securities backed by the full faith and credit of the U.S. government. The securities sell at a discount to par because there are no incremental coupon payments. STRIPS are not issued directly by the Treasury, but rather are created by a financial institution, government securities broker or government securities dealer. Liquidity on the issue varies depending on various market conditions; however, in general the STRIPS market is slightly less liquid than that of the U.S. Treasury Bond market. The STRIPS are priced daily through a bond pricing vendor and are classified as Level 2. Hedge Funds Hedge funds are alternative investments comprised of direct or indirect investment in offshore hedge funds with an investment objective to achieve an attractive risk-adjusted return with moderate volatility and moderate directional market exposure over a full market cycle. The valuation techniques used to measure fair value attempt to maximize the use of observable inputs and minimize the use of unobservable inputs. Considerable judgment is required to interpret the factors used to develop estimates of fair value. Valuations of the underlying investment funds are obtained and reviewed. The securities that are valued by the funds are interests in the investment funds and not the underlying holdings of such investment funds. Thus, the inputs used to value the investments in each of the underlying funds may differ from the inputs used to value the underlying holdings of such funds. In determining the fair value of a security, the fund managers may consider any information that is deemed relevant, which may include one or more of the following factors regarding the portfolio security, if appropriate: type of security or asset; cost at the date of purchase; size of holding; last trade price; most recent valuation; fundamental analytical data relating to the investment in the security; nature and duration of any restriction on the disposition of the security; evaluation of the factors that influence the market in which the security is purchased or sold; financial statements of the issuer; discount from market value of unrestricted securities of the same class at the time of purchase; special reports prepared by analysts; information as to any transactions or offers with respect to the security; existence of merger proposals or tender offers affecting the security; price and extent of public trading in similar securities of the issuer or compatible companies and other relevant matters; changes in interest rates; observations from financial institutions; domestic or foreign government actions or pronouncements; other recent events; existence of shelf registration for restricted securities; existence of any undertaking to register the security; and other acceptable methods of valuing portfolio securities. Private Equity Funds Private equity funds are alternative investments that represent direct or indirect investments in partnerships, venture funds or a diversified pool of private investment vehicles (fund of funds). Investment commitments are made in private equity funds based on an asset allocation strategy, and capital calls are made over the life of the funds to fund the commitments. As of December 31, 2015, remaining commitments total $48.1 million for both our pension and other benefits. Committed amounts are funded from plan assets when capital calls are made. Investment commitments are not pre-funded in reserve accounts. Refer to the valuation methodologies for equity securities above for further information . The valuation of investments in private equity funds initially is performed by the underlying fund managers. In determining the fair value, the fund managers may consider any information that is deemed relevant, which may include: type of security or asset; cost at the date of purchase; size of holding; last trade price; most recent valuation; fundamental analytical data relating to the investment in the security; nature and duration of any restriction on the disposition of the security; evaluation of the factors that influence the market in which the security is purchased or sold; financial statements of the issuer; discount from market value of unrestricted securities of the same class at the time of purchase; special reports prepared by analysts; information as to any transactions or offers with respect to the security; existence of merger proposals or tender offers affecting the security; price and extent of public trading in similar securities of the issuer or compatible companies and other relevant matters; changes in interest rates; observations from financial institutions; domestic or foreign government actions or pronouncements; other recent events; existence of shelf registration for restricted securities; existence of any undertaking to register the security; and other acceptable methods of valuing portfolio securities. The valuations are obtained from the underlying fund managers, and the valuation methodology and process is reviewed for consistent application and adherence to policies. Considerable judgment is required to interpret the factors used to develop estimates of fair value. Private equity investments are valued quarterly and recorded on a one-quarter lag. For alternative investment values reported on a lag, current market information is reviewed for any material changes in values at the reporting date. Capital distributions for the funds do not occur on a regular frequency. Liquidation of these investments would require sale of the partnership interest. Structured Credit Structured credit investments are alternative investments comprised of collateralized debt obligations and other structured credit investments that are priced based on valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value structured credit investments at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value of such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available are valued at the last quoted sale price on the primary exchange or market on which they are traded. Debt obligations with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value. Structured credit investments are valued monthly and recorded on a one-month lag. For alternative investment values reported on a lag, current market information is reviewed for any material changes in values at the reporting date. Historically, redemption requests have been considered quarterly, subject to notice of 90 days , although the advisor is currently only requiring notice of 65 days. During the fourth quarter of 2015, a redemption request for tender of $8 million was executed in order to bring the portfolio more in line with the target allocation for this asset category. The tender was effective as of December 31, 2015, with the funds targeted for distribution during the first quarter of 2016. Real Estate The real estate portfolio for the pension plans is an alternative investment primarily comprised of two funds with strategic categories of real estate investments. All real estate holdings are appraised externally at least annually, and appraisals are conducted by reputable, independent appraisal firms that are members of the Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. The property valuations and assumptions of each property are reviewed quarterly by the investment advisor and values are adjusted if there has been a significant change in circumstances relating to the property since the last external appraisal. The valuation methodology utilized in determining the fair value is consistent with the best practices prevailing within the real estate appraisal and real estate investment management industries, including the Real Estate Information Standards, and standards promulgated by the National Council of Real Estate Investment Fiduciaries, the National Association of Real Estate Investment Fiduciaries, and the National Association of Real Estate Managers. In addition, the investment advisor may cause additional appraisals to be performed. Two of the funds’ fair values are updated monthly, and there is no lag in reported values. Redemption requests for these two funds are considered on a quarterly basis, subject to notice of 45 days . During 2011, a new real estate fund of funds investment was added for the Empire, Tilden, Hibbing and United Taconite VEBA plans as a result of the asset allocation review process. This fund invests in pooled investment vehicles that in turn invest in commercial real estate properties. Valuations are performed quarterly and financial statements are prepared on a semi-annual basis, with annual audited statements. Asset values for this fund are reported with a one-quarter lag and current market information is reviewed for any material changes in values at the reporting date. In most cases, values are based on valuations reported by underlying fund managers or other independent third-party sources, but the fund has discretion to use other valuation methods, subject to compliance with ERISA. Valuations are typically estimates and subject to upward or downward revision based on each underlying fund’s annual audit. Withdrawals are permitted on the last business day of each quarter subject to a 65 -day prior written notice. The following represents the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets for the years ended December 31, 2015 and 2014 : (In Millions) Year Ended December 31, 2015 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2015 $ 41.5 $ 31.2 $ 65.4 $ 50.0 $ 188.1 Actual return on plan assets: Relating to assets still held at the reporting date (0.8 ) 1.5 (3.3 ) 8.1 5.5 Relating to assets sold during the period — 2.5 — — 2.5 Purchases — 5.7 — — 5.7 Sales — (7.8 ) — (0.6 ) (8.4 ) Ending balance — December 31, 2015 $ 40.7 $ 33.1 $ 62.1 $ 57.5 $ 193.4 (In Millions) Year Ended December 31, 2014 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2014 $ 38.8 $ 29.1 $ 61.0 $ 40.9 $ 169.8 Actual return on plan assets: Relating to assets still held at the reporting date 2.7 3.2 4.4 5.2 15.5 Relating to assets sold during the period — 3.0 — — 3.0 Purchases — 1.4 — 5.4 6.8 Sales — (5.5 ) — (1.5 ) (7.0 ) Ending balance — December 31, 2014 $ 41.5 $ 31.2 $ 65.4 $ 50.0 $ 188.1 VEBA Assets for other benefits include VEBA trusts pursuant to bargaining agreements that are available to fund retired employees’ life insurance obligations and medical benefits. The fair values of our other benefit plan assets at December 31, 2015 and 2014 by asset category are as follows: (In Millions) December 31, 2015 Asset Category Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity securities: U.S. large-cap $ 11.1 $ — $ — $ 11.1 U.S. small/mid-cap 2.8 — — 2.8 International 8.2 — — 8.2 Fixed income 158.1 37.9 — 196.0 Hedge funds — — 11.2 11.2 Private equity — — 5.5 5.5 Structured credit — — 5.8 5.8 Real estate — — 10.0 10.0 Cash — — — — Total $ 180.2 $ 37.9 $ 32.5 $ 250.6 (In Millions) December 31, 2014 Asset Category Quoted Prices in Active Significant Other Significant Total Equity securities: U.S. large-cap $ 11.6 $ — $ — $ 11.6 U.S. small/mid-cap 2.9 — — 2.9 International 8.6 — — 8.6 Fixed income 174.5 39.1 — 213.6 Hedge funds — — 11.5 11.5 Private equity — — 6.2 6.2 Structured credit — — 6.1 6.1 Real estate — — 8.7 8.7 Cash 0.1 — — 0.1 Total $ 197.7 $ 39.1 $ 32.5 $ 269.3 Refer to the pension asset discussion above for further information regarding the inputs and valuation methodologies used to measure the fair value of each respective category of plan assets. The following represents the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets for the year ended December 31, 2015 and 2014 : (In Millions) Year Ended December 31, 2015 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2015 $ 11.5 $ 6.2 $ 6.1 $ 8.7 $ 32.5 Actual return on plan assets: Relating to assets still held at the reporting date (0.3 ) 0.3 (0.3 ) 1.3 1.0 Relating to assets sold during the period — 0.4 — — 0.4 Purchases — 0.1 — — 0.1 Sales — (1.5 ) — — (1.5 ) Ending balance — December 31, 2015 $ 11.2 $ 5.5 $ 5.8 $ 10.0 $ 32.5 (In Millions) Year Ended December 31, 2014 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2014 $ 24.6 $ 6.0 $ 13.5 $ 13.2 $ 57.3 Actual return on plan assets: Relating to assets still held at the reporting date 0.5 1.0 0.4 0.9 2.8 Relating to assets sold during the period 0.6 0.4 0.4 0.5 1.9 Purchases — 0.1 — — 0.1 Sales (14.2 ) (1.3 ) (8.2 ) (5.9 ) (29.6 ) Ending balance — December 31, 2014 $ 11.5 $ 6.2 $ 6.1 $ 8.7 $ 32.5 Contributions Annual contributions to the pension plans are made within income tax deductibility restrictions in accordance with statutory regulations. In the event of plan termination, the plan sponsors could be required to fund additional shutdown and early retirement obligations that are not included in the pension obligations. The Company currently has no intention to shutdown, terminate or withdraw from any of its employ |
STOCK COMPENSATION PLANS
STOCK COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK COMPENSATION PLANS | NOTE 8 - STOCK COMPENSATION PLANS At December 31, 2015 , we have outstanding awards under two share-based compensation plans, which are described below. The compensation cost that has been charged against income for those plans was $13.9 million , $21.5 million and $19.1 million in 2015 , 2014 and 2013 , respectively, which primarily was recorded in Selling, general and administrative expenses in the Statements of Consolidated Operations. The total income tax benefit recognized in the Statements of Consolidated Operations for share-based compensation arrangements was $7.5 million and $6.7 million for 2014 and 2013 , respectively. There was no income tax benefit recognized for the year ended December 31, 2015, due to the full valuation allowance. Employees’ Plans The 2015 Equity Plan was approved by our Board of Directors on March 26, 2015 and by our shareholders on May 19, 2015. The 2015 Equity Plan replaced the 2012 Amended Equity Plan. The maximum number of shares that may be issued under the 2015 Equity Plan is 12.9 million common shares. No additional grants were issued from the 2012 Amended Equity Plan after the date of approval of the 2015 Equity Plan; however, all awards previously granted under the 2012 Amended Equity Plan will continue in full force and effect in accordance with the terms of outstanding awards. During the third quarter of 2015, the Compensation Committee approved grants under the 2015 Equity Plan of 1.5 million restricted share units to certain officers and employees with a grant date of September 10, 2015. The restricted share units granted under this award are subject to continued employment through the vesting date of December 15, 2017. During the first quarter of 2015, the Compensation Committee approved grants under the 2012 Amended Equity Plan to certain officers and employees for the 2015 to 2017 performance period. Shares granted under the awards consisted of 0.9 million performance shares, 0.9 million restricted share units and 0.4 million stock options. On February 10, 2014, upon recommendation by the Compensation Committee, our Board of Directors approved and adopted, subject to the approval of our shareholders at the 2014 Annual Meeting, the 2012 Amended Equity Plan. The principal reason for amending and restating the 2012 Equity Plan was to increase the number of common shares available for issuance by 5.0 million common shares. This amended plan was approved by our shareholders at the 2014 Annual Meeting held on July 29, 2014. Subsequent to our 2014 Annual Meeting of Shareholders, where shareholders elected six new directors, our board changed substantially. Such an event constituted a change in control pursuant to our incentive equity plans and applicable award agreements. As a result, all of the outstanding and unvested equity incentives awarded to participants prior to October 2013 became vested. Accordingly, this resulted in recognizing $11.7 million of additional equity-based compensation expense in the accompanying financial statements, representing the remaining unrecognized compensation expense of the awards. For any equity grants awarded after September 2013, the vesting of all such grants will accelerate and pay out in cash only following a participant's qualifying termination of employment associated with the change in control and if the common shares are not substituted with a replacement award. This potential liability for additional double-trigger payments for share-based compensation in cash will expire on August 6, 2016. Performance Shares The outstanding performance share or unit grants vest over a period of three years and are intended to be paid out in common shares or cash in certain circumstances. Performance is measured on the basis of relative TSR for the period and measured against the constituents of the S&P Metals and Mining ETF Index on the last day of trading of the relevant performance period. The final payouts for the outstanding performance period grants will vary from zero to 200 percent of the original grant depending on whether and to what extent the Company achieves certain objectives and performance goals as established by the Compensation Committee. Following is a summary of our performance share award agreements currently outstanding : Performance Performance Shares Granted Estimated Forfeitures Expected to Vest Grant Date Performance Period 2015 410,105 111,877 298,228 February 9, 2015 1/1/2015 - 12/31/2017 2015 464,470 96,149 368,321 January 12, 2015 1/1/2015 - 12/31/2017 2014 400,000 27,774 372,226 November 17, 2014 8/7/2014 - 12/31/2017 2014 199,450 32,653 166,797 July 29, 2014 1/1/2014 - 12/31/2016 2014 106,120 16,351 89,769 May 12, 2014 1/1/2014 - 12/31/2016 2014 230,265 142,017 88,248 February 10, 2014 1/1/2014 - 12/31/2016 Performance-Based Restricted Stock Units For the outstanding performance-based restricted stock units, the award may be earned and settled based upon certain VWAP performance for the Company’s common shares, (Threshold VWAP, Target VWAP, or Maximum VWAP) for any period of ninety (90) consecutive calendar days during a performance period commencing August 7, 2014 and ending December 31, 2017. Restricted Share Units The outstanding restricted share units are subject to continued employment, are retention based, will vest in equal thirds on each of December 31, 2015, December 31, 2016 and December 31, 2017, and are payable in common shares or cash in certain circumstances at a time determined by the Compensation Committee at its discretion. Stock Options The stock options that were granted during the first quarter of 2015 vest on December 31, 2017, subject to continued employment through the vesting date, are exercisable at a strike price of $7.70 after the vesting date and expire on January 12, 2025 . The stock options that were granted on November 17, 2014 vest in equal thirds on each of December 31, 2015, December 31, 2016 and December 31, 2017 subject to continued employment through each vesting date, and are exercisable cumulatively at a strike price of $13.83 after each vesting date and expire on November 17, 2021 . Employee Stock Purchase Plan On March 26, 2015, upon recommendation by the Compensation Committee, our Board of Directors approved and adopted, subject to the approval of Cliffs' shareholders at the 2015 Annual Meeting, the Cliffs Natural Resources Inc. 2015 Employee Stock Purchase Plan. This plan was approved by our shareholders at the 2015 Annual Meeting held May 19, 2015. 10 million common shares have been registered for issuance under this plan and zero common shares have been purchased. We sought shareholder approval of this plan for the purpose of qualifying the reserved common shares for special tax treatment under Section 423 of the Internal Revenue Code of 1986, as amended. Nonemployee Directors Equity Grants During 2015 our nonemployee directors were entitled to receive restricted share awards under the Directors’ Plan. For 2015, nonemployee directors were granted a number of restricted shares, with a value equal to $85,000 , based on the closing price of our common shares on May 19, 2015, the date of the Company’s 2015 annual meeting of shareholders, subject to any deferral election and pursuant to the terms of the Directors’ Plan and an award agreement, effective on May 19, 2015. At our 2014 annual meeting, the shareholders approved the Directors' Plan which became effective December 1, 2014. The Directors’ Plan authorizes us to issue up to 300,000 common shares from time to time to nonemployee Directors. Under the Share Ownership Guidelines in effect for 2015 ("Guidelines"), a Director is required by the end of five years from date of election to hold common shares with a market value of at least $250,000 . The Directors’ Plan offers the nonemployee Director the opportunity to defer all or a portion of the awards granted. Directors receive dividends, if any, on their restricted share awards and may elect that all cash dividends with respect to restricted shares be deferred and reinvested in additional common shares. Those additional common shares are subject to the same restrictions as the underlying award. Cash dividends not subject to a deferral election will be paid to the director without restriction. The 2008 Directors’ Plan in effect for most of 2014 provided for an Annual Equity Grant ("Equity Grant") to be awarded at our annual meeting each year to all nonemployee Directors elected or re-elected by the shareholders and a pro-rata amount was awarded to new directors upon their appointment. The value of the Equity Grant was payable in restricted shares with a three-year vesting period from the date of grant. The closing market price of our common shares on October 16, 2014 was divided into the number of common shares remaining available for issuance under the 2008 Directors' Plan to determine the number of restricted shares awarded as the Equity Grant. In 2014, nonemployee Directors each received Equity Grants valued at $85,000 which was bifurcated into two tranches since the 2008 Director's Plan did not have a sufficient number of shares available for issuance. The first tranche of the 2014 Equity Grant was granted under the 2008 Directors' Plan on October 16, 2014 and valued at $42,500 . The second tranche was granted under the Directors' Plan on December 2, 2014 and valued at $42,500 . For the last three years, Equity Grant shares have been awarded to elected or re-elected nonemployee Directors as follows: Year of Grant Unrestricted Equity Grant Shares Restricted Equity Grant Shares Deferred Equity Grant Shares 2013 3,985 31,506 7,970 2014 — 73,635 — 2015 — 109,408 25,248 Starting in July, 2015, the Governance and Nominating Committee recommended, and the Board adopted, a Nonemployee Director Retainer Share Election Program pursuant to which nonemployee directors may elect to receive all or any portion of their annual retainer and any other fees earned in cash in Cliffs' common shares. Election is voluntary and irrevocable for the applicable election period and shares issued under this program must be held for six months from the issuance date. The number of shares received each quarter are calculated by dividing the value of the quarterly cash retainer amount by the closing market price of the date of payment. Other Information The following table summarizes the share-based compensation expense that we recorded for continuing operations in 2015 , 2014 and 2013 : (In Millions, except per share amounts) 2015 2014 2013 Cost of goods sold and operating expenses $ 4.0 $ 5.6 $ 4.9 Selling, general and administrative expenses 9.9 15.9 14.2 Reduction of operating income (loss) from continuing operations before income taxes and equity loss from ventures 13.9 21.5 19.1 Income tax benefit (1) — (7.5 ) (6.7 ) Reduction of net income attributable to Cliffs shareholders $ 13.9 $ 14.0 $ 12.4 Reduction of earnings per share attributable to Cliffs shareholders: Basic $ 0.09 $ 0.09 $ 0.08 Diluted $ 0.09 $ 0.09 $ 0.07 (1) No income tax benefit for the year ended December 31, 2015, due to the full valuation allowance. Determination of Fair Value Performance Shares The fair value of each performance share grant is estimated on the date of grant using a Monte Carlo simulation to forecast relative TSR performance. A correlation matrix of historic and projected stock prices was developed for both the Company and our predetermined peer group of mining and metals companies. The fair value assumes that performance goals will be achieved. The expected term of the grant represents the time from the grant date to the end of the service period for each of the three plan-year agreements. We estimate the volatility of our common shares and that of the peer group of mining and metals companies using daily price intervals for all companies. The risk-free interest rate is the rate at the grant date on zero-coupon government bonds, with a term commensurate with the remaining life of the performance period. The following assumptions were utilized to estimate the fair value for the 2015 performance share grants: Grant Date Grant Date Market Price Average Expected Term (Years) Expected Volatility Risk-Free Interest Rate Dividend Yield Fair Value Fair Value (Percent of Grant Date Market Price) January 12, 2015 $ 7.70 2.97 58.3% 0.91% —% $ 11.56 150.13% February 9, 2015 $ 6.57 2.89 58.3% 0.87% —% $ 9.86 150.13% Stock Options The fair value of each stock option grant is estimated on the date of grant using a Black-Scholes valuation model. The expected term of the option grant is determined using the simplified method. We estimate the volatility of our common shares using historical stock prices with consistent frequency over the most recent historical period equal to the option’s expected term. The risk-free interest rate is the rate at the grant date on zero-coupon government bonds, with a term commensurate with the expected term. The following assumptions were utilized to estimate the fair value for the stock options granted in 2015 : Grant Date Grant Date Market Price Average Expected Term (Years) Expected Volatility Risk-Free Interest Rate Dividend Yield Fair Value January 12, 2015 $ 7.70 6.47 75.3% 1.60% —% $ 5.23 Restricted Share Units The fair value of the restricted share units is determined based on the closing price of our common shares on the grant date. The restricted share units granted under the 2015 Equity Plan vest over 27 months. The restricted share units granted under either the 2012 Equity Plan or the 2012 Amended Equity Plan generally vest over a period of three years. Stock option, restricted share awards and performance share activity under our long-term equity plans and Directors’ Plans are as follows: 2015 2014 2013 Shares Shares Shares Stock options: Outstanding at beginning of year 250,000 — — Granted during the year 412,710 250,000 — Vested — — — Forfeited/canceled (55,221 ) — — Outstanding at end of year 607,489 250,000 — Restricted awards: Outstanding and restricted at beginning of year 523,176 586,084 393,787 Granted during the year 2,482,415 531,030 396,844 Vested (477,157 ) (423,822 ) (118,973 ) Forfeited/canceled (190,364 ) (170,116 ) (85,574 ) Outstanding and restricted at end of year 2,338,070 523,176 586,084 Performance shares: Outstanding at beginning of year 1,072,376 1,040,453 772,484 Granted during the year (1) 874,575 1,233,685 806,271 Issued (2) (242,920 ) (796,624 ) (289,054 ) Forfeited/canceled (207,542 ) (405,138 ) (249,248 ) Outstanding at end of year 1,496,489 1,072,376 1,040,453 Vested or expected to vest as of December 31, 2015 3,934,901 Directors’ retainer and voluntary shares: Outstanding at beginning of year — 7,329 2,880 Granted during the year — 2,281 8,136 Forfeited/canceled — — (1,521 ) Vested — (9,610 ) (2,166 ) Outstanding at end of year — — 7,329 Reserved for future grants or awards at end of year: Employee plans 11,917,635 Directors’ plans 91,299 Total 12,008,934 (1) The shares granted in 2013 include 54,051 shares related to the 23% payout associated with the prior-year pool as actual payout exceeded target. (2) For the year ended December 31, 2015 , the shares vesting due to the change in control were paid out in cash, at target, and valued as of the respective participants' termination dates. For the year ended December 31, 2014 , the shares vesting on December 31, 2013 were valued as of February 10, 2014, and the shares vesting due to the change in a majority of our Board of Directors that triggered the acceleration of vesting and payout of outstanding equity grants under our equity plans on August 6, 2014 were paid out in cash, at target, and valued as of that date. For the year ended December 31, 2013 , the shares vested on December 31, 2012 were valued as of February 21, 2013. A summary of our outstanding share-based awards as of December 31, 2015 is shown below: Shares Weighted Average Grant Date Fair Value Outstanding, beginning of year 1,845,552 $ 16.55 Granted 3,769,700 $ 6.78 Vested (720,077 ) $ 16.15 Forfeited/expired (453,127 ) $ 10.50 Outstanding, end of year 4,442,048 $ 8.93 A summary of our stock option grants vested or expected to vest as of December 31, 2015 is shown below: Shares Weighted-Average Exercise Price Aggregate Intrinsic Value Weighted-Average Remaining Contractual Term (Years) Expected to vest 490,902 $ 9.67 $ — 7.90 Exercisable 83,334 $ 13.83 $ — 5.88 The total compensation cost related to outstanding awards not yet recognized is $23.5 million at December 31, 2015 . The weighted average remaining period for the awards outstanding at December 31, 2015 is approximately 2.6 years. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 9 - INCOME TAXES Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures includes the following components: (In Millions) 2015 2014 2013 United States $ 314.2 $ (447.5 ) $ 840.8 Foreign (1.1 ) 427.8 350.1 $ 313.1 $ (19.7 ) $ 1,190.9 The components of the provision (benefit) for income taxes on continuing operations consist of the following: (In Millions) 2015 2014 2013 Current provision (benefit): United States federal $ 8.2 $ (125.2 ) $ 110.4 United States state & local 0.3 (0.6 ) 4.0 Foreign 0.9 11.7 94.8 9.4 (114.1 ) 209.2 Deferred provision (benefit): United States federal 165.8 20.4 35.0 United States state & local — (24.9 ) 3.0 Foreign (5.9 ) 32.6 (9.6 ) 159.9 28.1 28.4 Total provision on income (loss) from continuing operations $ 169.3 $ (86.0 ) $ 237.6 Reconciliation of our income tax attributable to continuing operations computed at the U.S. federal statutory rate is as follows: (In Millions) 2015 2014 2013 Tax at U.S. statutory rate of 35 percent $ 109.6 35.0 % $ (6.9 ) 35.0 % $ 416.8 35.0 % Increase (decrease) due to: Non-taxable income related to noncontrolling interests (3.0 ) (1.0 ) (9.4 ) 47.7 (5.4 ) (0.5 ) Impact of tax law change — — 13.0 (66.0 ) — — Percentage depletion in excess of cost depletion (34.9 ) (11.1 ) (87.9 ) 446.2 (97.6 ) (8.2 ) Impact of foreign operations (53.9 ) (17.2 ) 51.4 (260.9 ) (48.7 ) (4.1 ) Income not subject to tax — — (27.7 ) 140.6 (84.7 ) (7.1 ) Goodwill impairment — — 22.7 (115.2 ) — — State taxes, net 0.2 0.1 (25.4 ) 128.9 5.6 0.5 Settlement of financial guaranty — — (347.1 ) 1,761.9 — — Valuation allowance - current year (104.6 ) (33.4 ) 318.3 (1,615.7 ) 53.2 4.5 Valuation allowance on tax benefits - prior 165.8 52.9 15.2 (77.2 ) — — Tax uncertainties 84.1 26.9 — — 12.5 1.1 Prior year adjustment in current year 5.9 1.9 (6.3 ) 32.1 4.9 0.4 Other items — net 0.1 — 4.1 (20.9 ) (19.0 ) (1.6 ) Income tax (benefit) expense $ 169.3 54.1 % $ (86.0 ) 436.5 % $ 237.6 20.0 % The components of income taxes for other than continuing operations consisted of the following: (In Millions) 2015 2014 2013 Other comprehensive (income) loss: Pension/OPEB liability $ — $ 37.1 $ 83.2 Mark-to-market adjustments 0.3 3.6 1.8 Other 5.9 0.2 (9.8 ) Total $ 6.2 $ 40.9 $ 75.2 Paid in capital — stock based compensation $ — $ (4.8 ) $ 3.5 Discontinued Operations $ (6.0 ) $ (1,216.0 ) $ (184.5 ) Significant components of our deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows: (In Millions) 2015 2014 Deferred tax assets: Pensions $ 106.6 $ 99.5 Postretirement benefits other than pensions 36.5 50.4 Alternative minimum tax credit carryforwards 218.7 219.1 Investments in ventures 4.9 — Asset retirement obligations 5.3 29.4 Operating loss carryforwards 2,791.6 679.0 Product inventories 57.2 25.6 Property, plant and equipment and mineral rights 189.8 337.8 State and local 59.9 41.9 Lease liabilities 18.3 14.1 Other liabilities 148.9 95.6 Total deferred tax assets before valuation allowance 3,637.7 1,592.4 Deferred tax asset valuation allowance (3,372.5 ) (1,152.3 ) Net deferred tax assets 265.2 440.1 Deferred tax liabilities: Property, plant and equipment and mineral rights (35.5 ) — Investment in ventures (206.6 ) (198.0 ) Intangible assets (1.5 ) (7.3 ) Product inventories (2.5 ) (3.1 ) Other assets (19.1 ) (65.9 ) Total deferred tax liabilities (265.2 ) (274.3 ) Net deferred tax assets (liabilities) $ — $ 165.8 Following is a summary of the deferred tax amounts as reported in the Statements of Consolidated Financial Position: (In Millions) 2015 2014 Deferred tax assets: United States $ — $ 165.8 Foreign — 9.7 Total deferred tax assets — 175.5 Deferred tax liabilities: United States — — Foreign — 9.7 Total deferred tax liabilities — 9.7 Net deferred tax assets (liabilities) $ — $ 165.8 At December 31, 2015 and 2014 , we had $218.7 million and $219.1 million , respectively, of gross deferred tax assets related to U.S. alternative minimum tax credits that can be carried forward indefinitely. We had gross domestic (including states) and foreign net operating loss carryforwards, inclusive of discontinued operations, of $3.9 billion , and $11.1 billion , respectively, at December 31, 2015. We had gross domestic and foreign net operating loss carryforwards at December 31, 2014 of $1.9 billion and $4.5 billion , respectively. The U.S. Federal net operating losses will begin to expire in 2035 and state net operating losses will begin to expire in 2019. The foreign net operating losses will begin to expire in 2022. We had foreign tax credit carryforwards of $5.8 million at December 31, 2015 and $5.8 million at December 31, 2014 . The foreign tax credit carryforwards will begin to expire in 2020. Additionally, there is a net operating loss carryforward, inclusive of discontinued operations, of $1.6 billion for Alternative Minimum Tax. No benefit has been recorded in the financials for this attribute as ASC 740, Income Taxes , does not allow for the recording of deferred taxes under alternative taxing systems. We recorded a $2.2 billion net increase in the valuation allowance of certain deferred tax assets where management believes that realization of the related deferred tax assets is not more likely than not. Of this amount, a $165.8 million increase was recorded through continuing operations and relates to domestic deferred tax assets recorded in prior years for which future utilization is currently uncertain. A $111.5 million decrease, also recorded through continuing operations, relates to the reversal of deferred tax assets due to current year operating activities. The remainder of the $2.2 billion increase relates primarily to foreign deferred tax assets that were generated through discontinued operations in which it is more likely than not that the assets will not be realized. At December 31, 2015 and 2014, we had no cumulative undistributed earnings of foreign subsidiaries included in consolidated retained earnings. Accordingly, no provision has been made for U.S. deferred taxes related to future repatriation of earnings. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (In Millions) 2015 2014 2013 Unrecognized tax benefits balance as of January 1 $ 72.6 $ 71.8 $ 53.5 Increases for tax positions in prior years 6.7 — 13.0 Increases for tax positions in current year 78.5 5.9 5.3 Increase due to foreign exchange — (0.2 ) — Settlements (1.1 ) — — Lapses in statutes of limitations (0.5 ) (3.7 ) — Other — (1.2 ) — Unrecognized tax benefits balance as of December 31 $ 156.2 $ 72.6 $ 71.8 At December 31, 2015 and 2014 , we had $156.2 million and $72.6 million , respectively, of unrecognized tax benefits recorded. Of this amount, $21.5 million and $23.2 million were recorded in Other liabilities and $134.7 million and $49.4 million were recorded as Other non-current assets in the Statements of Consolidated Financial Position for both years. If the $156.2 million were recognized, only $21.5 million would impact the effective tax rate. We do not expect that the amount of unrecognized tax benefits will change significantly within the next twelve months. At December 31, 2015 and 2014 , we had $2.1 million and $1.6 million , respectively, of accrued interest and penalties related to the unrecognized tax benefits recorded in Other liabilities in the Statements of Consolidated Financial Position. On July 18, 2013, the FASB issued Accounting Standards Update No. 2013-11. Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11). ASU 2013-11 requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions except where the deferred tax asset or other carryforward are not available for use. The adoption of the pronouncement does not have an impact in the presentation of our financial statement. Tax years that remain subject to examination are years 2010 and forward for the U.S. and 2011 and forward for Australia. |
LEASE OBLIGATIONS
LEASE OBLIGATIONS | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
LEASE OBLIGATIONS | NOTE 10 - LEASE OBLIGATIONS We lease certain mining, production and other equipment under operating and capital leases. The leases are for varying lengths, generally at market interest rates and contain purchase and/or renewal options at the end of the terms. Our operating lease expense was $12.0 million , $17.8 million and $23.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Capital lease assets were $32.5 million and $72.7 million at December 31, 2015 and 2014, respectively. In 2014 we had impairment charges of $64.0 million on our capital lease assets at our Asia Pacific Iron Ore operations. Corresponding accumulated amortization of capital leases included in respective allowances for depreciation were $8.7 million and $14.9 million at December 31, 2015 and 2014 , respectively. Future minimum payments under capital leases and non-cancellable operating leases at December 31, 2015 are as follows: (In Millions) Capital Leases Operating Leases 2016 $ 24.3 $ 8.4 2017 22.3 7.2 2018 18.0 6.5 2019 10.0 4.8 2020 9.0 4.9 2021 and thereafter 9.0 5.0 Total minimum lease payments $ 92.6 $ 36.8 Amounts representing interest 18.5 Present value of net minimum lease payments $ 74.1 (1) (1) The total is comprised of $17.9 million and $56.2 million classified as Other current liabilities and Other liabilities , respectively, in the Statements of Consolidated Financial Position at December 31, 2015 . |
ENVIRONMENTAL AND MINE CLOSURE
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 12 Months Ended |
Dec. 31, 2015 | |
Environmental Remediation Obligations [Abstract] | |
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS We had environmental and mine closure liabilities of $234.0 million and $170.8 million at December 31, 2015 and 2014 , respectively. Payments in 2015 and 2014 were $2.6 million and $3.1 million , respectively. The following is a summary of the obligations as of December 31, 2015 and 2014 : (In Millions) December 31, 2015 2014 Environmental $ 3.6 $ 5.5 Mine closure LTVSMC 24.1 22.9 Operating mines: U.S. Iron Ore 189.9 120.9 Asia Pacific Iron Ore 16.4 21.5 Total mine closure 230.4 165.3 Total environmental and mine closure obligations 234.0 170.8 Less current portion 2.8 5.2 Long-term environmental and mine closure obligations $ 231.2 $ 165.6 Environmental Our mining and exploration activities are subject to various laws and regulations governing the protection of the environment. We conduct our operations to protect the public health and environment and believe our operations are in compliance with applicable laws and regulations in all material respects. Our environmental liabilities of $3.6 million and $5.5 million at December 31, 2015 and 2014 , respectively, including obligations for known environmental remediation exposures at various active and closed mining operations and other sites, have been recognized based on the estimated cost of investigation and remediation at each site. If the cost only can be estimated as a range of possible amounts with no specific amount being more likely, the minimum of the range is accrued. Future expenditures are not discounted unless the amount and timing of the cash disbursements readily are known. Potential insurance recoveries have not been reflected. Additional environmental obligations could be incurred, the extent of which cannot be assessed. The Rio Tinto Mine Site The Rio Tinto Mine Site is a historic underground copper mine located near Mountain City, Nevada, where tailings were placed in Mill Creek; a tributary to the Owyhee River. Site investigation and remediation work is being conducted in accordance with a Consent Order dated September 14, 2001 between the Nevada DEP and the RTWG composed of the Company, Atlantic Richfield Company, Teck Cominco American Incorporated and E. I. duPont de Nemours and Company. The Consent Order provides for technical review by the Rio Tinto Trustees. In recognition of the potential for an NRD claim, the parties actively pursued a global settlement that included the EPA and encompass both the remedial action and the NRD issues. The Nevada DEP published a Record of Decision for the Rio Tinto Mine, which was signed on February 14, 2012 by the Nevada DEP and the EPA. On September 27, 2012, the agencies subsequently issued a proposed Consent Decree, which was lodged with the U.S. District Court for the District of Nevada and subsequently finalized on May 20, 2013. Under the terms of the Consent Decree, the RTWG has agreed to pay over $29.0 million in cleanup costs and natural resource damages to the site and surrounding area. The Company's share of the total settlement cost, which includes remedial action, insurance and other oversight costs was $12.2 million . As of December 31, 2015 , we have no remaining required payments related to the Consent Decree compared to as of December 31, 2014, when we had $2.5 million in the Statements of Consolidated Financial Position related to this issue. Mine Closure Our mine closure obligations of $230.4 million and $165.3 million at December 31, 2015 and 2014 , respectively, include our five consolidated U.S. operating iron ore mines, our Asia Pacific operating iron ore mine and a closed operation formerly operating as LTVSMC. Management periodically performs an assessment of the obligation to determine the adequacy of the liability in relation to the closure activities still required at the LTVSMC site. The LTVSMC closure liability was $24.1 million and $22.9 million at December 31, 2015 and 2014 , respectively. MPCA is presently working on an NPDES permit reissuance for this facility that could modify the closure liability, but the scale of that change will not be understood until the permit has been drafted and issued. The accrued closure obligation for our active mining operations provides for contractual and legal obligations associated with the eventual closure of the mining operations. We performed a detailed assessment of our asset retirement obligations related to our active mining locations most recently in 2014 in accordance with our accounting policy, which requires us to perform an in-depth evaluation of the liability every three years in addition to routine annual assessments. For the assessments performed, we determined the obligations based on detailed estimates adjusted for factors that a market participant would consider (i.e., inflation, overhead and profit) and then discounted the obligation using the current credit-adjusted risk-free interest rate based on the corresponding life of mine. The estimate also incorporates incremental increases in the closure cost estimates and changes in estimates of mine lives. The closure date for each location was determined based on the exhaustion date of the remaining iron ore reserves. The accretion of the liability and amortization of the related asset is recognized over the estimated mine lives for each location. The following represents a roll forward of our asset retirement obligation liability related to our active mining locations for the years ended December 31, 2015 and 2014 : (In Millions) December 31, 2015 2014 Asset retirement obligation at beginning of period $ 142.4 $ 177.6 Accretion expense 6.5 5.7 Exchange rate changes (1.1 ) (2.4 ) Revision in estimated cash flows 58.5 (38.5 ) Asset retirement obligation at end of period $ 206.3 $ 142.4 The revisions in estimated cash flows recorded during the year ended December 31, 2015 relate primarily to revisions in the timing of the estimated cash flows and the technology associated with required storm water management systems expected to be implemented subsequent to the indefinite idling of one of our U.S. Iron Ore mines. For the year ended December 31, 2014 , the revisions in estimated cash flows recorded during the year primarily included a downward revision of estimated asset retirement costs for one of our U.S. Iron Ore mines associated with required storm water management systems. The mine life was extended during 2014, effectively converting certain asset retirement costs to capital costs over the remaining life-of-mine. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES | NOTE 12 - GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES Goodwill Goodwill represents the excess purchase price paid over the fair value of the net assets of acquired companies and is not subject to amortization. We assign goodwill arising from acquired companies to the reporting units that are expected to benefit from the synergies of the acquisition. Our reporting units are either at the operating segment level or a component one level below our operating segments that constitutes a business for which management generally reviews production and financial results of that component. Decisions often are made as to capital expenditures, investments and production plans at the component level as part of the ongoing management of the related operating segment. We have determined that our Asia Pacific Iron Ore operating segment constitutes a separate reporting unit and that Northshore within our U.S. Iron Ore operating segment constitutes a reporting unit. Goodwill is allocated among and evaluated for impairment at the reporting unit level in the fourth quarter of each year or as circumstances occur that potentially indicate that the carrying amount of these assets may exceed their fair value. During the third quarter of 2014 , a goodwill impairment charge of $73.5 million was recorded for our Asia Pacific Iron Ore reporting segment. The impairment charge was a result of downward long-term pricing estimates as determined through management's long-range planning process. Refer to NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS for further information. The following table summarizes changes in the carrying amount of goodwill allocated by operating segment for the years ended December 31, 2015 and December 31, 2014 : (In Millions) December 31, 2015 December 31, 2014 U.S. Iron Ore Asia Pacific Total U.S. Iron Ore Asia Pacific Iron Ore Total Beginning Balance $ 2.0 $ — $ 2.0 $ 2.0 $ 72.5 $ 74.5 Impairment — — — — (73.5 ) (73.5 ) Impact of foreign currency translation — — — — 1.0 1.0 Ending Balance $ 2.0 $ — $ 2.0 $ 2.0 $ — $ 2.0 Accumulated goodwill impairment loss $ — $ (73.5 ) $ (73.5 ) $ — $ (73.5 ) $ (73.5 ) Other Intangible Assets and Liabilities Following is a summary of intangible assets and liabilities as of December 31, 2015 and December 31, 2014 : (In Millions) December 31, 2015 December 31, 2014 Classification Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Permits Other non-current assets $ 78.4 $ (20.2 ) $ 58.2 $ 79.2 $ (16.5 ) $ 62.7 Total intangible assets $ 78.4 $ (20.2 ) $ 58.2 $ 79.2 $ (16.5 ) $ 62.7 Below-market sales contracts Other current liabilities $ (23.1 ) $ — $ (23.1 ) $ (23.0 ) $ — $ (23.0 ) Below-market sales contracts Other liabilities (205.8 ) 205.8 — (205.9 ) 182.8 (23.1 ) Total below-market sales contracts $ (228.9 ) $ 205.8 $ (23.1 ) $ (228.9 ) $ 182.8 $ (46.1 ) Amortization expense relating to intangible assets was $4.2 million , $8.4 million and $8.4 million for the years ended December 31, 2015 , 2014 and 2013 , and is recognized in Cost of goods sold and operating expenses in the Statements of Consolidated Operations . During the year ended December 31, 2014, an impairment charge of $13.8 million was recorded related to the permits intangible asset and is recognized in Impairment of goodwill and other long-lived assets in the Statements of Consolidated Operations . There were no impairment charges recorded for definite-lived intangible assets in 2015 or 2013. The estimated amortization expense relating to intangible assets for each of the five succeeding years is as follows: (In Millions) Amount Year Ending December 31 2016 3.8 2017 4.3 2018 4.1 2019 3.5 2020 2.5 Total $ 18.2 The below-market sales contract is classified as a liability and recognized over the term of the underlying contract, which has a remaining life of approximately one year and expires December 31, 2016. For the years ended December 31, 2015 , 2014 and 2013 , we recognized $23.1 million , $23.1 million and $26.9 million , respectively, in Product revenues related to below-market sales contracts. We estimate that $23.1 million will be recognized in Product revenues for the succeeding fiscal year. |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The following table presents the fair value of our derivative instruments and the classification of each in the Statements of Consolidated Financial Position as of December 31, 2015 and December 31, 2014 : (In Millions) Derivative Assets Derivative Liabilities December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments under ASC 815: Foreign Exchange Contracts — — — Other current liabilities 21.6 Total derivatives designated as hedging instruments under ASC 815 $ — $ — $ — $ 21.6 Derivatives not designated as hedging instruments under ASC 815: Foreign Exchange Contracts $ — $ — $ — Other current liabilities $ 9.9 Commodity Contracts — — Other current liabilities 0.6 — Customer Supply Agreements Other current assets 5.8 Other current assets 63.2 — — Provisional Pricing Arrangements Other current assets 2.0 — Other current liabilities 3.4 Other current liabilities 9.5 Total derivatives not designated as hedging instruments under ASC 815: $ 7.8 $ 63.2 $ 4.0 $ 19.4 Total derivatives $ 7.8 $ 63.2 $ 4.0 $ 41.0 Derivatives Designated as Hedging Instruments Cash Flow Hedges Australian Foreign Exchange Contracts We are subject to changes in foreign currency exchange rates as a result of our operations in Australia. With respect to Australia, foreign exchange risk arises from our exposure to fluctuations in foreign currency exchange rates because the functional currency of our Asia Pacific operations is the Australian dollar. Our Asia Pacific operations receive funds in U.S. currency for their iron ore sales. We were using foreign currency exchange contracts to hedge our foreign currency exposure for a portion of our U.S. dollar sales receipts in our Australian functional currency entities. For our Australian operations, U.S. dollars were converted to Australian dollars at the currency exchange rate in effect during the period the transaction occurred. The primary objective for the use of these instruments was to reduce exposure to changes in currency exchange rates and to protect against undue adverse movement in these exchange rates. These instruments qualify for hedge accounting treatment and are tested for effectiveness at inception and at least once each reporting period. If and when any of our hedge contracts are determined not to be highly effective as hedges, the underlying hedged transaction is no longer likely to occur, or the derivative is terminated, hedge accounting is discontinued. As discussed in NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES , we suspended entering into new foreign exchange rate contracts and we have waived compliance with our current derivative financial instruments and hedging activities policy through December 31, 2016. As of December 31, 2015 , we had no outstanding Australian foreign currency exchange contracts. This compares with outstanding Australian foreign currency exchange contracts with a notional amount of $220.0 million as of December 31, 2014 . Changes in fair value of highly effective hedges are recorded as a component of Accumulated other comprehensive loss in the Statements of Consolidated Financial Position . Any ineffectiveness is recognized immediately in income. As of December 31, 2015 and 2014 , there was no material ineffectiveness recorded for foreign exchange contracts that were classified as cash flow hedges. However, certain Australian hedge contracts were de-designated during the first quarter of 2015 and no longer qualified for hedge accounting treatment. All of these de-designated hedges were settled and were no longer outstanding by March 31, 2015. The de-designated hedges are discussed within the Derivatives Not Designated as Hedging Instruments section of this footnote . Amounts recorded as a component of Accumulated other comprehensive loss are reclassified into earnings in the same period the forecasted transactions affect earnings. As of December 31, 2015, no amounts remain in Accumulated other comprehensive loss related to the designated Australian hedge contracts as the last forecasted transaction occured in October 2015. Interest Rate Risk Management Interest rate risk is managed using a portfolio of variable-rate and fixed-rate debt composed of short-term and long-term instruments, such as U.S. treasury lock agreements and variable-to-fixed interest rate swaps. From time to time, these instruments, which are derivative instruments, are entered into to facilitate the maintenance of the desired ratio of variable-rate to fixed-rate debt. In the second quarter of 2012, we entered into U.S. treasury lock agreements with a notional value of $200.0 million to hedge the exposure to the possible rise in the interest rate prior to the issuance of the five-year senior notes due 2018 discussed in NOTE 5 - DEBT AND CREDIT FACILITIES . These derivative instruments were designated and qualified as cash flow hedges. The U.S. treasury locks were settled in the fourth quarter of 2012 upon the issuance of $500.0 million principal amount of the senior notes due 2018 for a cumulative after-tax loss of $1.3 million , which was recorded in Accumulated other comprehensive loss and is being amortized to Other non-operating income (expense) over the life of the senior notes due 2018. Approximately $0.1 million net of tax was recognized in earnings in both 2014 and 2015 and approximately $0.1 million net of tax is expected to be recognized in earnings in 2016. The following summarizes the effect of our derivatives designated as cash flow hedging instruments, net of tax in Accumulated other comprehensive loss in the Statements of Consolidated Operations for the years ended December 31, 2015 , 2014 and 2013 : (In Millions) Derivatives in Cash Flow Amount of Gain (Loss) Recognized in OCI on Derivative Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings Amount of Gain (Loss) Reclassified from Accumulated OCI into Earnings Hedging Relationships (Effective Portion) (Effective Portion) (Effective Portion) Year Ended Year Ended 2015 2014 2013 2015 2014 2013 Australian Dollar Foreign Exchange Contracts (hedge designation) $ (2.0 ) $ (13.9 ) $ (34.7 ) Product revenues $ (7.4 ) $ (13.2 ) $ (11.9 ) Australian Dollar Foreign (prior to de-designation) (4.5 ) — — Product revenues (11.3 ) — — Canadian Dollar Foreign Exchange Contracts (hedge designation) — — (12.9 ) Cost of goods sold and operating expenses — — (8.2 ) Canadian Dollar Foreign (prior to de-designation) — (14.3 ) (4.1 ) Cost of goods sold and operating expenses — (17.7 ) (1.9 ) Treasury Locks — — — Other non-operating income (expense) (0.1 ) (0.1 ) (0.1 ) Total $ (6.5 ) $ (28.2 ) $ (51.7 ) $ (18.8 ) $ (31.0 ) $ (22.1 ) Derivatives Not Designated as Hedging Instruments Foreign Exchange Contracts During the first quarter of 2015, in connection with our refinancing initiatives, we discontinued hedge accounting and early-settled certain of our Australian foreign currency exchange contracts associated with Asia Pacific Iron Ore operations. Subsequent to de-designation, no further foreign currency exchange rate contracts were entered into for the Asia Pacific Iron Ore operations. The amounts that were previously recorded as a component of Accumulated other comprehensive loss prior to de-designation and remaining in Accumulated other comprehensive loss as of de-designation were reclassified to earnings and a corresponding realized loss was recognized when the forecasted cash flow occurred. For the year ended December 31, 2015, we reclassified losses of $12.6 million from Accumulated other comprehensive loss and recorded the amounts as Product revenues in the Statements of Consolidated Operations upon the occurrence of the forecasted cash flows associated with each de-designated and early-settled contract. For the year ended December 31, 2015, prior to the de-designation of the Asia Pacific Iron Ore hedges at the end of the first quarter of 2015, we reclassified losses of $6.3 million from Accumulated other comprehensive loss related to contracts that matured during the year, and recorded the amounts as Product revenues in the Statements of Consolidated Operations. As of December 31, 2015, no gains or losses remain in Accumulated other comprehensive loss related to the effective cash flow hedge contracts prior to de-designation and early-settlement. During the fourth quarter of 2014, we discontinued hedge accounting for Canadian foreign currency exchange contracts for all outstanding contracts associated with Bloom Lake operations as projected future cash flows were no longer considered probable or reasonably possible, but we continued to hold these instruments as economic hedges to manage currency risk. Our parent company held the Canadian foreign currency exchange contracts and the contracts were unaffected by Bloom Lake General Partner Limited and certain of its affiliates filing under the CCAA on January 27, 2015. Subsequent to de-designation, no further foreign currency exchange contracts were entered into for the Bloom Lake operations. As of December 31, 2015 no de-designated foreign exchange rate contracts remained outstanding. All outstanding Canadian de-designated foreign exchange rate contracts settled by the end of September 2015. As of December 31, 2014,the de-designated outstanding foreign exchange rate contracts had a notional amount of $183.0 million in the form of forward contracts. The amounts that were previously recorded as a component of Accumulated other comprehensive loss prior to de-designation and remaining in Accumulated other comprehensive loss as of December 31, 2014 were reclassified to earnings upon the de-designation of the hedges as the hedges would not be effective prospectively due to the projected future cash flows associated with the hedges no longer being considered probable or reasonably possible. We reclassified losses of $7.3 million from Accumulated other comprehensive loss related to contracts that had not matured during the year, and recorded the amounts as Cost of goods sold and operating expenses on the Statements of Consolidated Operations . A corresponding realized gain or loss was recognized in each period until settlement of the related economic hedge during 2015. For the year ended December 31, 2015, the change in fair value of these de-designated foreign currency exchange contracts resulted in net losses of $3.6 million . We previously discontinued hedge accounting for Canadian foreign currency exchange contracts for all outstanding contracts associated with the Wabush operation and the Ferroalloys operating segment as projected future cash flows were no longer considered probable, but we continued to hold these instruments as economic hedges to manage currency risk. Subsequent to de-designation, no further foreign currency exchange contracts were entered into for the Wabush operation or the Ferroalloys operating segment. As of December 31, 2015 and 2014, there were no outstanding de-designated foreign currency exchange rate contracts as all remaining de-designated foreign exchange contracts matured during the second quarter of 2014. Prior to the maturation of the contracts and as a result of discontinued hedge accounting, the instruments were prospectively adjusted to fair value each reporting period through Cost of goods sold and operating expenses in the Statements of Consolidated Operations . For the years ended December 31, 2014 and 2013, the change in fair value of our de-designated foreign currency exchange contracts resulted in net losses of $3.3 million and $0.6 million , respectively. The amounts that were previously recorded as a component of Accumulated other comprehensive loss prior to de-designation were reclassified to earnings and a corresponding realized gain or loss was recognized when the forecasted cash flow occurred. For the years ended December 31, 2014 and 2013, we reclassified losses of $0.5 million and $1.9 million , respectively, from Accumulated other comprehensive loss related to contracts that matured during the year, and recorded the amounts as Cost of goods sold and operating expenses in the Statements of Consolidated Operations . All the remaining contracts matured during the second quarter of 2014 and as of the period ended June 30, 2014, no gains or losses remained in Accumulated other comprehensive loss related to the effective cash flow hedge contracts prior to de-designation. Fair Value Hedges Interest Rate Hedges Our fixed-to-variable interest rate swap derivative instruments, with a notional amount of $250.0 million , were de-designated and settled during August 2014. Prior to settlement, the derivatives were designated and qualified as fair value hedges. The objective of the hedges was to offset changes in the fair value of our debt instruments associated with fluctuations in the benchmark LIBOR interest rate as part of our risk management strategy. Prior to de-designation and settlement, when the interest rate swap derivative instruments were designated and qualified as fair-value hedges, the gain or loss on the hedge instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk were recognized in net income. We included the gain or loss on the derivative instrument and the offsetting loss or gain on the hedged item in Other non-operating income (expense) . The net gains recognized in Other non-operating income (expense) for the year ended December 31, 2014 were $0.3 million . For the year ended December 31, 2013, the fixed-to-variable interest rate swap derivative instruments were designated and qualified as fair-value hedges. The gain or loss on the hedge instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk was recognized in net income. We included the gain or loss on the derivative instrument and the offsetting loss or gain on the hedged item in Other non-operating income (expense) . The net gain recognized in Other non-operating income (expense) for year ended December 31, 2013 was $0.1 million . Customer Supply Agreements Most of our U.S. Iron Ore long-term supply agreements are comprised of a base price with annual price adjustment factors. The base price is the primary component of the purchase price for each contract. The indexed price adjustment factors are integral to the iron ore supply contracts and vary based on the agreement, but typically include adjustments based upon changes in the Platts 62 percent Fe fines spot price and/or international pellet prices and changes in specified Producer Price Indices, including those for industrial commodities, energy and steel. The pricing adjustments generally operate in the same manner, with each factor typically comprising a portion of the price adjustment, although the weighting of each factor varies based upon the specific terms of each agreement. In most cases, these adjustment factors have not been finalized at the time our product is sold. In these cases, we historically have estimated the adjustment factors at each reporting period based upon the best third-party information available. The estimates are then adjusted to actual when the information has been finalized. The price adjustment factors have been evaluated to determine if they contain embedded derivatives. The price adjustment factors share the same economic characteristics and risks as the host contract and are integral to the host contract as inflation adjustments; accordingly, they have not been separately valued as derivative instruments. Certain of our term supply agreements contain price collars, which typically limit the percentage increase or decrease in prices for our products during any given year. A certain supply agreement with one U.S. Iron Ore customer provides for supplemental revenue or refunds to the customer based on the customer’s average annual steel pricing at the time the product is consumed in the customer’s blast furnace. The supplemental pricing is characterized as a freestanding derivative and is required to be accounted for separately once the product is shipped. The derivative instrument, which is finalized based on a future price, is adjusted to fair value as a revenue adjustment each reporting period until the pellets are consumed and the amounts are settled. We recognized $27.1 million , $187.8 million and $149.2 million as Product revenues in the Statements of Consolidated Operations for the years ended December 31, 2015 , 2014 and 2013 , respectively, related to the supplemental payments. Other current assets , representing the fair value of the pricing factors, were $5.8 million and $63.2 million in the December 31, 2015 and December 31, 2014 Statements of Consolidated Financial Position , respectively. Provisional Pricing Arrangements Certain of our U.S. Iron Ore and Asia Pacific Iron Ore customer supply agreements specify provisional price calculations, where the pricing mechanisms generally are based on market pricing, with the final revenue rate to be based on market inputs at a specified period in time in the future, per the terms of the supply agreements. U.S. Iron Ore sales revenue is primarily recognized when cash is received. For U.S. Iron Ore sales, the difference between the provisionally agreed-upon price and the estimated final revenue rate is characterized as a freestanding derivative and must be accounted for separately once the provisional revenue has been recognized. Asia Pacific Iron Ore sales revenue is recorded initially at the provisionally agreed-upon price with the pricing provision embedded in the receivable. The pricing provision is an embedded derivative that must be bifurcated and accounted for separately from the receivable. Subsequently, the derivative instruments for both U.S. Iron Ore and Asia Pacific Iron Ore are adjusted to fair value through Product revenues each reporting period based upon current market data and forward-looking estimates provided by management until the final revenue rate is determined. At December 31, 2015 we recorded $2.0 million as Other current assets in the Statements of Consolidated Financial Position related to our estimate of the final revenue rate with any of our customers. At December 31, 2014 , we recorded no Other current assets in the Statements of Consolidated Financial Position related to our estimate of the final revenue rate with any of our customers. At December 31, 2015 and December 31, 2014 , we recorded $3.4 million and $9.5 million , respectively, as Other current liabilities in the Statements of Consolidated Financial Position related to our estimate of final revenue rate with our U.S. Iron Ore and Asia Pacific Iron Ore customers. These amounts represent the difference between the provisional price agreed upon with our customers based on the supply agreement terms and our estimate of the final revenue rate based on the price calculations established in the supply agreements. As a result, we recognized a net $1.4 million decrease in Product revenues in the Statements of Consolidated Operations for the year ended December 31, 2015 related to these arrangements. This compares with a net $9.5 million decrease and a net $7.5 million decrease in Product revenues for the comparable periods in 2014 and 2013. The following summarizes the effect of our derivatives that are not designated as hedging instruments in the Statements of Consolidated Operations for the years ended December 31, 2015 , 2014 and 2013 : (In Millions) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Year Ended 2015 2014 2013 Foreign Exchange Contracts Other non-operating income (expense) (1) $ (3.6 ) $ (16.9 ) $ (0.6 ) Foreign Exchange Contracts Product revenues (12.6 ) — — Commodity Contracts Cost of goods sold and operating expenses (4.0 ) — — Customer Supply Agreements Product revenues 27.1 187.8 149.2 Provisional Pricing Arrangements Product revenues (1.4 ) (9.5 ) (7.5 ) Total $ 5.5 $ 161.4 $ 141.1 (1) At December 31, 2014 and 2013, the location of the Gain (Loss) Recognized in Income on Derivative for Foreign Exchange Contracts was Cost of goods sold and operating expenses . Refer to NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS for additional information. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 14 - DISCONTINUED OPERATIONS The information below sets forth selected financial information related to operating results of our businesses classified as discontinued operations. While the reclassification of revenues and expenses related to discontinued operations from prior periods have no impact upon previously reported net income, the Statements of Consolidated Operations present the revenues and expenses that were reclassified from the specified line items to discontinued operations and the Statements of Consolidated Financial Position present the assets and liabilities that were reclassified from the specified line items to assets and liabilities of discontinued operations. The chart below provides an asset group breakout for each financial statement line impacted by discontinued operations. (In Millions) Canadian Operations North American Coal Eastern Canadian Iron Ore Other Total Canadian Operations Total of Discontinued Operations Statements of Consolidated Operations Loss from Discontinued Operations, net of tax YTD $ (152.4 ) $ (638.7 ) $ (101.0 ) $ (739.7 ) $ (892.1 ) Loss from Discontinued Operations, net of tax YTD $ (1,134.5 ) $ (6,952.9 ) $ (280.6 ) $ (7,233.5 ) $ (8,368.0 ) Loss from Discontinued Operations, net of tax (1) YTD $ (9.3 ) $ (370.4 ) $ (139.4 ) $ (509.8 ) $ (519.1 ) Statements of Consolidated Financial Position Short-term assets of discontinued operations As of $ 14.9 $ — $ — $ — $ 14.9 Long-term assets of discontinued operations As of $ — $ — $ — $ — $ — Short-term liabilities of discontinued operations As of $ 6.9 $ — $ — $ — $ 6.9 Long-term liabilities of discontinued operations As of $ — $ — $ — $ — $ — Short-term assets of discontinued operations As of $ 140.1 $ 183.5 $ 3.3 $ 186.8 $ 326.9 Long-term assets of discontinued operations As of $ 113.3 $ 256.0 $ 13.7 $ 269.7 $ 383.0 Short-term liabilities of discontinued operations As of $ 80.1 $ 316.3 $ 3.0 $ 319.3 $ 399.4 Long-term liabilities of discontinued operations As of $ 117.3 $ 304.6 $ 5.6 $ 310.2 $ 427.5 Non-Cash Operating and Investing Activities Depreciation, depletion and amortization: YTD $ 3.2 $ — $ — $ — $ 3.2 Purchase of property, plant and equipment YTD $ 15.9 $ — $ — $ — $ 15.9 Impairment of goodwill and other long-lived assets YTD $ 73.4 $ — $ — $ — $ 73.4 Depreciation, depletion and amortization: YTD $ 106.9 $ 135.6 $ 0.5 $ 136.1 $ 243.0 Purchase of property, plant and equipment YTD $ 29.9 $ 190.3 $ — $ 190.3 $ 220.2 Impairment of goodwill and other long-lived assets YTD $ 857.5 $ 7,269.2 $ 267.6 $ 7,536.8 $ 8,394.3 Depreciation, depletion and amortization: YTD $ 128.9 $ 178.6 $ 1.0 $ 179.6 $ 308.5 Purchase of property, plant and equipment YTD $ 64.1 $ 718.3 $ 1.0 $ 719.3 $ 783.4 Impairment of goodwill and other long-lived assets YTD $ — $ 154.6 $ 81.8 $ 236.4 $ 236.4 (1) Loss from Discontinued Operations, net of tax during the year end December 31, 2013 also includes an additional income tax benefit of $2.0 million resulting from the actual tax gain from the Sale of Sonoma as included in the 2012 tax return, which was filed during the year ended December 31, 2013. During the fourth quarter of 2012, we sold our 45 percent economic interest in Sonoma. The Sonoma operations previously were included in Other within our reportable segments. North American Coal Operations Background As we continue to execute our strategy which focuses on strengthening our U.S. Iron Ore operations, management determined as of March 31, 2015 that our North American Coal operating segment met the criteria to be classified as held for sale under ASC 205, Presentation of Financial Statements. The North American Coal segment continued to meet the criteria throughout 2015 until we sold our held for sale North American Coal operations during the fourth quarter of 2015. As such, all current and historical North American Coal operating segment results are included in our financial statements and classified within discontinued operations. In the first quarter of 2015, as part of the held for sale classification assigned to North American Coal, an impairment of $73.4 million was recorded. The impairment charge was to reduce the assets to their estimated fair value which was determined based on potential sales scenarios. No further impairment was recorded in 2015. 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. However, we have not recorded a gain contingency in relation to this earn-out. 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. On December 31, 2014, we completed the sale of our CLCC assets in West Virginia to Coronado Coal II, LLC, an affiliate of Coronado Coal LLC, for $174.0 million in cash and the assumption of certain liabilities, of which $155.0 million was collected as of December 31, 2014. 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 31, 2014. Loss on Discontinued Operations Our planned sale of the Oak Grove and Pinnacle mine assets represented a strategic shift in our business. For that reason, our previously reported North American Coal operating segment results for all periods, prior to the March 31, 2015 held for sale determination, are classified as discontinued operations. On December 22, 2015, we completed the sale of the Oak Grove and Pinnacle mines, which marked our exit from the coal business. Historic results also include our CLCC assets, which were sold during the fourth quarter of 2014. (In Millions) Twelve Months Ended Loss from Discontinued Operations 2015 2014 2013 Revenues from product sales and services $ 392.9 $ 687.1 $ 821.9 Cost of goods sold and operating expenses (449.2 ) (822.9 ) (836.4 ) Sales margin (56.3 ) (135.8 ) (14.5 ) Other operating (expense)/income (30.4 ) (20.8 ) 13.8 Gain (loss) on sale of coal mines 9.3 (419.6 ) — Other expense (1.8 ) (3.0 ) (2.4 ) Loss from discontinued operations before income taxes (79.2 ) (579.2 ) (3.1 ) Impairment of long-lived assets (73.4 ) (857.5 ) — Income tax benefit (expense) 0.2 302.2 (6.2 ) Loss from discontinued operations, net of tax $ (152.4 ) $ (1,134.5 ) $ (9.3 ) Items Measured at Fair Value on a Non-Recurring Basis The following table presents information about the impairment charge on non-financial assets that was measured on a fair value basis at March 31, 2015 for the North American Coal operations. There were no financial and non-financial assets and liabilities that were measured on a non-recurring fair value basis at December 31, 2015 for the North American Coal operations. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value. (In Millions) March 31, 2015 Description Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Total Losses Assets: Other long-lived assets - Property, plant and equipment and Mineral rights: North American Coal operating unit $ — $ — $ 20.4 $ 20.4 $ 73.4 $ — $ — $ 20.4 $ 20.4 $ 73.4 In the first quarter of 2015, as part of the held for sale classification assigned to North American Coal, an impairment charge of $73.4 million was recorded. The impairment charge was to reduce the assets to their estimated fair value which was determined based on potential sales scenarios. We determined the fair value and recoverability of our North American Coal operating segment by comparing the estimated fair value of the underlying assets and liabilities to the estimated sales price of the operating segment held for sale. No further impairment was recorded in 2015. Recorded Assets and Liabilities (In Millions) Assets and Liabilities of Discontinued Operations (1) December 31, December 31, Accounts receivable, net $ — $ 44.8 Inventories — 50.3 Supplies and other inventories — 28.2 Other current assets 14.9 16.8 Property, plant and equipment, net — 94.7 Other non-current assets — 18.6 Total assets of discontinued operations $ 14.9 $ 253.4 Accounts payable $ — $ 22.4 Accrued liabilities — 27.9 Other current liabilities 6.9 29.8 Pension and postemployment benefit liabilities — 47.1 Environmental and mine closure obligations — 33.9 Other liabilities — 36.3 Total liabilities of discontinued operations $ 6.9 $ 197.4 (1) At December 31, 2015, we also recorded $7.8 million of contingent liabilities associated with our exit from the coal business. These contingent liabilities are recorded on our parent company. As part of the CLCC asset sale during the fourth quarter of 2014, there was an amount placed in escrow to cover decreases in working capital, indemnity obligations and regulatory liabilities. The amount held in escrow was $14.9 million and $17.5 million at December 31, 2015, and 2014, respectively and recorded within Short-term assets of discontinued operations and Long-term assets of discontinued operations , respectively, on the Statements of Consolidated Financial Position . Income Taxes We have recognized a tax benefit of $ 0.2 million and $ 302.2 million for the years ended December 31, 2015 and 2014, respectively, in Loss from Discontinued Operations, net of tax , related to a loss on our North American Coal investments. The benefit for the year ended December 31, 2014 is primarily the result of the impairment of long-lived assets in the third quarter of 2014. We recognized a tax expense of $ 6.2 million for the year ended December 31, 2013 in Loss from Discontinued Operations, net of tax , related to the impact of the North American Coal losses on the AMT credit and associated valuation allowance. Canadian Operations Background On November 30, 2013, we suspended indefinitely our Chromite Project in Northern Ontario. The Chromite Project remained suspended throughout 2014 and until final sale in 2015. Our Wabush Scully iron ore mine in Newfoundland and Labrador was idled by the end of the first quarter of 2014 and subsequently began to commence permanent closure in the fourth quarter of 2014. During 2014, we also limited exploration spending on the Labrador Trough South property in Québec. In November 2014, we announced that we were pursuing exit options for our Eastern Canadian Iron Ore operations. In December 2014, iron ore production at the Bloom Lake mine was suspended and the Bloom Lake mine was placed in "care-and-maintenance" mode. Together, the suspension of exploration efforts, shutdown of the Wabush Scully mine and the cessation of operations at our Bloom Lake mine represent a complete curtailment of our Canadian operations. On January 27, 2015, we announced the Bloom Filing under the CCAA with the Québec Court in Montreal. At that time, the Bloom Lake Group was no longer generating revenues and was not able to meet its obligations as they came due. The Bloom Filing addressed the Bloom Lake Group's immediate liquidity issues and permits the Bloom Lake Group to preserve and protect its assets for the benefit of all stakeholders while restructuring and sale options are explored. As part of the CCAA process, the Court approved the appointment of a Monitor and certain other financial advisors. Additionally, on May 20, 2015, we announced the Wabush Filing in the Court under the CCAA. As a result of this action, the CCAA protections granted to the Bloom Lake Group were extended to include the Wabush Group to facilitate the reorganization of each of their businesses and operations. The Wabush Group was no longer generating revenues and was not able to meet its obligations as they came due. The inclusion of the Wabush Group in the existing Bloom Filing facilitates a more comprehensive restructuring and sale process of both the Bloom Lake Group and the Wabush Group which collectively include mine, port and rail assets and leads to a more effective and streamlined exit from Eastern Canada. The Wabush Filing also mitigates various legacy related long-term liabilities associated with the Wabush Group. As part of the Wabush Filing, the Court approved the appointment of a Monitor and certain other financial advisors. The Monitor of the Wabush Group is also the Monitor of the Bloom Lake Group. As a result of the Bloom Filing on January 27, 2015, we no longer have a controlling interest in the Bloom Lake Group. For that reason, we deconsolidated the Bloom Lake Group and certain other wholly-owned subsidiaries effective January 27, 2015, which resulted in a pretax impairment loss on deconsolidation and other charges, totaling $818.7 million that was recorded in the first quarter of 2015. The pretax loss on deconsolidation includes the derecognition of the carrying amounts of the Bloom Lake Group and certain other wholly-owned subsidiaries assets, liabilities and accumulated other comprehensive loss and the recording of our remaining interests at fair value. As a result of the Wabush Filing, we deconsolidated certain Wabush Group wholly-owned subsidiaries effective May 20, 2015. The certain wholly-owned subsidiaries that were deconsolidated effective May 20, 2015 are Wabush Group entities that were not deconsolidated as part of the deconsolidation effective January 27, 2015 as discussed previously in this section. This deconsolidation, effective May 20, 2015, resulted in a pretax gain on deconsolidation and other charges, totaling $134.7 million . The pretax gain on deconsolidation includes the derecognition of the carrying amounts of these certain deconsolidated Wabush Group wholly-owned subsidiaries' assets, liabilities and accumulated other comprehensive loss and the adjustment of our remaining interests in the Canadian Entities to fair value. Subsequent to each of the deconsolidations discussed above, we utilized the cost method to account for our investment in the Canadian Entities, which has been reflected as zero in our Statements of Consolidated Financial Position as of December 31, 2015 based on the estimated fair value of the Canadian Entities' net assets. Loans to and accounts receivable from the Canadian Entities are recorded at an estimated fair value of $72.9 million classified as Loans to and accounts receivables from the Canadian Entities in the Statements of Consolidated Financial Position as of December 31, 2015 . Loss on Discontinued Operations Our Canadian exit represents a strategic shift in our business. For this reason, our previously reported Eastern Canadian Iron Ore and Ferroalloys operating segment results for all periods prior to the respective deconsolidations, as well as costs to exit, are classified as discontinued operations. (In Millions) Twelve Months Ended December 31, Loss from Discontinued Operations 2015 2014 2013 Revenues from product sales and services $ 11.3 $ 563.5 $ 978.7 Cost of goods sold and operating expenses (11.1 ) (808.4 ) (1,082.0 ) Eliminations with continuing operations — (53.6 ) (217.3 ) Sales margin 0.2 (298.5 ) (320.6 ) Other operating (expense)/income (33.8 ) (306.3 ) (151.5 ) Other expense (1.0 ) (5.6 ) 10.0 Loss from discontinued operations before income taxes (34.6 ) (610.4 ) (462.1 ) Loss from deconsolidation (710.9 ) — — Impairment of long-lived assets — (7,536.8 ) (236.4 ) Income tax benefit 5.8 913.7 188.7 Loss from discontinued operations, net of tax $ (739.7 ) $ (7,233.5 ) $ (509.8 ) Canadian Entities loss from deconsolidation totaled $710.9 million for the twelve months ended December 31, 2015 and included the following: (In Millions) Twelve Months Ended December 31, 2015 Investment impairment on deconsolidation (1) $ (507.8 ) Guarantees and contingent liabilities (203.1 ) Total loss from deconsolidation $ (710.9 ) (1) Includes the adjustment to fair value of our remaining interest in the Canadian Entities. As a result of the deconsolidation, we recorded accrued expenses for the estimated probable loss related to claims that may be asserted against us, primarily under guarantees of certain debt arrangements and leases for a loss on deconsolidation of $203.1 million , for the twelve months ended December 31, 2015 . Investments in the Canadian Entities Cliffs continues to indirectly own a majority of the interest in the Canadian Entities but has deconsolidated those entities because Cliffs no longer has a controlling interest as a result of the Bloom Filing and the Wabush Filing. At the respective dates of deconsolidation, January 27, 2015 or May 20, 2015 and subsequently at each reporting period, we adjusted our investment in the Canadian Entities to fair value with a corresponding charge to Loss from Discontinued Operations, net of tax . As the estimated amount of the Canadian Entities' liabilities exceeded the estimated fair value of the assets available for distribution to its creditors, the fair value of Cliffs’ equity investment is approximately zero . Amounts Receivable from the Canadian Entities Prior to the deconsolidations, various Cliffs wholly-owned entities made loans to the Canadian Entities for the purpose of funding its operations and had accounts receivable generated in the ordinary course of business. The loans, corresponding interest and the accounts receivable were considered intercompany transactions and eliminated in our consolidated financial statements. Additionally, we procured funding subsequent to the deconsolidation through a debtor-in-possession credit facility (the "DIP financing"). Since the deconsolidations, the loans, associated interest and accounts receivable are considered related party transactions and have been recognized in our consolidated financial statements at their estimated fair value of $72.9 million classified as Other current assets in the Statements of Consolidated Financial Position at December 31, 2015 . Guarantees and Contingent Liabilities Certain liabilities, consisting primarily of equipment loans and environmental obligations of the Canadian Entities, were secured through corporate guarantees and standby letters of credit. As of December 31, 2015 , we have liabilities of $96.5 million and $35.9 million in our consolidated results, classified as Guarantees and Other liabilities , respectively, in the Statements of Consolidated Financial Position . Contingencies The recorded expenses include an accrual for the estimated probable loss related to claims that may be asserted against us, primarily under guarantees of certain debt arrangements and leases. The beneficiaries of those guarantees may seek damages or other related relief as a result of our exit from Canada. Our probable loss estimate is based on the expectation that claims will be asserted against us and negotiated settlements will be reached, and not on any determination that it is probable we would be found liable were these claims to be litigated. Our estimates involve significant judgment. Our estimates are based on currently available information, an assessment of the validity of certain claims and estimated payments by the Canadian Entities. We are not able to reasonably estimate a range of possible losses in excess of the accrual because there are significant factual and legal issues to be resolved. We believe that it is reasonably possible that future changes to our estimates of loss and the ultimate amount paid on these claims could be material to our results of operations in future periods. Any such losses would be reported in discontinued operations. Items Measured at Fair Value on a Non-Recurring Basis The following table presents information about the financial assets and liabilities that were measured on a fair value basis at December 31, 2015 for the Canadian Operations. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value. (In Millions) December 31, 2015 Description Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Total Losses Assets: Loans to and accounts receivables from the Canadian Entities $ — $ — $ 72.9 $ 72.9 $ 507.8 Liabilities: Guarantees and contingent liabilities $ — $ — $ 132.4 $ 132.4 $ 203.1 We determined the fair value and recoverability of our Canadian investments by comparing the estimated fair value of the remaining underlying assets of the Canadian Entities to remaining estimated liabilities. We recorded the guarantees and contingent liabilities at book value which best approximated fair value. Outstanding liabilities include accounts payable and other liabilities, forward commitments, unsubordinated related party payables, lease liabilities and other potential claims. Potential claims include an accrual for the estimated probable loss related to claims that may be asserted against the Bloom Lake Group and Wabush Group under certain contracts. Claimants may seek damages or other related relief as a result of the Canadian Entities' exit from Canada. Based on our estimates, the fair value of liabilities exceeds the fair value of assets. To assess the fair value and recoverability of the amounts receivable from the Canadian Entities, we estimated the fair value of the underlying net assets of the Canadian Entities available for distribution to their creditors in relation to the estimated creditor claims and the priority of those claims. Our estimates involve significant judgment and are based on currently available information, an assessment of the validity of certain claims and estimated payments made by the Canadian Entities. Our ultimate recovery is subject to the final liquidation value of the Canadian Entities. Further, the final liquidation value and ultimate recovery of the creditors of the Canadian Entities, including Cliffs Natural Resources and various subsidiaries, may impact our estimates of contingent liability exposure described previously. Pre-Petition Financing Prior to the Wabush Filing on May 20, 2015, a secured credit facility (the "Pre-Petition financing") was put into place to provide support to the Wabush Group for ongoing business activities until the DIP financing was in place. As of December 31, 2015, there was a total of $7.2 million drawn and outstanding under the Pre-Petition financing funded by Wabush Iron Co. Limited’s parent company, Cliffs Mining Company. The Pre-Petition financing amount of $7.2 million is included within the Loans to and accounts receivables from the Canadian Entities of $72.9 million . The Pre-Petition financing is secured by certain equipment of the Wabush Group. DIP Financing In connection with the Wabush Filing on May 20, 2015, the Court approved the DIP financing to the Wabush Group, which provides for borrowings under the facility up to $10.0 million . As of December 31, 2015, there was $6.8 million drawn and outstanding under the DIP financing funded by Wabush Iron Co. Limited’s parent company, Cliffs Mining Company. At December 31, 2015, the DIP financing is included within Loans to and accounts receivables from the Canadian Entities on the Statements of Consolidated Financial Position . The DIP financing is secured by a court order over the assets of the Wabush Group. Recorded Assets and Liabilities (In Millions) Assets and Liabilities of Discontinued Operations December 31, 2014 Cash and cash equivalents $ 19.7 Accounts receivable, net 37.9 Inventories 16.3 Supplies and other inventories 48.5 Income tax receivable 20.1 Other current assets 44.3 Property, plant and equipment, net 249.8 Other non-current assets 19.9 Total Assets $ 456.5 Accounts payable $ 83.6 Accrued expenses 200.0 Other current liabilities 35.7 Pension and postemployment benefit liabilities 79.8 Environmental and mine closure obligations 56.5 Other liabilities 173.9 Total Liabilities $ 629.5 Income Taxes We recognized a tax benefit of $ 5.8 million and $ 913.7 million for the years ended December 31, 2015 and 2014, respectively, in Loss from Discontinued Operations, net of tax . The benefit for the year ended December 31, 2014 was the result of the impairment of long-lived assets in the third quarter of 2014 offset by the placement of a valuation allowance against the Canadian operations net deferred tax assets. Canadian deferred tax assets relating to both historical and current year net operating losses were included in our equity investment in the Canadian Subsidiaries that has been reduced to zero. We recognized a tax benefit of $188.7 million for the year ended December 31, 2013 in Loss from Discontinued Operations, net of tax related to losses in our Canadian operations. |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
CAPITAL STOCK | NOTE 15 - CAPITAL STOCK Preferred Shares On February 21, 2013, we issued 29.25 million depositary shares, representing an aggregate of 731,250 preferred shares, comprised of the 27.0 million depositary share offering and the exercise of an underwriters' over-allotment option to purchase an additional 2.25 million depositary shares. Each depositary share represents a 1/40 th interest in a share of our 7.00 percent Series A Mandatory Convertible Preferred Stock, Class A, without par value ("Series A preferred share") at a price of $25 per depositary share for total net proceeds of approximately $709.4 million , after underwriter fees and discounts. Each Series A preferred share has an initial liquidation preference of $1,000 per share (equivalent to a $25 liquidation preference per depositary share). Pursuant to the terms of the Series A preferred shares, unless earlier converted at the option of the holder, each Series A preferred share automatically converted into common shares on February 1, 2016. When and if declared by our Board of Directors, we paid cumulative dividends on each Series A preferred share at an annual rate of 7.00 percent on the liquidation preference. We declared dividends in cash on February 1, May 1, August 1 and November 1 of each year, commencing on May 1, 2013. Upon determination by our Board of Directors, the final quarterly dividend was not paid in cash, but instead, pursuant to the terms of the Series A preferred shares, the conversion rate was increased such that holders of the Series A preferred shares received additional common shares in lieu of the accrued dividend at the time of the mandatory conversion on February 1, 2016. The number of common shares in the aggregate that were issued in lieu of the final dividend was 1.3 million based on an effective conversion rate of 0.9052 common shares, rather than 0.8621 common shares, per depositary share, e ach representing a 1/40 th interest in a Series A preferred share. Prior to the mandatory conversion, holders of the depositary shares were entitled to a proportional fractional interest in the rights and preferences of the Series A preferred shares, including conversion, dividend, liquidation and voting rights, subject to the provisions of the deposit agreement. The Series A preferred shares were convertible, at the option of the holder, at the minimum conversion rate of 28.1480 of our common shares (equivalent to 0.7037 of our common shares per depositary share) at any time prior to February 1, 2016 or other than during a fundamental change conversion period, subject to anti-dilution adjustments. If not converted prior to that time, each Series A preferred share converted automatically on February 1, 2016 into between 28.1480 and 34.4840 common shares, par value $0.125 per share, subject to anti-dilution adjustments. The number of common shares issued on conversion was determined based on the average VWAP per share of our common shares during the 20 trading day period beginning on, and including, the 23 rd scheduled trading day prior to February 1, 2016, subject to customary anti-dilution adjustments. Upon conversion on February 1, 2016, an aggregate of 26.5 million common shares were issued, representing 25.2 million common shares issuable upon conversion and 1.3 million that were issued in lieu of a final cash dividend. Common Share Public Offering On February 21, 2013, we issued 10.35 million common shares, comprised of the 9.0 million common share offering and the exercise of an underwriters' option to purchase an additional 1.35 million common shares. We received net proceeds of approximately $285.3 million at a closing price of $29.00 per common share. Dividends On March 27, 2015, July 1, 2015 and September 10, 2015, our Board of Directors declared the quarterly cash dividend of $17.50 per Preferred Share, which is equivalent to approximately $0.44 per depositary share. The cash dividend was paid on May 1, 2015, August 3, 2015 and November 2, 2015 to our shareholders of record as of the close of business on April 15, 2015, July 15, 2015 and October 15, 2015, respectively. On February 11, 2014, May 13, 2014, September 8, 2014 and November 19, 2014, our Board of Directors declared the quarterly cash dividend of $ 17.50 per Preferred Share, which is equivalent to approximately $ 0.44 per depositary share. The cash dividend was paid on May 1, 2014 , August 1, 2014 , November 3, 2014 and February 2, 2015 , to our Preferred Shareholders of record as of the close of business on April 15, 2014 , July 15, 2014 , October 15, 2014 and January 15, 2015 , respectively. On February 11, 2013 , our Board of Directors approved a reduction to our quarterly cash dividend rate by 76 percent to $0.15 per share. Our Board of Directors took this step in order to provide us with additional free cash flow as well as to preserve our investment-grade credit ratings. The cash dividend of $0.15 per share was paid on March 3, 2014 , June 3, 2014 , September 2, 2014 and December 1, 2014 to our common shareholders of record as of close of business on February 21, 2014 , May 23, 2014 , August 15, 2014 and November 15, 2014 . On January 26, 2015, we announced that our Board of Directors had decided to eliminate the quarterly dividend of $0.15 per share on our common shares. The decision was applicable to the first quarter of 2015 and all subsequent quarters. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
ACCUMLATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 16 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The components of Accumulated other comprehensive loss within Cliffs shareholders’ deficit and related tax effects allocated to each are shown below as of December 31, 2015 , 2014 and 2013: (In Millions) Pre-tax Amount Tax Benefit (Provision) After-tax Amount 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 ) As of December 31, 2014: Postretirement benefit liability $ (425.3 ) $ 134.2 $ (291.1 ) Foreign currency translation adjustments 64.4 — 64.4 Unrealized net loss on derivative financial instruments (25.9 ) 7.8 (18.1 ) Unrealized gain on securities (1.3 ) 0.3 (1.0 ) $ (388.1 ) $ 142.3 $ (245.8 ) As of December 31, 2015: Postretirement benefit liability $ (364.8 ) $ 123.4 $ (241.4 ) Foreign currency translation adjustments 220.7 — 220.7 Unrealized net gain on derivative financial instruments 2.2 0.4 2.6 Unrealized gain on securities 0.1 — 0.1 $ (141.8 ) $ 123.8 $ (18.0 ) The following tables reflect the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for December 31, 2015 , 2014 and 2013: (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, 2014 $ (291.1 ) $ (1.0 ) $ 64.4 $ (18.1 ) $ (245.8 ) Other comprehensive income (loss) before reclassifications 9.1 5.4 (26.4 ) 1.9 (10.0 ) Net loss (gain) reclassified from accumulated other comprehensive income (loss) 40.6 (4.3 ) 182.7 18.8 237.8 Balance December 31, 2015 $ (241.4 ) $ 0.1 $ 220.7 $ 2.6 $ (18.0 ) (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, 2013 $ (204.9 ) $ 6.2 $ 106.7 $ (20.9 ) $ (112.9 ) Other comprehensive income (loss) before reclassifications (97.0 ) 1.3 (42.3 ) (28.2 ) (166.2 ) Net loss (gain) reclassified from accumulated other comprehensive income (loss) 10.8 (8.5 ) — 31.0 33.3 Balance December 31, 2014 $ (291.1 ) $ (1.0 ) $ 64.4 $ (18.1 ) $ (245.8 ) (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 151.3 (0.9 ) (209.6 ) (51.7 ) (110.9 ) Net loss (gain) reclassified from accumulated other comprehensive income (loss) 26.5 5.0 — 22.1 53.6 Balance December 31, 2013 $ (204.9 ) $ 6.2 $ 106.7 $ (20.9 ) $ (112.9 ) The following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ equity for the year ended December 31, 2015 : (In Millions) Details about Accumulated Other Comprehensive Income (Loss) Components Amount of (Gain)/Loss Reclassified into Income Affected Line Item in the Statement of Consolidated Operations Year Ended Year Ended Year Ended December 31, 2013 Amortization of Pension and Postretirement Benefit Liability: Prior service costs (1) $ (1.4 ) $ (1.1 ) $ (0.8 ) Net actuarial loss (1) 27.4 18.5 37.2 Curtailments/Settlements (1) 0.2 1.4 — Effect of deconsolidation (2) 15.1 — — Loss from Discontinued Operations, net of tax 41.3 18.8 36.4 Total before taxes (0.7 ) (5.8 ) (14.3 ) Income tax benefit (expense) $ 40.6 $ 13.0 $ 22.1 Net of taxes Unrealized gain (loss) on marketable securities: Sale of marketable securities $ (2.6 ) $ (11.4 ) $ (0.2 ) Other non-operating income (expense) Impairment (2.0 ) (0.5 ) 5.3 Other non-operating income (expense) (4.6 ) (11.9 ) 5.1 Total before taxes 0.3 3.4 (0.1 ) Income tax benefit (expense) $ (4.3 ) $ (8.5 ) $ 5.0 Net of taxes Unrealized gain (loss) on foreign currency translation: Effect of deconsolidation (3) $ 182.7 $ — $ — Loss from Discontinued Operations, net of tax — — — Income tax benefit (expense) $ 182.7 $ — $ — Net of taxes Unrealized gain (loss) on derivative financial instruments: Australian dollar foreign exchange contracts $ 26.9 $ 18.9 $ 17.0 Product revenues Canadian dollar foreign exchange contracts — 26.7 15.3 Cost of goods sold and operating expenses 26.9 45.6 32.3 Total before taxes (8.1 ) (14.6 ) (10.2 ) Income tax benefit (expense) $ 18.8 $ 31.0 $ 22.1 Net of taxes Total Reclassifications for the Period $ 237.8 $ 35.5 $ 49.2 (1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information. (2) Represents Canadian postretirement benefit liabilities that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information. (3) Represents Canadian accumulated currency translation adjustments that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information. |
CASH FLOW INFORMATION
CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow Information | NOTE 17 - CASH FLOW INFORMATION A reconciliation of capital additions to cash paid for capital expenditures for the years ended December 31, 2015 , 2014 and 2013 is as follows: (In Millions) Year Ended December 31, 2015 2014 2013 Capital additions (1) $ 96.7 $ 235.5 $ 752.3 Cash paid for capital expenditures 80.8 284.1 861.6 Difference $ 15.9 $ (48.6 ) $ (109.3 ) Changes in non-cash accruals $ 14.4 $ (58.5 ) $ (109.3 ) Capital leases 1.5 9.9 — Total $ 15.9 $ (48.6 ) $ (109.3 ) (1) Includes capital additions of $72.2 million and $24.5 million related to continuing operations and discontinued operations, respectively, for the year ended December 31, 2015. Includes capital additions of $65.5 million and $170.0 million related to continuing operations and discontinued operations, respectively, for the year ended December 31, 2014. Includes capital additions of $70.8 million and $681.5 million related to continuing operations and discontinued operations, respectively, for the year ended December 31, 2013. Cash payments for interest and income taxes in 2015 , 2014 and 2013 are as follows: (In Millions) 2015 2014 2013 Taxes paid on income (1) $ 5.0 $ 47.3 $ 153.3 Income tax refunds (2) 211.4 54.7 49.4 Interest paid on debt obligations (3) 185.6 176.5 174.4 (1) Includes taxes paid on income that relate to the deconsolidated Canadian Entities for the years ended December 31, 2013 of $3.7 million . (2) Includes income tax refunds that relate to the deconsolidated Canadian Entities for the years ended December 31, 2014 and 2013 of $47.8 million and $20.8 million , respectively. (3) Includes interest paid on the corporate guarantees of the equipment loans that relate to discontinued operations for the years ended December 31, 2015, 2014 and 2013 of $4.8 million , $6.1 million and $1.0 million , respectively. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | NOTE 18 - RELATED PARTIES Three of our five U.S. iron ore mines are owned with various joint venture partners that are integrated steel producers or their subsidiaries. We are the manager of each of the mines we co-own and rely on our joint venture partners to make their required capital contributions and to pay for their share of the iron ore pellets that we produce. One or more of the joint venture partners are also our customers. The following is a summary of the mine ownership of these iron ore mines at December 31, 2015 : Mine Cliffs Natural Resources ArcelorMittal U.S. Steel Empire 79.0 % 21.0 % — Tilden 85.0 % — 15.0 % Hibbing 23.0 % 62.3 % 14.7 % ArcelorMittal has a unilateral right to put its interest in the Empire mine to us, but has not exercised this right to date. Furthermore, as part of a 2014 extension agreement between us and ArcelorMittal, which amended certain terms of the Empire partnership agreement, certain minimum distributions of the partners’ equity amounts are required to be made on a quarterly basis beginning in the first quarter of 2015 and will continue through January 2017. During the year ended December 31, 2015 , we recorded distributions of $51.7 million to ArcelorMittal under this agreement of which $40.6 million was paid as of December 31, 2015 . Product revenues from related parties were as follows: (In Millions) Year Ended December 31, 2015 2014 2013 Product revenues from related parties $ 671.1 $ 1,011.4 $ 1,038.8 Total product revenues 1,832.4 3,095.2 3,631.8 Related party product revenue as a percent of total product revenue 36.6 % 32.7 % 28.6 % Amounts due from related parties recorded in Accounts receivable, net and Other current assets , including trade accounts receivable, a customer supply agreement and provisional pricing arrangements, were $15.8 million and $127.6 million at December 31, 2015 and 2014 , respectively. Amounts due to related parties recorded in Other current liabilities , including provisional pricing arrangements and liabilities to related parties, were $14.5 million and $11.8 million at December 31, 2015 and 2014 , respectively. A supply agreement with one of our customers includes provisions for supplemental revenue or refunds based on the customer’s annual steel pricing for the year the product is consumed in the customer’s blast furnace. The supplemental pricing is characterized as a freestanding derivative. Refer to NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 19 - EARNINGS PER SHARE The following table summarizes the computation of basic and diluted earnings per share attributable to Cliffs shareholders: (In Millions, Except Per Share Amounts) Year Ended December 31, 2015 2014 2013 Income from Continuing Operations $ 143.7 $ 56.4 $ 878.9 Income from Continuing Operations Attributable to (8.6 ) (25.9 ) (14.8 ) Net Income from Continuing Operations $ 135.1 $ 30.5 $ 864.1 Loss from Discontinued Operations, net of tax (884.4 ) (7,254.7 ) (450.6 ) NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (749.3 ) $ (7,224.2 ) $ 413.5 PREFERRED STOCK DIVIDENDS (38.4 ) (51.2 ) (48.7 ) NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS $ (787.7 ) $ (7,275.4 ) $ 364.8 Weighted Average Number of Shares: Basic 153.2 153.1 151.7 Depositary Shares — — 22.1 Employee Stock Plans 0.4 — 0.5 Diluted 153.6 153.1 174.3 Earnings (loss) per Common Share Attributable to Continuing operations $ 0.63 $ (0.14 ) $ 5.37 Discontinued operations (5.77 ) (47.38 ) (2.97 ) $ (5.14 ) $ (47.52 ) $ 2.40 Earnings (loss) per Common Share Attributable to Continuing operations $ 0.63 $ (0.14 ) $ 4.95 Discontinued operations (5.76 ) (47.38 ) (2.58 ) $ (5.13 ) $ (47.52 ) $ 2.37 The diluted earnings per share calculation excludes 25.3 million and 25.2 million depositary shares that were anti-dilutive for the years ended December 31, 2015 and 2014, respectively. Additionally, the year ended December 31, 2014 diluted earnings per share calculation also excludes 0.7 million of equity plan awards. There was no anti-dilution for the year ended December 31, 2013. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 20 - COMMITMENTS AND CONTINGENCIES Contingencies Litigation We are currently a party to various claims and legal proceedings incidental to our operations. If management believes that a loss arising from these matters is probable and can reasonably be estimated, we record the amount of the loss, or the minimum estimated liability when the loss is estimated using a range, and no point within the range is more probable than another. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Based on currently available information, management believes that the ultimate outcome of these matters, individually and in the aggregate, will not have a material effect on our financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties, and unfavorable rulings could occur. An unfavorable ruling could include monetary damages, additional funding requirements or an injunction. If an unfavorable ruling were to occur, there exists the possibility of a material impact on the financial position and results of operations of the period in which the ruling occurs, or future periods. However, we do not believe that any pending litigation, not covered by insurance, will result in a material liability in relation to our consolidated financial statements . Currently, we have an insurance coverage receivable to cover settlement of the following putative class action and derivative shareholder lawsuits: In May 2014, alleged purchasers of our common shares filed suit in the U.S. District Court for the Northern District of Ohio against us and certain former officers and directors of the Company. The action is captioned Department of the Treasury of the State of New Jersey and Its Division of Investment v. Cliffs Natural Resources Inc., et al. , No. 1:14-CV-1031. As amended, the action asserts violations of the federal securities laws based on alleged false or misleading statements or omissions during the period of March 14, 2012 to March 26, 2013, regarding operations at our Bloom Lake mine in Québec, Canada, and the impact of those operations on our finances and outlook, including sustainability of the dividend, and that the alleged misstatements caused our common shares to trade at artificially inflated prices. The parties have successfully mediated this dispute and reached a settlement in principle, subject to definitive documentation, shareholder notice and court approval. The lawsuit had been referred to our insurance carriers, who will be required to pay the entirety of the $84 million settlement amount, if approved by the court. The court is expected to schedule a settlement approval hearing. In June 2014, an alleged purchaser of the depositary shares issued by Cliffs in a public offering in February 2013 filed a putative class action, which is captioned Rosenberg v. Cliffs Natural Resources Inc., et al. , and after a round of removal and remand motions, is now pending in the Cuyahoga County, Ohio, Court of Common Pleas, No. CV-14-828140. As amended, the suit asserts claims against us, certain current and former officers and directors of the Company, and several underwriters of the offering, alleging disclosure violations in the offering documents regarding operations at our Bloom Lake mine, the impact of those operations on our finances and outlook, and about the progress of our former exploratory chromite project in Ontario, Canada. The parties successfully mediated this dispute and reached a settlement agreement in principle, subject to definitive documentation, notice to class members and court approval. The settlement provides for a payment to the proposed class of $10 million , which has been deposited into escrow by the insurance carriers. A court hearing, during which the parties will seek court approval of the proposed class action settlement, is scheduled for April 14, 2016. In June and July 2014, alleged shareholders of Cliffs filed three derivative actions in the Cuyahoga County, Ohio, Court of Common Pleas asserting claims against certain current and former officers and directors of the Company. These actions, captioned Black v. Carrabba, et al. , No. CV-14-827803, Asmussen v. Carrabba, et al. , No. CV-14-829259, and Williams, et al. v. Carrabba, et al. , No. CV-14-829499, allege that the individually named defendants violated their fiduciary duties to the Company by, among other things, disseminating false and misleading information regarding operations at our Bloom Lake mine in Québec, Canada, and the impact of those operations on our finances and outlook, including sustainability of the dividend, failing to maintain internal controls, and failing to appropriately oversee and manage the Company. The complaints assert additional claims for unjust enrichment, abuse of control, gross mismanagement, overpayment upon departure of certain executives, and waste of corporate assets. The parties have reached a settlement in principle to settle all three cases, subject to definitive documentation, shareholder notice and court approval. Under the pending settlement, the Company will agree to enact or continue various corporate-governance related measures and to pay plaintiffs' attorneys' fees and expenses. The lawsuit had been referred to our insurance carriers who will pay $775,000 for attorneys' fees and expenses to plaintiffs' lawyers. The settlement of these actions will have no impact on our financial position. Following the announcement of the settlement in principle of these three shareholder derivative cases, an additional derivative shareholder action, captioned Mansour v. Carrabba, et al. , No. 16-CV-00390, was filed in the U.S. District Court for the Northern District of Ohio against the same defendants and alleging substantially identical claims. This additional lawsuit has been referred to our insurance carriers. Environmental Matters We had environmental liabilities of $3.6 million and $5.5 million at December 31, 2015 and 2014 , respectively, including obligations for known environmental remediation exposures at active and closed mining operations and other sites. These amounts have been recognized based on the estimated cost of investigation and remediation at each site, and include site studies, design and implementation of remediation plans, legal and consulting fees, and post-remediation monitoring and related activities. If the cost can only be estimated as a range of possible amounts with no specific amount being more likely, the minimum of the range is accrued. Future expenditures are not discounted unless the amount and timing of the cash disbursements are readily known. Potential insurance recoveries have not been reflected. Additional environmental obligations could be incurred, the extent of which cannot be assessed. The amount of our ultimate liability with respect to these matters may be affected by several uncertainties, primarily the ultimate cost of required remediation and the extent to which other responsible parties contribute. Refer to NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS for further information. Tax Matters The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues based on our estimate of whether, and the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We also recognize tax benefits to the extent that it is more likely than not that our positions will be sustained when challenged by the taxing authorities. To the extent we prevail in matters for which liabilities have been established, or are required to pay amounts in excess of our liabilities, our effective tax rate in a given period could be materially affected. An unfavorable tax settlement would require use of our cash and result in an increase in our effective tax rate in the year of resolution. A favorable tax settlement would be recognized as a reduction in our effective tax rate in the year of resolution. Refer to NOTE 9 - INCOME TAXES for further information. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 21 - SUBSEQUENT EVENTS Preferred Shares On January 4, 2016, we announced that under the terms of our 7.00 percent Series A Mandatory Convertible Preferred Stock, Class A ("Series A preferred shares"), the final quarterly dividend would not be paid in cash. Instead, pursuant to the terms of the Series A preferred shares, the conversion rate was increased such that holders of the Series A preferred shares received additional common shares in lieu of the accrued dividend at the time of the mandatory conversion of the Series A preferred shares on February 1, 2016. In accordance with applicable law, our Board of Directors determined not to declare a dividend payable in cash. The number of our common shares in the aggregate issued in lieu of the dividend was approximately 1.3 million . This resulted in an effective conversion rate of 0.9052 common shares, rather than 0.8621 common shares, per depositary share, each representing 1/40 th of a share of Series A preferred shares. Upon conversion on February 1, 2016, an aggregate of 26.5 million common shares were issued, representing 25.2 million common shares issuable upon conversion and 1.3 million that were issued in lieu of a final cash dividend. Exchange Offers On January 27, 2016, we announced the Exchange Offers for up to $710 million aggregate principal amount of our New 1.5 Lien Notes for certain Existing Notes of Cliffs, upon the terms and subject to the conditions set forth in our confidential offering memorandum dated January 27, 2016. Eligible holders were notified that they must validly tender their Existing Notes on February 9, 2016, the Early Tender Date, in order to be eligible to receive the applicable total exchange consideration, which includes an early tender premium. On February 10, 2016, we announced that as of the Early Tender Date, a total of approximately $465.3 million principal amount of Existing Notes had been tendered in the Exchange Offers. We also announced that the Early Tender Date has been extended to February 26, 2016, and that the exchange consideration for the 3.95 percent Senior Notes due 2018 had been increased. Accordingly, all Existing Notes tendered prior to the extended Early Tender Date will be eligible to receive the total exchange consideration. The Exchange Offers will expire at 5:00 p.m., New York City time, on February 26, 2016, and tenders of Existing Notes may no longer be withdrawn after that time, except in certain limited circumstances described in the offering memorandum and related letter of transmittal. |
QUARTERLY RESULTS OF OPERATIONS
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 1.9 (5.0 ) 4.6 (2.4 ) (8.6 ) Net Income (Loss) from Continuing Operations 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 0.4 (3.6 ) (2.5 ) (3.4 ) (25.9 ) Net Income (Loss) from Continuing Operations $ 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 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. |
BASIS OF PRESENTATION AND SIG32
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions related to mineral reserves future realizable cash flow; environmental, reclamation and closure obligations; valuation of long-lived assets and investments; valuation of inventory; valuation of post-employment, post-retirement and other employee benefit liabilities; valuation of tax assets; reserves for contingencies and litigation; and the fair value of derivative instruments. Actual results could differ from estimates. On an ongoing basis, management reviews estimates. Changes in facts and circumstances may alter such estimates and affect the results of operations and financial position in future periods. |
Basis Of Consolidation | Basis of Consolidation The consolidated financial statements include our accounts and the accounts of our wholly owned and majority-owned subsidiaries, including the following operations at December 31, 2015: Name Location Ownership Interest Operation Status of Operations Northshore Minnesota 100.0% Iron Ore Active United Taconite Minnesota 100.0% Iron Ore Active Tilden Michigan 85.0% Iron Ore Active Empire Michigan 79.0% Iron Ore Active Koolyanobbing Western Australia 100.0% Iron Ore Active Intercompany transactions and balances are eliminated upon consolidation. |
Noncontrolling Interests [Policy Text Block] | Noncontrolling Interests During the fourth quarter of 2013, CQIM’s interest in Bloom Lake increased by an aggregate of 7.8 percent after CQIM paid both its own and WISCO’s proportionate shares of the cash call for the first half of 2013. As a result of our cash call payments, CQIM was issued a total of 457,556 new Bloom Lake units, increasing our interest to 82.8 percent in Bloom Lake and diluting WISCO’s interest to 17.2 percent . The new unit issuance decreased equity attributable to WISCO by $314.8 million for the year ended December 31, 2013 by decreasing WISCO’s interest in Bloom Lake’s accumulated deficit. We accounted for the increase in ownership as an equity transaction, which resulted in a $314.8 million increase to equity attributable to Cliffs’ shareholders. |
Cash and Cash Equivalents | Cash Equivalents Cash and cash equivalents include cash on hand and on deposit as well as all short-term securities held for the primary purpose of general liquidity. We consider investments in highly liquid debt instruments with an original maturity of three months or less from the date of acquisition to be cash equivalents. We routinely monitor and evaluate counterparty credit risk related to the financial institutions by which our short-term investment securities are held. |
Trade and Other Accounts Receivable | Trade Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in Cliffs' existing accounts receivable. We establish provisions for losses on accounts receivable when it is probable that all or part of the outstanding balance will not be collected. We regularly review our accounts receivable balances and establish or adjust the allowance as necessary using the specific identification method. The allowance for doubtful accounts was $7.1 million at December 31, 2015. There was no allowance for doubtful accounts at December 31, 2014. There was bad debt expense of $7.1 million for the year ended December 31, 2015. There was no bad debt expense for the years ended December 31, 2014 and 2013. |
Inventory | Inventories U.S. Iron Ore U.S. Iron Ore product inventories are stated at the lower of cost or market. Cost of iron ore inventories is determined using the LIFO method. We had approximately 1.3 million tons and 1.4 million tons of finished goods stored at ports and customer facilities on the lower Great Lakes to service customers at December 31, 2015 and 2014 , respectively. We maintain ownership of the inventories until title has transferred to the customer, usually when payment is received. Maintaining ownership of the iron ore products at ports on the lower Great Lakes reduces risk of non-payment by customers. Asia Pacific Iron Ore Asia Pacific Iron Ore product inventories are stated at the lower of cost or market. Costs of inventories are being valued on a weighted average cost basis. We maintain ownership of the inventories until title has transferred to the customer, which generally is when the product is loaded into the vessel. |
Inventory Supplies | Supplies and Other Inventories Supply inventories include replacement parts, fuel, chemicals and other general supplies, which are expected to be used or consumed in normal operations. Supply inventories also include critical spares. Critical spares are replacement parts for equipment that is critical for the continued operation of the mine or processing facilities. Supply inventories are stated at the lower of cost or market using average cost, less an allowance for obsolete and surplus items. The allowance for obsolete and surplus items was $31.8 million and $16.0 million at December 31, 2015 and 2014, respectively. |
Derivatives | Derivative Financial Instruments and Hedging Activities We are exposed to certain risks related to the ongoing operations of our business, including those caused by changes in commodity prices, interest rates and foreign currency exchange rates. We have established policies and procedures, including the use of certain derivative instruments, to manage such risks, if deemed necessary. Derivative financial instruments are recognized as either assets or liabilities in the Statements of Consolidated Financial Position and measured at fair value. On the date a derivative instrument is entered into, we generally designate a qualifying derivative instrument as a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability or forecasted transaction (cash flow hedge). We formally document all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to specific firm commitments or forecasted transactions. We also formally assess both at the hedge's inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the related hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, we discontinue hedge accounting prospectively and record all future changes in fair value in the period of the instrument's earnings or losses. For derivative instruments that have been designated as cash flow hedges, the effective portion of the changes in fair value are recorded in accumulated other comprehensive income (loss) and any portion that is ineffective is recorded in current period earnings or losses. Amounts recorded in accumulated other comprehensive income (loss) are reclassified to earnings or losses in the period the underlying hedged transaction affects earnings or when the underlying hedged transaction is no longer reasonably possible of occurring. For derivative instruments that have not been designated as cash flow hedges, changes in fair value are recorded in the period of the instrument's earnings or losses. According to our global hedge policy, the policy allows for hedging not more than 75 percent , but not less than 40 percent for up to 12 months and not less than 10 percent for up to 15 months, of forecasted net currency exposures that are probable to occur. Full hedge compliance under the policy has been waived through December 31, 2016. The waiver was a result of the evaluation of the potential risk of being over hedged and the uncertainty of the 2015 and 2016 currency exposures. During 2015, we did not enter into any new foreign currency exchange contracts to hedge our foreign currency exposure and we do not expect to enter into any during 2016. In the future, we may enter into additional hedging instruments as needed in order to further hedge our exposure to changes in foreign currency exchange rates. Refer to NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information. |
Property, Plant and Equipment | Property, Plant and Equipment Our properties are stated at the lower of cost less accumulated depreciation or fair value. Depreciation of plant and equipment is computed principally by the straight-line method based on estimated useful lives, not to exceed the mine lives. The Northshore, United Taconite, Empire and Tilden operations use the double-declining balance method of depreciation for certain mining equipment. The Asia Pacific Iron Ore operation uses the production output method for certain mining equipment. Depreciation is provided over the following estimated useful lives: Asset Class Basis Life Buildings Straight line 45 Years Mining equipment Straight line/Double declining balance 3 to 20 Years Processing equipment Straight line 10 to 45 Years Electric power facilities Straight line 10 to 45 years Land improvements Straight line 20 to 45 years Office and information technology Straight line 3 to 15 Years Depreciation continues to be recognized when operations are idled temporarily. Refer to NOTE 4 - PROPERTY, PLANT AND EQUIPMENT for further information. |
Capitalized Stripping Costs | Capitalized Stripping Costs During the development phase, stripping costs are capitalized as a part of the depreciable cost of building, developing and constructing a mine. These capitalized costs are amortized over the productive life of the mine using the units of production method. The production phase does not commence until the removal of more than a de minimis amount of saleable mineral material occurs in conjunction with the removal of overburden or waste material for purposes of obtaining access to an ore body. The stripping costs incurred in the production phase of a mine are variable production costs included in the costs of the inventory produced (extracted) during the period that the stripping costs are incurred. Stripping costs related to expansion of a mining asset of proven and probable reserves are variable production costs that are included in the costs of the inventory produced during the period that the stripping costs are incurred. |
Equity Method Investments | Equity Method Investments Investments in unconsolidated ventures that we have the ability to exercise significant influence over, but not control, are accounted for under the equity method. The following table presents the detail of our investments in unconsolidated ventures and where those investments are classified in the Statements of Consolidated Financial Position as of December 31, 2015 and December 31, 2014 . Parentheses indicate a net liability. (In Millions) Investment Classification Accounting Method Ownership Interest December 31, December 31, 2014 Hibbing Other liabilities (1) Equity Method 23% $ (2.4 ) $ 3.1 Other (2) Other non-current assets Equity Method Various — 1.0 $ (2.4 ) $ 4.1 (1) At December 31, 2014, the classification for Hibbing was Other non-current assets. (2) At December 31, 2015, no Other equity method investments remain. Hibbing Our share of equity income (loss) is eliminated against consolidated product inventory upon production, and against Cost of goods sold and operating expenses when sold. This effectively reduces our cost for our share of the mining ventures' production cost, reflecting the cost-based nature of our participation in unconsolidated ventures. Amapá On March 28, 2013, an unknown event caused the Santana port shiploader to collapse into the Amazon River, preventing further ship loading by the mine operator, Anglo. In light of the March 28, 2013 collapse of the Santana port shiploader and subsequent evaluation of the effect that this event had on the carrying value of our investment in Amapá as of June 30, 2013, we recorded an impairment charge of $67.6 million in the second quarter of 2013. On August 28, 2013, we entered into additional agreements to sell our 30 percent interest in Amapá to Anglo for nominal cash consideration, plus the right to certain contingent deferred consideration upon the two-year anniversary of the closing. However, no contingent deferred consideration was earned upon the two-year anniversary. The closing was conditional on obtaining certain regulatory approvals and the additional agreement provided Anglo with an option to request that we transfer our interest in Amapá directly to Zamin. Anglo exercised this option and the transfer to Zamin was completed in the fourth quarter of 2013. |
Impairment or Disposal of Long-Lived Assets | Asset Impairment Long-Lived Tangible and Intangible Assets We monitor conditions that may affect the carrying value of our long-lived tangible and intangible assets when events and circumstances indicate that the carrying value of the asset groups may not be recoverable. In order to determine if assets have been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available ("asset group"). An impairment loss exists when projected undiscounted cash flows are less than the carrying value of the asset group. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying value of the asset group. Fair value can be determined using a market approach, income approach or cost approach. As a result of these assessments during 2015, we recorded no material impairment charges related to long-lived tangible or intangible assets at our continuing operations. During 2014, we recorded a long-lived tangible asset impairment charge of $537.8 million and an intangible asset impairment charge of $13.8 million in our Statements of Consolidated Operations related to our continuing operations. There were no long-lived tangible or intangible asset impairments during 2013 related to our continuing operations. Refer to NOTE 4 - PROPERTY, PLANT AND EQUIPMENT , NOTE 12 - GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES and NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS for further information. |
Other Intangible Assets and Liabilities | Other Intangible Assets and Liabilities Other intangible assets are subject to periodic amortization on a straight-line basis over their estimated useful lives as follows: Intangible Assets Basis Useful Life (years) Permits - Asia Pacific Iron Ore Units of production Life of mine Permits - USIO Straight line 28 |
Fair Value of Financial Instruments | Fair Value Measurements Valuation Hierarchy ASC 820, Fair Value Measurements and Disclosures , establishes a three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our own views about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized below: • Level 1 — Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 — Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. Valuation methodologies used for assets and liabilities measured at fair value are as follows: Cash Equivalents Where quoted prices are available in an active market, cash equivalents are classified within Level 1 of the valuation hierarchy. Cash equivalents classified in Level 1 at December 31, 2015 and 2014 include money market funds. Valuation of these instruments is determined using a market approach and is based upon unadjusted quoted prices for identical assets in active markets. Derivative Financial Instruments Derivative financial instruments valued using financial models that use as their basis readily observable market parameters are classified within Level 2 of the valuation hierarchy. Such derivative financial instruments include substantially all of our foreign currency exchange contracts and derivative financial instruments that are valued based upon published pricing settlements realized by other companies in the industry. Derivative financial instruments that are valued based upon models with significant unobservable market parameters and are normally traded less actively, are classified within Level 3 of the valuation hierarchy. Refer to NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS and NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information. |
Pension and Other Postretirement Plans | Pensions and Other Postretirement Benefits We offer defined benefit pension plans, defined contribution pension plans and other postretirement benefit plans, primarily consisting of retiree healthcare benefits, to most employees in North America as part of a total compensation and benefits program. We do not have employee pension or post-retirement benefit obligations at our Asia Pacific Iron Ore operations. We recognize the funded or unfunded status of our postretirement benefit obligations on our December 31, 2015 and 2014 Statements of Consolidated Financial Position based on the difference between the market value of plan assets and the actuarial present value of our retirement obligations on that date, on a plan-by-plan basis. If the plan assets exceed the retirement obligations, the amount of the surplus is recorded as an asset; if the retirement obligations exceed the plan assets, the amount of the underfunded obligations are recorded as a liability. Year-end balance sheet adjustments to postretirement assets and obligations are recorded as Accumulated other comprehensive loss . The actuarial estimates of the PBO and APBO retirement obligations incorporate various assumptions including the discount rates, the rates of increases in compensation, healthcare cost trend rates, mortality, retirement timing and employee turnover. The discount rate is determined based on the prevailing year-end rates for high-grade corporate bonds with a duration matching the expected cash flow timing of the benefit payments from the various plans. The remaining assumptions are based on our estimates of future events by incorporating historical trends and future expectations. The amount of net periodic cost that is recorded in the Statements of Consolidated Operations consists of several components including service cost, interest cost, expected return on plan assets, and amortization of previously unrecognized amounts. Service cost represents the value of the benefits earned in the current year by the participants. Interest cost represents the cost associated with the passage of time. Certain items, such as plan amendments, gains and/or losses resulting from differences between actual and assumed results for demographic and economic factors affecting the obligations and assets of the plans, and changes in other assumptions are subject to deferred recognition for income and expense purposes. The expected return on plan assets is determined utilizing the weighted average of expected returns for plan asset investments in various asset categories based on historical performance, adjusted for current trends. See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information. |
Asset Retirement Obligations | Asset Retirement Obligations Asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The fair value of the liability is determined as the discounted value of the expected future cash flow. The asset retirement obligation is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. Reclamation costs are adjusted periodically to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. We review, on an annual basis, unless otherwise deemed necessary, the asset retirement obligation at each mine site in accordance with the provisions of ASC 410, Asset Retirement and Environmental Obligations . We perform an in-depth evaluation of the liability every three years in addition to routine annual assessments. Future remediation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing maintenance and monitoring costs. Changes in estimates at inactive mines are reflected in earnings in the period an estimate is revised. See NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS for further information. |
Environmental Costs | Environmental Remediation Costs We have a formal policy for environmental protection and restoration. Our mining and exploration activities are subject to various laws and regulations governing protection of the environment. We conduct our operations to protect the public health and environment and believe our operations are in compliance with applicable laws and regulations in all material respects. Our environmental liabilities, including obligations for known environmental remediation exposures at active and closed mining operations and other sites, have been recognized based on the estimated cost of investigation and remediation at each site. If the cost only can be estimated as a range of possible amounts with no point in the range being more likely, the minimum of the range is accrued. Future expenditures are not discounted unless the amount and timing of the cash disbursements reasonably can be estimated. It is possible that additional environmental obligations could be incurred, the extent of which cannot be assessed. Potential insurance recoveries have not been reflected in the determination of the liabilities. See NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS for further information. |
Revenue Recognition | Revenue Recognition We sell our products pursuant to comprehensive supply agreements negotiated and executed with our customers. Revenue is recognized from a sale when persuasive evidence of an arrangement exists, the price is fixed or determinable, the product is delivered in accordance with F.O.B. terms, title and risk of loss have transferred to the customer in accordance with the specified provisions of each supply agreement and collection of the sales price reasonably is assured. Our U.S. Iron Ore and Asia Pacific Iron Ore supply agreements provide that title and risk of loss transfer to the customer either upon loading of the vessel, shipment or, as is the case with some of our U.S. Iron Ore supply agreements, when payment is received. Under certain term supply agreements, we ship the product to ports on the lower Great Lakes or to the customers’ facilities prior to the transfer of title. Our rationale for shipping iron ore products to certain customers and retaining title until payment is received for these products is to minimize credit risk exposure. Iron ore sales are recorded at a sales price specified in the relevant supply agreements resulting in revenue and a receivable at the time of sale. Upon revenue recognition for provisionally priced sales, a freestanding derivative is created for the difference between the sales price used and expected future settlement price. The derivative, which does not qualify for hedge accounting, is adjusted to fair value through Product revenues as a revenue adjustment each reporting period based upon current market data and forward-looking estimates determined by management until the final sales price is determined. The principal risks associated with recognition of sales on a provisional basis include iron ore price fluctuations between the date initially recorded and the date of final settlement. For revenue recognition, we estimate the future settlement rate; however, if significant changes in iron ore prices occur between the provisional pricing date and the final settlement date, we might be required to either return a portion of the sales proceeds received or bill for the additional sales proceeds due based on the provisional sales price. Refer to NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information. In addition, certain supply agreements with one customer include provisions for supplemental revenue or refunds based on the customer’s annual steel pricing for the year the product is consumed in the customer’s blast furnaces. We account for this provision as a free standing derivative instrument at the time of sale and record this provision at fair value until the year the product is consumed and the amounts are settled as an adjustment to revenue. Refer to NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information. Revenue from product sales also includes reimbursement for freight charges paid on behalf of customers and freight costs to move product from the port of Esperance to ports in China, which are included in Freight and venture partners' cost reimbursements separate from Product revenues . Revenue is recognized for the expected reimbursement of services when the services are performed. |
Revenue Recognition, Deferred Revenue | Deferred Revenue The terms of one of our U.S. Iron Ore pellet supply agreements required supplemental payments to be paid by the customer during the period 2009 through 2012, with the option to defer a portion of the 2009 monthly amount in exchange for interest payments until the deferred amount was repaid in 2013. Installment amounts received under this arrangement in excess of sales are classified as deferred revenue in the Statements of Consolidated Financial Position upon receipt of payment. Revenue is recognized over the life of the supply agreement, which extends until 2022, in equal annual installments. As of December 31, 2015 and 2014 , installment amounts received in excess of sales totaled $89.9 million and $102.8 million , respectively. As of December 31, 2015, deferred revenue of $12.8 million was recorded in Other current liabilities and $77.1 million was recorded as long term in Other liabilities in the Statements of Consolidated Financial Position . As of December 31, 2014, deferred revenue of $12.8 million was recorded in Other current liabilities and $90.0 million was recorded as long term in Other liabilities in the Statements of Consolidated Financial Position . In 2014, due to the payment terms and the timing of cash receipts near year-end, cash receipts exceeded shipments. The shipments were completed early in the subsequent years. We considered whether revenue should be recognized on these sales under the “bill and hold” guidance provided by the SEC Staff; however, based upon the assessment performed, revenue recognition on these transactions totaling $29.3 million was deferred on the December 31, 2014 Statements of Consolidated Financial Position . |
Cost of Sales | Cost of Goods Sold Cost of goods sold and operating expenses represents all direct and indirect costs and expenses applicable to the sales and revenues of our mining operations. Operating expenses primarily represent the portion of the Tilden mining venture costs for which we do not own; that is, the costs attributable to the share of the mine’s production owned by the other joint venture partner in the Tilden mine. The mining venture functions as a captive cost company; it supplies product only to its owners effectively for the cost of production. Accordingly, the noncontrolling interests’ revenue amounts are stated at cost of production and are offset by an equal amount included in Cost of goods sold and operating expenses resulting in no sales margin reflected for the noncontrolling partner participant. As we are responsible for product fulfillment, we act as a principal in the transaction and, accordingly, record revenue under these arrangements on a gross basis. The following table is a summary of reimbursements in our U.S. Iron Ore operations for the years ended December 31, 2015 , 2014 and 2013 : (In Millions) Year Ended December 31, 2015 2014 2013 Reimbursements for: Freight $ 105.3 $ 163.0 $ 177.3 Venture partners’ cost 52.0 108.0 82.2 Total reimbursements $ 157.3 $ 271.0 $ 259.5 In 2014, we began selling a portion of our Asia Pacific Iron Ore product on a CFR basis. As a result, $23.6 million and $6.9 million of freight was included in Cost of goods sold and operating expenses for the years ended December 31, 2015 and 2014, respectively. There was no freight for the year ended December 31, 2013. Where we have joint ownership of a mine, our contracts entitle us to receive royalties and/or management fees, which we earn as the pellets are produced. |
Repairs And Maintenance | Repairs and Maintenance Repairs, maintenance and replacement of components are expensed as incurred. The cost of major equipment overhauls is capitalized and depreciated over the estimated useful life, which is the period until the next scheduled overhaul, generally five years. All other planned and unplanned repairs and maintenance costs are expensed when incurred. |
Share-based Compensation, Option and Incentive Plans | Share-Based Compensation The fair value of each performance share grant is estimated on the date of grant using a Monte Carlo simulation to forecast relative TSR performance. Consistent with the guidelines of ASC 718, Stock Compensation , a correlation matrix of historic and projected stock prices was developed for both the Company and its predetermined peer group of mining and metals companies. The fair value assumes that performance goals will be achieved. The expected term of the grant represents the time from the grant date to the end of the service period for each of the three plan-year agreements. We estimated the volatility of our common shares and that of the peer group of mining and metals companies using daily price intervals for all companies. The risk-free interest rate is the rate at the grant date on zero-coupon government bonds, with a term commensurate with the remaining life of the performance plans. The fair value of stock options is estimated on the date of grant using a Black-Scholes model using the grant date price of our common shares and option exercise price, and assumptions regarding the option’s expected term, the volatility of our common shares, the risk-free interest rate, and the dividend yield over the option’s expected term. Upon vesting of share-based compensation awards, we issue shares from treasury stock before issuing new shares. Refer to NOTE 8 - STOCK COMPENSATION PLANS for additional information. |
Income Tax | Income Taxes Income taxes are based on income for financial reporting purposes, calculated using tax rates by jurisdiction, and reflect a current tax liability or asset for the estimated taxes payable or recoverable on the current year tax return and expected annual changes in deferred taxes. Any interest or penalties on income tax are recognized as a component of income tax expense. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial results of operations. Accounting for uncertainty in income taxes recognized in the financial statements requires that a tax benefit from an uncertain tax position be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on technical merits. See NOTE 9 - INCOME TAXES for further information. |
Discontinued Operations | Discontinued Operations In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , which changes the criteria for reporting discontinued operations and requires additional disclosures about discontinued operations. The standard requires that an entity report as a discontinued operation only a disposal that represents a strategic shift in operations that has a major effect on its operations and financial results. ASU 2014-08 is effective prospectively for new disposals that occur within annual periods beginning on or after December 15, 2014. Early adoption was permitted and we adopted ASU 2014-08 during the three months ended December 31, 2014. North American Coal Operations As we execute our strategy to focus on strengthening our U.S. Iron Ore operations, management determined as of March 31, 2015 that our North American Coal operating segment met the criteria to be classified as held for sale under ASC 205, Presentation of Financial Statements and continued to meet the criteria throughout 2015. In December 2015, we completed the sale of our remaining two metallurgical coal operations, Oak Grove and Pinnacle mines, which marked our exit from the coal business. Our plan to sell the Oak Grove and Pinnacle mine assets represented a strategic shift in our business. For this reason, our previously reported North American Coal operating segment results for all periods, prior to the March 31, 2015 held for sale determination, are classified as discontinued operations. Additionally, the results for the remainder of 2015 were reported as discontinued operations. This also includes our CLCC assets, which were sold during the fourth quarter of 2014. Refer to NOTE 14 - DISCONTINUED OPERATIONS for further discussion of our discontinued operations. Canadian Operations As more fully described in NOTE 14 - DISCONTINUED OPERATIONS , in January 2015, we announced that the Bloom Lake Group commenced restructuring proceedings in Montreal, Quebec under the CCAA. At that time, we had suspended Bloom Lake operations and for several months had been exploring options to sell certain of our Canadian assets, among other initiatives. Effective January 27, 2015, following the CCAA filing of the Bloom Lake Group, we deconsolidated the Bloom Lake Group and certain other wholly-owned subsidiaries comprising substantially all of our Canadian operations. Additionally, on May 20, 2015, the Wabush Group commenced restructuring proceedings in Montreal, Quebec under the CCAA which resulted in the deconsolidation of the remaining Wabush Group entities that were not previously deconsolidated. The Wabush Group was no longer generating revenues and was not able to meet its obligations as they came due. As a result of this action, the CCAA protections granted to the Bloom Lake Group were extended to include the Wabush Group to facilitate the reorganization of each of their businesses and operations. Our Canadian exit represents a strategic shift in our business. For this reason, our previously reported Eastern Canadian Iron Ore and Ferroalloys operating segment results for all periods prior to the respective deconsolidations as well as costs to exit are classified as discontinued operations. |
Foreign Currency Transactions and Translations | Foreign Currency Our financial statements are prepared with the U.S. dollar as the reporting currency. The functional currency of our Australian subsidiaries is the Australian dollar. The functional currency of all other international subsidiaries is the U.S. dollar. The financial statements of international subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. Where the local currency is the functional currency, translation adjustments are recorded as Accumulated other comprehensive loss . Income taxes generally are not provided for foreign currency translation adjustments. To the extent that monetary assets and liabilities, inclusive of intercompany notes, are recorded in a currency other than the functional currency, these amounts are remeasured each reporting period, with the resulting gain or loss being recorded in the Statements of Consolidated Operations . Transaction gains and losses resulting from remeasurement of short-term intercompany loans are included in Miscellaneous - net in our Statements of Consolidated Operations . For the year ended December 31, 2015 , net gains of $16.3 million related to the impact of transaction gains and losses resulting from remeasurement. Of these amounts, for the year ended December 31, 2015 , gains of $11.5 million and $1.5 million resulted from remeasurement of short-term intercompany loans and cash and cash equivalents, respectively. For the year ended December 31, 2014 , net gains of $29.0 million related to the impact of transaction gains and losses resulting from remeasurement. Of these amounts, for the year ended December 31, 2014 , gains of $19.7 million and $10.6 million , resulted from remeasurement of short-term intercompany loans and cash and cash equivalents, respectively. For the year ended December 31, 2013, net gains of $53.2 million related to the impact of transaction gains and losses resulting from remeasurement. Of these amounts, for the year ended December 31, 2013, gains of $33.0 million and $20.4 million , resulted from remeasurement of short-term intercompany loans and cash and cash equivalents, respectively. |
Earnings Per Share | Earnings Per Share We present both basic and diluted earnings per share amounts for continuing operations and discontinued operations. Basic earnings per share amounts are calculated by dividing Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders less any paid or declared but unpaid dividends on our depositary shares by the weighted average number of common shares outstanding during the period presented. Diluted earnings per share amounts are calculated by dividing Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders by the weighted average number of common shares, common share equivalents under stock plans using the treasury stock method and the number of common shares that would be issued under an assumed conversion of our outstanding depositary shares, each representing a 1/40th interest in a share of our Series A Mandatory Convertible Preferred Stock, Class A, under the if-converted method. Our outstanding depositary shares are convertible into common shares based on the volume weighted average of closing prices of our common shares over the 20 consecutive trading day period ending on the third day immediately preceding the end of the reporting period. Common share equivalents are excluded from EPS computations in the periods in which they have an anti-dilutive effect. See NOTE 19 - EARNINGS PER SHARE for further information. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Issued and Not Effective In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory, which specifies that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The new standard does not apply to inventory that is measured using LIFO; therefore, it is not applicable to our U.S. Iron Ore inventory values, but does apply to our Asia Pacific Iron Ore inventories which are valued using the average cost method. The update is effective for financial statement periods beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in ASU 2015-11 should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We do not expect the adoption of this pronouncement to have an impact on our financial statements and related disclosures. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern . ASU 2014-15 will explicitly require management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Specifically, ASU 2014-15 provides a definition of the term "substantial doubt" and requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans and requires an express statement and other disclosures when substantial doubt is not alleviated. The new standard will be effective for all entities in the first annual period ending after December 15, 2016 and for annual periods and interim periods thereafter. Earlier adoption is permitted. We are currently evaluating the impact the adoption of the guidance will have on the Statements of Consolidated Financial Position , Statements of Consolidated Operations or Statements of Consolidated Cash Flows . In May 2014, the FASB issued ASU 2014-09, Revenues from Contracts with Customers. The new revenue guidance broadly replaces the revenue guidance provided throughout the Codification. The core principle of the revenue guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The new revenue guidance also requires the capitalization of certain contract acquisition costs. Reporting entities must prepare new disclosures providing qualitative and quantitative information on the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. New disclosures also include qualitative and quantitative information on significant judgments, changes in judgments, and contract acquisition assets. At issuance, ASU 2014-09 was effective starting in 2017 for calendar-year public entities, and interim periods within that year. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date, which defers the adoption of ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are still evaluating the impact of the updated guidance on the Statements of Consolidated Financial Position , Statements of Consolidated Operations or Statements of Consolidated Cash Flows . Issued and Adopted In October 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. This update simplifies the presentation of deferred income taxes, by requiring that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This update is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods; however, early adoption is permitted. This guidance can also be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We adopted the guidance during the period ended December 31, 2015 and have applied this amended accounting guidance to our deferred tax liabilities and assets for all periods presented. The adoption of ASU 2015-17 did not have an impact on our Statements of Consolidated Operations or Statements of Consolidated Cash Flows . The impact of the adoption of the guidance resulted in any current deferred tax assets or liabilities being reclassified to non-current deferred tax assets or liabilities on the Statements of Consolidated Financial Position . The current deferred tax assets were $23.7 million at December 31, 2014. The current deferred tax liabilities were $4.0 million at December 31, 2014. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU requires retrospective adoption and will be effective for us beginning in our first quarter of 2016. Early adoption is permitted. We adopted the guidance at December 31, 2015. The new guidance was applied retrospectively for reporting periods ending on or before December 31, 2015. The adoption of ASU 2015-03 did not have an impact on our Statements of Consolidated Operations or Statements of Consolidated Cash Flows . The impact of the adoption of the guidance resulted in reclassification of the unamortized debt issuance costs on the Statements of Consolidated Financial Position from Other non-current assets to Long-term debt . The unamortized debt issuance costs were $29.1 million and $16.8 million at December 31, 2015 and December 31, 2014, respectively. |
BASIS OF PRESENTATION AND SIG33
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Estimated Useful Lives Of Intangible Assets Subject To Periodic Amortization On Straight Line Basis Table [Text Block] | Other intangible assets are subject to periodic amortization on a straight-line basis over their estimated useful lives as follows: Intangible Assets Basis Useful Life (years) Permits - Asia Pacific Iron Ore Units of production Life of mine Permits - USIO Straight line 28 |
Schedule Of Subsidiaries | The consolidated financial statements include our accounts and the accounts of our wholly owned and majority-owned subsidiaries, including the following operations at December 31, 2015: Name Location Ownership Interest Operation Status of Operations Northshore Minnesota 100.0% Iron Ore Active United Taconite Minnesota 100.0% Iron Ore Active Tilden Michigan 85.0% Iron Ore Active Empire Michigan 79.0% Iron Ore Active Koolyanobbing Western Australia 100.0% Iron Ore Active |
Depreciation Disclosure [Table Text Block] | Depreciation is provided over the following estimated useful lives: Asset Class Basis Life Buildings Straight line 45 Years Mining equipment Straight line/Double declining balance 3 to 20 Years Processing equipment Straight line 10 to 45 Years Electric power facilities Straight line 10 to 45 years Land improvements Straight line 20 to 45 years Office and information technology Straight line 3 to 15 Years |
Schedule of Equity Method Investments | The following table presents the detail of our investments in unconsolidated ventures and where those investments are classified in the Statements of Consolidated Financial Position as of December 31, 2015 and December 31, 2014 . Parentheses indicate a net liability. (In Millions) Investment Classification Accounting Method Ownership Interest December 31, December 31, 2014 Hibbing Other liabilities (1) Equity Method 23% $ (2.4 ) $ 3.1 Other (2) Other non-current assets Equity Method Various — 1.0 $ (2.4 ) $ 4.1 (1) At December 31, 2014, the classification for Hibbing was Other non-current assets. (2) At December 31, 2015, no Other equity method investments remain. |
Reimbursements Revenue Disclosure [Table Text Block] | The following table is a summary of reimbursements in our U.S. Iron Ore operations for the years ended December 31, 2015 , 2014 and 2013 : (In Millions) Year Ended December 31, 2015 2014 2013 Reimbursements for: Freight $ 105.3 $ 163.0 $ 177.3 Venture partners’ cost 52.0 108.0 82.2 Total reimbursements $ 157.3 $ 271.0 $ 259.5 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | The following tables present a summary of our reportable segments for the years ended December 31, 2015 , 2014 and 2013 , including a reconciliation of segment sales margin to Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA: (In Millions) 2015 2014 2013 Revenues from product sales and services: U.S. Iron Ore $ 1,525.4 76% $ 2,506.5 74% $ 2,667.9 69% Asia Pacific Iron Ore 487.9 24% 866.7 26% 1,224.3 31% Other (including inter-segment revenue eliminations) — —% — —% (1.4 ) —% Total revenues from product sales and services $ 2,013.3 100% $ 3,373.2 100% $ 3,890.8 100% Sales margin: U.S. Iron Ore $ 227.1 $ 710.4 $ 901.9 Asia Pacific Iron Ore 9.4 121.7 367.1 Eliminations with discontinued operations — 53.6 217.3 Other (including inter-segment sales margin eliminations) — — (1.9 ) Sales margin 236.5 885.7 1,484.4 Other operating income (expense) (85.2 ) (755.6 ) (104.1 ) Other income (expense) 161.8 (149.8 ) (189.4 ) Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures $ 313.1 $ (19.7 ) $ 1,190.9 (In Millions) 2015 2014 2013 Net Income (Loss) $ (748.4 ) $ (8,311.6 ) $ 361.8 Less: Interest expense, net (231.4 ) (185.2 ) (179.1 ) Income tax benefit (expense) (163.3 ) 1,302.0 (55.1 ) Depreciation, depletion and amortization (134.0 ) (504.0 ) (593.3 ) EBITDA $ (219.7 ) $ (8,924.4 ) $ 1,189.3 Less: Impairment of goodwill and other long-lived assets $ (3.3 ) $ (635.5 ) $ (14.3 ) Impact of discontinued operations (892.0 ) (9,332.5 ) (398.4 ) Gain on extinguishment of debt 392.9 16.2 — Severance and contractor termination costs (10.2 ) (23.3 ) (16.6 ) Foreign exchange remeasurement 16.3 29.0 53.2 Proxy contest and change in control in SG&A — (26.6 ) — Supplies inventory write-off (16.3 ) — — Total Adjusted EBITDA $ 292.9 $ 1,048.3 $ 1,565.4 EBITDA: U.S. Iron Ore $ 317.6 $ 805.6 $ 1,000.1 Asia Pacific Iron Ore 35.3 (352.9 ) 543.0 Other (including discontinued operations) (572.6 ) (9,377.1 ) (353.8 ) Total EBITDA $ (219.7 ) $ (8,924.4 ) $ 1,189.3 Adjusted EBITDA: U.S. Iron Ore $ 352.1 $ 833.5 $ 1,031.8 Asia Pacific Iron Ore 32.7 252.9 513.1 Other (91.9 ) (38.1 ) 20.5 Total Adjusted EBITDA $ 292.9 $ 1,048.3 $ 1,565.4 (In Millions) 2015 2014 2013 Depreciation, depletion and amortization: U.S. Iron Ore $ 98.9 $ 107.4 $ 120.3 Asia Pacific Iron Ore 25.3 145.9 153.7 Other 6.6 7.7 10.8 Total depreciation, depletion and amortization $ 130.8 $ 261.0 $ 284.8 Capital additions (1) : U.S. Iron Ore $ 58.2 $ 48.4 $ 53.3 Asia Pacific Iron Ore 5.4 10.8 13.0 Other 8.6 6.3 4.5 Total capital additions $ 72.2 $ 65.5 $ 70.8 (1) Includes capital lease additions and non-cash accruals. Refer to NOTE 17 - CASH FLOW INFORMATION . |
Summary of Assets by Segment | A summary of assets by segment is as follows: (In Millions) December 31, December 31, 2014 December 31, 2013 Assets: U.S. Iron Ore $ 1,476.4 $ 1,464.9 $ 1,537.9 Asia Pacific Iron Ore 202.5 306.2 1,176.8 Total segment assets 1,678.9 1,771.1 2,714.7 Corporate 441.7 666.2 204.2 Assets of Discontinued Operations 14.9 709.9 10,184.0 Total assets $ 2,135.5 $ 3,147.2 $ 13,102.9 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Included in the consolidated financial statements are the following amounts relating to geographic location: (In Millions) 2015 2014 2013 Revenue United States $ 1,206.4 $ 1,923.2 $ 1,543.9 China 370.8 662.7 1,165.3 Canada 282.4 430.5 758.5 Other countries 153.7 356.8 423.1 Total revenue $ 2,013.3 $ 3,373.2 $ 3,890.8 Property, Plant and Equipment, Net United States $ 1,012.7 $ 998.1 $ 1,120.6 Australia 46.3 72.4 750.2 Total Property, Plant and Equipment, Net $ 1,059.0 $ 1,070.5 $ 1,870.8 |
Revenue from External Customers by Products and Services | The following table represents the percentage of our total revenue contributed by each category of products and services in 2015 , 2014 , and 2013 : 2015 2014 2013 Revenue Category Iron ore 91 % 92 % 93 % Freight and venture partners’ cost reimbursements 9 % 8 % 7 % Total revenue 100 % 100 % 100 % |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | The following table presents the detail of our Inventories in the Statements of Consolidated Financial Position as of December 31, 2015 and 2014 : (In Millions) December 31, 2015 December 31, 2014 Segment Finished Goods Work-in Process Total Inventory Finished Goods Work-in Process Total Inventory U.S. Iron Ore $ 252.3 $ 11.7 $ 264.0 $ 132.1 $ 13.5 $ 145.6 Asia Pacific Iron Ore 20.8 44.8 65.6 26.4 88.1 114.5 Total $ 273.1 $ 56.5 $ 329.6 $ 158.5 $ 101.6 $ 260.1 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Value Of Each Of The Major Classes Of Consolidated Depreciable Assets | The following table indicates the value of each of the major classes of our consolidated depreciable assets as of December 31, 2015 and 2014 : (In Millions) December 31, 2015 2014 Land rights and mineral rights $ 500.5 $ 500.5 Office and information technology 71.0 73.7 Buildings 60.4 59.8 Mining equipment 594.0 585.1 Processing equipment 516.8 510.2 Electric power facilities 46.4 46.8 Land improvements 24.8 24.7 Asset retirement obligation 87.9 26.5 Other 28.2 28.5 Construction in-progress 40.3 14.4 1,970.3 1,870.2 Allowance for depreciation and depletion (911.3 ) (799.7 ) $ 1,059.0 $ 1,070.5 |
Book Value of Land and Mineral Rights Disclosure [Table Text Block] | The net book value of the land rights and mineral rights as of December 31, 2015 and 2014 is as follows : (In Millions) December 31, 2015 2014 Land rights $ 11.6 $ 11.6 Mineral rights: Cost $ 488.9 $ 488.9 Depletion (108.4 ) (101.0 ) Net mineral rights $ 380.5 $ 387.9 |
DEBT AND CREDIT FACILITIES (Tab
DEBT AND CREDIT FACILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | The following represents a summary of our long-term debt as of December 31, 2015 and 2014 : ($ in Millions) December 31, 2015 Debt Instrument Type Annual Effective Interest Rate Final Maturity Total Principal Amount Total Debt $700 Million 4.875% 2021 Senior Notes Fixed 4.89% 2021 $ 412.5 $ 410.6 (1) $1.3 Billion Senior Notes: $500 Million 4.80% 2020 Senior Notes Fixed 4.83% 2020 306.7 305.2 (2) $800 Million 6.25% 2040 Senior Notes Fixed 6.34% 2040 492.8 482.7 (3) $400 Million 5.90% 2020 Senior Notes Fixed 5.98% 2020 290.8 288.9 (4) $500 Million 3.95% 2018 Senior Notes Fixed 6.30% 2018 311.2 309.1 (5) $540 Million 8.25% 2020 First Lien Notes Fixed 9.97% 2020 540.0 497.4 (6) $544.2 Million 7.75% 2020 Second Lien Notes Fixed 15.55% 2020 544.2 403.2 (7) $550 Million ABL Facility: ABL Facility Variable N/A 2020 550.0 — (8) Fair Value Adjustment to Interest Rate Hedge 2.3 Total debt $ 3,448.2 $ 2,699.4 ($ in Millions) December 31, 2014 Debt Instrument Type Annual Effective Interest Rate Final Maturity Total Face Amount Total Debt $700 Million 4.875% 2021 Senior Notes Fixed 4.89% 2021 $ 690.0 $ 686.0 (1) $1.3 Billion Senior Notes: $500 Million 4.80% 2020 Senior Notes Fixed 4.83% 2020 490.0 487.2 (2) $800 Million 6.25% 2040 Senior Notes Fixed 6.34% 2040 800.0 783.3 (3) $400 Million 5.90% 2020 Senior Notes Fixed 5.98% 2020 395.0 391.9 (4) $500 Million 3.95% 2018 Senior Notes Fixed 5.17% 2018 480.0 475.3 (5) $1.125 Billion Credit Facility: Revolving Credit Agreement Variable 2.94% 2017 1,125.0 — (9) Fair Value Adjustment to Interest Rate Hedge 2.8 Long-term debt $ 3,980.0 $ 2,826.5 (1) During the third quarter of 2015, we purchased $10.7 million of outstanding 4.875 percent senior notes that were trading at 50.0 percent of par which resulted in a gain on extinguishment of $5.3 million . In addition, during the first quarter of 2015, we purchased $58.3 million of outstanding 4.875 percent senior notes that were trading at 52.0 percent of par, which resulted in a gain on extinguishment of $20.0 million . Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $208.5 million of the 4.875 percent senior notes for $170.3 million of the 7.75 percent second lien notes at a discount of $46.0 million based on an imputed interest rate of 15.55 percent , resulting in a gain on extinguishment of $83.1 million , net of amounts expensed for unamortized original issue discount and deferred origination fees. During the fourth quarter of 2014, we purchased $ 10.0 million of outstanding 4.875 percent senior notes that were trading at a discount of 40.5 percent which resulted in a gain on the extinguishment of debt of $4.1 million . As of December 31, 2015 , the $700.0 million 4.875 percent senior notes were recorded at a par value of $412.5 million less debt issuance costs of $1.7 million and unamortized discounts of $0.2 million , based on an imputed interest rate of 4.89 percent . As of December 31, 2014 , the $700.0 million 4.875 percent senior notes were recorded at a par value of $690.0 million less debt issuance costs of $3.5 million and unamortized discounts of $0.5 million , based on an imputed interest rate of 4.89 percent . (2) During the third quarter of 2015, we purchased $1.8 million of outstanding 4.80 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $0.9 million . In addition, during the first quarter of 2015, we purchased $43.8 million of outstanding 4.80 percent senior notes that were trading at 54.3 percent of par, which resulted in a gain on extinguishment of $15.6 million . Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $137.8 million of the 4.80 percent senior notes for $112.9 million of the 7.75 percent second lien notes at a discount of $30.5 million based on an imputed interest rate of 15.55 percent , resulting in a gain on extinguishment of $54.6 million , net of amounts expensed for unamortized original issue discount and deferred origination fees. During the fourth quarter of 2014, we purchased $ 10.0 million of outstanding 4.80 percent senior notes that were trading at a discount of 40.25 percent which resulted in a gain on the extinguishment of debt of $ 4.0 million . As of December 31, 2015 , the $500.0 million 4.80 percent senior notes were recorded at a par value of $306.7 million less debt issuance costs of $1.1 million and unamortized discounts of $0.4 million , based on an imputed interest rate of 4.83 percent . As of December 31, 2014 , the $500.0 million 4.80 percent senior notes were recorded at a par value of $490.0 million less debt issuance costs of $2.2 million and unamortized discounts of $0.6 million , based on an imputed interest rate of 4.83 percent . (3) During the first quarter of 2015, we purchased $45.9 million of outstanding 6.25 percent senior notes that were trading at 52.5 percent of par, which resulted in a gain on extinguishment of $15.0 million . Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $261.3 million of the 6.25 percent senior notes for $203.5 million of the 7.75 percent second lien notes at a discount of $55.0 million based on an imputed interest rate of 15.55 percent , resulting in a gain on extinguishment of $107.3 million , net of amounts expensed for unamortized original issue discount and deferred origination fees. As of December 31, 2015 , the $800.0 million 6.25 percent senior notes were recorded at par value of $492.8 million less debt issuance costs of $4.3 million and unamortized discounts of $5.8 million , based on an imputed interest rate of 6.34 percent . As of December 31, 2014 , the $800.0 million 6.25 percent senior notes were recorded at par value of $800.0 million less debt issuance costs of $7.2 million and unamortized discounts of $9.5 million , based on an imputed interest rate of 6.34 percent . (4) During the third quarter of 2015, we purchased $36.0 million of outstanding 5.90 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $18.0 million . In addition, during the first quarter of 2015, we purchased $1.3 million of outstanding 5.90 percent senior notes that were trading at 58.0 percent of par, which resulted in a gain on extinguishment of $0.3 million . Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $67.0 million of the 5.90 percent senior notes for $57.5 million of the 7.75 percent second lien notes at a discount of $15.5 million based on an imputed interest rate of 15.55 percent , resulting in a gain on extinguishment of $24.5 million , net of amounts expensed for unamortized original issue discount and deferred origination fees. During the fourth quarter of 2014, we purchased $ 5.0 million of outstanding 5.90 percent senior notes that were trading at a discount of 38.125 percent which resulted in a gain on the extinguishment of debt of $ 1.9 million . As of December 31, 2015 , the $400.0 million 5.90 percent senior notes were recorded at a par value of $290.8 million less debt issuance costs of $1.1 million and unamortized discounts of $0.8 million , based on an imputed interest rate of 5.98 percent . As of December 31, 2014 , the $400.0 million 5.90 percent senior notes were recorded at a par value of $395.0 million less debt issuance costs of $1.8 million and unamortized discounts of $1.3 million , based on an imputed interest rate of 5.98 percent . (5) During the third quarter, on August 28, 2015, we purchased for cash as part of a tender offer, $124.8 million of the 3.95 percent senior notes for $68.6 million , resulting in a gain on extinguishment of $54.9 million , net of amounts expensed for reacquisition costs, unamortized original issue discount and deferred origination fees. In addition, during the first quarter of 2015, we purchased $44.0 million of outstanding 3.95 percent senior notes that were trading at 77.5 percent of par, which resulted in a gain on the extinguishment of debt of $7.1 million . During the fourth quarter of 2014, we purchased $ 20.0 million of outstanding 3.95 percent senior notes that were trading at a discount of 30.875 percent which resulted in a gain on the extinguishment of debt of $ 6.2 million . As of December 31, 2015 , the $500.0 million 3.95 percent senior notes were recorded at a par value of $311.2 million less debt issuance cost of $0.9 million and unamortized discounts of $1.2 million , based on an imputed interest rate of 6.30 percent . As of December 31, 2014 , the $500.0 million 3.95 percent senior notes were recorded at a par value of $480.0 million less debt issuance costs of $2.1 million and unamortized discounts of $2.6 million , based on an imputed interest rate of 5.17 percent . (6) As of December 31, 2015 , the $540.0 million 8.25 percent first lien notes were recorded at a par value of $540.0 million less debt issuance costs of $10.5 million and unamortized discounts of $32.1 million , based on an imputed interest rate of 9.97 percent . (7) As of December 31, 2015 , the $544.2 million 7.75 percent second lien notes were recorded at a par value of $544.2 million less debt issuance costs of $9.5 million and unamortized discounts of $131.5 million , based on an imputed interest rate of 15.55 percent . See NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS for further discussion of unamortized discount as a result of the exchange offers. (8) As of December 31, 2015 , no loans were drawn under the $550.0 million ABL Facility and we had total availability of $366.0 million as a result of borrowing base limitations. As of December 31, 2015 , the principal amount of letter of credit obligations totaled $186.3 million and commodity hedge obligations totaled $0.5 million , thereby further reducing available borrowing capacity on our ABL Facility to $179.2 million . (9) As of December 31, 2014 , we had no revolving loans drawn under the revolving credit agreement, which had total availability of $ 1.125 billion as of December 31, 2014. As of December 31, 2014, the principal amount of letter of credit obligations totaled $149.5 million , thereby reducing available borrowing capacity to $975.5 million . |
Schedule of Maturities of Long-term Debt [Table Text Block] | Debt Maturities The following represents a summary of our maturities of debt instruments, excluding borrowings on the ABL Facility, based on the principal amounts outstanding at December 31, 2015 : (In Millions) Maturities of Debt 2016 $ — 2017 — 2018 311.2 2019 — 2020 1,681.7 2021 and thereafter 905.3 Total maturities of debt $ 2,898.2 |
FAIR VALUE OF FINANCIAL INSTR38
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Of Assets And Liabilities | The following represents the assets and liabilities of the Company measured at fair value at December 31, 2015 and 2014 : (In Millions) December 31, 2015 Description Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Cash equivalents $ 30.0 $ — $ — $ 30.0 Derivative assets — — 7.8 7.8 Total $ 30.0 $ — $ 7.8 $ 37.8 Liabilities: Derivative liabilities $ — $ 0.6 $ 3.4 $ 4.0 Total $ — $ 0.6 $ 3.4 $ 4.0 (In Millions) December 31, 2014 Description Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Derivative assets $ — $ — $ 63.2 $ 63.2 Available-for-sale marketable securities 4.3 — — 4.3 Total $ 4.3 $ — $ 63.2 $ 67.5 Liabilities: Derivative liabilities $ — $ — $ 9.5 $ 9.5 Foreign exchange contracts — 31.5 — 31.5 Total $ — $ 31.5 $ 9.5 $ 41.0 |
Fair Value, Recurring and Nonrecurring, Valuation Techniques | The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy: Qualitative/Quantitative Information About Level 3 Fair Value Measurements ($ in millions) Fair Value at Balance Sheet Location Valuation Technique Unobservable Input Range or Point Estimate (Weighted Average) 12/31/2015 Provisional Pricing Arrangements $ 2.0 Other current assets Market Approach Management's Estimate of 62% Fe $43 $ 3.4 Other current liabilities Customer Supply Agreement $ 5.8 Other current assets Market Approach Hot-Rolled Steel Estimate $415 - $450 ($430) |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation | The following tables represent a reconciliation of the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015 and 2014 . (In Millions) Derivative Assets (Level 3) Derivative Liabilities (Level 3) Year Ended Year Ended 2015 2014 2015 2014 Beginning balance - January 1 $ 63.2 $ 57.7 $ (9.5 ) $ (1.0 ) Total gains (losses) Included in earnings 35.1 187.8 (61.0 ) (9.5 ) Settlements (90.5 ) (182.3 ) 67.1 1.0 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Ending balance - December 31 $ 7.8 $ 63.2 $ (3.4 ) $ (9.5 ) Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) on assets still held at the reporting date $ 29.1 $ 187.8 $ (3.4 ) $ (9.5 ) |
Schedule Of Carrying Value And Fair Value Of Financial Instruments | A summary of the carrying amount and fair value of other financial instruments at December 31, 2015 and 2014 were as follows: (In Millions) December 31, 2015 December 31, 2014 Classification Carrying Value Fair Value Carrying Value Fair Value Long-term debt: Senior Notes—$700 million Level 1 $ 410.6 $ 69.4 $ 686.0 $ 367.3 Senior Notes—$1.3 billion Level 1 787.9 137.4 1,270.5 704.0 Senior Notes—$400 million Level 1 288.9 52.8 391.9 228.1 Senior Notes—$500 million Level 1 309.1 87.1 475.3 312.0 Senior First Lien Notes—$540 million Level 1 497.4 414.5 — — Senior Second Lien Notes—$544.2 million Level 1 403.2 134.7 — — ABL Facility Level 2 — — — — Fair Value Adjustment to Interest Rate Hedge Level 2 2.3 2.3 2.8 2.8 Total long-term debt $ 2,699.4 $ 898.2 $ 2,826.5 $ 1,614.2 |
Fair Value Measurements, Nonrecurring | The following tables present information about the impairment charges on both financial and nonfinancial assets and liabilities that were measured on a fair value basis at March 31, 2015 and December 31, 2014 . There were no financial and non-financial assets and liabilities that were measured on a non-recurring fair value basis at December 31, 2015. The tables also indicate the fair value hierarchy of the valuation techniques used to determine such fair value. (In Millions) March 31, 2015 Description Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Total Gains Liabilities: $544.2 Million 7.75% 2020 Second Lien Notes $ — $ 397.2 $ — $ 397.2 $ 269.5 $ — $ 397.2 $ — $ 397.2 $ 269.5 The $544.2 million 7.75 percent Second Lien Notes issued in the exchange offers were recorded as an extinguishment of debt as the change in debt terms was considered substantial. As such, the newly issued Second Lien Senior Notes were recorded at fair value at the issuance date. In order to determine the fair value of the Second Lien Senior Notes on the date of the exchange, we utilized the median bid-ask spread obtained from various investment banks for the exchange date. The bid-ask spread is indicative of the fair value of the notes on the exchange date. The 27.0 percent discount equated to a discount of $147.0 million on the issue value of $544.2 million , or an estimated fair value of $397.2 million . (In Millions) Year Ended December 31, 2014 Description Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Total Losses Assets: Goodwill impairment - $ — $ — $ — $ — $ 73.5 Other long-lived assets - and Mineral rights: Asia Pacific Iron Ore reporting unit — — 72.4 72.4 526.5 Other reporting units — — — — 11.3 Other long-lived assets - Asia Pacific Iron Ore reporting unit — — 7.0 7.0 24.2 Investment in ventures — — — — 9.2 $ — $ — $ 79.4 $ 79.4 $ 644.7 |
PENSIONS AND OTHER POSTRETIRE39
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Retirement And Defined Compensation Plans Disclosures [Table Text Block] | The following table summarizes the annual expense recognized related to the retirement plans for 2015 , 2014 and 2013 : (In Millions) 2015 2014 2013 Defined benefit pension plans $ 23.9 $ 26.2 $ 46.8 Defined contribution pension plans 3.6 4.4 5.0 Other postretirement benefits 4.4 (2.5 ) 3.2 Total $ 31.9 $ 28.1 $ 55.0 |
Obligations and Funded Status | The following tables and information provide additional disclosures for the periods ending December 31, 2015 and 2014 : (In Millions) Pension Benefits Other Benefits Change in benefit obligations: 2015 2014 2015 2014 Benefit obligations — beginning of year $ 998.0 $ 891.2 $ 295.8 $ 265.1 Service cost (excluding expenses) 22.7 26.1 1.9 1.9 Interest cost 37.7 40.2 11.5 11.9 Plan amendments — — — (0.9 ) Actuarial (gain) loss (67.7 ) 113.4 (27.0 ) 37.4 Benefits paid (78.7 ) (71.4 ) (20.6 ) (25.3 ) Participant contributions — — 4.0 4.8 Federal subsidy on benefits paid — — 0.4 0.9 Curtailment gain (1.2 ) (1.5 ) — — Benefit obligations — end of year $ 910.8 $ 998.0 $ 266.0 $ 295.8 Change in plan assets: Fair value of plan assets — beginning of year $ 749.8 $ 712.5 $ 269.3 $ 251.8 Actual return on plan assets (6.4 ) 59.1 (3.9 ) 31.9 Participant contributions — — 0.4 0.8 Employer contributions 35.7 49.6 1.3 5.2 Asset transfers 0.2 — — — Benefits paid (78.7 ) (71.4 ) (16.5 ) (20.4 ) Fair value of plan assets — end of year $ 700.6 $ 749.8 $ 250.6 $ 269.3 Funded status at December 31: Fair value of plan assets $ 700.6 $ 749.8 $ 250.6 $ 269.3 Benefit obligations (910.8 ) (998.0 ) (266.0 ) (295.8 ) Funded status (plan assets less benefit obligations) $ (210.2 ) $ (248.2 ) $ (15.4 ) $ (26.5 ) Amount recognized at December 31 $ (210.2 ) $ (248.2 ) $ (15.4 ) $ (26.5 ) Amounts recognized in Statements of Financial Position: Current liabilities $ (0.5 ) $ (2.2 ) $ (4.1 ) $ (4.2 ) Noncurrent liabilities (209.7 ) (246.0 ) (11.3 ) (22.3 ) Net amount recognized $ (210.2 ) $ (248.2 ) $ (15.4 ) $ (26.5 ) Amounts recognized in accumulated other comprehensive loss: Net actuarial loss $ 290.9 $ 311.8 $ 91.5 $ 99.3 Prior service cost (credit) 7.5 9.8 (39.5 ) (42.9 ) Net amount recognized $ 298.4 $ 321.6 $ 52.0 $ 56.4 The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2016: Net actuarial loss $ 21.1 $ 5.5 Prior service cost 2.2 (3.7 ) Net amount recognized $ 23.3 $ 1.8 |
Fair Value Of Plan Assets, Benefit Obligation And Funded Status | (In Millions) 2015 Pension Plans Other Benefits Salaried Hourly Mining SERP Total Salaried Hourly Total Fair value of plan assets $ 258.3 $ 436.7 $ 5.6 $ — $ 700.6 $ — $ 250.6 $ 250.6 Benefit obligation (340.0 ) (558.6 ) (8.6 ) (3.6 ) (910.8 ) (38.2 ) (227.8 ) (266.0 ) Funded status $ (81.7 ) $ (121.9 ) $ (3.0 ) $ (3.6 ) $ (210.2 ) $ (38.2 ) $ 22.8 $ (15.4 ) 2014 Pension Plans Other Benefits Salaried Hourly Mining SERP Total Salaried Hourly Total Fair value of plan assets $ 288.3 $ 454.9 $ 6.6 $ — $ 749.8 $ — $ 269.3 $ 269.3 Benefit obligation (379.2 ) (603.9 ) (9.2 ) (5.7 ) (998.0 ) (41.6 ) (254.2 ) (295.8 ) Funded status $ (90.9 ) $ (149.0 ) $ (2.6 ) $ (5.7 ) $ (248.2 ) $ (41.6 ) $ 15.1 $ (26.5 ) |
Components Of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost (In Millions) Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 Service cost $ 22.7 $ 26.1 $ 32.9 $ 6.4 $ 1.8 $ 4.0 Interest cost 37.7 40.3 36.4 13.4 11.9 12.6 Expected return on plan assets (59.8 ) (58.1 ) (52.3 ) (18.3 ) (17.1 ) (20.0 ) Amortization: Prior service costs (credits) 2.3 2.5 2.8 (3.7 ) (3.6 ) (3.6 ) Net actuarial loss 20.8 14.0 27.0 6.6 4.5 10.2 Curtailments and settlements 0.2 1.4 — — — — Net periodic benefit cost $ 23.9 $ 26.2 $ 46.8 $ 4.4 $ (2.5 ) $ 3.2 Curtailment effects (1.2 ) — — — — — Current year actuarial (gain)/loss (0.7 ) 109.7 (128.0 ) 0.2 22.2 (68.6 ) Amortization of net loss (21.0 ) (15.4 ) (27.0 ) (6.6 ) (4.5 ) (10.2 ) Current year prior service (credit) cost — — 0.8 — (0.9 ) — Amortization of prior service (cost) credit (2.3 ) (2.5 ) (2.8 ) 3.7 3.6 3.6 Total recognized in other comprehensive income $ (25.2 ) $ 91.8 $ (157.0 ) $ (2.7 ) $ 20.4 $ (75.2 ) Total recognized in net periodic cost and other comprehensive income $ (1.3 ) $ 118.0 $ (110.2 ) $ 1.7 $ 17.9 $ (72.0 ) |
Additional Information | Additional Information (In Millions) Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 Effect of change in mine ownership & noncontrolling interest $ 48.4 $ 51.2 $ 46.3 $ 5.5 $ 5.9 $ 4.8 Actual return on plan assets (6.4 ) 59.1 80.3 (3.9 ) 31.9 11.0 |
Weighted-Average Assumptions Used to Determine Benefit Obligations | Weighted-average assumptions used to determine benefit obligations at December 31 were: Pension Benefits Other Benefits 2015 2014 2015 2014 Discount rate Iron Hourly Pension Plan 4.27 % 3.83 % N/A % N/A % Salaried Pension Plan 4.12 3.83 N/A N/A Ore Mining Pension Plan 4.28 3.83 N/A N/A SERP 4.22 3.83 N/A N/A Hourly OPEB Plan N/A N/A 4.32 3.83 Salaried OPEB Plan N/A N/A 4.22 3.83 Salaried rate of compensation increase 3.00 3.00 3.00 3.00 Hourly rate of compensation increase (ultimate) 2.00 2.50 N/A N/A |
Weighted-Average Assumptions Used To Determine Net Benefit Costs | Weighted-average assumptions used to determine net benefit cost for the years 2015 , 2014 and 2013 were: Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 Discount rate 3.83 % 4.57 % 3.70 % 3.83 % 4.57 % 3.70 % Expected return on plan assets 8.25 8.25 8.25 7.00 7.00 8.25 Salaried rate of compensation increase 3.00 4.00 4.00 3.00 4.00 4.00 Hourly rate of compensation increase 2.50 3.00 4.00 N/A N/A N/A |
Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates at December 31 were: 2015 2014 Health care cost trend rate assumed for next year 6.75 % 7.00 % Ultimate health care cost trend rate 5.00 5.00 Year that the ultimate rate is reached 2023 2023 |
Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates | A change of one percentage point in assumed health care cost trend rates would have the following effects: (In Millions) Increase Decrease Effect on total of service and interest cost $ 3.4 $ (2.6 ) Effect on postretirement benefit obligation 27.2 (22.6 ) |
Plan Assets and Asset Allocation | The following table reflects the actual asset allocations for pension and VEBA plan assets as of December 31, 2015 and 2014 , as well as the 2016 weighted average target asset allocations as of December 31, 2015 . Equity investments include securities in large-cap, mid-cap and small-cap companies located in the U.S. and worldwide. Fixed income investments primarily include corporate bonds and government debt securities. Alternative investments include hedge funds, private equity, structured credit and real estate. Pension Assets VEBA Assets Asset Category 2016 Target Allocation Percentage of Plan Assets at December 31, 2016 Target Allocation Percentage of Plan Assets at December 31, 2015 2014 2015 2014 Equity securities 45.0 % 44.0 % 45.6 % 8.0 % 8.8 % 8.6 % Fixed income 28.0 % 27.7 % 28.7 % 80.1 % 78.2 % 79.3 % Hedge funds 5.0 % 5.8 % 5.5 % 4.2 % 4.5 % 4.3 % Private equity 7.0 % 4.7 % 4.2 % 2.6 % 2.2 % 2.3 % Structured credit 7.5 % 8.9 % 8.7 % 2.1 % 2.3 % 2.3 % Real estate 7.5 % 8.2 % 6.7 % 3.0 % 4.0 % 3.2 % Cash — % 0.7 % 0.6 % — % — % — % Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % |
Fair Value, Assets and Liabilities Measured on Recurring Basis | Pension The fair values of our pension plan assets at December 31, 2015 and 2014 by asset category are as follows: (In Millions) December 31, 2015 Asset Category Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity securities: U.S. large-cap $ 150.5 $ — $ — $ 150.5 U.S. small/mid-cap 40.6 — — 40.6 International 116.8 — — 116.8 Fixed income 166.3 27.9 — 194.2 Hedge funds — — 40.7 40.7 Private equity — — 33.1 33.1 Structured credit — — 62.1 62.1 Real estate — — 57.5 57.5 Cash 5.1 — — 5.1 Total $ 479.3 $ 27.9 $ 193.4 $ 700.6 (In Millions) December 31, 2014 Asset Category Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity securities: U.S. large-cap $ 168.4 $ — $ — $ 168.4 U.S. small/mid-cap 45.9 — — 45.9 International 127.7 — — 127.7 Fixed income 183.1 31.8 — 214.9 Hedge funds — — 41.5 41.5 Private equity — — 31.2 31.2 Structured credit — — 65.4 65.4 Real estate — — 50.0 50.0 Cash 4.8 — — 4.8 Total $ 529.9 $ 31.8 $ 188.1 $ 749.8 |
Effect of Fair Value Measurements Using Significant Unobservable Inputs on Changes in Plan Assets | The following represents the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets for the years ended December 31, 2015 and 2014 : (In Millions) Year Ended December 31, 2015 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2015 $ 41.5 $ 31.2 $ 65.4 $ 50.0 $ 188.1 Actual return on plan assets: Relating to assets still held at the reporting date (0.8 ) 1.5 (3.3 ) 8.1 5.5 Relating to assets sold during the period — 2.5 — — 2.5 Purchases — 5.7 — — 5.7 Sales — (7.8 ) — (0.6 ) (8.4 ) Ending balance — December 31, 2015 $ 40.7 $ 33.1 $ 62.1 $ 57.5 $ 193.4 (In Millions) Year Ended December 31, 2014 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2014 $ 38.8 $ 29.1 $ 61.0 $ 40.9 $ 169.8 Actual return on plan assets: Relating to assets still held at the reporting date 2.7 3.2 4.4 5.2 15.5 Relating to assets sold during the period — 3.0 — — 3.0 Purchases — 1.4 — 5.4 6.8 Sales — (5.5 ) — (1.5 ) (7.0 ) Ending balance — December 31, 2014 $ 41.5 $ 31.2 $ 65.4 $ 50.0 $ 188.1 |
Schedule Of Annual Contributions | (In Millions) Pension Benefits Other Benefits Company Contributions VEBA Direct Payments Total 2014 $ 49.6 $ — $ 5.5 $ 5.5 2015 35.7 — 3.5 3.5 2016 (Expected) (1) 1.2 — 4.1 4.1 (1) Pursuant to the bargaining agreement, benefits can be paid from VEBA trusts that are at least 70 percent funded (all VEBA trusts are over 70 percent funded at December 31, 2015). Funding obligations have been suspended as Hibbing's, UTAC's, Tilden's and Empire's share of the value of their respective trust assets have reached 90 percent of their obligation. |
Estimated Net Periodic Benefit Cost | Estimated Cost for 2016 For 2016 , we estimate net periodic benefit cost as follows: (In Millions) Defined benefit pension plans $ 16.3 Other postretirement benefits (4.4 ) Total $ 11.9 |
Estimated Future Benefit Payments | Estimated Future Benefit Payments (In Millions) Pension Benefits Other Benefits Gross Company Benefits Less Medicare Subsidy Net Company Payments 2016 $ 74.6 $ 18.2 $ 0.8 $ 17.4 2017 63.4 18.3 0.9 17.4 2018 63.0 18.3 1.0 17.3 2019 62.4 18.1 1.1 17.0 2020 62.4 17.7 1.2 16.5 2021-2025 306.8 84.7 6.9 77.8 |
Other Potential Benefit Obligations | Other Potential Benefit Obligations While the foregoing reflects our obligation, our total exposure in the event of non-performance is potentially greater. Following is a summary comparison of the total obligation: (In Millions) December 31, 2015 Defined Benefit Pensions Other Benefits Fair value of plan assets $ 700.6 $ 250.6 Benefit obligation (910.8 ) (266.0 ) Underfunded status of plan $ (210.2 ) $ (15.4 ) Additional shutdown and early retirement benefits $ (23.2 ) $ (3.2 ) |
Veba Trust [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | The fair values of our other benefit plan assets at December 31, 2015 and 2014 by asset category are as follows: (In Millions) December 31, 2015 Asset Category Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity securities: U.S. large-cap $ 11.1 $ — $ — $ 11.1 U.S. small/mid-cap 2.8 — — 2.8 International 8.2 — — 8.2 Fixed income 158.1 37.9 — 196.0 Hedge funds — — 11.2 11.2 Private equity — — 5.5 5.5 Structured credit — — 5.8 5.8 Real estate — — 10.0 10.0 Cash — — — — Total $ 180.2 $ 37.9 $ 32.5 $ 250.6 (In Millions) December 31, 2014 Asset Category Quoted Prices in Active Significant Other Significant Total Equity securities: U.S. large-cap $ 11.6 $ — $ — $ 11.6 U.S. small/mid-cap 2.9 — — 2.9 International 8.6 — — 8.6 Fixed income 174.5 39.1 — 213.6 Hedge funds — — 11.5 11.5 Private equity — — 6.2 6.2 Structured credit — — 6.1 6.1 Real estate — — 8.7 8.7 Cash 0.1 — — 0.1 Total $ 197.7 $ 39.1 $ 32.5 $ 269.3 |
Effect of Fair Value Measurements Using Significant Unobservable Inputs on Changes in Plan Assets | The following represents the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets for the year ended December 31, 2015 and 2014 : (In Millions) Year Ended December 31, 2015 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2015 $ 11.5 $ 6.2 $ 6.1 $ 8.7 $ 32.5 Actual return on plan assets: Relating to assets still held at the reporting date (0.3 ) 0.3 (0.3 ) 1.3 1.0 Relating to assets sold during the period — 0.4 — — 0.4 Purchases — 0.1 — — 0.1 Sales — (1.5 ) — — (1.5 ) Ending balance — December 31, 2015 $ 11.2 $ 5.5 $ 5.8 $ 10.0 $ 32.5 (In Millions) Year Ended December 31, 2014 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2014 $ 24.6 $ 6.0 $ 13.5 $ 13.2 $ 57.3 Actual return on plan assets: Relating to assets still held at the reporting date 0.5 1.0 0.4 0.9 2.8 Relating to assets sold during the period 0.6 0.4 0.4 0.5 1.9 Purchases — 0.1 — — 0.1 Sales (14.2 ) (1.3 ) (8.2 ) (5.9 ) (29.6 ) Ending balance — December 31, 2014 $ 11.5 $ 6.2 $ 6.1 $ 8.7 $ 32.5 |
STOCK COMPENSATION PLANS (Table
STOCK COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | A summary of our stock option grants vested or expected to vest as of December 31, 2015 is shown below: Shares Weighted-Average Exercise Price Aggregate Intrinsic Value Weighted-Average Remaining Contractual Term (Years) Expected to vest 490,902 $ 9.67 $ — 7.90 Exercisable 83,334 $ 13.83 $ — 5.88 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following assumptions were utilized to estimate the fair value for the stock options granted in 2015 : Grant Date Grant Date Market Price Average Expected Term (Years) Expected Volatility Risk-Free Interest Rate Dividend Yield Fair Value January 12, 2015 $ 7.70 6.47 75.3% 1.60% —% $ 5.23 |
Stock Incentive Plans Disclosure [Table Text Block] | Following is a summary of our performance share award agreements currently outstanding : Performance Performance Shares Granted Estimated Forfeitures Expected to Vest Grant Date Performance Period 2015 410,105 111,877 298,228 February 9, 2015 1/1/2015 - 12/31/2017 2015 464,470 96,149 368,321 January 12, 2015 1/1/2015 - 12/31/2017 2014 400,000 27,774 372,226 November 17, 2014 8/7/2014 - 12/31/2017 2014 199,450 32,653 166,797 July 29, 2014 1/1/2014 - 12/31/2016 2014 106,120 16,351 89,769 May 12, 2014 1/1/2014 - 12/31/2016 2014 230,265 142,017 88,248 February 10, 2014 1/1/2014 - 12/31/2016 |
Incentive Compensation and Other Benefit Plans for Employees and Directors [Table Text Block] | For the last three years, Equity Grant shares have been awarded to elected or re-elected nonemployee Directors as follows: Year of Grant Unrestricted Equity Grant Shares Restricted Equity Grant Shares Deferred Equity Grant Shares 2013 3,985 31,506 7,970 2014 — 73,635 — 2015 — 109,408 25,248 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The following table summarizes the share-based compensation expense that we recorded for continuing operations in 2015 , 2014 and 2013 : (In Millions, except per share amounts) 2015 2014 2013 Cost of goods sold and operating expenses $ 4.0 $ 5.6 $ 4.9 Selling, general and administrative expenses 9.9 15.9 14.2 Reduction of operating income (loss) from continuing operations before income taxes and equity loss from ventures 13.9 21.5 19.1 Income tax benefit (1) — (7.5 ) (6.7 ) Reduction of net income attributable to Cliffs shareholders $ 13.9 $ 14.0 $ 12.4 Reduction of earnings per share attributable to Cliffs shareholders: Basic $ 0.09 $ 0.09 $ 0.08 Diluted $ 0.09 $ 0.09 $ 0.07 (1) No income tax benefit for the year ended December 31, 2015, due to the full valuation allowance. |
Schedule Of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The following assumptions were utilized to estimate the fair value for the 2015 performance share grants: Grant Date Grant Date Market Price Average Expected Term (Years) Expected Volatility Risk-Free Interest Rate Dividend Yield Fair Value Fair Value (Percent of Grant Date Market Price) January 12, 2015 $ 7.70 2.97 58.3% 0.91% —% $ 11.56 150.13% February 9, 2015 $ 6.57 2.89 58.3% 0.87% —% $ 9.86 150.13% |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | estricted share awards and performance share activity under our long-term equity plans and Directors’ Plans are as follows: 2015 2014 2013 Shares Shares Shares Stock options: Outstanding at beginning of year 250,000 — — Granted during the year 412,710 250,000 — Vested — — — Forfeited/canceled (55,221 ) — — Outstanding at end of year 607,489 250,000 — Restricted awards: Outstanding and restricted at beginning of year 523,176 586,084 393,787 Granted during the year 2,482,415 531,030 396,844 Vested (477,157 ) (423,822 ) (118,973 ) Forfeited/canceled (190,364 ) (170,116 ) (85,574 ) Outstanding and restricted at end of year 2,338,070 523,176 586,084 Performance shares: Outstanding at beginning of year 1,072,376 1,040,453 772,484 Granted during the year (1) 874,575 1,233,685 806,271 Issued (2) (242,920 ) (796,624 ) (289,054 ) Forfeited/canceled (207,542 ) (405,138 ) (249,248 ) Outstanding at end of year 1,496,489 1,072,376 1,040,453 Vested or expected to vest as of December 31, 2015 3,934,901 Directors’ retainer and voluntary shares: Outstanding at beginning of year — 7,329 2,880 Granted during the year — 2,281 8,136 Forfeited/canceled — — (1,521 ) Vested — (9,610 ) (2,166 ) Outstanding at end of year — — 7,329 Reserved for future grants or awards at end of year: Employee plans 11,917,635 Directors’ plans 91,299 Total 12,008,934 (1) The shares granted in 2013 include 54,051 shares related to the 23% payout associated with the prior-year pool as actual payout exceeded target. (2) For the year ended December 31, 2015 , the shares vesting due to the change in control were paid out in cash, at target, and valued as of the respective participants' termination dates. For the year ended December 31, 2014 , the shares vesting on December 31, 2013 were valued as of February 10, 2014, and the shares vesting due to the change in a majority of our Board of Directors that triggered the acceleration of vesting and payout of outstanding equity grants under our equity plans on August 6, 2014 were paid out in cash, at target, and valued as of that date. For the year ended December 31, 2013 , the shares vested on December 31, 2012 were valued as of February 21, 2013. |
Employee Stock Awards Outstanding [Table Text Block] | A summary of our outstanding share-based awards as of December 31, 2015 is shown below: Shares Weighted Average Grant Date Fair Value Outstanding, beginning of year 1,845,552 $ 16.55 Granted 3,769,700 $ 6.78 Vested (720,077 ) $ 16.15 Forfeited/expired (453,127 ) $ 10.50 Outstanding, end of year 4,442,048 $ 8.93 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures includes the following components: (In Millions) 2015 2014 2013 United States $ 314.2 $ (447.5 ) $ 840.8 Foreign (1.1 ) 427.8 350.1 $ 313.1 $ (19.7 ) $ 1,190.9 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision (benefit) for income taxes on continuing operations consist of the following: (In Millions) 2015 2014 2013 Current provision (benefit): United States federal $ 8.2 $ (125.2 ) $ 110.4 United States state & local 0.3 (0.6 ) 4.0 Foreign 0.9 11.7 94.8 9.4 (114.1 ) 209.2 Deferred provision (benefit): United States federal 165.8 20.4 35.0 United States state & local — (24.9 ) 3.0 Foreign (5.9 ) 32.6 (9.6 ) 159.9 28.1 28.4 Total provision on income (loss) from continuing operations $ 169.3 $ (86.0 ) $ 237.6 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Reconciliation of our income tax attributable to continuing operations computed at the U.S. federal statutory rate is as follows: (In Millions) 2015 2014 2013 Tax at U.S. statutory rate of 35 percent $ 109.6 35.0 % $ (6.9 ) 35.0 % $ 416.8 35.0 % Increase (decrease) due to: Non-taxable income related to noncontrolling interests (3.0 ) (1.0 ) (9.4 ) 47.7 (5.4 ) (0.5 ) Impact of tax law change — — 13.0 (66.0 ) — — Percentage depletion in excess of cost depletion (34.9 ) (11.1 ) (87.9 ) 446.2 (97.6 ) (8.2 ) Impact of foreign operations (53.9 ) (17.2 ) 51.4 (260.9 ) (48.7 ) (4.1 ) Income not subject to tax — — (27.7 ) 140.6 (84.7 ) (7.1 ) Goodwill impairment — — 22.7 (115.2 ) — — State taxes, net 0.2 0.1 (25.4 ) 128.9 5.6 0.5 Settlement of financial guaranty — — (347.1 ) 1,761.9 — — Valuation allowance - current year (104.6 ) (33.4 ) 318.3 (1,615.7 ) 53.2 4.5 Valuation allowance on tax benefits - prior 165.8 52.9 15.2 (77.2 ) — — Tax uncertainties 84.1 26.9 — — 12.5 1.1 Prior year adjustment in current year 5.9 1.9 (6.3 ) 32.1 4.9 0.4 Other items — net 0.1 — 4.1 (20.9 ) (19.0 ) (1.6 ) Income tax (benefit) expense $ 169.3 54.1 % $ (86.0 ) 436.5 % $ 237.6 20.0 % |
Income Taxes Other Than Continuing Operations Disclosure Text Block [Table Text Block] | The components of income taxes for other than continuing operations consisted of the following: (In Millions) 2015 2014 2013 Other comprehensive (income) loss: Pension/OPEB liability $ — $ 37.1 $ 83.2 Mark-to-market adjustments 0.3 3.6 1.8 Other 5.9 0.2 (9.8 ) Total $ 6.2 $ 40.9 $ 75.2 Paid in capital — stock based compensation $ — $ (4.8 ) $ 3.5 Discontinued Operations $ (6.0 ) $ (1,216.0 ) $ (184.5 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of our deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows: (In Millions) 2015 2014 Deferred tax assets: Pensions $ 106.6 $ 99.5 Postretirement benefits other than pensions 36.5 50.4 Alternative minimum tax credit carryforwards 218.7 219.1 Investments in ventures 4.9 — Asset retirement obligations 5.3 29.4 Operating loss carryforwards 2,791.6 679.0 Product inventories 57.2 25.6 Property, plant and equipment and mineral rights 189.8 337.8 State and local 59.9 41.9 Lease liabilities 18.3 14.1 Other liabilities 148.9 95.6 Total deferred tax assets before valuation allowance 3,637.7 1,592.4 Deferred tax asset valuation allowance (3,372.5 ) (1,152.3 ) Net deferred tax assets 265.2 440.1 Deferred tax liabilities: Property, plant and equipment and mineral rights (35.5 ) — Investment in ventures (206.6 ) (198.0 ) Intangible assets (1.5 ) (7.3 ) Product inventories (2.5 ) (3.1 ) Other assets (19.1 ) (65.9 ) Total deferred tax liabilities (265.2 ) (274.3 ) Net deferred tax assets (liabilities) $ — $ 165.8 |
Deferred Tax Assets and Liabilities by Location [Table Text Block] | (In Millions) 2015 2014 Deferred tax assets: United States $ — $ 165.8 Foreign — 9.7 Total deferred tax assets — 175.5 Deferred tax liabilities: United States — — Foreign — 9.7 Total deferred tax liabilities — 9.7 Net deferred tax assets (liabilities) $ — $ 165.8 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (In Millions) 2015 2014 2013 Unrecognized tax benefits balance as of January 1 $ 72.6 $ 71.8 $ 53.5 Increases for tax positions in prior years 6.7 — 13.0 Increases for tax positions in current year 78.5 5.9 5.3 Increase due to foreign exchange — (0.2 ) — Settlements (1.1 ) — — Lapses in statutes of limitations (0.5 ) (3.7 ) — Other — (1.2 ) — Unrecognized tax benefits balance as of December 31 $ 156.2 $ 72.6 $ 71.8 |
LEASE OBLIGATIONS (Tables)
LEASE OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule Of Future Minimum Lease Payments For Capital Leases And Operating Leases | Future minimum payments under capital leases and non-cancellable operating leases at December 31, 2015 are as follows: (In Millions) Capital Leases Operating Leases 2016 $ 24.3 $ 8.4 2017 22.3 7.2 2018 18.0 6.5 2019 10.0 4.8 2020 9.0 4.9 2021 and thereafter 9.0 5.0 Total minimum lease payments $ 92.6 $ 36.8 Amounts representing interest 18.5 Present value of net minimum lease payments $ 74.1 (1) (1) The total is comprised of $17.9 million and $56.2 million classified as Other current liabilities and Other liabilities , respectively, in the Statements of Consolidated Financial Position at December 31, 2015 . |
ENVIRONMENTAL AND MINE CLOSUR43
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Environmental Remediation Obligations [Abstract] | |
Summary Of Mine Closure Obligations | The following is a summary of the obligations as of December 31, 2015 and 2014 : (In Millions) December 31, 2015 2014 Environmental $ 3.6 $ 5.5 Mine closure LTVSMC 24.1 22.9 Operating mines: U.S. Iron Ore 189.9 120.9 Asia Pacific Iron Ore 16.4 21.5 Total mine closure 230.4 165.3 Total environmental and mine closure obligations 234.0 170.8 Less current portion 2.8 5.2 Long-term environmental and mine closure obligations $ 231.2 $ 165.6 |
Asset Retirement Obligation Disclosure | The following represents a roll forward of our asset retirement obligation liability related to our active mining locations for the years ended December 31, 2015 and 2014 : (In Millions) December 31, 2015 2014 Asset retirement obligation at beginning of period $ 142.4 $ 177.6 Accretion expense 6.5 5.7 Exchange rate changes (1.1 ) (2.4 ) Revision in estimated cash flows 58.5 (38.5 ) Asset retirement obligation at end of period $ 206.3 $ 142.4 |
GOODWILL AND OTHER INTANGIBLE44
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Goodwill | The following table summarizes changes in the carrying amount of goodwill allocated by operating segment for the years ended December 31, 2015 and December 31, 2014 : (In Millions) December 31, 2015 December 31, 2014 U.S. Iron Ore Asia Pacific Total U.S. Iron Ore Asia Pacific Iron Ore Total Beginning Balance $ 2.0 $ — $ 2.0 $ 2.0 $ 72.5 $ 74.5 Impairment — — — — (73.5 ) (73.5 ) Impact of foreign currency translation — — — — 1.0 1.0 Ending Balance $ 2.0 $ — $ 2.0 $ 2.0 $ — $ 2.0 Accumulated goodwill impairment loss $ — $ (73.5 ) $ (73.5 ) $ — $ (73.5 ) $ (73.5 ) |
Schedule Of Finite-Lived Intangible Assets By Major Class | Following is a summary of intangible assets and liabilities as of December 31, 2015 and December 31, 2014 : (In Millions) December 31, 2015 December 31, 2014 Classification Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangible assets: Permits Other non-current assets $ 78.4 $ (20.2 ) $ 58.2 $ 79.2 $ (16.5 ) $ 62.7 Total intangible assets $ 78.4 $ (20.2 ) $ 58.2 $ 79.2 $ (16.5 ) $ 62.7 Below-market sales contracts Other current liabilities $ (23.1 ) $ — $ (23.1 ) $ (23.0 ) $ — $ (23.0 ) Below-market sales contracts Other liabilities (205.8 ) 205.8 — (205.9 ) 182.8 (23.1 ) Total below-market sales contracts $ (228.9 ) $ 205.8 $ (23.1 ) $ (228.9 ) $ 182.8 $ (46.1 ) |
Estimated Amortization Expense Relating To Intangible Assets | The estimated amortization expense relating to intangible assets for each of the five succeeding years is as follows: (In Millions) Amount Year Ending December 31 2016 3.8 2017 4.3 2018 4.1 2019 3.5 2020 2.5 Total $ 18.2 |
DERIVATIVE INSTRUMENTS AND HE45
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value | The following table presents the fair value of our derivative instruments and the classification of each in the Statements of Consolidated Financial Position as of December 31, 2015 and December 31, 2014 : (In Millions) Derivative Assets Derivative Liabilities December 31, 2015 December 31, 2014 December 31, 2015 December 31, 2014 Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments under ASC 815: Foreign Exchange Contracts — — — Other current liabilities 21.6 Total derivatives designated as hedging instruments under ASC 815 $ — $ — $ — $ 21.6 Derivatives not designated as hedging instruments under ASC 815: Foreign Exchange Contracts $ — $ — $ — Other current liabilities $ 9.9 Commodity Contracts — — Other current liabilities 0.6 — Customer Supply Agreements Other current assets 5.8 Other current assets 63.2 — — Provisional Pricing Arrangements Other current assets 2.0 — Other current liabilities 3.4 Other current liabilities 9.5 Total derivatives not designated as hedging instruments under ASC 815: $ 7.8 $ 63.2 $ 4.0 $ 19.4 Total derivatives $ 7.8 $ 63.2 $ 4.0 $ 41.0 |
Schedule Of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Income | The following summarizes the effect of our derivatives designated as cash flow hedging instruments, net of tax in Accumulated other comprehensive loss in the Statements of Consolidated Operations for the years ended December 31, 2015 , 2014 and 2013 : (In Millions) Derivatives in Cash Flow Amount of Gain (Loss) Recognized in OCI on Derivative Location of Gain (Loss) Reclassified from Accumulated OCI into Earnings Amount of Gain (Loss) Reclassified from Accumulated OCI into Earnings Hedging Relationships (Effective Portion) (Effective Portion) (Effective Portion) Year Ended Year Ended 2015 2014 2013 2015 2014 2013 Australian Dollar Foreign Exchange Contracts (hedge designation) $ (2.0 ) $ (13.9 ) $ (34.7 ) Product revenues $ (7.4 ) $ (13.2 ) $ (11.9 ) Australian Dollar Foreign (prior to de-designation) (4.5 ) — — Product revenues (11.3 ) — — Canadian Dollar Foreign Exchange Contracts (hedge designation) — — (12.9 ) Cost of goods sold and operating expenses — — (8.2 ) Canadian Dollar Foreign (prior to de-designation) — (14.3 ) (4.1 ) Cost of goods sold and operating expenses — (17.7 ) (1.9 ) Treasury Locks — — — Other non-operating income (expense) (0.1 ) (0.1 ) (0.1 ) Total $ (6.5 ) $ (28.2 ) $ (51.7 ) $ (18.8 ) $ (31.0 ) $ (22.1 ) |
Schedule Of Derivatives Not Designated As Hedging Instruments Statements Of Financial Performance Location Table | The following summarizes the effect of our derivatives that are not designated as hedging instruments in the Statements of Consolidated Operations for the years ended December 31, 2015 , 2014 and 2013 : (In Millions) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain/(Loss) Recognized in Income on Derivative Year Ended 2015 2014 2013 Foreign Exchange Contracts Other non-operating income (expense) (1) $ (3.6 ) $ (16.9 ) $ (0.6 ) Foreign Exchange Contracts Product revenues (12.6 ) — — Commodity Contracts Cost of goods sold and operating expenses (4.0 ) — — Customer Supply Agreements Product revenues 27.1 187.8 149.2 Provisional Pricing Arrangements Product revenues (1.4 ) (9.5 ) (7.5 ) Total $ 5.5 $ 161.4 $ 141.1 (1) At December 31, 2014 and 2013, the location of the Gain (Loss) Recognized in Income on Derivative for Foreign Exchange Contracts was Cost of goods sold and operating expenses . |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | ||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | (In Millions) Canadian Operations North American Coal Eastern Canadian Iron Ore Other Total Canadian Operations Total of Discontinued Operations Statements of Consolidated Operations Loss from Discontinued Operations, net of tax YTD $ (152.4 ) $ (638.7 ) $ (101.0 ) $ (739.7 ) $ (892.1 ) Loss from Discontinued Operations, net of tax YTD $ (1,134.5 ) $ (6,952.9 ) $ (280.6 ) $ (7,233.5 ) $ (8,368.0 ) Loss from Discontinued Operations, net of tax (1) YTD $ (9.3 ) $ (370.4 ) $ (139.4 ) $ (509.8 ) $ (519.1 ) Statements of Consolidated Financial Position Short-term assets of discontinued operations As of $ 14.9 $ — $ — $ — $ 14.9 Long-term assets of discontinued operations As of $ — $ — $ — $ — $ — Short-term liabilities of discontinued operations As of $ 6.9 $ — $ — $ — $ 6.9 Long-term liabilities of discontinued operations As of $ — $ — $ — $ — $ — Short-term assets of discontinued operations As of $ 140.1 $ 183.5 $ 3.3 $ 186.8 $ 326.9 Long-term assets of discontinued operations As of $ 113.3 $ 256.0 $ 13.7 $ 269.7 $ 383.0 Short-term liabilities of discontinued operations As of $ 80.1 $ 316.3 $ 3.0 $ 319.3 $ 399.4 Long-term liabilities of discontinued operations As of $ 117.3 $ 304.6 $ 5.6 $ 310.2 $ 427.5 Non-Cash Operating and Investing Activities Depreciation, depletion and amortization: YTD $ 3.2 $ — $ — $ — $ 3.2 Purchase of property, plant and equipment YTD $ 15.9 $ — $ — $ — $ 15.9 Impairment of goodwill and other long-lived assets YTD $ 73.4 $ — $ — $ — $ 73.4 Depreciation, depletion and amortization: YTD $ 106.9 $ 135.6 $ 0.5 $ 136.1 $ 243.0 Purchase of property, plant and equipment YTD $ 29.9 $ 190.3 $ — $ 190.3 $ 220.2 Impairment of goodwill and other long-lived assets YTD $ 857.5 $ 7,269.2 $ 267.6 $ 7,536.8 $ 8,394.3 Depreciation, depletion and amortization: YTD $ 128.9 $ 178.6 $ 1.0 $ 179.6 $ 308.5 Purchase of property, plant and equipment YTD $ 64.1 $ 718.3 $ 1.0 $ 719.3 $ 783.4 Impairment of goodwill and other long-lived assets YTD $ — $ 154.6 $ 81.8 $ 236.4 $ 236.4 (1) Loss from Discontinued Operations, net of tax during the year end December 31, 2013 also includes an additional income tax benefit of $2.0 million resulting from the actual tax gain from the Sale of Sonoma as included in the 2012 tax return, which was filed during the year ended December 31, 2013. During the fourth quarter of 2012, we sold our 45 percent economic interest in Sonoma. The Sonoma operations previously were included in Other within our reportable segments. | |
North American Coal [Member] | ||
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | ||
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Table Text Block] | Recorded Assets and Liabilities (In Millions) Assets and Liabilities of Discontinued Operations (1) December 31, December 31, Accounts receivable, net $ — $ 44.8 Inventories — 50.3 Supplies and other inventories — 28.2 Other current assets 14.9 16.8 Property, plant and equipment, net — 94.7 Other non-current assets — 18.6 Total assets of discontinued operations $ 14.9 $ 253.4 Accounts payable $ — $ 22.4 Accrued liabilities — 27.9 Other current liabilities 6.9 29.8 Pension and postemployment benefit liabilities — 47.1 Environmental and mine closure obligations — 33.9 Other liabilities — 36.3 Total liabilities of discontinued operations $ 6.9 $ 197.4 (1) At December 31, 2015, we also recorded $7.8 million of contingent liabilities associated with our exit from the coal business. These contingent liabilities are recorded on our parent company. | |
Schedule of Disposal Groups, including Discontinued Operations, Income Statement [Table Text Block] | Loss on Discontinued Operations Our planned sale of the Oak Grove and Pinnacle mine assets represented a strategic shift in our business. For that reason, our previously reported North American Coal operating segment results for all periods, prior to the March 31, 2015 held for sale determination, are classified as discontinued operations. On December 22, 2015, we completed the sale of the Oak Grove and Pinnacle mines, which marked our exit from the coal business. Historic results also include our CLCC assets, which were sold during the fourth quarter of 2014. (In Millions) Twelve Months Ended Loss from Discontinued Operations 2015 2014 2013 Revenues from product sales and services $ 392.9 $ 687.1 $ 821.9 Cost of goods sold and operating expenses (449.2 ) (822.9 ) (836.4 ) Sales margin (56.3 ) (135.8 ) (14.5 ) Other operating (expense)/income (30.4 ) (20.8 ) 13.8 Gain (loss) on sale of coal mines 9.3 (419.6 ) — Other expense (1.8 ) (3.0 ) (2.4 ) Loss from discontinued operations before income taxes (79.2 ) (579.2 ) (3.1 ) Impairment of long-lived assets (73.4 ) (857.5 ) — Income tax benefit (expense) 0.2 302.2 (6.2 ) Loss from discontinued operations, net of tax $ (152.4 ) $ (1,134.5 ) $ (9.3 ) | |
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Table Text Block] | Items Measured at Fair Value on a Non-Recurring Basis The following table presents information about the impairment charge on non-financial assets that was measured on a fair value basis at March 31, 2015 for the North American Coal operations. There were no financial and non-financial assets and liabilities that were measured on a non-recurring fair value basis at December 31, 2015 for the North American Coal operations. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value. (In Millions) March 31, 2015 Description Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Total Losses Assets: Other long-lived assets - Property, plant and equipment and Mineral rights: North American Coal operating unit $ — $ — $ 20.4 $ 20.4 $ 73.4 $ — $ — $ 20.4 $ 20.4 $ 73.4 | |
Canadian Entities [Member] | ||
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | ||
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Table Text Block] | Recorded Assets and Liabilities (In Millions) Assets and Liabilities of Discontinued Operations December 31, 2014 Cash and cash equivalents $ 19.7 Accounts receivable, net 37.9 Inventories 16.3 Supplies and other inventories 48.5 Income tax receivable 20.1 Other current assets 44.3 Property, plant and equipment, net 249.8 Other non-current assets 19.9 Total Assets $ 456.5 Accounts payable $ 83.6 Accrued expenses 200.0 Other current liabilities 35.7 Pension and postemployment benefit liabilities 79.8 Environmental and mine closure obligations 56.5 Other liabilities 173.9 Total Liabilities $ 629.5 | |
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Table Text Block] | Items Measured at Fair Value on a Non-Recurring Basis The following table presents information about the financial assets and liabilities that were measured on a fair value basis at December 31, 2015 for the Canadian Operations. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value. (In Millions) December 31, 2015 Description Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Total Losses Assets: Loans to and accounts receivables from the Canadian Entities $ — $ — $ 72.9 $ 72.9 $ 507.8 Liabilities: Guarantees and contingent liabilities $ — $ — $ 132.4 $ 132.4 $ 203.1 | |
PreTax Exit Costs [Table Text Block] | Canadian Entities loss from deconsolidation totaled $710.9 million for the twelve months ended December 31, 2015 and included the following: (In Millions) Twelve Months Ended December 31, 2015 Investment impairment on deconsolidation (1) $ (507.8 ) Guarantees and contingent liabilities (203.1 ) Total loss from deconsolidation $ (710.9 ) (1) Includes the adjustment to fair value of our remaining interest in the Canadian Entities. |
ACCUMULATED OTHER COMPREHENSI47
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Accumulate Other Comprehensive Income (Loss) and Related Tax Effects [Table Text Block] | The components of Accumulated other comprehensive loss within Cliffs shareholders’ deficit and related tax effects allocated to each are shown below as of December 31, 2015 , 2014 and 2013: (In Millions) Pre-tax Amount Tax Benefit (Provision) After-tax Amount 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 ) As of December 31, 2014: Postretirement benefit liability $ (425.3 ) $ 134.2 $ (291.1 ) Foreign currency translation adjustments 64.4 — 64.4 Unrealized net loss on derivative financial instruments (25.9 ) 7.8 (18.1 ) Unrealized gain on securities (1.3 ) 0.3 (1.0 ) $ (388.1 ) $ 142.3 $ (245.8 ) As of December 31, 2015: Postretirement benefit liability $ (364.8 ) $ 123.4 $ (241.4 ) Foreign currency translation adjustments 220.7 — 220.7 Unrealized net gain on derivative financial instruments 2.2 0.4 2.6 Unrealized gain on securities 0.1 — 0.1 $ (141.8 ) $ 123.8 $ (18.0 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following tables reflect the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for December 31, 2015 , 2014 and 2013: (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, 2014 $ (291.1 ) $ (1.0 ) $ 64.4 $ (18.1 ) $ (245.8 ) Other comprehensive income (loss) before reclassifications 9.1 5.4 (26.4 ) 1.9 (10.0 ) Net loss (gain) reclassified from accumulated other comprehensive income (loss) 40.6 (4.3 ) 182.7 18.8 237.8 Balance December 31, 2015 $ (241.4 ) $ 0.1 $ 220.7 $ 2.6 $ (18.0 ) (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, 2013 $ (204.9 ) $ 6.2 $ 106.7 $ (20.9 ) $ (112.9 ) Other comprehensive income (loss) before reclassifications (97.0 ) 1.3 (42.3 ) (28.2 ) (166.2 ) Net loss (gain) reclassified from accumulated other comprehensive income (loss) 10.8 (8.5 ) — 31.0 33.3 Balance December 31, 2014 $ (291.1 ) $ (1.0 ) $ 64.4 $ (18.1 ) $ (245.8 ) (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 151.3 (0.9 ) (209.6 ) (51.7 ) (110.9 ) Net loss (gain) reclassified from accumulated other comprehensive income (loss) 26.5 5.0 — 22.1 53.6 Balance December 31, 2013 $ (204.9 ) $ 6.2 $ 106.7 $ (20.9 ) $ (112.9 ) |
Details of Accumulated Other Comprehensive Income (Loss) Components [Table Text Block] | he following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ equity for the year ended December 31, 2015 : (In Millions) Details about Accumulated Other Comprehensive Income (Loss) Components Amount of (Gain)/Loss Reclassified into Income Affected Line Item in the Statement of Consolidated Operations Year Ended Year Ended Year Ended December 31, 2013 Amortization of Pension and Postretirement Benefit Liability: Prior service costs (1) $ (1.4 ) $ (1.1 ) $ (0.8 ) Net actuarial loss (1) 27.4 18.5 37.2 Curtailments/Settlements (1) 0.2 1.4 — Effect of deconsolidation (2) 15.1 — — Loss from Discontinued Operations, net of tax 41.3 18.8 36.4 Total before taxes (0.7 ) (5.8 ) (14.3 ) Income tax benefit (expense) $ 40.6 $ 13.0 $ 22.1 Net of taxes Unrealized gain (loss) on marketable securities: Sale of marketable securities $ (2.6 ) $ (11.4 ) $ (0.2 ) Other non-operating income (expense) Impairment (2.0 ) (0.5 ) 5.3 Other non-operating income (expense) (4.6 ) (11.9 ) 5.1 Total before taxes 0.3 3.4 (0.1 ) Income tax benefit (expense) $ (4.3 ) $ (8.5 ) $ 5.0 Net of taxes Unrealized gain (loss) on foreign currency translation: Effect of deconsolidation (3) $ 182.7 $ — $ — Loss from Discontinued Operations, net of tax — — — Income tax benefit (expense) $ 182.7 $ — $ — Net of taxes Unrealized gain (loss) on derivative financial instruments: Australian dollar foreign exchange contracts $ 26.9 $ 18.9 $ 17.0 Product revenues Canadian dollar foreign exchange contracts — 26.7 15.3 Cost of goods sold and operating expenses 26.9 45.6 32.3 Total before taxes (8.1 ) (14.6 ) (10.2 ) Income tax benefit (expense) $ 18.8 $ 31.0 $ 22.1 Net of taxes Total Reclassifications for the Period $ 237.8 $ 35.5 $ 49.2 (1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information. (2) Represents Canadian postretirement benefit liabilities that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information. (3) Represents Canadian accumulated currency translation adjustments that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information. |
CASH FLOW INFORMATION (Tables)
CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Disclosures | Cash payments for interest and income taxes in 2015 , 2014 and 2013 are as follows: (In Millions) 2015 2014 2013 Taxes paid on income (1) $ 5.0 $ 47.3 $ 153.3 Income tax refunds (2) 211.4 54.7 49.4 Interest paid on debt obligations (3) 185.6 176.5 174.4 (1) Includes taxes paid on income that relate to the deconsolidated Canadian Entities for the years ended December 31, 2013 of $3.7 million . (2) Includes income tax refunds that relate to the deconsolidated Canadian Entities for the years ended December 31, 2014 and 2013 of $47.8 million and $20.8 million , respectively. (3) Includes interest paid on the corporate guarantees of the equipment loans that relate to discontinued operations for the years ended December 31, 2015, 2014 and 2013 of $4.8 million , $6.1 million and $1.0 million , respectively. A reconciliation of capital additions to cash paid for capital expenditures for the years ended December 31, 2015 , 2014 and 2013 is as follows: (In Millions) Year Ended December 31, 2015 2014 2013 Capital additions (1) $ 96.7 $ 235.5 $ 752.3 Cash paid for capital expenditures 80.8 284.1 861.6 Difference $ 15.9 $ (48.6 ) $ (109.3 ) Changes in non-cash accruals $ 14.4 $ (58.5 ) $ (109.3 ) Capital leases 1.5 9.9 — Total $ 15.9 $ (48.6 ) $ (109.3 ) |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Summary Of Other Ownership Interests | The following is a summary of the mine ownership of these iron ore mines at December 31, 2015 : Mine Cliffs Natural Resources ArcelorMittal U.S. Steel Empire 79.0 % 21.0 % — Tilden 85.0 % — 15.0 % Hibbing 23.0 % 62.3 % 14.7 % |
Summary Of Related Party Transactions Table Disclosure | Product revenues from related parties were as follows: (In Millions) Year Ended December 31, 2015 2014 2013 Product revenues from related parties $ 671.1 $ 1,011.4 $ 1,038.8 Total product revenues 1,832.4 3,095.2 3,631.8 Related party product revenue as a percent of total product revenue 36.6 % 32.7 % 28.6 % |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table summarizes the computation of basic and diluted earnings per share attributable to Cliffs shareholders: (In Millions, Except Per Share Amounts) Year Ended December 31, 2015 2014 2013 Income from Continuing Operations $ 143.7 $ 56.4 $ 878.9 Income from Continuing Operations Attributable to (8.6 ) (25.9 ) (14.8 ) Net Income from Continuing Operations $ 135.1 $ 30.5 $ 864.1 Loss from Discontinued Operations, net of tax (884.4 ) (7,254.7 ) (450.6 ) NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (749.3 ) $ (7,224.2 ) $ 413.5 PREFERRED STOCK DIVIDENDS (38.4 ) (51.2 ) (48.7 ) NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS $ (787.7 ) $ (7,275.4 ) $ 364.8 Weighted Average Number of Shares: Basic 153.2 153.1 151.7 Depositary Shares — — 22.1 Employee Stock Plans 0.4 — 0.5 Diluted 153.6 153.1 174.3 Earnings (loss) per Common Share Attributable to Continuing operations $ 0.63 $ (0.14 ) $ 5.37 Discontinued operations (5.77 ) (47.38 ) (2.97 ) $ (5.14 ) $ (47.52 ) $ 2.40 Earnings (loss) per Common Share Attributable to Continuing operations $ 0.63 $ (0.14 ) $ 4.95 Discontinued operations (5.76 ) (47.38 ) (2.58 ) $ (5.13 ) $ (47.52 ) $ 2.37 The diluted earnings per share calculation excludes 25.3 million and 25.2 million depositary shares that were anti-dilutive for the years ended December 31, 2015 and 2014, respectively. Additionally, the year ended December 31, 2014 diluted earnings per share calculation also excludes 0.7 million of equity plan awards. There was no anti-dilution for the year ended December 31, 2013. |
QUARTERLY RESULTS OF OPERATIO51
QUARTERLY RESULTS OF OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | 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 1.9 (5.0 ) 4.6 (2.4 ) (8.6 ) Net Income (Loss) from Continuing Operations 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 0.4 (3.6 ) (2.5 ) (3.4 ) (25.9 ) Net Income (Loss) from Continuing Operations $ 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 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. |
BASIS OF PRESENTATION AND SIG52
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) T in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)FacilityT | Dec. 31, 2014USD ($)T | Dec. 31, 2013USD ($)shares | Jul. 10, 2012 | |
Related Party Transaction [Line Items] | ||||
Deferred Tax Assets, Gross, Current | $ 23,700,000 | |||
Tangible Asset Impairment Charges | 537,800,000 | |||
Inventory Valuation Reserves | $ 31,800,000 | 16,000,000 | ||
Trading Day Window Determining Number of Common Shares Issuable on Conversion | 20 | |||
Depositary Share Interest in a Share of 7% Series A Mandatory Convertible Preferred Stock, Class A | 0.025 | |||
Current Fiscal Year End Date | --12-31 | |||
Goodwill | $ 2,000,000 | 2,000,000 | $ 74,500,000 | |
Freight and venture partners' cost reimbursements | 180,900,000 | 278,000,000 | 259,000,000 | |
Allowance for Doubtful Accounts Receivable | 7,100,000 | 0 | ||
Provision for Doubtful Accounts | $ 7,100,000 | 0 | ||
Derivative, Policy, Percentage of Amount Permitted to be Hedged | 75.00% | |||
Derivative, Policy, Minimum Percentage of Amount Permitted to be Hedged for Derivatives with Periods of up to Twelve Months | 40.00% | |||
Derivative, Policy, Minimum Percentage of Amount Permitted to be Hedged for Derivatives with Periods of up to Fifteen Months | 10.00% | |||
Discontinued Operation, Tax Effect of Discontinued Operation | $ (6,000,000) | (1,216,000,000) | (184,500,000) | |
Asset Impairment Charges | 3,300,000 | 635,500,000 | 14,300,000 | |
Goodwill, Impairment Loss | 0 | 73,500,000 | ||
Impairment of Intangible Assets (Excluding Goodwill) | 13,800,000 | |||
Deferred Tax Liabilities, Gross, Current | 4,000,000 | |||
Unamortized Debt Issuance Expense | $ 29,100,000 | 16,800,000 | ||
Amapa [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity Method Investment, Other than Temporary Impairment | 67,600,000 | |||
U.S. Iron Ore [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number Of Mines | Facility | 5 | |||
Goodwill | $ 2,000,000 | 2,000,000 | 2,000,000 | |
Freight and venture partners' cost reimbursements | $ 157,300,000 | $ 271,000,000 | 259,500,000 | |
Quantity Of Finished Goods | T | 1.3 | 1.4 | ||
Goodwill, Impairment Loss | $ 0 | $ 0 | ||
Asia Pacific [Member] | ||||
Related Party Transaction [Line Items] | ||||
Freight and venture partners' cost reimbursements | $ 23,600,000 | 6,900,000 | ||
Asia Pacific Iron Ore [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number Of Mines | Facility | 1 | |||
Goodwill | $ 0 | 0 | $ 72,500,000 | |
Goodwill, Impairment Loss | $ 0 | 73,500,000 | ||
Sonoma [Member] | Asia Pacific Coal [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership Interest | 45.00% | |||
Empire [Member] | ||||
Related Party Transaction [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 79.00% | |||
Bloom Lake [Member] | ||||
Related Party Transaction [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 82.80% | |||
Investments in Ventures [Member] | Amapa [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership interest, equity method investment | 30.00% | |||
Low Volatile Metallurgical Coal Mines [Member] | North American Coal [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number Of Mines | Facility | 2 | |||
Take or Pay Contracts [Member] | ||||
Related Party Transaction [Line Items] | ||||
Deferred Revenue | 29,300,000 | |||
Customer Supplemental Payments [Member] | U.S. Iron Ore [Member] | ||||
Related Party Transaction [Line Items] | ||||
Deferred Revenue | $ 89,900,000 | 102,800,000 | ||
Deferred Revenue, Current | 12,800,000 | 12,800,000 | ||
Deferred Revenue, Noncurrent | $ 77,100,000 | 90,000,000 | ||
Wisco [Member] | ||||
Related Party Transaction [Line Items] | ||||
Increase in Subsidiary or Equity Method Investee Percentage Ownership Acquired | 7.80% | |||
Units Issued by CQIM to Bloom Lake for Acquisition of Noncontrolling Interest | shares | 457,556 | |||
Subsidiary Or Equity Method Investee Percentage Ownership Acquired | 17.152% | |||
Increase/Decrease in Equity for WISCO/Bloom Lake through Acquisition of Noncontrolling Interest | $ 314,800,000 | |||
Bloom Lake [Member] | ||||
Related Party Transaction [Line Items] | ||||
Increase to Cliffs' Shareholders Equity through Acquisition of Noncontrolling Interest | 314,800,000 | |||
Minimum [Member] | Other Machinery and Equipment [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Minimum [Member] | Electric Power Facilities [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Minimum [Member] | Land Improvements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
Minimum [Member] | Equipment [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Maximum [Member] | Other Machinery and Equipment [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 45 years | |||
Maximum [Member] | Electric Power Facilities [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 45 years | |||
Maximum [Member] | Land Improvements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 45 years | |||
Maximum [Member] | Equipment [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
Short-term intercompany loan [Member] | ||||
Related Party Transaction [Line Items] | ||||
Foreign Currency Transaction Gain (Loss), before Tax | $ 11,500,000 | 19,700,000 | 33,000,000 | |
Transaction Gains and Losses Resulting from Remeasurement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Foreign Currency Transaction Gain (Loss), before Tax | 16,300,000 | 29,000,000 | 53,200,000 | |
Cash and Cash Equivalents [Member] | ||||
Related Party Transaction [Line Items] | ||||
Foreign Currency Transaction Gain (Loss), before Tax | $ 1,500,000 | $ 10,600,000 | $ 20,400,000 |
BASIS OF PRESENTATION AND SIG53
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Subsidiaries) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
Northshore [Member] | ||
Related Party Transaction [Line Items] | ||
Entity Address, State or Province | Minnesota | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
Segment Reporting Information, Description of Products and Services | Iron Ore | |
United Taconite [Member] | ||
Related Party Transaction [Line Items] | ||
Entity Address, State or Province | Minnesota | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
Segment Reporting Information, Description of Products and Services | Iron Ore | |
Bloom Lake [Member] | ||
Related Party Transaction [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 82.80% | |
Tilden [Member] | ||
Related Party Transaction [Line Items] | ||
Entity Address, State or Province | Michigan | |
Noncontrolling Interest, Ownership Percentage by Parent | 85.00% | |
Segment Reporting Information, Description of Products and Services | Iron Ore | |
Empire [Member] | ||
Related Party Transaction [Line Items] | ||
Entity Address, State or Province | Michigan | |
Noncontrolling Interest, Ownership Percentage by Parent | 79.00% | |
Segment Reporting Information, Description of Products and Services | Iron Ore | |
Koolyanobbing [Member] | ||
Related Party Transaction [Line Items] | ||
Entity Address, State or Province | Western Australia | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
Segment Reporting Information, Description of Products and Services | Iron Ore |
BASIS OF PRESENTATION AND SIG54
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Investments In Unconsolidated Ventures) (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015USD ($)Facility | Dec. 31, 2014USD ($) | Dec. 31, 2013 | |||
Schedule of Equity Method Investments [Line Items] | |||||
Investment | $ (2.4) | $ 4.1 | |||
Asia Pacific Iron Ore [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number Of Mines | Facility | 1 | ||||
Investments in Ventures [Member] | Amapa [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest, equity method investment | 30.00% | ||||
Investments in Ventures [Member] | Hibbing [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership interest, equity method investment | [1] | 23.00% | |||
Other Noncurrent Liabilities [Member] | Hibbing [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment | $ (2.4) | ||||
Other Noncurrent Assets [Member] | Hibbing [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment | 3.1 | ||||
Other Noncurrent Assets [Member] | Other Equity Investees [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment | $ 0 | [2] | $ 1 | ||
[1] | At December 31, 2014, the classification for Hibbing was Other non-current assets. | ||||
[2] | At December 31, 2015, no Other equity method investments remain. |
BASIS OF PRESENTATION AND SIG55
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule of Intangible Asset Lives) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
All Other Segments [Member] | Permits [Member] | Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 28 years | |
Amapa [Member] | Investments in Ventures [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Ownership interest, equity method investment | 30.00% |
BASIS OF PRESENTATION AND SIG56
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Depreciation Methods and Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 45 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Other Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Other Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 45 years |
Electric Power Facilities [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Electric Power Facilities [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 45 years |
Land Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Land Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 45 years |
Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
BASIS OF PRESENTATION AND SIG57
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Revenue Reimbursement) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Freight and venture partners' cost reimbursements | $ 180.9 | $ 278 | $ 259 |
U.S. Iron Ore [Member] | |||
Freight and venture partners' cost reimbursements | 157.3 | 271 | 259.5 |
U.S. Iron Ore [Member] | Freight Revenue [Member] | |||
Freight and venture partners' cost reimbursements | 105.3 | 163 | 177.3 |
U.S. Iron Ore [Member] | Co-venturer [Member] | |||
Freight and venture partners' cost reimbursements | $ 52 | $ 108 | $ 82.2 |
SEGMENT REPORTING (Narrative) (
SEGMENT REPORTING (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)customerFacility | Dec. 31, 2014USD ($)customer | Dec. 31, 2013USD ($)customer | |
Segment Reporting Information [Line Items] | |||||||||||
Asset Impairment Charges | $ 3.3 | $ 635.5 | $ 14.3 | ||||||||
Revenues | $ 476 | $ 593.2 | $ 498.1 | $ 446 | $ 1,030.3 | $ 979.7 | $ 747.7 | $ 615.5 | $ 2,013.3 | 3,373.2 | 3,890.8 |
U.S. Iron Ore [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number Of Mines | Facility | 5 | ||||||||||
Revenues | $ 1,525.4 | 2,506.5 | 2,667.9 | ||||||||
Asia Pacific Iron Ore [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number Of Mines | Facility | 1 | ||||||||||
Revenues | $ 487.9 | $ 866.7 | $ 1,224.3 | ||||||||
North American Coal [Member] | Low Volatile Metallurgical Coal Mines [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number Of Mines | Facility | 2 | ||||||||||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Customers | customer | 3 | 1,000,000 | 1,000,000 | ||||||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | ||||||||
Revenues | $ 1,300 | $ 1,900 | $ 1,900 |
SEGMENT REPORTING (Schedule Of
SEGMENT REPORTING (Schedule Of Segment Reporting Information, By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Gain on extinguishment of debt | $ 392.9 | $ 16.2 | $ 0 | |||||||||
Net income (loss) | (748.4) | (8,311.6) | 361.8 | |||||||||
Interest Income (Expense), net, including Discontinued Operations | (231.4) | (185.2) | (179.1) | |||||||||
Revenues from product sales and services | $ 476 | $ 593.2 | $ 498.1 | $ 446 | $ 1,030.3 | $ 979.7 | $ 747.7 | $ 615.5 | $ 2,013.3 | $ 3,373.2 | $ 3,890.8 | |
Revenues from producet sales and services, percent | 100.00% | 100.00% | 100.00% | |||||||||
SALES MARGIN | $ 43.3 | $ 55.1 | $ 57.3 | $ 80.8 | 256 | $ 256.2 | $ 183.5 | $ 190 | $ 236.5 | $ 885.7 | $ 1,484.4 | |
Other operating expense | (85.2) | (755.6) | (104.1) | |||||||||
Other expense | 161.8 | (149.8) | (189.4) | |||||||||
Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures | 313.1 | (19.7) | 1,190.9 | |||||||||
Depreciation, depletion and amortization | (134) | (504) | (593.3) | |||||||||
Depreciation, Depletion and Amortization excluding Depreciation, Amortization and Depletion expense for Discontinued Operations | 130.8 | 261 | 284.8 | |||||||||
Capital Additions | 72.2 | 65.5 | 70.8 | |||||||||
Income Tax Expense (Benefit), including Discontinued Operations | (163.3) | 1,302 | (55.1) | |||||||||
EBITDA | (219.7) | (8,924.4) | 1,189.3 | |||||||||
Loss (gain) on sale of North American Coal mines | $ 419.6 | 155 | ||||||||||
Adjusted EBITDA | 292.9 | 1,048.3 | 1,565.4 | |||||||||
U.S. Iron Ore [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from product sales and services | $ 1,525.4 | $ 2,506.5 | $ 2,667.9 | |||||||||
Revenues from producet sales and services, percent | 76.00% | 74.00% | 69.00% | |||||||||
SALES MARGIN | $ 227.1 | $ 710.4 | $ 901.9 | |||||||||
Depreciation, depletion and amortization | (98.9) | (107.4) | (120.3) | |||||||||
Capital Additions | [1] | 58.2 | 48.4 | 53.3 | ||||||||
EBITDA | 317.6 | 805.6 | 1,000.1 | |||||||||
Adjusted EBITDA | 352.1 | 833.5 | 1,031.8 | |||||||||
Asia Pacific Iron Ore [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from product sales and services | $ 487.9 | $ 866.7 | $ 1,224.3 | |||||||||
Revenues from producet sales and services, percent | 24.00% | 26.00% | 31.00% | |||||||||
SALES MARGIN | $ 9.4 | $ 121.7 | $ 367.1 | |||||||||
Depreciation, depletion and amortization | (25.3) | (145.9) | (153.7) | |||||||||
Capital Additions | [1] | 5.4 | 10.8 | 13 | ||||||||
EBITDA | 35.3 | (352.9) | 543 | |||||||||
Adjusted EBITDA | 32.7 | 252.9 | 513.1 | |||||||||
Discontinued Operations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Eliminations with Discontinued Operations | 0 | 53.6 | 217.3 | |||||||||
All Other Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues from product sales and services | $ 0 | $ 0 | $ (1.4) | |||||||||
Revenues from producet sales and services, percent | 0.00% | 0.00% | 0.00% | |||||||||
SALES MARGIN | $ 0 | $ 0 | $ (1.9) | |||||||||
Depreciation, depletion and amortization | (6.6) | (7.7) | (10.8) | |||||||||
Capital Additions | [1] | 8.6 | 6.3 | 4.5 | ||||||||
Other Segment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
EBITDA | (572.6) | (9,377.1) | (353.8) | |||||||||
Adjusted EBITDA | (91.9) | (38.1) | 20.5 | |||||||||
EBITDA Calculation [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation, depletion and amortization | (134) | (504) | (593.3) | |||||||||
Amapa [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Equity Method Investment, Other than Temporary Impairment | 67.6 | |||||||||||
Adjusted EBITDA Calculation [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Impact of Discontinued Operations | (892) | (9,332.5) | (398.4) | |||||||||
Severance Costs | (10.2) | (23.3) | (16.6) | |||||||||
Foreign Exchange Remeasurement | 16.3 | 29 | 53.2 | |||||||||
Proxy contest and change in control costs in SG&A | 0 | (26.6) | 0 | |||||||||
Inventory Write-down | $ (16.3) | $ 0 | $ 0 | |||||||||
[1] | 1) Includes capital lease additions and non-cash accruals. Refer to NOTE 17 - CASH FLOW INFORMATION. |
SEGMENT REPORTING Segment Repor
SEGMENT REPORTING Segment Reporting (Summary of Assets by Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Assets | $ 2,135.5 | $ 3,147.2 | $ 13,102.9 |
U.S. Iron Ore [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,476.4 | 1,464.9 | 1,537.9 |
Asia Pacific Iron Ore [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 202.5 | 306.2 | 1,176.8 |
Total Segment Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,678.9 | 1,771.1 | 2,714.7 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 441.7 | 666.2 | 204.2 |
Discontinued Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Disposal Group, Including Discontinued Operation, Assets | $ 14.9 | $ 709.9 | $ 10,184 |
SEGMENT REPORTING SEGMENTS REPO
SEGMENT REPORTING SEGMENTS REPORTING (Revenue by Geographical Location) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 476 | $ 593.2 | $ 498.1 | $ 446 | $ 1,030.3 | $ 979.7 | $ 747.7 | $ 615.5 | $ 2,013.3 | $ 3,373.2 | $ 3,890.8 |
PROPERTY, PLANT AND EQUIPMENT, NET | 1,059 | 1,070.5 | 1,059 | 1,070.5 | 1,870.8 | ||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,206.4 | 1,923.2 | 1,543.9 | ||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | 1,012.7 | 998.1 | 1,012.7 | 998.1 | 1,120.6 | ||||||
AUSTRALIA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | $ 46.3 | $ 72.4 | 46.3 | 72.4 | 750.2 | ||||||
China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 370.8 | 662.7 | 1,165.3 | ||||||||
Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 282.4 | 430.5 | 758.5 | ||||||||
Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 153.7 | $ 356.8 | $ 423.1 |
SEGMENT REPORTING SEGMENT REP62
SEGMENT REPORTING SEGMENT REPORTING (Revenue from External Customers by Products and Services) (Details) - Sales Revenue, Net [Member] - Product Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue from External Customer [Line Items] | |||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% |
Iron Ore Revenue [Member] | |||
Revenue from External Customer [Line Items] | |||
Concentration Risk, Percentage | 91.00% | 92.00% | 93.00% |
Freight and Venture Partners' Cost Reimbursements [Member] | |||
Revenue from External Customer [Line Items] | |||
Concentration Risk, Percentage | 9.00% | 8.00% | 7.00% |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Asia Pacific Iron Ore [Member] | ||
Inventory [Line Items] | ||
Other Inventory, Noncurrent | $ 6.8 | $ 0 |
U.S. Iron Ore [Member] | ||
Inventory [Line Items] | ||
Inventory, LIFO Reserve | 87.8 | 119 |
Increase in Inventories due to build up of LIFO layers | $ 118.8 | $ 44.8 |
INVENTORIES (Schedule Of Invent
INVENTORIES (Schedule Of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory, Net [Abstract] | ||
Finished Goods | $ 273.1 | $ 158.5 |
Work-in Process | 56.5 | 101.6 |
Total Inventory | 329.6 | 260.1 |
U.S. Iron Ore [Member] | ||
Inventory, Net [Abstract] | ||
Finished Goods | 252.3 | 132.1 |
Work-in Process | 11.7 | 13.5 |
Total Inventory | 264 | 145.6 |
Asia Pacific Iron Ore [Member] | ||
Inventory, Net [Abstract] | ||
Finished Goods | 20.8 | 26.4 |
Work-in Process | 44.8 | 88.1 |
Total Inventory | $ 65.6 | $ 114.5 |
PROPERTY, PLANT AND EQUIPMENT65
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depletion | $ 7.4 | $ 79.6 | $ 84.9 |
Depreciation | $ 119.2 | 173 | $ 191.5 |
Tangible Asset Impairment Charges | 537.8 | ||
Land Rights And Mineral Rights [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible Asset Impairment Charges | $ 297.2 |
PROPERTY, PLANT AND EQUIPMENT66
PROPERTY, PLANT AND EQUIPMENT (Value Of Each Of The Major Classes Of Consolidated Depreciable Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,970.3 | $ 1,870.2 | |
Accumulated Depreciation and Depletion, Property, Plant and Equipment | 911.3 | 799.7 | |
Property, plant and equipment, net | 1,059 | 1,070.5 | $ 1,870.8 |
Land Rights And Mineral Rights [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 500.5 | 500.5 | |
Office And Information Technology [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 71 | 73.7 | |
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 60.4 | 59.8 | |
Mining Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 594 | 585.1 | |
Processing Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 516.8 | 510.2 | |
Electric Power Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 46.4 | 46.8 | |
Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 24.8 | 24.7 | |
Asset Retirement Obligation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 87.9 | 26.5 | |
Other Assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 28.2 | 28.5 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 40.3 | $ 14.4 |
PROPERTY, PLANT AND EQUIPMENT P
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT (Book Value of Land and Mineral Rights Disclosure) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Land Rights | $ 11.6 | $ 11.6 |
Mineral Rights [Abstract] | ||
Mineral Properties, Gross | 488.9 | 488.9 |
Mineral Properties, Accumulated Depletion | (108.4) | (101) |
Mineral Properties, Net | $ 380.5 | $ 387.9 |
DEBT AND CREDIT FACILITIES (Nar
DEBT AND CREDIT FACILITIES (Narrative) (Details) | Sep. 22, 2010USD ($) | May. 27, 2010USD ($) | Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 11, 2011USD ($) | ||
Line of Credit Facility [Line Items] | ||||||||||
Letters of credit outstanding | $ 186,300,000 | $ 149,500,000 | ||||||||
Debt Instrument, Par Value | 3,448,200,000 | 3,980,000,000 | ||||||||
Gain on extinguishment of debt | 392,900,000 | 16,200,000 | $ 0 | |||||||
Unamortized Debt Issuance Expense | 29,100,000 | 16,800,000 | ||||||||
Hedge Obligations [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facility, amount outstanding | (500,000) | |||||||||
Term Loan [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Long-term Line of Credit, Noncurrent | $ 200,000,000 | |||||||||
Amapa's Debt [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Repayments of Debt | $ 100,800,000 | |||||||||
Senior Notes - $400 Million [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 1,300,000 | 36,000,000 | 5,000,000 | |||||||
Debt Instrument, Face Amount | $ 400,000,000 | 400,000,000 | ||||||||
Note Redemption Price, Percent of Principal Amount to be Redeemed | 100.00% | |||||||||
Redemption Price, Percent Of Principal In The Event Of Change Of Control | 101.00% | |||||||||
Debt Instrument, Par Value | $ 290,800,000 | $ 395,000,000 | ||||||||
Stated interest rate | 5.90% | 5.90% | ||||||||
Imputed interest rate | 5.98% | 5.98% | ||||||||
Debt Repurchase Discount | 58.00% | 50.00% | 38.125% | |||||||
Gain on extinguishment of debt | $ 1,900,000 | |||||||||
Debt Instrument, Face Amount Exchanged | $ 67,000,000 | |||||||||
Unamortized Debt Issuance Expense | 1,100,000 | $ 1,800,000 | ||||||||
Debt Instrument, Unamortized Discount | $ 800,000 | 1,300,000 | ||||||||
Senior Notes - $400 Million [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Time Period During Which Senior Notes May Be Redeemed at Company's Option, Number of Days From When Prior Notice Sent to Holders | 60 days | |||||||||
Senior Notes - $400 Million [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Time Period During Which Senior Notes May Be Redeemed at Company's Option, Number of Days From When Prior Notice Sent to Holders | 30 days | |||||||||
Five Hundred Million Four Point Eight Zero Percent Senior Note [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 43,800,000 | $ 1,800,000 | 10,000,000 | |||||||
Debt Instrument, Face Amount | 500,000,000 | 500,000,000 | ||||||||
Debt Instrument, Par Value | 306,700,000 | $ 490,000,000 | ||||||||
Senior Notes, Noncurrent | $ 500,000,000 | |||||||||
Stated interest rate | 4.80% | 4.80% | ||||||||
Imputed interest rate | 4.83% | 4.83% | ||||||||
Debt Repurchase Discount | 54.30% | 50.00% | 40.25% | |||||||
Gain on extinguishment of debt | $ 4,000,000 | |||||||||
Debt Instrument, Face Amount Exchanged | $ 137,800,000 | |||||||||
Unamortized Debt Issuance Expense | $ 1,100,000 | 2,200,000 | ||||||||
Debt Instrument, Unamortized Discount | 400,000 | 600,000 | ||||||||
$800 Million 6.25% 2040 Senior Notes [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 45,900,000 | |||||||||
Debt Instrument, Face Amount | 800,000,000 | |||||||||
Debt Instrument, Par Value | $ 492,800,000 | $ 800,000,000 | ||||||||
Stated interest rate | 6.25% | 6.25% | ||||||||
Imputed interest rate | 6.34% | 6.34% | ||||||||
Debt Repurchase Discount | 52.50% | |||||||||
Debt Instrument, Face Amount Exchanged | $ 261,300,000 | |||||||||
Unamortized Debt Issuance Expense | $ 4,300,000 | $ 7,200,000 | ||||||||
Debt Instrument, Unamortized Discount | 5,800,000 | 9,500,000 | ||||||||
Five Hundred Million Six Point Two Five Percent Two Thousand And Forty [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | |||||||||
Senior Notes10 Year Tranche [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Redemption Period, Time Period Prior to Maturity Date | 3 months | |||||||||
Note Redemption Price if Redemption Period is During Specified Time Period, Percent of Principal Amount to be Redeemed | 100.00% | |||||||||
Senior Notes, Noncurrent | $ 700,000,000 | |||||||||
Seven Hundred Million Four Point Eight Seven Five Two Thousand Twenty-one Senior Note [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 58,300,000 | 10,700,000 | 10,000,000 | |||||||
Debt Instrument, Face Amount | 700,000,000 | 700,000,000 | ||||||||
Debt Instrument, Par Value | $ 412,500,000 | $ 690,000,000 | ||||||||
Stated interest rate | 4.875% | 4.875% | ||||||||
Imputed interest rate | 4.89% | 4.89% | ||||||||
Debt Repurchase Discount | 52.00% | 50.00% | 40.50% | |||||||
Gain on extinguishment of debt | $ 4,100,000 | |||||||||
Debt Instrument, Face Amount Exchanged | $ 208,500,000 | |||||||||
Unamortized Debt Issuance Expense | $ 1,700,000 | 3,500,000 | ||||||||
Debt Instrument, Unamortized Discount | 200,000 | 500,000 | ||||||||
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Face Amount | 544,200,000 | 0 | ||||||||
Debt Instrument, Par Value | $ 544,200,000 | |||||||||
Stated interest rate | 7.75% | |||||||||
Initial Redemption Price | 1.03875 | |||||||||
Redemption Price beginning March 31, 2019 | 1 | |||||||||
Redemption Price from time to time and Prior to March 31, 2017 | 1 | |||||||||
Amount in aggregate that can be redeemed on or prior to March 31, 2017 | 0.35 | |||||||||
Redemption Price of 35 percent or less of Outstanding | 1.0775 | |||||||||
Amount to Remain Outstanding Prior to March 31, 2018 | 0.65 | |||||||||
Discount Received in Debt Exchange of $400M 5.90% Notes | 15,500,000 | |||||||||
Debt Instrument, Face Amount Received in Debt Exchange of $400M 5.90% Notes | 57,500,000 | |||||||||
Discount Received in Debt Exchange of $800M 6.25% Notes | 55,000,000 | |||||||||
Debt Instrument, Face Amount Received in Debt Exchange of $800M 6.25% Notes | 203,500,000 | |||||||||
Discount Received in Debt Exchange of $500M 4.80% Notes | 30,500,000 | |||||||||
Debt Instrument, Face Amount Received in Debt Exchange of $500M 4.80% Notes | 112,900,000 | |||||||||
Discount Received in Debt Exchange of $700M 4.875% Notes | 46,000,000 | |||||||||
Imputed interest rate | 15.55% | |||||||||
Debt instrument, Face Amount Received in Debt Exchange of $700M 4.875% Notes | 170,300,000 | |||||||||
Unamortized Debt Issuance Expense | $ 9,500,000 | |||||||||
Debt Instrument, Unamortized Discount | 147,000,000 | 131,500,000 | ||||||||
Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Sublimit for Issuance of Letters of Credit for Australian Tranche | 50,000,000 | |||||||||
Sublimit for Australian Swingline Loans | $ 20,000,000 | |||||||||
LIBOR Rate Based on a One-month interest period plus 1 percent | 0.01 | |||||||||
Fixed Charge Coverage Ratio | 1 | |||||||||
Repayments of Debt | $ 350,000,000 | |||||||||
Revolving credit facility, borrowing capacity | $ 366,000,000 | |||||||||
Credit facility, amount outstanding | 0 | [1] | 0 | [2] | ||||||
Credit facility remaining capacity | 179,200,000 | 975,500,000 | ||||||||
Debt Instrument, Par Value | 550,000,000 | $ 1,125,000,000 | ||||||||
U.S. Tranche | 450,000,000 | |||||||||
Imputed interest rate | 2.94% | |||||||||
Sublimit for Issuers of Letters of Credit for U.S. Tranche | 250,000,000 | |||||||||
Sublimit for U.S. Swingline Loans | 100,000,000 | |||||||||
Australian Tranche | $ 100,000,000 | |||||||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Base Rate | 0.01 | |||||||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Base Rate | 0.005 | |||||||||
Senior Notes Five Hundred Million [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Note Redemption Price, Percent of Principal Amount to be Redeemed | 100.00% | |||||||||
Redemption Price, Percent Of Principal In The Event Of Change Of Control | 101.00% | |||||||||
Limit on Increase in Interest Rate Above Initial Interest Rate, Based on Rating Events | 2.00% | |||||||||
Senior Notes Five Hundred Million [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Time Period During Which Senior Notes May Be Redeemed at Company's Option, Number of Days From When Prior Notice Sent to Holders | 60 days | |||||||||
Senior Notes Five Hundred Million [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Time Period During Which Senior Notes May Be Redeemed at Company's Option, Number of Days From When Prior Notice Sent to Holders | 30 days | |||||||||
Five Hundred Million Three Point Nine Five Two Thousand Eighteen Senior Note [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | $ 44,000,000 | $ 20,000,000 | ||||||||
Debt Instrument, Face Amount | 500,000,000 | $ 500,000,000 | ||||||||
Debt Instrument, Par Value | $ 311,200,000 | $ 480,000,000 | ||||||||
Stated interest rate | 3.95% | 3.95% | ||||||||
Cash Used to Repurchase Debt | $ 68,600,000 | |||||||||
Imputed interest rate | 6.30% | 5.17% | ||||||||
Debt Repurchase Discount | 77.50% | 30.875% | ||||||||
Gain on extinguishment of debt | $ 6,200,000 | |||||||||
Debt Instrument, Face Amount Exchanged | $ 124,800,000 | |||||||||
Interest Rate Due to Rating Downgrades | 5.95% | 5.70% | ||||||||
Unamortized Debt Issuance Expense | $ 900,000 | $ 2,100,000 | ||||||||
Debt Instrument, Unamortized Discount | 1,200,000 | 2,600,000 | ||||||||
Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Face Amount | 540,000,000 | $ 0 | ||||||||
Debt Instrument, Par Value | $ 540,000,000 | |||||||||
Stated interest rate | 8.25% | |||||||||
Repurchase Price of $540M 8.25% Notes if Triggering Event Occurs | 1.01 | |||||||||
Initial Redemption Price | 1.0825 | |||||||||
Redemption Price after 2018 | 1 | |||||||||
Redemption Price from time to time and Prior to March 31, 2018 | 1 | |||||||||
Amount in aggregate that can be redeemed on or prior to March 31, 2018 | 0.35 | |||||||||
Redemption Price of 35 percent or less of Outstanding | 1.0825 | |||||||||
Amount to Remain Outstanding Prior to March 31, 2018 | 0.65 | |||||||||
In the Event of Default Amount that will Accelerate | 0.25 | |||||||||
Imputed interest rate | 9.97% | |||||||||
Unamortized Debt Issuance Expense | $ 10,500,000 | |||||||||
Debt Instrument, Unamortized Discount | 32,100,000 | |||||||||
Senior Notes30 Year Tranche [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Face Amount | 300,000,000 | |||||||||
Senior Notes One Billion Two Thousand Eleven Offering [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 1,000,000,000 | |||||||||
Note Redemption Price, Percent of Principal Amount to be Redeemed | 100.00% | |||||||||
Redemption Price, Percent Of Principal In The Event Of Change Of Control | 101.00% | |||||||||
Senior Notes One Billion Two Thousand Eleven Offering [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Time Period During Which Senior Notes May Be Redeemed at Company's Option, Number of Days From When Prior Notice Sent to Holders | 60 days | |||||||||
Senior Notes One Billion Two Thousand Eleven Offering [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Time Period During Which Senior Notes May Be Redeemed at Company's Option, Number of Days From When Prior Notice Sent to Holders | 30 days | |||||||||
Senior Notes One Billion Two Thousand Ten Offering [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 1,000,000,000 | |||||||||
Note Redemption Price, Percent of Principal Amount to be Redeemed | 100.00% | |||||||||
Senior Notes One Billion Two Thousand Ten Offering [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Time Period During Which Senior Notes May Be Redeemed at Company's Option, Number of Days From When Prior Notice Sent to Holders | 60 days | |||||||||
Senior Notes One Billion Two Thousand Ten Offering [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Time Period During Which Senior Notes May Be Redeemed at Company's Option, Number of Days From When Prior Notice Sent to Holders | 30 days | |||||||||
Debt Repurchase [Member] | Senior Notes - $400 Million [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Gain on extinguishment of debt | $ 18,000,000 | $ 300,000 | ||||||||
Debt Repurchase [Member] | Five Hundred Million Four Point Eight Zero Percent Senior Note [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Gain on extinguishment of debt | 15,600,000 | $ 900,000 | ||||||||
Debt Repurchase [Member] | $800 Million 6.25% 2040 Senior Notes [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Gain on extinguishment of debt | 15,000,000 | |||||||||
Debt Repurchase [Member] | Seven Hundred Million Four Point Eight Seven Five Two Thousand Twenty-one Senior Note [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Gain on extinguishment of debt | 20,000,000 | $ 5,300,000 | ||||||||
Debt Repurchase [Member] | Five Hundred Million Three Point Nine Five Two Thousand Eighteen Senior Note [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Gain on extinguishment of debt | 7,100,000 | |||||||||
Exchange of Debt [Member] | Senior Notes - $400 Million [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Gain on extinguishment of debt | 24,500,000 | |||||||||
Exchange of Debt [Member] | Five Hundred Million Four Point Eight Zero Percent Senior Note [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Gain on extinguishment of debt | 54,600,000 | |||||||||
Exchange of Debt [Member] | $800 Million 6.25% 2040 Senior Notes [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Gain on extinguishment of debt | 107,300,000 | |||||||||
Exchange of Debt [Member] | Seven Hundred Million Four Point Eight Seven Five Two Thousand Twenty-one Senior Note [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Gain on extinguishment of debt | $ 83,100,000 | |||||||||
Exchange of Debt [Member] | Five Hundred Million Three Point Nine Five Two Thousand Eighteen Senior Note [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Gain on extinguishment of debt | $ 54,900,000 | |||||||||
[1] | As of December 31, 2015, no loans were drawn under the $550.0 million ABL Facility and we had total availability of $366.0 million as a result of borrowing base limitations. As of December 31, 2015, the principal amount of letter of credit obligations totaled $186.3 million and commodity hedge obligations totaled $0.5 million, thereby further reducing available borrowing capacity on our ABL Facility to $179.2 million. | |||||||||
[2] | As of December 31, 2014, we had no revolving loans drawn under the revolving credit agreement, which had total availability of $1.125 billion as of December 31, 2014. As of December 31, 2014, the principal amount of letter of credit obligations totaled $149.5 million, thereby reducing available borrowing capacity to $975.5 million. |
DEBT AND CREDIT FACILITIES (Sch
DEBT AND CREDIT FACILITIES (Schedule Of Long-Term Debt) (Details) | 12 Months Ended | ||||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2015USD ($) | ||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Par Value | $ 3,448,200,000 | $ 3,980,000,000 | |||||
Gain on extinguishment of debt | 392,900,000 | 16,200,000 | $ 0 | ||||
Long-term Debt | 2,699,400,000 | 2,826,500,000 | |||||
LONG-TERM DEBT | 2,699,400,000 | 2,826,500,000 | |||||
Seven Hundred Million Four Point Eight Seven Five Two Thousand Twenty-one Senior Note [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Repurchased Face Amount | $ 10,700,000 | $ 10,000,000 | $ 58,300,000 | ||||
Stated interest rate | 4.875% | 4.875% | |||||
Debt Instrument, Par Value | $ 412,500,000 | $ 690,000,000 | |||||
Debt Instrument, Unamortized Discount | $ 200,000 | $ 500,000 | |||||
Debt Repurchase Discount | 50.00% | 40.50% | 52.00% | ||||
Gain on extinguishment of debt | $ 4,100,000 | ||||||
Type | Fixed | Fixed | |||||
Final Maturity | 2,021 | 2,021 | |||||
Long-term Debt | [1] | $ 410,600,000 | $ 686,000,000 | ||||
Imputed interest rate | 4.89% | 4.89% | |||||
Debt Instrument, Face Amount | $ 700,000,000 | $ 700,000,000 | |||||
$500 million 4.80% 2020 Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Repurchased Face Amount | $ 1,800,000 | $ 10,000,000 | $ 43,800,000 | ||||
Stated interest rate | 4.80% | 4.80% | |||||
Debt Instrument, Par Value | $ 306,700,000 | $ 490,000,000 | |||||
Debt Instrument, Unamortized Discount | $ 400,000 | $ 600,000 | |||||
Debt Repurchase Discount | 50.00% | 40.25% | 54.30% | ||||
Gain on extinguishment of debt | $ 4,000,000 | ||||||
Type | Fixed | Fixed | |||||
Final Maturity | 2,020 | 2,020 | |||||
Long-term Debt | [2] | $ 305,200,000 | $ 487,200,000 | ||||
Imputed interest rate | 4.83% | 4.83% | |||||
Debt Instrument, Face Amount | $ 500,000,000 | $ 500,000,000 | |||||
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Variable Rate Basis | treasury rate | ||||||
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Spread on Rate Basis | 0.35% | ||||||
$800 Million 6.25% 2040 Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Repurchased Face Amount | $ 45,900,000 | ||||||
Stated interest rate | 6.25% | 6.25% | |||||
Debt Instrument, Par Value | $ 492,800,000 | $ 800,000,000 | |||||
Debt Instrument, Unamortized Discount | $ 5,800,000 | $ 9,500,000 | |||||
Debt Repurchase Discount | 52.50% | ||||||
Type | Fixed | Fixed | |||||
Final Maturity | 2,040 | 2,040 | |||||
Long-term Debt | [3] | $ 482,700,000 | $ 783,300,000 | ||||
Imputed interest rate | 6.34% | 6.34% | |||||
Debt Instrument, Face Amount | $ 800,000,000 | ||||||
$400 Million 5.90% 2020 Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Repurchased Face Amount | $ 36,000,000 | $ 5,000,000 | $ 1,300,000 | ||||
Stated interest rate | 5.90% | 5.90% | |||||
Debt Instrument, Par Value | $ 290,800,000 | $ 395,000,000 | |||||
Debt Instrument, Unamortized Discount | $ 800,000 | $ 1,300,000 | |||||
Debt Repurchase Discount | 50.00% | 38.125% | 58.00% | ||||
Gain on extinguishment of debt | $ 1,900,000 | ||||||
Type | Fixed | Fixed | |||||
Final Maturity | 2,020 | 2,020 | |||||
Long-term Debt | [4] | $ 288,900,000 | $ 391,900,000 | ||||
Imputed interest rate | 5.98% | 5.98% | |||||
Debt Instrument, Face Amount | $ 400,000,000 | $ 400,000,000 | |||||
$500 Million 3.95% 2018 Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Repurchased Face Amount | $ 20,000,000 | $ 44,000,000 | |||||
Stated interest rate | 3.95% | 3.95% | |||||
Debt Instrument, Par Value | $ 311,200,000 | $ 480,000,000 | |||||
Debt Instrument, Unamortized Discount | $ 1,200,000 | $ 2,600,000 | |||||
Debt Repurchase Discount | 30.875% | 77.50% | |||||
Gain on extinguishment of debt | $ 6,200,000 | ||||||
Type | Fixed | Fixed | |||||
Final Maturity | 2,018 | 2,018 | |||||
Long-term Debt | [5] | $ 309,100,000 | $ 475,300,000 | ||||
Imputed interest rate | 6.30% | 5.17% | |||||
Debt Instrument, Face Amount | $ 500,000,000 | $ 500,000,000 | |||||
Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 8.25% | ||||||
Debt Instrument, Par Value | $ 540,000,000 | ||||||
Debt Instrument, Unamortized Discount | $ 32,100,000 | ||||||
Type | Fixed | ||||||
Final Maturity | 2,020 | ||||||
Long-term Debt | [6] | $ 497,400,000 | |||||
Imputed interest rate | 9.97% | ||||||
Debt Instrument, Face Amount | $ 540,000,000 | 0 | |||||
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 7.75% | ||||||
Debt Instrument, Par Value | $ 544,200,000 | ||||||
Debt Instrument, Unamortized Discount | $ 131,500,000 | $ 147,000,000 | |||||
Type | Fixed | ||||||
Final Maturity | 2,020 | ||||||
Long-term Debt | [7] | $ 403,200,000 | |||||
Imputed interest rate | 15.55% | ||||||
Debt Instrument, Face Amount | $ 544,200,000 | 0 | |||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Par Value | $ 550,000,000 | $ 1,125,000,000 | |||||
Type | Variable | Variable | |||||
Final Maturity | 2,020 | 2,017 | |||||
Credit facility, amount outstanding | $ 0 | [8] | $ 0 | [9] | |||
Imputed interest rate | 2.94% | ||||||
Credit facility remaining capacity | 179,200,000 | $ 975,500,000 | |||||
Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, amount outstanding | 186,300,000 | 149,500,000 | |||||
Interest Rate Swap [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Fair Value Adjustment to Interest Rate Hedge | $ 2,300,000 | $ 2,800,000 | |||||
Senior Notes Five Hundred Million [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Variable Rate Basis | treasury rate | ||||||
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Spread on Rate Basis | 0.50% | ||||||
Senior Notes10 Year Tranche [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Variable Rate Basis | treasury rate | ||||||
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Spread on Rate Basis | 0.25% | ||||||
Senior Notes30 Year Tranche [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 300,000,000 | ||||||
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Variable Rate Basis | treasury rate | ||||||
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Spread on Rate Basis | 0.40% | ||||||
Five Hundred Million Six Point Two Five Percent Two Thousand And Forty [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 500,000,000 | ||||||
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Variable Rate Basis | treasury rate | ||||||
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Spread on Rate Basis | 0.40% | ||||||
Minimum [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Base Rate | 0.005 | ||||||
[1] | During the third quarter of 2015, we purchased $10.7 million of outstanding 4.875 percent senior notes that were trading at 50.0 percent of par which resulted in a gain on extinguishment of $5.3 million. In addition, during the first quarter of 2015, we purchased $58.3 million of outstanding 4.875 percent senior notes that were trading at 52.0 percent of par, which resulted in a gain on extinguishment of $20.0 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $208.5 million of the 4.875 percent senior notes for $170.3 million of the 7.75 percent second lien notes at a discount of $46.0 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $83.1 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. During the fourth quarter of 2014, we purchased $10.0 million of outstanding 4.875 percent senior notes that were trading at a discount of 40.5 percent which resulted in a gain on the extinguishment of debt of $4.1 million. As of December 31, 2015, the $700.0 million 4.875 percent senior notes were recorded at a par value of $412.5 million less debt issuance costs of $1.7 million and unamortized discounts of $0.2 million, based on an imputed interest rate of 4.89 percent. As of December 31, 2014, the $700.0 million 4.875 percent senior notes were recorded at a par value of $690.0 million less debt issuance costs of $3.5 million and unamortized discounts of $0.5 million, based on an imputed interest rate of 4.89 percent. | ||||||
[2] | During the third quarter of 2015, we purchased $1.8 million of outstanding 4.80 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $0.9 million. In addition, during the first quarter of 2015, we purchased $43.8 million of outstanding 4.80 percent senior notes that were trading at 54.3 percent of par, which resulted in a gain on extinguishment of $15.6 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $137.8 million of the 4.80 percent senior notes for $112.9 million of the 7.75 percent second lien notes at a discount of $30.5 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $54.6 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. During the fourth quarter of 2014, we purchased $10.0 million of outstanding 4.80 percent senior notes that were trading at a discount of 40.25 percent which resulted in a gain on the extinguishment of debt of $4.0 million. As of December 31, 2015, the $500.0 million 4.80 percent senior notes were recorded at a par value of $306.7 million less debt issuance costs of $1.1 million and unamortized discounts of $0.4 million, based on an imputed interest rate of 4.83 percent. As of December 31, 2014, the $500.0 million 4.80 percent senior notes were recorded at a par value of $490.0 million less debt issuance costs of $2.2 million and unamortized discounts of $0.6 million, based on an imputed interest rate of 4.83 percent. | ||||||
[3] | During the first quarter of 2015, we purchased $45.9 million of outstanding 6.25 percent senior notes that were trading at 52.5 percent of par, which resulted in a gain on extinguishment of $15.0 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $261.3 million of the 6.25 percent senior notes for $203.5 million of the 7.75 percent second lien notes at a discount of $55.0 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $107.3 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. As of December 31, 2015, the $800.0 million 6.25 percent senior notes were recorded at par value of $492.8 million less debt issuance costs of $4.3 million and unamortized discounts of $5.8 million, based on an imputed interest rate of 6.34 percent. As of December 31, 2014, the $800.0 million 6.25 percent senior notes were recorded at par value of $800.0 million less debt issuance costs of $7.2 million and unamortized discounts of $9.5 million, based on an imputed interest rate of 6.34 percent. | ||||||
[4] | During the third quarter of 2015, we purchased $36.0 million of outstanding 5.90 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $18.0 million. In addition, during the first quarter of 2015, we purchased $1.3 million of outstanding 5.90 percent senior notes that were trading at 58.0 percent of par, which resulted in a gain on extinguishment of $0.3 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $67.0 million of the 5.90 percent senior notes for $57.5 million of the 7.75 percent second lien notes at a discount of $15.5 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $24.5 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. During the fourth quarter of 2014, we purchased $5.0 million of outstanding 5.90 percent senior notes that were trading at a discount of 38.125 percent which resulted in a gain on the extinguishment of debt of $1.9 million. As of December 31, 2015, the $400.0 million 5.90 percent senior notes were recorded at a par value of $290.8 million less debt issuance costs of $1.1 million and unamortized discounts of $0.8 million, based on an imputed interest rate of 5.98 percent. As of December 31, 2014, the $400.0 million 5.90 percent senior notes were recorded at a par value of $395.0 million less debt issuance costs of $1.8 million and unamortized discounts of $1.3 million, based on an imputed interest rate of 5.98 percent. | ||||||
[5] | During the third quarter, on August 28, 2015, we purchased for cash as part of a tender offer, $124.8 million of the 3.95 percent senior notes for $68.6 million, resulting in a gain on extinguishment of $54.9 million, net of amounts expensed for reacquisition costs, unamortized original issue discount and deferred origination fees. In addition, during the first quarter of 2015, we purchased $44.0 million of outstanding 3.95 percent senior notes that were trading at 77.5 percent of par, which resulted in a gain on the extinguishment of debt of $7.1 million.During the fourth quarter of 2014, we purchased $20.0 million of outstanding 3.95 percent senior notes that were trading at a discount of 30.875 percent which resulted in a gain on the extinguishment of debt of $6.2 million. As of December 31, 2015, the $500.0 million 3.95 percent senior notes were recorded at a par value of $311.2 million less debt issuance cost of $0.9 million and unamortized discounts of $1.2 million, based on an imputed interest rate of 6.30 percent. As of December 31, 2014, the $500.0 million 3.95 percent senior notes were recorded at a par value of $480.0 million less debt issuance costs of $2.1 million and unamortized discounts of $2.6 million, based on an imputed interest rate of 5.17 percent. | ||||||
[6] | As of December 31, 2015, the $540.0 million 8.25 percent first lien notes were recorded at a par value of $540.0 million less debt issuance costs of $10.5 million and unamortized discounts of $32.1 million, based on an imputed interest rate of 9.97 percent. | ||||||
[7] | As of December 31, 2015, the $544.2 million 7.75 percent second lien notes were recorded at a par value of $544.2 million less debt issuance costs of $9.5 million and unamortized discounts of $131.5 million, based on an imputed interest rate of 15.55 percent. See NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS for further discussion of unamortized discount as a result of the exchange offers. | ||||||
[8] | As of December 31, 2015, no loans were drawn under the $550.0 million ABL Facility and we had total availability of $366.0 million as a result of borrowing base limitations. As of December 31, 2015, the principal amount of letter of credit obligations totaled $186.3 million and commodity hedge obligations totaled $0.5 million, thereby further reducing available borrowing capacity on our ABL Facility to $179.2 million. | ||||||
[9] | As of December 31, 2014, we had no revolving loans drawn under the revolving credit agreement, which had total availability of $1.125 billion as of December 31, 2014. As of December 31, 2014, the principal amount of letter of credit obligations totaled $149.5 million, thereby reducing available borrowing capacity to $975.5 million. |
DEBT AND CREDIT FACILITIES DEBT
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES (Schedule of Debt Maturities) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
Debt Maturities 2016 | $ 0 |
Debt Maturities 2017 | 0 |
Debt Maturities 2018 | 311.2 |
Debt Maturities 2019 | 0 |
Debt Maturities 2020 | 1,681.7 |
Debt Maturities 2021 and After | 905.3 |
Long-term Debt, Maturities, Total | $ 2,898.2 |
FAIR VALUE OF FINANCIAL INSTR71
FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2015USD ($) | |
Fair Value, Assets And Liabilities Components [Line Items] | ||||
Debt Instrument, Par Value | $ 3,448.2 | $ 3,980 | ||
Management Estimate of 62% Fe | 62.00% | |||
Goodwill, Impairment Loss | $ 0 | 73.5 | ||
Other Asset Impairment Charges | 562 | |||
Tangible Asset Impairment Charges | 537.8 | |||
Global Exploration Investment in Venture [Member] | ||||
Fair Value, Assets And Liabilities Components [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 0 | |||
Equity Method Investment, Other than Temporary Impairment | 9.2 | |||
Amapa [Member] | ||||
Fair Value, Assets And Liabilities Components [Line Items] | ||||
Equity Method Investment, Other than Temporary Impairment | $ 67.6 | |||
Asia Pacific Iron Ore [Member] | ||||
Fair Value, Assets And Liabilities Components [Line Items] | ||||
Goodwill, Impairment Loss | 73.5 | |||
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member] | ||||
Fair Value, Assets And Liabilities Components [Line Items] | ||||
Debt Instrument, Par Value | $ 544.2 | |||
Stated interest rate | 7.75% | |||
Debt Instrument, Fair Value Disclosure | $ 397.2 | |||
Debt discount | 0.27 | |||
Debt Instrument, Unamortized Discount | $ 131.5 | $ 147 | ||
Fair Value, Inputs, Level 2 [Member] | Global Exploration Investment in Venture [Member] | ||||
Fair Value, Assets And Liabilities Components [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member] | ||||
Fair Value, Assets And Liabilities Components [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | $ 134.7 | $ 0 | $ 397.2 |
FAIR VALUE OF FINANCIAL INSTR72
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value Of Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Cash equivalents | $ 30 | |
Derivative assets | 7.8 | $ 63.2 |
Marketable Securities | 4.3 | |
Total | 37.8 | 67.5 |
Liabilities: | ||
Derivative liabilities | 4 | 9.5 |
Foreign exchange contracts | 31.5 | |
Total | 4 | 41 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 30 | |
Marketable Securities | 4.3 | |
Total | 30 | 4.3 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Cash equivalents | 0 | |
Liabilities: | ||
Derivative liabilities | 0.6 | |
Foreign exchange contracts | 31.5 | |
Total | 0.6 | 31.5 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Cash equivalents | 0 | |
Derivative assets | 7.8 | 63.2 |
Total | 7.8 | 63.2 |
Liabilities: | ||
Derivative liabilities | 3.4 | 9.5 |
Total | $ 3.4 | $ 9.5 |
FAIR VALUE OF FINANCIAL INSTR73
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule Of Quantitative Inputs And Assumptions For Level 3 Assets And Liabilities) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, fair value | $ 7,800,000 | $ 63,200,000 |
Derivative liability, fair value | $ 4,000,000 | 41,000,000 |
Management Estimate of 62% Fe | 62.00% | |
Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, fair value | $ 7,800,000 | 63,200,000 |
Derivative liability, fair value | $ 4,000,000 | 19,400,000 |
Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Managements Estimate Of 62% Fe [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Management Estimate of 62% Fe | 62.00% | |
Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Market Approach Valuation Technique [Member] | Provisional Pricing Arrangements [Member] | Managements Estimate Of 62% Fe [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurement with unobservable inputs derivative asset range | $ 43 | |
Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Market Approach Valuation Technique [Member] | Customer Supply Agreement [Member] | Hot-Rolled Steel Estimate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurement with unobservable inputs derivative asset range | 450 | |
Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Market Approach Valuation Technique [Member] | Customer Supply Agreement [Member] | Hot-Rolled Steel Estimate [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurement with unobservable inputs derivative asset range | 415 | |
Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Market Approach Valuation Technique [Member] | Customer Supply Agreement [Member] | Hot-Rolled Steel Estimate [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurement with unobservable inputs derivative asset range | 430 | |
Other Current Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Market Approach Valuation Technique [Member] | Provisional Pricing Arrangements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, fair value | 3,400,000 | 9,500,000 |
Other Current Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Market Approach Valuation Technique [Member] | Provisional Pricing Arrangements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, fair value | 2,000,000 | 0 |
Other Current Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Market Approach Valuation Technique [Member] | Customer Supply Agreement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, fair value | $ 5,800,000 | $ 63,200,000 |
FAIR VALUE OF FINANCIAL INSTR74
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, Assets and Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance - January 1 | $ 63.2 | $ 57.7 |
Total gains | ||
Included in earnings | 35.1 | 187.8 |
Settlements | (90.5) | (182.3) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending balance - December 31 | 7.8 | 63.2 |
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) on assets still held at the reporting date | 29.1 | 187.8 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance - January 1 | (9.5) | (1) |
Total gains | ||
Included in earnings | (61) | (9.5) |
Settlements | 67.1 | 1 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending balance - September 30 | (3.4) | (9.5) |
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) on liabilities still held at the reporting date | $ (3.4) | $ (9.5) |
FAIR VALUE OF FINANCIAL INSTR75
FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Value And Fair Value Of Financial Instruments Disclosure) (Details) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Long-term debt: | |||
LONG-TERM DEBT | $ 2,699,400,000 | $ 2,826,500,000 | |
Seven Hundred Million Four Point Eight Seven Five Two Thousand Twenty-one Senior Note [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Face Amount | 700,000,000 | 700,000,000 | |
Senior Notes - $1.3 Billion [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Face Amount | 1,300,000,000 | 1,300,000,000 | |
Senior Notes - $400 Million [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Face Amount | 400,000,000 | 400,000,000 | |
$500 Million 3.95% 2018 Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Face Amount | 500,000,000 | 500,000,000 | |
Interest Rate Swap [Member] | |||
Long-term debt: | |||
Fair Value Adjustment to Interest Rate Hedge | 2,300,000 | 2,800,000 | |
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Face Amount | 544,200,000 | 0 | |
Long-term debt: | |||
Debt Instrument, Fair Value Disclosure | $ 397,200,000 | ||
Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt Instrument, Face Amount | 540,000,000 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Long-term debt: | |||
Long-term Debt, Fair Value | 898,200,000 | 1,614,200,000 | |
Fair Value, Inputs, Level 2 [Member] | Seven Hundred Million Four Point Eight Seven Five Two Thousand Twenty-one Senior Note [Member] | |||
Long-term debt: | |||
Debt Instrument, Fair Value Disclosure | 69,400,000 | 367,300,000 | |
Fair Value, Inputs, Level 2 [Member] | Senior Notes - $1.3 Billion [Member] | |||
Long-term debt: | |||
Debt Instrument, Fair Value Disclosure | 137,400,000 | 704,000,000 | |
Fair Value, Inputs, Level 2 [Member] | Senior Notes - $400 Million [Member] | |||
Long-term debt: | |||
Debt Instrument, Fair Value Disclosure | 52,800,000 | 228,100,000 | |
Fair Value, Inputs, Level 2 [Member] | $500 Million 3.95% 2018 Senior Notes [Member] | |||
Long-term debt: | |||
Debt Instrument, Fair Value Disclosure | 87,100,000 | 312,000,000 | |
Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | |||
Long-term debt: | |||
Revolving loan, fair value | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Long-term debt: | |||
Fair Value Adjustment to Interest Rate Hedge | 2,300,000 | 2,800,000 | |
Fair Value, Inputs, Level 2 [Member] | Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member] | |||
Long-term debt: | |||
Debt Instrument, Fair Value Disclosure | 134,700,000 | $ 397,200,000 | 0 |
Fair Value, Inputs, Level 2 [Member] | Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member] | |||
Long-term debt: | |||
Debt Instrument, Fair Value Disclosure | 414,500,000 | 0 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Long-term debt: | |||
LONG-TERM DEBT | 2,699,400,000 | 2,826,500,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Seven Hundred Million Four Point Eight Seven Five Two Thousand Twenty-one Senior Note [Member] | |||
Long-term debt: | |||
Senior notes, carrying value | 410,600,000 | 686,000,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Senior Notes - $1.3 Billion [Member] | |||
Long-term debt: | |||
Senior notes, carrying value | 787,900,000 | 1,270,500,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Senior Notes - $400 Million [Member] | |||
Long-term debt: | |||
Senior notes, carrying value | 288,900,000 | 391,900,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | $500 Million 3.95% 2018 Senior Notes [Member] | |||
Long-term debt: | |||
Senior notes, carrying value | 309,100,000 | 475,300,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | |||
Long-term debt: | |||
Senior notes, carrying value | 0 | 0 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Long-term debt: | |||
Fair Value Adjustment to Interest Rate Hedge | 2,300,000 | 2,800,000 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member] | |||
Long-term debt: | |||
Senior notes, carrying value | 403,200,000 | 0 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member] | |||
Long-term debt: | |||
Senior notes, carrying value | $ 497,400,000 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR76
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS (Impairment Charges on Financial and Nonfinancial Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill, Impairment Loss | $ 0 | $ 73.5 | ||
Tangible Asset Impairment Charges | 537.8 | |||
Impairment of Intangible Assets (Excluding Goodwill) | 13.8 | |||
Other Asset Impairment Charges | 562 | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 397.2 | 79.4 | ||
Impairment Charges | 269.5 | 644.7 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 397.2 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 79.4 | ||
Global Exploration Investment in Venture [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 0 | |||
Equity Method Investment, Other than Temporary Impairment | 9.2 | |||
Global Exploration Investment in Venture [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 0 | |||
Global Exploration Investment in Venture [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 0 | |||
Global Exploration Investment in Venture [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investments, Fair Value Disclosure | 0 | |||
Amapa [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Method Investment, Other than Temporary Impairment | $ 67.6 | |||
Asia Pacific Iron Ore [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill, Fair Value Disclosure | 0 | |||
Goodwill, Impairment Loss | 73.5 | |||
Asia Pacific Iron Ore [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill, Fair Value Disclosure | 0 | |||
Asia Pacific Iron Ore [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill, Fair Value Disclosure | 0 | |||
Asia Pacific Iron Ore [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Goodwill, Fair Value Disclosure | 0 | |||
Other Reporting Units [Member] | Other Reporting Units [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | |||
Tangible Asset Impairment Charges | 11.3 | |||
Other Reporting Units [Member] | Other Reporting Units [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | |||
Other Reporting Units [Member] | Other Reporting Units [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | |||
Other Reporting Units [Member] | Other Reporting Units [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | |||
Asia Pacific [Member] | Asia Pacific Iron Ore [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | |||
Finite-lived Intangible Assets, Fair Value Disclosure | 0 | |||
Asia Pacific Iron Ore [Member] | Asia Pacific Iron Ore [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property, Plant, and Equipment, Fair Value Disclosure | 72.4 | |||
Tangible Asset Impairment Charges | 526.5 | |||
Finite-lived Intangible Assets, Fair Value Disclosure | 7 | |||
Impairment of Intangible Assets (Excluding Goodwill) | 24.2 | |||
Asia Pacific Iron Ore [Member] | Asia Pacific Iron Ore [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | |||
Finite-lived Intangible Assets, Fair Value Disclosure | 0 | |||
Asia Pacific Iron Ore [Member] | Asia Pacific Iron Ore [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property, Plant, and Equipment, Fair Value Disclosure | 72.4 | |||
Finite-lived Intangible Assets, Fair Value Disclosure | 7 | |||
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | 397.2 | |||
Gain on new debt issued | 269.5 | |||
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | 0 | |||
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | 397.2 | $ 134.7 | $ 0 | |
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Instrument, Fair Value Disclosure | $ 0 |
PENSIONS AND OTHER POSTRETIRE77
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)employee | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Current Fiscal Year End Date | --12-31 | ||
Minimum participants percentage | 15.00% | ||
Accumulated benefit obligation for defined benefit pension plans | $ 898,900,000 | $ 980,600,000 | |
Reserve for investment commitments | $ 48,100,000 | ||
Structured Finance [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Redemption request notice period, days | 90 days | ||
Redemption Request | $ 8,000,000 | ||
Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Redemption request notice period, days | 45 days | ||
Withdrawal request notice period, days | 65 days | ||
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Increase in Projected Benefit Obligation due to new mortality tables | $ 15,100,000 | ||
Percentage Increase in Projected Benefit Obligation due to new mortality tables | 1.50% | ||
Defined Benefit Plan, Net Periodic Benefit Cost | $ 23,900,000 | 26,200,000 | $ 46,800,000 |
Annual costs for defined contribution plan | 3,600,000 | 4,400,000 | 5,000,000 |
Decrease in Projected Benefit Obligation due to Market Conditions | 31,500,000 | ||
Decrease in Projected Benefit Obligation due to Change in Percentiles | 8,300,000 | ||
Participant contributions | 0 | 0 | |
Other Postretirement Benefit Expense | 4,400,000 | (2,500,000) | 3,200,000 |
Pension and Other Postretirement Benefit Expense | 31,900,000 | 28,100,000 | 55,000,000 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | (1,200,000) | (1,500,000) | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | (200,000) | (1,400,000) | 0 |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Increase in Projected Benefit Obligation due to new mortality tables | $ 7,900,000 | ||
Percentage Increase in Projected Benefit Obligation due to new mortality tables | 2.00% | ||
Defined Benefit Plan, Net Periodic Benefit Cost | $ 4,400,000 | (2,500,000) | 3,200,000 |
Decrease in Projected Benefit Obligation due to Market Conditions | 13,600,000 | ||
Decrease in Projected Benefit Obligation due to Change in Percentiles | 2,700,000 | ||
Participant contributions | 4,000,000 | 4,800,000 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | $ 0 | $ 0 | $ 0 |
United States [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.83% | ||
Tilden, Empire, Hibbing and United Taconite [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of USW employees covered by labor contracts | employee | 2,000 | ||
Percentage of total workforce covered by labor contract | 81.00% | ||
Prior To Age65 [Member] | Defined Benefit Postretirement Health Coverage [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Annual limit on medical coverage for each participant | $ 7,000 | ||
Prior To Age65 [Member] | Minimum [Member] | Defined Benefit Postretirement Health Coverage [Member] | Northshore [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Annual limit on medical coverage for each participant | 4,020 | ||
Prior To Age65 [Member] | Maximum [Member] | Defined Benefit Postretirement Health Coverage [Member] | Northshore [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Annual limit on medical coverage for each participant | $ 4,500 | ||
Hourly [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.32% | 3.83% | |
Supplemental Executive Retirement Plan S E R P [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.22% | 3.83% | |
Ore Mining [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.28% | 3.83% | |
Iron Hourly [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.27% | 3.83% | |
Salaried [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.12% | 3.83% | |
Salaried [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.22% | 3.83% |
PENSIONS AND OTHER POSTRETIRE78
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Annual Costs Related to Retirement Plans) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plans | $ 23.9 | $ 26.2 | $ 46.8 |
Defined contribution pension plans | 3.6 | 4.4 | 5 |
Other Postretirement Benefit Expense | 4.4 | (2.5) | 3.2 |
Total | $ 31.9 | $ 28.1 | $ 55 |
PENSIONS AND OTHER POSTRETIRE79
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Benefit Obligations, Fair Value of Plan Assets, and Net Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets — beginning of year | $ 188.1 | $ 169.8 | |||
Employer contributions | 3.5 | 5.5 | |||
Fair value of plan assets — end of year | 193.4 | 188.1 | $ 169.8 | ||
Funded status at December 31: | |||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 188.1 | 169.8 | 169.8 | $ 193.4 | $ 188.1 |
Amounts recognized in Statements of Financial Position: | |||||
Noncurrent liabilities | (221) | (268.3) | |||
Amounts recognized in accumulated other comprehensive income: | |||||
Retirement And Defined Compensation Plans Disclosures [Table Text Block] | The following table summarizes the annual expense recognized related to the retirement plans for 2015 , 2014 and 2013 : (In Millions) 2015 2014 2013 Defined benefit pension plans $ 23.9 $ 26.2 $ 46.8 Defined contribution pension plans 3.6 4.4 5.0 Other postretirement benefits 4.4 (2.5 ) 3.2 Total $ 31.9 $ 28.1 $ 55.0 | ||||
Pension Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligations — beginning of year | $ (998) | (891.2) | |||
Service cost (excluding expenses) | 22.7 | 26.1 | 32.9 | ||
Interest cost | 37.7 | 40.3 | 36.4 | ||
Plan amendments | 0 | 0 | |||
Actuarial loss | (20.8) | (14) | (27) | ||
Defined Benefit Plan, Change in Actuarial (gain) loss | (67.7) | 113.4 | |||
Benefits paid | (78.7) | (71.4) | |||
Participant contributions | 0 | 0 | |||
Federal subsidy on benefits paid | 0 | 0 | |||
Benefit obligations — end of year | (910.8) | (998) | (891.2) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets — beginning of year | 749.8 | 712.5 | |||
Actual return on plan assets | (6.4) | 59.1 | 80.3 | ||
Participant contributions | 0 | 0 | |||
Employer contributions | 35.7 | 49.6 | |||
Assets Transferred to (from) Plan | 0.2 | 0 | |||
Benefits paid | (78.7) | (71.4) | |||
Fair value of plan assets — end of year | 700.6 | 749.8 | 712.5 | ||
Funded status at December 31: | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 749.8 | 712.5 | 712.5 | 700.6 | 749.8 |
Defined Benefit Plan, Benefit Obligation | (998) | (891.2) | (891.2) | (910.8) | (998) |
Underfunded status of plan | (210.2) | (248.2) | |||
Amount recognized at December 31 | (210.2) | (248.2) | |||
Amounts recognized in Statements of Financial Position: | |||||
Current liabilities | (0.5) | (2.2) | |||
Noncurrent liabilities | (209.7) | (246) | |||
Net amount recognized | (210.2) | (248.2) | |||
Amounts recognized in accumulated other comprehensive income: | |||||
Prior service cost | 7.5 | 9.8 | |||
Net actuarial loss | 290.9 | 311.8 | |||
Net amount recognized | 298.4 | 321.6 | |||
The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2013: | |||||
Net actuarial loss | 21.1 | ||||
Prior service cost | 2.2 | ||||
Net amount recognized | 23.3 | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | (1.2) | (1.5) | |||
Other Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligations — beginning of year | (295.8) | (265.1) | |||
Service cost (excluding expenses) | 6.4 | 1.8 | 4 | ||
Interest cost | 13.4 | 11.9 | 12.6 | ||
Plan amendments | 0 | (0.9) | |||
Actuarial loss | (6.6) | (4.5) | (10.2) | ||
Defined Benefit Plan, Change in Actuarial (gain) loss | (27) | 37.4 | |||
Benefits paid | (20.6) | (25.3) | |||
Participant contributions | 4 | 4.8 | |||
Federal subsidy on benefits paid | 0.4 | 0.9 | |||
Benefit obligations — end of year | (266) | (295.8) | (265.1) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets — beginning of year | 269.3 | 251.8 | |||
Actual return on plan assets | (3.9) | 31.9 | 11 | ||
Participant contributions | 0.4 | 0.8 | |||
Employer contributions | 1.3 | 5.2 | |||
Assets Transferred to (from) Plan | 0 | 0 | |||
Benefits paid | (16.5) | (20.4) | |||
Fair value of plan assets — end of year | 250.6 | 269.3 | 251.8 | ||
Funded status at December 31: | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 269.3 | 251.8 | 251.8 | 250.6 | 269.3 |
Defined Benefit Plan, Benefit Obligation | (295.8) | (265.1) | $ (265.1) | (266) | (295.8) |
Underfunded status of plan | (15.4) | (26.5) | |||
Amount recognized at December 31 | (15.4) | (26.5) | |||
Amounts recognized in Statements of Financial Position: | |||||
Current liabilities | (4.1) | (4.2) | |||
Noncurrent liabilities | (11.3) | (22.3) | |||
Net amount recognized | (15.4) | (26.5) | |||
Amounts recognized in accumulated other comprehensive income: | |||||
Prior service cost | (39.5) | (42.9) | |||
Net actuarial loss | 91.5 | 99.3 | |||
Net amount recognized | 52 | 56.4 | |||
The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2013: | |||||
Net actuarial loss | 5.5 | ||||
Prior service cost | (3.7) | ||||
Net amount recognized | 1.8 | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | |||
Salaried Employees [Member] | Pension Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligations — beginning of year | (379.2) | ||||
Benefit obligations — end of year | (340) | (379.2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets — beginning of year | 288.3 | ||||
Fair value of plan assets — end of year | 258.3 | 288.3 | |||
Funded status at December 31: | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 288.3 | 288.3 | 258.3 | 288.3 | |
Defined Benefit Plan, Benefit Obligation | (379.2) | (379.2) | (340) | (379.2) | |
Underfunded status of plan | (81.7) | (90.9) | |||
Salaried Employees [Member] | Other Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligations — beginning of year | (41.6) | ||||
Benefit obligations — end of year | (38.2) | (41.6) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets — beginning of year | 0 | ||||
Fair value of plan assets — end of year | 0 | 0 | |||
Funded status at December 31: | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation | (41.6) | (41.6) | (38.2) | (41.6) | |
Underfunded status of plan | (38.2) | (41.6) | |||
Hourly Employees [Member] | Pension Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligations — beginning of year | (603.9) | ||||
Benefit obligations — end of year | (558.6) | (603.9) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets — beginning of year | 454.9 | ||||
Fair value of plan assets — end of year | 436.7 | 454.9 | |||
Funded status at December 31: | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 454.9 | 454.9 | 436.7 | 454.9 | |
Defined Benefit Plan, Benefit Obligation | (603.9) | (603.9) | (558.6) | (603.9) | |
Underfunded status of plan | (121.9) | (149) | |||
Hourly Employees [Member] | Other Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligations — beginning of year | (254.2) | ||||
Benefit obligations — end of year | (227.8) | (254.2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets — beginning of year | 269.3 | ||||
Fair value of plan assets — end of year | 250.6 | 269.3 | |||
Funded status at December 31: | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 269.3 | 269.3 | 250.6 | 269.3 | |
Defined Benefit Plan, Benefit Obligation | (254.2) | (254.2) | (227.8) | (254.2) | |
Underfunded status of plan | 22.8 | 15.1 | |||
Mining Employees [Member] | Pension Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligations — beginning of year | (9.2) | ||||
Benefit obligations — end of year | (8.6) | (9.2) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets — beginning of year | 6.6 | ||||
Fair value of plan assets — end of year | 5.6 | 6.6 | |||
Funded status at December 31: | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 6.6 | 6.6 | 5.6 | 6.6 | |
Defined Benefit Plan, Benefit Obligation | (9.2) | (9.2) | (8.6) | (9.2) | |
Underfunded status of plan | (3) | (2.6) | |||
Supplemental Executive Retirement Plan S E R P [Member] | Pension Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligations — beginning of year | (5.7) | ||||
Benefit obligations — end of year | (3.6) | (5.7) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets — beginning of year | 0 | ||||
Fair value of plan assets — end of year | 0 | 0 | |||
Funded status at December 31: | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation | (5.7) | (5.7) | (3.6) | (5.7) | |
Underfunded status of plan | $ (3.6) | $ (5.7) | |||
Pension Costs [Member] | Pension Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Interest cost | 40.2 | ||||
Pension Costs [Member] | Other Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Service cost (excluding expenses) | 1.9 | $ 1.9 | |||
Interest cost | $ 11.5 |
PENSIONS AND OTHER POSTRETIRE80
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 193.4 | $ 188.1 | $ 169.8 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actuarial Gain (Loss) | 20.8 | 14 | 27 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0.2 | 1.4 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | 700.6 | 749.8 | 712.5 |
Service cost | 22.7 | 26.1 | 32.9 |
Interest cost | (37.7) | (40.3) | (36.4) |
Expected return on plan assets | (59.8) | (58.1) | (52.3) |
Amortization: | |||
Prior service costs (credits) | 2.3 | 2.5 | 2.8 |
Net actuarial loss | 21 | 15.4 | 27 |
Net periodic benefit cost | 23.9 | 26.2 | 46.8 |
Effect of Curtailment | (1.2) | 0 | 0 |
Current year actuarial (gain)/loss | (0.7) | 109.7 | (128) |
Amortization of net loss | 21 | 15.4 | 27 |
Current year prior service cost | 0 | 0 | 0.8 |
Amortization of prior service (cost) credit | (2.3) | (2.5) | (2.8) |
Total recognized in other comprehensive income | (25.2) | 91.8 | (157) |
Total recognized in net periodic cost and other comprehensive income | (1.3) | 118 | (110.2) |
Defined Benefit Plan, Benefit Obligation | (910.8) | (998) | (891.2) |
Defined Benefit Plan, Funded Status of Plan | (210.2) | (248.2) | |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actuarial Gain (Loss) | 6.6 | 4.5 | 10.2 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | 0 | 0 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | 250.6 | 269.3 | 251.8 |
Service cost | 6.4 | 1.8 | 4 |
Interest cost | (13.4) | (11.9) | (12.6) |
Expected return on plan assets | (18.3) | (17.1) | (20) |
Amortization: | |||
Prior service costs (credits) | (3.7) | (3.6) | (3.6) |
Net actuarial loss | 6.6 | 4.5 | 10.2 |
Net periodic benefit cost | 4.4 | (2.5) | 3.2 |
Effect of Curtailment | 0 | 0 | 0 |
Current year actuarial (gain)/loss | 0.2 | 22.2 | (68.6) |
Amortization of net loss | 6.6 | 4.5 | 10.2 |
Current year prior service cost | 0 | (0.9) | 0 |
Amortization of prior service (cost) credit | 3.7 | 3.6 | 3.6 |
Total recognized in other comprehensive income | (2.7) | 20.4 | (75.2) |
Total recognized in net periodic cost and other comprehensive income | 1.7 | 17.9 | (72) |
Defined Benefit Plan, Benefit Obligation | (266) | (295.8) | $ (265.1) |
Defined Benefit Plan, Funded Status of Plan | (15.4) | (26.5) | |
Salaried Employees [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 258.3 | 288.3 | |
Amortization: | |||
Defined Benefit Plan, Benefit Obligation | (340) | (379.2) | |
Defined Benefit Plan, Funded Status of Plan | (81.7) | (90.9) | |
Salaried Employees [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Amortization: | |||
Defined Benefit Plan, Benefit Obligation | (38.2) | (41.6) | |
Defined Benefit Plan, Funded Status of Plan | (38.2) | (41.6) | |
Hourly Employees [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 436.7 | 454.9 | |
Amortization: | |||
Defined Benefit Plan, Benefit Obligation | (558.6) | (603.9) | |
Defined Benefit Plan, Funded Status of Plan | (121.9) | (149) | |
Hourly Employees [Member] | Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 250.6 | 269.3 | |
Amortization: | |||
Defined Benefit Plan, Benefit Obligation | (227.8) | (254.2) | |
Defined Benefit Plan, Funded Status of Plan | 22.8 | 15.1 | |
Mining Employees [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.6 | 6.6 | |
Amortization: | |||
Defined Benefit Plan, Benefit Obligation | (8.6) | (9.2) | |
Defined Benefit Plan, Funded Status of Plan | (3) | (2.6) | |
Supplemental Executive Retirement Plan S E R P [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Amortization: | |||
Defined Benefit Plan, Benefit Obligation | (3.6) | (5.7) | |
Defined Benefit Plan, Funded Status of Plan | $ (3.6) | $ (5.7) |
PENSIONS AND OTHER POSTRETIRE81
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Effect of change in mine ownership & noncontrolling interest | $ 48.4 | $ 51.2 | $ 46.3 |
Actual return on plan assets | (6.4) | 59.1 | 80.3 |
Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Effect of change in mine ownership & noncontrolling interest | 5.5 | 5.9 | 4.8 |
Actual return on plan assets | $ (3.9) | $ 31.9 | $ 11 |
PENSIONS AND OTHER POSTRETIRE82
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Weighted-Average Assumptions Used to Determine Benefit Obligations) (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Benefits [Member] | United States [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.83% | |
Salary [Member] | Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Rate of compensation increase | 3.00% | 3.00% |
Hourly [Member] | Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Rate of compensation increase | 2.00% | 2.50% |
Iron Hourly [Member] | Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 4.27% | 3.83% |
Salaried [Member] | Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 4.12% | 3.83% |
Salaried [Member] | Other Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 4.22% | 3.83% |
Ore Mining [Member] | Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 4.28% | 3.83% |
Supplemental Executive Retirement Plan S E R P [Member] | Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 4.22% | 3.83% |
Hourly [Member] | Other Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 4.32% | 3.83% |
PENSIONS AND OTHER POSTRETIRE83
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Weighted-Average Assumptions Used to Determine Net Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.83% | 4.57% | 3.70% |
Expected return on plan assets | 8.25% | 8.25% | 8.25% |
Pension Benefits [Member] | Canada [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected return on plan assets | 2.50% | 3.00% | 4.00% |
Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.83% | 4.57% | 3.70% |
Expected return on plan assets | 7.00% | 7.00% | 8.25% |
Salary [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Rate of compensation increase | 3.00% | 4.00% | 4.00% |
Salary [Member] | Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Rate of compensation increase | 3.00% | 4.00% | 4.00% |
PENSIONS AND OTHER POSTRETIRE84
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Ultimate health care cost trend rate | 5.00% | 5.00% |
United States [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Health care cost trend rate assumed for next year | 6.75% | 7.00% |
PENSIONS AND OTHER POSTRETIRE85
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Change of One Percentage Point in Assumed Health Care Cost Trend Rates) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Effect on total of service and interest cost due to one percentage point increase | $ 3.4 |
Effect on total of service and interest cost due to one percentage point decrease | (2.6) |
Effect on postretirement benefit obligation due to one percentage point increase | 27.2 |
Effect on postretirement benefit obligation due to one percentage point decrease | $ (22.6) |
PENSIONS AND OTHER POSTRETIRE86
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Target Allocation and Actual Asset Allocations for Pension and VEBA Plan Assets) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 100.00% | 100.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | |
Pension Benefits [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 44.00% | 45.60% |
Defined Benefit Plan, Target Plan Asset Allocations | 45.00% | |
Pension Benefits [Member] | Fixed Income Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 27.70% | 28.70% |
Defined Benefit Plan, Target Plan Asset Allocations | 28.00% | |
Pension Benefits [Member] | Hedge Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 5.80% | 5.50% |
Defined Benefit Plan, Target Plan Asset Allocations | 5.00% | |
Pension Benefits [Member] | Private Equity Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 4.70% | 4.20% |
Defined Benefit Plan, Target Plan Asset Allocations | 7.00% | |
Pension Benefits [Member] | Structured Finance [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 8.90% | 8.70% |
Defined Benefit Plan, Target Plan Asset Allocations | 7.50% | |
Pension Benefits [Member] | Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 8.20% | 6.70% |
Defined Benefit Plan, Target Plan Asset Allocations | 7.50% | |
Pension Benefits [Member] | Cash [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 0.70% | 0.60% |
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | |
Veba Trust [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 100.00% | 100.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | |
Veba Trust [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 8.80% | 8.60% |
Defined Benefit Plan, Target Plan Asset Allocations | 8.00% | |
Veba Trust [Member] | Fixed Income Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 78.20% | 79.30% |
Defined Benefit Plan, Target Plan Asset Allocations | 80.10% | |
Veba Trust [Member] | Hedge Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 4.50% | 4.30% |
Defined Benefit Plan, Target Plan Asset Allocations | 4.20% | |
Veba Trust [Member] | Private Equity Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 2.20% | 2.30% |
Defined Benefit Plan, Target Plan Asset Allocations | 2.60% | |
Veba Trust [Member] | Structured Finance [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 2.30% | 2.30% |
Defined Benefit Plan, Target Plan Asset Allocations | 2.10% | |
Veba Trust [Member] | Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 4.00% | 3.20% |
Defined Benefit Plan, Target Plan Asset Allocations | 3.00% | |
Veba Trust [Member] | Cash [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 0.00% | 0.00% |
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% |
PENSIONS AND OTHER POSTRETIRE87
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Fair Values of Pension Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Reserve For Investment Commitments | $ 48.1 | ||
Fair value of plan assets | 193.4 | $ 188.1 | $ 169.8 |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 700.6 | 749.8 | 712.5 |
Equity Securities [Member] | U S Large Cap [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 150.5 | 168.4 | |
Equity Securities [Member] | U S Small Mid Cap [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 40.6 | 45.9 | |
Equity Securities [Member] | International [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 116.8 | 127.7 | |
Fixed Income Investments [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 194.2 | 214.9 | |
Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 40.7 | 41.5 | 38.8 |
Hedge Funds [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 40.7 | 41.5 | |
Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 33.1 | 31.2 | 29.1 |
Private Equity Funds [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 33.1 | 31.2 | |
Structured Finance [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 62.1 | 65.4 | 61 |
Redemption Request Notice Period | 90 days | ||
Structured Finance [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 62.1 | 65.4 | |
Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 57.5 | 50 | $ 40.9 |
Redemption Request Notice Period | 45 days | ||
Real Estate [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 57.5 | 50 | |
Cash [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 5.1 | 4.8 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 479.3 | 529.9 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Equity Securities [Member] | U S Large Cap [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 150.5 | 168.4 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Equity Securities [Member] | U S Small Mid Cap [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 40.6 | 45.9 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Equity Securities [Member] | International [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 116.8 | 127.7 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fixed Income Investments [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 166.3 | 183.1 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Hedge Funds [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Private Equity Funds [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Structured Finance [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Real Estate [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Cash [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 5.1 | 4.8 | |
Fair Value, Inputs, Level 2 [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 27.9 | 31.8 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | U S Large Cap [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | U S Small Mid Cap [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | International [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Investments [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 27.9 | 31.8 | |
Fair Value, Inputs, Level 2 [Member] | Hedge Funds [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Private Equity Funds [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Structured Finance [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Real Estate [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 193.4 | 188.1 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | U S Large Cap [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | U S Small Mid Cap [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | International [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Investments [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Hedge Funds [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 40.7 | 41.5 | |
Significant Unobservable Inputs (Level 3) [Member] | Private Equity Funds [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 33.1 | 31.2 | |
Significant Unobservable Inputs (Level 3) [Member] | Structured Finance [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 62.1 | 65.4 | |
Significant Unobservable Inputs (Level 3) [Member] | Real Estate [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 57.5 | 50 | |
Significant Unobservable Inputs (Level 3) [Member] | Cash [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
PENSIONS AND OTHER POSTRETIRE88
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Fair Values of Other Benefit Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 193.4 | $ 188.1 | $ 169.8 |
Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 40.7 | 41.5 | 38.8 |
Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 33.1 | 31.2 | 29.1 |
Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 57.5 | 50 | 40.9 |
Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 250.6 | 269.3 | 251.8 |
Other Benefits [Member] | Equity Securities [Member] | U S Large Cap [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11.1 | 11.6 | |
Other Benefits [Member] | Equity Securities [Member] | U S Small Mid Cap [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2.8 | 2.9 | |
Other Benefits [Member] | Equity Securities [Member] | International [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 8.2 | 8.6 | |
Other Benefits [Member] | Fixed Income Investments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 196 | 213.6 | |
Other Benefits [Member] | Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11.2 | 11.5 | |
Other Benefits [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.5 | 6.2 | |
Other Benefits [Member] | Structured Credit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.8 | 6.1 | |
Other Benefits [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10 | 8.7 | |
Other Benefits [Member] | Cash [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0.1 | |
Other Benefits [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 180.2 | 197.7 | |
Other Benefits [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Equity Securities [Member] | U S Large Cap [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11.1 | 11.6 | |
Other Benefits [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Equity Securities [Member] | U S Small Mid Cap [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2.8 | 2.9 | |
Other Benefits [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Equity Securities [Member] | International [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 8.2 | 8.6 | |
Other Benefits [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fixed Income Investments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 158.1 | 174.5 | |
Other Benefits [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Benefits [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Benefits [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Structured Credit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Benefits [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Benefits [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Cash [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0.1 | |
Other Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 37.9 | 39.1 | |
Other Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | U S Large Cap [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | U S Small Mid Cap [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | International [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Income Investments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 37.9 | 39.1 | |
Other Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | Structured Credit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Benefits [Member] | Fair Value, Inputs, Level 2 [Member] | Cash [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 32.5 | 32.5 | 57.3 |
Other Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | U S Large Cap [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | U S Small Mid Cap [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | International [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Investments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11.2 | 11.5 | 24.6 |
Other Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.5 | 6.2 | 6 |
Other Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | Structured Credit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.8 | 6.1 | 13.5 |
Other Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10 | 8.7 | $ 13.2 |
Other Benefits [Member] | Significant Unobservable Inputs (Level 3) [Member] | Cash [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
PENSIONS AND OTHER POSTRETIRE89
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Annual Contributions To The Pension Plans) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Company contributions | $ 3.5 | $ 5.5 | |
Expected company contributions, next fiscal year | [1] | $ 4.1 | |
Funded percentage | 70.00% | ||
Value of VEBA Trust Assets as a Percentage of the Funding Obligation | 0.9 | ||
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Company contributions | $ 35.7 | 49.6 | |
Expected company contributions, next fiscal year | [1] | 1.2 | |
Direct Payments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Company contributions | 3.5 | 5.5 | |
Expected company contributions, next fiscal year | [1] | 4.1 | |
Veba Trust [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Company contributions | 0 | $ 0 | |
Expected company contributions, next fiscal year | [1] | $ 0 | |
[1] | Pursuant to the bargaining agreement, benefits can be paid from VEBA trusts that are at least 70 percent funded (all VEBA trusts are over 70 percent funded at December 31, 2015). Funding obligations have been suspended as Hibbing's, UTAC's, Tilden's and Empire's share of the value of their respective trust assets have reached 90 percent of their obligation. |
PENSIONS AND OTHER POSTRETIRE90
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Estimated Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Estimated net periodic benefit cost | $ 11.9 | |
Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Contributions by Plan Participants | 0 | $ 0 |
Estimated net periodic benefit cost | 16.3 | |
Other Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Contributions by Plan Participants | 4 | $ 4.8 |
Estimated net periodic benefit cost | $ (4.4) |
PENSIONS AND OTHER POSTRETIRE91
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Other Potential Benefit Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 193.4 | $ 188.1 | $ 169.8 |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 700.6 | 749.8 | 712.5 |
Defined Benefit Plan, Benefit Obligation | (910.8) | (998) | (891.2) |
Defined Benefit Plan, Funded Status of Plan | (210.2) | (248.2) | |
Additional shutdown and early retirement benefits | (23.2) | ||
Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 250.6 | 269.3 | 251.8 |
Defined Benefit Plan, Benefit Obligation | (266) | (295.8) | $ (265.1) |
Defined Benefit Plan, Funded Status of Plan | (15.4) | $ (26.5) | |
Additional shutdown and early retirement benefits | $ (3.2) |
PENSIONS AND POSTRETIREMENT BEN
PENSIONS AND POSTRETIREMENT BENEFITS (Effect of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) on Changes in Pension Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The following represents the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets for the years ended December 31, 2015 and 2014 : (In Millions) Year Ended December 31, 2015 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2015 $ 41.5 $ 31.2 $ 65.4 $ 50.0 $ 188.1 Actual return on plan assets: Relating to assets still held at the reporting date (0.8 ) 1.5 (3.3 ) 8.1 5.5 Relating to assets sold during the period — 2.5 — — 2.5 Purchases — 5.7 — — 5.7 Sales — (7.8 ) — (0.6 ) (8.4 ) Ending balance — December 31, 2015 $ 40.7 $ 33.1 $ 62.1 $ 57.5 $ 193.4 (In Millions) Year Ended December 31, 2014 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2014 $ 38.8 $ 29.1 $ 61.0 $ 40.9 $ 169.8 Actual return on plan assets: Relating to assets still held at the reporting date 2.7 3.2 4.4 5.2 15.5 Relating to assets sold during the period — 3.0 — — 3.0 Purchases — 1.4 — 5.4 6.8 Sales — (5.5 ) — (1.5 ) (7.0 ) Ending balance — December 31, 2014 $ 41.5 $ 31.2 $ 65.4 $ 50.0 $ 188.1 | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | $ 188.1 | $ 169.8 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 5.5 | 15.5 |
Relating to assets sold during the period | 2.5 | 3 |
Purchases | 5.7 | 6.8 |
Sales | (8.4) | (7) |
Fair value of plan assets — end of year | 193.4 | 188.1 |
Hedge Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 41.5 | 38.8 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | (0.8) | 2.7 |
Relating to assets sold during the period | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Fair value of plan assets — end of year | 40.7 | 41.5 |
Private Equity Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 31.2 | 29.1 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 1.5 | 3.2 |
Relating to assets sold during the period | 2.5 | 3 |
Purchases | 5.7 | 1.4 |
Sales | (7.8) | (5.5) |
Fair value of plan assets — end of year | 33.1 | 31.2 |
Structured Finance [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 65.4 | 61 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | (3.3) | 4.4 |
Relating to assets sold during the period | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Fair value of plan assets — end of year | 62.1 | 65.4 |
Real Estate [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 50 | 40.9 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 8.1 | 5.2 |
Relating to assets sold during the period | 0 | 0 |
Purchases | 0 | 5.4 |
Sales | (0.6) | (1.5) |
Fair value of plan assets — end of year | $ 57.5 | $ 50 |
Veba Trust [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The following represents the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets for the year ended December 31, 2015 and 2014 : (In Millions) Year Ended December 31, 2015 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2015 $ 11.5 $ 6.2 $ 6.1 $ 8.7 $ 32.5 Actual return on plan assets: Relating to assets still held at the reporting date (0.3 ) 0.3 (0.3 ) 1.3 1.0 Relating to assets sold during the period — 0.4 — — 0.4 Purchases — 0.1 — — 0.1 Sales — (1.5 ) — — (1.5 ) Ending balance — December 31, 2015 $ 11.2 $ 5.5 $ 5.8 $ 10.0 $ 32.5 (In Millions) Year Ended December 31, 2014 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2014 $ 24.6 $ 6.0 $ 13.5 $ 13.2 $ 57.3 Actual return on plan assets: Relating to assets still held at the reporting date 0.5 1.0 0.4 0.9 2.8 Relating to assets sold during the period 0.6 0.4 0.4 0.5 1.9 Purchases — 0.1 — — 0.1 Sales (14.2 ) (1.3 ) (8.2 ) (5.9 ) (29.6 ) Ending balance — December 31, 2014 $ 11.5 $ 6.2 $ 6.1 $ 8.7 $ 32.5 |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFITS (Effect of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) on Changes in Other Benefit Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | $ 188.1 | $ 169.8 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 5.5 | 15.5 |
Acquired through business combinations | 5.7 | 6.8 |
Sales | (8.4) | (7) |
Fair value of plan assets — end of year | 193.4 | 188.1 |
Hedge Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | 41.5 | 38.8 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | (0.8) | 2.7 |
Acquired through business combinations | 0 | 0 |
Sales | 0 | 0 |
Fair value of plan assets — end of year | 40.7 | 41.5 |
Private Equity Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | 31.2 | 29.1 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 1.5 | 3.2 |
Acquired through business combinations | 5.7 | 1.4 |
Sales | (7.8) | (5.5) |
Fair value of plan assets — end of year | 33.1 | 31.2 |
Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | 50 | 40.9 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 8.1 | 5.2 |
Acquired through business combinations | 0 | 5.4 |
Sales | (0.6) | (1.5) |
Fair value of plan assets — end of year | 57.5 | 50 |
Other Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | 269.3 | 251.8 |
Actual return on plan assets: | ||
Fair value of plan assets — end of year | 250.6 | 269.3 |
Other Benefits [Member] | Hedge Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | 11.5 | |
Actual return on plan assets: | ||
Fair value of plan assets — end of year | 11.2 | 11.5 |
Other Benefits [Member] | Private Equity Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | 6.2 | |
Actual return on plan assets: | ||
Fair value of plan assets — end of year | 5.5 | 6.2 |
Other Benefits [Member] | Structured Credit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | 6.1 | |
Actual return on plan assets: | ||
Fair value of plan assets — end of year | 5.8 | 6.1 |
Other Benefits [Member] | Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | 8.7 | |
Actual return on plan assets: | ||
Fair value of plan assets — end of year | 10 | 8.7 |
Significant Unobservable Inputs (Level 3) [Member] | Other Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | 32.5 | 57.3 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 1 | 2.8 |
Acquired through business combinations | 0.1 | 0.1 |
Sales | (1.5) | (29.6) |
Fair value of plan assets — end of year | 32.5 | 32.5 |
Significant Unobservable Inputs (Level 3) [Member] | Other Benefits [Member] | Hedge Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | 11.5 | 24.6 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | (0.3) | 0.5 |
Acquired through business combinations | 0 | 0 |
Sales | 0 | (14.2) |
Fair value of plan assets — end of year | 11.2 | 11.5 |
Significant Unobservable Inputs (Level 3) [Member] | Other Benefits [Member] | Private Equity Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | 6.2 | 6 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 0.3 | 1 |
Acquired through business combinations | 0.1 | 0.1 |
Sales | (1.5) | (1.3) |
Fair value of plan assets — end of year | 5.5 | 6.2 |
Significant Unobservable Inputs (Level 3) [Member] | Other Benefits [Member] | Structured Credit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | 6.1 | 13.5 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | (0.3) | 0.4 |
Acquired through business combinations | 0 | 0 |
Sales | 0 | (8.2) |
Fair value of plan assets — end of year | 5.8 | 6.1 |
Significant Unobservable Inputs (Level 3) [Member] | Other Benefits [Member] | Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | 8.7 | 13.2 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 1.3 | 0.9 |
Acquired through business combinations | 0 | 0 |
Sales | 0 | (5.9) |
Fair value of plan assets — end of year | $ 10 | $ 8.7 |
PENSION AND OTHER POSTRETIREM94
PENSION AND OTHER POSTRETIREMENT BENEFITS (Estimated Future Benefit Payments) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan Expected Net Periodic Benefit Cost | $ 11.9 |
Pension Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan Expected Net Periodic Benefit Cost | 16.3 |
2,016 | 74.6 |
2,017 | 63.4 |
2,018 | 63 |
2,019 | 62.4 |
2,020 | 62.4 |
2021-2025 | 306.8 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Defined Benefit Plan Expected Net Periodic Benefit Cost | (4.4) |
Gross Company Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | 18.2 |
2,017 | 18.3 |
2,018 | 18.3 |
2,019 | 18.1 |
2,020 | 17.7 |
2021-2025 | 84.7 |
Less Medicare Subsidy [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | 0.8 |
2,017 | 0.9 |
2,018 | 1 |
2,019 | 1.1 |
2,020 | 1.2 |
2021-2025 | 6.9 |
Net Company Payments [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | 17.4 |
2,017 | 17.4 |
2,018 | 17.3 |
2,019 | 17 |
2,020 | 16.5 |
2021-2025 | $ 77.8 |
PENSIONS AND OTHER POSTRETIRE95
PENSIONS AND OTHER POSTRETIREMENT BENEFITS PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Unobservable Inputs, Level 3) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 193.4 | $ 188.1 | $ 169.8 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 5.5 | 15.5 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 2.5 | 3 | |
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 5.7 | 6.8 | |
Defined Benefit Plan, Divestitures, Plan Assets | (8.4) | (7) | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 250.6 | 269.3 | 251.8 |
Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 33.1 | 31.2 | 29.1 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 1.5 | 3.2 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 2.5 | 3 | |
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 5.7 | 1.4 | |
Defined Benefit Plan, Divestitures, Plan Assets | (7.8) | (5.5) | |
Private Equity Funds [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.5 | 6.2 | |
Structured Finance [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 62.1 | 65.4 | 61 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | (3.3) | 4.4 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0 | |
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 0 | 0 | |
Defined Benefit Plan, Divestitures, Plan Assets | 0 | 0 | |
Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 57.5 | 50 | 40.9 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 8.1 | 5.2 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0 | |
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 0 | 5.4 | |
Defined Benefit Plan, Divestitures, Plan Assets | (0.6) | (1.5) | |
Real Estate [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10 | 8.7 | |
Structured Credit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.8 | 6.1 | |
Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 40.7 | 41.5 | 38.8 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | (0.8) | 2.7 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0 | |
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 0 | 0 | |
Defined Benefit Plan, Divestitures, Plan Assets | 0 | 0 | |
Hedge Funds [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11.2 | 11.5 | |
Fair Value, Inputs, Level 3 [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 32.5 | 32.5 | 57.3 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 1 | 2.8 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0.4 | 1.9 | |
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 0.1 | 0.1 | |
Defined Benefit Plan, Divestitures, Plan Assets | (1.5) | (29.6) | |
Fair Value, Inputs, Level 3 [Member] | Private Equity Funds [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.5 | 6.2 | 6 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 0.3 | 1 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0.4 | 0.4 | |
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 0.1 | 0.1 | |
Defined Benefit Plan, Divestitures, Plan Assets | (1.5) | (1.3) | |
Fair Value, Inputs, Level 3 [Member] | Real Estate [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10 | 8.7 | 13.2 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 1.3 | 0.9 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0.5 | |
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 0 | 0 | |
Defined Benefit Plan, Divestitures, Plan Assets | 0 | (5.9) | |
Fair Value, Inputs, Level 3 [Member] | Structured Credit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.8 | 6.1 | 13.5 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | (0.3) | 0.4 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0.4 | |
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 0 | 0 | |
Defined Benefit Plan, Divestitures, Plan Assets | 0 | (8.2) | |
Fair Value, Inputs, Level 3 [Member] | Hedge Funds [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11.2 | 11.5 | $ 24.6 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | (0.3) | 0.5 | |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0.6 | |
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 0 | 0 | |
Defined Benefit Plan, Divestitures, Plan Assets | $ 0 | $ (14.2) |
PENSIONS AND OTHER POSTRETIRE96
PENSIONS AND OTHER POSTRETIREMENT BENEFITS PENSIONS AND OTHER POSTRETIREMENT BENEFITS ( Fair Value of Recurring) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Current Fiscal Year End Date | --12-31 | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 193.4 | $ 188.1 | $ 169.8 |
Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 40.7 | 41.5 | 38.8 |
Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 33.1 | 31.2 | 29.1 |
Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 57.5 | 50 | 40.9 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 250.6 | 269.3 | 251.8 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 37.9 | 39.1 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 32.5 | 32.5 | 57.3 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 180.2 | 197.7 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Fixed Income Investments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 196 | 213.6 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 37.9 | 39.1 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 158.1 | 174.5 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11.2 | 11.5 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11.2 | 11.5 | 24.6 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.5 | 6.2 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.5 | 6.2 | 6 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Structured Credit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.8 | 6.1 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Structured Credit [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Structured Credit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5.8 | 6.1 | 13.5 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Structured Credit [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10 | 8.7 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10 | 8.7 | $ 13.2 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Cash [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0.1 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Cash [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Cash [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Cash [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0.1 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | U S Small Mid Cap [Member] | Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2.8 | 2.9 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | U S Small Mid Cap [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | U S Small Mid Cap [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | U S Small Mid Cap [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2.8 | 2.9 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | International [Member] | Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 8.2 | 8.6 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | International [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | International [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | International [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 8.2 | 8.6 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | U S Large Cap [Member] | Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11.1 | 11.6 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | U S Large Cap [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | U S Large Cap [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | U S Large Cap [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 11.1 | $ 11.6 |
STOCK COMPENSATION PLANS (Narra
STOCK COMPENSATION PLANS (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2014USD ($)shares | Sep. 30, 2014USD ($) | Sep. 30, 2015 | Dec. 31, 2015USD ($)AgreementPlanshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Plans | Plan | 2 | |||||
Allocated Share-based Compensation Expense | $ | $ 13,900,000 | $ 21,500,000 | $ 19,100,000 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ | $ 0 | $ 7,500,000 | $ 6,700,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Plan Year Agreements | Agreement | 3 | |||||
Number of performance shares granted | 3,769,700 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 23,500,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 6 months 20 days | |||||
Option Indexed to Issuer's Equity, Strike Price | $ / shares | $ 13.83 | |||||
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 | 400,000,000 | |||
2015 Equity Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum number of shares that may be issued (in shares) | 12,900,000 | |||||
Two Thousand Twelve Equity Plan and Amended Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance/vesting period | 3 years | |||||
Payout rate, as a percentage of the original grant | 23.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Available for Issuance Proposed to be added to the Plan | 5,000,000 | |||||
Directors Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Issued During Period Value Director Stock Award | $ | $ 42,500 | $ 42,500 | $ 85,000 | |||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ | $ 85,000 | 250,000 | ||||
Directors Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum number of shares that may be issued (in shares) | 300,000 | |||||
2012 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares granted under the award | 900,000 | |||||
Number of performance shares granted | 900,000 | |||||
Number of restricted shares granted | 400,000 | |||||
Change in Control [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ | $ 11,700,000 | |||||
2015 to 2017 Performance Period [Member] | Two Thousand Twelve Equity Plan and Amended Equity Plan [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payout rate, as a percentage of the original grant | 0.00% | |||||
2015 to 2017 Performance Period [Member] | Two Thousand Twelve Equity Plan and Amended Equity Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payout rate, as a percentage of the original grant | 200.00% | |||||
Restricted Stock Units (RSUs) [Member] | 2015 Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of restricted shares granted | 1,500,000 | |||||
Cliffs Natural Resource Inc. 2015 Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common Stock, Shares Authorized | 10,000,000 |
STOCK COMPENSATION PLANS (Assum
STOCK COMPENSATION PLANS (Assumptions Utilized To Estimate Fair Value For Performance Share Grants) (Details) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair Value | $ 6.78 |
January 12, 2015 [Member] | Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Date Market Price | $ 7.70 |
Average Expected Term (Years) | 2 years 11 months 20 days |
Expected Volatility | 58.30% |
Risk-Free Interest Rate | 0.91% |
Dividend Yield | 0.00% |
Fair Value | $ 11.56 |
Fair Value (Percent of Grant Date Market Price) | 150.13% |
February 9, 2015 [Member] | Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Date Market Price | $ 6.57 |
Average Expected Term (Years) | 2 years 10 months 20 days |
Expected Volatility | 58.30% |
Risk-Free Interest Rate | 0.87% |
Dividend Yield | 0.00% |
Fair Value | $ 9.86 |
Fair Value (Percent of Grant Date Market Price) | 150.13% |
STOCK COMPENSATION PLANS STOCK
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS (Employee Plans) (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2015shares | |
Two Thousand Twelve Equity Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0.4 |
STOCK COMPENSATION PLANS STO100
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS (Incentive Plan Details) (Details) - shares | Feb. 09, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of performance shares granted | 3,769,700 | ||||||||
Performance Shares [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of performance shares granted | 410,105 | 464,470 | 400,000 | 199,450 | 106,120 | 230,265 | 874,575 | 1,233,685 | 806,271 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Estimated Forfeitures | 96,149 | 27,774 | 32,653 | 16,351 | 142,017 | 111,877 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest | 368,321 | 372,226 | 166,797 | 89,769 | 88,248 | 298,228 |
STOCK COMPENSATION PLANS STO101
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS (Nonemployee Directors) (Details) - Directors Plan [Member] - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period from Date of Election, at End of Such Director is Required to Hold Certain Number of Shares | 5 years | |||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 85,000 | $ 250,000 | ||
Stock Issued During Period Value Director Stock Award | $ 42,500 | $ 42,500 | $ 85,000 | |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 300,000 |
STOCK COMPENSATION PLANS STO102
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS (Incentive Compensation and Other Benefit Plans for Employees and Directors) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Equity Grant Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period Shares Director Stock Award | 109,408 | 73,635 | 31,506 |
Deferred Equity Grant Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period Shares Director Stock Award | 25,248 | 0 | 7,970 |
Unrestricted Equity Grant Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period Shares Director Stock Award | 0 | 0 | 3,985 |
STOCK COMPENSATION PLANS STO103
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS (Schedule of Compensation Costs) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Selling, General and Administrative Expense | $ 110 | $ 154.7 | $ 163.8 | ||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 313.1 | (19.7) | 1,190.9 | ||||||||
Income Tax Expense (Benefit) | $ (207.3) | 169.3 | (86) | 237.6 | |||||||
Net Income (Loss) Attributable to Parent | $ (60.3) | $ 10.6 | $ 60.2 | $ (759.8) | $ (1,285.2) | $ (5,879.6) | $ 10.9 | $ (70.3) | $ (749.3) | $ (7,224.2) | $ 413.5 |
Earnings Per Share, Basic | $ (0.39) | $ (0.10) | $ 0.39 | $ (5.04) | $ (8.48) | $ (38.49) | $ (0.01) | $ (0.55) | $ (5.14) | $ (47.52) | $ 2.40 |
Earnings Per Share, Diluted | $ (0.39) | $ (0.10) | $ 0.39 | $ (4.26) | $ (7.19) | $ (38.49) | $ (0.02) | $ (0.54) | $ (5.13) | $ (47.52) | $ 2.37 |
Deferred Compensation, Share-based Payments [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Costs and Expenses | $ 4 | $ 5.6 | $ 4.9 | ||||||||
Selling, General and Administrative Expense | 9.9 | 15.9 | 14.2 | ||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 13.9 | 21.5 | 19.1 | ||||||||
Income Tax Expense (Benefit) | 0 | (7.5) | (6.7) | ||||||||
Net Income (Loss) Attributable to Parent | $ 13.9 | $ 14 | $ 12.4 | ||||||||
Earnings Per Share, Basic | $ 0.09 | $ 0.09 | $ 0.08 | ||||||||
Earnings Per Share, Diluted | $ 0.09 | $ 0.09 | $ 0.07 |
STOCK COMPENSATION PLANS STO104
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS (Outstanding Employee Awards) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 4,442,048 | 1,845,552 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 8.93 | $ 16.55 |
Number of performance shares granted | 3,769,700 | |
Fair Value | $ 6.78 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (720,077) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 16.15 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (453,127) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 10.50 |
STOCK COMPENSATION PLANS STO105
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS (Share Based Compensation Arrangement by Share-based Payment Award) (Details) - USD ($) | Feb. 09, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | 490,902 | 490,902 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 9.67 | $ 9.67 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 0 | $ 0 | ||||||||
Option Indexed to Issuer's Equity, Strike Price | $ 13.83 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 4,442,048 | 1,845,552 | 4,442,048 | 1,845,552 | ||||||
Number of performance shares granted | 3,769,700 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (720,077) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (453,127) | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 12,008,934 | 12,008,934 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years 10 months 25 days | |||||||||
Fair Value | $ 6.78 | |||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 83,334 | 83,334 | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 13.83 | $ 13.83 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | $ 0 | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | 5 years 10 months 16 days | |||||||||
Restricted Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 607,489 | 250,000 | 607,489 | 250,000 | 0 | 0 | ||||
Number of performance shares granted | 412,710 | 250,000 | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | 0 | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (55,221) | 0 | 0 | |||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,338,070 | 523,176 | 2,338,070 | 523,176 | 586,084 | 393,787 | ||||
Number of performance shares granted | 2,482,415 | 531,030 | 396,844 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (477,157) | (423,822) | (118,973) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (190,364) | (170,116) | (85,574) | |||||||
Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,496,489 | 1,072,376 | 1,496,489 | 1,072,376 | 1,040,453 | 772,484 | ||||
Number of performance shares granted | 410,105 | 464,470 | 400,000 | 199,450 | 106,120 | 230,265 | 874,575 | 1,233,685 | 806,271 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (242,920) | (796,624) | (289,054) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (207,542) | (405,138) | (249,248) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested or Expected to Vest, Outstanding, Number | 3,934,901 | 3,934,901 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Estimated Forfeitures | 96,149 | 27,774 | 32,653 | 16,351 | 142,017 | 111,877 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest | 368,321 | 372,226 | 166,797 | 89,769 | 88,248 | 298,228 | ||||
Directors Retainer and Voluntary Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0 | 0 | 0 | 0 | 7,329 | 2,880 | ||||
Number of performance shares granted | 0 | 2,281 | 8,136 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | (9,610) | (2,166) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | 0 | (1,521) | |||||||
January 12, 2015 [Member] | Restricted Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Grant Date Market Price | $ 7.70 | |||||||||
Average Expected Term (Years) | 6 years 5 months 20 days | |||||||||
Expected Volatility | 75.30% | |||||||||
Risk-Free Interest Rate | 1.60% | |||||||||
Dividend Yield | 0.00% | |||||||||
Fair Value | $ 5.23 | |||||||||
January 12, 2015 [Member] | Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Grant Date Market Price | $ 7.70 | |||||||||
Average Expected Term (Years) | 2 years 11 months 20 days | |||||||||
Expected Volatility | 58.30% | |||||||||
Risk-Free Interest Rate | 0.91% | |||||||||
Dividend Yield | 0.00% | |||||||||
Fair Value | $ 11.56 | |||||||||
Employee Plans [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 11,917,635 | 11,917,635 | ||||||||
Directors Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 91,299 | 91,299 | ||||||||
Two Thousand Twelve Equity Plan and Amended Equity Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share Based Goods And Nonemployee Services Transaction Valuation Method Payout Rate | 23.00% | |||||||||
Grants Associated with a Prior Period Payout Exceeding Target [Member] | Two Thousand Twelve Equity Plan and Amended Equity Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of performance shares granted | 54,051 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | $ 156.2 | $ 72.6 | $ 71.8 | $ 53.5 |
Undistributed Earnings of Foreign Subsidiaries | 0 | |||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 3,900 | 1,900 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 11,100 | 4,500 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 5.8 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 218.7 | $ 219.1 | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 2,200 | |||
Document Fiscal Year Focus | 2,015 | |||
Effective Income Tax Rate, Continuing Operations | 35.00% | 35.00% | 35.00% | |
Current Fiscal Year End Date | --12-31 | |||
Reversal of Valuation Allowance on MRRT credits [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 111.5 | |||
Deferred Tax Asset, Canadian Deferred Tax Asset that will not be realized [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 2,200 | |||
Deferred Tax Asset, Domestic Deferred Tax Asset that will not be realized [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 165.8 | |||
Other Noncurrent Assets [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | 134.7 | $ 49.4 | ||
Other Liabilities [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | 21.5 | 23.2 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2.1 | $ 1.6 | ||
Deferred Tax Asset, Alternative Minimum Tax Credit Not Utilized [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 1,600 |
INCOME TAXES INCOME TAXES (SCHE
INCOME TAXES INCOME TAXES (SCHEDULE OF INCOME BEFORE INCOME TAXES) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 314.2 | $ (447.5) | $ 840.8 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (1.1) | 427.8 | 350.1 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 313.1 | $ (19.7) | $ 1,190.9 |
INCOME TAXES INCOME TAXES (S108
INCOME TAXES INCOME TAXES (Schedule of Components of Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||||
Current Federal Tax Expense (Benefit) | $ 8.2 | $ (125.2) | $ 110.4 | |
Current State and Local Tax Expense (Benefit) | 0.3 | (0.6) | 4 | |
Current Foreign Tax Expense (Benefit) | 0.9 | 11.7 | 94.8 | |
Current Income Tax Expense (Benefit) | 9.4 | (114.1) | 209.2 | |
Deferred Federal Income Tax Expense (Benefit) | 165.8 | 20.4 | 35 | |
Deferred State and Local Income Tax Expense (Benefit) | 0 | (24.9) | 3 | |
Deferred Foreign Income Tax Expense (Benefit) | (5.9) | 32.6 | (9.6) | |
Deferred Income Tax Expense (Benefit) | 159.8 | (1,153.9) | (138.1) | |
Income Tax Expense (Benefit) | $ (207.3) | 169.3 | (86) | 237.6 |
Deferred Provision (Benefit) [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Deferred Income Tax Expense (Benefit) | $ 159.9 | $ 28.1 | $ 28.4 |
INCOME TAXES INCOME TAXES (S109
INCOME TAXES INCOME TAXES (Schedule of Effective Rate Reconciliation) (Details) - USD ($) AUD / $ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||||||||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 109.6 | $ (6.9) | $ 416.8 | |||||||
Effective Income Tax Rate Reconciliation, Percent | 35.00% | 35.00% | 35.00% | |||||||
Non-taxable loss (income) related to noncontrolling interests | (3) | (9.4) | (5.4) | |||||||
Non-taxable loss (income) related to noncontrolling interests percent | (1.00%) | 47.70% | (0.50%) | |||||||
Impact Of Tax Law Change | 0 | 13 | 0 | |||||||
Impact Of Tax Law Change Percent | 0.00% | (66.00%) | 0.00% | |||||||
Income Tax Reconciliation Tax Deduction for percentage depletion in excess of cost depletion | (34.9) | (87.9) | (97.6) | |||||||
Income Tax Reconciliation Tax Deduction for percentage depletion in excess of cost depletion percent | (11.10%) | 446.20% | (8.20%) | |||||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (53.9) | 51.4 | (48.7) | |||||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | (17.20%) | (260.90%) | (4.10%) | |||||||
Income not subject to tax | 0 | (27.7) | (84.7) | |||||||
Income not subject to tax percent | 0.00% | 140.60% | (7.10%) | |||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 0 | 22.7 | 0 | |||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | 0.00% | (115.20%) | 0.00% | |||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 0.2 | (25.4) | 5.6 | |||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 0.10% | 128.90% | 0.50% | |||||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount | 0 | (347.1) | 0 | |||||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent | 0.00% | 1761.90% | 0.00% | |||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (104.6) | 318.3 | 53.2 | |||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (33.40%) | (1615.70%) | 4.50% | |||||||
Effective Income Tax Reconciliation, Valuation Allowance Prior Year | 165.8 | 15.2 | 0 | |||||||
Effective Income Tax Reconciliation, Valuation Allowance Prior Year, Percent | 52.90% | (77.20%) | 0.00% | |||||||
Tax Adjustments, Settlements, and Unusual Provisions | 84.1 | 0 | 12.5 | |||||||
Tax Adjustments Settlements And Unusual Provisions Percent | 26.90% | 0.00% | 1.10% | |||||||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent | 1.90% | 590.00% | 32.10% | (630.00%) | 0.40% | 490.00% | ||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0.1 | 4.1 | (19) | |||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.00% | (20.90%) | (1.60%) | |||||||
Income Tax Expense (Benefit) | $ (207.3) | $ 169.3 | $ (86) | $ 237.6 | ||||||
Income Tax Expense Benefit Percent | 54.10% | 436.50% | 20.00% |
INCOME TAXES INCOME TAXES (Inco
INCOME TAXES INCOME TAXES (Income Taxes for Other than Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $ 0 | $ 37.1 | $ 83.2 |
Other Comprehensive Income Unrealized Gain Loss On Mark To Market Adjustments Arising During Period Tax | 0.3 | 3.6 | 1.8 |
Other Comprehensive Income (Loss), Other Tax | 5.9 | 0.2 | (9.8) |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 6.2 | 40.9 | 75.2 |
Income Tax Effects Allocated Directly to Equity, Equity Transactions | 0 | (4.8) | 3.5 |
Discontinued Operation, Tax Effect of Discontinued Operation | $ (6) | $ (1,216) | $ (184.5) |
INCOME TAXES INCOME TAXES (S111
INCOME TAXES INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Contingency [Line Items] | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | $ 106.6 | $ 99.5 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 36.5 | 50.4 |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 218.7 | 219.1 |
Deferred Tax Assets Development Costs | 4.9 | 0 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Asset Retirement Obligations | 5.3 | 29.4 |
Deferred Tax Assets, Operating Loss Carryforwards | 2,791.6 | 679 |
Deferred Tax Assets, Inventory | 57.2 | 25.6 |
Deferred Tax Assets, Property, Plant and Equipment | 189.8 | 337.8 |
Deferred Tax Assets, State Taxes | 59.9 | 41.9 |
Deferred Tax Assets Leasing Arrangements | 18.3 | 14.1 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | 148.9 | 95.6 |
Deferred Tax Assets, Gross | 3,637.7 | 1,592.4 |
Deferred Tax Assets, Valuation Allowance | (3,372.5) | (1,152.3) |
Deferred Tax Assets, Net of Valuation Allowance | 265.2 | 440.1 |
Deferred Tax Liabilities, Property, Plant and Equipment | (35.5) | 0 |
Deferred Tax Liabilities Investment In Ventures | (206.6) | (198) |
Deferred Tax Liabilities, Intangible Assets | (1.5) | (7.3) |
Deferred Tax Liabilities, Tax Deferred Income | (2.5) | (3.1) |
Deferred Tax Liabilities Other Assets | (19.1) | (65.9) |
Deferred Tax Liabilities, Net | (265.2) | (274.3) |
Deferred Tax Assets, Net | $ 0 | $ 165.8 |
INCOME TAXES INCOME TAXES (S112
INCOME TAXES INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities by Location) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Contingency [Line Items] | ||
Deferred Tax Assets, Net | $ 0 | $ 165.8 |
Foreign [Member] | ||
Income Tax Contingency [Line Items] | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 0 | 9.7 |
Deferred Tax Liabilities, Net, Noncurrent | 0 | 9.7 |
United States and Foreign [Member] | ||
Income Tax Contingency [Line Items] | ||
Deferred Tax Assets | 0 | 175.5 |
Deferred Tax Liability | 0 | 9.7 |
United States [Member] | ||
Income Tax Contingency [Line Items] | ||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 0 | 165.8 |
Deferred Tax Liabilities, Net, Noncurrent | $ 0 | $ 0 |
INCOME TAXES INCOME TAXES (S113
INCOME TAXES INCOME TAXES (Schedule of Unrecognized Tax Benefits Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | $ 156.2 | $ 72.6 | $ 71.8 | $ 53.5 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 6.7 | 0 | 13 | |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 78.5 | 5.9 | 5.3 | |
Unrecognized Tax Benefits Increases Decreases Resulting From Currency Translation | 0 | (0.2) | 0 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (1.1) | 0 | 0 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (0.5) | (3.7) | 0 | |
Other Increases decreases to unrecognized tax benefits | $ 0 | $ (1.2) | $ 0 |
LEASE OBLIGATIONS (Narrative) (
LEASE OBLIGATIONS (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Capital Leased Assets, Gross | $ 32.5 | $ 72.7 | |
Asset Impairment Charges | 3.3 | 635.5 | $ 14.3 |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 8.7 | 14.9 | |
Operating lease expense | $ 12 | 17.8 | $ 23.6 |
Assets Held under Capital Leases [Member] | |||
Operating Leased Assets [Line Items] | |||
Asset Impairment Charges | $ 64 |
LEASE OBLIGATIONS (Future Minim
LEASE OBLIGATIONS (Future Minimum Lease Payments) (Details) $ in Millions | Dec. 31, 2015USD ($) | |
Capital Leases | ||
2,016 | $ 24.3 | |
2,017 | 22.3 | |
2,018 | 18 | |
2,019 | 10 | |
2,020 | 9 | |
2021 and thereafter | 9 | |
Total minimum lease payments | 92.6 | |
Amounts representing interest | 18.5 | |
Present value of net minimum lease payments | 74.1 | [1] |
Operating Leases | ||
2,016 | 8.4 | |
2,017 | 7.2 | |
2,018 | 6.5 | |
2,019 | 4.8 | |
2,020 | 4.9 | |
2021 and thereafter | 5 | |
Total minimum lease payments | 36.8 | |
Other Current Liabilities [Member] | ||
Capital Leases | ||
Present value of net minimum lease payments | 17.9 | |
Other Liabilities [Member] | ||
Capital Leases | ||
Present value of net minimum lease payments | $ 56.2 | |
[1] | The total is comprised of $17.9 million and $56.2 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Consolidated Financial Position at December 31, 2015. |
ENVIRONMENTAL AND MINE CLOSU116
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)Facility | Dec. 31, 2014USD ($) | |
Site Contingency [Line Items] | ||
Payments for Environmental Liabilities | $ 2.6 | $ 3.1 |
Accrual for Environmental Loss Contingencies | 3.6 | 5.5 |
Mine Reclamation and Closing Liability, current and noncurrent | 230.4 | 165.3 |
Total environmental and mine closure obligations | $ 234 | 170.8 |
Current Fiscal Year End Date | --12-31 | |
U.S. Iron Ore [Member] | ||
Site Contingency [Line Items] | ||
Mine closure obligation, number of mines (in number of facilities) | Facility | 5 | |
Asia Pacific Iron Ore [Member] | ||
Site Contingency [Line Items] | ||
Mine closure obligation, number of mines (in number of facilities) | Facility | 1 | |
LTV Steel Mining Company [Member] | ||
Site Contingency [Line Items] | ||
Mine closure obligation, number of mines (in number of facilities) | Facility | 1 | |
Rio Tinto Mine Site [Member] | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 0 | 2.5 |
Loss Contingency, Range of Possible Loss, Maximum | 12.2 | |
Rio Tinto Mine Site [Member] | Rio Tinto Working Group RTWG [Member] | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 29 |
ENVIRONMENTAL AND MINE CLOSU117
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Summary Of Mine Closure Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||
Environmental | $ 3.6 | $ 5.5 |
Mine Reclamation and Closing Liability, current and noncurrent | 230.4 | 165.3 |
Total environmental and mine closure obligations | 234 | 170.8 |
Less current portion | 2.8 | 5.2 |
Long term environmental and mine closure obligations | 231.2 | 165.6 |
U.S. Iron Ore [Member] | Owned Or Operating Facilities [Member] | ||
Loss Contingencies [Line Items] | ||
Mine Reclamation and Closing Liability, current and noncurrent | 189.9 | 120.9 |
Asia Pacific Iron Ore [Member] | Owned Or Operating Facilities [Member] | ||
Loss Contingencies [Line Items] | ||
Mine Reclamation and Closing Liability, current and noncurrent | 16.4 | 21.5 |
LTV Steel Mining Company [Member] | Previously Owned Or Operating Facilities [Member] | ||
Loss Contingencies [Line Items] | ||
Mine Reclamation and Closing Liability, current and noncurrent | $ 24.1 | $ 22.9 |
ENVIRONMENTAL AND MINE CLOSU118
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Asset Retirement Obligation Disclosure) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation [Roll Forward] | ||
Asset retirement obligation at beginning of period | $ 142.4 | $ 177.6 |
Accretion expense | 6.5 | 5.7 |
Exchange rate changes | (1.1) | (2.4) |
Revision in estimated cash flows | 58.5 | (38.5) |
Asset retirement obligation at end of period | $ 206.3 | $ 142.4 |
GOODWILL AND OTHER INTANGIBL119
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 0 | $ 73.5 | |
Product | $ 1,832.4 | 3,095.2 | $ 3,631.8 |
Below-market sales contracts, remaining contract life | 1 year | ||
Future Below Market Sales Contracts Revenue Year One | $ 23.1 | ||
Cost of Sales [Member] | |||
Goodwill [Line Items] | |||
Amortization expense relating to intangible assets | 4.2 | 8.4 | 8.4 |
Sales Revenue, Goods, Net [Member] | Sales Revenue, Goods, Net [Member] | |||
Goodwill [Line Items] | |||
Product | 23.1 | 23.1 | $ 26.9 |
Permits [Member] | |||
Goodwill [Line Items] | |||
Impairment of Intangible Assets, Finite-lived | 0 | 13.8 | |
Asia Pacific Iron Ore [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 0 | $ 73.5 |
GOODWILL AND OTHER INTANGIBL120
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Schedule Of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 2 | $ 74.5 |
Impairment | 0 | (73.5) |
Impact of foreign currency translation | 0 | 1 |
Ending Balance | 2 | 2 |
Accumulated goodwill impairment loss | (73.5) | (73.5) |
U.S. Iron Ore [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 2 | 2 |
Impairment | 0 | 0 |
Impact of foreign currency translation | 0 | 0 |
Ending Balance | 2 | 2 |
Accumulated goodwill impairment loss | 0 | 0 |
Asia Pacific Iron Ore [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 0 | 72.5 |
Impairment | 0 | (73.5) |
Impact of foreign currency translation | 0 | 1 |
Ending Balance | 0 | 0 |
Accumulated goodwill impairment loss | $ (73.5) | $ (73.5) |
GOODWILL AND OTHER INTANGIBL121
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Schedule Of Finite-Lived Intangible Assets By Major Class) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Definite lived intangible assets - Gross Carrying Amount | $ 78.4 | $ 79.2 |
Definite lived intangible assets - Accumulated Amortization | (20.2) | (16.5) |
Definite lived intangible assets - Net Carrying Amount | 58.2 | 62.7 |
Permits [Member] | Other Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Definite lived intangible assets - Gross Carrying Amount | 78.4 | 79.2 |
Definite lived intangible assets - Accumulated Amortization | (20.2) | (16.5) |
Definite lived intangible assets - Net Carrying Amount | 58.2 | 62.7 |
Below Market Sales Contracts [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Definite lived intangible assets - Gross Carrying Amount | (228.9) | (228.9) |
Definite lived intangible assets - Accumulated Amortization | 205.8 | 182.8 |
Definite lived intangible assets - Net Carrying Amount | (23.1) | (46.1) |
Below Market Sales Contracts [Member] | Other Current Liabilities [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Definite lived intangible assets - Gross Carrying Amount | (23.1) | (23) |
Definite lived intangible assets - Net Carrying Amount | (23.1) | (23) |
Below Market Sales Contracts [Member] | Other Liabilities [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Definite lived intangible assets - Gross Carrying Amount | (205.8) | (205.9) |
Definite lived intangible assets - Accumulated Amortization | 205.8 | 182.8 |
Definite lived intangible assets - Net Carrying Amount | $ 0 | $ (23.1) |
GOODWILL AND OTHER INTANGIBL122
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Estimated Amortization Expense Relating To Intangible Assets) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Estimated amortization expense, intangible assets [Abstract] | |
2,016 | $ 3.8 |
2,017 | 4.3 |
2,018 | 4.1 |
2,019 | 3.5 |
2,020 | 2.5 |
Total | $ 18.2 |
DERIVATIVE INSTRUMENTS AND H123
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Derivative [Line Items] | ||||||
Current Fiscal Year End Date | --12-31 | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (6,500,000) | $ (28,200,000) | $ (51,700,000) | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (18,800,000) | (31,000,000) | (22,100,000) | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 5,500,000 | 161,400,000 | 141,100,000 | |||
Accounts receivable, net | 40,200,000 | 122,700,000 | ||||
Canadian Dollar Foreign Exchange Contracts Hedge Prior to De Designation [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | (14,300,000) | (4,100,000) | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | |||||
Canadian Dollar Foreign Exchange Contracts Hedge Prior to De Designation [Member] | Cost of Sales [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (17,700,000) | (1,900,000) | ||||
Canadian Dollar Foreign Exchange Contracts Hedge De Designated [Member] [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 0 | |||||
Foreign Exchange Contract [Member] | Other Nonoperating Income (Expense) [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | (600,000) | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | [1] | (3,600,000) | (16,900,000) | |||
Foreign Exchange Contract [Member] | Product Revenues [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (12,600,000) | 0 | 0 | |||
Australian Dollar Foreign Exchange Contract Hedge Designation [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (2,000,000) | (13,900,000) | (34,700,000) | |||
Australian Dollar Foreign Exchange Contract Hedge Designation [Member] | Product Revenues [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 6,300,000 | (7,400,000) | (13,200,000) | (11,900,000) | ||
Australian Dollar Foreign Exchange Contract Hedge Designation [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 0 | 220,000,000 | ||||
Australian Dollar Foreign Exchange Contract Hedge Designation [Member] | Designated as Hedging Instrument [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Derivative [Line Items] | ||||||
Amount that will be reclassified to product revenues in the next 12 months upon settlement of the related contracts | 0 | |||||
Australian Dollar Foreign Exchange Contracts Dedesignated [Member] | Not Designated as Hedging Instrument [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Derivative [Line Items] | ||||||
Amount that will be reclassified to product revenues in the next 12 months upon settlement of the related contracts | 0 | |||||
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | 0 | (12,900,000) | |||
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member] | Cost of Sales [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | (8,200,000) | ||||
Interest Rate Swap [Member] | Other Nonoperating Income (Expense) [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | 300,000 | 100,000 | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 250,000,000 | |||||
Treasury Lock [Member] | Other Nonoperating Income (Expense) [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (100,000) | (100,000) | (100,000) | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (100,000) | |||||
Treasury Lock [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 200,000,000 | |||||
Treasury Lock [Member] | Designated as Hedging Instrument [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (1,300,000) | |||||
Customer Supply Agreement [Member] | Not Designated as Hedging Instrument [Member] | Product Revenues [Member] | ||||||
Derivative [Line Items] | ||||||
Amount of gain/(loss) recognized in income on derivative | 27,100,000 | 187,800,000 | 149,200,000 | |||
Customer Supply Agreement [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative assets | 5,800,000 | 63,200,000 | ||||
Provisional Pricing Arrangements [Member] | Product Revenues [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (1,400,000) | (9,500,000) | (7,500,000) | |||
Provisional Pricing Arrangements [Member] | Not Designated as Hedging Instrument [Member] | U S Iron Ore And Asia Pacific Iron Ore [Member] | Product Revenues [Member] | ||||||
Derivative [Line Items] | ||||||
Amount of gain/(loss) recognized in income on derivative | (1,400,000) | (9,500,000) | (7,500,000) | |||
Provisional Pricing Arrangements [Member] | Not Designated as Hedging Instrument [Member] | U S Iron Ore And Asia Pacific Iron Ore [Member] | Other Current Assets [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative assets | 2,000,000 | 0 | ||||
Provisional Pricing Arrangements [Member] | Not Designated as Hedging Instrument [Member] | U S Iron Ore And Asia Pacific Iron Ore [Member] | Other Current Liabilities [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative liabilities | 3,400,000 | 9,500,000 | ||||
$500 Million 3.95% 2018 Senior Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, Face Amount | 500,000,000 | 500,000,000 | ||||
Corporate [Member] | Canadian Dollar Foreign Exchange Contracts Hedge Prior to De Designation [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (500,000) | $ (1,900,000) | ||||
Amount that will be reclassified to product revenues in the next 12 months upon settlement of the related contracts | 0 | |||||
Corporate [Member] | Canadian Dollar Foreign Exchange Contracts Hedge De Designated [Member] [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 0 | 183,000,000 | ||||
Corporate [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member] | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | 3,300,000 | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (7,300,000) | |||||
[1] | At December 31, 2014 and 2013, the location of the Gain (Loss) Recognized in Income on Derivative for Foreign Exchange Contracts was Cost of goods sold and operating expenses. |
DERIVATIVE INSTRUMENTS AND H124
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | $ 7.8 | $ 63.2 |
Derivative liability, fair value | 4 | 41 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 0 | 0 |
Derivative liability, fair value | 0 | 21.6 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 7.8 | 63.2 |
Derivative liability, fair value | 4 | 19.4 |
Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | 0 | 21.6 |
Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | 0 | 9.9 |
Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Customer Supply Agreement [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 5.8 | 63.2 |
Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Provisional Pricing Arrangements [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 2 | 0 |
Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Provisional Pricing Arrangements [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | $ 3.4 | $ 9.5 |
DERIVATIVE INSTRUMENTS AND H125
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Statements Of Financial Performance Location Table) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (6.5) | $ (28.2) | $ (51.7) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (18.8) | (31) | (22.1) | |
Australian Dollar Foreign Exchange Contract Hedge Designation [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (2) | (13.9) | (34.7) | |
Australian Dollar Foreign Exchange Contract Hedge Designation [Member] | Product Revenues [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 6.3 | (7.4) | (13.2) | (11.9) |
Australian Dollar Foreign Exchange Contracts Hedge Prior to De Designation [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (4.5) | 0 | 0 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (11.3) | 0 | 0 | |
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | 0 | (12.9) | |
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member] | Cost of Sales [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | (8.2) | ||
Canadian Dollar Foreign Exchange Contracts Hedge Prior to De Designation [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | (14.3) | (4.1) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | |||
Canadian Dollar Foreign Exchange Contracts Hedge Prior to De Designation [Member] | Cost of Sales [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (17.7) | (1.9) | ||
Treasury Lock [Member] | Other Nonoperating Income (Expense) [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (0.1) | (0.1) | (0.1) | |
Corporate [Member] | Canadian Dollar Foreign Exchange Contracts Hedge Prior to De Designation [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (0.5) | $ (1.9) |
DERIVATIVE INSTRUMENTS AND H126
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Derivative Instruments Designated as Fair Value Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Other Nonoperating Income (Expense) [Member] | Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 0.3 | $ 0.1 |
DERIVATIVE INSTRUMENTS AND H127
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule Of Derivatives Not Designated As Hedging Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 5.5 | $ 161.4 | $ 141.1 | |
Foreign Exchange Contract [Member] | Product Revenues [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (12.6) | 0 | 0 | |
Foreign Exchange Contract [Member] | Other Nonoperating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | [1] | (3.6) | (16.9) | |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | (0.6) | |||
Commodity Contract [Member] | Other Nonoperating Income (Expense) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (4) | 0 | 0 | |
Customer Supply Agreements [Member] | Product Revenues [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 27.1 | 187.8 | 149.2 | |
Provisional Pricing Arrangements [Member] | Product Revenues [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (1.4) | $ (9.5) | $ (7.5) | |
[1] | At December 31, 2014 and 2013, the location of the Gain (Loss) Recognized in Income on Derivative for Foreign Exchange Contracts was Cost of goods sold and operating expenses. |
DISCONTINUED OPERATIONS (Narrat
DISCONTINUED OPERATIONS (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued Operation, Tax Effect of Discontinued Operation | $ (6,000,000) | $ (1,216,000,000) | $ (184,500,000) | |
Tangible Asset Impairment Charges | 537,800,000 | |||
Deconsolidation, Gain (Loss), Amount | (528,200,000) | |||
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (892,100,000) | (8,368,000,000) | (517,100,000) | |
Potential Earn Out from North American Coal sale | 50,000,000 | |||
Canadian Entities [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | 11,300,000 | 563,500,000 | 978,700,000 | |
Discontinued Operation, Tax Effect of Discontinued Operation | 5,800,000 | 913,700,000 | 188,700,000 | |
Deconsolidation, Gain (Loss), Amount | (710,900,000) | 0 | 0 | |
Disposal Group, including discontinued operations, Impairment of long-lived assets | 0 | (7,536,800,000) | (236,400,000) | |
Cost Method Investments | 0 | |||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | (11,100,000) | (808,400,000) | (1,082,000,000) | |
Eliminations with Continuing Operations | 0 | (53,600,000) | (217,300,000) | |
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | 200,000 | (298,500,000) | (320,600,000) | |
Disposal Group, Including Discontinued Operation, Operating Expense | (33,800,000) | (306,300,000) | (151,500,000) | |
Disposal Group, Including Discontinued Operation, Other Expense | (1,000,000) | (5,600,000) | (10,000,000) | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (34,600,000) | (610,400,000) | (462,100,000) | |
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (739,700,000) | (7,233,500,000) | (509,800,000) | |
North American Coal [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | 392,900,000 | 687,100,000 | 821,900,000 | |
Discontinued Operations, Amounts Held in Escrow | 14,900,000 | 17,500,000 | ||
Discontinued Operation, Tax Effect of Discontinued Operation | 200,000 | 302,200,000 | (6,200,000) | |
Tangible Asset Impairment Charges | $ 73,400,000 | |||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | (449,200,000) | (822,900,000) | (836,400,000) | |
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | (56,300,000) | (135,800,000) | (14,500,000) | |
Disposal Group, Including Discontinued Operation, Operating Expense | (30,400,000) | (20,800,000) | (13,800,000) | |
Disposal Group, Including Discontinued Operation, Other Expense | (1,800,000) | (3,000,000) | (2,400,000) | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (79,200,000) | (579,200,000) | (3,100,000) | |
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (152,400,000) | (1,134,500,000) | $ (9,300,000) | |
Bloom Lake Group [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Deconsolidation, Gain (Loss), Amount | 818,700,000 | |||
Contingent Liabilities of Deconsolidated Entities | (203,100,000) | |||
Wabush Group [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Deconsolidation, Gain (Loss), Amount | 134,700,000 | |||
Asia Pacific Iron Ore [Member] | Asia Pacific Iron Ore [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Tangible Asset Impairment Charges | $ 526,500,000 | |||
Other Current Assets [Member] | Canadian Entities [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pre-Petition Financing | 7,200,000 | |||
DIP Financing | 6,800,000 | |||
Guarantees [Member] | Bloom Lake Group [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Contingent Liabilities recognized in Consolidated Financials | 96,500,000 | |||
Other Current Liabilities [Member] | Bloom Lake Group [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Contingent Liabilities recognized in Consolidated Financials | 35,900,000 | |||
Fair Value, Inputs, Level 3 [Member] | Other Current Assets [Member] | Canadian Entities [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loans, Associated Interest and Accounts Receivable recognized in Consolidated Financials at Fair Value | 72,900,000 | |||
Maximum [Member] | Other Current Assets [Member] | Canadian Entities [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
DIP Financing | $ 10,000,000 |
DISCONTINUED OPERATIONS PreTax
DISCONTINUED OPERATIONS PreTax Exit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PreTax Exit Costs [Line Items] | |||
Deconsolidation, Gain (Loss), Amount | $ (528.2) | ||
Canadian Entities [Member] | |||
PreTax Exit Costs [Line Items] | |||
Investment Impairment of Deconsolidation | (507.8) | ||
Deconsolidation, Gain (Loss), Amount | (710.9) | $ 0 | $ 0 |
Bloom Lake Group [Member] | |||
PreTax Exit Costs [Line Items] | |||
Contingent Liabilities of Deconsolidated Entities | (203.1) | ||
Deconsolidation, Gain (Loss), Amount | $ 818.7 |
DISCONTINUED OPERATIONS Schedul
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Assets and Liabilities - Canadian Entities (Details) - Canadian Entities [Member] $ in Millions | Dec. 31, 2014USD ($) |
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | |
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | $ 19.7 |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 37.9 |
Disposal Group, Including Discontinued Operation, Inventory | 16.3 |
Disposal group, including Discontinued Operations, Prepaid Supplies | 48.5 |
Disposal group, including Discontinued Operations, Income taxes receivable | 20.1 |
Disposal Group, Including Discontinued Operation, Other Assets, Current | 44.3 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 249.8 |
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 19.9 |
Disposal Group, Including Discontinued Operation, Assets | 456.5 |
Disposal Group, Including Discontinued Operation, Accounts Payable | 83.6 |
Disposal Group, Including Discontinued Operation, Accrued Liabilities | 200 |
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 35.7 |
Disposal group, Including Discontinued Operation, Pension and Other Postretirement Obligations | 79.8 |
Disposal Group Including Discontinued Operations Environmental Loss Contingency And Mine Reclamation And Closing Liability CurrentAnd Noncurrent | 56.5 |
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 173.9 |
Disposal Group, Including Discontinued Operation, Liabilities | $ 629.5 |
DISCONTINUED OPERATIONS Sche131
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Assets and Liabilities - North American Coal (Details) - North American Coal [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | ||
Loss Contingency Accrual | $ 7.8 | |
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 0 | $ 44.8 |
Disposal Group, Including Discontinued Operation, Inventory | 0 | 50.3 |
Disposal group, including Discontinued Operations, Prepaid Supplies | 0 | 28.2 |
Disposal Group, Including Discontinued Operation, Other Assets, Current | 14.9 | 16.8 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 0 | 94.7 |
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | 18.6 |
Disposal Group, Including Discontinued Operation, Assets | 14.9 | 253.4 |
Disposal Group, Including Discontinued Operation, Accounts Payable | 0 | 22.4 |
Disposal Group, Including Discontinued Operation, Accrued Liabilities | 0 | 27.9 |
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 6.9 | 29.8 |
Disposal group, Including Discontinued Operation, Pension and Other Postretirement Obligations | 0 | 47.1 |
Disposal Group Including Discontinued Operations Environmental Loss Contingency And Mine Reclamation And Closing Liability CurrentAnd Noncurrent | 0 | 33.9 |
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent | 0 | 36.3 |
Disposal Group, Including Discontinued Operation, Liabilities | $ 6.9 | $ 197.4 |
DISCONTINUED OPERATIONS Sche132
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Income Statement - Canadian Entities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Disposal Groups, including Discontinued Operations, Income Statement [Line Items] | |||
Deconsolidation, Gain (Loss), Amount | $ (528.2) | ||
Discontinued Operation, Tax Effect of Discontinued Operation | (6) | $ (1,216) | $ (184.5) |
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (892.1) | (8,368) | (517.1) |
Canadian Entities [Member] | |||
Schedule of Disposal Groups, including Discontinued Operations, Income Statement [Line Items] | |||
Disposal Group, Including Discontinued Operation, Revenue | 11.3 | 563.5 | 978.7 |
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 11.1 | 808.4 | 1,082 |
Eliminations with Continuing Operations | 0 | (53.6) | (217.3) |
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | 0.2 | (298.5) | (320.6) |
Disposal Group, Including Discontinued Operation, Operating Expense | 33.8 | 306.3 | 151.5 |
Disposal Group, Including Discontinued Operation, Other Expense | 1 | 5.6 | 10 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (34.6) | (610.4) | (462.1) |
Deconsolidation, Gain (Loss), Amount | (710.9) | 0 | 0 |
Disposal Group, including discontinued operations, Impairment of long-lived assets | 0 | (7,536.8) | (236.4) |
Discontinued Operation, Tax Effect of Discontinued Operation | 5.8 | 913.7 | 188.7 |
LOSS FROM DISCONTINUED OPERATIONS, net of tax | $ (739.7) | $ (7,233.5) | $ (509.8) |
DISCONTINUED OPERATIONS Sche133
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Income Statement - North American Coal (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | |||
Discontinued Operation, Tax Effect of Discontinued Operation | $ (6) | $ (1,216) | $ (184.5) |
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (892.1) | (8,368) | (517.1) |
North American Coal [Member] | |||
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | |||
Disposal Group, Including Discontinued Operation, Revenue | 392.9 | 687.1 | 821.9 |
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | (449.2) | (822.9) | (836.4) |
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | (56.3) | (135.8) | (14.5) |
Disposal Group, Including Discontinued Operation, Operating Expense | (30.4) | (20.8) | (13.8) |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 9.3 | (419.6) | 0 |
Disposal Group, Including Discontinued Operation, Other Expense | (1.8) | (3) | (2.4) |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (79.2) | (579.2) | (3.1) |
Impairment of Long-Lived Assets to be Disposed of | (73.4) | (857.5) | 0 |
Discontinued Operation, Tax Effect of Discontinued Operation | 0.2 | 302.2 | (6.2) |
LOSS FROM DISCONTINUED OPERATIONS, net of tax | $ (152.4) | $ (1,134.5) | $ (9.3) |
DISCONTINUED OPERATIONS Sche134
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Income Statement, Balance Sheet and Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 10, 2012 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax | $ (892.1) | $ (8,368) | $ (517.1) | ||
Income (Loss) from Discontinued Operations, net of tax, including portion attributable to Noncontrolling interest, Canadian Entities and North American Coal | [1] | (519.1) | |||
Short-term assets of discontinued operations | 14.9 | 326.9 | |||
Long-term assets of discontinued operations | 0 | 383 | |||
Short-term liabilities of discontinued operations | 6.9 | 399.4 | |||
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 427.5 | |||
Depreciation, depletion and amortization | 134 | 504 | 593.3 | ||
Payments to Acquire Property, Plant, and Equipment | 80.8 | 284.1 | 861.6 | ||
Impairment of goodwill and other long-lived assets | 76.6 | 9,029.9 | 250.8 | ||
North American Coal [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (152.4) | (1,134.5) | (9.3) | ||
Short-term assets of discontinued operations | 14.9 | 140.1 | |||
Long-term assets of discontinued operations | 0 | 113.3 | |||
Short-term liabilities of discontinued operations | 6.9 | 80.1 | |||
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 117.3 | |||
Depreciation, depletion and amortization | 3.2 | 106.9 | 128.9 | ||
Payments to Acquire Property, Plant, and Equipment | 15.9 | 29.9 | 64.1 | ||
Impairment of goodwill and other long-lived assets | 73.4 | 857.5 | 0 | ||
Eastern Canadian Iron Ore [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (638.7) | (6,952.9) | (370.4) | ||
Short-term assets of discontinued operations | 0 | 183.5 | |||
Long-term assets of discontinued operations | 0 | 256 | |||
Short-term liabilities of discontinued operations | 0 | 316.3 | |||
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 304.6 | |||
Depreciation, depletion and amortization | 0 | 135.6 | 178.6 | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 190.3 | 718.3 | ||
Impairment of goodwill and other long-lived assets | 0 | 7,269.2 | 154.6 | ||
Other Canadian Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (101) | (280.6) | (139.4) | ||
Short-term assets of discontinued operations | 0 | 3.3 | |||
Long-term assets of discontinued operations | 0 | 13.7 | |||
Short-term liabilities of discontinued operations | 0 | 3 | |||
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 5.6 | |||
Depreciation, depletion and amortization | 0 | 0.5 | 1 | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 1 | ||
Impairment of goodwill and other long-lived assets | 0 | 267.6 | 81.8 | ||
Canadian Entities [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (739.7) | (7,233.5) | (509.8) | ||
Short-term assets of discontinued operations | 0 | 186.8 | |||
Long-term assets of discontinued operations | 0 | 269.7 | |||
Short-term liabilities of discontinued operations | 0 | 319.3 | |||
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS | 0 | 310.2 | |||
Depreciation, depletion and amortization | 0 | 136.1 | 179.6 | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 190.3 | 719.3 | ||
Impairment of goodwill and other long-lived assets | 0 | 7,536.8 | 236.4 | ||
Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Depreciation, depletion and amortization | 3.2 | 243 | 308.5 | ||
Payments to Acquire Property, Plant, and Equipment | 15.9 | 220.2 | 783.4 | ||
Impairment of goodwill and other long-lived assets | $ 73.4 | $ 8,394.3 | 236.4 | ||
Sonoma [Member] | Asia Pacific Coal [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership Interest | 45.00% | ||||
Income (Loss) From Discontinued Operations [Member] | Sonoma [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 2 | ||||
[1] | Loss from Discontinued Operations, net of tax during the year end December 31, 2013 also includes an additional income tax benefit of $2.0 million resulting from the actual tax gain from the Sale of Sonoma as included in the 2012 tax return, which was filed during the year ended December 31, 2013. During the fourth quarter of 2012, we sold our 45 percent economic interest in Sonoma. The Sonoma operations previously were included in Other within our reportable segments. |
DISCONTINUED OPERATIONS Discont
DISCONTINUED OPERATIONS Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis - Canadian Entities (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Canadian Entities [Member] | |
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items] | |
Loans to and Accounts Receivables from Bloom Lake Group, Fair Value Disclosure | $ 72.9 |
Losses on Loans to and Accounts Receivables from the Bloom Lake Group | 507.8 |
Bloom Lake Group [Member] | |
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items] | |
Contingent Liabilities and Joint and Several Liabilities, Fair Value Disclosure | 132.4 |
Contingent Liabilities of Deconsolidated Entities | (203.1) |
Losses on Contingent Liabilities | 203.1 |
Fair Value, Inputs, Level 1 [Member] | Canadian Entities [Member] | |
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items] | |
Loans to and Accounts Receivables from Bloom Lake Group, Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 1 [Member] | Bloom Lake Group [Member] | |
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items] | |
Contingent Liabilities and Joint and Several Liabilities, Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 2 [Member] | Canadian Entities [Member] | |
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items] | |
Loans to and Accounts Receivables from Bloom Lake Group, Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 2 [Member] | Bloom Lake Group [Member] | |
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items] | |
Contingent Liabilities and Joint and Several Liabilities, Fair Value Disclosure | 0 |
Fair Value, Inputs, Level 3 [Member] | Bloom Lake Group [Member] | |
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items] | |
Contingent Liabilities and Joint and Several Liabilities, Fair Value Disclosure | 132.4 |
Other Current Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Canadian Entities [Member] | |
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items] | |
Loans, Associated Interest and Accounts Receivable recognized in Consolidated Financials at Fair Value | $ 72.9 |
DISCONTINUED OPERATIONS Disc136
DISCONTINUED OPERATIONS Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis - North American Coal (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items] | ||
Tangible Asset Impairment Charges | $ 537.8 | |
Assets, Fair Value Disclosure, Nonrecurring | $ 397.2 | 79.4 |
Impairment Charges | 269.5 | 644.7 |
North American Coal [Member] | ||
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items] | ||
Property, Plant, and Equipment, Fair Value Disclosure | 20.4 | |
Tangible Asset Impairment Charges | 73.4 | |
Assets, Fair Value Disclosure, Nonrecurring | 20.4 | |
Impairment Charges | 73.4 | |
Fair Value, Inputs, Level 1 [Member] | ||
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | North American Coal [Member] | ||
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items] | ||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | |
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 397.2 | 0 |
Fair Value, Inputs, Level 2 [Member] | North American Coal [Member] | ||
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items] | ||
Property, Plant, and Equipment, Fair Value Disclosure | 0 | |
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | $ 79.4 |
Fair Value, Inputs, Level 3 [Member] | North American Coal [Member] | ||
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items] | ||
Property, Plant, and Equipment, Fair Value Disclosure | 20.4 | |
Assets, Fair Value Disclosure, Nonrecurring | $ 20.4 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) $ / shares in Units, $ in Millions | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Feb. 21, 2013$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($)$ / sharesshares | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Feb. 11, 2013 | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) | Jan. 04, 2016shares | Nov. 02, 2015$ / shares | Aug. 03, 2015$ / shares | May. 01, 2015$ / shares | Feb. 02, 2015$ / shares | Jan. 26, 2015$ / shares | Dec. 03, 2014$ / shares | Nov. 03, 2014$ / shares | Sep. 02, 2014$ / shares | Aug. 01, 2014$ / shares | Jun. 03, 2014$ / shares | Mar. 03, 2014$ / shares | Mar. 01, 2013$ / shares | |
Class of Stock [Line Items] | |||||||||||||||||||||||||
Depositary Share Interest in a Share of 7% Series A Mandatory Convertible Preferred Stock, Class A | 0.025 | ||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | |||||||||||||||||||||
Trading Day Window Determining Number of Common Shares Issuable on Conversion | 20 | ||||||||||||||||||||||||
Net proceeds from issuance of Series A, Mandatory Convertible Preferred Stock, Class A | $ | $ 0 | $ 0 | $ 709.4 | ||||||||||||||||||||||
Dividends, Preferred Stock | $ | $ 38.4 | $ 51.2 | 48.7 | ||||||||||||||||||||||
Common shares, issued (in shares) | 159,546,224 | 159,546,224 | 159,546,224 | 159,546,224 | |||||||||||||||||||||
Net proceeds from issuance of common shares | $ | $ 0 | $ 0 | 285.3 | ||||||||||||||||||||||
Elimination of Dividend | $ / shares | $ 0.15 | ||||||||||||||||||||||||
Over Allotment Option [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Common shares, issued (in shares) | 1,350,000 | ||||||||||||||||||||||||
Preferred Class A [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Series A Mandatory Convertible Preferred Stock, Class A, Percentage | 7.00% | ||||||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||||||||||||
Dividends payable, per share | $ / shares | $ 17.5000 | $ 0.44 | $ 17.50 | $ 0.44 | $ 17.5000 | $ 0.44 | |||||||||||||||||||
Dividends, Preferred Stock | $ | $ 0 | $ 25.6 | $ 0 | $ 12.8 | $ 12.8 | $ 12.8 | $ 12.8 | $ 38.4 | $ 51.2 | $ 48.7 | |||||||||||||||
Issuance of common shares, public offering (in shares) | 731,250 | ||||||||||||||||||||||||
Closing price per share (in usd per share) | $ / shares | $ 25 | ||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Dividends payable, per share | $ / shares | $ 0.150 | $ 0.150 | $ 0.150 | $ 0.15 | $ 0.15 | ||||||||||||||||||||
Percentage increase (decrease) in dividends payable | 76.00% | ||||||||||||||||||||||||
Issuance of common shares, public offering (in shares) | 10,350,000 | ||||||||||||||||||||||||
Common shares, issued (in shares) | 9,000,000 | ||||||||||||||||||||||||
Closing price per share (in usd per share) | $ / shares | $ 29 | ||||||||||||||||||||||||
Common Stock [Member] | Minimum [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 28.1480 | 28.1480 | |||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued Upon Conversion per Depositary Share | 0.7037 | 0.7037 | |||||||||||||||||||||||
Common Stock [Member] | Maximum [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 34.4840 | 34.4840 | |||||||||||||||||||||||
Depositary Shares [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Depositary Share Offering included in Depositary Share Issuance | 27,000,000 | ||||||||||||||||||||||||
Number of Shares included in Depositary Share Issuance due to Exercise of | 2,250,000 | ||||||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 25 | $ 25 | |||||||||||||||||||||||
Dividends payable, per share | $ / shares | $ 0.44 | $ 17.5000 | $ 0.44 | $ 17.5000 | $ 0.44 | $ 17.5000 | |||||||||||||||||||
Issuance of common shares, public offering (in shares) | 29,250,000 | ||||||||||||||||||||||||
Conversion of Preferred Stock [Member] | Common Stock [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Convertible Preferred Stock, Common Shares Issued Upon Conversion in Lieu of Dividend | 1,300,000 | ||||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 0.9052 | ||||||||||||||||||||||||
Common shares, issued (in shares) | 26,500,000 | ||||||||||||||||||||||||
Convertible Preferred Stock, Common Shares Issued Upon Conversion | 25,200,000 | ||||||||||||||||||||||||
Conversion of Preferred Stock [Member] | Common Stock [Member] | Minimum [Member] | |||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 0.8621 |
ACCUMULATED OTHER COMPREHENS138
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated Other Comprehensive Income (Loss) and Related Tax Effects (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Before Taxes | $ (141.8) | $ (388.1) | $ (213.3) | |
Accumulated Other Comprehensive Income (Loss), Tax | 123.8 | 142.3 | 100.4 | |
Accumulated other comprehensive loss | (18) | (245.8) | (112.9) | $ (55.6) |
Postretirement Benefit Liability [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Before Taxes | (364.8) | (425.3) | (299.3) | |
Accumulated Other Comprehensive Income (Loss), Tax | 123.4 | 134.2 | 94.4 | |
Accumulated other comprehensive loss | (241.4) | (291.1) | (204.9) | |
Foreign Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Before Taxes | 220.7 | 64.4 | 106.7 | |
Accumulated Other Comprehensive Income (Loss), Tax | 0 | 0 | 0 | |
Accumulated other comprehensive loss | 220.7 | 64.4 | 106.7 | |
Unrealized Gain Loss On Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Before Taxes | 2.2 | (25.9) | (30) | |
Accumulated Other Comprehensive Income (Loss), Tax | 0.4 | 7.8 | 9.1 | |
Accumulated other comprehensive loss | 2.6 | (18.1) | (20.9) | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Before Taxes | 0.1 | (1.3) | 9.3 | |
Accumulated Other Comprehensive Income (Loss), Tax | 0 | 0.3 | (3.1) | |
Accumulated other comprehensive loss | $ 0.1 | $ (1) | $ 6.2 |
ACCUMULATED OTHER COMPREHENS139
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $ (241.4) | $ (291.1) | $ (204.9) | $ (382.7) |
Accumulated other comprehensive loss | (18) | (245.8) | (112.9) | (55.6) |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 0.1 | (1) | 6.2 | 2.1 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 220.7 | 64.4 | 106.7 | 316.3 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 2.6 | (18.1) | (20.9) | $ 8.7 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (45.2) | 91 | (208.3) | |
Unrealized net gain (loss) on marketable securities, net of tax | 1.7 | (7.2) | 3.1 | |
Unrealized net gain (loss) on foreign currency translation | 155.6 | (42.3) | (208.6) | |
Other Comprehensive Income (Loss), Net of Tax | 223.2 | (137.7) | (26.8) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (10) | (166.2) | (110.9) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 237.8 | 33.3 | 53.6 | |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 9.1 | (97) | 151.3 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 5.4 | 1.3 | (0.9) | |
Accumulated Translation Adjustment [Member] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (26.4) | (42.3) | (209.6) | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 1.9 | (28.2) | (51.7) | |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 40.6 | 10.8 | 26.5 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (4.3) | (8.5) | 5 | |
Accumulated Translation Adjustment [Member] | ||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 182.7 | 0 | 0 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | $ 18.8 | $ 31 | $ 22.1 |
ACCUMULATED OTHER COMPREHENS140
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Details of Accumulated Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $ (241.4) | $ (291.1) | $ (204.9) | $ (382.7) | |
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion, Net | (18.8) | (31) | (22.1) | ||
Total Amount Reclassified from Accumulated Other Comprehensive Income (Loss) During the Period | 237.8 | 35.5 | 49.2 | ||
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 0.1 | (1) | 6.2 | 2.1 | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 220.7 | 64.4 | 106.7 | 316.3 | |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 2.6 | (18.1) | (20.9) | 8.7 | |
Accumulated other comprehensive loss | (18) | (245.8) | (112.9) | $ (55.6) | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 18.8 | 31 | 22.1 | ||
Accumulated Translation Adjustment [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 182.7 | 0 | 0 | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (4.3) | (8.5) | 5 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Amortization of prior service (cost) credit | [1] | 1.4 | 1.1 | 0.8 | |
Defined Benefit Plan, Amortization of Gains (Losses) | [1] | 27.4 | 18.5 | 37.2 | |
Defined Benefit Plan, Curtailments | [1] | 0.2 | 1.4 | 0 | |
Defined Benefit Plan, Effect of Deconsolidation | [2] | 15.1 | 0 | 0 | |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 41.3 | 18.8 | 36.4 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | (0.7) | (5.8) | (14.3) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 40.6 | 13 | 22.1 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 40.6 | 10.8 | 26.5 | ||
Unrealized Gain (Loss) on Marketable Securities [Member] [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Marketable Securities, Unrealized Gain (Loss) | (2.6) | (11.4) | (0.2) | ||
Accumulated Other-than-Temporary Impairment [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | (2) | (0.5) | 5.3 | ||
Unrealized Gain (Loss) on Marketable Securities and Other than Temporary Impairment [Member] [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | (4.6) | (11.9) | 5.1 | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 0.3 | 3.4 | (0.1) | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | (4.3) | (8.5) | 5 | ||
Unrealized Gain Loss On Derivatives [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 26.9 | 45.6 | 32.3 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (14.6) | (10.2) | |||
Unrealized net gain (loss) on derivative financial instruments, net of tax | 18.8 | 31 | 22.1 | ||
Unrealized Gain Loss On Derivatives [Member] | Australian Hedge Contracts [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion, Net | 18.9 | 17 | |||
Unrealized Gain Loss On Derivatives [Member] | Canadian Hedge Contracts [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion, Net | 26.7 | 15.3 | |||
Realized Gain Loss On Derivatives [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (8.1) | ||||
Realized Gain Loss On Derivatives [Member] | Australian Hedge Contracts [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion, Net | 26.9 | ||||
Realized Gain Loss On Derivatives [Member] | Canadian Hedge Contracts [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | ||||
Foreign Currency Translation Adjustment [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | [3] | 182.7 | 0 | 0 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 182.7 | 0 | 0 | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 5.4 | 1.3 | (0.9) | ||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 9.1 | (97) | 151.3 | ||
Accumulated Translation Adjustment [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (26.4) | (42.3) | (209.6) | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 1.9 | (28.2) | (51.7) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items] | |||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (10) | (166.2) | (110.9) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | $ 237.8 | $ 33.3 | $ 53.6 | ||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information. | ||||
[2] | Represents Canadian postretirement benefit liabilities that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information. | ||||
[3] | Represents Canadian accumulated currency translation adjustments that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information. |
CASH FLOW INFORMATION (Narrativ
CASH FLOW INFORMATION (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends Payable [Line Items] | |||
Income Taxes Paid, Discontinued Operations | $ 3.7 | ||
Income Tax Refunds, Discontinued Operations | $ 47.8 | 20.8 | |
Interest Paid, Discontinued Operations | $ 4.8 | 6.1 | 1 |
Property, Plant and Equipment, Additions | 72.2 | 65.5 | 70.8 |
Capital Expenditure, Discontinued Operations | $ 24.5 | $ 170 | $ 681.5 |
CASH FLOW INFORMATION (Reconcil
CASH FLOW INFORMATION (Reconciliation Of Capital Additions To Cash Paid For Capital Expenditures) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Property, Plant and Equipment, Additions, Including Discontinued Operations | [1] | $ 96.7 | $ 235.5 | $ 752.3 |
Payments To Acquire Property Plant And Equipment Net | 80.8 | 284.1 | 861.6 | |
Non-cash accruals | 14.4 | (58.5) | (109.3) | |
Capital leases | 1.5 | 9.9 | 0 | |
Total | $ 15.9 | $ (48.6) | $ (109.3) | |
[1] | Includes capital additions of $72.2 million and $24.5 million related to continuing operations and discontinued operations, respectively, for the year ended December 31, 2015. Includes capital additions of $65.5 million and $170.0 million related to continuing operations and discontinued operations, respectively, for the year ended December 31, 2014. Includes capital additions of $70.8 million and $681.5 million related to continuing operations and discontinued operations, respectively, for the year ended December 31, 2013. |
CASH FLOW INFORMATION CASH FLOW
CASH FLOW INFORMATION CASH FLOW INFORMATION (Cash Paid for Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||||||
Income Taxes Paid | $ 5 | $ 47.3 | $ 153.3 | [1] | ||
Proceeds from Income Tax Refunds | 211.4 | 54.7 | [2] | 49.4 | [2] | |
Interest Paid | [3] | $ 185.6 | $ 176.5 | $ 174.4 | ||
[1] | Includes taxes paid on income that relate to the deconsolidated Canadian Entities for the years ended December 31, 2013 of $3.7 million. | |||||
[2] | Includes income tax refunds that relate to the deconsolidated Canadian Entities for the years ended December 31, 2014 and 2013 of $47.8 million and $20.8 million, respectively. | |||||
[3] | Includes interest paid on the corporate guarantees of the equipment loans that relate to discontinued operations for the years ended December 31, 2015, 2014 and 2013 of $4.8 million, $6.1 million and $1.0 million, respectively. |
RELATED PARTIES (Narrative) (De
RELATED PARTIES (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)Facility | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||
Due from Related Parties, Current | $ 15.8 | $ 127.6 |
Due to Related Parties, Current | $ 14.5 | $ 11.8 |
U.S. Iron Ore [Member] | ||
Segment Reporting Information [Line Items] | ||
Number Of Mines | Facility | 5 | |
Joint Venture Partners [Member] | U.S. Iron Ore [Member] | ||
Segment Reporting Information [Line Items] | ||
Number Of Mines | Facility | 3 | |
Empire [Member] | Arcelor Mittal [Member] | ||
Segment Reporting Information [Line Items] | ||
Recorded Distributions of Partners' Equity Amounts | $ 51.7 | |
Paid Distributions of Partners' Equity Amounts | $ 40.6 |
RELATED PARTIES (Summary Of Oth
RELATED PARTIES (Summary Of Other Ownership Interests) (Details) | Dec. 31, 2015 | |
Hibbing [Member] | Arcelor Mittal [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership interest, equity method investment | 62.30% | |
Hibbing [Member] | U. S. Steel Canada [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership interest, equity method investment | 14.70% | |
Empire [Member] | ||
Related Party Transaction [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 79.00% | |
Empire [Member] | Arcelor Mittal [Member] | ||
Related Party Transaction [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 21.00% | |
Empire [Member] | U. S. Steel Canada [Member] | ||
Related Party Transaction [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.00% | |
Tilden [Member] | ||
Related Party Transaction [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 85.00% | |
Tilden [Member] | Arcelor Mittal [Member] | ||
Related Party Transaction [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.00% | |
Tilden [Member] | U. S. Steel Canada [Member] | ||
Related Party Transaction [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 15.00% | |
Investments in Ventures [Member] | Hibbing [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership interest, equity method investment | 23.00% | [1] |
[1] | At December 31, 2014, the classification for Hibbing was Other non-current assets. |
RELATED PARTIES (Summary Of Rel
RELATED PARTIES (Summary Of Related Party Transactions Table Disclosure) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Product revenues from related parties | $ 671.1 | $ 1,011.4 | $ 1,038.8 |
Product | $ 1,832.4 | $ 3,095.2 | $ 3,631.8 |
Related party product revenue as a percent of total product revenue | 36.60% | 32.70% | 28.60% |
EARNINGS PER SHARE (Earnings Pe
EARNINGS PER SHARE (Earnings Per Share Computation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ (34.8) | $ 49.9 | $ (38.2) | $ 166.8 | $ 170 | $ (274.2) | $ 90.9 | $ 69.7 | $ 143.7 | $ 56.4 | $ 878.9 |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | (2.4) | 4.6 | (5) | 1.9 | (3.4) | (2.5) | (3.6) | 0.4 | (8.6) | (25.9) | (14.8) |
Income (Loss) from Continuing Operations Attributable to Parent | (37.2) | 54.5 | (43.2) | 168.7 | 166.6 | (276.7) | 87.3 | 70.1 | 135.1 | 30.5 | 864.1 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (23.1) | (43.9) | 103.4 | (928.5) | (1,451.8) | (5,602.9) | (76.4) | (140.4) | (884.4) | (7,254.7) | (450.6) |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | (60.3) | 10.6 | 60.2 | (759.8) | (1,285.2) | (5,879.6) | 10.9 | (70.3) | (749.3) | (7,224.2) | 413.5 |
PREFERRED STOCK DIVIDENDS | (38.4) | (51.2) | (48.7) | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS | $ (60.3) | $ (15) | $ 60.2 | $ (772.6) | $ (1,298) | $ (5,892.4) | $ (1.9) | $ (83.1) | $ (787.7) | $ (7,275.4) | $ 364.8 |
Weighted Average Number of Shares: | |||||||||||
Basic | 153,230 | 153,098 | 151,726 | ||||||||
Depositary Shares | 0 | 0 | 22,139 | ||||||||
Employee Stock Plans | 375 | 0 | 458 | ||||||||
Diluted | 153,605 | 153,098 | 174,323 | ||||||||
Earnings (loss) per Common Share Attributable to Cliffs Common Shareholders - Basic: | |||||||||||
Continuing operations | $ (0.24) | $ 0.19 | $ (0.28) | $ 1.02 | $ 1 | $ (1.89) | $ 0.49 | $ 0.37 | $ 0.63 | $ (0.14) | $ 5.37 |
Discontinued operations | (0.15) | (0.29) | 0.67 | (6.06) | (9.48) | (36.60) | (0.50) | (0.92) | (5.77) | (47.38) | (2.97) |
Earnings (loss) per Common Share Attributable to Cliffs Common Shareholders - Basic: | (0.39) | (0.10) | 0.39 | (5.04) | (8.48) | (38.49) | (0.01) | (0.55) | (5.14) | (47.52) | 2.40 |
Earnings (loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted: | |||||||||||
Continuing operations | (0.24) | 0.19 | (0.28) | 0.94 | 0.94 | (1.89) | 0.48 | 0.37 | 0.63 | (0.14) | 4.95 |
Discontinued operations | (0.15) | (0.29) | 0.67 | (5.20) | (8.13) | (36.60) | (0.50) | (0.91) | (5.76) | (47.38) | (2.58) |
Earnings (loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted: | $ (0.39) | $ (0.10) | $ 0.39 | $ (4.26) | $ (7.19) | $ (38.49) | $ (0.02) | $ (0.54) | $ (5.13) | $ (47.52) | $ 2.37 |
Preferred Class A [Member] | |||||||||||
PREFERRED STOCK DIVIDENDS | $ 0 | $ (25.6) | $ 0 | $ (12.8) | $ (12.8) | $ (12.8) | $ (12.8) | $ (38.4) | $ (51.2) | $ (48.7) |
EARNINGS PER SHARE EARNINGS PER
EARNINGS PER SHARE EARNINGS PER SHARE (Narrative Details) (Details) - shares shares in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 25.2 | 25.3 | 25.2 | 0 |
Antidilutive Incremental Common Shares Excluded and Attributable to Share-based Payment Arrangements | 0.5 | 0.7 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 3,600,000 | $ 5,500,000 |
Securities Lawsuit [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | 84,000,000 | |
Putative Class Action [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | 10,000,000 | |
Derivative Lawsuits [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | $ 775,000 |
SUBSEQUENT EVENTS Narrative (De
SUBSEQUENT EVENTS Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Jan. 27, 2016 | Jan. 04, 2016 | Dec. 31, 2014 | Feb. 21, 2013 | |
Subsequent Event [Line Items] | |||||
Common shares, issued (in shares) | 159,546,224 | 159,546,224 | |||
Exchange of Debt [Member] | |||||
Subsequent Event [Line Items] | |||||
Exchange Notes Tendered | $ 465.3 | ||||
Preferred Class A [Member] | |||||
Subsequent Event [Line Items] | |||||
Series A Mandatory Convertible Preferred Stock, Class A, Percentage | 7.00% | ||||
Common Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Common shares, issued (in shares) | 9,000,000 | ||||
Common Stock [Member] | Conversion of Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Convertible Preferred Stock, Common Shares Issued Upon Conversion in Lieu of Dividend | 1,300,000 | ||||
Convertible Preferred Stock, Shares Issued upon Conversion | 0.9052 | ||||
Common shares, issued (in shares) | 26,500,000 | ||||
Convertible Preferred Stock, Common Shares Issued Upon Conversion | 25,200,000 | ||||
Maximum [Member] | Exchange of Debt [Member] | |||||
Subsequent Event [Line Items] | |||||
Exchange Offer Amount | $ 710 | ||||
Maximum [Member] | Common Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | 34.4840 | ||||
Minimum [Member] | Common Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | 28.1480 | ||||
Minimum [Member] | Common Stock [Member] | Conversion of Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Convertible Preferred Stock, Shares Issued upon Conversion | 0.8621 |
QUARTERLY RESULTS OF OPERATI151
QUARTERLY RESULTS OF OPERATIONS (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | $ 476 | $ 593.2 | $ 498.1 | $ 446 | $ 1,030.3 | $ 979.7 | $ 747.7 | $ 615.5 | $ 2,013.3 | $ 3,373.2 | $ 3,890.8 |
SALES MARGIN | 43.3 | 55.1 | 57.3 | 80.8 | 256 | 256.2 | 183.5 | 190 | 236.5 | 885.7 | 1,484.4 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (34.8) | 49.9 | (38.2) | 166.8 | 170 | (274.2) | 90.9 | 69.7 | 143.7 | 56.4 | 878.9 |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | (2.4) | 4.6 | (5) | 1.9 | (3.4) | (2.5) | (3.6) | 0.4 | (8.6) | (25.9) | (14.8) |
Income (Loss) from Continuing Operations Attributable to Parent | (37.2) | 54.5 | (43.2) | 168.7 | 166.6 | (276.7) | 87.3 | 70.1 | 135.1 | 30.5 | 864.1 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (23.1) | (43.9) | 103.4 | (928.5) | (1,451.8) | (5,602.9) | (76.4) | (140.4) | (884.4) | (7,254.7) | (450.6) |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | (60.3) | 10.6 | 60.2 | (759.8) | (1,285.2) | (5,879.6) | 10.9 | (70.3) | (749.3) | (7,224.2) | 413.5 |
Dividends, Preferred Stock | 38.4 | 51.2 | 48.7 | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS | $ (60.3) | $ (15) | $ 60.2 | $ (772.6) | $ (1,298) | $ (5,892.4) | $ (1.9) | $ (83.1) | $ (787.7) | $ (7,275.4) | $ 364.8 |
Continuing operations | $ (0.24) | $ 0.19 | $ (0.28) | $ 1.02 | $ 1 | $ (1.89) | $ 0.49 | $ 0.37 | $ 0.63 | $ (0.14) | $ 5.37 |
Discontinued operations | (0.15) | (0.29) | 0.67 | (6.06) | (9.48) | (36.60) | (0.50) | (0.92) | (5.77) | (47.38) | (2.97) |
Earnings Per Share, Basic | (0.39) | (0.10) | 0.39 | (5.04) | (8.48) | (38.49) | (0.01) | (0.55) | (5.14) | (47.52) | 2.40 |
Continuing operations | (0.24) | 0.19 | (0.28) | 0.94 | 0.94 | (1.89) | 0.48 | 0.37 | 0.63 | (0.14) | 4.95 |
Discontinued operations | (0.15) | (0.29) | 0.67 | (5.20) | (8.13) | (36.60) | (0.50) | (0.91) | (5.76) | (47.38) | (2.58) |
Earnings Per Share, Diluted | $ (0.39) | $ (0.10) | $ 0.39 | $ (4.26) | $ (7.19) | $ (38.49) | $ (0.02) | $ (0.54) | $ (5.13) | $ (47.52) | $ 2.37 |
Preferred Class A [Member] | |||||||||||
Dividends, Preferred Stock | $ 0 | $ 25.6 | $ 0 | $ 12.8 | $ 12.8 | $ 12.8 | $ 12.8 | $ 38.4 | $ 51.2 | $ 48.7 |
QUARTERLY RESULTS OF OPERATI152
QUARTERLY RESULTS OF OPERATIONS (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 25.2 | 25.3 | 25.2 | 0 |
Antidilutive Incremental Common Shares Excluded and Attributable to Share-based Payment Arrangements | 0.5 | 0.7 | ||
Gain Contingency on North American Coal Sale | $ 50 | |||
Loss (gain) on sale of North American Coal mines | $ 419.6 | $ 155 | ||
Sale Price of CLCC Assets | 174 | 174 | ||
Proceeds from sale of Cliffs Logan County Coal | 155 | |||
Income Tax Expense (Benefit) | (207.3) | 169.3 | (86) | $ 237.6 |
Asset Impairment Charges | $ 3.3 | $ 635.5 | $ 14.3 | |
Minimum [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 25.2 | |||
Antidilutive Incremental Common Shares Excluded and Attributable to Share-based Payment Arrangements | 0.1 | |||
Maximum [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 25.6 | |||
Antidilutive Incremental Common Shares Excluded and Attributable to Share-based Payment Arrangements | 0.3 | |||
Continuing Operations [Member] | ||||
Asset Impairment Charges | 256.9 | |||
Discontinued Operations [Member] | ||||
Asset Impairment Charges | $ 1,000 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Valuation Allowance of Deferred Tax Assets [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Valuation Allowances and Reserves, Balance | $ 3,372.5 | $ 1,152.3 | $ 849.6 | $ 858.4 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 54.3 | 634.9 | 72.1 | |
Valuation Allowances and Reserves, Charged to Other Accounts | 2,165.9 | (12.6) | (65.5) | |
Valuation Allowances and Reserves, Reserves of Businesses Acquired | 0 | 0 | 0 | |
Valuation Allowances and Reserves, Deductions | 0 | 319.6 | 15.4 | |
Allowance for Trade Receivables [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Valuation Allowances and Reserves, Balance | 7.1 | 0 | 0 | $ 0 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 7.1 | 0 | 0 | |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | 0 | 0 | |
Valuation Allowances and Reserves, Reserves of Businesses Acquired | 0 | 0 | 0 | |
Valuation Allowances and Reserves, Deductions | $ 0 | $ 0 | $ 0 |