Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 12, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CLEVELAND-CLIFFS 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, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 297,400,968 | ||
Trading Symbol | clf | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,039,925,087 |
Statements Of Condensed Consoli
Statements Of Condensed Consolidated Financial Position - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,007.7 | $ 323.4 |
Accounts receivable, net | 140.6 | 128.7 |
Inventories | 183.4 | 178.4 |
Supplies and other inventories | 93.9 | 91.4 |
Derivative assets | 39.4 | 33.1 |
Loans to and accounts receivables from the Canadian Entities | 51.6 | 48.6 |
Other current assets | 28 | 21 |
TOTAL CURRENT ASSETS | 1,544.6 | 824.6 |
PROPERTY, PLANT AND EQUIPMENT, NET | 1,051 | 984.4 |
OTHER ASSETS | ||
INCOME TAX RECEIVABLE | 235.3 | 0 |
Other non-current assets | 122.5 | 114.9 |
TOTAL ASSETS | 2,953.4 | 1,923.9 |
CURRENT LIABILITIES | ||
Accounts payable | 127.7 | 107.6 |
Accrued employment costs | 56.1 | 56.1 |
State and local taxes payable | 30.2 | 28.3 |
Accrued expenses | 33.7 | 41.1 |
Accrued interest | 31.4 | 40.2 |
Accrued royalties | 17.3 | 26.2 |
Contingent claims | 55.6 | 0 |
Partnership distribution payable | 44.2 | 8.7 |
Other current liabilities | 56 | 82.9 |
TOTAL CURRENT LIABILITIES | 452.2 | 391.1 |
POSTEMPLOYMENT BENEFIT LIABILITIES | ||
Pensions | 222.8 | 245.7 |
Other postretirement benefits | 34.9 | 34.8 |
TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES | 257.7 | 280.5 |
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 196.5 | 193.9 |
LONG-TERM DEBT | 2,304.2 | 2,175.1 |
OTHER LIABILITIES | 186.9 | 213.8 |
TOTAL LIABILITIES | 3,397.5 | 3,254.4 |
COMMITMENTS AND CONTINGENCIES (SEE NOTE 20) | ||
CLIFFS SHAREHOLDERS' DEFICIT | ||
Common Shares - par value $0.125 per share, Authorized - 600,000,000 shares (2016 - 400,000,000 shares); Issued - 238,636,794 shares (2016 - 238,636,794) shares); Outstanding - 233,074,091 shares (2016 - 233,074,091) shares) | 37.7 | 29.8 |
Capital in excess of par value of shares | 3,933.9 | 3,347 |
Retained deficit | (4,207.3) | (4,574.3) |
Cost of 4,485,826 common shares in treasury (2016 - 5,562,703 shares) | (169.6) | (245.5) |
Accumulated other comprehensive loss | (39) | (21.3) |
TOTAL CLIFFS SHAREHOLDERS' DEFICIT | (444.3) | (1,464.3) |
NONCONTROLLING INTEREST | 0.2 | 133.8 |
TOTAL DEFICIT | (444.1) | (1,330.5) |
TOTAL LIABILITIES AND DEFICIT | $ 2,953.4 | $ 1,923.9 |
Statements Of Condensed Consol3
Statements Of Condensed Consolidated Financial Position (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
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) | 600,000,000 | 400,000,000 |
Common shares, issued (in shares) | 301,886,794 | 238,636,794 |
Common shares, outstanding | 297,400,968 | 233,074,091 |
Common shares in treasury | 4,485,826 | 5,562,703 |
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 | 0 | 0 |
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 Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUES FROM PRODUCT SALES AND SERVICES | ||||||||||||
Product | $ 2,089.2 | $ 1,913.5 | $ 1,832.4 | |||||||||
Freight and venture partners' cost reimbursements | 241 | 195.5 | 180.9 | |||||||||
TOTAL REVENUES | $ 600.9 | $ 698.4 | $ 569.3 | $ 461.6 | $ 754 | $ 553.3 | $ 496.2 | $ 305.5 | 2,330.2 | 2,109 | 2,013.3 | |
COST OF GOODS SOLD AND OPERATING EXPENSES | (1,828.5) | (1,719.7) | (1,776.8) | |||||||||
SALES MARGIN | 100.7 | 160.2 | 145.1 | 95.7 | 181.5 | 85.4 | 91.5 | 30.9 | 501.7 | 389.3 | 236.5 | |
OTHER OPERATING INCOME (EXPENSE) | ||||||||||||
Selling, general and administrative expenses | (105.8) | (117.8) | (110) | |||||||||
Miscellaneous - net | 27.7 | (30.7) | 24.8 | |||||||||
Other operating expense | 78.1 | 148.5 | 85.2 | |||||||||
OPERATING INCOME | 423.6 | 240.8 | 151.3 | |||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest expense, net | (132) | (200.5) | (228.5) | |||||||||
Gain (loss) on extinguishment/restructuring of debt | 174.3 | (165.4) | 166.3 | 392.9 | ||||||||
Other non-operating income (expense) | 3.2 | 0.4 | (2.6) | |||||||||
TOTAL OTHER INCOME (EXPENSE) | (294.2) | (33.8) | 161.8 | |||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY LOSS FROM VENTURES | 129.4 | 207 | 313.1 | |||||||||
INCOME TAX BENEFIT (EXPENSE) | 252.4 | 12.2 | (169.3) | |||||||||
EQUITY LOSS FROM VENTURES, net of tax | 0 | 0 | (0.1) | |||||||||
INCOME FROM CONTINUING OPERATIONS | 315 | 20.6 | 76.5 | (30.3) | $ 100.1 | (25.1) | 29.9 | 114.3 | 381.8 | 219.2 | 143.7 | |
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (18.7) | (19.9) | (892.1) | |||||||||
NET INCOME (LOSS) | 363.1 | 199.3 | (748.4) | |||||||||
INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | 3.9 | (25.2) | (0.9) | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ 309.9 | $ 53.4 | $ 31.8 | $ (28.1) | $ (25.8) | $ 12.8 | $ 108 | $ 79.1 | 367 | 174.1 | (749.3) | |
PREFERRED STOCK DIVIDENDS | 0 | 0 | (38.4) | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS | $ 367 | $ 174.1 | $ (787.7) | |||||||||
EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - BASIC | ||||||||||||
Continuing operations | $ 1.06 | $ 0.07 | $ 0.26 | $ (0.11) | $ 0.43 | $ (0.11) | $ 0.07 | $ 0.61 | $ 1.34 | $ 0.98 | $ 0.63 | |
Discontinued operations | (0.02) | 0.11 | (0.16) | 0 | (0.08) | (0.01) | 0 | 0.01 | (0.06) | (0.10) | (5.77) | |
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic: | 1.04 | 0.18 | 0.10 | (0.11) | 0.35 | (0.12) | 0.07 | 0.62 | 1.28 | 0.88 | (5.14) | |
EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - DILUTED | ||||||||||||
Continuing operations | 1.05 | 0.07 | 0.26 | (0.11) | 0.42 | (0.11) | 0.07 | 0.61 | 1.32 | 0.97 | 0.63 | |
Discontinued operations | (0.02) | 0.11 | (0.15) | 0 | (0.08) | (0.01) | 0 | 0.01 | (0.06) | (0.10) | (5.76) | |
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted: | $ 1.03 | $ 0.18 | $ 0.11 | $ (0.11) | $ 0.34 | $ (0.12) | $ 0.07 | $ 0.62 | $ 1.26 | $ 0.87 | $ (5.13) | |
AVERAGE NUMBER OF SHARES (IN THOUSANDS) | ||||||||||||
Basic | 288.4 | 197.7 | 153.2 | |||||||||
Diluted | 293 | 200.1 | 153.6 |
Statements Of Condensed Consol5
Statements Of Condensed Consolidated Operations (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | $ 0 | $ 0 | $ 7,700,000 |
Statements Of Condensed Consol6
Statements Of Condensed Consolidated Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ 367 | $ 174.1 | $ (749.3) |
OTHER COMPREHENSIVE INCOME (LOSS) | |||
Pension and OPEB liability, net of tax | 11.5 | (19.8) | 45.2 |
Unrealized net gain on marketable securities, net of tax | 0 | 0 | 1.7 |
Unrealized net gain (loss) on foreign currency translation | (13.9) | 18.6 | 155.6 |
Unrealized net gain (loss) on derivative financial instruments, net of tax | (0.5) | (2.6) | 20.7 |
OTHER COMPREHENSIVE INCOME (LOSS) | (2.9) | (3.8) | 223.2 |
OTHER COMPREHENSIVE LOSS (INCOME) ATTRIBUTABLE TO THE NONCONTROLLING INTEREST | 1.1 | (0.5) | (4.6) |
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ 363 | $ 170.8 | $ (521.5) |
Statements Of Condensed Consol7
Statements Of Condensed Consolidated Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Net income (loss) | $ 363.1 | $ 199.3 | $ (748.4) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 87.7 | 115.4 | 134 |
Impairment of long-lived assets | 0 | 0 | 76.6 |
Deferred income taxes | 0 | 0 | 159.8 |
Loss (gain) on extinguishment/restructuring of debt | 165.4 | (166.3) | (392.9) |
Loss on deconsolidation, net of cash deconsolidated | 20.2 | 17.5 | 668.3 |
Other | 21.2 | 10 | 61.1 |
Changes in operating assets and liabilities: | |||
Receivables and other assets | (248.7) | 43.2 | 369.1 |
Product inventories | (1.8) | 157.8 | (62) |
Payables and accrued expenses | (69) | (73.9) | (227.7) |
Net cash provided by operating activities | 338.1 | 303 | 37.9 |
INVESTING ACTIVITIES | |||
Purchase of property, plant and equipment | (151.7) | (69.1) | (80.8) |
Other investing activities | (4.3) | 11.2 | (22.4) |
Net cash used by investing activities | (156) | (57.9) | (103.2) |
FINANCING ACTIVITIES | |||
Net proceeds from issuance of common shares | 661.3 | 287.4 | 0 |
Proceeds from issuance of debt | 1,771.5 | 0 | 503.5 |
Debt issuance costs | (28.6) | (5.2) | (33.6) |
Borrowings under credit facilities | 0 | 105 | 309.8 |
Repayment under credit facilities | 0 | (105) | (309.8) |
Repayments on equipment loans | 0 | (95.6) | (45.4) |
Repurchase of debt | (1,720.7) | (305.4) | (225.9) |
Acquisition of noncontrolling interest | (105) | 0 | 0 |
Distributions of partnership equity | (52.9) | (59.9) | (40.6) |
Preferred stock dividends | 0 | 0 | (51.2) |
Other financing activities | (26.7) | (27.7) | (45.8) |
Net cash provided (used) by financing activities | 498.9 | (206.4) | 61 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 3.3 | (0.5) | (1.4) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 684.3 | 38.2 | (5.7) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 323.4 | 285.2 | 290.9 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 1,007.7 | $ 323.4 | $ 285.2 |
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] |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||
Preferred Stock, Shares Outstanding | 29,300,000 | |||||||
Balance, beginning of period (in shares) at Dec. 31, 2014 | 153,200,000 | |||||||
Balance, beginning 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] | ||||||||
NET INCOME (LOSS) | (748.4) | (749.3) | 0.9 | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (266.2) | (227.8) | ||||||
OTHER COMPREHENSIVE INCOME | 223.2 | |||||||
Pension and OPEB liability, net of tax | 45.2 | (4.6) | ||||||
Total comprehensive income (loss) | (525.2) | (3.7) | ||||||
Capital contribution by noncontrolling interest to subsidiary | 0.2 | 0.2 | ||||||
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 | ||||||
Stock and other incentive plans (in shares) | 300,000 | |||||||
Stock and other incentive plans | 9.8 | (10.9) | 20.7 | |||||
Preferred Stock Dividends | (38.4) | (38.4) | ||||||
Balance, end of period (in shares) at Dec. 31, 2015 | 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 | |||||||
NET INCOME (LOSS) | 199.3 | 174.1 | 25.2 | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 3.3 | 3.3 | ||||||
OTHER COMPREHENSIVE INCOME | (3.8) | |||||||
Pension and OPEB liability, net of tax | (19.8) | (0.5) | ||||||
Total comprehensive income (loss) | 195.5 | 24.7 | ||||||
Undistributed losses to noncontrolling interest to subsidiary | (3.2) | (3.2) | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (57.5) | (57.5) | ||||||
Stock and other incentive plans (in shares) | 500,000 | |||||||
Stock and other incentive plans | 13.7 | (5.8) | 19.5 | |||||
Shares issued for debt exchange | 8,200,000 | |||||||
Debt for equity exchange (value) | 45.2 | $ 1 | 44.2 | |||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ (731.3) | $ 3.5 | 727.8 | |||||
Stock Issued During Period, Shares, Conversion of Units | (29,300,000) | 26,500,000 | ||||||
Common Stock, New Shares, Issued | 44,400,000 | |||||||
Common stock issuance (value) | $ 287.4 | $ 5.5 | 281.9 | |||||
Balance, end of period (in shares) at Dec. 31, 2016 | 233,074,091 | 233,100,000 | ||||||
Balance, end of period at Dec. 31, 2016 | $ (1,330.5) | $ 0 | $ 29.8 | 3,347 | (4,574.3) | (245.5) | (21.3) | 133.8 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||
Preferred Stock, Shares Outstanding | 0 | |||||||
NET INCOME (LOSS) | 363.1 | 367 | (3.9) | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 4 | 4 | ||||||
OTHER COMPREHENSIVE INCOME | (2.9) | |||||||
Pension and OPEB liability, net of tax | 11.5 | 1.1 | ||||||
Total comprehensive income (loss) | 360.2 | (2.8) | ||||||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | 83.4 | 83.4 | ||||||
Undistributed losses to noncontrolling interest to subsidiary | 1.8 | 1.8 | ||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (128.8) | (17.3) | 5.2 | (116.7) | ||||
Stock and other incentive plans (in shares) | 1,000,000 | |||||||
Stock and other incentive plans | 13.5 | (62.4) | 75.9 | |||||
Common Stock, New Shares, Issued | 63,300,000 | |||||||
Common stock issuance (value) | 661.3 | $ 7.9 | 653.4 | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ (105) | (70.2) | (18.9) | (15.9) | ||||
Balance, end of period (in shares) at Dec. 31, 2017 | 297,400,968 | 297,400,000 | ||||||
Balance, end of period at Dec. 31, 2017 | $ (444.1) | $ 0 | $ 37.7 | $ 3,933.9 | $ (4,207.3) | $ (169.6) | $ (39) | $ 0.2 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||
Preferred Stock, Shares Outstanding | 0 |
Statements of Consolidated Cha9
Statements of Consolidated Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||
Preferred stock dividends per share | $ 0 | $ 0 | $ 1.32 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BUSINESS SUMMARY AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Nature of Business Founded in 1847, we are the largest and oldest independent iron ore mining company in the United States. We are a major supplier of iron ore pellets to the North American steel industry from our mines and pellet plants located in Michigan and Minnesota. Additionally, we operate an iron ore mining complex in Western Australia. By 2020, we expect to be the sole producer of HBI in the Great Lakes region with the development of our first production plant in Toledo, Ohio. 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 relate to mineral reserves future realizable cash flow; environmental, reclamation and closure obligations; valuation of long-lived assets; valuation of inventory; valuation of post-employment, post-retirement and other employee benefit liabilities; valuation of tax assets; reserves for contingencies and litigation; the fair value of derivative instruments; and the fair value of loans to and accounts receivable from Canadian entities. 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, 2017 : Name Location Ownership Interest Operation Status of Operations Northshore Minnesota 100.0% Iron Ore Active United Taconite Minnesota 100.0% Iron Ore Active Tilden 1 Michigan 100.0% Iron Ore Active Empire 1 Michigan 100.0% Iron Ore Indefinitely Idled Koolyanobbing Western Australia 100.0% Iron Ore Active 1 During 2017, our ownership interest in Tilden and Empire changed. Refer to the Noncontrolling Interests section below for additional information. 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. Our 23% ownership interest in Hibbing is recorded as an equity method investment. As of December 31, 2017 and 2016 , our investment in Hibbing was $11.0 million and $8.7 million , respectively, classified in Other liabilities in the Statements of Consolidated Financial Position . 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. Noncontrolling Interests During 2017, our ownership interest in Empire increased to 100% as we reached an agreement to distribute the noncontrolling interest net assets of $132.7 million to ArcelorMittal, in exchange for its interest in Empire. The parties agreed that the net assets were to be distributed in three installments of $44.2 million each, the first of which was paid upon the execution of the agreement and the remaining distributions are due in August 2018 and August 2019. Upon payment of the first installment, we assumed ArcelorMittal's 21% interest and have reflected this ownership percentage change in our consolidated financial statements. We accounted for the increase in ownership as an equity transaction, which resulted in a net $12.1 million decrease in equity attributable to Cliffs' shareholders and a $116.7 million decrease in Noncontrolling interest . The net loss and income attributable to the noncontrolling interest of the Empire mining venture was $3.9 million and $25.2 million for the years ended December 31, 2017 and 2016 , respectively. During 2017, we also acquired the remaining 15% equity interest in Tilden owned by U.S. Steel for $105.0 million . With the closing of this transaction, we now have 100% ownership of the mine. We accounted for the increase in ownership as an equity transaction, which resulted in an $89.1 million decrease in equity attributable to Cliffs' shareholders and a $15.9 million decrease in Noncontrolling interest . Noncontrolling interest is also comprised of the 17.2% noncontrolling interest in the Bloom Lake operations, through the CCAA filing on January 27, 2015. 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. There was no net income or loss attributable to the noncontrolling interest related to Bloom Lake for the years ended December 31, 2017 and 2016 . 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 and longer maturities when funds can be withdrawn in three months or less without a significant penalty to be cash equivalents. We routinely monitor and evaluate counterparty credit risk related to the financial institutions in 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 our 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. There was no allowance for doubtful accounts at December 31, 2017 and 2016 and no bad debt expense for the years ended December 31, 2017 and 2016 . There was $7.1 million bad debt expense for the year ended December 31, 2015. 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 1.5 million long tons of finished goods stored at ports and customer facilities on the lower Great Lakes to service customers at December 31, 2017 and 2016 . 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 net realizable value. Iron ore inventories are 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 net realizable value using average cost, less an allowance for obsolete and surplus items. The allowance for obsolete and surplus items was $16.0 million and $14.0 million at December 31, 2017 and 2016 , 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 designate a qualifying derivative instrument as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We formally document all relationships between hedging instruments and hedged items, as well as our 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 changes in fair value are recorded in Accumulated other comprehensive loss . Amounts recorded in Accumulated other comprehensive 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. Refer to Revenue Recognition below for discussion of derivatives recorded as a result of pricing terms in our sales contracts. 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. Depreciation continues to be recognized when operations are idled temporarily. The U.S. Iron Ore 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 Office and information technology Straight line 3 to 15 Years 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 Asset retirement obligation Straight line Life of mine 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 over their estimated useful lives as follows: Intangible Assets Basis Useful Life Permits - Asia Pacific Iron Ore Units of production Life of mine Permits - USIO Straight line Life of mine 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. For the years ended December 31, 2017 and 2015 , although certain factors indicated that the carrying value of certain asset groups may not be recoverable, an assessment for the potential impairment was performed and an impairment adjustment was not required. During 2016 , there were no impairment indicators present; as a result, no impairment assessments were required. Refer to NOTE 4 - PROPERTY, PLANT AND EQUIPMENT , NOTE 12 - GOODWILL AND OTHER INTANGIBLE ASSETS 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 include money market funds and treasury bonds. Valuation of these instruments is determined using a market approach and is based upon unadjusted quoted prices for identical assets in active markets. Cash equivalents classified in Level 2 include commercial paper and certificates of deposit. Valuation of these instruments is determined using financial models that use as their basis readily observable market parameters. 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 our commodity hedging instruments. 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, 2017 and 2016 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 is recorded as a liability. Year-end balance sheet adjustments to postretirement assets and obligations are recorded as Accumulated other comprehensive loss in the Statements of Consolidated Financial Position . The actuarial estimates of the PBO and APBO 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 flows. The asset retirement obligation is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized 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 our routine annual assessments. In 2017, we employed a third-party specialist to assist in the evaluation. Future reclamation 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 can only 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 shipping 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 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. Sales are recorded at a sales price specified in the relevant supply agreements resulting in revenue and a receivable at the time of sale. The majority of our contracts have pricing mechanisms that require price estimation at the time of delivery with price finalization at a future period. Upon revenue recognition for provisionally priced sales, a derivative is created for the difference between the sales price used and expected future settlement price. The derivative 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, index pellet premiums and index freight 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 inputs 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 average annual steel pricing or an average annual daily market price for hot-rolled coil steel 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 Product revenues . Refer to NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information. Revenue from product sales and services also includes reimbursement for freight charges associated with domestic freight and venture partner cost reimbursements for the U.S. Iron Ore operations and freight associated with CFR based shipments paid on behalf of customers for the Asia Pacific Iron Ore operations. These 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 were 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, 2017 and 2016 , installment amounts received in excess of sales totaled $64.2 million and $77.1 million , respectively. As of December 31, 2017 , deferred revenue of $12.8 million was recorded in Other current liabilities and $51.4 million was recorded as long-term in Other liabilities in the Statements of Consolidated Financial Position , related to this agreement. As of December 31, 2016 , deferred revenue of $12.8 million was recorded in Other current liabilities and $64.3 million was recorded as long-term in Other liabilities in the Statements of Consolidated Financial Position , related to this agreement. In 2017 and 2016, due to the payment terms and the timing of cash receipts near year-end, cash receipts exceeded shipments for certain customers. Revenue recognition on these transactions totaling $9.6 million and $3.4 million was deferred on the Statements of Consolidated Financial Position for the years ended December 31, 2017 and 2016 , respectively. Cost of Goods Sold Cost of goods sold and operating expenses represents all direct and indirect costs and expenses applicable to the sales from our mining operations. Operating expenses primarily represent the portion of the Tilden mining venture costs prior to our 100% ownership; that is, the costs attributable to the share of the mine’s production owned by the other joint venture partner in the Tilden mine until we acquired the remaining 15% noncontrolling interest during 2017. The mining venture functioned as a captive cost company, supplying 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 were responsible for product fulfillment under the venture, we acted as a principal in the transaction and, accordingly, recorded revenue under these arrangements on a gross basis. In some circumstances, as requested by the customer, we will coordinate and ship our product via vessel directly to the port nearest to the customer's blast furnace. In this type of contract, the customer will pay one amount inclusive of both product and freight. We recognize revenue for both product revenue and the amount reimbursed for the vessel freight to the final port. We separate these revenue types in the Statements of Consolidated Operations . Accordingly, the revenue we record for freight is offset by an equal amount included in Cost of goods sold and operating expenses for costs we incur for that freight, resulting in no impact on sales margin. The following table is a summary of reimbursements in our U.S. Iron Ore operations for the years ended December 31, 2017 , 2016 and 2015 : (In Millions) Year Ended December 31, 2017 2016 2015 Reimbursements for: Freight $ 166.7 $ 106.8 $ 105.3 Venture partners’ cost 54.7 68.0 52.0 Total reimbursements $ 221.4 $ 174.8 $ 157.3 We sell a portion of our Asia Pacific Iron Ore product on a CFR basis. As a result, $19.6 million , $20.7 million and $23.6 million of freight was included in Cost of goods sold and operating expenses for the years ended December 31, 2017 , 2016 and 2015 , respectively. Where we have joint ownership of a mine, such as Hibbing and up to the point at which we purchased the remaining interest in Tilden, our contracts entitle us to receive management fees or royalties, which we earn as the pellets are produced. 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 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 shares before issuing new shares. Forfeitures are recognized when they occur. Refer to NOTE 8 - STOCK COMPENSATION PLANS for additional information. Income Taxes Income taxes are based on income for financial reporting purposes, calculated using tax rates by jurisdiction, and |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2017 | |
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. Our U.S. Iron Ore segment is a major supplier of iron ore pellets to the North American steel industry from our mines and pellet plants located in Michigan and Minnesota. 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 2017, 2016 or 2015. We evaluate segment performance based on sales margin, defined as revenues less cost of goods sold and operating expenses identifiable to each segment. Additionally, we evaluate performance on a segment basis, as well as a consolidated basis, based on EBITDA and Adjusted EBITDA. These measures allow management and investors to focus on our ability to service our debt as well as illustrate how the business and each operating segment are performing. Additionally, EBITDA and Adjusted EBITDA assist management and investors in their analysis and forecasting as these measures approximate the cash flows associated with operational earnings. The following tables present a summary of our reportable segments for the years ended December 31, 2017 , 2016 and 2015 , including a reconciliation of segment sales margin to Income 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) 2017 2016 2015 Revenues from product sales and services: U.S. Iron Ore $ 1,866.0 80% $ 1,554.5 74% $ 1,525.4 76% Asia Pacific Iron Ore 464.2 20% 554.5 26% 487.9 24% Total revenues from product sales and services $ 2,330.2 100% $ 2,109.0 100% $ 2,013.3 100% Sales margin: U.S. Iron Ore $ 465.4 $ 275.7 $ 227.1 Asia Pacific Iron Ore 36.3 113.6 9.4 Sales margin 501.7 389.3 236.5 Other operating expense (78.1 ) (148.5 ) (85.2 ) Other income (expense) (294.2 ) (33.8 ) 161.8 Income from continuing operations before income taxes and equity loss from ventures $ 129.4 $ 207.0 $ 313.1 (In Millions) 2017 2016 2015 Net income (loss) $ 363.1 $ 199.3 $ (748.4 ) Less: Interest expense, net (132.0 ) (200.5 ) (231.4 ) Income tax benefit (expense) 252.4 12.2 (163.3 ) Depreciation, depletion and amortization (87.7 ) (115.4 ) (134.0 ) Total EBITDA $ 330.4 $ 503.0 $ (219.7 ) Less: Gain (loss) on extinguishment/restructuring of debt $ (165.4 ) $ 166.3 $ 392.9 Impact of discontinued operations (18.7 ) (19.9 ) (892.0 ) Foreign exchange remeasurement 11.4 (16.8 ) 16.3 Severance and contractor termination costs — (0.1 ) (10.2 ) Supplies inventory adjustment (1.8 ) — (16.3 ) Impairment of other long-lived assets — — (3.3 ) Total Adjusted EBITDA $ 504.9 $ 373.5 $ 292.9 EBITDA: U.S. Iron Ore $ 534.9 $ 342.4 $ 317.6 Asia Pacific Iron Ore 40.7 128.3 35.3 Other (including discontinued operations) (245.2 ) 32.3 (572.6 ) Total EBITDA $ 330.4 $ 503.0 $ (219.7 ) Adjusted EBITDA: U.S. Iron Ore $ 559.4 $ 359.6 $ 352.1 Asia Pacific Iron Ore 50.4 132.9 32.7 Other (104.9 ) (119.0 ) (91.9 ) Total Adjusted EBITDA $ 504.9 $ 373.5 $ 292.9 (In Millions) 2017 2016 2015 Depreciation, depletion and amortization: U.S. Iron Ore $ 66.6 $ 84.0 $ 98.9 Asia Pacific Iron Ore 14.3 25.1 25.3 Other 6.8 6.3 6.6 Total depreciation, depletion and amortization $ 87.7 $ 115.4 $ 130.8 Capital additions 1 : U.S. Iron Ore $ 136.8 $ 62.2 $ 58.2 Asia Pacific Iron Ore 2.8 0.2 5.4 Other 2 16.4 6.1 8.6 Total capital additions $ 156.0 $ 68.5 $ 72.2 1 Includes capital lease additions and non-cash accruals. Refer to NOTE 17 - CASH FLOW INFORMATION. 2 Includes spend related to our HBI project. A summary of assets by segment is as follows: (In Millions) December 31, December 31, 2016 December 31, 2015 Assets: U.S. Iron Ore $ 1,500.6 $ 1,372.5 $ 1,476.4 Asia Pacific Iron Ore 138.8 155.1 202.5 Total segment assets 1,639.4 1,527.6 1,678.9 Corporate 1,314.0 396.3 441.7 Assets of discontinued operations — — 14.9 Total assets $ 2,953.4 $ 1,923.9 $ 2,135.5 Included in the consolidated financial statements are the following amounts relating to geographic location: (In Millions) 2017 2016 2015 Revenues from product sales and services United States $ 1,504.5 $ 1,236.2 $ 1,206.4 China 364.7 452.5 370.8 Canada 206.2 267.1 282.4 Other countries 254.8 153.2 153.7 Total revenues from product sales and services $ 2,330.2 $ 2,109.0 $ 2,013.3 Property, Plant and Equipment, Net United States $ 1,033.8 $ 961.0 $ 1,012.7 Australia 17.2 23.4 46.3 Total Property, Plant and Equipment, Net $ 1,051.0 $ 984.4 $ 1,059.0 Concentrations in Revenue In 2017 and 2016 , two customers individually accounted for more than 10% of our consolidated product revenue and in 2015 , three customers individually accounted for more than 10% of our consolidated product revenue. Total product revenue from these customers represents $1.3 billion , $ 1.1 billion and $ 1.3 billion of our total consolidated product revenue in 2017 , 2016 and 2015 , respectively, and is attributable to our U.S. Iron Ore business segment. The following table represents the percentage of our total Revenues from product sales and services contributed by each category of products and services in 2017 , 2016 and 2015 : 2017 2016 2015 Revenue category Product 90 % 91 % 91 % Freight and venture partners’ cost reimbursements 10 % 9 % 9 % Total revenues from product sales and services 100 % 100 % 100 % |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 : (In Millions) December 31, 2017 December 31, 2016 Segment Finished Goods Work-in Process Total Inventory Finished Goods Work-in Process Total Inventory U.S. Iron Ore $ 127.1 $ 11.3 $ 138.4 $ 124.4 $ 12.6 $ 137.0 Asia Pacific Iron Ore 33.3 11.7 45.0 23.6 17.8 41.4 Total $ 160.4 $ 23.0 $ 183.4 $ 148.0 $ 30.4 $ 178.4 U.S. Iron Ore The excess of current cost over LIFO cost of iron ore inventories was $96.2 million and $78.5 million at December 31, 2017 and 2016 , respectively. As of December 31, 2017 , the product inventory balance for U.S. Iron Ore increased, resulting in a LIFO increment in 2017. The effect of the inventory build was an increase in Inventories of $6.2 million in the Statements of Consolidated Financial Position for the year ended December 31, 2017 . As of December 31, 2016 , the product inventory balance for U.S. Iron Ore declined, resulting in the liquidation of a LIFO layer in 2016. The effect of the inventory reduction was an increase in Cost of goods sold and operating expenses of $8.8 million in the Statements of Consolidated Financial Position for the year ended December 31, 2016 . Asia Pacific Iron Ore We recorded a lower of cost or net realizable value inventory charge of $1.8 million related to work-in process inventory in Cost of goods sold and operating expenses in the Statements of Consolidated Operations for the year ended December 31, 2017 . The charge was predominantly a result of the decline in our realized revenue rate as well as the additional production and transportation costs required to be incurred in order for our work-in process inventory to be ready for sale. There were no LCM inventory adjustments recorded for the year ended December 31, 2016 . |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 4 - PROPERTY, PLANT AND EQUIPMENT The following table indicates the carrying value of each of the major classes of our consolidated depreciable assets as of December 31, 2017 and 2016 : (In Millions) December 31, 2017 2016 Land rights and mineral rights $ 549.6 $ 500.5 Office and information technology 66.3 65.1 Buildings 86.8 67.9 Mining equipment 594.4 592.2 Processing equipment 617.0 552.0 Electric power facilities 57.0 49.4 Land improvements 23.7 23.5 Asset retirement obligation 19.2 19.8 Other 30.3 28.1 Construction in-progress 35.1 42.8 2,079.4 1,941.3 Allowance for depreciation and depletion (1,028.4 ) (956.9 ) $ 1,051.0 $ 984.4 We recorded depreciation expense of $78.8 million , $106.8 million and $119.2 million in the Statements of Consolidated Operations for the years ended December 31, 2017 , 2016 and 2015 , respectively. Our asset groups consist of the assets and liabilities of our mines and associated reserves. The lowest level of identifiable cash flows largely is at the U.S. Iron Ore and Asia Pacific Iron Ore segment levels. For the years ended December 31, 2017 and 2015 , although certain factors indicated that the carrying value of certain asset groups may not be recoverable, an assessment for the potential impairment was performed and an impairment adjustment was not required. For the year ended December 31, 2016 , there were no factors present that indicated the carrying value of certain asset groups would not be recoverable; therefore, additional impairment assessments were not required. The net book value of the land rights and mineral rights as of December 31, 2017 and 2016 is as follows : (In Millions) December 31, 2017 2016 Land rights $ 12.4 $ 11.6 Mineral rights: Cost $ 537.2 $ 488.9 Depletion (119.1 ) (112.2 ) Net mineral rights $ 418.1 $ 376.7 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 $6.8 million , $3.8 million and $7.4 million in the Statements of Consolidated Operations for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
DEBT AND CREDIT FACILITIES | NOTE 5 - DEBT AND CREDIT FACILITIES The following represents a summary of our long-term debt as of December 31, 2017 and 2016 : ($ in Millions) December 31, 2017 Debt Instrument Annual Effective Interest Rate Total Principal Amount Debt Issuance Costs Unamortized Discounts Total Debt Senior Secured Notes $400 Million 4.875% 2024 Senior Notes 5.00% $ 400.0 $ (7.1 ) $ (2.6 ) $ 390.3 Unsecured Notes $400 Million 5.90% 2020 Senior Notes 5.98% 88.9 (0.2 ) (0.1 ) 88.6 $500 Million 4.80% 2020 Senior Notes 4.83% 122.4 (0.3 ) (0.1 ) 122.0 $700 Million 4.875% 2021 Senior Notes 4.89% 138.4 (0.3 ) (0.1 ) 138.0 $316.25 Million 1.50% 2025 Convertible Senior Notes 6.26% 316.3 (6.6 ) (85.6 ) 224.1 $1.075 Billion 5.75% 2025 Senior Notes 6.01% 1,075.0 (11.3 ) (16.5 ) 1,047.2 $800 Million 6.25% 2040 Senior Notes 6.34% 298.4 (2.4 ) (3.4 ) 292.6 ABL Facility N/A 550.0 N/A N/A — Fair Value Adjustment to Interest Rate Hedge 1.4 Long-term debt $ 2,304.2 ($ in Millions) December 31, 2016 Debt Instrument Annual Effective Interest Rate Total Principal Amount Debt Issuance Costs Undiscounted Interest/(Unamortized Discounts) Total Debt Senior Secured Notes $540 Million 8.25% 2020 First Lien Notes 9.97% $ 540.0 $ (8.0 ) $ (25.7 ) $ 506.3 $218.5 Million 8.00% 2020 1.5 Lien Notes N/A 218.5 — 65.7 284.2 $544.2 Million 7.75% 2020 Second Lien Notes 15.55% 430.1 (5.8 ) (85.2 ) 339.1 Unsecured Notes $400 Million 5.90% 2020 Senior Notes 5.98% 225.6 (0.6 ) (0.5 ) 224.5 $500 Million 4.80% 2020 Senior Notes 4.83% 236.8 (0.7 ) (0.2 ) 235.9 $700 Million 4.875% 2021 Senior Notes 4.89% 309.4 (1.0 ) (0.2 ) 308.2 $800 Million 6.25% 2040 Senior Notes 6.34% 298.4 (2.5 ) (3.4 ) 292.5 ABL Facility N/A 550.0 N/A N/A — Fair Value Adjustment to Interest Rate Hedge 1.9 Long-term debt $ 2,192.6 Less current portion 17.5 Long-term debt $ 2,175.1 $1.075 Billion 5.75% 2025 Senior Notes - 2017 Offering On February 27, 2017, we entered into an indenture among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee, relating to the issuance of $500 million aggregate principal amount of 5.75% 2025 Senior Notes. On August 7, 2017, we issued an additional $575 million aggregate principal amount of our 5.75% 2025 Senior Notes. The second tranche was issued at 97.0% of face value. The 5.75% 2025 Senior Notes were issued in private transactions exempt from the registration requirements of the Securities Act. Pursuant to the registration rights agreement executed as part of the offerings, we agreed to file a registration statement with the SEC with respect to a registered offer to exchange the 5.75% 2025 Senior Notes for publicly registered notes within 365 days of the closing date, with all significant terms and conditions remaining the same. The 5.75% 2025 Senior Notes bear interest at a rate of 5.75% per annum, which is payable semi-annually in arrears on March 1 and September 1 of each year, which commenced on September 1, 2017. The 5.75% 2025 Senior Notes mature on March 1, 2025. The 5.75% 2025 Senior Notes are general unsecured senior obligations and rank equally in right of payment with all of our existing and future senior unsecured indebtedness and rank senior in right of payment to all of our existing and future subordinated indebtedness. The 5.75% 2025 Senior Notes are effectively subordinated to our existing or future secured indebtedness to the extent of the value of the assets securing such indebtedness. The 5.75% 2025 Senior Notes are guaranteed on a senior unsecured basis by our material direct and indirect wholly-owned domestic subsidiaries and, therefore, are structurally senior to any of our existing and future indebtedness that is not guaranteed by such guarantors and are structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries that do not guarantee the 5.75% 2025 Senior Notes. The terms of the 5.75% 2025 Senior Notes are governed by an indenture, which contains customary covenants that, among other things, limit our and our subsidiaries' ability to create liens on property that secure indebtedness, enter into sale and leaseback transactions and merge, consolidate or amalgamate with another company. Upon the occurrence of a “change of control triggering event,” as defined in the indenture, we are required to offer to repurchase the 5.75% 2025 Senior Notes at 101% of the aggregate principal amount thereof, plus any accrued and unpaid interest, if any, to, but excluding, the repurchase date. We may redeem the 5.75% 2025 Senior Notes, in whole or in part, on or after March 1, 2020, at the redemption prices set forth in the indenture, plus accrued and unpaid interest, if any, to, but not including, the date of redemption, and prior to March 1, 2020, at a redemption price equal to 100% of the principal amount thereof plus a “make-whole” premium set forth in the indenture, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. We may also redeem up to 35% of the aggregate principal amount of the 5.75% 2025 Senior Notes on or prior to March 1, 2020 at a redemption price equal to 105.75% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of redemption with the net cash proceeds of one or more equity offerings. The 5.75% 2025 Senior 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 indenture will allow either the trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding notes issued under the indenture to accelerate, or in certain cases, will automatically cause the acceleration of, the amounts due under the 5.75% 2025 Senior Notes. Debt issuance costs of $12.4 million were incurred related to the offering of the 5.75% 2025 Senior Notes, $11.3 million of which is included in Long-term debt in the Statements of Consolidated Financial Position as of December 31, 2017 . $400 Million 4.875% 2024 Senior Secured Notes - 2017 Offering On December 19, 2017, we entered into an indenture among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee and first lien notes collateral agent, relating to the issuance of $400 million aggregate principal amount of 4.875% 2024 Senior Secured Notes at 99.347% of face value. The 4.875% 2024 Senior Secured Notes were issued in a private transaction exempt from the registration requirements of the Securities Act. The 4.875% 2024 Senior Secured Notes have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. The 4.875% 2024 Senior Secured Notes bear interest at a rate of 4.875% per annum, which is payable semi-annually in arrears on January 15 and July 15 of each year, commencing on July 15, 2018. The 4.875% 2024 Senior Secured Notes mature on January 15, 2024 and are secured senior obligations of the Company. The 4.875% 2024 Senior Secured Notes are jointly and severally and fully and unconditionally guaranteed on a senior secured basis by substantially all of our material domestic subsidiaries and will be secured (subject in each case to certain exceptions and permitted liens) by (i) a first-priority lien on substantially all of our assets and the assets of the Guarantors (other than accounts receivable and other rights to payment, inventory, as-extracted collateral, certain 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 (collectively, the “ ABL Collateral ”)), and (ii) a second-priority lien on the ABL Collateral, which is junior to a first-priority lien for the benefit of the lenders under the Company’s senior secured asset-based credit facility. The terms of the 4.875% 2024 Senior Secured Notes are governed by the Secured Notes Indenture. The Secured Notes Indenture contains customary covenants that, among other things, limit our and our subsidiaries’ ability to create certain liens on property that secure indebtedness, 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 Secured Notes Indenture, we are required to offer to repurchase the 4.875% 2024 Senior Secured Notes at 101% 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 Secured Notes beginning on January 15, 2021. The initial redemption price is 102.438% 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 January 15, 2021 and will be 100% of their principal amount, plus accrued interest, beginning on January 15, 2023. We may also redeem some or all of the 4.875% 2024 Senior Secured Notes at any time and from time to time prior to January 15, 2021 at a price equal to 100% of the principal amount thereof plus a “make-whole” premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. We may also redeem up to 10% of the original aggregate principal amount of the 4.875% 2024 Senior Secured Notes (calculated after giving effect to any issuance of additional 4.875% 2024 Senior Secured Notes) per year prior to January 15, 2021 at a redemption price equal to 103% of the principal amount thereof, 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 January 15, 2021, we may redeem in the aggregate up to 35% of the original aggregate principal amount of the Secured Notes (calculated after giving effect to any issuance of additional 4.875% 2024 Senior Secured Notes) with the net cash proceeds of certain equity offerings, at a redemption price of 104.875% , plus accrued and unpaid interest, if any, to, but excluding, the redemption date, so long as at least 65% of the original aggregate principal amount of the 4.875% 2024 Senior Secured Notes (calculated after giving effect to any issuance of additional 4.875% 2024 Senior Secured Notes) issued under the Secured Notes Indenture remain outstanding after each such redemption. The Secured 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 Secured Notes Indenture will allow either the Trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding 4.875% 2024 Senior Secured Notes to accelerate, or in certain cases, will automatically cause the acceleration of, the amounts due under the 4.875% 2024 Senior Secured Notes. Debt issuance costs of $7.1 million were incurred related to the offering of the 4.875% 2024 Senior Secured Notes and are included in Long-term debt in the Statements of Consolidated Financial Position as of December 31, 2017 . $316.25 Million 1.50% 2025 Convertible Senior Notes - 2017 Offering On December 19, 2017, we issued $316.25 million aggregate principal amount of 1.50% 2025 Convertible Senior Notes. The 1.50% 2025 Convertible Senior Notes bear interest at a rate of 1.50% per year, payable semiannually in arrears on January 15 and July 15 of each year, beginning on July 15, 2018. The 1.50% 2025 Convertible Senior Notes mature on January 15, 2025. Holders may convert their 1.50% 2025 Convertible Senior Notes at their option at any time prior to the close of business on the business day immediately preceding July 15, 2024, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2018 (and only during such calendar quarter), if the last reported sale price of our common shares, par value $0.125 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five-business day period after any five-consecutive trading day period (the “measurement period”) in which the trading price (as defined below) per $1,000 principal amount of 1.50% 2025 Convertible Senior Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common shares and the conversion rate on each such trading day; (3) if we call the notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after July 15, 2024 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 1.50% 2025 Convertible Senior Notes at any time, regardless of the foregoing circumstances. Upon conversion, we will pay or deliver, as the case may be, cash, common shares or a combination of cash and common shares, at our election. The conversion rate will initially be 122.4365 common shares per $1,000 principal amount of 1.50% 2025 Convertible Senior Notes (equivalent to an initial conversion price of $8.17 per common share). The conversion rate will be subject to adjustment in some circumstances but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 1.50% 2025 Convertible Senior Notes in connection with such a corporate event or notice of redemption, as the case may be. We may not redeem the 1.50% 2025 Convertible Senior Notes prior to January 15, 2022. We may redeem all or any portion of the 1.50% 2025 Convertible Senior Notes, for cash at our option on or after January 15, 2022 if the last reported sale price of our common shares has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30-consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the 1.50% 2025 Convertible Senior Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the 1.50% 2025 Convertible Senior Notes. It is our current intent to settle conversions through combination settlement with a specified dollar amount per $1,000 principal amount of notes of $1,000 . Our ability to settle conversions through combination settlement and cash settlement will be subject to restrictions in the agreement governing our ABL Facility and may be subject to restrictions in agreements governing our future debt. If we undergo a fundamental change as defined in the indenture, holders may require us to repurchase for cash all or any portion of their 1.50% 2025 Convertible Senior Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 1.50% 2025 Convertible Senior Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The 1.50% 2025 Convertible Senior Notes are senior unsecured obligations and rank senior in right of payment to any of our indebtedness that is expressly subordinated in right of payment to the 1.50% 2025 Convertible Senior Notes; equal in right of payment to any of our unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries. In accounting for the issuance of the notes, we separated the 1.50% 2025 Convertible Senior Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of similar liabilities that do not have associated convertible features. The carrying amount of the equity component of $85.9 million representing the conversion option was determined by deducting the fair value of the liability component from the par value of the notes. The difference represents the debt discount that is amortized to interest expense over the term of the notes. The equity component is not remeasured as long as it continues to qualify for equity classification. We allocated the total debt issuance costs incurred to the notes on a prorated basis using the aggregate principal balance. In accounting for the debt issuance costs related to the notes, we allocated the total amount of issuance costs incurred to liability and equity components. The issuance costs attributable to the equity component was netted against the equity component in Capital in excess of par value of shares for a net amount of $83.4 million . Debt issuance costs of $9.1 million were incurred related to the offering of the Secured Notes, $6.6 million of which are included in Long-term debt and $2.5 million of which are included in Capital in excess of par value of shares in the Statements of Consolidated Financial Position as of December 31, 2017 . Other Outstanding Unsecured Senior Notes The following represents a summary of our unsecured senior notes' maturity and interest payable due dates: Debt Instrument Maturity Interest Payable (until maturity) $400 Million 5.90% 2020 Senior Notes March 15, 2020 March 15 and September 15 $500 Million 4.80% 2020 Senior Notes October 1, 2020 April 1 and October 1 $700 Million 4.875% 2021 Senior Notes April 1, 2021 April 1 and October 1 $800 Million 6.25% 2040 Senior Notes October 1, 2040 April 1 and October 1 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% 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 5.90% 2020 Senior Notes and 4.80% 2020 Senior Notes, 25 basis points with respect to the 4.875% 2021 Senior Notes and 40 basis points with respect to the 6.25% 2040 Senior Notes, plus, in each case, accrued and unpaid interest to the date of redemption. However, if the 4.875% 2021 Senior Notes are redeemed on or after the date that is three months prior to their maturity date, the 4.875% 2021 Senior Notes will be redeemed at a redemption price equal to 100% 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% 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. Debt Extinguishments - 2017 During the year ended December 31, 2017, we issued 63.25 million common shares in an underwritten public offering. We received net proceeds of $661.3 million at a public offering price of $10.75 per common share. The net proceeds from the issuance of our common shares and the net proceeds from the issuance of $1.075 billion 5.75% 2025 Senior Notes were used to redeem in full all of our outstanding 8.25% 2020 First Lien Notes, 8.00% 2020 1.5 Lien Notes and 7.75% 2020 Second Lien Notes. Additionally, through tender offers, we purchased certain of our 5.90% 2020 Senior Notes, our 4.80% 2020 Senior Notes and our 4.875% 2021 Senior Notes. The aggregate principal amount outstanding of debt redeemed was $1.611 billion , which resulted in a loss on extinguishment of $165.4 million . The following is a summary of the debt extinguished during the year ended December 31, 2017 and the respective gain (loss) on extinguishment for the year ended December 31, 2017 : (In Millions) Year Ended Debt Extinguished Gain (Loss) on Extinguishment 1 Secured Notes $540 Million 8.25% 2020 First Lien Notes $ 540.0 $ (93.5 ) $218.5 Million 8.00% 2020 1.5 Lien Notes 218.5 45.1 $544.2 Million 7.75% 2020 Second Lien Notes 430.1 (104.5 ) Unsecured Notes $400 Million 5.90% 2020 Senior Notes 136.7 (7.8 ) $500 Million 4.80% 2020 Senior Notes 114.4 (1.9 ) $700 Million 4.875% 2021 Senior Notes 171.0 (2.8 ) $ 1,610.7 $ (165.4 ) 1 T his includes premiums paid related to the redemption of our notes of $110.0 million. Debt Extinguishments/Restructuring - 2016 8.00% 2020 1.5 Lien Notes Exchange On March 2, 2016, 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 $218.5 million aggregate principal amount of 8.00% 2020 1.5 Lien Notes. The 8.00% 2020 1.5 Lien Notes were issued in exchange offers for certain of our existing senior notes. We accounted for the 8.00% 2020 1.5 Lien Notes exchange as a troubled debt restructuring. For an exchange classified as a troubled debt restructuring, if the future undiscounted cash flows of the newly issued debt are less than the net carrying value of the original debt, the carrying value of the newly issued debt is adjusted to the future undiscounted cash flow amount, a gain is recorded for the difference and no future interest expense is recorded. All future interest payments on the newly issued debt reduce the carrying value. Accordingly, we recognized a gain of $174.3 million in the Gain (loss) on extinguishment/restructuring of debt in the Statements of Consolidated Operations for the year ended December 31, 2016 . Debt issuance costs incurred of $5.2 million related to the notes exchange were expensed and were included in the Gain (loss) on extinguishment/restructuring of debt in the Statements of Consolidated Operations for the year ended December 31, 2016 . As of December 31, 2016 , $17.5 million of the undiscounted interest was recorded as current and classified as Other current liabilities in the Statements of Consolidated Financial Position. The following is a summary of the debt exchanged for our $218.5 million 8.00% 2020 1.5 Lien Notes: ($ In Millions) Debt Extinguished 1.5 Lien Amount Issued Carrying Value 1 Gain on Restructuring 2 $544.2 Million 7.75% 2020 Second Lien Notes $ 114.1 $ 57.0 $ 77.5 $ 6.9 $500 Million 3.95% 2018 Senior Notes 17.6 11.4 15.5 1.8 $400 Million 5.90% 2020 Senior Notes 65.1 26.0 35.4 28.3 $500 Million 4.80% 2020 Senior Notes 44.7 17.9 24.4 19.5 $700 Million 4.875% 2021 Senior Notes 76.3 30.5 41.5 33.3 $800 Million 6.25% 2040 Senior Notes 194.4 75.7 103.0 84.5 $ 512.2 $ 218.5 $ 297.3 $ 174.3 1 Includes undiscounted interest payments 2 Net of amounts expensed for unamortized original issue discount and deferred origination fees Debt-for-Equity Exchanges During the year ended December 31, 2016, we entered into a series of privately negotiated exchange agreements whereby we issued an aggregate of 8.2 million common shares in exchange for $10.0 million aggregate principal amount of our 3.95% 2018 Senior Notes, $20.1 million aggregate principal amount of our 4.80% 2020 Senior Notes and $26.8 million aggregate principal amount of our 4.875% 2021 Senior Notes. There were no exchanges that represented more than 1% of our outstanding common shares during any quarter. Accordingly, we recognized a gain of $11.3 million in Gain (loss) on extinguishment/restructuring of debt in the Statements of Consolidated Operations for the year ended December 31, 2016 . Other Debt Redemptions Our 3.95% 2018 Senior Notes were redeemed in whole on September 16, 2016 at a total redemption price of $301.0 million , which included $283.6 million outstanding aggregate principal. As a result, we recorded a $19.9 million pre-tax loss on full retirement of long-term debt in the third quarter of 2016, which consisted of debt redemption premiums of $17.4 million and expenses of $2.5 million related to the write-off of unamortized debt issuance costs, unamortized bond discount and deferred losses on interest rate swaps. The loss was recorded against the Gain (loss) on extinguishment/restructuring of debt in the Statements of Consolidated Operations for the year ended December 31, 2016 . During the year ended December 31, 2016, we purchased with cash $5.0 million of our outstanding 4.80% 2020 Senior Notes, which resulted in a gain on extinguishment of $0.6 million . 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, 2017 : (In Millions) Maturities of Debt 2018 $ — 2019 — 2020 211.3 2021 138.4 2022 — 2023 and thereafter 2,089.7 Total maturities of debt $ 2,439.4 ABL Facility On March 30, 2015, we entered into a 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 First Lien Notes 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, 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% , the LIBOR rate based on a one-month interest period plus 1% and the floating rate announced by Bank of America Merrill Lynch 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, 2017 and 2016 , 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. As of December 31, 2017 , no loans were drawn under the ABL Facility and we had total availability of $273.2 million as a result of borrowing base limitations. As of December 31, 2017 , the principal amount of letter of credit obligations totaled $46.5 million , thereby further reducing available borrowing capacity on our ABL Facility to $226.7 million . As of December 31, 2016 , no loans were drawn under the ABL Facility and we had total availability of $333.0 million as a result of borrowing base limitations. As of December 31, 2016 , the principal amount of letter of credit obligations totaled $106.0 million , thereby further reducing available borrowing capacity to $227.0 million . Letters of Credit We issued standby letters of credit with certain financial institutions in order to support business obligations including, but not limited to, workers compensation and environmental obligations. As of December 31, 2017 and 2016 , these letter of credit obligations totaled $46.5 million and $106.0 million , respectively. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 : (In Millions) December 31, 2017 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 $ 66.3 $ 550.6 $ — $ 616.9 Derivative assets — — 39.4 39.4 Total $ 66.3 $ 550.6 $ 39.4 $ 656.3 Liabilities: Derivative liabilities $ — $ 0.3 $ 2.4 $ 2.7 Total $ — $ 0.3 $ 2.4 $ 2.7 (In Millions) December 31, 2016 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 $ 177.0 $ — $ — $ 177.0 Derivative assets — 1.5 31.6 33.1 Total $ 177.0 $ 1.5 $ 31.6 $ 210.1 Liabilities: Derivative liabilities $ — $ — $ 0.5 $ 0.5 Total $ — $ — $ 0.5 $ 0.5 Financial assets classified in Level 1 as of December 31, 2017 , include money market funds and treasury bonds of $66.3 million . Financial assets classified in Level 1 as of December 31, 2016 , include money market funds of $177.0 million . 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 assets included $550.6 million of commercial paper and certificates of deposit at December 31, 2017 and $1.5 million of commodity hedge contracts at December 31, 2016 . Level 2 liabilities included $0.3 million of commodity hedge contracts at December 31, 2017 . The Level 3 assets and liabilities include derivative assets that consist of freestanding derivative instruments related to certain supply agreements with one of our U.S. Iron Ore customers and derivative assets and liabilities related to certain provisional pricing arrangements with our U.S. Iron Ore and Asia Pacific Iron Ore customers. The supply agreements included in our Level 3 assets include provisions for supplemental revenue or refunds based on the average annual daily market price for hot-rolled coil steel at the time the product is consumed in the customer’s blast furnaces. We account for these provisions as derivative instruments at the time of sale and adjust these provisions 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 instruments are determined using a market approach based on the estimate of the average annual daily market price for hot-rolled coil steel. In the new contract that commenced in 2017, this supplemental revenue and refund data source changed from the customer's average annual steel price to an average annual daily market price for hot-rolled coil steel for one of our supply agreements. This estimate takes into consideration current market conditions and nonperformance risk. We had assets of $37.9 million and $21.3 million at December 31, 2017 and 2016 , respectively, related to supply agreements. The provisional pricing arrangements included in our Level 3 assets/liabilities 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 at the measurement date 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. We had assets of $1.5 million and $10.3 million at December 31, 2017 and 2016 , respectively, related to provisional pricing arrangements. In addition, we had liabilities of $2.4 million and $0.5 million related to provisional pricing arrangements at December 31, 2017 and 2016 , respectively. The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy: Qualitative/Quantitative Information About Level 3 Fair Value Measurements ($ in millions) Fair Value at December 31, 2017 Balance Sheet Location Valuation Technique Unobservable Input Range or Point Estimate (Weighted Average) Customer Supply Agreement $ 37.9 Derivative assets Market Approach Management's Estimate of Market Hot-Rolled Coil Steel per net ton $655 Provisional Pricing Arrangements $ 1.5 Derivative assets Market Approach Management's Estimate of Platts 62% Price per dry metric ton $72 - $74 ($72) Provisional Pricing Arrangements $ 2.4 Other current liabilities Market Approach Management's Estimate of Platts 62% Price per dry metric ton $72 - $74 ($72) The significant unobservable input used in the fair value measurement of our customer supply agreement is an estimate determined by management including the forward-looking estimate for the average annual daily market price for hot-rolled coil steel. The significant unobservable inputs used in the fair value measurement of our provisional pricing arrangements are management’s estimates of Platts 62% Price based upon current market data and index pricing, of which includes forward-looking estimates determined by management. 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 and no transfers into or out of Level 3 of the fair value hierarchy during the years ended December 31, 2017 and 2016 . 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, 2017 and 2016 : (In Millions) Derivative Assets (Level 3) Derivative Liabilities (Level 3) Year Ended Year Ended 2017 2016 2017 2016 Beginning balance - January 1 $ 31.6 $ 7.8 $ (0.5 ) $ (3.4 ) Total gains (losses) Included in earnings 195.8 103.8 (91.1 ) (14.1 ) Settlements (188.0 ) (80.0 ) 89.2 17.0 Ending balance - December 31 $ 39.4 $ 31.6 $ (2.4 ) $ (0.5 ) 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 $ 39.4 $ 23.7 $ (2.4 ) $ (0.5 ) Gains and losses included in earnings are reported in Product revenues in the Statements of Consolidated Operations for the years ended December 31, 2017 and 2016 . The carrying amount for certain financial instruments (e.g. Accounts receivable, net , Accounts payable and Accrued expenses ) approximate fair value and, therefore, has been excluded from the table below. A summary of the carrying amount and fair value of other financial instruments at December 31, 2017 and 2016 is as follows: (In Millions) December 31, 2017 December 31, 2016 Classification Carrying Value Fair Value Carrying Value Fair Value Long-term debt: Secured Notes $400 Million 4.875% 2024 Senior Notes Level 1 $ 390.3 $ 398.0 $ — $ — $540 Million 8.25% 2020 First Lien Notes Level 1 — — 506.3 595.0 $218.5 Million 8.00% 2020 1.5 Lien Notes Level 2 — — 284.2 229.5 $544.2 Million 7.75% 2020 Second Lien Notes Level 1 — — 339.1 439.7 Unsecured Notes $400 Million 5.90% 2020 Senior Notes Level 1 88.6 88.0 224.5 219.6 $500 Million 4.80% 2020 Senior Notes Level 1 122.0 118.8 235.9 221.1 $700 Million 4.875% 2021 Senior Notes Level 1 138.0 130.8 308.2 283.1 $316.25 Million 1.50% 2025 Convertible Senior Notes Level 1 224.1 352.9 — — $1.075 Billion 5.75% 2025 Senior Notes Level 1 1,047.2 1,029.3 — — $800 Million 6.25% 2040 Senior Notes Level 1 292.6 227.1 292.5 234.7 ABL Facility Level 2 — — — — Fair Value Adjustment to Interest Rate Hedge Level 2 1.4 1.4 1.9 1.9 Total long-term debt $ 2,304.2 $ 2,346.3 $ 2,192.6 $ 2,224.6 The fair value of long-term debt was determined using quoted market prices or discounted cash flows based upon current borrowing rates. |
PENSIONS AND OTHER POSTRETIREME
PENSIONS AND OTHER POSTRETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2017 | |
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 U.S. as part of a total compensation and benefits program. 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. We do not have employee retirement benefit obligations at our Asia Pacific Iron Ore operations. We offer retiree medical coverage to hourly retirees of our USW-represented mines. The 2015 USW agreement set fixed monthly medical premiums for participants who retired prior to January 1, 2015. These fixed premiums will expire on December 31, 2018 and revert to increasing premiums based a cost-sharing formula. 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 does not apply to surviving spouses. The 2015 USW agreement also eliminates retiree medical coverage for USW-represented employees hired after September 1, 2016. In lieu of retiree medical coverage, USW-represented employees hired after September 1, 2016 will receive a 401(k) contribution of $0.50 per hour worked to a restricted Retiree Health Care Account. 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, we 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% 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. The Pinnacle and Oak Grove mines were sold in December 2015, and the liabilities representing vested salaried pension 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 (income) recognized related to the retirement plans for 2017 , 2016 and 2015 : (In Millions) 2017 2016 2015 Defined benefit pension plans $ 18.0 $ 16.5 $ 23.9 Defined contribution pension plans 2.9 2.8 3.6 Other postretirement benefits (6.1 ) (4.0 ) 4.4 Total $ 14.8 $ 15.3 $ 31.9 Obligations and Funded Status The following tables and information provide additional disclosures for the years ending December 31, 2017 and 2016 : (In Millions) Pension Benefits Other Benefits Change in benefit obligations: 2017 2016 2017 2016 Benefit obligations — beginning of year $ 931.6 $ 910.8 $ 264.6 $ 266.0 Service cost (excluding expenses) 17.1 17.6 1.8 1.7 Interest cost 30.5 30.3 8.3 9.1 Plan amendments — 5.7 — 9.8 Actuarial (gain) loss 54.6 38.1 7.4 (7.2 ) Benefits paid (60.7 ) (70.9 ) (21.4 ) (21.3 ) Participant contributions — — 4.6 6.0 Federal subsidy on benefits paid — — 0.6 0.5 Benefit obligations — end of year $ 973.1 $ 931.6 $ 265.9 $ 264.6 Change in plan assets: Fair value of plan assets — beginning of year $ 685.8 $ 700.6 $ 253.0 $ 250.6 Actual return on plan assets 100.2 54.8 24.2 16.0 Participant contributions — — 0.3 0.5 Employer contributions 24.4 1.2 1.7 1.7 Asset transfers 0.1 0.1 — — Benefits paid (60.7 ) (70.9 ) (16.7 ) (15.8 ) Fair value of plan assets — end of year $ 749.8 $ 685.8 $ 262.5 $ 253.0 Funded status at December 31: Fair value of plan assets $ 749.8 $ 685.8 $ 262.5 $ 253.0 Benefit obligations (973.1 ) (931.6 ) (265.9 ) (264.6 ) Amount recognized at December 31 $ (223.3 ) $ (245.8 ) $ (3.4 ) $ (11.6 ) Amounts recognized in Statements of Financial Position: Noncurrent assets $ — $ — $ 35.4 $ 27.3 Current liabilities (0.5 ) (0.1 ) (3.9 ) (4.1 ) Noncurrent liabilities (222.8 ) (245.7 ) (34.9 ) (34.8 ) Total amount recognized $ (223.3 ) $ (245.8 ) $ (3.4 ) $ (11.6 ) Amounts recognized in accumulated other comprehensive loss: Net actuarial loss $ 318.7 $ 315.9 $ 88.3 $ 87.0 Prior service cost (credit) 8.8 11.0 (25.6 ) (26.9 ) Net amount recognized $ 327.5 $ 326.9 $ 62.7 $ 60.1 The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2018: Net actuarial loss $ 21.1 $ 4.9 Prior service cost (credit) 2.2 (3.0 ) Net amount recognized $ 23.3 $ 1.9 (In Millions) 2017 Pension Plans Other Benefits Salaried Hourly Mining SERP Total Salaried Hourly Total Fair value of plan assets $ 269.4 $ 473.0 $ 7.4 $ — $ 749.8 $ — $ 262.5 $ 262.5 Benefit obligation (368.0 ) (590.0 ) (10.3 ) (4.8 ) (973.1 ) (37.7 ) (228.2 ) (265.9 ) Funded status $ (98.6 ) $ (117.0 ) $ (2.9 ) $ (4.8 ) $ (223.3 ) $ (37.7 ) $ 34.3 $ (3.4 ) 2016 Pension Plans Other Benefits Salaried Hourly Mining SERP Total Salaried Hourly Total Fair value of plan assets $ 242.9 $ 436.9 $ 6.0 $ — $ 685.8 $ — $ 253.0 $ 253.0 Benefit obligation (351.9 ) (565.6 ) (10.0 ) (4.1 ) (931.6 ) (37.6 ) (227.0 ) (264.6 ) Funded status $ (109.0 ) $ (128.7 ) $ (4.0 ) $ (4.1 ) $ (245.8 ) $ (37.6 ) $ 26.0 $ (11.6 ) The accumulated benefit obligation for all defined benefit pension plans was $963.0 million and $922.0 million at December 31, 2017 and 2016 , respectively. The increase in the accumulated benefit obligation primarily is a result of a decrease in the discount rates. Components of Net Periodic Benefit Cost (In Millions) Pension Benefits Other Benefits 2017 2016 2015 2017 2016 2015 Service cost $ 17.1 $ 17.6 $ 22.7 $ 1.8 $ 1.7 $ 6.4 Interest cost 30.5 30.3 37.7 8.3 9.1 13.4 Expected return on plan assets (54.5 ) (54.7 ) (59.8 ) (17.7 ) (17.1 ) (18.3 ) Amortization: Prior service costs (credits) 2.6 2.2 2.3 (3.0 ) (3.7 ) (3.7 ) Net actuarial loss 22.3 21.1 20.8 4.5 6.0 6.6 Curtailments and settlements — — 0.2 — — — Net periodic benefit cost (credit) $ 18.0 $ 16.5 $ 23.9 $ (6.1 ) $ (4.0 ) $ 4.4 Curtailment effects — — (1.2 ) — — — Current year actuarial loss (gain) 9.3 37.8 (0.7 ) 1.2 (8.1 ) 0.2 Amortization of net loss (22.3 ) (21.1 ) (21.0 ) (4.5 ) (6.0 ) (6.6 ) Current year prior service cost — 5.7 — — 9.8 — Amortization of prior service credit (cost) (2.6 ) (2.2 ) (2.3 ) 3.0 3.7 3.7 Total recognized in other comprehensive income (loss) $ (15.6 ) $ 20.2 $ (25.2 ) $ (0.3 ) $ (0.6 ) $ (2.7 ) Total recognized in net periodic cost and other comprehensive income (loss) $ 2.4 $ 36.7 $ (1.3 ) $ (6.4 ) $ (4.6 ) $ 1.7 Assumptions The discount rate for determining PBO is determined individually for each plan as noted in the assumption chart below. The discount rates are determined by matching the projected cash flows used to determine the PBO and APBO to a projected yield curve of 623 Aa graded bonds in the 40 th to 90 th percentiles. These bonds are either noncallable or callable with make-whole provisions. The decreases in discount rates due to market conditions resulted in increases of $46.1 million and $12.6 million for the pension and other postretirement benefit plans, respectively, to the plans PBO. Effective January 1, 2016, we changed the approach used to calculate the service and interest components of net periodic benefit cost. Previously, we calculated the service and interest components utilizing a single weighted-average discount rate derived from the yield curve used to measure the PBO. We have elected an alternative approach that utilizes a full yield curve approach in the estimation of these components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to their underlying projected cash flows. The change resulted in a decrease to our net periodic benefit cost of $8.2 million and $1.8 million for our pension plans and OPEB plans, respectively for the year ended December 31, 2016. On December 31, 2017, the assumed mortality improvement projection was changed from generational scale MP-2016 to generational scale MP-2017. 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 PBO totaling $6.1 million or 0.6% for the pension plans and $1.9 million or 0.7% for the OPEB plans. On December 31, 2016, the assumed mortality improvement projection was changed from generational scale MP-2015 to generational scale MP-2016. 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 PBO totaling $13.1 million or 1.4% for the pension plans and $4.9 million or 1.8% for the OPEB plans. Weighted-average assumptions used to determine benefit obligations at December 31 were: Pension Benefits Other Benefits 2017 2016 2017 2016 Discount rate Iron Hourly Pension Plan 3.60 % 4.02 % N/A % N/A % Salaried Pension Plan 3.52 3.92 N/A N/A Ore Mining Pension Plan 3.61 4.04 N/A N/A SERP 3.50 3.90 N/A N/A Hourly OPEB Plan N/A N/A 3.60 4.02 Salaried OPEB Plan N/A N/A 3.57 3.99 Salaried rate of compensation increase 3.00 3.00 3.00 3.00 Hourly rate of compensation increase 2.00 2.00 N/A N/A Weighted-average assumptions used to determine net benefit cost for the years 2017 , 2016 and 2015 were: Pension Benefits Other Benefits 2017 2016 2015 2017 2016 2015 Obligation Discount Rate Iron Hourly Pension Plan 4.02 % 4.27 % 3.83 % N/A % N/A % N/A % Salaried Pension Plan 3.91 4.13 3.83 N/A N/A N/A Ore Mining Pension Plan 4.04 4.28 3.83 N/A N/A N/A SERP 3.90 4.01 3.83 N/A N/A N/A Hourly OPEB Plan N/A N/A N/A 4.03 4.32 3.83 Salaried OPEB Plan N/A N/A N/A 3.98 4.22 3.83 Service Cost Discount Rate Iron Hourly Pension Plan 4.30 4.66 3.83 N/A N/A N/A Salaried Pension Plan 3.93 4.14 3.83 N/A N/A N/A Ore Mining Pension Plan 4.27 4.60 3.83 N/A N/A N/A SERP 3.69 3.87 3.83 N/A N/A N/A Hourly OPEB Plan N/A N/A N/A 4.23 4.56 3.83 Salaried OPEB Plan N/A N/A N/A 4.30 4.63 3.83 Interest Cost Discount Rate Iron Hourly Pension Plan 3.38 3.46 3.83 N/A N/A N/A Salaried Pension Plan 3.21 3.21 3.83 N/A N/A N/A Ore Mining Pension Plan 3.41 3.48 3.83 N/A N/A N/A SERP 3.36 3.30 3.83 N/A N/A N/A Hourly OPEB Plan N/A N/A N/A 3.24 3.48 3.83 Salaried OPEB Plan N/A N/A N/A 3.28 3.31 3.83 Expected return on plan assets 8.25 8.25 8.25 7.00 7.00 7.00 Salaried rate of compensation increase 3.00 3.00 3.00 3.00 3.00 3.00 Hourly rate of compensation increase 2.00 2.00 2.50 N/A N/A N/A Assumed health care cost trend rates at December 31 were: 2017 2016 Health care cost trend rate assumed for next year 7.00 % 6.50 % Ultimate health care cost trend rate 5.00 5.00 Year that the ultimate rate is reached 2026 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 $ 1.0 $ (0.8 ) Effect on postretirement benefit obligation 21.2 (17.6 ) 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, 2017 and 2016 , as well as the 2018 weighted average target asset allocations. 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 2018 Target Allocation Percentage of Plan Assets at December 31, 2018 Target Allocation Percentage of Plan Assets at December 31, 2017 2016 2017 2016 Equity securities 45.0 % 43.6 % 43.2 % 8.0 % 8.7 % 8.4 % Fixed income 28.0 % 27.0 % 26.4 % 80.0 % 77.7 % 78.3 % Hedge funds 5.0 % 5.0 % 5.9 % 4.0 % 4.4 % 4.4 % Private equity 7.0 % 5.3 % 5.3 % 3.0 % 1.5 % 1.7 % Structured credit 7.5 % 9.7 % 9.3 % 2.0 % 3.0 % 2.7 % Real estate 7.5 % 8.7 % 9.0 % 3.0 % 4.6 % 4.4 % Cash — % 0.7 % 0.9 % — % 0.1 % 0.1 % 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, 2017 and 2016 by asset category are as follows: (In Millions) December 31, 2017 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 $ 130.1 $ — $ — $ 130.1 U.S. small/mid-cap 35.5 — — 35.5 International 160.9 — — 160.9 Fixed income 173.6 28.8 — 202.4 Hedge funds — — 37.4 37.4 Private equity — — 39.8 39.8 Structured credit — — 72.9 72.9 Real estate — — 65.5 65.5 Cash 5.3 — — 5.3 Total $ 505.4 $ 28.8 $ 215.6 $ 749.8 (In Millions) December 31, 2016 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 $ 144.7 $ — $ — $ 144.7 U.S. small/mid-cap 39.9 — — 39.9 International 111.8 — — 111.8 Fixed income 157.5 23.7 — 181.2 Hedge funds — — 40.6 40.6 Private equity — — 36.1 36.1 Structured credit — — 63.8 63.8 Real estate — — 61.9 61.9 Cash 5.8 — — 5.8 Total $ 459.7 $ 23.7 $ 202.4 $ 685.8 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 equity-like returns with one half the volatility of equities and moderate correlation. 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, 2017 , remaining commitments total $52.7 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. 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. 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 about 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. One of the fund's fair value is updated monthly, and there is no lag in reported value. Redemption requests are considered on a quarterly basis, subject to notice of 45 days . The real estate fund of funds investment for the Empire, Tilden, Hibbing and United Taconite VEBA plans 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, 2017 and 2016 : (In Millions) Year Ended December 31, 2017 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2017 $ 40.6 $ 36.1 $ 63.8 $ 61.9 $ 202.4 Actual return on plan assets: Relating to assets still held at the reporting date 2.5 0.3 9.1 4.2 16.1 Relating to assets sold during the period 0.4 4.5 — (0.1 ) 4.8 Purchases 39.0 4.5 — 14.4 57.9 Sales (45.1 ) (5.6 ) — (14.9 ) (65.6 ) Ending balance — December 31, 2017 $ 37.4 $ 39.8 $ 72.9 $ 65.5 $ 215.6 (In Millions) Year Ended December 31, 2016 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2016 $ 40.7 $ 33.1 $ 62.1 $ 57.5 $ 193.4 Actual return on plan assets: Relating to assets still held at the reporting date (0.1 ) (2.7 ) 10.0 5.1 12.3 Relating to assets sold during — 3.7 (0.3 ) (0.1 ) 3.3 Purchases — 8.0 — — 8.0 Sales — (6.0 ) (8.0 ) (0.6 ) (14.6 ) Ending balance — December 31, 2016 $ 40.6 $ 36.1 $ 63.8 $ 61.9 $ 202.4 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 value of our other benefit plan assets at December 31, 2017 and 2016 by asset category are as follows: (In Millions) December 31, 2017 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 $ 11.4 $ — $ — $ 11.4 U.S. small/mid-cap 2.8 — — 2.8 International 8.8 — — 8.8 Fixed income 164.1 40.0 — 204.1 Hedge funds — — 11.4 11.4 Private equity — — 3.9 3.9 Structured credit — — 7.9 7.9 Real estate — — 12.0 12.0 Cash 0.2 — — 0.2 Total $ 187.3 $ 40.0 $ 35.2 $ 262.5 (In Millions) December 31, 2016 Asset Category Quoted Prices in Active Significant Other Significant Total Equity securities: U.S. large-cap $ 10.6 $ — $ — $ 10.6 U.S. small/mid-cap 2.7 — — 2.7 International 8.1 — — 8.1 Fixed income 162.0 35.9 — 197.9 Hedge funds — — 11.2 11.2 Private equity — — 4.3 4.3 Structured credit — — 6.9 6.9 Real estate — — 11.1 11.1 Cash 0.2 — — 0.2 Total $ 183.6 $ 35.9 $ 33.5 $ 253.0 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, 2017 and 2016 : (In Millions) Year Ended December 31, 2017 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2017 $ 11.2 $ 4.3 $ 6.9 $ 11.1 $ 33.5 Actual return on plan assets: Relating to assets still held at the reporting date 0.8 0.9 2.0 3.4 7.1 Relating to assets sold during the period — (0.4 ) (1.0 ) (2.5 ) (3.9 ) Purchases 17.1 1.8 2.1 3.0 24.0 Sales (17.7 ) (2.7 ) (2.1 ) (3.0 ) (25.5 ) Ending balance — December 31, 2017 $ 11.4 $ 3.9 $ 7.9 $ 12.0 $ 35.2 (In Millions) Year Ended December 31, 2016 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2016 $ 11.2 $ 5.5 $ 5.8 $ 10.0 $ 32.5 Actual return on plan assets: Relating to assets still held at the reporting date — (0.3 ) 1.1 1.1 1.9 Relating to assets sold during the period — 0.1 — — 0.1 Purchases — — — — — Sales — (1.0 ) — — (1.0 ) Ending balance — December 31, 2016 $ 11.2 $ 4.3 $ 6.9 $ 11.1 $ 33.5 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. Costs for early termination for pensions and other benefits are estimated to be $22.5 million and $0.8 million , respectively. The Company currently has no intention to shutdown, terminate or withdraw from any of its employee benefit plans. (In Millions) Pension Benefits Other Benefits Company Contributions VEBA Direct Payments Total 2016 $ 1.2 $ — $ 1.1 $ 1.1 2017 24.4 — 2.1 2.1 2018 (Expected) 1 27.8 — 4.0 4.0 1 Pursuant to the bargaining agreement, benefits can be paid from VEBA trusts that are at least 70% funded (all VEBA trusts are over 70% funded at December 31, 2017). Funding obligations have been suspen |
STOCK COMPENSATION PLANS
STOCK COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK COMPENSATION PLANS | NOTE 8 - STOCK COMPENSATION PLANS At December 31, 2017 , 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 $18.7 million , $14.2 million and $13.9 million in 2017 , 2016 and 2015 , respectively, which primarily was recorded in Selling, general and administrative expenses in the Statements of Consolidated Operations. There was no income tax benefit recognized for the years ended December 31, 2017 , 2016 and 2015 , due to the full valuation allowance. Employees’ Plans The Amended 2015 Equity Plan was approved by our Board of Directors on February 21, 2017 and by our shareholders on April 25, 2017. The Amended 2015 Equity Plan increased the maximum number of shares that may be issued by 15.0 million common shares. 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 Equity Plan, and allowed for a maximum of 12.9 million common shares to be issued. No additional grants were issued from the 2012 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. Following is a summary of approved grants by the Compensation Committee : Grant Year Vesting Date Plan Restricted Stock Granted Performance Shares Granted Stock Options Granted 2017 12/31/2019 Amended 2015 Equity Plan 532,358 249,106 — 2017 12/31/2019 2015 Equity Plan 553,725 553,725 — 2016 12/31/2018 2015 Equity Plan 3,406,716 — — 2015 12/15/2017 2015 Equity Plan 1,473,184 — — 2015 12/31/2017 2012 Equity Plan 874,575 874,575 412,710 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 at the beginning of the relevant performance period. The final payouts for the outstanding performance period grants will vary from 0% to 200% 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 Forfeitures to Date Expected to Vest Grant Date Performance Period 2017 249,106 — 249,106 June 26, 2017 5/31/2017 - 12/31/2019 2017 553,725 5,192 548,533 February 21, 2017 1/1/2017 - 12/31/2019 2015 1 410,105 155,235 254,870 February 9, 2015 1/1/2015 - 12/31/2017 2015 1 464,470 68,667 395,803 January 12, 2015 1/1/2015 - 12/31/2017 1 The performance shares granted in 2015 will have a payout of 75.3% of the original grant based on the final performance evaluation versus the performance goals that were established in the grants. Performance-Based Restricted Stock Units For the outstanding 400,000 performance-based restricted stock units that were granted on November 17, 2014, 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. The performance-based restricted stock units will not have a payout based on the final performance evaluation versus the performance goals that were established in the grants. Restricted Stock Units All of the outstanding restricted stock units are subject to continued employment, are retention based, and are payable in common shares or cash in certain circumstances at a time determined by the Compensation Committee at its discretion. The outstanding restricted stock units that were granted in 2016, cliff vest in three years on December 31, 2018 and the outstanding restricted stock units that were granted in 2017, cliff vest in three years on December 31, 2019. Stock Options The 412,710 stock options that were granted during the first quarter of 2015 vested on December 31, 2017, are exercisable at a strike price of $7.70 after the vesting date and expire on January 12, 2025. The 187,160 stock options that were granted in the fourth quarter of 2014 vested in equal thirds on each of December 31, 2015, 2016 and 2017 and are exercisable at a strike price of $13.83 and expire on November 17, 2021. As of December 31, 2017, 599,870 shares are exercisable with a weighted average price of $10.25 . 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 reserved for issuance under this plan; however, as of December 31, 2017, this program has not been made active and no 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 Our nonemployee directors are entitled to receive restricted share awards under the Directors’ Plan. For 2017, 2016 and 2015, nonemployee directors were granted a specified number of restricted shares, with a value equal to $100,000 , $85,000 and $85,000 , respectively. The amount of shares is based on the closing price of our common shares on the date of the Annual Meeting. The awards are subject to any deferral election and pursuant to the terms of the Directors’ Plan and an award agreement. For the last three years, Equity Grant shares have been awarded to elected or re-elected nonemployee Directors as follows: Year of Grant Restricted Equity Grant Shares Deferred Equity Grant Shares 2015 109,408 25,248 2016 135,038 29,583 2017 93,359 17,289 Other Information The following table summarizes the share-based compensation expense that we recorded for continuing operations in 2017 , 2016 and 2015 : (In Millions, except per share amounts) 2017 2016 2015 Cost of goods sold and operating expenses $ 2.3 $ 2.1 $ 4.0 Selling, general and administrative expenses 16.4 12.1 9.9 Reduction of operating income from continuing operations before income taxes and equity loss from ventures 18.7 14.2 13.9 Income tax benefit 1 — — — Reduction of net income attributable to Cliffs shareholders $ 18.7 $ 14.2 $ 13.9 Reduction of earnings per share attributable to Cliffs shareholders: Basic $ 0.06 $ 0.07 $ 0.09 Diluted $ 0.06 $ 0.07 $ 0.09 1 No income tax benefit 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 historical 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. Performance shares were granted in February and June 2017 . A fair value analysis was required for each of these grants and the fair value was determined to be $19.69 and $10.74 , respectively. 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. No stock options were granted in 2017 , therefore no fair value analysis was required. Restricted Stock Units The fair value of the restricted stock units is determined based on the closing price of our common shares on the grant date. Stock option, restricted stock awards and performance share activity under our long-term equity plans and Directors’ Plans are as follows: 2017 2016 2015 Shares Shares Shares Stock options: Outstanding at beginning of year 599,870 607,489 250,000 Granted during the year — — 412,710 Forfeited/canceled — (7,619 ) (55,221 ) Outstanding at end of year 599,870 599,870 607,489 Restricted awards: Outstanding and restricted at beginning of year 5,461,783 2,338,070 523,176 Granted during the year 1,196,731 3,571,337 2,482,415 Vested (1,813,315 ) (271,988 ) (477,157 ) Forfeited/canceled (68,716 ) (175,636 ) (190,364 ) Outstanding and restricted at end of year 4,776,483 5,461,783 2,338,070 Performance shares: Outstanding at beginning of year 1,368,469 1,496,489 1,072,376 Granted during the year 802,831 — 874,575 Issued 1 — (59,260 ) (242,920 ) Forfeited/canceled (322,988 ) (68,760 ) (207,542 ) Outstanding at end of year 1,848,312 1,368,469 1,496,489 Vested or expected to vest as of December 31, 2017 2 7,224,665 Directors’ retainer and voluntary shares: Outstanding at beginning of year — — — Granted during the year 25,476 — — Vested (25,476 ) — — Outstanding at end of year — — — Reserved for future grants or awards at end of year: Employee plans 16,606,386 Directors’ plans 612,266 Total 17,218,652 1 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. 2 With the adoption of ASU 2016-09, we assume all shares are expected to vest and none will forfeit. A summary of our outstanding share-based awards as of December 31, 2017 is shown below: Shares Weighted Average Grant Date Fair Value Outstanding, beginning of year 7,430,122 $ 5.55 Granted 1,999,562 $ 12.19 Vested (1,813,315 ) $ 5.52 Forfeited/expired (391,704 ) $ 12.84 Outstanding, end of year 7,224,665 $ 6.79 The total compensation cost related to outstanding awards not yet recognized is $20.1 million at December 31, 2017 . The weighted average remaining period for the awards outstanding at December 31, 2017 is approximately 1.5 years. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 9 - INCOME TAXES Income from continuing operations before income taxes and equity loss from ventures includes the following components: (In Millions) 2017 2016 2015 United States $ 90.7 $ 124.9 $ 314.2 Foreign 38.7 82.1 (1.1 ) $ 129.4 $ 207.0 $ 313.1 The components of the provision (benefit) for income taxes on continuing operations consist of the following: (In Millions) 2017 2016 2015 Current provision (benefit): United States federal $ (252.6 ) $ (11.1 ) $ 8.2 United States state & local (0.1 ) (0.5 ) 0.3 Foreign 0.3 (0.1 ) 0.9 (252.4 ) (11.7 ) 9.4 Deferred provision (benefit): United States federal — (0.5 ) 165.8 Foreign — — (5.9 ) — (0.5 ) 159.9 Total provision (benefit) on income from continuing operations $ (252.4 ) $ (12.2 ) $ 169.3 Reconciliation of our income tax attributable to continuing operations computed at the U.S. federal statutory rate is as follows: (In Millions) 2017 2016 2015 Tax at U.S. statutory rate of 35% $ 45.3 35.0 % $ 72.5 35.0 % $ 109.6 35.0 % Increase (decrease) due to: Impact of tax law change - remeasurement of deferred taxes 407.5 314.8 149.1 72.0 — — Prior year adjustments in current year (1.1 ) (0.8 ) (11.8 ) (5.7 ) 5.9 1.9 Valuation allowance build (reversal) Tax law change - remeasurement of deferred taxes (407.5 ) (314.8 ) (149.1 ) (72.0 ) — — Current year activity (471.7 ) (364.4 ) 93.9 45.4 (104.6 ) (33.4 ) Repeal of AMT (235.3 ) (181.7 ) — — — — Prior year adjustments in current year (3.0 ) (2.4 ) 6.5 3.1 165.8 52.9 Tax uncertainties (1.4 ) (1.1 ) (11.3 ) (5.5 ) 84.1 26.9 Worthless stock deduction — — (73.4 ) (35.5 ) — — Impact of foreign operations 475.4 367.2 (42.7 ) (20.6 ) (53.9 ) (17.2 ) Percentage depletion in excess of cost depletion (61.6 ) (47.6 ) (36.1 ) (17.4 ) (34.9 ) (11.1 ) Non-taxable loss (income) related to noncontrolling interests 1.3 1.0 (8.8 ) (4.2 ) (3.0 ) (1.0 ) State taxes, net (0.1 ) — 0.4 0.2 0.2 0.1 Other items, net (0.2 ) (0.2 ) (1.4 ) (0.7 ) 0.1 — Provision for income tax (benefit) expense and effective income tax rate including discrete items $ (252.4 ) (195.0 )% $ (12.2 ) (5.9 )% $ 169.3 54.1 % The components of income taxes for other than continuing operations consisted of the following: (In Millions) 2017 2016 2015 Other comprehensive (income) loss: Postretirement benefit liability $ — $ — $ 5.9 Mark-to-market adjustments — — 0.3 Other — 0.5 — Total $ — $ 0.5 $ 6.2 Discontinued Operations $ — $ — $ (6.0 ) Significant components of our deferred tax assets and liabilities as of December 31, 2017 and 2016 are as follows: (In Millions) 2017 2016 Deferred tax assets: Pensions $ 76.3 $ 114.6 Postretirement benefits other than pensions 25.6 35.2 Alternative minimum tax credit carryforwards — 251.2 Deferred income 24.2 44.5 Intangible assets 12.2 — Financial instruments — 71.3 Asset retirement obligations 9.9 22.3 Operating loss carryforwards 2,368.1 2,699.7 Property, plant and equipment and mineral rights 188.2 181.2 State and local 74.2 59.2 Lease liabilities 9.6 12.9 Other liabilities 100.4 108.3 Total deferred tax assets before valuation allowance 2,888.7 3,600.4 Deferred tax asset valuation allowance (2,238.5 ) (3,334.8 ) Net deferred tax assets 650.2 265.6 Deferred tax liabilities: Property, plant and equipment and mineral rights (1.5 ) (34.0 ) Investment in ventures (137.5 ) (203.1 ) Intangible assets — (1.0 ) Product inventories (3.8 ) (3.4 ) Intercompany notes (465.7 ) — Other assets (41.7 ) (24.1 ) Total deferred tax liabilities (650.2 ) (265.6 ) Net deferred tax assets (liabilities) $ — $ — At December 31, 2017 , we had no gross deferred tax asset related to U.S. AMT credits compared to $251.2 million at December 31, 2016 . This deferred tax asset is now recorded as an income tax receivable as a result of the recently enacted income tax legislation allowing the credits to be refunded between the years 2019 through 2022. We had gross domestic (including states) and foreign net operating loss carryforwards, inclusive of discontinued operations, of $4.2 billion and $7.2 billion , respectively, at December 31, 2017 . We had gross domestic and foreign net operating loss carryforwards at December 31, 2016 of $3.7 billion and $6.9 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 can be carried forward indefinitely. We had foreign tax credit carryforwards of $5.8 million at December 31, 2017 and 2016 . The foreign tax credit carryforwards will begin to expire in 2020. We recorded a $1,096.3 million net decrease in the valuation allowance of certain deferred tax assets. Of this amount, a $465.7 million decrease relates to impairment income on Luxembourg intercompany notes, a $407.5 million decrease relates to the reversal of deferred tax assets due to the change in the U.S. and Luxembourg statutory rates, a $235.3 million decrease relates to the repeal of AMT as a result of U.S. income tax reform and the remainder relates to current year activity. At December 31, 2017 and 2016 , 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) 2017 2016 2015 Unrecognized tax benefits balance as of January 1 $ 30.7 $ 156.2 $ 72.6 Increase (decrease) for tax positions in prior years (2.8 ) (61.0 ) 6.7 Increase for tax positions in current year 4.5 0.2 78.5 Decrease due to foreign exchange — — — Settlements 1.0 (64.7 ) (1.1 ) Lapses in statutes of limitations — — (0.5 ) Other 0.1 — — Unrecognized tax benefits balance as of December 31 $ 33.5 $ 30.7 $ 156.2 At December 31, 2017 and 2016 , we had $33.5 million and $30.7 million , respectively, of unrecognized tax benefits recorded. Of this amount, $6.1 million and $8.3 million , respectively, were recorded in Other liabilities and $27.4 million and $22.4 million , respectively, were recorded as Other non-current assets in the Statements of Consolidated Financial Position for both years. If the $33.5 million were recognized, only $6.1 million would impact the effective tax rate. We do not expect that the amount of unrecognized benefits will change significantly within the next 12 months. At December 31, 2017 and 2016 , we had $2.1 million and $0.8 million , respectively, of accrued interest and penalties related to the unrecognized tax benefits recorded in Other liabilities in the Statements of Consolidated Financial Position. Tax years 2015 and forward remain subject to examination for the U.S. and tax years 2013 and forward for Australia. Tax years 2008 and forward remain subject to examination for Canada. |
LEASE OBLIGATIONS
LEASE OBLIGATIONS | 12 Months Ended |
Dec. 31, 2017 | |
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 $7.1 million , $7.6 million and $12.0 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Capital lease assets were $37.4 million and $29.3 million at December 31, 2017 and 2016 , respectively. Corresponding accumulated amortization of capital leases included in respective allowances for depreciation were $21.0 million and $13.1 million at December 31, 2017 and 2016 , respectively. Future minimum payments under capital leases and non-cancellable operating leases at December 31, 2017 are as follows: (In Millions) Capital Leases Operating Leases 2018 $ 20.8 $ 4.9 2019 12.1 1.8 2020 11.1 1.8 2021 10.5 1.8 2022 2.1 1.8 2023 and thereafter — 7.5 Total minimum lease payments $ 56.6 $ 19.6 Amounts representing interest 8.8 Present value of net minimum lease payments 1 $ 47.8 1 The total is comprised of $16.9 million and $30.9 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Consolidated Financial Position at December 31, 2017. |
ENVIRONMENTAL AND MINE CLOSURE
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Loss Contingency And Mine Closure Obligation Disclosure [Text Block] | NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS We had environmental and mine closure liabilities of $200.1 million and $206.8 million at December 31, 2017 and 2016 , respectively. The following is a summary of the obligations as of December 31, 2017 and 2016 : (In Millions) December 31, 2017 2016 Environmental $ 2.9 $ 2.8 Mine closure U.S. Iron Ore 1 168.4 187.8 Asia Pacific Iron Ore 28.8 16.2 Total mine closure 197.2 204.0 Total environmental and mine closure obligations 200.1 206.8 Less current portion 3.6 12.9 Long-term environmental and mine closure obligations $ 196.5 $ 193.9 1 U.S. Iron Ore includes our active operating mines, our indefinitely idled Empire mine and a closed mine formerly operating as LTVSMC. 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 $2.9 million and $2.8 million at December 31, 2017 and 2016 , 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 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. Mine Closure Our mine closure obligations of $197.2 million and $204.0 million at December 31, 2017 and 2016 , respectively, include our U.S. Iron Ore mines and our Asia Pacific Iron Ore mine. The accrued closure obligation for our 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 2017 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. In 2017, we employed a third-party specialist to assist in the evaluation. 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, most recently performed in detail during 2017. The LTVSMC closure liability was $28.6 million and $25.5 million at December 31, 2017 and 2016 , respectively. We are anticipating MPCA to reissue the NPDES permits for this facility in the future that could modify the closure liability, but the scale of that change will not be understood until reissuance of the permits. 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 of our active operating U.S. Iron Ore mines was determined based on the exhaustion date of the remaining iron ore reserves. The closure date and expected timing of the capital requirements to meet our obligations for our Asia Pacific Iron Ore mine, and our other indefinitely idled or closed mines, is determined based on the unique circumstances of each property. 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 for the years ended December 31, 2017 and 2016 : (In Millions) December 31, 2017 2016 Asset retirement obligation at beginning of year $ 204.0 $ 230.4 Accretion expense 14.9 14.0 Remediation payments (5.6 ) (2.2 ) Exchange rate changes 1.5 (0.2 ) Revision in estimated cash flows (17.6 ) (38.0 ) Asset retirement obligation at end of year $ 197.2 $ 204.0 The revision in estimated cash flows recorded during the year ended December 31, 2017 relate primarily to updates to our estimates resulting from our three-year in-depth review of our asset retirement obligations for each of our U.S. mines. The primary driver of the decrease in estimated cash flows was the Empire mine, as the asset retirement obligation was reduced $26.2 million as a result of the refinement of the cash flows required for reclamation, remediation and structural removal. Prior estimates were based on RS Means (a common costing methodology used in the construction and demolition industry) costing data while the current estimate was compiled using a more detailed cost build-up approach. The overall decrease in estimated cash flows for our U.S. Iron Ore mines was offset partially by an increase in costs of $10.1 million relating to the refinement of expected costs to be incurred at the end of life of mine at our Asia Pacific Iron Ore operations. The revision in estimated cash flows recorded during the year ended December 31, 2016 relate primarily to revisions in the timing of the estimated cash flows at two of our U.S. mines. The Empire mine asset retirement obligation was reduced $29.6 million as a result of the further refinement of the timing of cash flows and a downward revision of estimated cost of required storm water management systems expected to be implemented. Additionally, during 2016, a new economic reserve estimate was completed for United Taconite, increasing salable product reserves by 115 million long tons and consequently significantly increasing the life-of-mine plan, resulting in a $9.2 million decrease in the asset retirement obligation. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES | NOTE 12 - GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The carrying amount of goodwill for the years ended December 31, 2017 and 2016 was $2.0 million and related to our U.S. Iron Ore operating segment. Other Intangible Assets Following is a summary of the definite-lived intangible assets as of December 31, 2017 and 2016 : (In Millions) December 31, 2017 December 31, 2016 Classification Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Permits Other non-current assets $ 78.8 $ (26.5 ) $ 52.3 $ 78.4 $ (24.6 ) $ 53.8 Amortization expense relating to other intangible assets was $2.1 million , $4.8 million and $4.2 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, and is recognized in Cost of goods sold and operating expenses in the Statements of Consolidated Operations . Amortization expense of other intangible assets is expected to continue to be immaterial going forward. |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 : (In Millions) Derivative Assets Derivative Liabilities December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 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: Commodity Contracts $ — $ — Other current liabilities $ 0.3 $ — Derivatives not designated as hedging instruments under ASC 815: Customer Supply Agreements Derivative assets $ 37.9 Derivative assets $ 21.3 $ — $ — Provisional Pricing Arrangements Derivative assets 1.5 Derivative assets 10.3 Other current liabilities 2.4 Other current liabilities 0.5 Commodity Contracts — Derivative assets 1.5 — — Total derivatives not designated as hedging instruments under ASC 815: $ 39.4 $ 33.1 $ 2.4 $ 0.5 Total derivatives $ 39.4 $ 33.1 $ 2.7 $ 0.5 Derivatives Designated as Hedging Instruments Cash Flow Hedges As of December 31, 2017, we had outstanding natural gas hedge contracts for a notional amount of 3.5 million MMBtu in the form of forward contracts with varying maturity dates ranging from January 2018 to November 2018. We had no natural gas hedge contracts as of December 31, 2016 that qualified for hedge accounting. 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 . During the year ended December 31, 2017, we recorded an unrealized loss of $0.5 million in Other comprehensive income (loss) for changes in the fair value of these instruments. As of December 31, 2017 no amounts have been reclassified from Accumulated other comprehensive loss into earnings. Derivatives Not Designated as Hedging Instruments 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% Price, along with pellet premiums, published Platts international indexed freight rates and changes in specified Producer Price Indices, including those for industrial commodities, fuel 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 supply agreements with one U.S. Iron Ore customer provide for supplemental revenue or refunds to the customer based on the customer's average annual steel pricing or based on the average annual daily steel market price for hot-rolled coil steel at the time the product is consumed in the customer’s blast furnace. In the new contract which commenced in 2017, this supplemental revenue and refund data source changes from the customer's average annual steel price to an average annual daily market price for hot-rolled coil steel. 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 $163.3 million , $41.7 million and $27.1 million as Product revenues in the Statements of Consolidated Operations for the years ended December 31, 2017 , 2016 and 2015 , respectively, related to the supplemental payments. Derivative assets , representing the fair value of the supplemental revenue, were $37.9 million and $21.3 million as of December 31, 2017 and 2016 , respectively, in the Statements of Consolidated Financial Position . 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 based on certain market inputs at a specified period in time in the future, per the terms of the supply agreements. Market inputs are tied to indexed price adjustment factors that are integral to the iron ore supply contracts and vary based on the agreement. The pricing mechanisms typically include adjustments based upon changes in the Platts 62% Price, along with pellet premiums, published Platts international indexed freight rates and changes in specified Producer Price Indices, including those for industrial commodities, fuel 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. 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 not clearly and closely related to the economic characteristics of the host receivable; therefore, 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, 2017 , we recorded $1.5 million as Derivative assets and $2.4 million as derivative liabilities classified as Other current liabilities related to our estimate of the final revenue rate for our U.S. Iron Ore and Asia Pacific Iron Ore customers in the Statements of Consolidated Financial Position . At December 31, 2016 , we recorded $10.3 million as Derivative assets and $0.5 million as derivative liabilities classified as Other current liabilities related to our estimate of the final revenue rate with our U.S. Iron Ore and Asia Pacific Iron Ore customers in the Statements of Consolidated Financial Position . 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. We recognized a net decrease of $58.6 million in Product revenues in the Statements of Consolidated Operations for the year ended December 31, 2017 related to these arrangements. This compares with a net increase of $49.0 million and net decrease of $1.4 million in Product revenues for the comparable periods in 2016 and 2015 , respectively. 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, 2017 , 2016 and 2015 : (In Millions) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Year Ended 2017 2016 2015 Customer Supply Agreements Product revenues $ 163.3 $ 41.7 $ 27.1 Provisional Pricing Arrangements Product revenues (58.6 ) 49.0 (1.4 ) Foreign Exchange Contracts Other non-operating income (expense) — — (3.6 ) Foreign Exchange Contracts Product revenues — — (12.6 ) Commodity Contracts Cost of goods sold and operating expenses — 1.9 (4.0 ) Total $ 104.7 $ 92.6 $ 5.5 Refer to NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS for additional information. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2017 | |
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. 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 Discontinued Operations Statements of Consolidated Operations Gain (Loss) from Discontinued Operations, net of tax YTD $ 2.6 $ (21.3 ) $ — $ (21.3 ) $ (18.7 ) Loss from Discontinued Operations, net of tax YTD $ (2.4 ) $ (17.5 ) $ — $ (17.5 ) $ (19.9 ) Loss from Discontinued Operations, net of tax YTD $ (152.4 ) $ (638.7 ) $ (101.0 ) $ (739.7 ) $ (892.1 ) Statements of Consolidated Financial Position Other current liabilities As of $ 3.2 $ — $ — $ — $ 3.2 Other current liabilities As of $ 6.0 $ — $ — $ — $ 6.0 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 long-lived assets YTD $ 73.4 $ — $ — $ — $ 73.4 North American Coal Operations Background 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. The North American Coal segment continued to meet the criteria throughout 2015 until we sold our North American Coal operations during the fourth quarter of 2015. As such, all current and historical North American Coal operating segment results are classified as discontinued operations in our financial statements. Historical results also include our CLCC assets, which were sold during the fourth quarter of 2014. 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. On December 22, 2015, we completed a strategic shift in our business by closing 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 us 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 within Loss from Discontinued Operations, net of tax for the year ended December 31, 2015. (In Millions) Year Ended Loss from Discontinued Operations 2017 2016 2015 Revenues from product sales and services $ — $ — $ 392.9 Cost of goods sold and operating expenses — — (449.2 ) Sales margin — — (56.3 ) Other operating income (expense) 0.5 (4.5 ) (30.4 ) Gain on sale of coal mines 2.1 2.1 9.3 Other expense — — (1.8 ) Gain (loss) from discontinued operations before income taxes 2.6 (2.4 ) (79.2 ) Impairment of long-lived assets — — (73.4 ) Income tax benefit — — 0.2 Gain (loss) from discontinued operations, net of tax $ 2.6 $ (2.4 ) $ (152.4 ) 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, 2017 and 2016 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, Accrued liabilities $ — $ 1.1 Other current liabilities 3.2 4.9 Total liabilities of discontinued operations $ 3.2 $ 6.0 1 At December 31, 2017, we had no contingent liabilities associated with our exit from the coal business recorded on our parent company compared to $2.1 million at December 31, 2016. 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. During the year ended December 31, 2016, the final distribution of $10.3 million was released to us from escrow. Income Taxes We recognized no tax expense or benefit for the years ended December 31, 2017 and 2016 in Loss from Discontinued Operations, net of tax , related to our North American Coal investments. For the year ended December 31, 2015, we recognized a tax benefit of $0.2 million in Loss from Discontinued Operations, net of tax , related to a loss on our North American Coal investments. Canadian Operations Background On January 27, 2015, we announced that the Bloom Lake Group commenced restructuring proceedings in Montreal, Quebec under the CCAA to address the Bloom Lake Group's immediate liquidity issues and to preserve and protect its assets for the benefit of all stakeholders while restructuring and/or sale options were explored. At that time, the Bloom Lake Group was no longer generating revenues and was not able to meet its obligations as they came due. As part of the CCAA process, the Court approved the appointment of a Monitor and certain other financial advisors. Additionally, on May 20, 2015, the Wabush Group commenced restructuring proceedings in Montreal, Quebec under the CCAA. 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 protection granted to the Bloom Lake Group was extended to include the Wabush Group to facilitate the reorganization of each of their businesses and operations. The Monitor appointed by the court in the CCAA proceeding for the Bloom Lake Group has also been appointed by the court as the Monitor in the CCAA proceeding for the Wabush Group. As a result of the commencement of CCAA proceedings for the Bloom Lake Group 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 losses and the recording of our remaining interests at fair value. As a result of the commencement of CCAA proceedings for the Wabush Group on May 20, 2015, we deconsolidated certain Wabush Group wholly-owned subsidiaries effective May 20, 2015. The 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 losses 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, 2017 and 2016 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 $51.6 million and $48.6 million classified as Loans to and accounts receivables from the Canadian Entities in the Statements of Consolidated Financial Position as of December 31, 2017 and 2016 , respectively. The Loans to and accounts receivables from the Canadian Entities balance reflects our current estimate. We continue to update the estimate as the CCAA proceedings progress. The December 31, 2017 balance reflects developments since the January 27, 2015 and May 20, 2015 CCAA filings, including finalized liquidation values for completed asset sales and updates for the expected allocation of proceeds for those sales, updates for ongoing costs incurred by the various estates that will be held back from the final distribution to creditors of the Bloom Lake Group and the Wabush Group and the repayment of DIP financing. Status of CCAA Proceedings As of December 31, 2017, CCAA proceedings are ongoing and the majority of the assets of each of the Bloom Lake Group and the Wabush Group have been liquidated. The net proceeds of sale of the assets of the Bloom Lake Group and the Wabush Group are currently being held by the Monitor. Certain of these funds will be utilized to fund the accrued and ongoing costs of the CCAA proceedings. The Monitor has conducted a claims process pursuant to which creditors, including the Company and its affiliates, have filed claims against the Bloom Lake Group and the Wabush Group. The Monitor is reviewing all claims filed as part of this claims process. Currently, there is uncertainty as to the amount of the distribution that will be made to the creditors of the Bloom Lake Group and the Wabush Group, including, if any, to us, and whether we could be held liable for claims that may be asserted by or on behalf of the Bloom Lake Group or the Wabush Group or by their respective representatives against non-debtor affiliates of the Bloom Lake Group and the Wabush Group. During 2017, we became aware that it was probable the Monitor will assert a preference claim against us and/or certain of our affiliates. Given that it is probable the claim will be asserted by the Monitor, we have recorded an estimated liability of $55.6 million , which includes the value of our related-party claims against the Bloom Lake Group and the Wabush Group. Should the Monitor proceed to assert the claim, we believe the Monitor will demand an amount in excess of the value of our related-party claims against the Bloom Lake Group and the Wabush Group. Thus, it is possible that a change in the estimated liability may occur in the future. We deny liability for any amount and will vigorously defend such claim. Refer to the Guarantees and Contingent Liabilities section below for additional information. During 2017, the Wabush Scully Mine was sold as part of the ongoing CCAA proceedings for the Wabush Group. As part of the sale, the environmental remediation obligations were conveyed to the buyer and we were released from our guarantees. Refer to the Guarantees and Contingent Liabilities section below for additional information. 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) Year Ended December 31, Loss from Discontinued Operations 2017 2016 2015 Revenues from product sales and services $ — $ — $ 11.3 Cost of goods sold and operating expenses — — (11.1 ) Sales margin — — 0.2 Other operating expense — — (33.8 ) Other expense — — (1.0 ) Loss from discontinued operations before income taxes — — (34.6 ) Loss from deconsolidation (21.3 ) (17.5 ) (710.9 ) Income tax benefit — — 5.8 Loss from discontinued operations, net of tax $ (21.3 ) $ (17.5 ) $ (739.7 ) Canadian Entities loss from deconsolidation totaled $21.3 million and $17.5 million for the year ended December 31, 2017 and 2016, respectively and included the following: (In Millions) Year Ended December 31, Year Ended December 31, Year Ended 2017 2016 2015 Investment impairment on deconsolidation 1 $ 3.0 $ (17.5 ) $ (507.8 ) Guarantees and contingent liabilities (24.3 ) — (203.1 ) Total loss from deconsolidation $ (21.3 ) $ (17.5 ) $ (710.9 ) 1 Includes the adjustment to fair value of our remaining interest in the Canadian Entities. Investments in the Canadian Entities We continue to indirectly own a majority of the interest in the Canadian Entities but have deconsolidated those entities because we no longer have a controlling interest as a result of the CCAA proceedings commenced with respect to the Bloom Lake Group and the Wabush Group. At the respective dates of deconsolidation, January 27, 2015 and 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 their creditors, the fair value of our equity investment is approximately zero . Amounts Receivable from the Canadian Entities Prior to the deconsolidations, certain of our wholly-owned subsidiaries made loans to the Canadian Entities for the purpose of funding their 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. 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 $51.6 million and $48.6 million classified as Loans to and accounts receivables from the Canadian Entities in the Statements of Consolidated Financial Position at December 31, 2017 and 2016 , respectively. Pre-Petition Financing Prior to the commencement of CCAA proceedings for the Wabush Group on May 20, 2015, a secured credit facility (the "Pre-Petition financing") was made available by Cliffs Mining Company to provide support to the Wabush Group for ongoing business activities. As of December 31, 2017 and 2016 , the amount outstanding under the Pre-Petition financing was $7.2 million . Our estimated recovery of the Pre-Petition financing is included within the Loans to and accounts receivables from the Canadian Entities of $51.6 million . The Pre-Petition financing is secured by the proceeds of certain assets of the Wabush Group. Guarantees and Contingent Liabilities During 2017, we became aware that it was probable the Monitor will assert a preference claim against the Company and/or certain of its affiliates. Given that it is probable the claim will be asserted by the Monitor, we have recorded an estimated liability of $55.6 million , which includes the value of our related-party claims against the Bloom Lake Group and the Wabush Group, classified as Contingent claims in the Statements of Consolidated Financial Position as of December 31, 2017 and included within Loss from Discontinued Operations, net of tax in the Statements of Consolidated Operations for the year ended December 31, 2017 . Should the Monitor proceed to assert the claim, we believe the Monitor will demand an amount in excess of the value of our related-party claims against the Bloom Lake Group and the Wabush Group. Thus, it is possible that a change in the estimated liability may occur in the future. We deny liability for any amount and will vigorously defend such claim. We previously recorded liabilities of $37.2 million related to guarantees for certain environmental obligations of the Canadian Entities, classified as Other liabilities in the Statements of Consolidated Financial Position as of December 31, 2016 . During 2017 , the Wabush Scully Mine was sold as part of the ongoing CCAA proceedings for the Wabush Group. As part of this transaction, we were required to fund the buyer's financial assurance shortfall of $7.7 million in order to complete the conveyance of the environmental remediation obligations to the buyer, which released us from our guarantees and resulted in a net gain of $31.4 million included in Loss from Discontinued Operations, net of tax in the Statements of Consolidated Operations . Refer to the Items Measured at Fair Value on a Non-Recurring Basis section below for additional information. 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, 2017 and 2016 for the Canadian Entities. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value: (In Millions) December 31, 2017 Description Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains Assets: Loans to and accounts receivables from the Canadian Entities $ — $ — $ 51.6 $ 51.6 $ 3.0 Liabilities: Guarantees and contingent liabilities $ — $ — $ — $ — $ 31.4 (In Millions) December 31, 2016 Description Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses Assets: Loans to and accounts receivables from the Canadian Entities $ — $ — $ 48.6 $ 48.6 $ 17.5 Liabilities: Guarantees and contingent liabilities $ — $ — $ 37.2 $ 37.2 $ — To assess the fair value and recoverability of the accounts 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. These underlying amounts are denominated primarily in Canadian dollars and are remeasured on a quarterly basis. 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 Canadian denominated guarantees at book value, which best approximated fair value. 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, if any, to Cliffs and various subsidiaries, may impact our estimates of contingent liability exposure described previously. Income Taxes We have recognized no tax expense or benefit for the years ended December 31, 2017 and 2016 in Loss from Discontinued Operations, net of tax , related to our Canadian investments. For the year ended December 31, 2015, we recognized a tax benefit of $5.8 million in Loss from Discontinued Operations, net of tax . |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
CAPITAL STOCK | NOTE 15 - CAPITAL STOCK Common Share Public Offering On February 9, 2017, we issued 63.25 million common shares in an underwritten public offering at a public offering price of $10.75 per common share. We received net proceeds of $661.3 million . The net proceeds from the issuance of our common shares and our issuance of $500 million aggregate principal amount of 5.75% 2025 Senior Notes were used to redeem in full all of our outstanding 8.00% 2020 1.5 Lien Notes and 7.75% 2020 Second Lien Notes. The aggregate principal amount outstanding of debt redeemed was $648.6 million . Additionally, through tender offers, we purchased $422.2 million in aggregate principal amount of debt, excluding unamortized discounts and deferred charges, of our 5.90% 2020 Senior Notes, our 4.80% 2020 Senior Notes and our 4.875% 2021 Senior Notes. In addition, we redeemed $35.6 million aggregate principal amount of the 8.25% 2020 First Lien Notes with the remaining net proceeds from our common share offering. On August 10, 2016, we issued 44.4 million common shares in an underwritten public offering at a public offering price of $6.75 per common share. We received net proceeds of $287.6 million . The net proceeds from the issuance of our common shares were used to fully redeem our 3.95% 2018 Senior Notes. Preferred Shares Conversion to Common Shares On January 4, 2016, we announced that our Board of Directors determined the final quarterly dividend of our Preferred Shares would not be paid in cash, but instead, pursuant to the terms of the Preferred Shares, the conversion rate was increased such that holders of the 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 . This resulted in 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 of 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. Dividends On November 19, 2014, 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 $0.44 per depositary share. The cash dividend was paid on February 2, 2015, May 1, 2015, August 3, 2015 and November 2, 2015 to our shareholders of record as of the close of business on January 15, 2015, April 15, 2015, July 15, 2015 and October 15, 2015, respectively. Debt-for-Equity Exchanges During the year ended December 31, 2016, we entered into a series of privately negotiated exchange agreements whereby we issued an aggregate of 8.2 million common shares in exchange for $10.0 million aggregate principal amount of our 3.95% 2018 Senior Notes, $20.1 million aggregate principal amount of our 4.80% 2020 Senior Notes and $26.8 million aggregate principal amount of our 4.875% 2021 Senior Notes. There were no exchanges that represented more than 1% of our outstanding common shares during any quarter. Accordingly, we recognized a gain of $11.3 million in Gain (loss) on extinguishment/restructuring of debt in the Statements of Consolidated Operations for the year ended December 31, 2016. The issuances of the common shares in exchange for our senior notes due 2018, 2020 and 2021 were made in reliance on the exemption from registration provided in Section 3(a)(9) of the Securities Act. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 and 2015: (In Millions) Pre-tax Amount Tax Benefit After-tax Amount As of December 31, 2017: Postretirement benefit liability $ (387.3 ) $ 123.4 $ (263.9 ) Foreign currency translation adjustments 225.4 — 225.4 Unrealized net loss on derivative financial instruments (0.5 ) — (0.5 ) $ (162.4 ) $ 123.4 $ (39.0 ) As of December 31, 2016: Postretirement benefit liability $ (384.0 ) $ 123.4 $ (260.6 ) Foreign currency translation adjustments 239.3 — 239.3 $ (144.7 ) $ 123.4 $ (21.3 ) 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 loss related to Cliffs shareholders’ equity for December 31, 2017 , 2016 and 2015: (In Millions) Postretirement Benefit Liability, net of tax Unrealized Net Gain (Loss) on Foreign Currency Translation Net Unrealized Loss on Derivative Financial Instruments, net of tax Accumulated Other Comprehensive Income (Loss) Balance December 31, 2016 $ (260.6 ) $ 239.3 $ — $ (21.3 ) Other comprehensive loss before reclassifications (29.8 ) (13.9 ) (0.5 ) (44.2 ) Net loss reclassified from accumulated other comprehensive income (loss) 26.5 — — 26.5 Balance December 31, 2017 $ (263.9 ) $ 225.4 $ (0.5 ) $ (39.0 ) (In Millions) Postretirement Benefit Liability, net of tax Unrealized Net Gain (Loss) on Securities, net of tax Unrealized Net Gain on Foreign Currency Translation Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax Accumulated Other Comprehensive Income (Loss) Balance December 31, 2015 $ (241.4 ) $ 0.1 $ 220.7 $ 2.6 $ (18.0 ) Other comprehensive income (loss) before reclassifications (44.8 ) (0.1 ) 18.4 (3.3 ) (29.8 ) Net loss reclassified from accumulated other comprehensive income (loss) 25.6 — 0.2 0.7 26.5 Balance December 31, 2016 $ (260.6 ) $ — $ 239.3 $ — $ (21.3 ) (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 ) The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ equity for the years ended December 31, 2017 , 2016 and 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, 2015 Amortization of Pension and Postretirement Benefit Liability: Prior service costs 1 $ (0.4 ) $ (1.5 ) $ (1.4 ) Net actuarial loss 1 26.9 27.1 27.4 Curtailments/Settlements 1 — — 0.2 Effect of deconsolidation 2 — — 15.1 Loss from Discontinued Operations, net of tax 26.5 25.6 41.3 Total before taxes — — (0.7 ) Income tax benefit (expense) $ 26.5 $ 25.6 $ 40.6 Net of taxes Unrealized loss on marketable securities: Sale of marketable securities $ — $ — $ (2.6 ) Other non-operating income (expense) Impairment — — (2.0 ) Other non-operating income (expense) — — (4.6 ) Total before taxes — — 0.3 Income tax benefit (expense) $ — $ — $ (4.3 ) Net of taxes Unrealized gain on foreign currency translation: Dissolution of entity $ — $ 0.2 $ — Other non-operating income (expense) Effect of deconsolidation 3 — — 182.7 Loss from Discontinued Operations, net of tax $ — $ 0.2 $ 182.7 Net of taxes Unrealized gain on derivative financial instruments: Treasury lock $ — $ 1.2 $ — Gain (loss) on extinguishment/restructuring of debt Australian dollar foreign exchange contracts — — 26.9 Product revenues — 1.2 26.9 Total before taxes — (0.5 ) (8.1 ) Income tax benefit (expense) $ — $ 0.7 $ 18.8 Net of taxes Total Reclassifications for the Period $ 26.5 $ 26.5 $ 237.8 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, 2017 | |
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, 2017 , 2016 and 2015 is as follows: (In Millions) Year Ended December 31, 2017 2016 2015 Capital additions 1 $ 156.0 $ 68.5 $ 96.7 Less: Non-cash accruals $ (2.2 ) $ (0.6 ) $ 14.4 Capital leases 6.5 — 1.5 Cash paid for capital expenditures $ 151.7 $ 69.1 $ 80.8 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. Cash payments for interest and income taxes in 2017 , 2016 and 2015 are as follows: (In Millions) 2017 2016 2015 Taxes paid on income $ 1.7 $ 6.0 $ 5.0 Income tax refunds $ (7.8 ) $ (5.4 ) $ (211.4 ) Interest paid on debt obligations 1 $ 139.0 $ 184.0 $ 185.6 1 Includes interest paid on the corporate guarantees of the equipment loans that relate to discontinued operations for the years ended December 31, 2016 and 2015 of $1.4 million and $4.8 million, respectively. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | NOTE 18 - RELATED PARTIES One of our four operating U.S. iron ore mines is a co-owned joint venture with companies that are integrated steel producers or their subsidiaries. We are the manager of such co-owned mine 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. Our joint venture partners are also our customers. The following is a summary of the mine ownership of the co-owned iron ore mine at December 31, 2017 : Mine Cleveland-Cliffs Inc. ArcelorMittal U.S. Steel Hibbing 23.0 % 62.3 % 14.7 % During 2017, our ownership interest in Empire increased to 100% as we reached an agreement to distribute the noncontrolling interest net assets of $132.7 million to ArcelorMittal, in exchange for its interest in Empire. The net assets were agreed to be distributed in three installments of $44.2 million each, the first of which was paid upon the execution of the agreement and the remaining distributions are due in August 2018 and August 2019. The remaining two outstanding installments are reflected in Partnership distribution payable and Other liabilities in the Statements of Consolidated Financial Position as of December 31, 2017 . We accounted for the increase in ownership as an equity transaction, which resulted in a $12.1 million decrease in equity attributable to Cliffs' shareholders and a $116.7 million decrease in Noncontrolling interest . As part of a 2014 extension agreement between us and ArcelorMittal, which amended certain terms of the Empire partnership agreement, distributions of the partners' equity amounts were required to be made on a quarterly basis beginning in the first quarter of 2015. These equity distributions were made through the termination of the partnership agreement on December 31, 2016. We paid $8.7 million in January 2017 related to 2016 distributions. During the year ended December 31, 2016, we recorded distributions of $57.5 million to ArcelorMittal under this agreement, of which $48.8 million was paid as of December 31, 2016. During the year ended December 31, 2015, we recorded distributions of $51.7 million under this agreement, of which $40.6 million was paid as of December 31, 2015 and $11.1 million was paid in January 2016. During 2017, we also acquired the remaining 15% equity interest in Tilden for $105.0 million . With the closing of this transaction, we now have 100% ownership of the mine. We accounted for the increase in ownership as an equity transaction, which resulted in an $89.1 million decrease in equity attributable to Cliffs' shareholders and a $15.9 million decrease in Noncontrolling interest . Product revenues from related parties were as follows: (In Millions) Year Ended 2017 2016 2015 Product revenues from related parties $ 806.7 $ 830.1 $ 671.1 Total product revenues 2,089.2 1,913.5 1,832.4 Related party product revenue as a percent of total product revenue 38.6 % 43.4 % 36.6 % The following table presents the classification of related party assets and liabilities in the Statements of Consolidated Financial Position as of December 31, 2017 and 2016 : (In Millions) Balance Sheet Location December 31, 2017 December 31, 2016 Amounts due from related parties Accounts receivable, net $ 68.1 $ 46.9 Customer supply agreements and provisional pricing agreements Derivative assets 37.9 26.8 Amounts due to related parties Partnership distribution payable (44.2 ) (8.7 ) Amounts due to related parties Other current liabilities (12.3 ) — Amounts due to related parties Other liabilities (41.4 ) — Net amounts due from related parties $ 8.1 $ 65.0 Certain supply agreements with one U.S. Iron Ore customer provide for supplemental revenue or refunds to the customer based on the customer's average annual steel pricing or based on the average annual daily market price for hot-rolled coil steel at the time 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, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 19 - EARNINGS PER SHARE The following table summarizes the computation of basic and diluted earnings (loss) per share: (In Millions, Except Per Share Amounts) Year Ended 2017 2016 2015 Income from Continuing Operations $ 381.8 $ 219.2 $ 143.7 Loss (Income) from Continuing Operations attributable to 3.9 (25.2 ) (8.6 ) Net Income from Continuing Operations $ 385.7 $ 194.0 $ 135.1 Loss from Discontinued Operations, net of tax (18.7 ) (19.9 ) (884.4 ) NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ 367.0 $ 174.1 $ (749.3 ) PREFERRED STOCK DIVIDENDS — — (38.4 ) NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS $ 367.0 $ 174.1 $ (787.7 ) Weighted Average Number of Shares: Basic 288.4 197.7 153.2 Employee Stock Plans 4.6 2.4 0.4 Diluted 293.0 200.1 153.6 Earnings (Loss) per Common Share Attributable to Continuing operations $ 1.34 $ 0.98 $ 0.63 Discontinued operations (0.06 ) (0.10 ) (5.77 ) $ 1.28 $ 0.88 $ (5.14 ) Earnings (Loss) per Common Share Attributable to Continuing operations $ 1.32 $ 0.97 $ 0.63 Discontinued operations (0.06 ) (0.10 ) (5.76 ) $ 1.26 $ 0.87 $ (5.13 ) The common share equivalents for the $316.25 million 1.50% 2025 Convertible Senior Notes that were issued in the fourth quarter of 2017 were not included in the computation of diluted earnings per common share as we have the ability and intent, both currently and in the future, to settle these in cash. The diluted earnings per share calculation excludes 25.3 million depositary shares that were anti-dilutive for the year ended December 31, 2015. Refer to NOTE 5 - DEBT AND CREDIT FACILITIES for further information. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 20 - COMMITMENTS AND CONTINGENCIES Contingencies Litigation We are currently the subject of, or 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, these claims and legal proceedings are 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 for the period in which the ruling occurs or future periods. However, we do not believe that any pending claims or legal proceedings will result in a material liability in relation to our consolidated financial statements. Currently, we have recorded a liability in the Statements of Consolidated Financial Position related to the following legal matters: Michigan Electricity Matters. On February 19, 2015, in connection with various proceedings before FERC with respect to certain cost allocations for continued operation of the Presque Isle Power Plant in Marquette, Michigan, FERC issued an order directing MISO to submit a revised methodology for allocating SSR costs that identified the load serving entities that require the operation of SSR units at the power plant for reliability purposes. On September 17, 2015, FERC issued an order conditionally approving MISO’s revised allocation methodology. On September 22, 2016, FERC denied requests for rehearing of the February 19 order, rejecting arguments that FERC did not have the authority to order refunds in a cost allocation case and to impose retroactive surcharges to effectuate such refunds. FERC, however, suspended any refunds and surcharges pending its review of a July 25, 2016 ALJ initial decision on the appropriate amount of SSR compensation. On November 8, 2016, Tilden and Empire, along with various Michigan-aligned parties, filed petitions for review of FERC’s order regarding allocation and non-cost SSR issues with the U.S. Court of Appeals for the D.C. Circuit. On January 27, 2017, Tilden, Empire and other appellants filed a motion to terminate further abeyance of briefing so that cost allocation issues could be heard at the Court of Appeals, which motion was granted on April 4, 2017. Should retroactive surcharges be permitted, our current estimate of the potential liability to the Empire and Tilden mines is $12.3 million , based on FERC's October 19, 2017 Order reviewing the July 25, 2016 ALJ initial decision. We will continue to vigorously challenge the retroactive imposition of any SSR costs before the U.S. Court of Appeals for the D.C. Circuit. As of December 31, 2017 and December 31, 2016 , $12.3 million and $13.6 million , respectively, is included in our Statements of Consolidated Financial Position as part of Accrued expenses . CCAA Proceedings Effective January 27, 2015, following the commencement of CCAA proceedings for 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 CCAA proceedings which resulted in the deconsolidation of the remaining Wabush Group entities that were not previously deconsolidated. As a result of this action, the CCAA protection granted to the Bloom Lake Group was extended to include the Wabush Group to facilitate the reorganization of each of their businesses and operations. Prior to the deconsolidations, certain of our wholly-owned subsidiaries made loans to the Canadian Entities for the purpose of funding their 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. 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 $51.6 million and $48.6 million classified as Loans to and accounts receivables from the Canadian Entities in the Statements of Consolidated Financial Position at December 31, 2017 and 2016 , respectively. As of December 31, 2017 , CCAA proceedings are ongoing and the majority of the assets of each of the Bloom Lake Group and the Wabush Group have been liquidated. The Monitor appointed by the court in the CCAA proceedings for the Bloom Lake Group and the Wabush Group has conducted a claims process pursuant to which creditors have filed claims against the Bloom Lake Group and the Wabush Group. The Monitor is reviewing all claims filed as part of this claims process. Currently, there is uncertainty as to the amount of the distribution that will be made to the creditors of the Bloom Lake Group and the Wabush Group, including, if any, to us, and whether we could be held liable for claims that may be asserted by or on behalf of the Bloom Lake Group or the Wabush Group or by their respective representatives against non-debtor affiliates of the Bloom Lake Group and the Wabush Group. The net proceeds of sale of the assets of the Bloom Lake Group and the Wabush Group are currently being held by the Monitor. Certain of these funds will be utilized to fund the accrued and ongoing costs of the CCAA proceedings and the remaining funds will be available for distribution to the creditors of the Bloom Lake Group and the Wabush Group. During 2017, we became aware that it was probable the Monitor will assert a preference claim against the Company and/or certain of its affiliates. Given that it is probable the claim will be asserted by the Monitor, we have recorded an estimated liability of $55.6 million , which includes the value of our related-party claims against the Bloom Lake Group and the Wabush Group, classified as Contingent claims in the Statements of Consolidated Financial Position as of December 31, 2017 and included within Loss from Discontinued Operations, net of tax in the Statements of Consolidated Operations for the year ended December 31, 2017 . Should the Monitor proceed to assert the claim, we believe the Monitor will demand an amount in excess of the value of our related-party claims against the Bloom Lake Group and the Wabush Group. Thus, it is possible that a change in the estimated liability may occur in the future. We deny liability for any amount and will vigorously defend such claim. We previously recorded liabilities of $37.2 million related to guarantees for certain environmental obligations of the Canadian Entities, classified as Other liabilities in the Statements of Consolidated Financial Position as of December 31, 2016 . During 2017, the Wabush Scully Mine was sold as part of the ongoing CCAA proceedings for the Wabush Group. As part of this transaction, we were required to fund the buyer's financial assurance shortfall of $7.7 million in order to complete the conveyance of the environmental remediation obligations to the buyer, which released us from our guarantees and resulted in a net gain of $31.4 million included in Loss from Discontinued Operations, net of tax in the Statements of Consolidated Operations . Environmental Matters We had environmental liabilities of $2.9 million and $2.8 million at December 31, 2017 and 2016 , 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. 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, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 21 - SUBSEQUENT EVENTS We have evaluated subsequent events through the date of financial issuance. |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS - (UNAUDITED) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [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) 2017 Quarters First Second Third Fourth Year Revenues from product sales and services $ 461.6 $ 569.3 $ 698.4 $ 600.9 $ 2,330.2 Sales margin 95.7 145.1 160.2 100.7 501.7 Income (Loss) from Continuing Operations $ (30.3 ) $ 76.5 $ 20.6 $ 315.0 $ 381.8 Loss from Continuing Operations attributable to Noncontrolling Interest 1.7 1.7 0.5 — 3.9 Net Income (Loss) from Continuing Operations attributable to Cliffs shareholders (28.6 ) 78.2 21.1 315.0 385.7 Income (Loss) from Discontinued Operations, net of tax 0.5 (46.4 ) 32.3 (5.1 ) (18.7 ) NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (28.1 ) $ 31.8 $ 53.4 $ 309.9 $ 367.0 Earnings (Loss) per Common Share Attributable to Continuing Operations $ (0.11 ) $ 0.26 $ 0.07 $ 1.06 $ 1.34 Discontinued Operations — (0.16 ) 0.11 (0.02 ) (0.06 ) $ (0.11 ) $ 0.10 $ 0.18 $ 1.04 $ 1.28 Earnings (Loss) per Common Share Attributable to Continuing Operations $ (0.11 ) $ 0.26 $ 0.07 $ 1.05 $ 1.32 Discontinued Operations — (0.15 ) 0.11 (0.02 ) (0.06 ) $ (0.11 ) $ 0.11 $ 0.18 $ 1.03 $ 1.26 The diluted earnings per share calculation for the first quarter of 2017 excludes equity plan awards of 4.6 million that were anti-dilutive. There was no anti-dilution in the second, third or fourth quarter of 2017. (In Millions, Except Per Share Amounts) 2016 Quarters First Second Third Fourth Year Revenues from product sales and services $ 305.5 $ 496.2 $ 553.3 $ 754.0 $ 2,109.0 Sales margin 30.9 91.5 85.4 181.5 389.3 Income (Loss) from Continuing Operations $ 114.3 $ 29.9 $ (25.1 ) $ 100.1 $ 219.2 Loss (Income) from Continuing Operations attributable to Noncontrolling Interest (8.8 ) (16.7 ) 2.0 (1.7 ) (25.2 ) Net Income (Loss) from Continuing Operations attributable to Cliffs shareholders $ 105.5 $ 13.2 $ (23.1 ) $ 98.4 $ 194.0 Income (Loss) from Discontinued Operations, net of tax 2.5 (0.4 ) (2.7 ) (19.3 ) (19.9 ) NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS $ 108.0 $ 12.8 $ (25.8 ) $ 79.1 $ 174.1 Earnings (Loss) per Common Share Attributable to Continuing Operations $ 0.61 $ 0.07 $ (0.11 ) $ 0.43 $ 0.98 Discontinued Operations 0.01 — (0.01 ) (0.08 ) (0.10 ) $ 0.62 $ 0.07 $ (0.12 ) $ 0.35 $ 0.88 Earnings (Loss) per Common Share Attributable to Continuing Operations $ 0.61 $ 0.07 $ (0.11 ) $ 0.42 $ 0.97 Discontinued Operations 0.01 — (0.01 ) (0.08 ) (0.10 ) $ 0.62 $ 0.07 $ (0.12 ) $ 0.34 $ 0.87 |
SUPPLEMENTARY GUARANTOR INFORMA
SUPPLEMENTARY GUARANTOR INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTARY GUARANTOR INFORMATION | NOTE 23 - SUPPLEMENTARY GUARANTOR INFORMATION The accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X, Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” Certain of our subsidiaries have guaranteed the obligations under the $1.075 billion 5.75% 2025 Senior Notes issued by Cleveland-Cliffs Inc. See NOTE 5 - DEBT AND CREDIT FACILITIES for further information. The following presents the condensed consolidating financial information for: (i) the Parent Company and the Issuer of the guaranteed obligations (Cleveland-Cliffs Inc.); (ii) the Guarantor subsidiaries, on a combined basis; (iii) the non-guarantor subsidiaries, on a combined basis; (iv) consolidating eliminations; and (v) Cleveland-Cliffs Inc. and Subsidiaries on a consolidated basis. Each Guarantor subsidiary is 100% owned by the Parent Company as of December 31, 2017. The condensed consolidating financial information is presented as if the Guarantor structure at December 31, 2017 existed for all years presented. As a result, the Guarantor subsidiaries within the condensed consolidating financial information as of December 31, 2017 and 2016 and for the years ended December 31, 2017, 2016 and 2015 include results of subsidiaries that were previously less than wholly-owned and were historically non-guarantors until 100% ownership was obtained. Each of the Guarantor subsidiaries fully and unconditionally guarantee, on a joint and several basis, the obligations of Cleveland-Cliffs Inc. under the $1.075 billion 5.75% 2025 Senior Notes. The guarantee of a Guarantor subsidiary will be automatically and unconditionally released and discharged, and such Guarantor subsidiary’s obligations under the guarantee and the related indenture governing the $1.075 billion 5.75% 2025 Senior Notes (the “Indenture”) will be automatically and unconditionally released and discharged, upon: (a) any sale, exchange, transfer or disposition of such Guarantor subsidiary (by merger, consolidation, or the sale of) or the capital stock of such Guarantor subsidiary after which the applicable Guarantor subsidiary is no longer a subsidiary of the Company or the sale of all or substantially all of such Guarantor subsidiary’s assets (other than by lease); (b) upon designation of any Guarantor subsidiary as an “excluded subsidiary” (as defined in the Indenture); and (c) upon defeasance or satisfaction and discharge of the Indenture. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements. The accompanying condensed consolidating financial information has been presented on the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for the subsidiaries’ cumulative results of operations, capital contributions and distributions, and other changes in equity. Elimination entries include consolidating and eliminating entries for investments in subsidiaries, and intra-entity activity and balances. Condensed Consolidating Statement of Financial Position As of December 31, 2017 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 948.9 $ 2.1 $ 56.7 $ — $ 1,007.7 Accounts receivable, net 4.5 102.9 33.9 (0.7 ) 140.6 Inventories — 138.4 45.0 — 183.4 Supplies and other inventories — 88.8 5.1 — 93.9 Derivative assets — 37.9 1.5 — 39.4 Loans to and accounts receivables from the Canadian Entities 44.7 6.9 — — 51.6 Other current assets 16.4 7.5 4.1 — 28.0 TOTAL CURRENT ASSETS 1,014.5 384.5 146.3 (0.7 ) 1,544.6 PROPERTY, PLANT AND EQUIPMENT, NET 17.5 959.0 74.5 — 1,051.0 INCOME TAX RECEIVABLE 235.3 — — — 235.3 INVESTMENT IN SUBSIDIARIES 1,024.3 29.9 — (1,054.2 ) — LONG-TERM INTERCOMPANY NOTES — — 242.0 (242.0 ) — OTHER NON-CURRENT ASSETS 7.8 93.0 21.7 — 122.5 TOTAL ASSETS $ 2,299.4 $ 1,466.4 $ 484.5 $ (1,296.9 ) $ 2,953.4 LIABILITIES CURRENT LIABILITIES Accounts payable $ 7.1 $ 89.7 $ 31.6 $ (0.7 ) $ 127.7 Accrued employment costs 13.7 38.9 3.5 — 56.1 State and local taxes payable — 30.0 0.2 — 30.2 Accrued expenses 5.3 13.2 15.2 — 33.7 Accrued interest 31.4 — — — 31.4 Accrued royalties — 7.8 9.5 — 17.3 Contingent claims 55.6 — — — 55.6 Partnership distribution payable — 44.2 — — 44.2 Other current liabilities 2.1 33.5 20.4 — 56.0 TOTAL CURRENT LIABILITIES 115.2 257.3 80.4 (0.7 ) 452.2 POSTEMPLOYMENT BENEFIT LIABILITIES Pensions 59.2 403.6 (240.0 ) — 222.8 Other postretirement benefits 7.2 27.0 0.7 — 34.9 TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES 66.4 430.6 (239.3 ) — 257.7 ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS — 140.6 55.9 — 196.5 LONG-TERM DEBT 2,304.2 — — — 2,304.2 LONG-TERM INTERCOMPANY NOTES 242.0 — — (242.0 ) — OTHER LIABILITIES 15.7 147.2 24.0 — 186.9 TOTAL LIABILITIES 2,743.5 975.7 (79.0 ) (242.7 ) 3,397.5 COMMITMENTS AND CONTINGENCIES EQUITY TOTAL CLIFFS SHAREHOLDERS' DEFICIT (444.1 ) 490.7 563.3 (1,054.2 ) (444.3 ) NONCONTROLLING INTEREST — — 0.2 — 0.2 TOTAL DEFICIT (444.1 ) 490.7 563.5 (1,054.2 ) (444.1 ) TOTAL LIABILITIES AND DEFICIT $ 2,299.4 $ 1,466.4 $ 484.5 $ (1,296.9 ) $ 2,953.4 Condensed Consolidating Statement of Financial Position As of December 31, 2016 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 283.4 $ 2.5 $ 37.5 $ — $ 323.4 Accounts receivable, net 4.5 59.3 65.7 (0.8 ) 128.7 Inventories — 137.0 41.4 — 178.4 Supplies and other inventories — 86.4 5.0 — 91.4 Derivative assets — 31.7 1.4 — 33.1 Loans to and accounts receivables from the Canadian Entities 41.7 6.9 — — 48.6 Other current assets 8.6 8.2 4.2 — 21.0 TOTAL CURRENT ASSETS 338.2 332.0 155.2 (0.8 ) 824.6 PROPERTY, PLANT AND EQUIPMENT, NET 21.4 937.7 25.3 — 984.4 INVESTMENT IN SUBSIDIARIES 882.4 24.6 — (907.0 ) — LONG-TERM INTERCOMPANY NOTES — — 197.0 (197.0 ) — OTHER NON-CURRENT ASSETS 11.0 94.1 9.8 — 114.9 TOTAL ASSETS $ 1,253.0 $ 1,388.4 $ 387.3 $ (1,104.8 ) $ 1,923.9 LIABILITIES CURRENT LIABILITIES Accounts payable $ 1.6 $ 92.6 $ 14.2 $ (0.8 ) $ 107.6 Accrued employment costs 15.6 34.6 5.9 — 56.1 State and local taxes payable — 28.1 0.2 — 28.3 Accrued expenses 7.6 14.4 19.1 — 41.1 Accrued interest 40.2 — — — 40.2 Accrued royalties — 13.0 13.2 — 26.2 Partnership distribution payable — 8.7 — — 8.7 Other current liabilities 23.0 35.3 24.6 — 82.9 TOTAL CURRENT LIABILITIES 88.0 226.7 77.2 (0.8 ) 391.1 POSTEMPLOYMENT BENEFIT LIABILITIES Pensions 56.9 397.4 (208.6 ) — 245.7 Other postretirement benefits 7.6 26.5 0.7 — 34.8 TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES 64.5 423.9 (207.9 ) — 280.5 ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS — 153.9 40.0 — 193.9 LONG-TERM DEBT 2,175.1 — — — 2,175.1 LONG-TERM INTERCOMPANY NOTES 197.0 — — (197.0 ) — OTHER LIABILITIES 58.9 118.8 36.1 — 213.8 TOTAL LIABILITIES 2,583.5 923.3 (54.6 ) (197.8 ) 3,254.4 COMMITMENTS AND CONTINGENCIES EQUITY TOTAL CLIFFS SHAREHOLDERS' DEFICIT (1,330.5 ) 331.5 441.7 (907.0 ) (1,464.3 ) NONCONTROLLING INTEREST — 133.6 0.2 — 133.8 TOTAL DEFICIT (1,330.5 ) 465.1 441.9 (907.0 ) (1,330.5 ) TOTAL LIABILITIES AND DEFICIT $ 1,253.0 $ 1,388.4 $ 387.3 $ (1,104.8 ) $ 1,923.9 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) For the Year Ended December 31, 2017 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated REVENUES FROM PRODUCT SALES AND SERVICES Product $ — $ 1,644.6 $ 444.6 $ — $ 2,089.2 Freight and venture partners' cost reimbursements — 221.4 19.6 — 241.0 — 1,866.0 464.2 — 2,330.2 COST OF GOODS SOLD AND OPERATING EXPENSES — (1,400.6 ) (427.9 ) — (1,828.5 ) SALES MARGIN — 465.4 36.3 — 501.7 OTHER OPERATING INCOME (EXPENSE) Selling, general and administrative expenses (81.4 ) (24.7 ) 0.3 — (105.8 ) Miscellaneous - net (2.2 ) 12.3 17.6 — 27.7 (83.6 ) (12.4 ) 17.9 — (78.1 ) OPERATING INCOME (LOSS) (83.6 ) 453.0 54.2 — 423.6 OTHER INCOME (EXPENSE) Interest expense, net (126.8 ) (1.0 ) (4.2 ) — (132.0 ) Loss on extinguishment/restructuring of debt (165.4 ) — — — (165.4 ) Other non-operating income 0.1 3.1 — — 3.2 (292.1 ) 2.1 (4.2 ) — (294.2 ) INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (375.7 ) 455.1 50.0 — 129.4 INCOME TAX BENEFIT (EXPENSE) 251.4 1.3 (0.3 ) — 252.4 EQUITY IN INCOME OF SUBSIDIARIES 512.6 11.8 — (524.4 ) — INCOME FROM CONTINUING OPERATIONS 388.3 468.2 49.7 (524.4 ) 381.8 LOSS (INCOME) FROM DISCONTINUED OPERATIONS, net of tax (21.3 ) 1.7 0.9 — (18.7 ) NET INCOME 367.0 469.9 50.6 (524.4 ) 363.1 LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST — 3.9 — — 3.9 NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ 367.0 $ 473.8 $ 50.6 $ (524.4 ) $ 367.0 OTHER COMPREHENSIVE INCOME (LOSS) (4.0 ) 12.8 (5.2 ) (7.6 ) (4.0 ) TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ 363.0 $ 486.6 $ 45.4 $ (532.0 ) $ 363.0 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) For the Year Ended December 31, 2016 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated REVENUES FROM PRODUCT SALES AND SERVICES Product $ — $ 1,379.6 $ 533.9 $ — $ 1,913.5 Freight and venture partners' cost reimbursements — 174.9 20.6 — 195.5 — 1,554.5 554.5 — 2,109.0 COST OF GOODS SOLD AND OPERATING EXPENSES — (1,278.8 ) (440.9 ) — (1,719.7 ) SALES MARGIN — 275.7 113.6 — 389.3 OTHER OPERATING INCOME (EXPENSE) Selling, general and administrative expenses (97.9 ) (20.8 ) 0.9 — (117.8 ) Miscellaneous - net (5.6 ) (10.8 ) (14.3 ) — (30.7 ) (103.5 ) (31.6 ) (13.4 ) — (148.5 ) OPERATING INCOME (LOSS) (103.5 ) 244.1 100.2 — 240.8 OTHER INCOME (EXPENSE) Interest expense, net (195.0 ) 0.6 (6.1 ) — (200.5 ) Gain on extinguishment/restructuring of debt 166.3 — — — 166.3 Other non-operating income (expense) (0.5 ) 0.4 0.5 — 0.4 (29.2 ) 1.0 (5.6 ) — (33.8 ) INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (132.7 ) 245.1 94.6 — 207.0 INCOME TAX BENEFIT 4.3 3.0 4.9 — 12.2 EQUITY IN INCOME OF SUBSIDIARIES 319.6 13.7 — (333.3 ) — INCOME FROM CONTINUING OPERATIONS 191.2 261.8 99.5 (333.3 ) 219.2 INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax (17.1 ) 2.6 (5.4 ) — (19.9 ) NET INCOME 174.1 264.4 94.1 (333.3 ) 199.3 INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST — (25.2 ) — — (25.2 ) NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ 174.1 $ 239.2 $ 94.1 $ (333.3 ) $ 174.1 OTHER COMPREHENSIVE INCOME (LOSS) (3.3 ) (20.7 ) 13.8 6.9 (3.3 ) TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ 170.8 $ 218.5 $ 107.9 $ (326.4 ) $ 170.8 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) For the Year Ended December 31, 2015 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated REVENUES FROM PRODUCT SALES AND SERVICES Product $ — $ 1,368.1 $ 464.3 $ — $ 1,832.4 Freight and venture partners' cost reimbursements — 157.3 23.6 — 180.9 — 1,525.4 487.9 — 2,013.3 COST OF GOODS SOLD AND OPERATING EXPENSES — (1,298.3 ) (478.5 ) — (1,776.8 ) SALES MARGIN — 227.1 9.4 — 236.5 OTHER OPERATING INCOME (EXPENSE) Selling, general and administrative expenses (88.5 ) (21.2 ) (0.3 ) — (110.0 ) Miscellaneous - net 7.7 (3.0 ) 20.1 — 24.8 (80.8 ) (24.2 ) 19.8 — (85.2 ) OPERATING INCOME (LOSS) (80.8 ) 202.9 29.2 — 151.3 OTHER INCOME (EXPENSE) Interest expense, net (221.4 ) (0.1 ) (7.0 ) — (228.5 ) Gain on extinguishment/restructuring of debt 392.9 — — — 392.9 Other non-operating income (expense) (114.6 ) 1.2 110.8 — (2.6 ) 56.9 1.1 103.8 — 161.8 INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY LOSS FROM VENTURES (23.9 ) 204.0 133.0 — 313.1 INCOME TAX BENEFIT (EXPENSE) (19.1 ) (176.3 ) 26.1 — (169.3 ) EQUITY IN INCOME (LOSS) OF SUBSIDIARIES (501.2 ) 12.9 — 488.3 — EQUITY LOSS FROM VENTURES, net of tax — — (0.1 ) — (0.1 ) INCOME (LOSS) FROM CONTINUING OPERATIONS (544.2 ) 40.6 159.0 488.3 143.7 INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax (205.1 ) (762.2 ) 75.2 — (892.1 ) NET INCOME (LOSS) (749.3 ) (721.6 ) 234.2 488.3 (748.4 ) LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTEREST — (8.6 ) 7.7 — (0.9 ) NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (749.3 ) $ (730.2 ) $ 241.9 $ 488.3 $ (749.3 ) PREFERRED STOCK DIVIDENDS (38.4 ) — — — (38.4 ) NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS $ (787.7 ) $ (730.2 ) $ 241.9 $ 488.3 $ (787.7 ) OTHER COMPREHENSIVE INCOME 266.2 20.0 176.4 (196.4 ) 266.2 TOTAL COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (521.5 ) $ (710.2 ) $ 418.3 $ 291.9 $ (521.5 ) Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2017 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities $ (166.8 ) $ 430.4 $ 74.5 $ — $ 338.1 INVESTING ACTIVITIES Purchase of property, plant and equipment (3.4 ) (80.6 ) (67.7 ) — (151.7 ) Intercompany investing 225.7 (7.4 ) (45.0 ) (173.3 ) — Other investing activities (7.7 ) 3.4 — — (4.3 ) Net cash provided (used) in investing activities 214.6 (84.6 ) (112.7 ) (173.3 ) (156.0 ) FINANCING ACTIVITIES Net proceeds from issuance of common shares 661.3 — — — 661.3 Proceeds from issuance of debt 1,771.5 — — — 1,771.5 Debt issuance costs (28.6 ) — — — (28.6 ) Repurchase of debt (1,720.7 ) — — — (1,720.7 ) Acquisition of noncontrolling interest (105.0 ) — — — (105.0 ) Distributions of partnership equity — (52.9 ) — — (52.9 ) Intercompany financing 45.0 (288.8 ) 70.5 173.3 — Other financing activities (5.8 ) (4.5 ) (16.4 ) — (26.7 ) Net cash provided (used) by financing activities 617.7 (346.2 ) 54.1 173.3 498.9 EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 3.3 — 3.3 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 665.5 (0.4 ) 19.2 — 684.3 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 283.4 2.5 37.5 — 323.4 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 948.9 $ 2.1 $ 56.7 $ — $ 1,007.7 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities $ (275.7 ) $ 462.9 $ 115.8 $ — $ 303.0 INVESTING ACTIVITIES Purchase of property, plant and equipment (6.2 ) (60.0 ) (2.9 ) — (69.1 ) Intercompany investing 356.6 (3.3 ) (117.0 ) (236.3 ) — Other investing activities 0.4 10.8 — — 11.2 Net cash provided (used) by investing activities 350.8 (52.5 ) (119.9 ) (236.3 ) (57.9 ) FINANCING ACTIVITIES Net proceeds from issuance of common shares 287.4 — — — 287.4 Debt issuance costs (5.2 ) — — — (5.2 ) Borrowings under credit facilities 105.0 — — — 105.0 Repayments under credit facilities (105.0 ) — — — (105.0 ) Repayments on equipment loans (95.6 ) — — — (95.6 ) Repurchase of debt (305.4 ) — — — (305.4 ) Distributions of partnership equity — (59.9 ) — — (59.9 ) Intercompany financing 117.0 (339.9 ) (13.4 ) 236.3 — Other financing activities (0.6 ) (9.9 ) (17.2 ) — (27.7 ) Net cash used by financing activities (2.4 ) (409.7 ) (30.6 ) 236.3 (206.4 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (0.5 ) — (0.5 ) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 72.7 0.7 (35.2 ) — 38.2 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 210.7 1.8 72.7 — 285.2 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 283.4 $ 2.5 $ 37.5 $ — $ 323.4 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities $ 65.6 $ (23.7 ) $ (4.0 ) $ — $ 37.9 INVESTING ACTIVITIES Purchase of property, plant and equipment (6.9 ) (68.2 ) (5.7 ) — (80.8 ) Intercompany investments (205.8 ) (2.9 ) (80.0 ) 288.7 — Other investing activities — (27.6 ) 5.2 — (22.4 ) Net cash used by investing activities (212.7 ) (98.7 ) (80.5 ) 288.7 (103.2 ) FINANCING ACTIVITIES Proceeds from issuance of debt 503.5 — — — 503.5 Debt issuance costs (33.6 ) — — — (33.6 ) Borrowings under credit facilities 296.8 — 13.0 — 309.8 Repayments on credit facilities (296.8 ) — (13.0 ) — (309.8 ) Repayments on equipment loans (43.6 ) — (1.8 ) — (45.4 ) Repurchase of debt (225.9 ) — — — (225.9 ) Distributions of partnership equity — (40.6 ) — — (40.6 ) Preferred stock dividends (51.2 ) — — — (51.2 ) Intercompany financing 80.0 188.5 20.2 (288.7 ) — Other financing activities (5.0 ) (25.0 ) (15.8 ) — (45.8 ) Net cash provided by financing activities 224.2 122.9 2.6 (288.7 ) 61.0 EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (1.4 ) — (1.4 ) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 77.1 0.5 (83.3 ) — (5.7 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 133.6 1.3 156.0 — 290.9 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 210.7 $ 1.8 $ 72.7 $ — $ 285.2 |
BASIS OF PRESENTATION AND SIG33
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 relate to mineral reserves future realizable cash flow; environmental, reclamation and closure obligations; valuation of long-lived assets; valuation of inventory; valuation of post-employment, post-retirement and other employee benefit liabilities; valuation of tax assets; reserves for contingencies and litigation; the fair value of derivative instruments; and the fair value of loans to and accounts receivable from Canadian entities. 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, 2017 : Name Location Ownership Interest Operation Status of Operations Northshore Minnesota 100.0% Iron Ore Active United Taconite Minnesota 100.0% Iron Ore Active Tilden 1 Michigan 100.0% Iron Ore Active Empire 1 Michigan 100.0% Iron Ore Indefinitely Idled Koolyanobbing Western Australia 100.0% Iron Ore Active 1 During 2017, our ownership interest in Tilden and Empire changed. Refer to the Noncontrolling Interests section below for additional information. Intercompany transactions and balances are eliminated upon consolidation. |
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. Our 23% ownership interest in Hibbing is recorded as an equity method investment. As of December 31, 2017 and 2016 , our investment in Hibbing was $11.0 million and $8.7 million , respectively, classified in Other liabilities in the Statements of Consolidated Financial Position . 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. |
Noncontrolling Interests [Policy Text Block] | Noncontrolling Interests During 2017, our ownership interest in Empire increased to 100% as we reached an agreement to distribute the noncontrolling interest net assets of $132.7 million to ArcelorMittal, in exchange for its interest in Empire. The parties agreed that the net assets were to be distributed in three installments of $44.2 million each, the first of which was paid upon the execution of the agreement and the remaining distributions are due in August 2018 and August 2019. Upon payment of the first installment, we assumed ArcelorMittal's 21% interest and have reflected this ownership percentage change in our consolidated financial statements. We accounted for the increase in ownership as an equity transaction, which resulted in a net $12.1 million decrease in equity attributable to Cliffs' shareholders and a $116.7 million decrease in Noncontrolling interest . The net loss and income attributable to the noncontrolling interest of the Empire mining venture was $3.9 million and $25.2 million for the years ended December 31, 2017 and 2016 , respectively. During 2017, we also acquired the remaining 15% equity interest in Tilden owned by U.S. Steel for $105.0 million . With the closing of this transaction, we now have 100% ownership of the mine. We accounted for the increase in ownership as an equity transaction, which resulted in an $89.1 million decrease in equity attributable to Cliffs' shareholders and a $15.9 million decrease in Noncontrolling interest . Noncontrolling interest is also comprised of the 17.2% noncontrolling interest in the Bloom Lake operations, through the CCAA filing on January 27, 2015. 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. There was no net income or loss attributable to the noncontrolling interest related to Bloom Lake for the years ended December 31, 2017 and 2016 . See NOTE 14 - DISCONTINUED OPERATIONS for further information. |
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 and longer maturities when funds can be withdrawn in three months or less without a significant penalty to be cash equivalents. We routinely monitor and evaluate counterparty credit risk related to the financial institutions in 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 our 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. There was no allowance for doubtful accounts at December 31, 2017 and 2016 and no bad debt expense for the years ended December 31, 2017 and 2016 . There was $7.1 million bad debt expense for the year ended December 31, 2015. |
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 1.5 million long tons of finished goods stored at ports and customer facilities on the lower Great Lakes to service customers at December 31, 2017 and 2016 . 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 net realizable value. Iron ore inventories are 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 net realizable value using average cost, less an allowance for obsolete and surplus items. The allowance for obsolete and surplus items was $16.0 million and $14.0 million at December 31, 2017 and 2016 , 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 designate a qualifying derivative instrument as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We formally document all relationships between hedging instruments and hedged items, as well as our 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 changes in fair value are recorded in Accumulated other comprehensive loss . Amounts recorded in Accumulated other comprehensive 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. Refer to Revenue Recognition below for discussion of derivatives recorded as a result of pricing terms in our sales contracts. 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. Depreciation continues to be recognized when operations are idled temporarily. The U.S. Iron Ore 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 Office and information technology Straight line 3 to 15 Years 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 Asset retirement obligation Straight line Life of mine 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. |
Other Intangible Assets and Liabilities | Other Intangible Assets and Liabilities Other intangible assets are subject to periodic amortization over their estimated useful lives as follows: Intangible Assets Basis Useful Life Permits - Asia Pacific Iron Ore Units of production Life of mine Permits - USIO Straight line Life of mine |
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. For the years ended December 31, 2017 and 2015 , although certain factors indicated that the carrying value of certain asset groups may not be recoverable, an assessment for the potential impairment was performed and an impairment adjustment was not required. During 2016 , there were no impairment indicators present; as a result, no impairment assessments were required. Refer to NOTE 4 - PROPERTY, PLANT AND EQUIPMENT , NOTE 12 - GOODWILL AND OTHER INTANGIBLE ASSETS and NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS for further information. |
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 include money market funds and treasury bonds. Valuation of these instruments is determined using a market approach and is based upon unadjusted quoted prices for identical assets in active markets. Cash equivalents classified in Level 2 include commercial paper and certificates of deposit. Valuation of these instruments is determined using financial models that use as their basis readily observable market parameters. 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 our commodity hedging instruments. 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, 2017 and 2016 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 is recorded as a liability. Year-end balance sheet adjustments to postretirement assets and obligations are recorded as Accumulated other comprehensive loss in the Statements of Consolidated Financial Position . The actuarial estimates of the PBO and APBO 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 flows. The asset retirement obligation is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized 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 our routine annual assessments. In 2017, we employed a third-party specialist to assist in the evaluation. Future reclamation 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 can only 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 shipping 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 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. Sales are recorded at a sales price specified in the relevant supply agreements resulting in revenue and a receivable at the time of sale. The majority of our contracts have pricing mechanisms that require price estimation at the time of delivery with price finalization at a future period. Upon revenue recognition for provisionally priced sales, a derivative is created for the difference between the sales price used and expected future settlement price. The derivative 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, index pellet premiums and index freight 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 inputs 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 average annual steel pricing or an average annual daily market price for hot-rolled coil steel 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 Product revenues . Refer to NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information. Revenue from product sales and services also includes reimbursement for freight charges associated with domestic freight and venture partner cost reimbursements for the U.S. Iron Ore operations and freight associated with CFR based shipments paid on behalf of customers for the Asia Pacific Iron Ore operations. These 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 were 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, 2017 and 2016 , installment amounts received in excess of sales totaled $64.2 million and $77.1 million , respectively. As of December 31, 2017 , deferred revenue of $12.8 million was recorded in Other current liabilities and $51.4 million was recorded as long-term in Other liabilities in the Statements of Consolidated Financial Position , related to this agreement. As of December 31, 2016 , deferred revenue of $12.8 million was recorded in Other current liabilities and $64.3 million was recorded as long-term in Other liabilities in the Statements of Consolidated Financial Position , related to this agreement. In 2017 and 2016, due to the payment terms and the timing of cash receipts near year-end, cash receipts exceeded shipments for certain customers. Revenue recognition on these transactions totaling $9.6 million and $3.4 million was deferred on the Statements of Consolidated Financial Position for the years ended December 31, 2017 and 2016 , respectively. |
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 from our mining operations. Operating expenses primarily represent the portion of the Tilden mining venture costs prior to our 100% ownership; that is, the costs attributable to the share of the mine’s production owned by the other joint venture partner in the Tilden mine until we acquired the remaining 15% noncontrolling interest during 2017. The mining venture functioned as a captive cost company, supplying 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 were responsible for product fulfillment under the venture, we acted as a principal in the transaction and, accordingly, recorded revenue under these arrangements on a gross basis. In some circumstances, as requested by the customer, we will coordinate and ship our product via vessel directly to the port nearest to the customer's blast furnace. In this type of contract, the customer will pay one amount inclusive of both product and freight. We recognize revenue for both product revenue and the amount reimbursed for the vessel freight to the final port. We separate these revenue types in the Statements of Consolidated Operations . Accordingly, the revenue we record for freight is offset by an equal amount included in Cost of goods sold and operating expenses for costs we incur for that freight, resulting in no impact on sales margin. The following table is a summary of reimbursements in our U.S. Iron Ore operations for the years ended December 31, 2017 , 2016 and 2015 : (In Millions) Year Ended December 31, 2017 2016 2015 Reimbursements for: Freight $ 166.7 $ 106.8 $ 105.3 Venture partners’ cost 54.7 68.0 52.0 Total reimbursements $ 221.4 $ 174.8 $ 157.3 We sell a portion of our Asia Pacific Iron Ore product on a CFR basis. As a result, $19.6 million , $20.7 million and $23.6 million of freight was included in Cost of goods sold and operating expenses for the years ended December 31, 2017 , 2016 and 2015 , respectively. Where we have joint ownership of a mine, such as Hibbing and up to the point at which we purchased the remaining interest in Tilden, our contracts entitle us to receive management fees or royalties, 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 shares before issuing new shares. Forfeitures are recognized when they occur. 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 North American Coal Operations As we executed 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, as well as costs to exit are classified as discontinued operations. 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 commencement of CCAA proceedings for 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 protection granted to the Bloom Lake Group was 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 short-term and certain long-term intercompany loans, 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 intercompany loans are included in Miscellaneous - net in our Statements of Consolidated Operations . The following represents the net gain (loss) related to impact of transaction gains and losses resulting from remeasurement for the years ended December 31, 2017 , 2016 and 2015 : (In Millions) 2017 2016 2015 Remeasurement of intercompany loans $ 16.6 $ (16.6 ) $ 11.5 Remeasurement of cash and cash equivalents (2.5 ) (1.0 ) 1.5 Other remeasurement (2.7 ) 0.8 3.3 Net gain (loss) related to impact of transaction gains and losses resulting from remeasurement $ 11.4 $ (16.8 ) $ 16.3 |
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) 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) 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. We currently do not have any outstanding depositary shares. Historically, when we have had outstanding depositary shares, they were 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 that reporting period. Holders of the 1.50% 2025 Convertible Senior Notes may convert their notes during any quarter between April 1, 2018 and July 15, 2024 where our share price exceeds 130% of the conversion price for 20 trading days during a 30 trading day period. Holders of the 1.50% 2025 Convertible Senior Notes may also convert their notes during any quarter between April 1, 2018 and July 15, 2024 during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of notes, for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common shares and the conversion price on each such trading day. If our common shares rise in value above the conversion price, diluted EPS will be calculated based on the treasury-stock method with the number of dilutive shares being calculated based on the difference in the average share price and the conversion price. 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 Adopted In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . The new standard simplifies hedge accounting through changes to both designation and measurement requirements. For hedges that qualify as highly effective, the new standard eliminates the requirement to separately measure and record hedge ineffectiveness resulting in better alignment between the presentation of the effects of the hedging instrument and the hedged item in the financial statements. We elected to early adopt ASU No. 2017-12 for the year ended December 31, 2017. The adoption of this standard required retrospective adoption, but did not impact prior-period financial results. Issued and Not Effective In May 2014, the FASB issued ASU No. 2014-09, Revenues from Contracts with Customers (Topic 606) . 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. 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. We will adopt the standard on its effective date of January 1, 2018 using the modified retrospective transition method. As of December 31, 2017, we have completed the evaluation of the new standard and the related review and assessment of all existing contracts with our customers. Under Topic 606, revenue will generally be recognized upon delivery for our U.S. Iron Ore customers, which in most cases is earlier than under the previous guidance. As an example, for certain iron ore shipments where revenue is deferred currently as title does not transfer until payment is received, under Topic 606, we will recognize revenue when control transfers, generally upon delivery. Due to the closure of the Soo Locks and the Welland Canal during the winter months, our revenues will be lower than historical levels during the first quarter and higher than historical levels during the remaining three quarters in future years. However, the total amount of revenue recognized during the year should remain substantially the same as under current GAAP. We do not anticipate any significant changes in the timing and pattern of revenue recognition for our Asia Pacific Iron Ore contracts. In addition to the timing impacts, we anticipate the primary impact on a full-year basis of the adoption on our consolidated financial statements will be the additional required disclosures around revenue recognition in the notes to the consolidated financial statements. As a result of the adoption of the new standard on January 1, 2018, we expect to record a cumulative transition adjustment of between $30 million and $35 million to Retained deficit in our Statements of Consolidated Financial Position related to shipments made in 2017 that would have been recognized as revenue in 2018 under the previous accounting guidance. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . The new standard requires the service cost component of pension and other postretirement benefit expenses to be included in the same line item as other compensation costs arising from services rendered by employees, with the other components of net benefit cost to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The guidance is effective for fiscal years beginning after December 15, 2017. The adoption of ASU No. 2017-07 in the first quarter of 2018 will impact the Statements of Consolidated Operations by changing our classification of the components of pension and OPEB costs; however, it will not impact our Net Income (Loss) . The following represents the estimated impact from the adoption of ASU No. 2017-07 for the year ended December 31, 2017 : ($ in Millions) Year Ended December 31, 2017 Estimate Financial Statement Line Impacted As Reported Adoption of ASU No. 2017-07 As Adjusted Cost of goods sold and operating expenses $ (1,828.5 ) $ 2.4 $ (1,826.1 ) Selling, general and administrative expenses $ (105.8 ) $ (7.7 ) $ (113.5 ) Miscellaneous - net $ 27.7 $ (1.7 ) $ 26.0 Operating income $ 423.6 $ (7.0 ) $ 416.6 Other non-operating income $ 3.2 $ 7.0 $ 10.2 Net Income $ 363.1 $ — $ 363.1 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The new standard requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases except for short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. We plan to adopt the standard on its effective date of January 1, 2019. The new standard must be adopted using a modified retrospective approach and requires application of the new guidance at the beginning of the earliest comparative period presented. We are currently finalizing our implementation plan, compiling an inventory of existing leases and evaluating the effect the updated standard will have on our consolidated financial statements and related disclosures. |
BASIS OF PRESENTATION AND SIG34
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 : Name Location Ownership Interest Operation Status of Operations Northshore Minnesota 100.0% Iron Ore Active United Taconite Minnesota 100.0% Iron Ore Active Tilden 1 Michigan 100.0% Iron Ore Active Empire 1 Michigan 100.0% Iron Ore Indefinitely Idled Koolyanobbing Western Australia 100.0% Iron Ore Active 1 During 2017, our ownership interest in Tilden and Empire changed. Refer to the Noncontrolling Interests section below for additional information. |
Depreciation Disclosure [Table Text Block] | Depreciation is provided over the following estimated useful lives: Asset Class Basis Life Office and information technology Straight line 3 to 15 Years 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 Asset retirement obligation Straight line Life of mine |
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 over their estimated useful lives as follows: Intangible Assets Basis Useful Life Permits - Asia Pacific Iron Ore Units of production Life of mine Permits - USIO Straight line Life of mine |
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, 2017 , 2016 and 2015 : (In Millions) Year Ended December 31, 2017 2016 2015 Reimbursements for: Freight $ 166.7 $ 106.8 $ 105.3 Venture partners’ cost 54.7 68.0 52.0 Total reimbursements $ 221.4 $ 174.8 $ 157.3 |
Foreign Currency Transaction [Table Text Block] | The following represents the net gain (loss) related to impact of transaction gains and losses resulting from remeasurement for the years ended December 31, 2017 , 2016 and 2015 : (In Millions) 2017 2016 2015 Remeasurement of intercompany loans $ 16.6 $ (16.6 ) $ 11.5 Remeasurement of cash and cash equivalents (2.5 ) (1.0 ) 1.5 Other remeasurement (2.7 ) 0.8 3.3 Net gain (loss) related to impact of transaction gains and losses resulting from remeasurement $ 11.4 $ (16.8 ) $ 16.3 |
Adoption of New Standard [Table Text Block] | The following represents the estimated impact from the adoption of ASU No. 2017-07 for the year ended December 31, 2017 : ($ in Millions) Year Ended December 31, 2017 Estimate Financial Statement Line Impacted As Reported Adoption of ASU No. 2017-07 As Adjusted Cost of goods sold and operating expenses $ (1,828.5 ) $ 2.4 $ (1,826.1 ) Selling, general and administrative expenses $ (105.8 ) $ (7.7 ) $ (113.5 ) Miscellaneous - net $ 27.7 $ (1.7 ) $ 26.0 Operating income $ 423.6 $ (7.0 ) $ 416.6 Other non-operating income $ 3.2 $ 7.0 $ 10.2 Net Income $ 363.1 $ — $ 363.1 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 and 2015 , including a reconciliation of segment sales margin to Income 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) 2017 2016 2015 Revenues from product sales and services: U.S. Iron Ore $ 1,866.0 80% $ 1,554.5 74% $ 1,525.4 76% Asia Pacific Iron Ore 464.2 20% 554.5 26% 487.9 24% Total revenues from product sales and services $ 2,330.2 100% $ 2,109.0 100% $ 2,013.3 100% Sales margin: U.S. Iron Ore $ 465.4 $ 275.7 $ 227.1 Asia Pacific Iron Ore 36.3 113.6 9.4 Sales margin 501.7 389.3 236.5 Other operating expense (78.1 ) (148.5 ) (85.2 ) Other income (expense) (294.2 ) (33.8 ) 161.8 Income from continuing operations before income taxes and equity loss from ventures $ 129.4 $ 207.0 $ 313.1 (In Millions) 2017 2016 2015 Net income (loss) $ 363.1 $ 199.3 $ (748.4 ) Less: Interest expense, net (132.0 ) (200.5 ) (231.4 ) Income tax benefit (expense) 252.4 12.2 (163.3 ) Depreciation, depletion and amortization (87.7 ) (115.4 ) (134.0 ) Total EBITDA $ 330.4 $ 503.0 $ (219.7 ) Less: Gain (loss) on extinguishment/restructuring of debt $ (165.4 ) $ 166.3 $ 392.9 Impact of discontinued operations (18.7 ) (19.9 ) (892.0 ) Foreign exchange remeasurement 11.4 (16.8 ) 16.3 Severance and contractor termination costs — (0.1 ) (10.2 ) Supplies inventory adjustment (1.8 ) — (16.3 ) Impairment of other long-lived assets — — (3.3 ) Total Adjusted EBITDA $ 504.9 $ 373.5 $ 292.9 EBITDA: U.S. Iron Ore $ 534.9 $ 342.4 $ 317.6 Asia Pacific Iron Ore 40.7 128.3 35.3 Other (including discontinued operations) (245.2 ) 32.3 (572.6 ) Total EBITDA $ 330.4 $ 503.0 $ (219.7 ) Adjusted EBITDA: U.S. Iron Ore $ 559.4 $ 359.6 $ 352.1 Asia Pacific Iron Ore 50.4 132.9 32.7 Other (104.9 ) (119.0 ) (91.9 ) Total Adjusted EBITDA $ 504.9 $ 373.5 $ 292.9 (In Millions) 2017 2016 2015 Depreciation, depletion and amortization: U.S. Iron Ore $ 66.6 $ 84.0 $ 98.9 Asia Pacific Iron Ore 14.3 25.1 25.3 Other 6.8 6.3 6.6 Total depreciation, depletion and amortization $ 87.7 $ 115.4 $ 130.8 Capital additions 1 : U.S. Iron Ore $ 136.8 $ 62.2 $ 58.2 Asia Pacific Iron Ore 2.8 0.2 5.4 Other 2 16.4 6.1 8.6 Total capital additions $ 156.0 $ 68.5 $ 72.2 1 Includes capital lease additions and non-cash accruals. Refer to NOTE 17 - CASH FLOW INFORMATION. 2 Includes spend related to our HBI project. |
Summary of Assets by Segment | A summary of assets by segment is as follows: (In Millions) December 31, December 31, 2016 December 31, 2015 Assets: U.S. Iron Ore $ 1,500.6 $ 1,372.5 $ 1,476.4 Asia Pacific Iron Ore 138.8 155.1 202.5 Total segment assets 1,639.4 1,527.6 1,678.9 Corporate 1,314.0 396.3 441.7 Assets of discontinued operations — — 14.9 Total assets $ 2,953.4 $ 1,923.9 $ 2,135.5 |
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) 2017 2016 2015 Revenues from product sales and services United States $ 1,504.5 $ 1,236.2 $ 1,206.4 China 364.7 452.5 370.8 Canada 206.2 267.1 282.4 Other countries 254.8 153.2 153.7 Total revenues from product sales and services $ 2,330.2 $ 2,109.0 $ 2,013.3 Property, Plant and Equipment, Net United States $ 1,033.8 $ 961.0 $ 1,012.7 Australia 17.2 23.4 46.3 Total Property, Plant and Equipment, Net $ 1,051.0 $ 984.4 $ 1,059.0 |
Revenue from External Customers by Products and Services | The following table represents the percentage of our total Revenues from product sales and services contributed by each category of products and services in 2017 , 2016 and 2015 : 2017 2016 2015 Revenue category Product 90 % 91 % 91 % Freight and venture partners’ cost reimbursements 10 % 9 % 9 % Total revenues from product sales and services 100 % 100 % 100 % |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 : (In Millions) December 31, 2017 December 31, 2016 Segment Finished Goods Work-in Process Total Inventory Finished Goods Work-in Process Total Inventory U.S. Iron Ore $ 127.1 $ 11.3 $ 138.4 $ 124.4 $ 12.6 $ 137.0 Asia Pacific Iron Ore 33.3 11.7 45.0 23.6 17.8 41.4 Total $ 160.4 $ 23.0 $ 183.4 $ 148.0 $ 30.4 $ 178.4 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Value Of Each Of The Major Classes Of Consolidated Depreciable Assets | The following table indicates the carrying value of each of the major classes of our consolidated depreciable assets as of December 31, 2017 and 2016 : (In Millions) December 31, 2017 2016 Land rights and mineral rights $ 549.6 $ 500.5 Office and information technology 66.3 65.1 Buildings 86.8 67.9 Mining equipment 594.4 592.2 Processing equipment 617.0 552.0 Electric power facilities 57.0 49.4 Land improvements 23.7 23.5 Asset retirement obligation 19.2 19.8 Other 30.3 28.1 Construction in-progress 35.1 42.8 2,079.4 1,941.3 Allowance for depreciation and depletion (1,028.4 ) (956.9 ) $ 1,051.0 $ 984.4 |
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, 2017 and 2016 is as follows : (In Millions) December 31, 2017 2016 Land rights $ 12.4 $ 11.6 Mineral rights: Cost $ 537.2 $ 488.9 Depletion (119.1 ) (112.2 ) Net mineral rights $ 418.1 $ 376.7 |
DEBT AND CREDIT FACILITIES (Tab
DEBT AND CREDIT FACILITIES (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Disclosure [Abstract] | ||
Schedule Of Long-Term Debt | The following represents a summary of our long-term debt as of December 31, 2017 and 2016 : ($ in Millions) December 31, 2017 Debt Instrument Annual Effective Interest Rate Total Principal Amount Debt Issuance Costs Unamortized Discounts Total Debt Senior Secured Notes $400 Million 4.875% 2024 Senior Notes 5.00% $ 400.0 $ (7.1 ) $ (2.6 ) $ 390.3 Unsecured Notes $400 Million 5.90% 2020 Senior Notes 5.98% 88.9 (0.2 ) (0.1 ) 88.6 $500 Million 4.80% 2020 Senior Notes 4.83% 122.4 (0.3 ) (0.1 ) 122.0 $700 Million 4.875% 2021 Senior Notes 4.89% 138.4 (0.3 ) (0.1 ) 138.0 $316.25 Million 1.50% 2025 Convertible Senior Notes 6.26% 316.3 (6.6 ) (85.6 ) 224.1 $1.075 Billion 5.75% 2025 Senior Notes 6.01% 1,075.0 (11.3 ) (16.5 ) 1,047.2 $800 Million 6.25% 2040 Senior Notes 6.34% 298.4 (2.4 ) (3.4 ) 292.6 ABL Facility N/A 550.0 N/A N/A — Fair Value Adjustment to Interest Rate Hedge 1.4 Long-term debt $ 2,304.2 ($ in Millions) December 31, 2016 Debt Instrument Annual Effective Interest Rate Total Principal Amount Debt Issuance Costs Undiscounted Interest/(Unamortized Discounts) Total Debt Senior Secured Notes $540 Million 8.25% 2020 First Lien Notes 9.97% $ 540.0 $ (8.0 ) $ (25.7 ) $ 506.3 $218.5 Million 8.00% 2020 1.5 Lien Notes N/A 218.5 — 65.7 284.2 $544.2 Million 7.75% 2020 Second Lien Notes 15.55% 430.1 (5.8 ) (85.2 ) 339.1 Unsecured Notes $400 Million 5.90% 2020 Senior Notes 5.98% 225.6 (0.6 ) (0.5 ) 224.5 $500 Million 4.80% 2020 Senior Notes 4.83% 236.8 (0.7 ) (0.2 ) 235.9 $700 Million 4.875% 2021 Senior Notes 4.89% 309.4 (1.0 ) (0.2 ) 308.2 $800 Million 6.25% 2040 Senior Notes 6.34% 298.4 (2.5 ) (3.4 ) 292.5 ABL Facility N/A 550.0 N/A N/A — Fair Value Adjustment to Interest Rate Hedge 1.9 Long-term debt $ 2,192.6 Less current portion 17.5 Long-term debt $ 2,175.1 | |
Interest Payable [Table Text Block] | The following represents a summary of our unsecured senior notes' maturity and interest payable due dates: Debt Instrument Maturity Interest Payable (until maturity) $400 Million 5.90% 2020 Senior Notes March 15, 2020 March 15 and September 15 $500 Million 4.80% 2020 Senior Notes October 1, 2020 April 1 and October 1 $700 Million 4.875% 2021 Senior Notes April 1, 2021 April 1 and October 1 $800 Million 6.25% 2040 Senior Notes October 1, 2040 April 1 and October 1 | |
Schedule of Extinguishment of Debt [Table Text Block] | The following is a summary of the debt extinguished during the year ended December 31, 2017 and the respective gain (loss) on extinguishment for the year ended December 31, 2017 : (In Millions) Year Ended Debt Extinguished Gain (Loss) on Extinguishment 1 Secured Notes $540 Million 8.25% 2020 First Lien Notes $ 540.0 $ (93.5 ) $218.5 Million 8.00% 2020 1.5 Lien Notes 218.5 45.1 $544.2 Million 7.75% 2020 Second Lien Notes 430.1 (104.5 ) Unsecured Notes $400 Million 5.90% 2020 Senior Notes 136.7 (7.8 ) $500 Million 4.80% 2020 Senior Notes 114.4 (1.9 ) $700 Million 4.875% 2021 Senior Notes 171.0 (2.8 ) $ 1,610.7 $ (165.4 ) 1 T his includes premiums paid related to the redemption of our notes of $110.0 million. | |
$218.5 1.5 Lien Notes Exchange [Table Text Block] | The following is a summary of the debt exchanged for our $218.5 million 8.00% 2020 1.5 Lien Notes: ($ In Millions) Debt Extinguished 1.5 Lien Amount Issued Carrying Value 1 Gain on Restructuring 2 $544.2 Million 7.75% 2020 Second Lien Notes $ 114.1 $ 57.0 $ 77.5 $ 6.9 $500 Million 3.95% 2018 Senior Notes 17.6 11.4 15.5 1.8 $400 Million 5.90% 2020 Senior Notes 65.1 26.0 35.4 28.3 $500 Million 4.80% 2020 Senior Notes 44.7 17.9 24.4 19.5 $700 Million 4.875% 2021 Senior Notes 76.3 30.5 41.5 33.3 $800 Million 6.25% 2040 Senior Notes 194.4 75.7 103.0 84.5 $ 512.2 $ 218.5 $ 297.3 $ 174.3 1 Includes undiscounted interest payments 2 Net of amounts expensed for unamortized original issue discount and deferred origination fees | |
Schedule of Maturities of Long-term Debt [Table Text Block] | 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, 2017 : (In Millions) Maturities of Debt 2018 $ — 2019 — 2020 211.3 2021 138.4 2022 — 2023 and thereafter 2,089.7 Total maturities of debt $ 2,439.4 |
FAIR VALUE OF FINANCIAL INSTR39
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following represents the assets and liabilities of the Company measured at fair value at December 31, 2017 and 2016 : (In Millions) December 31, 2017 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 $ 66.3 $ 550.6 $ — $ 616.9 Derivative assets — — 39.4 39.4 Total $ 66.3 $ 550.6 $ 39.4 $ 656.3 Liabilities: Derivative liabilities $ — $ 0.3 $ 2.4 $ 2.7 Total $ — $ 0.3 $ 2.4 $ 2.7 (In Millions) December 31, 2016 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 $ 177.0 $ — $ — $ 177.0 Derivative assets — 1.5 31.6 33.1 Total $ 177.0 $ 1.5 $ 31.6 $ 210.1 Liabilities: Derivative liabilities $ — $ — $ 0.5 $ 0.5 Total $ — $ — $ 0.5 $ 0.5 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
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 December 31, 2017 Balance Sheet Location Valuation Technique Unobservable Input Range or Point Estimate (Weighted Average) Customer Supply Agreement $ 37.9 Derivative assets Market Approach Management's Estimate of Market Hot-Rolled Coil Steel per net ton $655 Provisional Pricing Arrangements $ 1.5 Derivative assets Market Approach Management's Estimate of Platts 62% Price per dry metric ton $72 - $74 ($72) Provisional Pricing Arrangements $ 2.4 Other current liabilities Market Approach Management's Estimate of Platts 62% Price per dry metric ton $72 - $74 ($72) |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation | (In Millions) Derivative Assets (Level 3) Derivative Liabilities (Level 3) Year Ended Year Ended 2017 2016 2017 2016 Beginning balance - January 1 $ 31.6 $ 7.8 $ (0.5 ) $ (3.4 ) Total gains (losses) Included in earnings 195.8 103.8 (91.1 ) (14.1 ) Settlements (188.0 ) (80.0 ) 89.2 17.0 Ending balance - December 31 $ 39.4 $ 31.6 $ (2.4 ) $ (0.5 ) 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 $ 39.4 $ 23.7 $ (2.4 ) $ (0.5 ) |
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, 2017 and 2016 is as follows: (In Millions) December 31, 2017 December 31, 2016 Classification Carrying Value Fair Value Carrying Value Fair Value Long-term debt: Secured Notes $400 Million 4.875% 2024 Senior Notes Level 1 $ 390.3 $ 398.0 $ — $ — $540 Million 8.25% 2020 First Lien Notes Level 1 — — 506.3 595.0 $218.5 Million 8.00% 2020 1.5 Lien Notes Level 2 — — 284.2 229.5 $544.2 Million 7.75% 2020 Second Lien Notes Level 1 — — 339.1 439.7 Unsecured Notes $400 Million 5.90% 2020 Senior Notes Level 1 88.6 88.0 224.5 219.6 $500 Million 4.80% 2020 Senior Notes Level 1 122.0 118.8 235.9 221.1 $700 Million 4.875% 2021 Senior Notes Level 1 138.0 130.8 308.2 283.1 $316.25 Million 1.50% 2025 Convertible Senior Notes Level 1 224.1 352.9 — — $1.075 Billion 5.75% 2025 Senior Notes Level 1 1,047.2 1,029.3 — — $800 Million 6.25% 2040 Senior Notes Level 1 292.6 227.1 292.5 234.7 ABL Facility Level 2 — — — — Fair Value Adjustment to Interest Rate Hedge Level 2 1.4 1.4 1.9 1.9 Total long-term debt $ 2,304.2 $ 2,346.3 $ 2,192.6 $ 2,224.6 |
PENSIONS AND OTHER POSTRETIRE40
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Retirement And Defined Compensation Plans Disclosures [Table Text Block] | The following table summarizes the annual expense (income) recognized related to the retirement plans for 2017 , 2016 and 2015 : (In Millions) 2017 2016 2015 Defined benefit pension plans $ 18.0 $ 16.5 $ 23.9 Defined contribution pension plans 2.9 2.8 3.6 Other postretirement benefits (6.1 ) (4.0 ) 4.4 Total $ 14.8 $ 15.3 $ 31.9 |
Obligations and Funded Status | The following tables and information provide additional disclosures for the years ending December 31, 2017 and 2016 : (In Millions) Pension Benefits Other Benefits Change in benefit obligations: 2017 2016 2017 2016 Benefit obligations — beginning of year $ 931.6 $ 910.8 $ 264.6 $ 266.0 Service cost (excluding expenses) 17.1 17.6 1.8 1.7 Interest cost 30.5 30.3 8.3 9.1 Plan amendments — 5.7 — 9.8 Actuarial (gain) loss 54.6 38.1 7.4 (7.2 ) Benefits paid (60.7 ) (70.9 ) (21.4 ) (21.3 ) Participant contributions — — 4.6 6.0 Federal subsidy on benefits paid — — 0.6 0.5 Benefit obligations — end of year $ 973.1 $ 931.6 $ 265.9 $ 264.6 Change in plan assets: Fair value of plan assets — beginning of year $ 685.8 $ 700.6 $ 253.0 $ 250.6 Actual return on plan assets 100.2 54.8 24.2 16.0 Participant contributions — — 0.3 0.5 Employer contributions 24.4 1.2 1.7 1.7 Asset transfers 0.1 0.1 — — Benefits paid (60.7 ) (70.9 ) (16.7 ) (15.8 ) Fair value of plan assets — end of year $ 749.8 $ 685.8 $ 262.5 $ 253.0 Funded status at December 31: Fair value of plan assets $ 749.8 $ 685.8 $ 262.5 $ 253.0 Benefit obligations (973.1 ) (931.6 ) (265.9 ) (264.6 ) Amount recognized at December 31 $ (223.3 ) $ (245.8 ) $ (3.4 ) $ (11.6 ) Amounts recognized in Statements of Financial Position: Noncurrent assets $ — $ — $ 35.4 $ 27.3 Current liabilities (0.5 ) (0.1 ) (3.9 ) (4.1 ) Noncurrent liabilities (222.8 ) (245.7 ) (34.9 ) (34.8 ) Total amount recognized $ (223.3 ) $ (245.8 ) $ (3.4 ) $ (11.6 ) Amounts recognized in accumulated other comprehensive loss: Net actuarial loss $ 318.7 $ 315.9 $ 88.3 $ 87.0 Prior service cost (credit) 8.8 11.0 (25.6 ) (26.9 ) Net amount recognized $ 327.5 $ 326.9 $ 62.7 $ 60.1 The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2018: Net actuarial loss $ 21.1 $ 4.9 Prior service cost (credit) 2.2 (3.0 ) Net amount recognized $ 23.3 $ 1.9 |
Fair Value Of Plan Assets, Benefit Obligation And Funded Status | (In Millions) 2017 Pension Plans Other Benefits Salaried Hourly Mining SERP Total Salaried Hourly Total Fair value of plan assets $ 269.4 $ 473.0 $ 7.4 $ — $ 749.8 $ — $ 262.5 $ 262.5 Benefit obligation (368.0 ) (590.0 ) (10.3 ) (4.8 ) (973.1 ) (37.7 ) (228.2 ) (265.9 ) Funded status $ (98.6 ) $ (117.0 ) $ (2.9 ) $ (4.8 ) $ (223.3 ) $ (37.7 ) $ 34.3 $ (3.4 ) 2016 Pension Plans Other Benefits Salaried Hourly Mining SERP Total Salaried Hourly Total Fair value of plan assets $ 242.9 $ 436.9 $ 6.0 $ — $ 685.8 $ — $ 253.0 $ 253.0 Benefit obligation (351.9 ) (565.6 ) (10.0 ) (4.1 ) (931.6 ) (37.6 ) (227.0 ) (264.6 ) Funded status $ (109.0 ) $ (128.7 ) $ (4.0 ) $ (4.1 ) $ (245.8 ) $ (37.6 ) $ 26.0 $ (11.6 ) |
Components Of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost (In Millions) Pension Benefits Other Benefits 2017 2016 2015 2017 2016 2015 Service cost $ 17.1 $ 17.6 $ 22.7 $ 1.8 $ 1.7 $ 6.4 Interest cost 30.5 30.3 37.7 8.3 9.1 13.4 Expected return on plan assets (54.5 ) (54.7 ) (59.8 ) (17.7 ) (17.1 ) (18.3 ) Amortization: Prior service costs (credits) 2.6 2.2 2.3 (3.0 ) (3.7 ) (3.7 ) Net actuarial loss 22.3 21.1 20.8 4.5 6.0 6.6 Curtailments and settlements — — 0.2 — — — Net periodic benefit cost (credit) $ 18.0 $ 16.5 $ 23.9 $ (6.1 ) $ (4.0 ) $ 4.4 Curtailment effects — — (1.2 ) — — — Current year actuarial loss (gain) 9.3 37.8 (0.7 ) 1.2 (8.1 ) 0.2 Amortization of net loss (22.3 ) (21.1 ) (21.0 ) (4.5 ) (6.0 ) (6.6 ) Current year prior service cost — 5.7 — — 9.8 — Amortization of prior service credit (cost) (2.6 ) (2.2 ) (2.3 ) 3.0 3.7 3.7 Total recognized in other comprehensive income (loss) $ (15.6 ) $ 20.2 $ (25.2 ) $ (0.3 ) $ (0.6 ) $ (2.7 ) Total recognized in net periodic cost and other comprehensive income (loss) $ 2.4 $ 36.7 $ (1.3 ) $ (6.4 ) $ (4.6 ) $ 1.7 |
Additional Information | |
Weighted-Average Assumptions Used to Determine Benefit Obligations | Weighted-average assumptions used to determine benefit obligations at December 31 were: Pension Benefits Other Benefits 2017 2016 2017 2016 Discount rate Iron Hourly Pension Plan 3.60 % 4.02 % N/A % N/A % Salaried Pension Plan 3.52 3.92 N/A N/A Ore Mining Pension Plan 3.61 4.04 N/A N/A SERP 3.50 3.90 N/A N/A Hourly OPEB Plan N/A N/A 3.60 4.02 Salaried OPEB Plan N/A N/A 3.57 3.99 Salaried rate of compensation increase 3.00 3.00 3.00 3.00 Hourly rate of compensation increase 2.00 2.00 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 2017 , 2016 and 2015 were: Pension Benefits Other Benefits 2017 2016 2015 2017 2016 2015 Obligation Discount Rate Iron Hourly Pension Plan 4.02 % 4.27 % 3.83 % N/A % N/A % N/A % Salaried Pension Plan 3.91 4.13 3.83 N/A N/A N/A Ore Mining Pension Plan 4.04 4.28 3.83 N/A N/A N/A SERP 3.90 4.01 3.83 N/A N/A N/A Hourly OPEB Plan N/A N/A N/A 4.03 4.32 3.83 Salaried OPEB Plan N/A N/A N/A 3.98 4.22 3.83 Service Cost Discount Rate Iron Hourly Pension Plan 4.30 4.66 3.83 N/A N/A N/A Salaried Pension Plan 3.93 4.14 3.83 N/A N/A N/A Ore Mining Pension Plan 4.27 4.60 3.83 N/A N/A N/A SERP 3.69 3.87 3.83 N/A N/A N/A Hourly OPEB Plan N/A N/A N/A 4.23 4.56 3.83 Salaried OPEB Plan N/A N/A N/A 4.30 4.63 3.83 Interest Cost Discount Rate Iron Hourly Pension Plan 3.38 3.46 3.83 N/A N/A N/A Salaried Pension Plan 3.21 3.21 3.83 N/A N/A N/A Ore Mining Pension Plan 3.41 3.48 3.83 N/A N/A N/A SERP 3.36 3.30 3.83 N/A N/A N/A Hourly OPEB Plan N/A N/A N/A 3.24 3.48 3.83 Salaried OPEB Plan N/A N/A N/A 3.28 3.31 3.83 Expected return on plan assets 8.25 8.25 8.25 7.00 7.00 7.00 Salaried rate of compensation increase 3.00 3.00 3.00 3.00 3.00 3.00 Hourly rate of compensation increase 2.00 2.00 2.50 N/A N/A N/A |
Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates at December 31 were: 2017 2016 Health care cost trend rate assumed for next year 7.00 % 6.50 % Ultimate health care cost trend rate 5.00 5.00 Year that the ultimate rate is reached 2026 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 $ 1.0 $ (0.8 ) Effect on postretirement benefit obligation 21.2 (17.6 ) |
Plan Assets and Asset Allocation | The following table reflects the actual asset allocations for pension and VEBA plan assets as of December 31, 2017 and 2016 , as well as the 2018 weighted average target asset allocations. 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 2018 Target Allocation Percentage of Plan Assets at December 31, 2018 Target Allocation Percentage of Plan Assets at December 31, 2017 2016 2017 2016 Equity securities 45.0 % 43.6 % 43.2 % 8.0 % 8.7 % 8.4 % Fixed income 28.0 % 27.0 % 26.4 % 80.0 % 77.7 % 78.3 % Hedge funds 5.0 % 5.0 % 5.9 % 4.0 % 4.4 % 4.4 % Private equity 7.0 % 5.3 % 5.3 % 3.0 % 1.5 % 1.7 % Structured credit 7.5 % 9.7 % 9.3 % 2.0 % 3.0 % 2.7 % Real estate 7.5 % 8.7 % 9.0 % 3.0 % 4.6 % 4.4 % Cash — % 0.7 % 0.9 % — % 0.1 % 0.1 % 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, 2017 and 2016 by asset category are as follows: (In Millions) December 31, 2017 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 $ 130.1 $ — $ — $ 130.1 U.S. small/mid-cap 35.5 — — 35.5 International 160.9 — — 160.9 Fixed income 173.6 28.8 — 202.4 Hedge funds — — 37.4 37.4 Private equity — — 39.8 39.8 Structured credit — — 72.9 72.9 Real estate — — 65.5 65.5 Cash 5.3 — — 5.3 Total $ 505.4 $ 28.8 $ 215.6 $ 749.8 (In Millions) December 31, 2016 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 $ 144.7 $ — $ — $ 144.7 U.S. small/mid-cap 39.9 — — 39.9 International 111.8 — — 111.8 Fixed income 157.5 23.7 — 181.2 Hedge funds — — 40.6 40.6 Private equity — — 36.1 36.1 Structured credit — — 63.8 63.8 Real estate — — 61.9 61.9 Cash 5.8 — — 5.8 Total $ 459.7 $ 23.7 $ 202.4 $ 685.8 |
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, 2017 and 2016 : (In Millions) Year Ended December 31, 2017 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2017 $ 40.6 $ 36.1 $ 63.8 $ 61.9 $ 202.4 Actual return on plan assets: Relating to assets still held at the reporting date 2.5 0.3 9.1 4.2 16.1 Relating to assets sold during the period 0.4 4.5 — (0.1 ) 4.8 Purchases 39.0 4.5 — 14.4 57.9 Sales (45.1 ) (5.6 ) — (14.9 ) (65.6 ) Ending balance — December 31, 2017 $ 37.4 $ 39.8 $ 72.9 $ 65.5 $ 215.6 (In Millions) Year Ended December 31, 2016 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2016 $ 40.7 $ 33.1 $ 62.1 $ 57.5 $ 193.4 Actual return on plan assets: Relating to assets still held at the reporting date (0.1 ) (2.7 ) 10.0 5.1 12.3 Relating to assets sold during — 3.7 (0.3 ) (0.1 ) 3.3 Purchases — 8.0 — — 8.0 Sales — (6.0 ) (8.0 ) (0.6 ) (14.6 ) Ending balance — December 31, 2016 $ 40.6 $ 36.1 $ 63.8 $ 61.9 $ 202.4 VEBA Assets fo |
Schedule Of Annual Contributions | (In Millions) Pension Benefits Other Benefits Company Contributions VEBA Direct Payments Total 2016 $ 1.2 $ — $ 1.1 $ 1.1 2017 24.4 — 2.1 2.1 2018 (Expected) 1 27.8 — 4.0 4.0 1 Pursuant to the bargaining agreement, benefits can be paid from VEBA trusts that are at least 70% funded (all VEBA trusts are over 70% funded at December 31, 2017). 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% of their obligation. |
Estimated Net Periodic Benefit Cost | Estimated Cost for 2018 For 2018 , we estimate net periodic benefit cost as follows: (In Millions) Defined benefit pension plans $ 12.3 Other postretirement benefits (6.2 ) Total $ 6.1 |
Estimated Future Benefit Payments | Estimated Future Benefit Payments (In Millions) Pension Benefits Other Benefits Gross Company Benefits Less Medicare Subsidy Net Benefit Payments 2018 $ 69.6 $ 18.9 $ (0.7 ) $ 18.2 2019 66.7 18.0 (0.8 ) 17.2 2020 66.0 17.4 (0.9 ) 16.5 2021 65.1 16.9 (1.0 ) 15.9 2022 65.2 16.7 (1.1 ) 15.6 2023-2027 310.5 81.5 (6.6 ) 74.9 |
Veba Trust [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | The fair value of our other benefit plan assets at December 31, 2017 and 2016 by asset category are as follows: (In Millions) December 31, 2017 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 $ 11.4 $ — $ — $ 11.4 U.S. small/mid-cap 2.8 — — 2.8 International 8.8 — — 8.8 Fixed income 164.1 40.0 — 204.1 Hedge funds — — 11.4 11.4 Private equity — — 3.9 3.9 Structured credit — — 7.9 7.9 Real estate — — 12.0 12.0 Cash 0.2 — — 0.2 Total $ 187.3 $ 40.0 $ 35.2 $ 262.5 (In Millions) December 31, 2016 Asset Category Quoted Prices in Active Significant Other Significant Total Equity securities: U.S. large-cap $ 10.6 $ — $ — $ 10.6 U.S. small/mid-cap 2.7 — — 2.7 International 8.1 — — 8.1 Fixed income 162.0 35.9 — 197.9 Hedge funds — — 11.2 11.2 Private equity — — 4.3 4.3 Structured credit — — 6.9 6.9 Real estate — — 11.1 11.1 Cash 0.2 — — 0.2 Total $ 183.6 $ 35.9 $ 33.5 $ 253.0 |
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, 2017 and 2016 : (In Millions) Year Ended December 31, 2017 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2017 $ 11.2 $ 4.3 $ 6.9 $ 11.1 $ 33.5 Actual return on plan assets: Relating to assets still held at the reporting date 0.8 0.9 2.0 3.4 7.1 Relating to assets sold during the period — (0.4 ) (1.0 ) (2.5 ) (3.9 ) Purchases 17.1 1.8 2.1 3.0 24.0 Sales (17.7 ) (2.7 ) (2.1 ) (3.0 ) (25.5 ) Ending balance — December 31, 2017 $ 11.4 $ 3.9 $ 7.9 $ 12.0 $ 35.2 (In Millions) Year Ended December 31, 2016 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2016 $ 11.2 $ 5.5 $ 5.8 $ 10.0 $ 32.5 Actual return on plan assets: Relating to assets still held at the reporting date — (0.3 ) 1.1 1.1 1.9 Relating to assets sold during the period — 0.1 — — 0.1 Purchases — — — — — Sales — (1.0 ) — — (1.0 ) Ending balance — December 31, 2016 $ 11.2 $ 4.3 $ 6.9 $ 11.1 $ 33.5 Contributions |
STOCK COMPENSATION PLANS (Table
STOCK COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Approved Grants Equity Plans [Table Text Block] | Following is a summary of approved grants by the Compensation Committee : Grant Year Vesting Date Plan Restricted Stock Granted Performance Shares Granted Stock Options Granted 2017 12/31/2019 Amended 2015 Equity Plan 532,358 249,106 — 2017 12/31/2019 2015 Equity Plan 553,725 553,725 — 2016 12/31/2018 2015 Equity Plan 3,406,716 — — 2015 12/15/2017 2015 Equity Plan 1,473,184 — — 2015 12/31/2017 2012 Equity Plan 874,575 874,575 412,710 |
Stock Incentive Plans Disclosure [Table Text Block] | Following is a summary of our performance share award agreements currently outstanding : Performance Performance Shares Granted Forfeitures to Date Expected to Vest Grant Date Performance Period 2017 249,106 — 249,106 June 26, 2017 5/31/2017 - 12/31/2019 2017 553,725 5,192 548,533 February 21, 2017 1/1/2017 - 12/31/2019 2015 1 410,105 155,235 254,870 February 9, 2015 1/1/2015 - 12/31/2017 2015 1 464,470 68,667 395,803 January 12, 2015 1/1/2015 - 12/31/2017 1 The performance shares granted in 2015 will have a payout of 75.3% of the original grant based on the final performance evaluation versus the performance goals that were established in the grants. |
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 Restricted Equity Grant Shares Deferred Equity Grant Shares 2015 109,408 25,248 2016 135,038 29,583 2017 93,359 17,289 |
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 2017 , 2016 and 2015 : (In Millions, except per share amounts) 2017 2016 2015 Cost of goods sold and operating expenses $ 2.3 $ 2.1 $ 4.0 Selling, general and administrative expenses 16.4 12.1 9.9 Reduction of operating income from continuing operations before income taxes and equity loss from ventures 18.7 14.2 13.9 Income tax benefit 1 — — — Reduction of net income attributable to Cliffs shareholders $ 18.7 $ 14.2 $ 13.9 Reduction of earnings per share attributable to Cliffs shareholders: Basic $ 0.06 $ 0.07 $ 0.09 Diluted $ 0.06 $ 0.07 $ 0.09 1 No income tax benefit due to the full valuation allowance. |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Stock option, restricted stock awards and performance share activity under our long-term equity plans and Directors’ Plans are as follows: 2017 2016 2015 Shares Shares Shares Stock options: Outstanding at beginning of year 599,870 607,489 250,000 Granted during the year — — 412,710 Forfeited/canceled — (7,619 ) (55,221 ) Outstanding at end of year 599,870 599,870 607,489 Restricted awards: Outstanding and restricted at beginning of year 5,461,783 2,338,070 523,176 Granted during the year 1,196,731 3,571,337 2,482,415 Vested (1,813,315 ) (271,988 ) (477,157 ) Forfeited/canceled (68,716 ) (175,636 ) (190,364 ) Outstanding and restricted at end of year 4,776,483 5,461,783 2,338,070 Performance shares: Outstanding at beginning of year 1,368,469 1,496,489 1,072,376 Granted during the year 802,831 — 874,575 Issued 1 — (59,260 ) (242,920 ) Forfeited/canceled (322,988 ) (68,760 ) (207,542 ) Outstanding at end of year 1,848,312 1,368,469 1,496,489 Vested or expected to vest as of December 31, 2017 2 7,224,665 Directors’ retainer and voluntary shares: Outstanding at beginning of year — — — Granted during the year 25,476 — — Vested (25,476 ) — — Outstanding at end of year — — — Reserved for future grants or awards at end of year: Employee plans 16,606,386 Directors’ plans 612,266 Total 17,218,652 1 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. 2 With the adoption of ASU 2016-09, we assume all shares are expected to vest and none will forfeit. |
Employee Stock Awards Outstanding [Table Text Block] | A summary of our outstanding share-based awards as of December 31, 2017 is shown below: Shares Weighted Average Grant Date Fair Value Outstanding, beginning of year 7,430,122 $ 5.55 Granted 1,999,562 $ 12.19 Vested (1,813,315 ) $ 5.52 Forfeited/expired (391,704 ) $ 12.84 Outstanding, end of year 7,224,665 $ 6.79 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income from continuing operations before income taxes and equity loss from ventures includes the following components: (In Millions) 2017 2016 2015 United States $ 90.7 $ 124.9 $ 314.2 Foreign 38.7 82.1 (1.1 ) $ 129.4 $ 207.0 $ 313.1 |
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) 2017 2016 2015 Current provision (benefit): United States federal $ (252.6 ) $ (11.1 ) $ 8.2 United States state & local (0.1 ) (0.5 ) 0.3 Foreign 0.3 (0.1 ) 0.9 (252.4 ) (11.7 ) 9.4 Deferred provision (benefit): United States federal — (0.5 ) 165.8 Foreign — — (5.9 ) — (0.5 ) 159.9 Total provision (benefit) on income from continuing operations $ (252.4 ) $ (12.2 ) $ 169.3 |
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) 2017 2016 2015 Tax at U.S. statutory rate of 35% $ 45.3 35.0 % $ 72.5 35.0 % $ 109.6 35.0 % Increase (decrease) due to: Impact of tax law change - remeasurement of deferred taxes 407.5 314.8 149.1 72.0 — — Prior year adjustments in current year (1.1 ) (0.8 ) (11.8 ) (5.7 ) 5.9 1.9 Valuation allowance build (reversal) Tax law change - remeasurement of deferred taxes (407.5 ) (314.8 ) (149.1 ) (72.0 ) — — Current year activity (471.7 ) (364.4 ) 93.9 45.4 (104.6 ) (33.4 ) Repeal of AMT (235.3 ) (181.7 ) — — — — Prior year adjustments in current year (3.0 ) (2.4 ) 6.5 3.1 165.8 52.9 Tax uncertainties (1.4 ) (1.1 ) (11.3 ) (5.5 ) 84.1 26.9 Worthless stock deduction — — (73.4 ) (35.5 ) — — Impact of foreign operations 475.4 367.2 (42.7 ) (20.6 ) (53.9 ) (17.2 ) Percentage depletion in excess of cost depletion (61.6 ) (47.6 ) (36.1 ) (17.4 ) (34.9 ) (11.1 ) Non-taxable loss (income) related to noncontrolling interests 1.3 1.0 (8.8 ) (4.2 ) (3.0 ) (1.0 ) State taxes, net (0.1 ) — 0.4 0.2 0.2 0.1 Other items, net (0.2 ) (0.2 ) (1.4 ) (0.7 ) 0.1 — Provision for income tax (benefit) expense and effective income tax rate including discrete items $ (252.4 ) (195.0 )% $ (12.2 ) (5.9 )% $ 169.3 54.1 % |
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) 2017 2016 2015 Other comprehensive (income) loss: Postretirement benefit liability $ — $ — $ 5.9 Mark-to-market adjustments — — 0.3 Other — 0.5 — Total $ — $ 0.5 $ 6.2 Discontinued Operations $ — $ — $ (6.0 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of our deferred tax assets and liabilities as of December 31, 2017 and 2016 are as follows: (In Millions) 2017 2016 Deferred tax assets: Pensions $ 76.3 $ 114.6 Postretirement benefits other than pensions 25.6 35.2 Alternative minimum tax credit carryforwards — 251.2 Deferred income 24.2 44.5 Intangible assets 12.2 — Financial instruments — 71.3 Asset retirement obligations 9.9 22.3 Operating loss carryforwards 2,368.1 2,699.7 Property, plant and equipment and mineral rights 188.2 181.2 State and local 74.2 59.2 Lease liabilities 9.6 12.9 Other liabilities 100.4 108.3 Total deferred tax assets before valuation allowance 2,888.7 3,600.4 Deferred tax asset valuation allowance (2,238.5 ) (3,334.8 ) Net deferred tax assets 650.2 265.6 Deferred tax liabilities: Property, plant and equipment and mineral rights (1.5 ) (34.0 ) Investment in ventures (137.5 ) (203.1 ) Intangible assets — (1.0 ) Product inventories (3.8 ) (3.4 ) Intercompany notes (465.7 ) — Other assets (41.7 ) (24.1 ) Total deferred tax liabilities (650.2 ) (265.6 ) Net deferred tax assets (liabilities) $ — $ — |
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) 2017 2016 2015 Unrecognized tax benefits balance as of January 1 $ 30.7 $ 156.2 $ 72.6 Increase (decrease) for tax positions in prior years (2.8 ) (61.0 ) 6.7 Increase for tax positions in current year 4.5 0.2 78.5 Decrease due to foreign exchange — — — Settlements 1.0 (64.7 ) (1.1 ) Lapses in statutes of limitations — — (0.5 ) Other 0.1 — — Unrecognized tax benefits balance as of December 31 $ 33.5 $ 30.7 $ 156.2 |
LEASE OBLIGATIONS (Tables)
LEASE OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 are as follows: (In Millions) Capital Leases Operating Leases 2018 $ 20.8 $ 4.9 2019 12.1 1.8 2020 11.1 1.8 2021 10.5 1.8 2022 2.1 1.8 2023 and thereafter — 7.5 Total minimum lease payments $ 56.6 $ 19.6 Amounts representing interest 8.8 Present value of net minimum lease payments 1 $ 47.8 1 The total is comprised of $16.9 million and $30.9 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Consolidated Financial Position at December 31, 2017. |
ENVIRONMENTAL AND MINE CLOSUR44
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Environmental Loss Contingencies and Asset Retirement Obligations [Table Text Block] | The following is a summary of the obligations as of December 31, 2017 and 2016 : (In Millions) December 31, 2017 2016 Environmental $ 2.9 $ 2.8 Mine closure U.S. Iron Ore 1 168.4 187.8 Asia Pacific Iron Ore 28.8 16.2 Total mine closure 197.2 204.0 Total environmental and mine closure obligations 200.1 206.8 Less current portion 3.6 12.9 Long-term environmental and mine closure obligations $ 196.5 $ 193.9 1 U.S. Iron Ore includes our active operating mines, our indefinitely idled Empire mine and a closed mine formerly operating as LTVSMC. |
Asset Retirement Obligations | The following represents a roll forward of our asset retirement obligation liability for the years ended December 31, 2017 and 2016 : (In Millions) December 31, 2017 2016 Asset retirement obligation at beginning of year $ 204.0 $ 230.4 Accretion expense 14.9 14.0 Remediation payments (5.6 ) (2.2 ) Exchange rate changes 1.5 (0.2 ) Revision in estimated cash flows (17.6 ) (38.0 ) Asset retirement obligation at end of year $ 197.2 $ 204.0 |
GOODWILL AND OTHER INTANGIBLE45
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Finite-Lived Intangible Assets By Major Class | Following is a summary of the definite-lived intangible assets as of December 31, 2017 and 2016 : (In Millions) December 31, 2017 December 31, 2016 Classification Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Permits Other non-current assets $ 78.8 $ (26.5 ) $ 52.3 $ 78.4 $ (24.6 ) $ 53.8 |
DERIVATIVE INSTRUMENTS AND HE46
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 : (In Millions) Derivative Assets Derivative Liabilities December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 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: Commodity Contracts $ — $ — Other current liabilities $ 0.3 $ — Derivatives not designated as hedging instruments under ASC 815: Customer Supply Agreements Derivative assets $ 37.9 Derivative assets $ 21.3 $ — $ — Provisional Pricing Arrangements Derivative assets 1.5 Derivative assets 10.3 Other current liabilities 2.4 Other current liabilities 0.5 Commodity Contracts — Derivative assets 1.5 — — Total derivatives not designated as hedging instruments under ASC 815: $ 39.4 $ 33.1 $ 2.4 $ 0.5 Total derivatives $ 39.4 $ 33.1 $ 2.7 $ 0.5 |
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, 2017 , 2016 and 2015 : (In Millions) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Year Ended 2017 2016 2015 Customer Supply Agreements Product revenues $ 163.3 $ 41.7 $ 27.1 Provisional Pricing Arrangements Product revenues (58.6 ) 49.0 (1.4 ) Foreign Exchange Contracts Other non-operating income (expense) — — (3.6 ) Foreign Exchange Contracts Product revenues — — (12.6 ) Commodity Contracts Cost of goods sold and operating expenses — 1.9 (4.0 ) Total $ 104.7 $ 92.6 $ 5.5 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 Discontinued Operations Statements of Consolidated Operations Gain (Loss) from Discontinued Operations, net of tax YTD $ 2.6 $ (21.3 ) $ — $ (21.3 ) $ (18.7 ) Loss from Discontinued Operations, net of tax YTD $ (2.4 ) $ (17.5 ) $ — $ (17.5 ) $ (19.9 ) Loss from Discontinued Operations, net of tax YTD $ (152.4 ) $ (638.7 ) $ (101.0 ) $ (739.7 ) $ (892.1 ) Statements of Consolidated Financial Position Other current liabilities As of $ 3.2 $ — $ — $ — $ 3.2 Other current liabilities As of $ 6.0 $ — $ — $ — $ 6.0 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 long-lived assets YTD $ 73.4 $ — $ — $ — $ 73.4 |
North American Coal [Member] | |
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | |
Schedule of Disposal Groups, including Discontinued Operations, Income Statement [Table Text Block] | (In Millions) Year Ended Loss from Discontinued Operations 2017 2016 2015 Revenues from product sales and services $ — $ — $ 392.9 Cost of goods sold and operating expenses — — (449.2 ) Sales margin — — (56.3 ) Other operating income (expense) 0.5 (4.5 ) (30.4 ) Gain on sale of coal mines 2.1 2.1 9.3 Other expense — — (1.8 ) Gain (loss) from discontinued operations before income taxes 2.6 (2.4 ) (79.2 ) Impairment of long-lived assets — — (73.4 ) Income tax benefit — — 0.2 Gain (loss) from discontinued operations, net of tax $ 2.6 $ (2.4 ) $ (152.4 ) |
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, 2017 and 2016 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 |
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, Accrued liabilities $ — $ 1.1 Other current liabilities 3.2 4.9 Total liabilities of discontinued operations $ 3.2 $ 6.0 1 At December 31, 2017, we had no contingent liabilities associated with our exit from the coal business recorded on our parent company compared to $2.1 million at December 31, 2016. |
Canadian Entities [Member] | |
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | |
Schedule of Disposal Groups, including Discontinued Operations, Income Statement [Table Text Block] | 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) Year Ended December 31, Loss from Discontinued Operations 2017 2016 2015 Revenues from product sales and services $ — $ — $ 11.3 Cost of goods sold and operating expenses — — (11.1 ) Sales margin — — 0.2 Other operating expense — — (33.8 ) Other expense — — (1.0 ) Loss from discontinued operations before income taxes — — (34.6 ) Loss from deconsolidation (21.3 ) (17.5 ) (710.9 ) Income tax benefit — — 5.8 Loss from discontinued operations, net of tax $ (21.3 ) $ (17.5 ) $ (739.7 ) |
PreTax Exit Costs [Table Text Block] | Canadian Entities loss from deconsolidation totaled $21.3 million and $17.5 million for the year ended December 31, 2017 and 2016, respectively and included the following: (In Millions) Year Ended December 31, Year Ended December 31, Year Ended 2017 2016 2015 Investment impairment on deconsolidation 1 $ 3.0 $ (17.5 ) $ (507.8 ) Guarantees and contingent liabilities (24.3 ) — (203.1 ) Total loss from deconsolidation $ (21.3 ) $ (17.5 ) $ (710.9 ) 1 Includes the adjustment to fair value of our remaining interest in the Canadian Entities. |
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, 2017 and 2016 for the Canadian Entities. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value: (In Millions) December 31, 2017 Description Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains Assets: Loans to and accounts receivables from the Canadian Entities $ — $ — $ 51.6 $ 51.6 $ 3.0 Liabilities: Guarantees and contingent liabilities $ — $ — $ — $ — $ 31.4 (In Millions) December 31, 2016 Description Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses Assets: Loans to and accounts receivables from the Canadian Entities $ — $ — $ 48.6 $ 48.6 $ 17.5 Liabilities: Guarantees and contingent liabilities $ — $ — $ 37.2 $ 37.2 $ — |
ACCUMULATED OTHERCOMPREHENSIVE
ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 , 2016 and 2015: (In Millions) Pre-tax Amount Tax Benefit After-tax Amount As of December 31, 2017: Postretirement benefit liability $ (387.3 ) $ 123.4 $ (263.9 ) Foreign currency translation adjustments 225.4 — 225.4 Unrealized net loss on derivative financial instruments (0.5 ) — (0.5 ) $ (162.4 ) $ 123.4 $ (39.0 ) As of December 31, 2016: Postretirement benefit liability $ (384.0 ) $ 123.4 $ (260.6 ) Foreign currency translation adjustments 239.3 — 239.3 $ (144.7 ) $ 123.4 $ (21.3 ) 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 loss related to Cliffs shareholders’ equity for December 31, 2017 , 2016 and 2015: (In Millions) Postretirement Benefit Liability, net of tax Unrealized Net Gain (Loss) on Foreign Currency Translation Net Unrealized Loss on Derivative Financial Instruments, net of tax Accumulated Other Comprehensive Income (Loss) Balance December 31, 2016 $ (260.6 ) $ 239.3 $ — $ (21.3 ) Other comprehensive loss before reclassifications (29.8 ) (13.9 ) (0.5 ) (44.2 ) Net loss reclassified from accumulated other comprehensive income (loss) 26.5 — — 26.5 Balance December 31, 2017 $ (263.9 ) $ 225.4 $ (0.5 ) $ (39.0 ) (In Millions) Postretirement Benefit Liability, net of tax Unrealized Net Gain (Loss) on Securities, net of tax Unrealized Net Gain on Foreign Currency Translation Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax Accumulated Other Comprehensive Income (Loss) Balance December 31, 2015 $ (241.4 ) $ 0.1 $ 220.7 $ 2.6 $ (18.0 ) Other comprehensive income (loss) before reclassifications (44.8 ) (0.1 ) 18.4 (3.3 ) (29.8 ) Net loss reclassified from accumulated other comprehensive income (loss) 25.6 — 0.2 0.7 26.5 Balance December 31, 2016 $ (260.6 ) $ — $ 239.3 $ — $ (21.3 ) (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 ) |
Details of Accumulated Other Comprehensive Income (Loss) Components [Table Text Block] | The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ equity for the years ended December 31, 2017 , 2016 and 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, 2015 Amortization of Pension and Postretirement Benefit Liability: Prior service costs 1 $ (0.4 ) $ (1.5 ) $ (1.4 ) Net actuarial loss 1 26.9 27.1 27.4 Curtailments/Settlements 1 — — 0.2 Effect of deconsolidation 2 — — 15.1 Loss from Discontinued Operations, net of tax 26.5 25.6 41.3 Total before taxes — — (0.7 ) Income tax benefit (expense) $ 26.5 $ 25.6 $ 40.6 Net of taxes Unrealized loss on marketable securities: Sale of marketable securities $ — $ — $ (2.6 ) Other non-operating income (expense) Impairment — — (2.0 ) Other non-operating income (expense) — — (4.6 ) Total before taxes — — 0.3 Income tax benefit (expense) $ — $ — $ (4.3 ) Net of taxes Unrealized gain on foreign currency translation: Dissolution of entity $ — $ 0.2 $ — Other non-operating income (expense) Effect of deconsolidation 3 — — 182.7 Loss from Discontinued Operations, net of tax $ — $ 0.2 $ 182.7 Net of taxes Unrealized gain on derivative financial instruments: Treasury lock $ — $ 1.2 $ — Gain (loss) on extinguishment/restructuring of debt Australian dollar foreign exchange contracts — — 26.9 Product revenues — 1.2 26.9 Total before taxes — (0.5 ) (8.1 ) Income tax benefit (expense) $ — $ 0.7 $ 18.8 Net of taxes Total Reclassifications for the Period $ 26.5 $ 26.5 $ 237.8 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, 2017 | |
Supplemental Cash Flow Disclosures | A reconciliation of capital additions to cash paid for capital expenditures for the years ended December 31, 2017 , 2016 and 2015 is as follows: (In Millions) Year Ended December 31, 2017 2016 2015 Capital additions 1 $ 156.0 $ 68.5 $ 96.7 Less: Non-cash accruals $ (2.2 ) $ (0.6 ) $ 14.4 Capital leases 6.5 — 1.5 Cash paid for capital expenditures $ 151.7 $ 69.1 $ 80.8 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. Cash payments for interest and income taxes in 2017 , 2016 and 2015 are as follows: (In Millions) 2017 2016 2015 Taxes paid on income $ 1.7 $ 6.0 $ 5.0 Income tax refunds $ (7.8 ) $ (5.4 ) $ (211.4 ) Interest paid on debt obligations 1 $ 139.0 $ 184.0 $ 185.6 1 Includes interest paid on the corporate guarantees of the equipment loans that relate to discontinued operations for the years ended December 31, 2016 and 2015 of $1.4 million and $4.8 million, respectively. |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Summary Of Other Ownership Interests | December 31, 2017 : Mine Cleveland-Cliffs Inc. ArcelorMittal U.S. Steel 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 2017 2016 2015 Product revenues from related parties $ 806.7 $ 830.1 $ 671.1 Total product revenues 2,089.2 1,913.5 1,832.4 Related party product revenue as a percent of total product revenue 38.6 % 43.4 % 36.6 % |
Summary of Balance Sheet Presentation [Table Text Block] | The following table presents the classification of related party assets and liabilities in the Statements of Consolidated Financial Position as of December 31, 2017 and 2016 : (In Millions) Balance Sheet Location December 31, 2017 December 31, 2016 Amounts due from related parties Accounts receivable, net $ 68.1 $ 46.9 Customer supply agreements and provisional pricing agreements Derivative assets 37.9 26.8 Amounts due to related parties Partnership distribution payable (44.2 ) (8.7 ) Amounts due to related parties Other current liabilities (12.3 ) — Amounts due to related parties Other liabilities (41.4 ) — Net amounts due from related parties $ 8.1 $ 65.0 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table summarizes the computation of basic and diluted earnings (loss) per share: (In Millions, Except Per Share Amounts) Year Ended 2017 2016 2015 Income from Continuing Operations $ 381.8 $ 219.2 $ 143.7 Loss (Income) from Continuing Operations attributable to 3.9 (25.2 ) (8.6 ) Net Income from Continuing Operations $ 385.7 $ 194.0 $ 135.1 Loss from Discontinued Operations, net of tax (18.7 ) (19.9 ) (884.4 ) NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ 367.0 $ 174.1 $ (749.3 ) PREFERRED STOCK DIVIDENDS — — (38.4 ) NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS $ 367.0 $ 174.1 $ (787.7 ) Weighted Average Number of Shares: Basic 288.4 197.7 153.2 Employee Stock Plans 4.6 2.4 0.4 Diluted 293.0 200.1 153.6 Earnings (Loss) per Common Share Attributable to Continuing operations $ 1.34 $ 0.98 $ 0.63 Discontinued operations (0.06 ) (0.10 ) (5.77 ) $ 1.28 $ 0.88 $ (5.14 ) Earnings (Loss) per Common Share Attributable to Continuing operations $ 1.32 $ 0.97 $ 0.63 Discontinued operations (0.06 ) (0.10 ) (5.76 ) $ 1.26 $ 0.87 $ (5.13 ) The common share equivalents for the $316.25 million 1.50% 2025 Convertible Senior Notes that were issued in the fourth quarter of 2017 were not included in the computation of diluted earnings per common share as we have the ability and intent, both currently and in the future, to settle these in cash. The diluted earnings per share calculation excludes 25.3 million depositary shares that were anti-dilutive for the year ended December 31, 2015. Refer to NOTE 5 - DEBT AND CREDIT FACILITIES for further information. |
QUARTERLY RESULTS OF OPERATIO52
QUARTERLY RESULTS OF OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table 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) 2017 Quarters First Second Third Fourth Year Revenues from product sales and services $ 461.6 $ 569.3 $ 698.4 $ 600.9 $ 2,330.2 Sales margin 95.7 145.1 160.2 100.7 501.7 Income (Loss) from Continuing Operations $ (30.3 ) $ 76.5 $ 20.6 $ 315.0 $ 381.8 Loss from Continuing Operations attributable to Noncontrolling Interest 1.7 1.7 0.5 — 3.9 Net Income (Loss) from Continuing Operations attributable to Cliffs shareholders (28.6 ) 78.2 21.1 315.0 385.7 Income (Loss) from Discontinued Operations, net of tax 0.5 (46.4 ) 32.3 (5.1 ) (18.7 ) NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (28.1 ) $ 31.8 $ 53.4 $ 309.9 $ 367.0 Earnings (Loss) per Common Share Attributable to Continuing Operations $ (0.11 ) $ 0.26 $ 0.07 $ 1.06 $ 1.34 Discontinued Operations — (0.16 ) 0.11 (0.02 ) (0.06 ) $ (0.11 ) $ 0.10 $ 0.18 $ 1.04 $ 1.28 Earnings (Loss) per Common Share Attributable to Continuing Operations $ (0.11 ) $ 0.26 $ 0.07 $ 1.05 $ 1.32 Discontinued Operations — (0.15 ) 0.11 (0.02 ) (0.06 ) $ (0.11 ) $ 0.11 $ 0.18 $ 1.03 $ 1.26 The diluted earnings per share calculation for the first quarter of 2017 excludes equity plan awards of 4.6 million that were anti-dilutive. There was no anti-dilution in the second, third or fourth quarter of 2017. (In Millions, Except Per Share Amounts) 2016 Quarters First Second Third Fourth Year Revenues from product sales and services $ 305.5 $ 496.2 $ 553.3 $ 754.0 $ 2,109.0 Sales margin 30.9 91.5 85.4 181.5 389.3 Income (Loss) from Continuing Operations $ 114.3 $ 29.9 $ (25.1 ) $ 100.1 $ 219.2 Loss (Income) from Continuing Operations attributable to Noncontrolling Interest (8.8 ) (16.7 ) 2.0 (1.7 ) (25.2 ) Net Income (Loss) from Continuing Operations attributable to Cliffs shareholders $ 105.5 $ 13.2 $ (23.1 ) $ 98.4 $ 194.0 Income (Loss) from Discontinued Operations, net of tax 2.5 (0.4 ) (2.7 ) (19.3 ) (19.9 ) NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS $ 108.0 $ 12.8 $ (25.8 ) $ 79.1 $ 174.1 Earnings (Loss) per Common Share Attributable to Continuing Operations $ 0.61 $ 0.07 $ (0.11 ) $ 0.43 $ 0.98 Discontinued Operations 0.01 — (0.01 ) (0.08 ) (0.10 ) $ 0.62 $ 0.07 $ (0.12 ) $ 0.35 $ 0.88 Earnings (Loss) per Common Share Attributable to Continuing Operations $ 0.61 $ 0.07 $ (0.11 ) $ 0.42 $ 0.97 Discontinued Operations 0.01 — (0.01 ) (0.08 ) (0.10 ) $ 0.62 $ 0.07 $ (0.12 ) $ 0.34 $ 0.87 The diluted earnings per share calculation for the third quarter of 2016 excludes equity plan awards of 3.0 million that were anti-dilutive. There was no anti-dilution in the first, second or fourth quarter of 2016. |
SUPPLEMENTARY GUARANTOR INFOR53
SUPPLEMENTARY GUARANTOR INFORMATION (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Schedule of Supplemental Condensed Consolidating Financial Position | Condensed Consolidating Statement of Financial Position As of December 31, 2017 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 948.9 $ 2.1 $ 56.7 $ — $ 1,007.7 Accounts receivable, net 4.5 102.9 33.9 (0.7 ) 140.6 Inventories — 138.4 45.0 — 183.4 Supplies and other inventories — 88.8 5.1 — 93.9 Derivative assets — 37.9 1.5 — 39.4 Loans to and accounts receivables from the Canadian Entities 44.7 6.9 — — 51.6 Other current assets 16.4 7.5 4.1 — 28.0 TOTAL CURRENT ASSETS 1,014.5 384.5 146.3 (0.7 ) 1,544.6 PROPERTY, PLANT AND EQUIPMENT, NET 17.5 959.0 74.5 — 1,051.0 INCOME TAX RECEIVABLE 235.3 — — — 235.3 INVESTMENT IN SUBSIDIARIES 1,024.3 29.9 — (1,054.2 ) — LONG-TERM INTERCOMPANY NOTES — — 242.0 (242.0 ) — OTHER NON-CURRENT ASSETS 7.8 93.0 21.7 — 122.5 TOTAL ASSETS $ 2,299.4 $ 1,466.4 $ 484.5 $ (1,296.9 ) $ 2,953.4 LIABILITIES CURRENT LIABILITIES Accounts payable $ 7.1 $ 89.7 $ 31.6 $ (0.7 ) $ 127.7 Accrued employment costs 13.7 38.9 3.5 — 56.1 State and local taxes payable — 30.0 0.2 — 30.2 Accrued expenses 5.3 13.2 15.2 — 33.7 Accrued interest 31.4 — — — 31.4 Accrued royalties — 7.8 9.5 — 17.3 Contingent claims 55.6 — — — 55.6 Partnership distribution payable — 44.2 — — 44.2 Other current liabilities 2.1 33.5 20.4 — 56.0 TOTAL CURRENT LIABILITIES 115.2 257.3 80.4 (0.7 ) 452.2 POSTEMPLOYMENT BENEFIT LIABILITIES Pensions 59.2 403.6 (240.0 ) — 222.8 Other postretirement benefits 7.2 27.0 0.7 — 34.9 TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES 66.4 430.6 (239.3 ) — 257.7 ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS — 140.6 55.9 — 196.5 LONG-TERM DEBT 2,304.2 — — — 2,304.2 LONG-TERM INTERCOMPANY NOTES 242.0 — — (242.0 ) — OTHER LIABILITIES 15.7 147.2 24.0 — 186.9 TOTAL LIABILITIES 2,743.5 975.7 (79.0 ) (242.7 ) 3,397.5 COMMITMENTS AND CONTINGENCIES EQUITY TOTAL CLIFFS SHAREHOLDERS' DEFICIT (444.1 ) 490.7 563.3 (1,054.2 ) (444.3 ) NONCONTROLLING INTEREST — — 0.2 — 0.2 TOTAL DEFICIT (444.1 ) 490.7 563.5 (1,054.2 ) (444.1 ) TOTAL LIABILITIES AND DEFICIT $ 2,299.4 $ 1,466.4 $ 484.5 $ (1,296.9 ) $ 2,953.4 Condensed Consolidating Statement of Financial Position As of December 31, 2016 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 283.4 $ 2.5 $ 37.5 $ — $ 323.4 Accounts receivable, net 4.5 59.3 65.7 (0.8 ) 128.7 Inventories — 137.0 41.4 — 178.4 Supplies and other inventories — 86.4 5.0 — 91.4 Derivative assets — 31.7 1.4 — 33.1 Loans to and accounts receivables from the Canadian Entities 41.7 6.9 — — 48.6 Other current assets 8.6 8.2 4.2 — 21.0 TOTAL CURRENT ASSETS 338.2 332.0 155.2 (0.8 ) 824.6 PROPERTY, PLANT AND EQUIPMENT, NET 21.4 937.7 25.3 — 984.4 INVESTMENT IN SUBSIDIARIES 882.4 24.6 — (907.0 ) — LONG-TERM INTERCOMPANY NOTES — — 197.0 (197.0 ) — OTHER NON-CURRENT ASSETS 11.0 94.1 9.8 — 114.9 TOTAL ASSETS $ 1,253.0 $ 1,388.4 $ 387.3 $ (1,104.8 ) $ 1,923.9 LIABILITIES CURRENT LIABILITIES Accounts payable $ 1.6 $ 92.6 $ 14.2 $ (0.8 ) $ 107.6 Accrued employment costs 15.6 34.6 5.9 — 56.1 State and local taxes payable — 28.1 0.2 — 28.3 Accrued expenses 7.6 14.4 19.1 — 41.1 Accrued interest 40.2 — — — 40.2 Accrued royalties — 13.0 13.2 — 26.2 Partnership distribution payable — 8.7 — — 8.7 Other current liabilities 23.0 35.3 24.6 — 82.9 TOTAL CURRENT LIABILITIES 88.0 226.7 77.2 (0.8 ) 391.1 POSTEMPLOYMENT BENEFIT LIABILITIES Pensions 56.9 397.4 (208.6 ) — 245.7 Other postretirement benefits 7.6 26.5 0.7 — 34.8 TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES 64.5 423.9 (207.9 ) — 280.5 ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS — 153.9 40.0 — 193.9 LONG-TERM DEBT 2,175.1 — — — 2,175.1 LONG-TERM INTERCOMPANY NOTES 197.0 — — (197.0 ) — OTHER LIABILITIES 58.9 118.8 36.1 — 213.8 TOTAL LIABILITIES 2,583.5 923.3 (54.6 ) (197.8 ) 3,254.4 COMMITMENTS AND CONTINGENCIES EQUITY TOTAL CLIFFS SHAREHOLDERS' DEFICIT (1,330.5 ) 331.5 441.7 (907.0 ) (1,464.3 ) NONCONTROLLING INTEREST — 133.6 0.2 — 133.8 TOTAL DEFICIT (1,330.5 ) 465.1 441.9 (907.0 ) (1,330.5 ) TOTAL LIABILITIES AND DEFICIT $ 1,253.0 $ 1,388.4 $ 387.3 $ (1,104.8 ) $ 1,923.9 | |
Schedule of Supplemental Statements of Condensed Consolidating Operations and Comprehensive Income (Loss) | Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) For the Year Ended December 31, 2017 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated REVENUES FROM PRODUCT SALES AND SERVICES Product $ — $ 1,644.6 $ 444.6 $ — $ 2,089.2 Freight and venture partners' cost reimbursements — 221.4 19.6 — 241.0 — 1,866.0 464.2 — 2,330.2 COST OF GOODS SOLD AND OPERATING EXPENSES — (1,400.6 ) (427.9 ) — (1,828.5 ) SALES MARGIN — 465.4 36.3 — 501.7 OTHER OPERATING INCOME (EXPENSE) Selling, general and administrative expenses (81.4 ) (24.7 ) 0.3 — (105.8 ) Miscellaneous - net (2.2 ) 12.3 17.6 — 27.7 (83.6 ) (12.4 ) 17.9 — (78.1 ) OPERATING INCOME (LOSS) (83.6 ) 453.0 54.2 — 423.6 OTHER INCOME (EXPENSE) Interest expense, net (126.8 ) (1.0 ) (4.2 ) — (132.0 ) Loss on extinguishment/restructuring of debt (165.4 ) — — — (165.4 ) Other non-operating income 0.1 3.1 — — 3.2 (292.1 ) 2.1 (4.2 ) — (294.2 ) INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (375.7 ) 455.1 50.0 — 129.4 INCOME TAX BENEFIT (EXPENSE) 251.4 1.3 (0.3 ) — 252.4 EQUITY IN INCOME OF SUBSIDIARIES 512.6 11.8 — (524.4 ) — INCOME FROM CONTINUING OPERATIONS 388.3 468.2 49.7 (524.4 ) 381.8 LOSS (INCOME) FROM DISCONTINUED OPERATIONS, net of tax (21.3 ) 1.7 0.9 — (18.7 ) NET INCOME 367.0 469.9 50.6 (524.4 ) 363.1 LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST — 3.9 — — 3.9 NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ 367.0 $ 473.8 $ 50.6 $ (524.4 ) $ 367.0 OTHER COMPREHENSIVE INCOME (LOSS) (4.0 ) 12.8 (5.2 ) (7.6 ) (4.0 ) TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ 363.0 $ 486.6 $ 45.4 $ (532.0 ) $ 363.0 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) For the Year Ended December 31, 2016 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated REVENUES FROM PRODUCT SALES AND SERVICES Product $ — $ 1,379.6 $ 533.9 $ — $ 1,913.5 Freight and venture partners' cost reimbursements — 174.9 20.6 — 195.5 — 1,554.5 554.5 — 2,109.0 COST OF GOODS SOLD AND OPERATING EXPENSES — (1,278.8 ) (440.9 ) — (1,719.7 ) SALES MARGIN — 275.7 113.6 — 389.3 OTHER OPERATING INCOME (EXPENSE) Selling, general and administrative expenses (97.9 ) (20.8 ) 0.9 — (117.8 ) Miscellaneous - net (5.6 ) (10.8 ) (14.3 ) — (30.7 ) (103.5 ) (31.6 ) (13.4 ) — (148.5 ) OPERATING INCOME (LOSS) (103.5 ) 244.1 100.2 — 240.8 OTHER INCOME (EXPENSE) Interest expense, net (195.0 ) 0.6 (6.1 ) — (200.5 ) Gain on extinguishment/restructuring of debt 166.3 — — — 166.3 Other non-operating income (expense) (0.5 ) 0.4 0.5 — 0.4 (29.2 ) 1.0 (5.6 ) — (33.8 ) INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (132.7 ) 245.1 94.6 — 207.0 INCOME TAX BENEFIT 4.3 3.0 4.9 — 12.2 EQUITY IN INCOME OF SUBSIDIARIES 319.6 13.7 — (333.3 ) — INCOME FROM CONTINUING OPERATIONS 191.2 261.8 99.5 (333.3 ) 219.2 INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax (17.1 ) 2.6 (5.4 ) — (19.9 ) NET INCOME 174.1 264.4 94.1 (333.3 ) 199.3 INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST — (25.2 ) — — (25.2 ) NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ 174.1 $ 239.2 $ 94.1 $ (333.3 ) $ 174.1 OTHER COMPREHENSIVE INCOME (LOSS) (3.3 ) (20.7 ) 13.8 6.9 (3.3 ) TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ 170.8 $ 218.5 $ 107.9 $ (326.4 ) $ 170.8 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) For the Year Ended December 31, 2015 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated REVENUES FROM PRODUCT SALES AND SERVICES Product $ — $ 1,368.1 $ 464.3 $ — $ 1,832.4 Freight and venture partners' cost reimbursements — 157.3 23.6 — 180.9 — 1,525.4 487.9 — 2,013.3 COST OF GOODS SOLD AND OPERATING EXPENSES — (1,298.3 ) (478.5 ) — (1,776.8 ) SALES MARGIN — 227.1 9.4 — 236.5 OTHER OPERATING INCOME (EXPENSE) Selling, general and administrative expenses (88.5 ) (21.2 ) (0.3 ) — (110.0 ) Miscellaneous - net 7.7 (3.0 ) 20.1 — 24.8 (80.8 ) (24.2 ) 19.8 — (85.2 ) OPERATING INCOME (LOSS) (80.8 ) 202.9 29.2 — 151.3 OTHER INCOME (EXPENSE) Interest expense, net (221.4 ) (0.1 ) (7.0 ) — (228.5 ) Gain on extinguishment/restructuring of debt 392.9 — — — 392.9 Other non-operating income (expense) (114.6 ) 1.2 110.8 — (2.6 ) 56.9 1.1 103.8 — 161.8 INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY LOSS FROM VENTURES (23.9 ) 204.0 133.0 — 313.1 INCOME TAX BENEFIT (EXPENSE) (19.1 ) (176.3 ) 26.1 — (169.3 ) EQUITY IN INCOME (LOSS) OF SUBSIDIARIES (501.2 ) 12.9 — 488.3 — EQUITY LOSS FROM VENTURES, net of tax — — (0.1 ) — (0.1 ) INCOME (LOSS) FROM CONTINUING OPERATIONS (544.2 ) 40.6 159.0 488.3 143.7 INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax (205.1 ) (762.2 ) 75.2 — (892.1 ) NET INCOME (LOSS) (749.3 ) (721.6 ) 234.2 488.3 (748.4 ) LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTEREST — (8.6 ) 7.7 — (0.9 ) NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (749.3 ) $ (730.2 ) $ 241.9 $ 488.3 $ (749.3 ) PREFERRED STOCK DIVIDENDS (38.4 ) — — — (38.4 ) NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS $ (787.7 ) $ (730.2 ) $ 241.9 $ 488.3 $ (787.7 ) OTHER COMPREHENSIVE INCOME 266.2 20.0 176.4 (196.4 ) 266.2 TOTAL COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (521.5 ) $ (710.2 ) $ 418.3 $ 291.9 $ (521.5 ) | |
Schedule of Supplemental Statements of Condensed Consolidating Cash Flows | Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2017 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities $ (166.8 ) $ 430.4 $ 74.5 $ — $ 338.1 INVESTING ACTIVITIES Purchase of property, plant and equipment (3.4 ) (80.6 ) (67.7 ) — (151.7 ) Intercompany investing 225.7 (7.4 ) (45.0 ) (173.3 ) — Other investing activities (7.7 ) 3.4 — — (4.3 ) Net cash provided (used) in investing activities 214.6 (84.6 ) (112.7 ) (173.3 ) (156.0 ) FINANCING ACTIVITIES Net proceeds from issuance of common shares 661.3 — — — 661.3 Proceeds from issuance of debt 1,771.5 — — — 1,771.5 Debt issuance costs (28.6 ) — — — (28.6 ) Repurchase of debt (1,720.7 ) — — — (1,720.7 ) Acquisition of noncontrolling interest (105.0 ) — — — (105.0 ) Distributions of partnership equity — (52.9 ) — — (52.9 ) Intercompany financing 45.0 (288.8 ) 70.5 173.3 — Other financing activities (5.8 ) (4.5 ) (16.4 ) — (26.7 ) Net cash provided (used) by financing activities 617.7 (346.2 ) 54.1 173.3 498.9 EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 3.3 — 3.3 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 665.5 (0.4 ) 19.2 — 684.3 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 283.4 2.5 37.5 — 323.4 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 948.9 $ 2.1 $ 56.7 $ — $ 1,007.7 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities $ (275.7 ) $ 462.9 $ 115.8 $ — $ 303.0 INVESTING ACTIVITIES Purchase of property, plant and equipment (6.2 ) (60.0 ) (2.9 ) — (69.1 ) Intercompany investing 356.6 (3.3 ) (117.0 ) (236.3 ) — Other investing activities 0.4 10.8 — — 11.2 Net cash provided (used) by investing activities 350.8 (52.5 ) (119.9 ) (236.3 ) (57.9 ) FINANCING ACTIVITIES Net proceeds from issuance of common shares 287.4 — — — 287.4 Debt issuance costs (5.2 ) — — — (5.2 ) Borrowings under credit facilities 105.0 — — — 105.0 Repayments under credit facilities (105.0 ) — — — (105.0 ) Repayments on equipment loans (95.6 ) — — — (95.6 ) Repurchase of debt (305.4 ) — — — (305.4 ) Distributions of partnership equity — (59.9 ) — — (59.9 ) Intercompany financing 117.0 (339.9 ) (13.4 ) 236.3 — Other financing activities (0.6 ) (9.9 ) (17.2 ) — (27.7 ) Net cash used by financing activities (2.4 ) (409.7 ) (30.6 ) 236.3 (206.4 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (0.5 ) — (0.5 ) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 72.7 0.7 (35.2 ) — 38.2 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 210.7 1.8 72.7 — 285.2 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 283.4 $ 2.5 $ 37.5 $ — $ 323.4 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities $ 65.6 $ (23.7 ) $ (4.0 ) $ — $ 37.9 INVESTING ACTIVITIES Purchase of property, plant and equipment (6.9 ) (68.2 ) (5.7 ) — (80.8 ) Intercompany investments (205.8 ) (2.9 ) (80.0 ) 288.7 — Other investing activities — (27.6 ) 5.2 — (22.4 ) Net cash used by investing activities (212.7 ) (98.7 ) (80.5 ) 288.7 (103.2 ) FINANCING ACTIVITIES Proceeds from issuance of debt 503.5 — — — 503.5 Debt issuance costs (33.6 ) — — — (33.6 ) Borrowings under credit facilities 296.8 — 13.0 — 309.8 Repayments on credit facilities (296.8 ) — (13.0 ) — (309.8 ) Repayments on equipment loans (43.6 ) — (1.8 ) — (45.4 ) Repurchase of debt (225.9 ) — — — (225.9 ) Distributions of partnership equity — (40.6 ) — — (40.6 ) Preferred stock dividends (51.2 ) — — — (51.2 ) Intercompany financing 80.0 188.5 20.2 (288.7 ) — Other financing activities (5.0 ) (25.0 ) (15.8 ) — (45.8 ) Net cash provided by financing activities 224.2 122.9 2.6 (288.7 ) 61.0 EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (1.4 ) — (1.4 ) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 77.1 0.5 (83.3 ) — (5.7 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 133.6 1.3 156.0 — 290.9 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 210.7 $ 1.8 $ 72.7 $ — $ 285.2 |
BASIS OF PRESENTATION AND SIG54
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) T in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)T | Dec. 31, 2016USD ($)T | Dec. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | |||
LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTEREST (Year Ended December 31, 2016 - No loss related to Discontinued Operations, Year Ended December 31, 2015 - Loss of $7.7 million and Year Ended December 31, 2014 - Loss of $1,113.3 million related to Discontinued Operations) | $ (3,900,000) | $ 25,200,000 | $ 900,000 |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | $ 0 | 0 | 7,700,000 |
Allowance for Doubtful Accounts Receivable | 0 | 0 | |
Provision for Doubtful Accounts | 0 | 0 | (7,100,000) |
Inventory Valuation Reserves | 16,000,000 | 14,000,000 | |
Freight and venture partners' cost reimbursements | $ 241,000,000 | $ 195,500,000 | 180,900,000 |
Trading Day Window Determining Number of Common Shares Issuable on Conversion | 20 | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ (105,000,000) | ||
U.S. Iron Ore [Member] | |||
Related Party Transaction [Line Items] | |||
Quantity Of Finished Goods | T | 1.5 | 1.5 | |
Freight and venture partners' cost reimbursements | $ 221,400,000 | $ 174,800,000 | 157,300,000 |
Asia Pacific [Member] | |||
Related Party Transaction [Line Items] | |||
Freight and venture partners' cost reimbursements | $ 19,600,000 | 20,700,000 | $ 23,600,000 |
Empire [Member] | |||
Related Party Transaction [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Purchase of Noncontrolling Interest | $ 132,700,000 | ||
Increase in Ownership Equity | 21.00% | ||
Stockholders' Equity, Period Increase (Decrease) | $ (12,100,000) | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ (116,700,000) | ||
Tilden [Member] | |||
Related Party Transaction [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Purchase of Noncontrolling Interest | $ 105,000,000 | ||
Increase in Ownership Equity | 15.00% | ||
Stockholders' Equity, Period Increase (Decrease) | $ (89,100,000) | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ (15,900,000) | ||
Bloom Lake [Member] | |||
Related Party Transaction [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 17.00% | ||
Investments in Ventures [Member] | Hibbing [Member] | |||
Related Party Transaction [Line Items] | |||
Ownership interest, equity method investment | 23.00% | ||
Other Noncurrent Liabilities [Member] | Hibbing [Member] | |||
Related Party Transaction [Line Items] | |||
Equity Method Investments | $ (11,000,000) | (8,700,000) | |
Other Noncurrent Liabilities [Member] | Empire [Member] | |||
Related Party Transaction [Line Items] | |||
Noncontrolling Interest Purchase, Installment Amount | 44,200,000 | ||
Other Liabilities [Member] | Empire [Member] | |||
Related Party Transaction [Line Items] | |||
Noncontrolling Interest Purchase, Installment Amount | 44,200,000 | ||
Take or Pay Contracts [Member] | |||
Related Party Transaction [Line Items] | |||
Deferred Revenue | 9,600,000 | 3,400,000 | |
Customer Supplemental Payments [Member] | U.S. Iron Ore [Member] | |||
Related Party Transaction [Line Items] | |||
Deferred Revenue | 64,200,000 | 77,100,000 | |
Deferred Revenue, Current | 12,800,000 | 12,800,000 | |
Deferred Revenue, Noncurrent | 51,400,000 | $ 64,300,000 | |
Minimum [Member] | |||
Related Party Transaction [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 30,000,000 | ||
Maximum [Member] | |||
Related Party Transaction [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 35,000,000 | ||
$316 Million 1.5% 2025 Senior Notes [Domain] | |||
Related Party Transaction [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||
Convertible debt, principal increment | $ 1,000 | ||
$316 Million 1.5% 2025 Senior Notes [Domain] | Minimum [Member] | |||
Related Party Transaction [Line Items] | |||
Convertible debt, conversion price percentage | 1.30 | ||
$316 Million 1.5% 2025 Senior Notes [Domain] | Maximum [Member] | |||
Related Party Transaction [Line Items] | |||
Convertible debt, conversion price percentage | $ 0.98 |
BASIS OF PRESENTATION AND SIG55
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Subsidiaries) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
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 |
Tilden [Member] | |
Related Party Transaction [Line Items] | |
Entity Address, State or Province | Michigan |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
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 | 100.00% |
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 SIG56
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Depreciation Methods and Useful Lives) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | $ 0 | $ 0 | $ 7,700,000 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Freight and venture partners' cost reimbursements | $ 241 | $ 195.5 | $ 180.9 |
U.S. Iron Ore [Member] | |||
Freight and venture partners' cost reimbursements | 221.4 | 174.8 | 157.3 |
U.S. Iron Ore [Member] | Freight Revenue [Member] | |||
Freight and venture partners' cost reimbursements | 166.7 | 106.8 | 105.3 |
U.S. Iron Ore [Member] | Co-venturer [Member] | |||
Freight and venture partners' cost reimbursements | $ 54.7 | $ 68 | $ 52 |
BASIS OF PRESENTATION AND SIG58
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Transaction Gains (Losses) Resulting from Remeasurement) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Foreign Currency Transaction Gain (Loss), before Tax | $ (2.7) | $ 0.8 | $ 3.3 |
Transaction Gains and Losses Resulting from Remeasurement [Member] | |||
Foreign Currency Transaction Gain (Loss), before Tax | 11.4 | (16.8) | 16.3 |
Cash and Cash Equivalents [Member] | |||
Foreign Currency Transaction Gain (Loss), before Tax | (2.5) | (1) | 1.5 |
Intercompany loan [Member] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ 16.6 | $ (16.6) | $ 11.5 |
BASIS OF PRESENTATION AND SIG59
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Adoption of New Accounting Standard) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
COST OF GOODS SOLD AND OPERATING EXPENSES | $ (1,828.5) | $ (1,719.7) | $ (1,776.8) |
Selling, general and administrative expenses | (105.8) | (117.8) | (110) |
Miscellaneous - net | 27.7 | (30.7) | 24.8 |
OPERATING INCOME (LOSS) | 423.6 | 240.8 | 151.3 |
Other non-operating income (expense) | 3.2 | 0.4 | (2.6) |
Net income (loss) | 363.1 | $ 199.3 | $ (748.4) |
Estimated Adjustment [Member] | |||
COST OF GOODS SOLD AND OPERATING EXPENSES | 2.4 | ||
Selling, general and administrative expenses | (7.7) | ||
Miscellaneous - net | (1.7) | ||
OPERATING INCOME (LOSS) | (7) | ||
Other non-operating income (expense) | 7 | ||
Net income (loss) | 0 | ||
Estimated post adjustment [Member] | |||
COST OF GOODS SOLD AND OPERATING EXPENSES | (1,826.1) | ||
Selling, general and administrative expenses | (113.5) | ||
Miscellaneous - net | 26 | ||
OPERATING INCOME (LOSS) | 416.6 | ||
Other non-operating income (expense) | 10.2 | ||
Net income (loss) | $ 363.1 |
SEGMENT REPORTING (Narrative) (
SEGMENT REPORTING (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)customer | Dec. 31, 2016USD ($)customer | Dec. 31, 2015USD ($)customer | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 600.9 | $ 698.4 | $ 569.3 | $ 461.6 | $ 754 | $ 553.3 | $ 496.2 | $ 305.5 | $ 2,330.2 | $ 2,109 | $ 2,013.3 |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Customers | customer | 2 | 2 | 3 | ||||||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | ||||||||
Revenues | $ 1,300 | $ 1,100 | $ 1,300 |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues from product sales and services | $ 600.9 | $ 698.4 | $ 569.3 | $ 461.6 | $ 754 | $ 553.3 | $ 496.2 | $ 305.5 | $ 2,330.2 | $ 2,109 | $ 2,013.3 |
Revenues from producet sales and services, percent | 100.00% | 100.00% | 100.00% | ||||||||
SALES MARGIN | $ 100.7 | $ 160.2 | $ 145.1 | $ 95.7 | $ 181.5 | $ 85.4 | $ 91.5 | 30.9 | $ 501.7 | $ 389.3 | $ 236.5 |
Other operating expense | (78.1) | (148.5) | (85.2) | ||||||||
TOTAL OTHER INCOME (EXPENSE) | (294.2) | (33.8) | 161.8 | ||||||||
Income from continuing operations before income taxes and equity loss from ventures | 129.4 | 207 | 313.1 | ||||||||
Net income (loss) | 363.1 | 199.3 | (748.4) | ||||||||
Interest expense, net | (132) | (200.5) | (228.5) | ||||||||
Interest Income (Expense), net, including Discontinued Operations | (231.4) | ||||||||||
Income Tax Expense (Benefit) | (252.4) | (12.2) | 169.3 | ||||||||
Income Tax Expense (Benefit), including Discontinued Operations | (163.3) | ||||||||||
Depreciation, depletion and amortization | (87.7) | (115.4) | (134) | ||||||||
EBITDA | 330.4 | 503 | (219.7) | ||||||||
Gain (loss) on extinguishment/restructuring of debt | $ 174.3 | (165.4) | 166.3 | 392.9 | |||||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (18.7) | (19.9) | (892.1) | ||||||||
Impairment of other long-lived assets | 0 | 0 | (3.3) | ||||||||
Adjusted EBITDA | 504.9 | 373.5 | 292.9 | ||||||||
Depreciation, Depletion and Amortization excluding Depreciation, Amortization and Depletion expense for Discontinued Operations | 87.7 | 115.4 | 130.8 | ||||||||
Capital Additions | 156 | 68.5 | 72.2 | ||||||||
U.S. Iron Ore [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from product sales and services | $ 1,866 | $ 1,554.5 | $ 1,525.4 | ||||||||
Revenues from producet sales and services, percent | 80.00% | 74.00% | 76.00% | ||||||||
SALES MARGIN | $ 465.4 | $ 275.7 | $ 227.1 | ||||||||
Depreciation, depletion and amortization | (66.6) | (84) | (98.9) | ||||||||
EBITDA | 534.9 | 342.4 | 317.6 | ||||||||
Adjusted EBITDA | 559.4 | 359.6 | 352.1 | ||||||||
Capital Additions | 136.8 | 62.2 | 58.2 | ||||||||
Asia Pacific Iron Ore [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from product sales and services | $ 464.2 | $ 554.5 | $ 487.9 | ||||||||
Revenues from producet sales and services, percent | 20.00% | 26.00% | 24.00% | ||||||||
SALES MARGIN | $ 36.3 | $ 113.6 | $ 9.4 | ||||||||
Depreciation, depletion and amortization | (14.3) | (25.1) | (25.3) | ||||||||
EBITDA | 40.7 | 128.3 | 35.3 | ||||||||
Adjusted EBITDA | 50.4 | 132.9 | 32.7 | ||||||||
Capital Additions | 2.8 | 0.2 | 5.4 | ||||||||
All Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation, depletion and amortization | (6.8) | (6.3) | (6.6) | ||||||||
Capital Additions | 16.4 | 6.1 | 8.6 | ||||||||
Other Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
EBITDA | (245.2) | 32.3 | (572.6) | ||||||||
Adjusted EBITDA | (104.9) | (119) | (91.9) | ||||||||
EBITDA Calculation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation, depletion and amortization | (87.7) | (115.4) | (134) | ||||||||
Adjusted EBITDA Calculation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Impact of Discontinued Operations | (892) | ||||||||||
Foreign Exchange Remeasurement | 11.4 | (16.8) | 16.3 | ||||||||
Severance Costs | 0 | (0.1) | (10.2) | ||||||||
Inventory Write-down | $ (1.8) | $ 0 | $ (16.3) |
SEGMENT REPORTING (Summary of A
SEGMENT REPORTING (Summary of Assets by Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | |||
Assets | $ 2,953.4 | $ 1,923.9 | $ 2,135.5 |
U.S. Iron Ore [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,500.6 | 1,372.5 | 1,476.4 |
Asia Pacific Iron Ore [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 138.8 | 155.1 | 202.5 |
Total Segment Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,639.4 | 1,527.6 | 1,678.9 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,314 | 396.3 | 441.7 |
Discontinued Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Disposal Group, Including Discontinued Operation, Assets | $ 0 | $ 0 | $ 14.9 |
SEGMENTS REPORTING (Revenue by
SEGMENTS REPORTING (Revenue by Geographical Location) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 600.9 | $ 698.4 | $ 569.3 | $ 461.6 | $ 754 | $ 553.3 | $ 496.2 | $ 305.5 | $ 2,330.2 | $ 2,109 | $ 2,013.3 |
PROPERTY, PLANT AND EQUIPMENT, NET | 1,051 | 984.4 | 1,051 | 984.4 | 1,059 | ||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,504.5 | 1,236.2 | 1,206.4 | ||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | 1,033.8 | 961 | 1,033.8 | 961 | 1,012.7 | ||||||
Australia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | $ 17.2 | $ 23.4 | 17.2 | 23.4 | 46.3 | ||||||
China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 364.7 | 452.5 | 370.8 | ||||||||
Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 206.2 | 267.1 | 282.4 | ||||||||
Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 254.8 | $ 153.2 | $ 153.7 |
SEGMENT REPORTING (Revenue from
SEGMENT REPORTING (Revenue from External Customers by Products and Services) (Details) - Sales Revenue, Net [Member] - Product Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 90.00% | 91.00% | 91.00% |
Freight and Venture Partners' Cost Reimbursements [Member] | |||
Revenue from External Customer [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 9.00% | 9.00% |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Inventory [Line Items] | ||
Cost of Goods Sold | $ 6.2 | $ 8.8 |
LCM inventory adjustment | 1.8 | 0 |
U.S. Iron Ore [Member] | ||
Inventory [Line Items] | ||
Inventory, LIFO Reserve | $ 96.2 | $ 78.5 |
INVENTORIES (Schedule Of Invent
INVENTORIES (Schedule Of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory, Net [Abstract] | ||
Finished Goods | $ 160.4 | $ 148 |
Work-in Process | 23 | 30.4 |
Total Inventory | 183.4 | 178.4 |
U.S. Iron Ore [Member] | ||
Inventory, Net [Abstract] | ||
Finished Goods | 127.1 | 124.4 |
Work-in Process | 11.3 | 12.6 |
Total Inventory | 138.4 | 137 |
Asia Pacific Iron Ore [Member] | ||
Inventory, Net [Abstract] | ||
Finished Goods | 33.3 | 23.6 |
Work-in Process | 11.7 | 17.8 |
Total Inventory | $ 45 | $ 41.4 |
PROPERTY, PLANT AND EQUIPMENT67
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 78.8 | $ 106.8 | $ 119.2 |
Depletion | $ 6.8 | $ 3.8 | $ 7.4 |
PROPERTY, PLANT AND EQUIPMENT68
PROPERTY, PLANT AND EQUIPMENT (Value Of Each Of The Major Classes Of Consolidated Depreciable Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 2,079.4 | $ 1,941.3 | |
Accumulated Depreciation and Depletion, Property, Plant and Equipment | 1,028.4 | 956.9 | |
Property, plant and equipment, net | 1,051 | 984.4 | $ 1,059 |
Land Rights And Mineral Rights [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 549.6 | 500.5 | |
Office And Information Technology [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 66.3 | 65.1 | |
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 86.8 | 67.9 | |
Mining Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 594.4 | 592.2 | |
Processing Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 617 | 552 | |
Electric Power Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 57 | 49.4 | |
Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 23.7 | 23.5 | |
Asset Retirement Obligation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 19.2 | 19.8 | |
Other Assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 30.3 | 28.1 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 35.1 | $ 42.8 |
PROPERTY, PLANT AND EQUIPMENT69
PROPERTY, PLANT AND EQUIPMENT (Book Value of Land and Mineral Rights Disclosure) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Abstract] | ||
Land Rights | $ 12.4 | $ 11.6 |
Mineral Rights [Abstract] | ||
Mineral Properties, Gross | 537.2 | 488.9 |
Mineral Properties, Accumulated Depletion | (119.1) | (112.2) |
Mineral Properties, Net | $ 418.1 | $ 376.7 |
DEBT AND CREDIT FACILITIES (Nar
DEBT AND CREDIT FACILITIES (Narrative) (Details) $ / shares in Units, shares in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($)$ / sharesshares | Sep. 30, 2017USD ($)shares | Mar. 31, 2017USD ($)shares | Mar. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($) | Dec. 19, 2017USD ($) | Feb. 09, 2017$ / shares | Sep. 16, 2016USD ($) | Aug. 10, 2016$ / shares | |
Line of Credit Facility [Line Items] | ||||||||||||
Extinguishment of Debt, Amount | $ 1,610,700,000 | |||||||||||
Common shares, par value | $ / shares | $ 0.125 | $ 0.125 | $ 0.125 | |||||||||
Common Stock, New Shares, Issued | shares | 44,400 | 63,250 | ||||||||||
Net proceeds from issuance of common shares | $ 287,600,000 | $ 661,300,000 | $ 287,400,000 | $ 0 | ||||||||
Shares Issued, Price Per Share | $ / shares | $ 10.75 | $ 6.75 | ||||||||||
Gain on extinguishment/restructuring of debt | $ (174,300,000) | 165,400,000 | (166,300,000) | (392,900,000) | ||||||||
Debt redemption premiums paid | 110,000,000 | 17,400,000 | ||||||||||
Debt issuance costs | 28,600,000 | 5,200,000 | $ 33,600,000 | |||||||||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | $ 83,400,000 | |||||||||||
Long-term Debt, Current Maturities | 17,500,000 | |||||||||||
Common Shares Issued in Debt to Equity Exchange | shares | 8,200 | 8,200 | ||||||||||
Debt Instrument, Face Amount Exchanged | $ 512,200,000 | |||||||||||
$1.075 Billion 5.75% 2025 Senior Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Proceeds from Issuance of Debt | $ 575,000,000 | $ 500,000,000 | ||||||||||
Imputed interest rate | 6.01% | 6.01% | ||||||||||
Redemption Price of 35 percent or less of Outstanding | 1.0575 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | ||||||||||
Debt issuance, discount rate | 97.00% | 97.00% | ||||||||||
Repurchase price if triggering event occurs | 1.01 | |||||||||||
In the Event of Default Amount that will Accelerate | 0.25 | |||||||||||
Debt Instrument, Par Value | $ 1,075,000,000 | $ 1,075,000,000 | ||||||||||
Note Redemption Price, Percent of Principal Amount to be Redeemed | 100.00% | 100.00% | ||||||||||
Amount in aggregate that can be redeemed on or prior to March 1, 2020 | 0.3500 | |||||||||||
Debt issuance costs | $ 12,400,000 | |||||||||||
Unamortized Debt Issuance Expense | $ 11,300,000 | 11,300,000 | ||||||||||
Debt Instrument, Unamortized Discount | 16,500,000 | $ 16,500,000 | ||||||||||
$400 Million 4.875% 2024 Senior Notes [Domain] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Proceeds from Issuance of Debt | $ 400,000,000 | |||||||||||
Imputed interest rate | 5.00% | 5.00% | ||||||||||
Redemption Price of 35 percent or less of Outstanding | 1.0488 | |||||||||||
Amount to Remain Outstanding Prior to March 31, 2018 | 0.6500 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | 4.875% | ||||||||||
Debt issuance, discount rate | 99.00% | 99.00% | ||||||||||
Repurchase price if triggering event occurs | 1.01 | |||||||||||
Initial Redemption Price | 1.02438 | |||||||||||
In the Event of Default Amount that will Accelerate | 0.25 | |||||||||||
Debt Instrument, Par Value | $ 400,000,000 | $ 400,000,000 | ||||||||||
Note Redemption Price, Percent of Principal Amount to be Redeemed | 100.00% | 100.00% | ||||||||||
Redemption amount prior to January 15, 2021 | 10.00% | |||||||||||
Secondary Redemption Price | 1.03 | |||||||||||
Amount in aggregate that can be redeemed on or prior to March 31, 2018 | 0.3500 | |||||||||||
Unamortized Debt Issuance Expense | $ 7,100,000 | $ 7,100,000 | ||||||||||
Debt Instrument, Unamortized Discount | 2,600,000 | $ 2,600,000 | ||||||||||
$316 Million 1.5% 2025 Senior Notes [Domain] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Proceeds from Issuance of Debt | $ 316,300,000 | |||||||||||
Imputed interest rate | 6.26% | 6.26% | ||||||||||
Convertible debt, initial conversion price | $ 8.17 | $ 8.17 | ||||||||||
Convertible debt, common shares exchanged | $ 122.4365 | $ 122.4365 | ||||||||||
Common shares, par value | $ / shares | $ 0.125 | $ 0.125 | ||||||||||
Convertible debt, principal increment | $ 1,000 | $ 1,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.50% | ||||||||||
Debt Instrument, Par Value | $ 316,300,000 | $ 316,300,000 | ||||||||||
Note Redemption Price, Percent of Principal Amount to be Redeemed | 100.00% | 100.00% | ||||||||||
Unamortized Debt Issuance Expense | $ 6,600,000 | $ 6,600,000 | $ 9,100,000 | |||||||||
Debt Instrument, Unamortized Discount | 85,600,000 | 85,600,000 | ||||||||||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | 83,400,000 | |||||||||||
Debt issuance costs to APIC | 2,500,000 | |||||||||||
$316 Million 1.5% 2025 Senior Notes [Domain] | Maximum [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Convertible debt, conversion price percentage | 0.98 | 0.98 | ||||||||||
$316 Million 1.5% 2025 Senior Notes [Domain] | Minimum [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Convertible debt, conversion price percentage | $ 1.30 | 1.30 | ||||||||||
$540 Million 8.25% 2020 First Lien Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Imputed interest rate | 9.97% | |||||||||||
Extinguishment of Debt, Amount | $ 35,600,000 | 540,000,000 | ||||||||||
Debt Instrument, Par Value | $ 540,000,000 | |||||||||||
Gain on extinguishment/restructuring of debt | $ 93,500,000 | |||||||||||
Unamortized Debt Issuance Expense | 8,000,000 | |||||||||||
Debt Instrument, Unamortized Discount | 25,700,000 | |||||||||||
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Imputed interest rate | 8.00% | 8.00% | ||||||||||
Extinguishment of Debt, Amount | $ 218,500,000 | |||||||||||
Debt Instrument, Par Value | 218,500,000 | |||||||||||
Gain on extinguishment/restructuring of debt | (45,100,000) | |||||||||||
Unamortized Debt Issuance Expense | 0 | |||||||||||
Debt Instrument, Unamortized Discount | $ 65,700,000 | |||||||||||
$544.2 Million 7.75% 2020 Second Lien Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Imputed interest rate | 15.55% | |||||||||||
Extinguishment of Debt, Amount | 430,100,000 | |||||||||||
Debt Instrument, Par Value | $ 430,100,000 | |||||||||||
Gain on extinguishment/restructuring of debt | 104,500,000 | (6,900,000) | ||||||||||
Unamortized Debt Issuance Expense | 5,800,000 | |||||||||||
Debt Instrument, Unamortized Discount | 85,200,000 | |||||||||||
Debt Instrument, Face Amount Exchanged | 114,100,000 | |||||||||||
Secured Debt [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Extinguishment of Debt, Amount | $ 648,600,000 | |||||||||||
$500 Million 3.95% 2018 Senior Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | 3.95% | ||||||||||
Gain on extinguishment/restructuring of debt | $ (19,900,000) | (1,800,000) | ||||||||||
Debt Instrument, Face Amount Exchanged | $ 17,600,000 | |||||||||||
$400 Million 5.90% 2020 Senior Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Imputed interest rate | 5.98% | 5.98% | 5.98% | |||||||||
Extinguishment of Debt, Amount | $ 136,700,000 | |||||||||||
Debt Instrument, Par Value | $ 88,900,000 | 88,900,000 | $ 225,600,000 | |||||||||
Gain on extinguishment/restructuring of debt | $ 7,800,000 | (28,300,000) | ||||||||||
Basis points | 35 | 35 | ||||||||||
Unamortized Debt Issuance Expense | $ 200,000 | $ 200,000 | 600,000 | |||||||||
Debt Instrument, Unamortized Discount | $ 100,000 | $ 100,000 | 500,000 | |||||||||
Debt Instrument, Face Amount Exchanged | $ 65,100,000 | |||||||||||
$500 Million 4.80% 2020 Senior Notes[Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Imputed interest rate | 4.83% | 4.83% | 4.83% | |||||||||
Extinguishment of Debt, Amount | $ 114,400,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | 4.80% | ||||||||||
Debt Instrument, Par Value | $ 122,400,000 | $ 122,400,000 | $ 236,800,000 | |||||||||
Gain on extinguishment/restructuring of debt | (600,000) | 1,900,000 | (19,500,000) | |||||||||
Debt Redemption Expenses | 2,500,000 | |||||||||||
Unamortized Debt Issuance Expense | 300,000 | 300,000 | 700,000 | |||||||||
Debt Instrument, Unamortized Discount | $ 100,000 | $ 100,000 | 200,000 | |||||||||
Debt Instrument, Face Amount Exchanged | $ 44,700,000 | |||||||||||
$700 Million 4.875% 2021 Senior Notes[Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Imputed interest rate | 4.89% | 4.89% | 4.89% | |||||||||
Extinguishment of Debt, Amount | $ 171,000,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | 4.875% | ||||||||||
Debt Instrument, Par Value | $ 138,400,000 | $ 138,400,000 | $ 309,400,000 | |||||||||
Gain on extinguishment/restructuring of debt | $ 2,800,000 | (33,300,000) | ||||||||||
Basis points | 25 | 25 | ||||||||||
Unamortized Debt Issuance Expense | $ 300,000 | $ 300,000 | 1,000,000 | |||||||||
Debt Instrument, Unamortized Discount | $ 100,000 | $ 100,000 | 200,000 | |||||||||
Debt Instrument, Face Amount Exchanged | $ 76,300,000 | |||||||||||
$800 Million 6.25% 2040 Senior Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Imputed interest rate | 6.34% | 6.34% | 6.34% | |||||||||
Debt Instrument, Par Value | $ 298,400,000 | $ 298,400,000 | $ 298,400,000 | |||||||||
Gain on extinguishment/restructuring of debt | (84,500,000) | |||||||||||
Basis points | 40 | 40 | ||||||||||
Unamortized Debt Issuance Expense | $ 2,400,000 | $ 2,400,000 | 2,500,000 | |||||||||
Debt Instrument, Unamortized Discount | $ 3,400,000 | 3,400,000 | 3,400,000 | |||||||||
Debt Instrument, Face Amount Exchanged | 194,400,000 | |||||||||||
Unsecured Debt [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Extinguishment of Debt, Amount | $ 422,200,000 | |||||||||||
Repurchase price if triggering event occurs | 1.01 | |||||||||||
Note Redemption Price, Percent of Principal Amount to be Redeemed | 100.00% | 100.00% | ||||||||||
Unsecured Debt [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 | |||||||||||
Unsecured Debt [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 | |||||||||||
ABL Facility [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Par Value | $ 550,000,000 | $ 550,000,000 | ||||||||||
U.S. Tranche | 450,000,000 | 450,000,000 | ||||||||||
Sublimit for Issuers of Letters of Credit for U.S. Tranche | 250,000,000 | 250,000,000 | ||||||||||
Sublimit for U.S. Swingline Loans | 100,000,000 | 100,000,000 | ||||||||||
Australian Tranche | 100,000,000 | 100,000,000 | ||||||||||
Sublimit for Issuance of Letters of Credit for Australian Tranche | 50,000,000 | 50,000,000 | ||||||||||
Sublimit for Australian Swingline Loans | 20,000,000 | $ 20,000,000 | ||||||||||
LIBOR Rate Based on a One-month interest period plus 1 percent | 0.01 | |||||||||||
Fixed Charge Coverage Ratio | 1 | |||||||||||
Credit facility, amount outstanding | 0 | $ 0 | 0 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 226,700,000 | 226,700,000 | 227,000,000 | |||||||||
Revolving credit facility, borrowing capacity | 273,200,000 | $ 273,200,000 | 333,000,000 | |||||||||
ABL Facility [Member] | Maximum [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Base Rate | 0.01 | |||||||||||
Letter of Credit [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Credit facility, amount outstanding | 46,500,000 | $ 46,500,000 | $ 106,000,000 | |||||||||
Debt Repurchase [Member] | $500 Million 3.95% 2018 Senior Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Redemption Price | $ 301,000,000 | |||||||||||
Debt Instrument, Par Value | 283,600,000 | |||||||||||
Debt Repurchase [Member] | $500 Million 4.80% 2020 Senior Notes[Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Par Value | $ 5,000,000 | |||||||||||
Exchange of Debt for Equity [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Gain on extinguishment/restructuring of debt | (11,300,000) | |||||||||||
Exchange of Debt for Equity [Member] | $218.5 Million 8.00% 2020 1.5 Lien Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Face Amount Exchanged | 20,100,000 | 20,100,000 | ||||||||||
Exchange of Debt for Equity [Member] | $500 Million 3.95% 2018 Senior Notes [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Face Amount Exchanged | 10,000,000 | 10,000,000 | ||||||||||
Exchange of Debt for Equity [Member] | $700 Million 4.875% 2021 Senior Notes[Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Face Amount Exchanged | 26,800,000 | 26,800,000 | ||||||||||
Equity [Member] | $316 Million 1.5% 2025 Senior Notes [Domain] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Unamortized Discount | $ 85,900,000 | $ 85,900,000 |
DEBT AND CREDIT FACILITIES (Sch
DEBT AND CREDIT FACILITIES (Schedule Of Long-Term Debt) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 19, 2017 | |
Debt Instrument [Line Items] | |||
Debt redemption premiums paid | $ 110,000,000 | $ 17,400,000 | |
Long-term Debt | 2,192,600,000 | ||
Long-term Debt, Current Maturities | 17,500,000 | ||
LONG-TERM DEBT | $ 2,304,200,000 | $ 2,175,100,000 | |
$400 Million 4.875% 2024 Senior Notes [Domain] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | ||
Imputed interest rate | 5.00% | ||
Debt Instrument, Par Value | $ 400,000,000 | ||
Unamortized Debt Issuance Expense | (7,100,000) | ||
Debt Instrument, Unamortized Discount | (2,600,000) | ||
Long-term Debt | $ 390,300,000 | ||
$540 Million 8.25% 2020 First Lien Notes [Member] | |||
Debt Instrument [Line Items] | |||
Imputed interest rate | 9.97% | ||
Debt Instrument, Par Value | $ 540,000,000 | ||
Unamortized Debt Issuance Expense | (8,000,000) | ||
Debt Instrument, Unamortized Discount | (25,700,000) | ||
Long-term Debt | 506,300,000 | ||
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member] | |||
Debt Instrument [Line Items] | |||
Imputed interest rate | 8.00% | ||
Debt Instrument, Par Value | 218,500,000 | ||
Unamortized Debt Issuance Expense | 0 | ||
Debt Instrument, Unamortized Discount | (65,700,000) | ||
Long-term Debt | $ 284,200,000 | ||
$544.2 Million 7.75% 2020 Second Lien Notes [Member] | |||
Debt Instrument [Line Items] | |||
Imputed interest rate | 15.55% | ||
Debt Instrument, Par Value | $ 430,100,000 | ||
Unamortized Debt Issuance Expense | (5,800,000) | ||
Debt Instrument, Unamortized Discount | (85,200,000) | ||
Long-term Debt | $ 339,100,000 | ||
$500 Million 3.95% 2018 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | ||
$400 Million 5.90% 2020 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Imputed interest rate | 5.98% | 5.98% | |
Debt Instrument, Par Value | $ 88,900,000 | $ 225,600,000 | |
Unamortized Debt Issuance Expense | (200,000) | (600,000) | |
Debt Instrument, Unamortized Discount | (100,000) | (500,000) | |
Long-term Debt | $ 88,600,000 | $ 224,500,000 | |
$500 Million 4.80% 2020 Senior Notes[Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.80% | ||
Imputed interest rate | 4.83% | 4.83% | |
Debt Instrument, Par Value | $ 122,400,000 | $ 236,800,000 | |
Unamortized Debt Issuance Expense | (300,000) | (700,000) | |
Debt Instrument, Unamortized Discount | (100,000) | (200,000) | |
Long-term Debt | $ 122,000,000 | $ 235,900,000 | |
$700 Million 4.875% 2021 Senior Notes[Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | ||
Imputed interest rate | 4.89% | 4.89% | |
Debt Instrument, Par Value | $ 138,400,000 | $ 309,400,000 | |
Unamortized Debt Issuance Expense | (300,000) | (1,000,000) | |
Debt Instrument, Unamortized Discount | (100,000) | (200,000) | |
Long-term Debt | $ 138,000,000 | $ 308,200,000 | |
$316 Million 1.5% 2025 Senior Notes [Domain] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||
Imputed interest rate | 6.26% | ||
Debt Instrument, Par Value | $ 316,300,000 | ||
Unamortized Debt Issuance Expense | (6,600,000) | $ (9,100,000) | |
Debt Instrument, Unamortized Discount | (85,600,000) | ||
Long-term Debt | $ 224,100,000 | ||
$1.075 Billion 5.75% 2025 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||
Imputed interest rate | 6.01% | ||
Debt Instrument, Par Value | $ 1,075,000,000 | ||
Unamortized Debt Issuance Expense | (11,300,000) | ||
Debt Instrument, Unamortized Discount | (16,500,000) | ||
Long-term Debt | $ 1,047,200,000 | ||
$800 Million 6.25% 2040 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Imputed interest rate | 6.34% | 6.34% | |
Debt Instrument, Par Value | $ 298,400,000 | $ 298,400,000 | |
Unamortized Debt Issuance Expense | (2,400,000) | (2,500,000) | |
Debt Instrument, Unamortized Discount | (3,400,000) | (3,400,000) | |
Long-term Debt | 292,600,000 | 292,500,000 | |
ABL Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Par Value | 550,000,000 | ||
Credit facility, amount outstanding | 0 | 0 | |
Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Fair Value Adjustment to Interest Rate Hedge | $ 1,400,000 | $ 1,900,000 |
DEBT AND CREDIT FACILITIES (Deb
DEBT AND CREDIT FACILITIES (Debt Extinguishment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Extinguishment of Debt [Line Items] | ||||||
Extinguishment of Debt, Amount | $ 1,610.7 | |||||
Gain (loss) on extinguishment/restructuring of debt | $ 174.3 | (165.4) | $ 166.3 | $ 392.9 | ||
$540 Million 8.25% 2020 First Lien Notes [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Extinguishment of Debt, Amount | $ 35.6 | 540 | ||||
Gain (loss) on extinguishment/restructuring of debt | (93.5) | |||||
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Extinguishment of Debt, Amount | 218.5 | |||||
Gain (loss) on extinguishment/restructuring of debt | 45.1 | |||||
$544.2 Million 7.75% 2020 Second Lien Notes [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Extinguishment of Debt, Amount | 430.1 | |||||
Gain (loss) on extinguishment/restructuring of debt | (104.5) | 6.9 | ||||
Four Hundred Million Five Point Nine Zero Two Thousand And Twenty Senior Note [Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Extinguishment of Debt, Amount | 136.7 | |||||
Gain (loss) on extinguishment/restructuring of debt | (7.8) | 28.3 | ||||
$500 Million 4.80% 2020 Senior Notes[Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Extinguishment of Debt, Amount | 114.4 | |||||
Gain (loss) on extinguishment/restructuring of debt | $ 0.6 | (1.9) | 19.5 | |||
$700 Million 4.875% 2021 Senior Notes[Member] | ||||||
Extinguishment of Debt [Line Items] | ||||||
Extinguishment of Debt, Amount | 171 | |||||
Gain (loss) on extinguishment/restructuring of debt | $ (2.8) | $ 33.3 |
DEBT AND CREDIT FACILITIES (D73
DEBT AND CREDIT FACILITIES (Debt Restructuring) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Extinguishment of Debt [Line Items] | |||||
Debt Instrument, Face Amount Exchanged | $ 512.2 | ||||
Gain (loss) on extinguishment/restructuring of debt | $ 174.3 | $ (165.4) | 166.3 | $ 392.9 | |
Debt, carrying value | 297.3 | ||||
$544.2 Million 7.75% 2020 Second Lien Notes [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Debt Instrument, Face Amount Exchanged | 114.1 | ||||
Debt Instrument, Face Amount Received in Debt Exchange of $544M 7.75% Notes | 57 | ||||
Gain (loss) on extinguishment/restructuring of debt | (104.5) | 6.9 | |||
Debt Instrument, Par Value | 430.1 | ||||
Debt, carrying value | 77.5 | ||||
Five Hundred Million Three Point Nine Five Two Thousand Eighteen Senior Note [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Debt Instrument, Face Amount Exchanged | 17.6 | ||||
Debt Instrument, Face Amount Received in Debt Exchange of $500M 3.95% Notes | 11.4 | ||||
Gain (loss) on extinguishment/restructuring of debt | $ 19.9 | 1.8 | |||
Debt, carrying value | 15.5 | ||||
Four Hundred Million Five Point Nine Zero Two Thousand And Twenty Senior Note [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Debt Instrument, Face Amount Exchanged | 65.1 | ||||
Debt Instrument, Face Amount Received in Debt Exchange of $400M 5.90% Notes | 26 | ||||
Gain (loss) on extinguishment/restructuring of debt | (7.8) | 28.3 | |||
Debt Instrument, Par Value | 88.9 | 88.9 | 225.6 | ||
Debt, carrying value | 35.4 | ||||
$500 Million 4.80% 2020 Senior Notes[Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Debt Instrument, Face Amount Exchanged | 44.7 | ||||
Debt Instrument, Face Amount Received in Debt Exchange of $500M 4.80% Notes | 17.9 | ||||
Gain (loss) on extinguishment/restructuring of debt | 0.6 | (1.9) | 19.5 | ||
Debt Instrument, Par Value | 122.4 | 122.4 | 236.8 | ||
Debt, carrying value | 24.4 | ||||
$700 Million 4.875% 2021 Senior Notes[Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Debt Instrument, Face Amount Exchanged | 76.3 | ||||
Debt instrument, Face Amount Received in Debt Exchange of $700M 4.875% Notes | 30.5 | ||||
Gain (loss) on extinguishment/restructuring of debt | (2.8) | 33.3 | |||
Debt Instrument, Par Value | 138.4 | 138.4 | 309.4 | ||
Debt, carrying value | 41.5 | ||||
$800 Million 6.25% 2040 Senior Notes [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Debt Instrument, Face Amount Exchanged | 194.4 | ||||
Debt Instrument, Face Amount Received in Debt Exchange of $800M 6.25% Notes | 75.7 | ||||
Gain (loss) on extinguishment/restructuring of debt | 84.5 | ||||
Debt Instrument, Par Value | $ 298.4 | 298.4 | 298.4 | ||
Debt, carrying value | 103 | ||||
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member] | |||||
Extinguishment of Debt [Line Items] | |||||
Gain (loss) on extinguishment/restructuring of debt | $ 45.1 | ||||
Debt Instrument, Par Value | $ 218.5 |
DEBT AND CREDIT FACILITIES (S74
DEBT AND CREDIT FACILITIES (Schedule of Debt Maturities) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
Debt Maturities 2018 | $ 0 |
Debt Maturities 2019 | 0 |
Debt Maturities 2020 | 211.3 |
Debt Maturities 2021 | 138.4 |
Debt Maturities 2022 | 0 |
Debt Maturities 2023 and After | 2,089.7 |
Long-term Debt, Maturities, Total | $ 2,439.4 |
FAIR VALUE OF FINANCIAL INSTR75
FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 616.9 | $ 177 |
Derivative Asset | 39.4 | 33.1 |
Derivative Liability | 2.7 | 0.5 |
Derivative asset, fair value | 39.4 | 33.1 |
Derivative liability, fair value | $ 2.7 | $ 0.5 |
Management Estimate of 62% Fe | 62.00% | 62.00% |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 66.3 | $ 177 |
Derivative Asset | 0 | 0 |
Derivative Liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 550.6 | 0 |
Derivative Asset | 0 | 1.5 |
Derivative Liability | 0.3 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Derivative Asset | 39.4 | 31.6 |
Derivative Liability | 2.4 | 0.5 |
Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, fair value | 39.4 | 33.1 |
Derivative liability, fair value | 2.4 | 0.5 |
Market Approach Valuation Technique [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Customer Supply Agreement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, fair value | 37.9 | 21.3 |
Market Approach Valuation Technique [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | Provisional Pricing Arrangements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, fair value | 1.5 | 10.3 |
Market Approach Valuation Technique [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | Provisional Pricing Arrangements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, fair value | $ 2.4 | $ 0.5 |
FAIR VALUE OF FINANCIAL INSTR76
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value Of Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||
Cash equivalents | $ 616.9 | $ 177 |
Derivative Asset | 39.4 | 33.1 |
Total Asset | 656.3 | 210.1 |
Liabilities: | ||
Derivative Liability | 2.7 | 0.5 |
Total Liability | 2.7 | 0.5 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 66.3 | 177 |
Derivative Asset | 0 | 0 |
Total Asset | 66.3 | 177 |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Total Liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Cash equivalents | 550.6 | 0 |
Derivative Asset | 0 | 1.5 |
Total Asset | 550.6 | 1.5 |
Liabilities: | ||
Derivative Liability | 0.3 | 0 |
Total Liability | 0.3 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Derivative Asset | 39.4 | 31.6 |
Total Asset | 39.4 | 31.6 |
Liabilities: | ||
Derivative Liability | 2.4 | 0.5 |
Total Liability | $ 2.4 | $ 0.5 |
FAIR VALUE OF FINANCIAL INSTR77
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule Of Quantitative Inputs And Assumptions For Level 3 Assets And Liabilities) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, fair value | $ 39,400,000 | $ 33,100,000 |
Derivative liability, fair value | $ 2,700,000 | $ 500,000 |
Management Estimate of 62% Fe | 62.00% | 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 | $ 39,400,000 | $ 33,100,000 |
Derivative liability, fair value | 2,400,000 | 500,000 |
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 | 72 | |
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] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurement with unobservable inputs derivative asset range | 72 | |
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] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurement with unobservable inputs derivative asset range | 74 | |
Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Market Approach Valuation Technique [Member] | Customer Supply Agreement [Member] | Customer's 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 | 655 | |
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 | 2,400,000 | 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 | 1,500,000 | 10,300,000 |
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 | $ 37,900,000 | $ 21,300,000 |
FAIR VALUE OF FINANCIAL INSTR78
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, 2017 | Dec. 31, 2016 | |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance - January 1 | $ 31.6 | $ 7.8 |
Total gains | ||
Included in earnings | 195.8 | 103.8 |
Settlements | (188) | (80) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending balance - December 31 | 39.4 | 31.6 |
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 | 39.4 | 23.7 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance - January 1 | (0.5) | (3.4) |
Total gains | ||
Included in earnings | (91.1) | (14.1) |
Settlements | 89.2 | 17 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending balance - September 30 | (2.4) | (0.5) |
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 | $ (2.4) | $ (0.5) |
FAIR VALUE OF FINANCIAL INSTR79
FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Value And Fair Value Of Financial Instruments Disclosure) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | $ 2,304.2 | $ 2,192.6 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Long-term debt: | ||
Fair Value Adjustment to Interest Rate Hedge | 1.4 | 1.9 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 2,346.3 | 2,224.6 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Long-term debt: | ||
Fair Value Adjustment to Interest Rate Hedge | 1.4 | 1.9 |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | $218.5 Million 8.00% 2020 1.5 Lien Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 0 | |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $540 Million 8.25% 2020 First Lien Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 0 | 506.3 |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $544.2 Million 7.75% 2020 Second Lien Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 0 | 339.1 |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $400 Million 5.90% 2020 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 88.6 | 224.5 |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $500 Million 4.80% 2020 Senior Notes[Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 122 | 235.9 |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $700 Million 4.875% 2021 Senior Notes[Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 138 | 308.2 |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $1.075 Billion 5.75% 2025 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 1,047.2 | 0 |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $800 Million 6.25% 2040 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 292.6 | 292.5 |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $316 Million 1.5% 2025 Senior Notes [Domain] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 224.1 | 0 |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $400 Million 4.875% 2024 Senior Notes [Domain] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 390.3 | 0 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | $218.5 Million 8.00% 2020 1.5 Lien Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 0 | 229.5 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $540 Million 8.25% 2020 First Lien Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 0 | 595 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $544.2 Million 7.75% 2020 Second Lien Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 0 | 439.7 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $400 Million 5.90% 2020 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 88 | 219.6 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $500 Million 4.80% 2020 Senior Notes[Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 118.8 | 221.1 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $700 Million 4.875% 2021 Senior Notes[Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 130.8 | 283.1 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $1.075 Billion 5.75% 2025 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 1,029.3 | 0 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $800 Million 6.25% 2040 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 227.1 | 234.7 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $316 Million 1.5% 2025 Senior Notes [Domain] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 352.9 | 0 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $400 Million 4.875% 2024 Senior Notes [Domain] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 398 | 0 |
Line of Credit [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ABL Facility [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 0 | 0 |
Line of Credit [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ABL Facility [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | $ 0 | $ 0 |
PENSIONS AND OTHER POSTRETIRE80
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
401(k) contribution match | $ 0.50 | |
Minimum participants percentage | 15.00% | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 963,000,000 | $ 922,000,000 |
Reserve for investment commitments | $ 52,700,000 | |
Structured Finance [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Redemption request notice period, days | 90 days | |
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] | ||
Decrease in Projected Benefit Obligation due to Market Conditions | $ 46,100,000 | |
Reduction in net periodic benefit expense | 8,200,000 | |
Increase in Projected Benefit Obligation due to new mortality tables | $ 6,100,000 | $ 13,100,000 |
Percentage Increase in Projected Benefit Obligation due to new mortality tables | 0.60% | 1.40% |
Other Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | $ 4,600,000 | $ 6,000,000 |
Decrease in Projected Benefit Obligation due to Market Conditions | 12,600,000 | |
Reduction in net periodic benefit expense | 1,800,000 | |
Increase in Projected Benefit Obligation due to new mortality tables | $ 1,900,000 | $ 4,900,000 |
Percentage Increase in Projected Benefit Obligation due to new mortality tables | 0.70% | 1.80% |
Prior To Age65 [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] | Northshore [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Annual limit on medical coverage for each participant | 4,020 | |
Prior To Age65 [Member] | Maximum [Member] | Northshore [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Annual limit on medical coverage for each participant | $ 4,500 |
PENSIONS AND OTHER POSTRETIRE81
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Annual Costs Related to Retirement Plans) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit pension plans | $ 18 | $ 16.5 | $ 23.9 |
Defined contribution pension plans | 2.9 | 2.8 | 3.6 |
Other Postretirement Benefits Cost (Reversal of Cost) | (6.1) | (4) | 4.4 |
Total | $ 14.8 | $ 15.3 | $ 31.9 |
PENSIONS AND OTHER POSTRETIRE82
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets — beginning of year | $ 202.4 | $ 193.4 | |||
Employer contributions | 2.1 | 1.1 | |||
Fair value of plan assets — end of year | 215.6 | 202.4 | $ 193.4 | ||
Funded status at December 31: | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 202.4 | 193.4 | 193.4 | $ 215.6 | $ 202.4 |
Amounts recognized in Statements of Financial Position: | |||||
Assets, Current | 1,544.6 | 824.6 | |||
TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES | (257.7) | (280.5) | |||
Pension Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligations — beginning of year | (931.6) | (910.8) | |||
Service cost (excluding expenses) | 17.1 | 17.6 | 22.7 | ||
Interest cost | 30.5 | 30.3 | 37.7 | ||
Plan amendments | 0 | 5.7 | |||
Actuarial loss | (22.3) | (21.1) | (20.8) | ||
Defined Benefit Plan, Change in Actuarial (gain) loss | 54.6 | 38.1 | |||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 60.7 | 70.9 | |||
Participant contributions | 0 | 0 | |||
Federal subsidy on benefits paid | 0 | 0 | |||
Benefit obligations — end of year | (973.1) | (931.6) | (910.8) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets — beginning of year | 685.8 | 700.6 | |||
Actual return on plan assets | 100.2 | 54.8 | |||
Participant contributions | 0 | 0 | |||
Employer contributions | 24.4 | 1.2 | |||
Assets Transferred to (from) Plan | 0.1 | 0.1 | |||
Benefits paid | (60.7) | (70.9) | |||
Fair value of plan assets — end of year | 749.8 | 685.8 | 700.6 | ||
Funded status at December 31: | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 685.8 | 700.6 | 700.6 | 749.8 | 685.8 |
Defined Benefit Plan, Benefit Obligation | (931.6) | (910.8) | (910.8) | (973.1) | (931.6) |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (223.3) | (245.8) | |||
Total amount recognized | (223.3) | (245.8) | |||
Amounts recognized in Statements of Financial Position: | |||||
Assets, Current | 0 | 0 | |||
Current liabilities | (0.5) | (0.1) | |||
TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES | (222.8) | (245.7) | |||
Total amount recognized | (223.3) | (245.8) | |||
Amounts recognized in accumulated other comprehensive income: | |||||
Prior service cost | 8.8 | 11 | |||
Net actuarial loss | 318.7 | 315.9 | |||
Net amount recognized | 327.5 | 326.9 | |||
The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost: | |||||
Net actuarial loss | 21.1 | ||||
Prior service cost | 2.2 | ||||
Net amount recognized | 23.3 | ||||
Other Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligations — beginning of year | (264.6) | (266) | |||
Service cost (excluding expenses) | 1.8 | 1.7 | 6.4 | ||
Interest cost | 8.3 | 9.1 | 13.4 | ||
Plan amendments | 0 | 9.8 | |||
Actuarial loss | (4.5) | (6) | (6.6) | ||
Defined Benefit Plan, Change in Actuarial (gain) loss | 7.4 | (7.2) | |||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 21.4 | 21.3 | |||
Participant contributions | 4.6 | 6 | |||
Federal subsidy on benefits paid | 0.6 | 0.5 | |||
Benefit obligations — end of year | (265.9) | (264.6) | (266) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets — beginning of year | 253 | 250.6 | |||
Actual return on plan assets | 24.2 | 16 | |||
Participant contributions | 0.3 | 0.5 | |||
Employer contributions | 1.7 | 1.7 | |||
Assets Transferred to (from) Plan | 0 | 0 | |||
Benefits paid | (16.7) | (15.8) | |||
Fair value of plan assets — end of year | 262.5 | 253 | 250.6 | ||
Funded status at December 31: | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 253 | 250.6 | 250.6 | 262.5 | 253 |
Defined Benefit Plan, Benefit Obligation | (264.6) | (266) | $ (266) | (265.9) | (264.6) |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (3.4) | (11.6) | |||
Total amount recognized | (3.4) | (11.6) | |||
Amounts recognized in Statements of Financial Position: | |||||
Assets, Current | 27.3 | ||||
Assets, Noncurrent | 35.4 | ||||
Current liabilities | (3.9) | (4.1) | |||
TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES | (34.9) | (34.8) | |||
Total amount recognized | (3.4) | (11.6) | |||
Amounts recognized in accumulated other comprehensive income: | |||||
Prior service cost | (25.6) | (26.9) | |||
Net actuarial loss | 88.3 | 87 | |||
Net amount recognized | 62.7 | 60.1 | |||
The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost: | |||||
Net actuarial loss | 4.9 | ||||
Prior service cost | (3) | ||||
Net amount recognized | 1.9 | ||||
Salaried Employees [Member] | Pension Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligations — beginning of year | (351.9) | ||||
Benefit obligations — end of year | (368) | (351.9) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets — beginning of year | 242.9 | ||||
Fair value of plan assets — end of year | 269.4 | 242.9 | |||
Funded status at December 31: | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 242.9 | 242.9 | 269.4 | 242.9 | |
Defined Benefit Plan, Benefit Obligation | (351.9) | (351.9) | (368) | (351.9) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (98.6) | (109) | |||
Salaried Employees [Member] | Other Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligations — beginning of year | (37.6) | ||||
Benefit obligations — end of year | (37.7) | (37.6) | |||
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 | (37.6) | (37.6) | (37.7) | (37.6) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (37.7) | (37.6) | |||
Hourly Employees [Member] | Pension Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligations — beginning of year | (565.6) | ||||
Benefit obligations — end of year | (590) | (565.6) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets — beginning of year | 436.9 | ||||
Fair value of plan assets — end of year | 473 | 436.9 | |||
Funded status at December 31: | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 436.9 | 436.9 | 473 | 436.9 | |
Defined Benefit Plan, Benefit Obligation | (565.6) | (565.6) | (590) | (565.6) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (117) | (128.7) | |||
Hourly Employees [Member] | Other Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligations — beginning of year | (227) | ||||
Benefit obligations — end of year | (228.2) | (227) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets — beginning of year | 253 | ||||
Fair value of plan assets — end of year | 262.5 | 253 | |||
Funded status at December 31: | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 253 | 253 | 262.5 | 253 | |
Defined Benefit Plan, Benefit Obligation | (227) | (227) | (228.2) | (227) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 34.3 | 26 | |||
Mining Employees [Member] | Pension Benefits [Member] | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Benefit obligations — beginning of year | (10) | ||||
Benefit obligations — end of year | (10.3) | (10) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Fair value of plan assets — beginning of year | 6 | ||||
Fair value of plan assets — end of year | 7.4 | 6 | |||
Funded status at December 31: | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 6 | 6 | 7.4 | 6 | |
Defined Benefit Plan, Benefit Obligation | (10) | (10) | (10.3) | (10) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (2.9) | (4) | |||
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 | (4.1) | ||||
Benefit obligations — end of year | (4.8) | (4.1) | |||
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 | $ (4.1) | $ (4.1) | (4.8) | (4.1) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (4.8) | $ (4.1) |
PENSIONS AND OTHER POSTRETIRE83
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amortization: | |||
Relating to assets sold during the period | $ 4.8 | $ 3.3 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 17.1 | 17.6 | $ 22.7 |
Interest cost | (30.5) | (30.3) | (37.7) |
Expected return on plan assets | (54.5) | (54.7) | (59.8) |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 22.3 | 21.1 | 20.8 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | 0.2 |
Amortization: | |||
Amortization of prior service (cost) credit | (2.6) | (2.2) | (2.3) |
Net actuarial loss | 22.3 | 21.1 | 21 |
Net periodic benefit cost | 18 | 16.5 | 23.9 |
Effect of Curtailment | 0 | 0 | (1.2) |
Current year actuarial (gain)/loss | 9.3 | 37.8 | (0.7) |
Amortization of net loss | 22.3 | 21.1 | 21 |
Current year prior service cost | 0 | 5.7 | 0 |
Amortization of prior service (cost) credit | (2.6) | (2.2) | (2.3) |
Total recognized in other comprehensive income | (15.6) | 20.2 | (25.2) |
Total recognized in net periodic cost and other comprehensive income | 2.4 | 36.7 | (1.3) |
Defined Benefit Plan, Benefit Obligation | (973.1) | (931.6) | (910.8) |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (223.3) | (245.8) | |
Other Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1.8 | 1.7 | 6.4 |
Interest cost | (8.3) | (9.1) | (13.4) |
Expected return on plan assets | (17.7) | (17.1) | (18.3) |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 4.5 | 6 | 6.6 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | 0 |
Amortization: | |||
Amortization of prior service (cost) credit | 3 | 3.7 | 3.7 |
Net actuarial loss | 4.5 | 6 | 6.6 |
Net periodic benefit cost | (6.1) | (4) | 4.4 |
Effect of Curtailment | 0 | 0 | 0 |
Current year actuarial (gain)/loss | 1.2 | (8.1) | 0.2 |
Amortization of net loss | 4.5 | 6 | 6.6 |
Current year prior service cost | 0 | 9.8 | 0 |
Amortization of prior service (cost) credit | 3 | 3.7 | 3.7 |
Total recognized in other comprehensive income | (0.3) | (0.6) | (2.7) |
Total recognized in net periodic cost and other comprehensive income | (6.4) | (4.6) | 1.7 |
Defined Benefit Plan, Benefit Obligation | (265.9) | (264.6) | $ (266) |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (3.4) | (11.6) | |
Salaried Employees [Member] | Pension Benefits [Member] | |||
Amortization: | |||
Defined Benefit Plan, Benefit Obligation | (368) | (351.9) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (98.6) | (109) | |
Salaried Employees [Member] | Other Benefits [Member] | |||
Amortization: | |||
Defined Benefit Plan, Benefit Obligation | (37.7) | (37.6) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (37.7) | (37.6) | |
Hourly Employees [Member] | Pension Benefits [Member] | |||
Amortization: | |||
Defined Benefit Plan, Benefit Obligation | (590) | (565.6) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (117) | (128.7) | |
Hourly Employees [Member] | Other Benefits [Member] | |||
Amortization: | |||
Defined Benefit Plan, Benefit Obligation | (228.2) | (227) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 34.3 | 26 | |
Mining Employees [Member] | Pension Benefits [Member] | |||
Amortization: | |||
Defined Benefit Plan, Benefit Obligation | (10.3) | (10) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (2.9) | (4) | |
Supplemental Executive Retirement Plan S E R P [Member] | Pension Benefits [Member] | |||
Amortization: | |||
Defined Benefit Plan, Benefit Obligation | (4.8) | (4.1) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (4.8) | $ (4.1) |
PENSIONS AND OTHER POSTRETIRE84
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual return on plan assets | $ 100.2 | $ 54.8 |
Other Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Actual return on plan assets | $ 24.2 | $ 16 |
PENSIONS AND OTHER POSTRETIRE85
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Weighted-Average Assumptions Used to Determine Benefit Obligations) (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
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% | 2.00% |
Iron Hourly [Member] | Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.60% | 4.02% |
Salaried [Member] | Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.52% | 3.92% |
Salaried [Member] | Other Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.57% | 3.99% |
Ore Mining [Member] | Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.61% | 4.04% |
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 | 3.50% | 3.90% |
Hourly [Member] | Other Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate | 3.60% | 4.02% |
PENSIONS AND OTHER POSTRETIRE86
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Weighted-Average Assumptions Used to Determine Net Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected return on plan assets | 8.25% | 8.25% | 8.25% |
Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected return on plan assets | 7.00% | 7.00% | 7.00% |
SERP [Domain] | Pension Benefits [Member] | Obligation [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.90% | 4.01% | 3.83% |
SERP [Domain] | Pension Benefits [Member] | Service Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.69% | 3.87% | 3.83% |
SERP [Domain] | Pension Benefits [Member] | Interest Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.36% | 3.30% | 3.83% |
Ore Mining [Domain] | Pension Benefits [Member] | Obligation [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.04% | 4.28% | 3.83% |
Ore Mining [Domain] | Pension Benefits [Member] | Service Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.27% | 4.60% | 3.83% |
Ore Mining [Domain] | Pension Benefits [Member] | Interest Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.41% | 3.48% | 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% | 3.00% |
Salary [Member] | Pension Benefits [Member] | Obligation [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.91% | 4.13% | 3.83% |
Salary [Member] | Pension Benefits [Member] | Service Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.93% | 4.14% | 3.83% |
Salary [Member] | Pension Benefits [Member] | Interest Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.21% | 3.21% | 3.83% |
Salary [Member] | Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Salary [Member] | Other Benefits [Member] | Obligation [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.98% | 4.22% | 3.83% |
Salary [Member] | Other Benefits [Member] | Service Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.30% | 4.63% | 3.83% |
Salary [Member] | Other Benefits [Member] | Interest Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.28% | 3.31% | 3.83% |
Hourly [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected return on plan assets | 2.00% | 2.00% | 2.50% |
Hourly [Member] | Pension Benefits [Member] | Obligation [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.02% | 4.27% | 3.83% |
Hourly [Member] | Pension Benefits [Member] | Service Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.30% | 4.66% | 3.83% |
Hourly [Member] | Pension Benefits [Member] | Interest Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.38% | 3.46% | 3.83% |
Hourly [Member] | Other Benefits [Member] | Obligation [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.03% | 4.32% | 3.83% |
Hourly [Member] | Other Benefits [Member] | Service Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.23% | 4.56% | 3.83% |
Hourly [Member] | Other Benefits [Member] | Interest Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.24% | 3.48% | 3.83% |
PENSIONS AND OTHER POSTRETIRE87
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Assumed Health Care Cost Trend Rates) (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Postemployment Benefits [Abstract] | ||
Health care cost trend rate assumed for next year | 7.00% | 6.50% |
Ultimate health care cost trend rate | 5.00% | 5.00% |
PENSIONS AND OTHER POSTRETIRE88
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, 2017USD ($) | |
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 | $ 1 |
Effect on total of service and interest cost due to one percentage point decrease | (0.8) |
Effect on postretirement benefit obligation due to one percentage point increase | 21.2 |
Effect on postretirement benefit obligation due to one percentage point decrease | $ (17.6) |
PENSIONS AND OTHER POSTRETIRE89
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Target Allocation and Actual Asset Allocations for Pension and VEBA Plan Assets) (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
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, Plan Assets, Target Allocation, Percentage | 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 | 43.60% | 43.20% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 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 | 27.00% | 26.40% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 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 | 5.00% | 5.90% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 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 | 5.30% | 5.30% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 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 | 9.70% | 9.30% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 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 | 8.70% | 9.00% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 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% | 0.90% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Other 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, Plan Assets, Target Allocation, Percentage | 100.00% | |
Other Benefits [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 8.70% | 8.40% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 8.00% | |
Other Benefits [Member] | Fixed Income Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 77.70% | 78.30% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80.00% | |
Other Benefits [Member] | Hedge Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 4.40% | 4.40% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 4.00% | |
Other Benefits [Member] | Private Equity Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 1.50% | 1.70% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 3.00% | |
Other Benefits [Member] | Structured Finance [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 3.00% | 2.70% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 2.00% | |
Other Benefits [Member] | Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 4.60% | 4.40% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 3.00% | |
Other Benefits [Member] | Cash [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Weighted-average asset allocation | 0.10% | 0.10% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% |
PENSIONS AND OTHER POSTRETIRE90
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Fair Values of Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 215.6 | $ 202.4 | $ 193.4 |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 749.8 | 685.8 | 700.6 |
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 | 130.1 | 144.7 | |
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 | 35.5 | 39.9 | |
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 | 160.9 | 111.8 | |
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 | 202.4 | 181.2 | |
Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 37.4 | 40.6 | 40.7 |
Hedge Funds [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 37.4 | 40.6 | |
Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 39.8 | 36.1 | 33.1 |
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 | 39.8 | 36.1 | |
Structured Finance [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 72.9 | 63.8 | 62.1 |
Structured Finance [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 72.9 | 63.8 | |
Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 65.5 | 61.9 | $ 57.5 |
Real Estate [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 65.5 | 61.9 | |
Cash [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 5.3 | 5.8 | |
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 | 505.4 | 459.7 | |
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 | 130.1 | 144.7 | |
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 | 35.5 | 39.9 | |
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 | 160.9 | 111.8 | |
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 | 173.6 | 157.5 | |
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 | 5.3 | 5.8 | |
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 | 28.8 | 23.7 | |
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 | 28.8 | 23.7 | |
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 | 215.6 | 202.4 | |
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 | 37.4 | 40.6 | |
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 | 39.8 | 36.1 | |
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 | 72.9 | 63.8 | |
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 | 65.5 | 61.9 | |
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 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, 2017 | Dec. 31, 2016 | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | $ 202.4 | $ 193.4 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 16.1 | 12.3 |
Purchases | 57.9 | 8 |
Sales | 65.6 | 14.6 |
Fair value of plan assets — end of year | 215.6 | 202.4 |
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 | 40.6 | 40.7 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 2.5 | (0.1) |
Purchases | 39 | 0 |
Sales | 45.1 | 0 |
Fair value of plan assets — end of year | 37.4 | 40.6 |
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 | 36.1 | 33.1 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 0.3 | (2.7) |
Purchases | 4.5 | 8 |
Sales | 5.6 | 6 |
Fair value of plan assets — end of year | 39.8 | 36.1 |
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 | 63.8 | 62.1 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 9.1 | 10 |
Purchases | 0 | 0 |
Sales | 0 | 8 |
Fair value of plan assets — end of year | 72.9 | 63.8 |
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 | 61.9 | 57.5 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 4.2 | 5.1 |
Purchases | 14.4 | 0 |
Sales | 14.9 | 0.6 |
Fair value of plan assets — end of year | $ 65.5 | $ 61.9 |
PENSIONS AND OTHER POSTRETIRE92
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Fair Values of Other Benefit Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 215.6 | $ 202.4 | $ 193.4 |
Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 37.4 | 40.6 | 40.7 |
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 | 39.8 | 36.1 | 33.1 |
Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 65.5 | 61.9 | 57.5 |
Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 262.5 | 253 | 250.6 |
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 | 11.4 | 10.6 | |
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 | 2.7 | |
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 | 8.8 | 8.1 | |
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 | 204.1 | 197.9 | |
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 | 11.4 | 11.2 | |
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 | 3.9 | 4.3 | |
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 | 7.9 | 6.9 | |
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 | 12 | 11.1 | |
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 | 0.2 | 0.2 | |
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 | 187.3 | 183.6 | |
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 | 11.4 | 10.6 | |
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 | 2.7 | |
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 | 8.8 | 8.1 | |
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 | 164.1 | 162 | |
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 | 0.2 | 0.2 | |
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 | 40 | 35.9 | |
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 | 40 | 35.9 | |
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 | 35.2 | 33.5 | 32.5 |
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 | 11.4 | 11.2 | 11.2 |
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 | 3.9 | 4.3 | 5.5 |
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 | 7.9 | 6.9 | 5.8 |
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 | 12 | 11.1 | $ 10 |
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 |
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, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | $ 202.4 | $ 193.4 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 16.1 | 12.3 |
Acquired through business combinations | 57.9 | 8 |
Sales | 65.6 | 14.6 |
Fair value of plan assets — end of year | 215.6 | 202.4 |
Hedge Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | 40.6 | 40.7 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 2.5 | (0.1) |
Acquired through business combinations | 39 | 0 |
Sales | 45.1 | 0 |
Fair value of plan assets — end of year | 37.4 | 40.6 |
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 | 36.1 | 33.1 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 0.3 | (2.7) |
Acquired through business combinations | 4.5 | 8 |
Sales | 5.6 | 6 |
Fair value of plan assets — end of year | 39.8 | 36.1 |
Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | 61.9 | 57.5 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 4.2 | 5.1 |
Acquired through business combinations | 14.4 | 0 |
Sales | 14.9 | 0.6 |
Fair value of plan assets — end of year | 65.5 | 61.9 |
Other Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets — beginning of year | 253 | 250.6 |
Actual return on plan assets: | ||
Fair value of plan assets — end of year | 262.5 | 253 |
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 | 11.2 | |
Actual return on plan assets: | ||
Fair value of plan assets — end of year | 11.4 | 11.2 |
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 | 4.3 | |
Actual return on plan assets: | ||
Fair value of plan assets — end of year | 3.9 | 4.3 |
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 | 6.9 | |
Actual return on plan assets: | ||
Fair value of plan assets — end of year | 7.9 | 6.9 |
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 | 11.1 | |
Actual return on plan assets: | ||
Fair value of plan assets — end of year | 12 | 11.1 |
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 | 33.5 | 32.5 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 7.1 | 1.9 |
Acquired through business combinations | 24 | 0 |
Sales | 25.5 | 1 |
Fair value of plan assets — end of year | 35.2 | 33.5 |
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 | 11.2 | 11.2 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 0.8 | 0 |
Acquired through business combinations | 17.1 | 0 |
Sales | 17.7 | 0 |
Fair value of plan assets — end of year | 11.4 | 11.2 |
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 | 4.3 | 5.5 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 0.9 | (0.3) |
Acquired through business combinations | 1.8 | 0 |
Sales | 2.7 | 1 |
Fair value of plan assets — end of year | 3.9 | 4.3 |
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 | 6.9 | 5.8 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 2 | 1.1 |
Acquired through business combinations | 2.1 | 0 |
Sales | 2.1 | 0 |
Fair value of plan assets — end of year | 7.9 | 6.9 |
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 | 11.1 | 10 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 3.4 | 1.1 |
Acquired through business combinations | 3 | 0 |
Sales | 3 | 0 |
Fair value of plan assets — end of year | $ 12 | $ 11.1 |
PENSIONS AND OTHER POSTRETIRE94
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Unobservable Inputs, Level 3) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 215.6 | $ 202.4 | $ 193.4 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 16.1 | 12.3 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 4.8 | 3.3 | |
Defined Benefit Plan, Plan Assets, Business Combination | 57.9 | 8 | |
Defined Benefit Plan, Plan Assets, Divestiture | (65.6) | (14.6) | |
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 | 262.5 | 253 | 250.6 |
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 | 39.8 | 36.1 | 33.1 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 0.3 | (2.7) | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 4.5 | 3.7 | |
Defined Benefit Plan, Plan Assets, Business Combination | 4.5 | 8 | |
Defined Benefit Plan, Plan Assets, Divestiture | (5.6) | (6) | |
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 | 3.9 | 4.3 | |
Structured Finance [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 72.9 | 63.8 | 62.1 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 9.1 | 10 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 0 | (0.3) | |
Defined Benefit Plan, Plan Assets, Business Combination | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Divestiture | 0 | (8) | |
Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 65.5 | 61.9 | 57.5 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 4.2 | 5.1 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | (0.1) | (0.1) | |
Defined Benefit Plan, Plan Assets, Business Combination | 14.4 | 0 | |
Defined Benefit Plan, Plan Assets, Divestiture | (14.9) | (0.6) | |
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 | 12 | 11.1 | |
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 | 7.9 | 6.9 | |
Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 37.4 | 40.6 | 40.7 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 2.5 | (0.1) | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 0.4 | 0 | |
Defined Benefit Plan, Plan Assets, Business Combination | 39 | 0 | |
Defined Benefit Plan, Plan Assets, Divestiture | (45.1) | 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 | 11.4 | 11.2 | |
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 | 35.2 | 33.5 | 32.5 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 7.1 | 1.9 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | (3.9) | 0.1 | |
Defined Benefit Plan, Plan Assets, Business Combination | 24 | 0 | |
Defined Benefit Plan, Plan Assets, Divestiture | (25.5) | (1) | |
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 | 3.9 | 4.3 | 5.5 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 0.9 | (0.3) | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | (0.4) | 0.1 | |
Defined Benefit Plan, Plan Assets, Business Combination | 1.8 | 0 | |
Defined Benefit Plan, Plan Assets, Divestiture | (2.7) | (1) | |
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 | 12 | 11.1 | 10 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 3.4 | 1.1 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | (2.5) | 0 | |
Defined Benefit Plan, Plan Assets, Business Combination | 3 | 0 | |
Defined Benefit Plan, Plan Assets, Divestiture | (3) | 0 | |
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 | 7.9 | 6.9 | 5.8 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 2 | 1.1 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | (1) | 0 | |
Defined Benefit Plan, Plan Assets, Business Combination | 2.1 | 0 | |
Defined Benefit Plan, Plan Assets, Divestiture | (2.1) | 0 | |
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 | 11.4 | 11.2 | $ 11.2 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 0.8 | 0 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Business Combination | 17.1 | 0 | |
Defined Benefit Plan, Plan Assets, Divestiture | $ (17.7) | $ 0 |
PENSIONS AND OTHER POSTRETIRE95
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Annual Contributions To The Pension Plans) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Funded Percentage | 70.00% | |
Company contributions | $ 2.1 | $ 1.1 |
Expected company contributions, next fiscal year | $ 4 | |
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 | $ 24.4 | 1.2 |
Expected company contributions, next fiscal year | 27.8 | |
Direct Payments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Company contributions | 2.1 | 1.1 |
Expected company contributions, next fiscal year | 4 | |
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 | $ 0 |
PENSIONS AND OTHER POSTRETIRE96
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Estimated Net Periodic Benefit Cost) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Estimated net periodic benefit cost | $ 6.1 |
Pension Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Estimated net periodic benefit cost | 12.3 |
Other Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Estimated net periodic benefit cost | $ (6.2) |
PENSION AND OTHER POSTRETIREM97
PENSION AND OTHER POSTRETIREMENT BENEFITS (Estimated Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,017 | $ (69.6) |
2,018 | (66.7) |
2,019 | (66) |
2,020 | (65.1) |
2,021 | (65.2) |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | (310.5) |
Gross Company Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,017 | (18.9) |
2,018 | (18) |
2,019 | (17.4) |
2,020 | (16.9) |
2,021 | (16.7) |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | (81.5) |
Less Medicare Subsidy [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,017 | (0.7) |
2,018 | (0.8) |
2,019 | (0.9) |
2,020 | (1) |
2,021 | (1.1) |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | (6.6) |
Net Company Payments [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,017 | (18.2) |
2,018 | (17.2) |
2,019 | (16.5) |
2,020 | (15.9) |
2,021 | (15.6) |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ (74.9) |
PENSIONS AND OTHER POSTRETIRE98
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Other Potential Benefit Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 215.6 | $ 202.4 | $ 193.4 |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 749.8 | 685.8 | 700.6 |
Defined Benefit Plan, Benefit Obligation | (973.1) | (931.6) | (910.8) |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (223.3) | (245.8) | |
Other Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 262.5 | 253 | 250.6 |
Defined Benefit Plan, Benefit Obligation | (265.9) | (264.6) | $ (266) |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (3.4) | $ (11.6) |
PENSIONS AND OTHER POSTRETIRE99
PENSIONS AND OTHER POSTRETIREMENT BENEFITS ( Fair Value of Recurring) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 215.6 | $ 202.4 | $ 193.4 |
Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 37.4 | 40.6 | 40.7 |
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 | 39.8 | 36.1 | 33.1 |
Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 65.5 | 61.9 | 57.5 |
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 | 262.5 | 253 | 250.6 |
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 | 40 | 35.9 | |
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 | 35.2 | 33.5 | 32.5 |
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 | 187.3 | 183.6 | |
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 | 204.1 | 197.9 | |
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 | 40 | 35.9 | |
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 | 164.1 | 162 | |
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 | 11.4 | 11.2 | |
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 | 11.4 | 11.2 | 11.2 |
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 | 3.9 | 4.3 | |
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 | 3.9 | 4.3 | 5.5 |
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 | 7.9 | 6.9 | |
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 | 7.9 | 6.9 | 5.8 |
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 | 12 | 11.1 | |
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 | 12 | 11.1 | $ 10 |
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 | 0.2 | 0.2 | |
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 | 0.2 | 0.2 | |
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 | 2.7 | |
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 | 2.7 | |
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 | 8.8 | 8.1 | |
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 | 8.8 | 8.1 | |
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 | 11.4 | 10.6 | |
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 | $ 11.4 | $ 10.6 |
STOCK COMPENSATION PLANS (Narra
STOCK COMPENSATION PLANS (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2017USD ($)AgreementPlan$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)shares | Jun. 26, 2017$ / shares | Feb. 21, 2017$ / shares | |
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 | $ | $ 18,700,000 | $ 14,200,000 | $ 13,900,000 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ | $ 0 | $ 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Plan Year Agreements | Agreement | 3 | ||||
Payout rate, as a percentage of the original grant | 75.30% | ||||
Number of performance shares granted | 1,999,562 | ||||
Number of restricted shares granted | 400,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 20,100,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months | ||||
Option Indexed to Issuer's Equity, Strike Price | $ / shares | $ 13.83 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 599,870 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ / shares | $ 10.25 | ||||
Common Stock, Shares Authorized | 600,000,000 | 400,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 6.79 | $ 5.55 | $ 10.74 | $ 19.69 | |
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 | ||||
Directors Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ | $ 100,000 | $ 85,000 | $ 85,000 | ||
2012 Equity Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance/vesting period | 3 years | ||||
A&R 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) | 15,000,000 | ||||
2015 to 2017 Performance Period [Member] | 2012 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] | 2012 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] | |||||
Performance/vesting period | 3 years | ||||
Number of restricted shares granted | 553,725 | 3,406,716 | 1,473,184 | ||
Restricted Stock Units (RSUs) [Member] | 2012 Equity Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of restricted shares granted | 874,575 | ||||
Restricted Stock Units (RSUs) [Member] | A&R 2015 Equity Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of restricted shares granted | 532,358 | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of performance shares granted | 0 | 0 | 412,710 | ||
Employee Stock Option [Member] | 2015 Equity Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of performance shares granted | 0 | 0 | 0 | ||
Employee Stock Option [Member] | 2012 Equity Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of performance shares granted | 412,710 | ||||
Employee Stock Option [Member] | A&R 2015 Equity Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of performance shares granted | 0 | ||||
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 | ||||
January 12, 2015 [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant Date Market Price | $ / shares | $ 7.70 |
STOCK COMPENSATION PLANS (Appro
STOCK COMPENSATION PLANS (Approved Grants) (Details) - shares | Jun. 26, 2017 | Feb. 21, 2017 | Feb. 09, 2015 | Jan. 12, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance shares granted | 1,999,562 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 400,000 | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance shares granted | 249,106 | 553,725 | 410,105 | 464,470 | 802,831 | 0 | 874,575 |
Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance shares granted | 0 | 0 | 412,710 | ||||
A&R 2015 Equity Plan [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance shares granted | 249,106 | ||||||
A&R 2015 Equity Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 532,358 | ||||||
A&R 2015 Equity Plan [Member] | Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance shares granted | 0 | ||||||
2015 Equity Plan [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance shares granted | 553,725 | 0 | 0 | ||||
2015 Equity Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 553,725 | 3,406,716 | 1,473,184 | ||||
2015 Equity Plan [Member] | Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance shares granted | 0 | 0 | 0 | ||||
2012 Equity Plan [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance shares granted | 874,575 | ||||||
2012 Equity Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 874,575 | ||||||
2012 Equity Plan [Member] | Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance shares granted | 412,710 |
STOCK COMPENSATION PLANS (Incen
STOCK COMPENSATION PLANS (Incentive Plan Details) (Details) - shares | Jun. 26, 2017 | Feb. 21, 2017 | Feb. 09, 2015 | Jan. 12, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance shares granted | 1,999,562 | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of performance shares granted | 249,106 | 553,725 | 410,105 | 464,470 | 802,831 | 0 | 874,575 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Estimated Forfeitures | 0 | 5,192 | 155,235 | 68,667 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest | 249,106 | 548,533 | 254,870 | 395,803 |
STOCK COMPENSATION PLANS (Nonem
STOCK COMPENSATION PLANS (Nonemployee Directors) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Directors Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 100,000 | $ 85,000 | $ 85,000 |
STOCK COMPENSATION PLANS (In104
STOCK COMPENSATION PLANS (Incentive Compensation and Other Benefit Plans for Employees and Directors) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Equity Grant Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period Shares Director Stock Award | 93,359 | 135,038 | 109,408 |
Deferred Equity Grant Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period Shares Director Stock Award | 17,289 | 29,583 | 25,248 |
STOCK COMPENSATION PLANS (Sched
STOCK COMPENSATION PLANS (Schedule of Compensation Costs) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Selling, general and administrative expenses | $ 105.8 | $ 117.8 | $ 110 | |||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 129.4 | 207 | 313.1 | |||||||||
Income Tax Expense (Benefit) | (252.4) | (12.2) | 169.3 | |||||||||
Net Income (Loss) Attributable to Parent | $ 309.9 | $ 53.4 | $ 31.8 | $ (28.1) | $ (25.8) | $ 12.8 | $ 108 | $ 79.1 | $ 367 | $ 174.1 | $ (749.3) | |
Earnings Per Share, Basic | $ 1.04 | $ 0.18 | $ 0.10 | $ (0.11) | $ 0.35 | $ (0.12) | $ 0.07 | $ 0.62 | $ 1.28 | $ 0.88 | $ (5.14) | |
Earnings Per Share, Diluted | $ 1.03 | $ 0.18 | $ 0.11 | $ (0.11) | $ 0.34 | $ (0.12) | $ 0.07 | $ 0.62 | $ 1.26 | $ 0.87 | $ (5.13) | |
Deferred Compensation, Share-based Payments [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Costs and Expenses | $ 2.3 | $ 2.1 | $ 4 | |||||||||
Selling, general and administrative expenses | 16.4 | 12.1 | 9.9 | |||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 18.7 | 14.2 | 13.9 | |||||||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | |||||||||
Net Income (Loss) Attributable to Parent | $ 18.7 | $ 14.2 | $ 13.9 | |||||||||
Earnings Per Share, Basic | $ 0.06 | $ 0.07 | $ 0.09 | |||||||||
Earnings Per Share, Diluted | $ 0.06 | $ 0.07 | $ 0.09 |
STOCK COMPENSATION PLANS (Outst
STOCK COMPENSATION PLANS (Outstanding Employee Awards) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Jun. 26, 2017 | Feb. 21, 2017 | Dec. 31, 2016 | |
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 | 7,224,665 | 7,430,122 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 6.79 | $ 10.74 | $ 19.69 | $ 5.55 |
Number of performance shares granted | 1,999,562 | |||
Fair Value | $ 12.19 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,813,315) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 5.52 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (391,704) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 12.84 |
STOCK COMPENSATION PLANS (Share
STOCK COMPENSATION PLANS (Share Based Compensation Arrangement by Share-based Payment Award) (Details) - $ / shares | Jun. 26, 2017 | Feb. 21, 2017 | Feb. 09, 2015 | Jan. 12, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
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 | 7,224,665 | 7,430,122 | ||||||
Number of performance shares granted | 1,999,562 | |||||||
Share Based Goods And Nonemployee Services Transaction Valuation Method Payout Rate | 75.30% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,813,315) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (391,704) | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 17,218,652 | |||||||
Fair Value | $ 12.19 | |||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 599,870 | |||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 10.25 | |||||||
Employee Stock Option [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 | 599,870 | 599,870 | 607,489 | 250,000 | ||||
Number of performance shares granted | 0 | 0 | 412,710 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | (7,619) | (55,221) | |||||
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 | 4,776,483 | 5,461,783 | 2,338,070 | 523,176 | ||||
Number of performance shares granted | 1,196,731 | 3,571,337 | 2,482,415 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,813,315) | (271,988) | (477,157) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (68,716) | (175,636) | (190,364) | |||||
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 | 1,848,312 | 1,368,469 | 1,496,489 | 1,072,376 | ||||
Number of performance shares granted | 249,106 | 553,725 | 410,105 | 464,470 | 802,831 | 0 | 874,575 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | (59,260) | (242,920) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (322,988) | (68,760) | (207,542) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested or Expected to Vest, Outstanding, Number | 7,224,665 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Estimated Forfeitures | 0 | 5,192 | 155,235 | 68,667 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest | 249,106 | 548,533 | 254,870 | 395,803 | ||||
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 | ||||
Number of performance shares granted | 25,476 | 0 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (25,476) | 0 | 0 | |||||
January 12, 2015 [Member] | Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grant Date Market Price | $ 7.70 | |||||||
Employee Plans [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 16,606,386 | |||||||
Directors Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 612,266 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | $ 33.5 | $ 30.7 | $ 156.2 | $ 72.6 |
Undistributed Earnings of Foreign Subsidiaries | 0 | 0 | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 4,200 | 3,700 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 7,200 | 6,900 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 5.8 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 0 | 251.2 | ||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 1,100 | |||
Impact Of Tax Law Change | $ 407.5 | $ 149.1 | $ 0 | |
Effective Income Tax Rate, Continuing Operations | 35.00% | 35.00% | 35.00% | |
Current Fiscal Year End Date | --12-31 | |||
Deferred Tax Liabilities, Intercompany Notes | $ (465.7) | $ 0 | ||
Tax law change, remeasurement, amount | (407.5) | (149.1) | $ 0 | |
Repeal of AMT, amount | (235.3) | 0 | $ 0 | |
Other Noncurrent Assets [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | 27.4 | 22.4 | ||
Other Liabilities [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | 6.1 | 8.3 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 2.1 | $ 0.8 |
INCOME TAXES (SCHEDULE OF INCOM
INCOME TAXES (SCHEDULE OF INCOME BEFORE INCOME TAXES) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 90.7 | $ 124.9 | $ 314.2 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 38.7 | 82.1 | (1.1) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | $ 129.4 | $ 207 | $ 313.1 |
INCOME TAXES (Schedule of Compo
INCOME TAXES (Schedule of Components of Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Current Federal Tax Expense (Benefit) | $ (252.6) | $ (11.1) | $ 8.2 |
Current State and Local Tax Expense (Benefit) | (0.1) | (0.5) | 0.3 |
Current Foreign Tax Expense (Benefit) | 0.3 | (0.1) | 0.9 |
Current Income Tax Expense (Benefit) | (252.4) | (11.7) | 9.4 |
Deferred Federal Income Tax Expense (Benefit) | 0 | (0.5) | 165.8 |
Deferred Foreign Income Tax Expense (Benefit) | 0 | 0 | (5.9) |
Deferred Income Tax Expense (Benefit) | 0 | 0 | 159.8 |
Income Tax Expense (Benefit) | (252.4) | (12.2) | 169.3 |
Deferred Provision (Benefit) [Member] | |||
Income Tax Contingency [Line Items] | |||
Deferred Income Tax Expense (Benefit) | $ 0 | $ (0.5) | $ 159.9 |
INCOME TAXES (Schedule of Effec
INCOME TAXES (Schedule of Effective Rate Reconciliation) (Details) - USD ($) AUD / $ in Millions, $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||||||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 45.3 | $ 72.5 | $ 109.6 | ||||||
Effective Income Tax Rate Reconciliation, Percent | 35.00% | 35.00% | 35.00% | ||||||
Non-taxable loss (income) related to noncontrolling interests | 1.3 | (8.8) | (3) | ||||||
Non-taxable loss (income) related to noncontrolling interests percent | 1.00% | (4.20%) | (1.00%) | ||||||
Impact Of Tax Law Change | 407.5 | 149.1 | 0 | ||||||
Impact Of Tax Law Change Percent | 314.80% | 72.00% | 0.00% | ||||||
Prior year adjustments made in current year, amount | (1.1) | (11.8) | 5.9 | ||||||
Prior year adjustments made in current year, percent | (0.80%) | (5.70%) | 1.90% | ||||||
Tax law change, remeasurement, amount | (407.5) | (149.1) | 0 | ||||||
Tax law change, remeasurement, percent | (314.80%) | (72.00%) | 0.00% | ||||||
Income Tax Reconciliation Tax Deduction for percentage depletion in excess of cost depletion | (61.6) | (36.1) | (34.9) | ||||||
Income Tax Reconciliation Tax Deduction for percentage depletion in excess of cost depletion percent | (47.60%) | (17.40%) | (11.10%) | ||||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 475.4 | (42.7) | (53.9) | ||||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 367.20% | (20.60%) | (17.20%) | ||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (0.1) | 0.4 | 0.2 | ||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 0.00% | 0.20% | 0.10% | ||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (471.7) | 93.9 | (104.6) | ||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (364.40%) | 45.40% | (33.40%) | ||||||
Repeal of AMT, amount | (235.3) | 0 | 0 | ||||||
Repeal of AMT, percent | (181.70%) | 0.00% | 0.00% | ||||||
Tax Adjustments, Settlements, and Unusual Provisions | (1.4) | (11.3) | 84.1 | ||||||
Tax Adjustments Settlements And Unusual Provisions Percent | (1.10%) | (5.50%) | 26.90% | ||||||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent | (2.40%) | (300.00%) | 3.10% | 650.00% | 52.90% | 16580.00% | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (0.2) | (1.4) | 0.1 | ||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (0.20%) | (0.70%) | 0.00% | ||||||
Income Tax Expense (Benefit) | (252.4) | (12.2) | 169.3 | ||||||
Income Tax Expense Benefit Percent | (195.00%) | (5.90%) | 54.10% | ||||||
Worthless Stock Deduction, Amount | $ 0 | $ (73.4) | $ 0 | ||||||
Worthless Stock Deduction, Percent | 0.00% | (35.50%) | 0.00% |
INCOME TAXES (Income Taxes for
INCOME TAXES (Income Taxes for Other than Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 0 | $ 0 | $ 5.9 |
Other Comprehensive Income Unrealized Gain Loss On Mark To Market Adjustments Arising During Period Tax | 0 | 0 | 0.3 |
Other Comprehensive Income (Loss), Other Tax | 0 | 0.5 | 0 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 0 | 0.5 | 6.2 |
Discontinued Operation, Tax Effect of Discontinued Operation | $ 0 | $ 0 | $ (6) |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Contingency [Line Items] | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | $ 76.3 | $ 114.6 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 25.6 | 35.2 |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 0 | 251.2 |
Deferred Tax Assets, Deferred Income | 24.2 | 44.5 |
Deferred Tax Assets, Goodwill and Intangible Assets | 12.2 | 0 |
Deferred Tax Assets, Amortization | 0 | 71.3 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Asset Retirement Obligations | 9.9 | 22.3 |
Deferred Tax Assets, Operating Loss Carryforwards | 2,368.1 | 2,699.7 |
Deferred Tax Assets, Property, Plant and Equipment | 188.2 | 181.2 |
Deferred Tax Assets, State Taxes | 74.2 | 59.2 |
Deferred Tax Assets Leasing Arrangements | 9.6 | 12.9 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | 100.4 | 108.3 |
Deferred Tax Assets, Gross | 2,888.7 | 3,600.4 |
Deferred Tax Assets, Valuation Allowance | (2,238.5) | (3,334.8) |
Deferred Tax Assets, Net of Valuation Allowance | 650.2 | 265.6 |
Deferred Tax Liabilities, Property, Plant and Equipment | (1.5) | (34) |
Deferred Tax Liabilities Investment In Ventures | (137.5) | (203.1) |
Deferred Tax Liabilities, Intangible Assets | 0 | (1) |
Deferred Tax Liabilities, Tax Deferred Income | (3.8) | (3.4) |
Deferred Tax Liabilities, Intercompany Notes | 465.7 | 0 |
Deferred Tax Liabilities Other Assets | (41.7) | (24.1) |
Deferred Tax Liabilities, Net | (650.2) | (265.6) |
Deferred Tax Assets, Net | $ 0 | $ 0 |
INCOME TAXES (Schedule of De114
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities by Location) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Contingency [Line Items] | ||
Deferred Tax Assets, Net | $ 0 | $ 0 |
INCOME TAXES (Schedule of Unrec
INCOME TAXES (Schedule of Unrecognized Tax Benefits Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | $ 33.5 | $ 30.7 | $ 156.2 | $ 72.6 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (2.8) | |||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | (61) | (6.7) | ||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 4.5 | 0.2 | 78.5 | |
Unrecognized Tax Benefits Increases Decreases Resulting From Currency Translation | 0 | 0 | 0 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 1 | 64.7 | 1.1 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0 | 0 | (0.5) | |
Other Increases decreases to unrecognized tax benefits | $ 0.1 | $ 0 | $ 0 |
LEASE OBLIGATIONS (Narrative) (
LEASE OBLIGATIONS (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |||
Capital Leased Assets, Gross | $ 37.4 | $ 29.3 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 21 | 13.1 | |
Operating lease expense | $ 7.1 | $ 7.6 | $ 12 |
LEASE OBLIGATIONS (Future Minim
LEASE OBLIGATIONS (Future Minimum Lease Payments) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Capital Leases | |
2,016 | $ 20.8 |
2,017 | 12.1 |
2,018 | 11.1 |
2,019 | 10.5 |
2,020 | 2.1 |
2021 and thereafter | 0 |
Total minimum lease payments | 56.6 |
Amounts representing interest | 8.8 |
Present value of net minimum lease payments | 47.8 |
Operating Leases | |
2,016 | 4.9 |
2,017 | 1.8 |
2,018 | 1.8 |
2,019 | 1.8 |
2,020 | 1.8 |
2021 and thereafter | 7.5 |
Total minimum lease payments | 19.6 |
Other Current Liabilities [Member] | |
Capital Leases | |
Present value of net minimum lease payments | 16.9 |
Other Liabilities [Member] | |
Capital Leases | |
Present value of net minimum lease payments | $ 30.9 |
ENVIRONMENTAL AND MINE CLOSU118
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)T | |
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | $ (9.2) | |
Proved Developed and Undeveloped Reserves, Net, Period Increase (Decrease) | T | 115,000,000 | |
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current And Noncurrent | $ 200.1 | $ 206.8 |
Accrual for Environmental Loss Contingencies | 2.9 | 2.8 |
Mine Reclamation and Closing Liability, current and noncurrent | 197.2 | 204 |
U.S. Iron Ore [Member] | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | (26.2) | |
Asia Pacific Iron Ore [Member] | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | 10.1 | |
Previously Owned Or Operating Facilities [Member] | LTV Steel Mining Company [Member] | ||
Site Contingency [Line Items] | ||
Mine Reclamation and Closing Liability, current and noncurrent | $ 28.6 | 25.5 |
Selenium [Domain] | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | $ (29.6) |
ENVIRONMENTAL AND MINE CLOSU119
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Summary Of Mine Closure Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||
Environmental | $ 2.9 | $ 2.8 |
Mine Reclamation and Closing Liability, current and noncurrent | 197.2 | 204 |
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current And Noncurrent | 200.1 | 206.8 |
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current | 3.6 | 12.9 |
Environmental Loss Contingency And Mine Reclamation And Closing Liability Noncurrent | 196.5 | 193.9 |
U.S. Iron Ore [Member] | Owned Or Operating Facilities [Member] | ||
Loss Contingencies [Line Items] | ||
Mine Reclamation and Closing Liability, current and noncurrent | 168.4 | 187.8 |
Asia Pacific Iron Ore [Member] | Owned Or Operating Facilities [Member] | ||
Loss Contingencies [Line Items] | ||
Mine Reclamation and Closing Liability, current and noncurrent | 28.8 | 16.2 |
LTV Steel Mining Company [Member] | Previously Owned Or Operating Facilities [Member] | ||
Loss Contingencies [Line Items] | ||
Mine Reclamation and Closing Liability, current and noncurrent | $ 28.6 | $ 25.5 |
ENVIRONMENTAL AND MINE CLOSU120
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Asset Retirement Obligation Disclosure) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accrual for Environmental Loss Contingencies | $ 2.9 | $ 2.8 | |
Mine Reclamation and Closing Liability, current and noncurrent | 197.2 | 204 | |
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current And Noncurrent | 200.1 | 206.8 | |
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current | 3.6 | 12.9 | |
Environmental Loss Contingency And Mine Reclamation And Closing Liability Noncurrent | 196.5 | 193.9 | |
Asset Retirement Obligation | 197.2 | 204 | $ 230.4 |
Asset Retirement Obligation, Accretion Expense | 14.9 | 14 | |
Asset Retirement Obligation, Foreign Currency Translation Gain (Loss) | 1.5 | (0.2) | |
Asset Retirement Obligation, Liabilities Settled | (5.6) | (2.2) | |
Asset Retirement Obligation, Revision of Estimate | (17.6) | (38) | |
Previously Owned Or Operating Facilities [Member] | LTV Steel Mining Company [Member] | |||
Mine Reclamation and Closing Liability, current and noncurrent | 28.6 | 25.5 | |
U.S. Iron Ore [Member] | Owned Or Operating Facilities [Member] | |||
Mine Reclamation and Closing Liability, current and noncurrent | 168.4 | 187.8 | |
Asia Pacific Iron Ore [Member] | Owned Or Operating Facilities [Member] | |||
Mine Reclamation and Closing Liability, current and noncurrent | $ 28.8 | $ 16.2 |
GOODWILL AND OTHER INTANGIBL121
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Product | $ 2,089.2 | $ 1,913.5 | $ 1,832.4 |
Cost of Sales [Member] | |||
Goodwill [Line Items] | |||
Amortization expense relating to intangible assets | 2.1 | 4.8 | $ 4.2 |
U.S. Iron Ore [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 2 | $ 2 |
GOODWILL AND OTHER INTANGIBL122
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Schedule Of Finite-Lived Intangible Assets By Major Class) (Details) - Permits [Member] - Other Assets [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Definite lived intangible assets - Gross Carrying Amount | $ 78.8 | $ 78.4 |
Definite lived intangible assets - Accumulated Amortization | (26.5) | (24.6) |
Definite lived intangible assets - Net Carrying Amount | $ 52.3 | $ 53.8 |
DERIVATIVE INSTRUMENTS AND H123
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Natural Gas Hedges | $ 3.5 | ||
Unrealized net gain (loss) on derivative financial instruments, net of tax | $ 0.5 | $ 2.6 | $ (20.7) |
Current Fiscal Year End Date | --12-31 | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 104.7 | 92.6 | 5.5 |
Derivative asset, fair value | 39.4 | 33.1 | |
Derivative liability, fair value | 2.7 | 0.5 | |
Derivative assets | 39.4 | 33.1 | |
Accounts receivable, net | 140.6 | 128.7 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative asset, fair value | 39.4 | 33.1 | |
Derivative liability, fair value | 2.4 | 0.5 | |
Foreign Exchange Contract [Member] | Other Nonoperating Income (Expense) [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | (3.6) | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0 | |
Foreign Exchange Contract [Member] | Product Revenues [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0 | (12.6) |
Customer Supply Agreement [Member] | Not Designated as Hedging Instrument [Member] | Product Revenues [Member] | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 163.3 | 41.7 | 27.1 |
Provisional Pricing Arrangements [Member] | Product Revenues [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (58.6) | 49 | (1.4) |
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] | |||
Derivative, Gain (Loss) on Derivative, Net | 58.6 | 49 | $ (1.4) |
Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Customer Supply Agreement [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||
Derivative [Line Items] | |||
Derivative asset, fair value | 37.9 | 21.3 | |
Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Provisional Pricing Arrangements [Member] | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||
Derivative [Line Items] | |||
Derivative asset, fair value | 1.5 | 10.3 | |
Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Provisional Pricing Arrangements [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative liability, fair value | $ 2.4 | $ 0.5 |
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, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | $ 39.4 | $ 33.1 |
Derivative liability, fair value | 2.7 | 0.5 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset, fair value | 39.4 | 33.1 |
Derivative liability, fair value | 2.4 | 0.5 |
Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | 0 | 1.5 |
Market Approach Valuation Technique [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability, fair value | 0.3 | 0 |
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 | 37.9 | 21.3 |
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 | 1.5 | 10.3 |
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 | $ 2.4 | $ 0.5 |
DERIVATIVE INSTRUMENTS AND H125
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule Of Derivatives Not Designated As Hedging Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 104.7 | $ 92.6 | $ 5.5 |
Foreign Exchange Contract [Member] | Product Revenues [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0 | (12.6) |
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 | 0 | 0 | |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | (3.6) | ||
Commodity Contract [Member] | Other Nonoperating Income (Expense) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 1.9 | (4) |
Customer Supply Agreements [Member] | Product Revenues [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 163.3 | 41.7 | 27.1 |
Provisional Pricing Arrangements [Member] | Product Revenues [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (58.6) | $ 49 | $ (1.4) |
DISCONTINUED OPERATIONS (Narrat
DISCONTINUED OPERATIONS (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment of long-lived assets | $ 0 | $ 0 | $ 76,600,000 | |
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 0 | (6,000,000) | |
Deconsolidation, Gain (Loss), Amount | (528,200,000) | |||
Short-term loan receivable | 7,700,000 | |||
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (18,700,000) | (19,900,000) | (892,100,000) | |
Potential Earn Out from North American Coal sale | 50,000,000 | |||
Contingent claims | 55,600,000 | 0 | ||
Canadian Entities [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment of long-lived assets | 0 | |||
Disposal Group, Including Discontinued Operation, Revenue | 0 | 0 | 11,300,000 | |
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 0 | 5,800,000 | |
Deconsolidation, Gain (Loss), Amount | (21,300,000) | (17,500,000) | (710,900,000) | |
Cost Method Investments | 0 | 0 | ||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 0 | 0 | (11,100,000) | |
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | 0 | 0 | 200,000 | |
Disposal Group, Including Discontinued Operation, Operating Expense | 0 | 0 | 33,800,000 | |
Disposal Group, Including Discontinued Operation, Other Expense | 0 | 0 | (1,000,000) | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 0 | 0 | (34,600,000) | |
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (21,300,000) | (17,500,000) | (739,700,000) | |
Loans to and Accounts Receivables from Bloom Lake Group, Fair Value Disclosure | 51,600,000 | 48,600,000 | ||
Discontinued Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment of long-lived assets | 73,400,000 | |||
North American Coal [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment of long-lived assets | 73,400,000 | |||
Amounts released from escrow | 10,300,000 | |||
Disposal Group, Including Discontinued Operation, Revenue | 0 | 0 | 392,900,000 | |
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 0 | 200,000 | |
Tangible Asset Impairment Charges | $ 73,400,000 | |||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 0 | 0 | (449,200,000) | |
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | 0 | 0 | (56,300,000) | |
Disposal Group, Including Discontinued Operation, Operating Expense | (500,000) | 4,500,000 | 30,400,000 | |
Disposal Group, Including Discontinued Operation, Other Expense | 0 | 0 | (1,800,000) | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 2,600,000 | (2,400,000) | (79,200,000) | |
LOSS FROM DISCONTINUED OPERATIONS, net of tax | 2,600,000 | (2,400,000) | (152,400,000) | |
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 recognized in Consolidated Financials | 37,200,000 | |||
Contingent Liabilities of Deconsolidated Entities | (24,300,000) | 0 | $ (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 | |||
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 | |||
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 | 51,600,000 | $ 48,600,000 | ||
Wabush Scully Mine Sale [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax | $ 31,400,000 |
DISCONTINUED OPERATIONS PreTax
DISCONTINUED OPERATIONS PreTax Exit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
PreTax Exit Costs [Line Items] | ||||
Deconsolidation, Gain (Loss), Amount | $ (528.2) | |||
Canadian Entities [Member] | ||||
PreTax Exit Costs [Line Items] | ||||
Investment Impairment of Deconsolidation | $ 3 | $ (17.5) | (507.8) | |
Deconsolidation, Gain (Loss), Amount | (21.3) | (17.5) | (710.9) | |
Bloom Lake Group [Member] | ||||
PreTax Exit Costs [Line Items] | ||||
Contingent Liabilities of Deconsolidated Entities | $ (24.3) | $ 0 | $ (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) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | ||||
Deconsolidation, Gain (Loss), Amount | $ (528.2) | |||
Canadian Entities [Member] | ||||
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | ||||
Deconsolidation, Gain (Loss), Amount | $ (21.3) | $ (17.5) | $ (710.9) | |
Bloom Lake Group [Member] | ||||
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | ||||
Deconsolidation, Gain (Loss), Amount | $ 818.7 | |||
Contingent Liabilities recognized in Consolidated Financials | 37.2 | |||
Other Current Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Canadian Entities [Member] | ||||
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | ||||
Loans, Associated Interest and Accounts Receivable recognized in Consolidated Financials at Fair Value | $ 51.6 | $ 48.6 |
DISCONTINUED OPERATIONS Sche129
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Assets and Liabilities - North American Coal (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | |||
Discontinued Operation, Tax Effect of Discontinued Operation | $ 0 | $ 0 | $ (6,000,000) |
North American Coal [Member] | |||
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | |||
Loss Contingency Accrual | 0 | 2,100,000 | |
Disposal Group, Including Discontinued Operation, Accrued Liabilities | 0 | 1,100,000 | |
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 3,200,000 | 4,900,000 | |
Disposal Group, Including Discontinued Operation, Liabilities | 3,200,000 | 6,000,000 | |
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 0 | 200,000 |
Canadian Entities [Member] | |||
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | |||
Cost Method Investments | 0 | 0 | |
Discontinued Operation, Tax Effect of Discontinued Operation | $ 0 | $ 0 | $ 5,800,000 |
DISCONTINUED OPERATIONS Sche130
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Income Statement - Canadian Entities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Disposal Groups, including Discontinued Operations, Income Statement [Line Items] | |||
Deconsolidation, Gain (Loss), Amount | $ (528.2) | ||
Discontinued Operation, Tax Effect of Discontinued Operation | $ 0 | $ 0 | (6) |
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (18.7) | (19.9) | (892.1) |
Canadian Entities [Member] | |||
Schedule of Disposal Groups, including Discontinued Operations, Income Statement [Line Items] | |||
Disposal Group, Including Discontinued Operation, Revenue | 0 | 0 | 11.3 |
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 0 | 0 | 11.1 |
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | 0 | 0 | 0.2 |
Disposal Group, Including Discontinued Operation, Operating Expense | 0 | 0 | (33.8) |
Disposal Group, Including Discontinued Operation, Other Expense | 0 | 0 | 1 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 0 | 0 | (34.6) |
Deconsolidation, Gain (Loss), Amount | (21.3) | (17.5) | (710.9) |
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 0 | 5.8 |
LOSS FROM DISCONTINUED OPERATIONS, net of tax | $ (21.3) | $ (17.5) | $ (739.7) |
DISCONTINUED OPERATIONS Sche131
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Income Statement - North American Coal (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | |||
Discontinued Operation, Tax Effect of Discontinued Operation | $ 0 | $ 0 | $ (6) |
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (18.7) | (19.9) | (892.1) |
North American Coal [Member] | |||
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] | |||
Disposal Group, Including Discontinued Operation, Revenue | 0 | 0 | 392.9 |
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 0 | 0 | (449.2) |
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | 0 | 0 | (56.3) |
Disposal Group, Including Discontinued Operation, Operating Expense | (0.5) | 4.5 | 30.4 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 2.1 | 2.1 | 9.3 |
Disposal Group, Including Discontinued Operation, Other Expense | 0 | 0 | (1.8) |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 2.6 | (2.4) | (79.2) |
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | (73.4) |
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 0 | 0.2 |
LOSS FROM DISCONTINUED OPERATIONS, net of tax | $ 2.6 | $ (2.4) | $ (152.4) |
DISCONTINUED OPERATIONS Sche132
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
LOSS FROM DISCONTINUED OPERATIONS, net of tax | $ (18.7) | $ (19.9) | $ (892.1) |
Income (Loss) from Discontinued Operations, net of tax, including portion attributable to Noncontrolling interest, Canadian Entities and North American Coal | (892.1) | ||
Short-term liabilities of discontinued operations | 3.2 | 6 | |
Depreciation, depletion and amortization | 87.7 | 115.4 | 134 |
Purchase of property, plant and equipment | 151.7 | 69.1 | 80.8 |
Impairment of goodwill and other long-lived assets | 0 | 0 | 76.6 |
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 | 2.6 | (2.4) | (152.4) |
Short-term liabilities of discontinued operations | 3.2 | 6 | |
Depreciation, depletion and amortization | 3.2 | ||
Purchase of property, plant and equipment | 15.9 | ||
Impairment of goodwill and other long-lived assets | 73.4 | ||
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 | (21.3) | (17.5) | (638.7) |
Short-term liabilities of discontinued operations | 0 | 0 | |
Depreciation, depletion and amortization | 0 | ||
Purchase of property, plant and equipment | 0 | ||
Impairment of goodwill and other long-lived assets | 0 | ||
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 | 0 | 0 | (101) |
Short-term liabilities of discontinued operations | 0 | 0 | |
Depreciation, depletion and amortization | 0 | ||
Purchase of property, plant and equipment | 0 | ||
Impairment of goodwill and other long-lived assets | 0 | ||
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 | (21.3) | (17.5) | (739.7) |
Short-term liabilities of discontinued operations | $ 0 | $ 0 | |
Depreciation, depletion and amortization | 0 | ||
Purchase of property, plant and equipment | 0 | ||
Impairment of goodwill and other long-lived assets | 0 | ||
Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Depreciation, depletion and amortization | 3.2 | ||
Purchase of property, plant and equipment | 15.9 | ||
Impairment of goodwill and other long-lived assets | $ 73.4 |
DISCONTINUED OPERATIONS Discont
DISCONTINUED OPERATIONS Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis - Canadian Entities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 51.6 | $ 48.6 | |
Losses on Loans to and Accounts Receivables from the Bloom Lake Group | 3 | 17.5 | |
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 | ||
Contingent Liabilities recognized in Consolidated Financials | 37.2 | ||
Contingent Liabilities of Deconsolidated Entities | (24.3) | 0 | $ (203.1) |
Losses on Contingent Liabilities | 31.4 | 0 | |
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 | 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 | 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 | 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 | 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 | 0 | 37.2 | |
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 | $ 51.6 | $ 48.6 |
DISCONTINUED OPERATIONS Disc134
DISCONTINUED OPERATIONS Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis - North American Coal (Details) - North American Coal [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
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] | |
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] | |
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] | |
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 | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2017USD ($)$ / sharesshares | Sep. 30, 2017USD ($)shares | Mar. 31, 2017USD ($)shares | Mar. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Feb. 09, 2017$ / shares | Aug. 10, 2016$ / shares | Nov. 02, 2015$ / shares | Aug. 03, 2015$ / shares | May 01, 2015$ / shares | Feb. 02, 2015$ / shares | |
Class of Stock [Line Items] | ||||||||||||||
Gain (loss) on extinguishment/restructuring of debt | $ 174.3 | $ (165.4) | $ 166.3 | $ 392.9 | ||||||||||
Common Stock, New Shares, Issued | shares | 44,400,000 | 63,250,000 | ||||||||||||
Common shares, par value | $ / shares | $ 0.125 | $ 0.125 | $ 0.125 | |||||||||||
Trading Day Window Determining Number of Common Shares Issuable on Conversion | 20 | |||||||||||||
Dividends, Preferred Stock | $ 0 | $ 0 | 38.4 | |||||||||||
Common shares, issued (in shares) | shares | 301,886,794 | 301,886,794 | 238,636,794 | |||||||||||
Net proceeds from issuance of common shares | $ 287.6 | $ 661.3 | $ 287.4 | 0 | ||||||||||
Current Fiscal Year End Date | --12-31 | |||||||||||||
Common Shares Issued in Debt to Equity Exchange | shares | 8,200,000 | 8,200,000 | ||||||||||||
Debt Instrument, Face Amount Exchanged | $ 512.2 | |||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 10.75 | $ 6.75 | ||||||||||||
Extinguishment of Debt, Amount | $ 1,610.7 | |||||||||||||
Preferred Class A [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||
Dividends payable, per share | $ / shares | $ 17.5000 | $ 17.5000 | $ 17.5000 | $ 17.5000 | ||||||||||
Dividends, Preferred Stock | $ 0 | $ 0 | $ 38.4 | |||||||||||
Common Stock [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Convertible Preferred Stock, Common Shares Issued Upon Conversion in Lieu of Dividend | shares | 1,300,000 | 1,300,000 | ||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 0.7037 | 0.7037 | ||||||||||||
Convertible Preferred Stock, Shares Issued Upon Conversion per Depositary Share | shares | 0.8621 | 0.8621 | ||||||||||||
Common shares, issued (in shares) | shares | 26,500,000 | 26,500,000 | ||||||||||||
Convertible Preferred Stock, Common Shares Issued Upon Conversion | shares | 25,200,000 | 25,200,000 | ||||||||||||
Common Stock [Member] | Minimum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 28.1480 | 28.1480 | ||||||||||||
Convertible Preferred Stock, Shares Issued Upon Conversion per Depositary Share | shares | 0.9052 | 0.9052 | ||||||||||||
Common Stock [Member] | Maximum [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 34.4840 | 34.4840 | ||||||||||||
Depositary Shares [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Dividends payable, per share | $ / shares | $ 0.44 | $ 0.44 | $ 0.44 | $ 0.44 | ||||||||||
Exchange of Debt for Equity [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Gain (loss) on extinguishment/restructuring of debt | $ 11.3 | |||||||||||||
$500 Million 3.95% 2018 Senior Notes [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Gain (loss) on extinguishment/restructuring of debt | 19.9 | 1.8 | ||||||||||||
Debt Instrument, Face Amount Exchanged | 17.6 | |||||||||||||
$500 Million 3.95% 2018 Senior Notes [Member] | Exchange of Debt for Equity [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Debt Instrument, Face Amount Exchanged | 10 | $ 10 | ||||||||||||
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Gain (loss) on extinguishment/restructuring of debt | 45.1 | |||||||||||||
Extinguishment of Debt, Amount | 218.5 | |||||||||||||
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member] | Exchange of Debt for Equity [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Debt Instrument, Face Amount Exchanged | 20.1 | 20.1 | ||||||||||||
$700 Million 4.875% 2021 Senior Notes[Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Gain (loss) on extinguishment/restructuring of debt | (2.8) | 33.3 | ||||||||||||
Debt Instrument, Face Amount Exchanged | $ 76.3 | |||||||||||||
Extinguishment of Debt, Amount | 171 | |||||||||||||
$700 Million 4.875% 2021 Senior Notes[Member] | Exchange of Debt for Equity [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Debt Instrument, Face Amount Exchanged | $ 26.8 | 26.8 | ||||||||||||
$1.075 Billion 5.75% 2025 Senior Notes [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Proceeds from Issuance of Debt | $ 575 | $ 500 | ||||||||||||
Secured Debt [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Extinguishment of Debt, Amount | 648.6 | |||||||||||||
Unsecured Debt [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Extinguishment of Debt, Amount | 422.2 | |||||||||||||
$540 Million 8.25% 2020 First Lien Notes [Member] | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Gain (loss) on extinguishment/restructuring of debt | (93.5) | |||||||||||||
Extinguishment of Debt, Amount | $ 35.6 | $ 540 |
ACCUMULATED OTHER COMPREHENS136
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated Other Comprehensive Income (Loss) and Related Tax Effects (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss), Before Taxes | $ (162.4) | $ (144.7) | $ (141.8) | |
Accumulated Other Comprehensive Income (Loss), Tax | 123.4 | 123.4 | 123.8 | |
Accumulated other comprehensive loss | (39) | (21.3) | (18) | $ (245.8) |
Postretirement Benefit Liability [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Before Taxes | (387.3) | (384) | (364.8) | |
Accumulated Other Comprehensive Income (Loss), Tax | 123.4 | 123.4 | 123.4 | |
Accumulated other comprehensive loss | (263.9) | (260.6) | (241.4) | |
Foreign Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Before Taxes | 225.4 | 239.3 | 220.7 | |
Accumulated Other Comprehensive Income (Loss), Tax | 0 | 0 | 0 | |
Accumulated other comprehensive loss | 225.4 | $ 239.3 | 220.7 | |
Unrealized Gain Loss On Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Before Taxes | (0.5) | 2.2 | ||
Accumulated Other Comprehensive Income (Loss), Tax | 0 | 0.4 | ||
Accumulated other comprehensive loss | $ (0.5) | 2.6 | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Before Taxes | 0.1 | |||
Accumulated Other Comprehensive Income (Loss), Tax | 0 | |||
Accumulated other comprehensive loss | $ 0.1 |
ACCUMULATED OTHER COMPREHENS137
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $ (263.9) | $ (260.6) | $ (241.4) | $ (291.1) |
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 0 | 0.1 | (1) | |
Accumulated other comprehensive loss | (39) | (21.3) | (18) | (245.8) |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 225.4 | 239.3 | 220.7 | 64.4 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (0.5) | 0 | 2.6 | $ (18.1) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (11.5) | 19.8 | (45.2) | |
Unrealized net gain on marketable securities, net of tax | 0 | 0 | 1.7 | |
Unrealized net gain (loss) on foreign currency translation | (13.9) | 18.6 | 155.6 | |
OTHER COMPREHENSIVE INCOME | (2.9) | (3.8) | 223.2 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (44.2) | (29.8) | (10) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 26.5 | 26.5 | 237.8 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (0.5) | (3.3) | 1.9 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0.7 | 18.8 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (13.9) | 18.4 | (26.4) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0.2 | 182.7 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (29.8) | (44.8) | 9.1 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 26.5 | 25.6 | 40.6 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (0.1) | 5.4 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | $ (4.3) |
ACCUMULATED OTHER COMPREHENS138
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Details of Accumulated Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Accumulated other comprehensive loss | $ (39) | $ (21.3) | $ (18) | $ (245.8) |
Other Comprehensive Income (Loss), Foreign Currency Translation, Dissolution of Entity | 0 | 0.2 | 0 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Marketable Securities, Unrealized Gain (Loss) | 0 | 0 | (2.6) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 1.2 | 26.9 | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 0 | 0 | (4.3) | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | 0 | 0 | (4.6) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 26.5 | 26.5 | 237.8 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (44.2) | (29.8) | (10) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 26.5 | 26.5 | 237.8 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (0.5) | (3.3) | 1.9 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0.7 | 18.8 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (13.9) | 18.4 | (26.4) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0.2 | 182.7 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (29.8) | (44.8) | 9.1 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 26.5 | 25.6 | 40.6 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Amortization of prior service (cost) credit | 0.4 | 1.5 | 1.4 | |
Defined Benefit Plan, Amortization of Gain (Loss) | 26.9 | 27.1 | 27.4 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 0 | 0 | 0.2 | |
Defined Benefit Plan, Effect of Deconsolidation | 0 | 0 | 15.1 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 26.5 | 25.6 | 41.3 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 0 | 0 | (0.7) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 26.5 | 25.6 | 40.6 | |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (0.1) | 5.4 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | (4.3) | ||
Accumulated Other-than-Temporary Impairment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [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 | 0 | 0 | (2) | |
Foreign Currency Translation Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 0 | 0.2 | 182.7 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 0 | 0 | 182.7 | |
Realized Gain (Loss) on Marketable Securities and Other than Temporary Impairment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other Comprehensive Income (Loss), Realized Holding Gain (Loss) on Securities and Impairment on Securities Arising During Period, Tax | 0 | 0 | 0.3 | |
Realized Gain Loss On Derivatives [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
TaxOnDerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoEarnings | 0 | (0.5) | (8.1) | |
Derivative, Gain (Loss) on Derivative, Net | 0 | 0.7 | 18.8 | |
T-Lock Amortization [Member] | Realized Gain Loss On Derivatives [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 1.2 | 0 | |
Australian Hedge Contracts [Member] | Realized Gain Loss On Derivatives [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 | $ 26.9 |
CASH FLOW INFORMATION (Narrativ
CASH FLOW INFORMATION (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends Payable [Line Items] | |||
Interest Paid, Discontinued Operations | $ 1.4 | $ 4.8 | |
Property, Plant and Equipment, Additions | $ 156 | $ 68.5 | 72.2 |
Capital Expenditure, Discontinued Operations | $ 24.5 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment, Additions, Including Discontinued Operations | $ 156 | $ 68.5 | $ 96.7 |
Payments To Acquire Property Plant And Equipment Net | 151.7 | 69.1 | 80.8 |
Non-cash accruals | (2.2) | (0.6) | (14.4) |
Capital leases | $ (6.5) | $ 0 | $ (1.5) |
CASH FLOW INFORMATION (Cash Pai
CASH FLOW INFORMATION (Cash Paid for Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |||
Income Taxes Paid | $ 1.7 | $ 6 | $ 5 |
Proceeds from Income Tax Refunds | (7.8) | (5.4) | (211.4) |
Interest Paid | $ 139 | $ 184 | $ 185.6 |
RELATED PARTIES (Narrative) (De
RELATED PARTIES (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)Facility | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
Due to Related Parties, Current | $ 12.3 | $ 0 |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ (105) | |
U.S. Iron Ore [Member] | ||
Segment Reporting Information [Line Items] | ||
Number Of Mines | Facility | 4 | |
Joint Venture Partners [Member] | U.S. Iron Ore [Member] | ||
Segment Reporting Information [Line Items] | ||
Number Of Mines | Facility | 1 | |
Empire [Member] | ||
Segment Reporting Information [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
Increase in Ownership Equity | 21.00% | |
Purchase of Noncontrolling Interest | $ 132.7 | |
Stockholders' Equity, Period Increase (Decrease) | (12.1) | |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (116.7) | |
Empire [Member] | Arcelor Mittal [Member] | ||
Segment Reporting Information [Line Items] | ||
Recorded Distributions of Partners' Equity Amounts | 57.5 | 51.7 |
Paid Distributions of Partners' Equity Amounts | 48.8 | 40.6 |
Subsequent Paid Distributions of Partners' Equity Amounts | 8.7 | $ 11.1 |
Other Liabilities [Member] | Empire [Member] | ||
Segment Reporting Information [Line Items] | ||
Noncontrolling Interest Purchase, Installment Amount | 44.2 | |
Other Noncurrent Liabilities [Member] | Empire [Member] | ||
Segment Reporting Information [Line Items] | ||
Noncontrolling Interest Purchase, Installment Amount | $ 44.2 |
RELATED PARTIES (Summary Of Oth
RELATED PARTIES (Summary Of Other Ownership Interests) (Details) | Dec. 31, 2017 |
Related Party Transaction [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
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 | 100.00% |
Tilden [Member] | |
Related Party Transaction [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
Investments in Ventures [Member] | Hibbing [Member] | |
Related Party Transaction [Line Items] | |
Ownership interest, equity method investment | 23.00% |
RELATED PARTIES (Summary Of Rel
RELATED PARTIES (Summary Of Related Party Transactions Table Disclosure) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Product revenues from related parties | $ 806.7 | $ 830.1 | $ 671.1 |
Product | $ 2,089.2 | $ 1,913.5 | $ 1,832.4 |
Related party product revenue as a percent of total product revenue | 38.60% | 43.40% | 36.60% |
RELATED PARTIES (Summary of Bal
RELATED PARTIES (Summary of Balance Sheet Presentation) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Short-term Notes Payable | $ (44.2) | $ (8.7) |
Due to Related Parties, Current | (12.3) | 0 |
Due to Related Parties, Noncurrent | (41.4) | 0 |
Related Party Transaction, Due from (to) Related Party | 8.1 | 65 |
Trade Accounts Receivable [Member] | ||
Related Party Transaction [Line Items] | ||
Due from Related Parties, Current | 68.1 | 46.9 |
Derivative [Member] | ||
Related Party Transaction [Line Items] | ||
Due from Related Parties, Current | $ 37.9 | $ 26.8 |
EARNINGS PER SHARE (Earnings Pe
EARNINGS PER SHARE (Earnings Per Share Computation) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 25.3 | |||||||||||
INCOME FROM CONTINUING OPERATIONS | $ 315 | $ 20.6 | $ 76.5 | $ (30.3) | $ 100.1 | $ (25.1) | $ 29.9 | $ 114.3 | $ 381.8 | $ 219.2 | $ 143.7 | |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 0 | 0.5 | 1.7 | 1.7 | (1.7) | 2 | (16.7) | (8.8) | 3.9 | (25.2) | (8.6) | |
Income (Loss) from Continuing Operations Attributable to Parent | 315 | 21.1 | 78.2 | (28.6) | (23.1) | 13.2 | 105.5 | $ 98.4 | 385.7 | 194 | 135.1 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (5.1) | 32.3 | (46.4) | 0.5 | $ (19.3) | (2.7) | (0.4) | 2.5 | (18.7) | (19.9) | (884.4) | |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ 309.9 | $ 53.4 | $ 31.8 | $ (28.1) | $ (25.8) | $ 12.8 | $ 108 | $ 79.1 | 367 | 174.1 | (749.3) | |
PREFERRED STOCK DIVIDENDS | 0 | 0 | (38.4) | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS | $ 367 | $ 174.1 | $ (787.7) | |||||||||
Weighted Average Number of Shares: | ||||||||||||
Basic | 288.4 | 197.7 | 153.2 | |||||||||
Employee Stock Plans | 4.6 | 2.4 | 0.4 | |||||||||
Diluted | 293 | 200.1 | 153.6 | |||||||||
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic: | ||||||||||||
Continuing operations | $ 1.06 | $ 0.07 | $ 0.26 | $ (0.11) | $ 0.43 | $ (0.11) | $ 0.07 | $ 0.61 | $ 1.34 | $ 0.98 | $ 0.63 | |
Discontinued operations | (0.02) | 0.11 | (0.16) | 0 | (0.08) | (0.01) | 0 | 0.01 | (0.06) | (0.10) | (5.77) | |
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic: | 1.04 | 0.18 | 0.10 | (0.11) | 0.35 | (0.12) | 0.07 | 0.62 | 1.28 | 0.88 | (5.14) | |
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted: | ||||||||||||
Continuing operations | 1.05 | 0.07 | 0.26 | (0.11) | 0.42 | (0.11) | 0.07 | 0.61 | 1.32 | 0.97 | 0.63 | |
Discontinued operations | (0.02) | 0.11 | (0.15) | 0 | (0.08) | (0.01) | 0 | 0.01 | (0.06) | (0.10) | (5.76) | |
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted: | $ 1.03 | $ 0.18 | $ 0.11 | $ (0.11) | $ 0.34 | $ (0.12) | $ 0.07 | $ 0.62 | $ 1.26 | $ 0.87 | $ (5.13) | |
Preferred Class A [Member] | ||||||||||||
PREFERRED STOCK DIVIDENDS | $ 0 | $ 0 | $ (38.4) |
EARNINGS PER SHARE (Narrative D
EARNINGS PER SHARE (Narrative Details) (Details) - shares | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 25,300,000 | ||||||||
Antidilutive Incremental Common Shares Excluded and Attributable to Share-based Payment Arrangements | 0 | 0 | 0 | 4,600,000 | 0 | 3,000,000 | 0 | 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | |||
Loans to and accounts receivables from the Canadian Entities | $ 51.6 | $ 48.6 | |
Contingent claims | 55.6 | 0 | |
Short-term loan receivable | 7.7 | ||
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (18.7) | (19.9) | $ (892.1) |
Accrual for Environmental Loss Contingencies | 2.9 | 2.8 | |
Michigan Electricity Matters [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency Accrual | 12.3 | $ 13.6 | |
Wabush Scully Mine Sale [Member] | |||
Loss Contingencies [Line Items] | |||
LOSS FROM DISCONTINUED OPERATIONS, net of tax | $ 31.4 |
QUARTERLY RESULTS OF OPERATI149
QUARTERLY RESULTS OF OPERATIONS (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 25,300,000 | |||||||||||
Revenues | $ 600.9 | $ 698.4 | $ 569.3 | $ 461.6 | $ 754 | $ 553.3 | $ 496.2 | $ 305.5 | $ 2,330.2 | $ 2,109 | $ 2,013.3 | |
SALES MARGIN | 100.7 | 160.2 | 145.1 | 95.7 | 181.5 | 85.4 | 91.5 | 30.9 | 501.7 | 389.3 | 236.5 | |
INCOME FROM CONTINUING OPERATIONS | 315 | 20.6 | 76.5 | (30.3) | 100.1 | (25.1) | 29.9 | 114.3 | 381.8 | 219.2 | 143.7 | |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 0 | 0.5 | 1.7 | 1.7 | (1.7) | 2 | (16.7) | (8.8) | 3.9 | (25.2) | (8.6) | |
Income (Loss) from Continuing Operations Attributable to Parent | 315 | 21.1 | 78.2 | (28.6) | (23.1) | 13.2 | 105.5 | $ 98.4 | 385.7 | 194 | 135.1 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (5.1) | 32.3 | (46.4) | 0.5 | $ (19.3) | (2.7) | (0.4) | 2.5 | (18.7) | (19.9) | (884.4) | |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ 309.9 | $ 53.4 | $ 31.8 | $ (28.1) | $ (25.8) | $ 12.8 | $ 108 | $ 79.1 | 367 | 174.1 | (749.3) | |
Dividends, Preferred Stock | 0 | 0 | 38.4 | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS | $ 367 | $ 174.1 | $ (787.7) | |||||||||
Continuing operations | $ 1.06 | $ 0.07 | $ 0.26 | $ (0.11) | $ 0.43 | $ (0.11) | $ 0.07 | $ 0.61 | $ 1.34 | $ 0.98 | $ 0.63 | |
Discontinued operations | (0.02) | 0.11 | (0.16) | 0 | (0.08) | (0.01) | 0 | 0.01 | (0.06) | (0.10) | (5.77) | |
Earnings Per Share, Basic | 1.04 | 0.18 | 0.10 | (0.11) | 0.35 | (0.12) | 0.07 | 0.62 | 1.28 | 0.88 | (5.14) | |
Continuing operations | 1.05 | 0.07 | 0.26 | (0.11) | 0.42 | (0.11) | 0.07 | 0.61 | 1.32 | 0.97 | 0.63 | |
Discontinued operations | (0.02) | 0.11 | (0.15) | 0 | (0.08) | (0.01) | 0 | 0.01 | (0.06) | (0.10) | (5.76) | |
Earnings Per Share, Diluted | $ 1.03 | $ 0.18 | $ 0.11 | $ (0.11) | $ 0.34 | $ (0.12) | $ 0.07 | $ 0.62 | $ 1.26 | $ 0.87 | $ (5.13) | |
Antidilutive Incremental Common Shares Excluded and Attributable to Share-based Payment Arrangements | 0 | 0 | 0 | 4,600,000 | 0 | 3,000,000 | 0 | 0 | ||||
Preferred Class A [Member] | ||||||||||||
Dividends, Preferred Stock | $ 0 | $ 0 | $ 38.4 |
QUARTERLY RESULTS OF OPERATI150
QUARTERLY RESULTS OF OPERATIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 25,300,000 | ||||||||||
Antidilutive Incremental Common Shares Excluded and Attributable to Share-based Payment Arrangements | 0 | 0 | 0 | 4,600,000 | 0 | 3,000,000 | 0 | 0 | |||
Income Tax Expense (Benefit) | $ (252.4) | $ (12.2) | $ 169.3 | ||||||||
Impairment of other long-lived assets | $ 0 | $ 0 | $ 3.3 |
SUPPLEMENTARY GUARANTOR INFO151
SUPPLEMENTARY GUARANTOR INFORMATION (Supplementary Statements of Condensed Consolidating Financial Position) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 1,007.7 | $ 323.4 | ||
Accounts receivable, net | 140.6 | 128.7 | ||
Inventories | 183.4 | 178.4 | ||
Supplies and other inventories | 93.9 | 91.4 | ||
Derivative assets | 39.4 | 33.1 | ||
Loans to and accounts receivables from the Canadian Entities | 51.6 | 48.6 | ||
Other current assets | 28 | 21 | ||
TOTAL CURRENT ASSETS | 1,544.6 | 824.6 | ||
OTHER ASSETS | ||||
PROPERTY, PLANT AND EQUIPMENT, NET | 1,051 | 984.4 | $ 1,059 | |
INCOME TAX RECEIVABLE | 235.3 | 0 | ||
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ||
LONG-TERM INTERCOMPANY NOTES | 0 | 0 | ||
Other non-current assets | 122.5 | 114.9 | ||
TOTAL ASSETS | 2,953.4 | 1,923.9 | 2,135.5 | |
CURRENT LIABILITIES | ||||
Accounts payable | 127.7 | 107.6 | ||
Accrued employment costs | 56.1 | 56.1 | ||
State and local taxes payable | 30.2 | 28.3 | ||
Accrued expenses | 33.7 | 41.1 | ||
Accrued interest | 31.4 | 40.2 | ||
Accrued royalties | 17.3 | 26.2 | ||
Contingent claims | 55.6 | 0 | ||
Partnership distribution payable | 44.2 | 8.7 | ||
Other current liabilities | 56 | 82.9 | ||
TOTAL CURRENT LIABILITIES | 452.2 | 391.1 | ||
POSTEMPLOYMENT BENEFIT LIABILITIES | ||||
Pensions | 222.8 | 245.7 | ||
Other postretirement benefits | 34.9 | 34.8 | ||
TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES | 257.7 | 280.5 | ||
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 196.5 | 193.9 | ||
LONG-TERM DEBT | 2,304.2 | 2,175.1 | ||
LONG-TERM INTERCOMPANY NOTES | 0 | 0 | ||
OTHER LIABILITIES | 186.9 | 213.8 | ||
TOTAL LIABILITIES | 3,397.5 | 3,254.4 | ||
CLIFFS SHAREHOLDERS' DEFICIT | ||||
TOTAL CLIFFS SHAREHOLDERS' DEFICIT | (444.3) | (1,464.3) | ||
NONCONTROLLING INTEREST | 0.2 | 133.8 | ||
TOTAL DEFICIT | (444.1) | (1,330.5) | $ (1,811.6) | $ (1,734.3) |
TOTAL LIABILITIES AND DEFICIT | 2,953.4 | 1,923.9 | ||
Consolidation, Eliminations [Member] | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | (0.7) | (0.8) | ||
Inventories | 0 | 0 | ||
Supplies and other inventories | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Loans to and accounts receivables from the Canadian Entities | 0 | 0 | ||
Other current assets | 0 | 0 | ||
TOTAL CURRENT ASSETS | (0.7) | (0.8) | ||
OTHER ASSETS | ||||
PROPERTY, PLANT AND EQUIPMENT, NET | 0 | 0 | ||
INCOME TAX RECEIVABLE | 0 | |||
INVESTMENT IN SUBSIDIARIES | (1,054.2) | (907) | ||
LONG-TERM INTERCOMPANY NOTES | (242) | (197) | ||
Other non-current assets | 0 | 0 | ||
TOTAL ASSETS | (1,296.9) | (1,104.8) | ||
CURRENT LIABILITIES | ||||
Accounts payable | (0.7) | (0.8) | ||
Accrued employment costs | 0 | 0 | ||
State and local taxes payable | 0 | 0 | ||
Accrued expenses | 0 | 0 | ||
Accrued interest | 0 | 0 | ||
Accrued royalties | 0 | 0 | ||
Contingent claims | 0 | |||
Partnership distribution payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
TOTAL CURRENT LIABILITIES | (0.7) | (0.8) | ||
POSTEMPLOYMENT BENEFIT LIABILITIES | ||||
Pensions | 0 | 0 | ||
Other postretirement benefits | 0 | 0 | ||
TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES | 0 | 0 | ||
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 0 | 0 | ||
LONG-TERM DEBT | 0 | 0 | ||
LONG-TERM INTERCOMPANY NOTES | (242) | (197) | ||
OTHER LIABILITIES | 0 | 0 | ||
TOTAL LIABILITIES | (242.7) | (197.8) | ||
CLIFFS SHAREHOLDERS' DEFICIT | ||||
TOTAL CLIFFS SHAREHOLDERS' DEFICIT | (1,054.2) | (907) | ||
NONCONTROLLING INTEREST | 0 | 0 | ||
TOTAL DEFICIT | (1,054.2) | (907) | ||
TOTAL LIABILITIES AND DEFICIT | (1,296.9) | (1,104.8) | ||
Parent [Member] | Reportable Legal Entities [Member] | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 948.9 | 283.4 | ||
Accounts receivable, net | 4.5 | 4.5 | ||
Inventories | 0 | 0 | ||
Supplies and other inventories | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Loans to and accounts receivables from the Canadian Entities | 44.7 | 41.7 | ||
Other current assets | 16.4 | 8.6 | ||
TOTAL CURRENT ASSETS | 1,014.5 | 338.2 | ||
OTHER ASSETS | ||||
PROPERTY, PLANT AND EQUIPMENT, NET | 17.5 | 21.4 | ||
INCOME TAX RECEIVABLE | 235.3 | |||
INVESTMENT IN SUBSIDIARIES | 1,024.3 | 882.4 | ||
LONG-TERM INTERCOMPANY NOTES | 0 | 0 | ||
Other non-current assets | 7.8 | 11 | ||
TOTAL ASSETS | 2,299.4 | 1,253 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 7.1 | 1.6 | ||
Accrued employment costs | 13.7 | 15.6 | ||
State and local taxes payable | 0 | 0 | ||
Accrued expenses | 5.3 | 7.6 | ||
Accrued interest | 31.4 | 40.2 | ||
Accrued royalties | 0 | 0 | ||
Contingent claims | 55.6 | |||
Partnership distribution payable | 0 | 0 | ||
Other current liabilities | 2.1 | 23 | ||
TOTAL CURRENT LIABILITIES | 115.2 | 88 | ||
POSTEMPLOYMENT BENEFIT LIABILITIES | ||||
Pensions | 59.2 | 56.9 | ||
Other postretirement benefits | 7.2 | 7.6 | ||
TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES | 66.4 | 64.5 | ||
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 0 | 0 | ||
LONG-TERM DEBT | 2,304.2 | 2,175.1 | ||
LONG-TERM INTERCOMPANY NOTES | 242 | 197 | ||
OTHER LIABILITIES | 15.7 | 58.9 | ||
TOTAL LIABILITIES | 2,743.5 | 2,583.5 | ||
CLIFFS SHAREHOLDERS' DEFICIT | ||||
TOTAL CLIFFS SHAREHOLDERS' DEFICIT | (444.1) | (1,330.5) | ||
NONCONTROLLING INTEREST | 0 | 0 | ||
TOTAL DEFICIT | (444.1) | (1,330.5) | ||
TOTAL LIABILITIES AND DEFICIT | 2,299.4 | 1,253 | ||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 2.1 | 2.5 | ||
Accounts receivable, net | 102.9 | 59.3 | ||
Inventories | 138.4 | 137 | ||
Supplies and other inventories | 88.8 | 86.4 | ||
Derivative assets | 37.9 | 31.7 | ||
Loans to and accounts receivables from the Canadian Entities | 6.9 | 6.9 | ||
Other current assets | 7.5 | 8.2 | ||
TOTAL CURRENT ASSETS | 384.5 | 332 | ||
OTHER ASSETS | ||||
PROPERTY, PLANT AND EQUIPMENT, NET | 959 | 937.7 | ||
INCOME TAX RECEIVABLE | 0 | |||
INVESTMENT IN SUBSIDIARIES | 29.9 | 24.6 | ||
LONG-TERM INTERCOMPANY NOTES | 0 | 0 | ||
Other non-current assets | 93 | 94.1 | ||
TOTAL ASSETS | 1,466.4 | 1,388.4 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 89.7 | 92.6 | ||
Accrued employment costs | 38.9 | 34.6 | ||
State and local taxes payable | 30 | 28.1 | ||
Accrued expenses | 13.2 | 14.4 | ||
Accrued interest | 0 | 0 | ||
Accrued royalties | 7.8 | 13 | ||
Contingent claims | 0 | |||
Partnership distribution payable | 44.2 | 8.7 | ||
Other current liabilities | 33.5 | 35.3 | ||
TOTAL CURRENT LIABILITIES | 257.3 | 226.7 | ||
POSTEMPLOYMENT BENEFIT LIABILITIES | ||||
Pensions | 403.6 | 397.4 | ||
Other postretirement benefits | 27 | 26.5 | ||
TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES | 430.6 | 423.9 | ||
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 140.6 | 153.9 | ||
LONG-TERM DEBT | 0 | 0 | ||
LONG-TERM INTERCOMPANY NOTES | 0 | 0 | ||
OTHER LIABILITIES | 147.2 | 118.8 | ||
TOTAL LIABILITIES | 975.7 | 923.3 | ||
CLIFFS SHAREHOLDERS' DEFICIT | ||||
TOTAL CLIFFS SHAREHOLDERS' DEFICIT | 490.7 | 331.5 | ||
NONCONTROLLING INTEREST | 0 | 133.6 | ||
TOTAL DEFICIT | 490.7 | 465.1 | ||
TOTAL LIABILITIES AND DEFICIT | 1,466.4 | 1,388.4 | ||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 56.7 | 37.5 | ||
Accounts receivable, net | 33.9 | 65.7 | ||
Inventories | 45 | 41.4 | ||
Supplies and other inventories | 5.1 | 5 | ||
Derivative assets | 1.5 | 1.4 | ||
Loans to and accounts receivables from the Canadian Entities | 0 | 0 | ||
Other current assets | 4.1 | 4.2 | ||
TOTAL CURRENT ASSETS | 146.3 | 155.2 | ||
OTHER ASSETS | ||||
PROPERTY, PLANT AND EQUIPMENT, NET | 74.5 | 25.3 | ||
INCOME TAX RECEIVABLE | 0 | |||
INVESTMENT IN SUBSIDIARIES | 0 | 0 | ||
LONG-TERM INTERCOMPANY NOTES | 242 | 197 | ||
Other non-current assets | 21.7 | 9.8 | ||
TOTAL ASSETS | 484.5 | 387.3 | ||
CURRENT LIABILITIES | ||||
Accounts payable | 31.6 | 14.2 | ||
Accrued employment costs | 3.5 | 5.9 | ||
State and local taxes payable | 0.2 | 0.2 | ||
Accrued expenses | 15.2 | 19.1 | ||
Accrued interest | 0 | 0 | ||
Accrued royalties | 9.5 | 13.2 | ||
Contingent claims | 0 | |||
Partnership distribution payable | 0 | 0 | ||
Other current liabilities | 20.4 | 24.6 | ||
TOTAL CURRENT LIABILITIES | 80.4 | 77.2 | ||
POSTEMPLOYMENT BENEFIT LIABILITIES | ||||
Pensions | (240) | (208.6) | ||
Other postretirement benefits | 0.7 | 0.7 | ||
TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES | (239.3) | (207.9) | ||
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 55.9 | 40 | ||
LONG-TERM DEBT | 0 | 0 | ||
LONG-TERM INTERCOMPANY NOTES | 0 | 0 | ||
OTHER LIABILITIES | 24 | 36.1 | ||
TOTAL LIABILITIES | (79) | (54.6) | ||
CLIFFS SHAREHOLDERS' DEFICIT | ||||
TOTAL CLIFFS SHAREHOLDERS' DEFICIT | 563.3 | 441.7 | ||
NONCONTROLLING INTEREST | 0.2 | 0.2 | ||
TOTAL DEFICIT | 563.5 | 441.9 | ||
TOTAL LIABILITIES AND DEFICIT | $ 484.5 | $ 387.3 |
SUPPLEMENTARY GUARANTOR INFO152
SUPPLEMENTARY GUARANTOR INFORMATION (Supplementary Statements of Condensed Consolidating Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUES FROM PRODUCT SALES AND SERVICES | ||||||||||||
Product | $ 2,089.2 | $ 1,913.5 | $ 1,832.4 | |||||||||
Freight and venture partners' cost reimbursements | 241 | 195.5 | 180.9 | |||||||||
TOTAL REVENUES | $ 600.9 | $ 698.4 | $ 569.3 | $ 461.6 | $ 754 | $ 553.3 | $ 496.2 | $ 305.5 | 2,330.2 | 2,109 | 2,013.3 | |
COST OF GOODS SOLD AND OPERATING EXPENSES | (1,828.5) | (1,719.7) | (1,776.8) | |||||||||
SALES MARGIN | 100.7 | 160.2 | 145.1 | 95.7 | 181.5 | 85.4 | 91.5 | 30.9 | 501.7 | 389.3 | 236.5 | |
OTHER OPERATING INCOME (EXPENSE) | ||||||||||||
Selling, general and administrative expenses | (105.8) | (117.8) | (110) | |||||||||
Miscellaneous - net | 27.7 | (30.7) | 24.8 | |||||||||
Other operating expense | (78.1) | (148.5) | (85.2) | |||||||||
OPERATING INCOME | 423.6 | 240.8 | 151.3 | |||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest expense, net | (132) | (200.5) | (228.5) | |||||||||
Gain (loss) on extinguishment/restructuring of debt | 174.3 | (165.4) | 166.3 | 392.9 | ||||||||
Other non-operating income (expense) | 3.2 | 0.4 | (2.6) | |||||||||
TOTAL OTHER INCOME (EXPENSE) | (294.2) | (33.8) | 161.8 | |||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY LOSS FROM VENTURES | 129.4 | 207 | 313.1 | |||||||||
INCOME TAX BENEFIT | 252.4 | 12.2 | (169.3) | |||||||||
EQUITY IN INCOME OF SUBSIDIARIES | 0 | 0 | 0 | |||||||||
EQUITY LOSS FROM VENTURES, net of tax | 0 | 0 | (0.1) | |||||||||
INCOME FROM CONTINUING OPERATIONS | 315 | 20.6 | 76.5 | (30.3) | $ 100.1 | (25.1) | 29.9 | 114.3 | 381.8 | 219.2 | 143.7 | |
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (18.7) | (19.9) | (892.1) | |||||||||
NET INCOME (LOSS) | 363.1 | 199.3 | (748.4) | |||||||||
INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | 3.9 | (25.2) | (0.9) | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ 309.9 | $ 53.4 | $ 31.8 | $ (28.1) | $ (25.8) | $ 12.8 | $ 108 | $ 79.1 | 367 | 174.1 | (749.3) | |
PREFERRED STOCK DIVIDENDS | 0 | 0 | (38.4) | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS | 367 | 174.1 | (787.7) | |||||||||
OTHER COMPREHENSIVE INCOME | (4) | (3.3) | 266.2 | |||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | 363 | 170.8 | (521.5) | |||||||||
Consolidation, Eliminations [Member] | ||||||||||||
REVENUES FROM PRODUCT SALES AND SERVICES | ||||||||||||
Product | 0 | 0 | 0 | |||||||||
Freight and venture partners' cost reimbursements | 0 | 0 | 0 | |||||||||
TOTAL REVENUES | 0 | 0 | 0 | |||||||||
COST OF GOODS SOLD AND OPERATING EXPENSES | 0 | 0 | 0 | |||||||||
SALES MARGIN | 0 | 0 | 0 | |||||||||
OTHER OPERATING INCOME (EXPENSE) | ||||||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | |||||||||
Miscellaneous - net | 0 | 0 | 0 | |||||||||
Other operating expense | 0 | 0 | 0 | |||||||||
OPERATING INCOME | 0 | 0 | 0 | |||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest expense, net | 0 | 0 | 0 | |||||||||
Gain (loss) on extinguishment/restructuring of debt | 0 | 0 | 0 | |||||||||
Other non-operating income (expense) | 0 | 0 | 0 | |||||||||
TOTAL OTHER INCOME (EXPENSE) | 0 | 0 | 0 | |||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY LOSS FROM VENTURES | 0 | 0 | 0 | |||||||||
INCOME TAX BENEFIT | 0 | 0 | 0 | |||||||||
EQUITY IN INCOME OF SUBSIDIARIES | (524.4) | (333.3) | 488.3 | |||||||||
EQUITY LOSS FROM VENTURES, net of tax | 0 | |||||||||||
INCOME FROM CONTINUING OPERATIONS | (524.4) | (333.3) | 488.3 | |||||||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax | 0 | 0 | 0 | |||||||||
NET INCOME (LOSS) | (524.4) | (333.3) | 488.3 | |||||||||
INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | 0 | 0 | 0 | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | (524.4) | (333.3) | 488.3 | |||||||||
PREFERRED STOCK DIVIDENDS | 0 | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS | 488.3 | |||||||||||
OTHER COMPREHENSIVE INCOME | (7.6) | 6.9 | (196.4) | |||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | (532) | (326.4) | 291.9 | |||||||||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||||||||||
REVENUES FROM PRODUCT SALES AND SERVICES | ||||||||||||
Product | 444.6 | 533.9 | 464.3 | |||||||||
Freight and venture partners' cost reimbursements | 19.6 | 20.6 | 23.6 | |||||||||
TOTAL REVENUES | 464.2 | 554.5 | 487.9 | |||||||||
COST OF GOODS SOLD AND OPERATING EXPENSES | (427.9) | (440.9) | (478.5) | |||||||||
SALES MARGIN | 36.3 | 113.6 | 9.4 | |||||||||
OTHER OPERATING INCOME (EXPENSE) | ||||||||||||
Selling, general and administrative expenses | 0.3 | 0.9 | (0.3) | |||||||||
Miscellaneous - net | 17.6 | (14.3) | 20.1 | |||||||||
Other operating expense | 17.9 | (13.4) | 19.8 | |||||||||
OPERATING INCOME | 54.2 | 100.2 | 29.2 | |||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest expense, net | (4.2) | (6.1) | (7) | |||||||||
Gain (loss) on extinguishment/restructuring of debt | 0 | 0 | 0 | |||||||||
Other non-operating income (expense) | 0 | 0.5 | 110.8 | |||||||||
TOTAL OTHER INCOME (EXPENSE) | (4.2) | (5.6) | 103.8 | |||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY LOSS FROM VENTURES | 50 | 94.6 | 133 | |||||||||
INCOME TAX BENEFIT | (0.3) | 4.9 | 26.1 | |||||||||
EQUITY IN INCOME OF SUBSIDIARIES | 0 | 0 | 0 | |||||||||
EQUITY LOSS FROM VENTURES, net of tax | (0.1) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 49.7 | 99.5 | 159 | |||||||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax | 0.9 | (5.4) | 75.2 | |||||||||
NET INCOME (LOSS) | 50.6 | 94.1 | 234.2 | |||||||||
INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | 0 | 0 | 7.7 | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | 50.6 | 94.1 | 241.9 | |||||||||
PREFERRED STOCK DIVIDENDS | 0 | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS | 241.9 | |||||||||||
OTHER COMPREHENSIVE INCOME | (5.2) | 13.8 | 176.4 | |||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | 45.4 | 107.9 | 418.3 | |||||||||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||||||||||
REVENUES FROM PRODUCT SALES AND SERVICES | ||||||||||||
Product | 1,644.6 | 1,379.6 | 1,368.1 | |||||||||
Freight and venture partners' cost reimbursements | 221.4 | 174.9 | 157.3 | |||||||||
TOTAL REVENUES | 1,866 | 1,554.5 | 1,525.4 | |||||||||
COST OF GOODS SOLD AND OPERATING EXPENSES | (1,400.6) | (1,278.8) | (1,298.3) | |||||||||
SALES MARGIN | 465.4 | 275.7 | 227.1 | |||||||||
OTHER OPERATING INCOME (EXPENSE) | ||||||||||||
Selling, general and administrative expenses | (24.7) | (20.8) | (21.2) | |||||||||
Miscellaneous - net | 12.3 | (10.8) | (3) | |||||||||
Other operating expense | (12.4) | (31.6) | (24.2) | |||||||||
OPERATING INCOME | 453 | 244.1 | 202.9 | |||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest expense, net | (1) | 0.6 | (0.1) | |||||||||
Gain (loss) on extinguishment/restructuring of debt | 0 | 0 | 0 | |||||||||
Other non-operating income (expense) | 3.1 | 0.4 | 1.2 | |||||||||
TOTAL OTHER INCOME (EXPENSE) | 2.1 | 1 | 1.1 | |||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY LOSS FROM VENTURES | 455.1 | 245.1 | 204 | |||||||||
INCOME TAX BENEFIT | 1.3 | 3 | (176.3) | |||||||||
EQUITY IN INCOME OF SUBSIDIARIES | 11.8 | 13.7 | 12.9 | |||||||||
EQUITY LOSS FROM VENTURES, net of tax | 0 | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 468.2 | 261.8 | 40.6 | |||||||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax | 1.7 | 2.6 | (762.2) | |||||||||
NET INCOME (LOSS) | 469.9 | 264.4 | (721.6) | |||||||||
INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | 3.9 | (25.2) | (8.6) | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | 473.8 | 239.2 | (730.2) | |||||||||
PREFERRED STOCK DIVIDENDS | 0 | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS | (730.2) | |||||||||||
OTHER COMPREHENSIVE INCOME | 12.8 | (20.7) | 20 | |||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | 486.6 | 218.5 | (710.2) | |||||||||
Parent [Member] | Reportable Legal Entities [Member] | ||||||||||||
REVENUES FROM PRODUCT SALES AND SERVICES | ||||||||||||
Product | 0 | 0 | 0 | |||||||||
Freight and venture partners' cost reimbursements | 0 | 0 | 0 | |||||||||
TOTAL REVENUES | 0 | 0 | 0 | |||||||||
COST OF GOODS SOLD AND OPERATING EXPENSES | 0 | 0 | 0 | |||||||||
SALES MARGIN | 0 | 0 | 0 | |||||||||
OTHER OPERATING INCOME (EXPENSE) | ||||||||||||
Selling, general and administrative expenses | (81.4) | (97.9) | (88.5) | |||||||||
Miscellaneous - net | (2.2) | (5.6) | 7.7 | |||||||||
Other operating expense | (83.6) | (103.5) | (80.8) | |||||||||
OPERATING INCOME | (83.6) | (103.5) | (80.8) | |||||||||
OTHER INCOME (EXPENSE) | ||||||||||||
Interest expense, net | (126.8) | (195) | (221.4) | |||||||||
Gain (loss) on extinguishment/restructuring of debt | (165.4) | 166.3 | 392.9 | |||||||||
Other non-operating income (expense) | 0.1 | (0.5) | (114.6) | |||||||||
TOTAL OTHER INCOME (EXPENSE) | (292.1) | (29.2) | 56.9 | |||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY LOSS FROM VENTURES | (375.7) | (132.7) | (23.9) | |||||||||
INCOME TAX BENEFIT | 251.4 | 4.3 | (19.1) | |||||||||
EQUITY IN INCOME OF SUBSIDIARIES | 512.6 | 319.6 | (501.2) | |||||||||
EQUITY LOSS FROM VENTURES, net of tax | 0 | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 388.3 | 191.2 | (544.2) | |||||||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax | (21.3) | (17.1) | (205.1) | |||||||||
NET INCOME (LOSS) | 367 | 174.1 | (749.3) | |||||||||
INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | 0 | 0 | 0 | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | 367 | 174.1 | (749.3) | |||||||||
PREFERRED STOCK DIVIDENDS | (38.4) | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS | (787.7) | |||||||||||
OTHER COMPREHENSIVE INCOME | (4) | (3.3) | 266.2 | |||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ 363 | $ 170.8 | $ (521.5) |
SUPPLEMENTARY GUARANTOR INFO153
SUPPLEMENTARY GUARANTOR INFORMATION (Supplementary Statements of Condensed Consolidating Cash Flows) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net cash provided (used) by operating activities | $ 338.1 | $ 303 | $ 37.9 | |
INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment | 151.7 | 69.1 | 80.8 | |
Intercompany investing | 0 | 0 | 0 | |
Other investing activities | (4.3) | 11.2 | (22.4) | |
Net cash provided (used) by investing activities | 156 | 57.9 | 103.2 | |
FINANCING ACTIVITIES | ||||
Net proceeds from issuance of common shares | $ 287.6 | 661.3 | 287.4 | 0 |
Proceeds from issuance of debt | 1,771.5 | 0 | 503.5 | |
Debt issuance costs | (28.6) | (5.2) | (33.6) | |
Borrowings under credit facilities | 0 | 105 | 309.8 | |
Repayment under credit facilities | 0 | (105) | (309.8) | |
Repayments on equipment loans | 0 | (95.6) | (45.4) | |
Repurchase of debt | (1,720.7) | (305.4) | (225.9) | |
Acquisition of noncontrolling interest | (105) | 0 | 0 | |
Distributions of partnership equity | (52.9) | (59.9) | (40.6) | |
Preferred stock dividends | 0 | 0 | (51.2) | |
Intercompany financing | 0 | 0 | 0 | |
Other financing activities | (26.7) | (27.7) | (45.8) | |
Net cash provided (used) by financing activities | 498.9 | (206.4) | 61 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 3.3 | (0.5) | (1.4) | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 684.3 | 38.2 | (5.7) | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 285.2 | 323.4 | 285.2 | 290.9 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 1,007.7 | 323.4 | 285.2 | |
Consolidation, Eliminations [Member] | ||||
Net cash provided (used) by operating activities | 0 | 0 | 0 | |
INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment | 0 | 0 | 0 | |
Intercompany investing | (173.3) | (236.3) | 288.7 | |
Other investing activities | 0 | 0 | 0 | |
Net cash provided (used) by investing activities | 173.3 | 236.3 | (288.7) | |
FINANCING ACTIVITIES | ||||
Net proceeds from issuance of common shares | 0 | 0 | ||
Proceeds from issuance of debt | 0 | 0 | ||
Debt issuance costs | 0 | 0 | 0 | |
Borrowings under credit facilities | 0 | 0 | ||
Repayment under credit facilities | 0 | 0 | ||
Repayments on equipment loans | 0 | 0 | ||
Repurchase of debt | 0 | 0 | 0 | |
Acquisition of noncontrolling interest | 0 | |||
Distributions of partnership equity | 0 | 0 | 0 | |
Preferred stock dividends | 0 | |||
Intercompany financing | 173.3 | 236.3 | (288.7) | |
Other financing activities | 0 | 0 | 0 | |
Net cash provided (used) by financing activities | 173.3 | 236.3 | (288.7) | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 0 | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 0 | 0 | 0 | |
Parent [Member] | Reportable Legal Entities [Member] | ||||
Net cash provided (used) by operating activities | (166.8) | (275.7) | 65.6 | |
INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment | 3.4 | 6.2 | 6.9 | |
Intercompany investing | 225.7 | 356.6 | (205.8) | |
Other investing activities | (7.7) | 0.4 | 0 | |
Net cash provided (used) by investing activities | (214.6) | (350.8) | 212.7 | |
FINANCING ACTIVITIES | ||||
Net proceeds from issuance of common shares | 661.3 | 287.4 | ||
Proceeds from issuance of debt | 1,771.5 | 503.5 | ||
Debt issuance costs | (28.6) | (5.2) | (33.6) | |
Borrowings under credit facilities | 105 | 296.8 | ||
Repayment under credit facilities | (105) | (296.8) | ||
Repayments on equipment loans | (95.6) | (43.6) | ||
Repurchase of debt | (1,720.7) | (305.4) | (225.9) | |
Acquisition of noncontrolling interest | (105) | |||
Distributions of partnership equity | 0 | 0 | 0 | |
Preferred stock dividends | (51.2) | |||
Intercompany financing | 45 | 117 | 80 | |
Other financing activities | (5.8) | (0.6) | (5) | |
Net cash provided (used) by financing activities | 617.7 | (2.4) | 224.2 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 665.5 | 72.7 | 77.1 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 210.7 | 283.4 | 210.7 | 133.6 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 948.9 | 283.4 | 210.7 | |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Net cash provided (used) by operating activities | 430.4 | 462.9 | (23.7) | |
INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment | 80.6 | 60 | 68.2 | |
Intercompany investing | (7.4) | (3.3) | (2.9) | |
Other investing activities | 3.4 | 10.8 | (27.6) | |
Net cash provided (used) by investing activities | 84.6 | 52.5 | 98.7 | |
FINANCING ACTIVITIES | ||||
Net proceeds from issuance of common shares | 0 | 0 | ||
Proceeds from issuance of debt | 0 | 0 | ||
Debt issuance costs | 0 | 0 | 0 | |
Borrowings under credit facilities | 0 | 0 | ||
Repayment under credit facilities | 0 | 0 | ||
Repayments on equipment loans | 0 | 0 | ||
Repurchase of debt | 0 | 0 | 0 | |
Acquisition of noncontrolling interest | 0 | |||
Distributions of partnership equity | (52.9) | (59.9) | (40.6) | |
Preferred stock dividends | 0 | |||
Intercompany financing | (288.8) | (339.9) | 188.5 | |
Other financing activities | (4.5) | (9.9) | (25) | |
Net cash provided (used) by financing activities | (346.2) | (409.7) | 122.9 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | 0 | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (0.4) | 0.7 | 0.5 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 1.8 | 2.5 | 1.8 | 1.3 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 2.1 | 2.5 | 1.8 | |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Net cash provided (used) by operating activities | 74.5 | 115.8 | (4) | |
INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment | 67.7 | 2.9 | 5.7 | |
Intercompany investing | (45) | (117) | (80) | |
Other investing activities | 0 | 0 | 5.2 | |
Net cash provided (used) by investing activities | 112.7 | 119.9 | 80.5 | |
FINANCING ACTIVITIES | ||||
Net proceeds from issuance of common shares | 0 | 0 | ||
Proceeds from issuance of debt | 0 | 0 | ||
Debt issuance costs | 0 | 0 | 0 | |
Borrowings under credit facilities | 0 | 13 | ||
Repayment under credit facilities | 0 | (13) | ||
Repayments on equipment loans | 0 | (1.8) | ||
Repurchase of debt | 0 | 0 | 0 | |
Acquisition of noncontrolling interest | 0 | |||
Distributions of partnership equity | 0 | 0 | 0 | |
Preferred stock dividends | 0 | |||
Intercompany financing | 70.5 | (13.4) | 20.2 | |
Other financing activities | (16.4) | (17.2) | (15.8) | |
Net cash provided (used) by financing activities | 54.1 | (30.6) | 2.6 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 3.3 | (0.5) | (1.4) | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 19.2 | (35.2) | (83.3) | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | $ 72.7 | 37.5 | 72.7 | 156 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 56.7 | $ 37.5 | $ 72.7 |
SUPPLEMENTARY GUARANTOR INFO154
SUPPLEMENTARY GUARANTOR INFORMATION (Narrative) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
$1.075 Billion 5.75% 2025 Senior Notes [Member] | |
Debt Instrument, Par Value | $ 1,075 |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation Allowance of Deferred Tax Assets [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Valuation Allowances and Reserves, Balance | $ 2,238.5 | $ 3,334.8 | $ 3,372.5 | $ 1,152.3 |
Valuation Allowances and Reserves, Charged to Cost and Expense | (1,104.3) | (40.6) | 54.3 | |
Valuation Allowances and Reserves, Charged to Other Accounts | (9.8) | 5.1 | 2,165.9 | |
Valuation Allowances and Reserves, Reserves of Businesses Acquired | 17.8 | 0 | 0 | |
Valuation Allowances and Reserves, Deductions | 0 | 2.2 | 0 | |
Allowance for Trade Receivables [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Valuation Allowances and Reserves, Balance | 0 | 0 | 7.1 | $ 0 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 0 | 7.1 | |
Valuation Allowances and Reserves, Charged to Other Accounts | 0 | (7.1) | 0 | |
Valuation Allowances and Reserves, Reserves of Businesses Acquired | 0 | 0 | 0 | |
Valuation Allowances and Reserves, Deductions | $ 0 | $ 0 | $ 0 |