Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 20, 2018 | |
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-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 297,733,061 | |
Trading Symbol | clf | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Statements Of Condensed Consoli
Statements Of Condensed Consolidated Financial Position - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 786.6 | $ 1,007.7 |
Accounts receivable, net | 47.2 | 140.6 |
Inventories | 324.4 | 183.4 |
Supplies and other inventories | 81.7 | 93.9 |
Derivative assets | 93.6 | 39.4 |
Loans to and accounts receivable from the Canadian Entities | 50.4 | 51.6 |
Other current assets | 28.5 | 28 |
TOTAL CURRENT ASSETS | 1,412.4 | 1,544.6 |
PROPERTY, PLANT AND EQUIPMENT, NET | 1,047.3 | 1,051 |
OTHER ASSETS | ||
Deposits for property, plant and equipment | 74.1 | 17.8 |
Income tax receivable | 219.9 | 235.3 |
Other non-current assets | 109.2 | 104.7 |
TOTAL OTHER ASSETS | 403.2 | 357.8 |
TOTAL ASSETS | 2,862.9 | 2,953.4 |
CURRENT LIABILITIES | ||
Accounts payable | 99.5 | 127.7 |
Accrued expenses | 94.4 | 107.1 |
Accrued interest | 28.2 | 31.4 |
Contingent claims | 54.3 | 55.6 |
Partnership distribution payable | 44.2 | 44.2 |
Other current liabilities | 104.3 | 86.2 |
TOTAL CURRENT LIABILITIES | 424.9 | 452.2 |
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES | 251.4 | 257.7 |
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 181.2 | 196.5 |
LONG-TERM DEBT | 2,308.2 | 2,304.2 |
OTHER LIABILITIES | 182 | 186.9 |
TOTAL LIABILITIES | 3,347.7 | 3,397.5 |
COMMITMENTS AND CONTINGENCIES (REFER TO NOTE 19) | ||
CLIFFS SHAREHOLDERS' DEFICIT | ||
Common Shares - par value $0.125 per share, Authorized - 600,000,000 shares (2017 - 600,000,000 shares); Issued - 301,886,794 shares (2017 - 301,886,794 shares); Outstanding - 297,733,061 shares (2017 - 297,400,968 shares) | 37.7 | 37.7 |
Capital in excess of par value of shares | 3,918 | 3,933.9 |
Retained deficit | (4,257.6) | (4,207.3) |
Cost of 4,153,733 common shares in treasury (2017 - 4,485,826 shares) | (151.8) | (169.6) |
Accumulated other comprehensive loss | (31.3) | (39) |
TOTAL CLIFFS SHAREHOLDERS' DEFICIT | (485) | (444.3) |
NONCONTROLLING INTEREST | 0.2 | 0.2 |
TOTAL DEFICIT | (484.8) | (444.1) |
TOTAL LIABILITIES AND DEFICIT | $ 2,862.9 | $ 2,953.4 |
Statements Of Condensed Consol3
Statements Of Condensed Consolidated Financial Position (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||
Preferred stock, par value | $ 0 | $ 0 |
Common Stock, Par or Stated Value Per Share | $ 0.125 | $ 0.125 |
Common shares, authorized (in shares) | 600,000,000 | 600,000,000 |
Common shares, issued (in shares) | 301,886,794 | 301,886,794 |
Common shares, outstanding | 297,733,061 | 297,400,968 |
Common shares in treasury | 4,153,733 | 4,485,826 |
Preferred Class A [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred Class B [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Statements Of Condensed Consol4
Statements Of Condensed Consolidated Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
REVENUES FROM PRODUCT SALES AND SERVICES | ||
Product | $ 220.7 | $ 412.8 |
Freight and venture partners' cost reimbursements | 18.3 | 48.8 |
TOTAL REVENUES | 239 | 461.6 |
COST OF GOODS SOLD AND OPERATING EXPENSES | (242.6) | (365.3) |
SALES MARGIN | (3.6) | 96.3 |
OTHER OPERATING INCOME (EXPENSE) | ||
Selling, general and administrative expenses | (27.7) | (27.7) |
Miscellaneous - net | (8.7) | 11.5 |
Other operating expense | (36.4) | (16.2) |
OPERATING INCOME (LOSS) | (40) | 80.1 |
OTHER INCOME (EXPENSE) | ||
Interest expense, net | (33.5) | (42.8) |
Loss on extinguishment of debt | 0 | (71.9) |
Other non-operating income | 4.4 | 2.5 |
TOTAL OTHER INCOME (EXPENSE) | (29.1) | (112.2) |
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (69.1) | (32.1) |
INCOME TAX BENEFIT (EXPENSE) | (15.7) | 1.8 |
LOSS FROM CONTINUING OPERATIONS | (84.8) | (30.3) |
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | 0.5 | 0.5 |
NET LOSS | (84.3) | (29.8) |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | 0 | 1.7 |
NET LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ (84.3) | $ (28.1) |
LOSS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS – BASIC | ||
Continuing operations (in dollars per share) | $ (0.29) | $ (0.11) |
Discontinued operations (in dollars per share) | 0 | 0 |
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic (in dollars per share) | (0.29) | (0.11) |
LOSS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS – DILUTED | ||
Continuing operations (in dollars per share) | (0.29) | (0.11) |
Discontinued operations (in dollars per share) | 0 | 0 |
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted (in dollars per share) | $ (0.29) | $ (0.11) |
AVERAGE NUMBER OF SHARES (IN THOUSANDS) | ||
Basic | 297,266 | 265,164 |
Diluted | 297,266 | 265,164 |
Statements Of Condensed Consol5
Statements Of Condensed Consolidated Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
NET LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ (84.3) | $ (28.1) |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Changes in pension and other post-retirement benefits, net of tax | 6.7 | 4.7 |
Unrealized net gain (loss) on foreign currency translation | 0.7 | (12.7) |
Unrealized net gain on derivative financial instruments, net of tax | 0.3 | 0 |
OTHER COMPREHENSIVE INCOME (LOSS) | 7.7 | (8) |
OTHER COMPREHENSIVE LOSS ATTRIBUTABLE TO THE NONCONTROLLING INTEREST | 0 | (5) |
TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ (76.6) | $ (31.1) |
Statements Of Condensed Consol6
Statements Of Condensed Consolidated Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
OPERATING ACTIVITIES | ||
NET INCOME (LOSS) | $ (84.3) | $ (29.8) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Depreciation, depletion and amortization | 23.9 | 23.2 |
Loss on extinguishment/restructuring of debt | 0 | 71.9 |
Gain on derivatives | (40.8) | (17.7) |
Other | 25.9 | 0.8 |
Changes in operating assets and liabilities: | ||
Receivables and other assets | 196.3 | 86.5 |
Inventories | (193) | (70) |
Payables, accrued expenses and other liabilities | (70.9) | (90) |
Net cash used by operating activities | (142.9) | (25.1) |
INVESTING ACTIVITIES | ||
Property, Plant and Equipment, Cash Additions | (12.4) | (25.9) |
Purchase of property, plant and equipment | (59) | (2) |
Other investing activities | 0 | 0.5 |
Net cash used by investing activities | (71.4) | (27.4) |
FINANCING ACTIVITIES | ||
Proceeds from issuance of debt | 0 | 500 |
Debt issuance costs | (1.5) | (8.5) |
Net proceeds from issuance of common shares | 0 | 661.3 |
Repurchase of debt | 0 | (1,115.5) |
Distributions of partnership equity | 0 | (8.7) |
Other financing activities | (5.5) | (5.6) |
Net cash provided (used) by financing activities | (7) | 23 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0.2 | 1.4 |
DECREASE IN CASH AND CASH EQUIVALENTS | (221.1) | (28.1) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 1,007.7 | 323.4 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 786.6 | $ 295.3 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with SEC rules and regulations and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations, comprehensive income (loss) and cash flows for the periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates on various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates, actual results may differ significantly due to changed conditions or assumptions. The results of operations for the three months ended March 31, 2018 are not necessarily indicative of results to be expected for the year ending December 31, 2018 or any other future period. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2017 . On January 25, 2018, we announced that we would accelerate the projected time frame for the planned closure of our Asia Pacific Iron Ore mining operations in Australia. On April 6, 2018, we committed to a course of action expected to lead to the permanent closure of the Asia Pacific Iron Ore mining operations and expect our final Asia Pacific Iron Ore shipment to occur by June 30, 2018. Factors considered in this decision include increasingly discounted prices for lower-iron-content ore, the quality of the remaining iron ore reserves and the lack of a legitimate offer from a qualified buyer. As a result, we recorded various adjustments to Inventories , Property, Plant and Equipment , Environmental and mine closure obligations and Supplies and other inventories consistent with our current mine plan. Refer to NOTE 5 - INVENTORIES , NOTE 6 - PROPERTY, PLANT AND EQUIPMENT and NOTE 13 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS for further information. We report our results from continuing operations in two reportable segments: U.S. Iron Ore and Asia Pacific Iron Ore. Basis of Consolidation The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, including the following operations as of March 31, 2018 : Name Location Status of Operations Northshore Minnesota Active United Taconite Minnesota Active Tilden Michigan Active Empire Michigan Indefinitely Idled Koolyanobbing 1 Western Australia Active 1 On April 6, 2018, we committed to a course of action expected to lead to the permanent closure of the Asia Pacific Iron Ore mining operations and expect our final Asia Pacific Iron Ore shipment to occur by June 30, 2018. Intercompany transactions and balances are eliminated upon consolidation. Equity Method Investments Our 23% ownership interest in Hibbing is recorded as an equity method investment. As of March 31, 2018 and December 31, 2017 , our investment in Hibbing was $7.3 million and $11.0 million , respectively, classified as Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position . 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 our Australian 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. 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, including short-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 Unaudited Condensed Consolidated Operations . Transaction gains and losses resulting from remeasurement of short-term intercompany loans are included in Miscellaneous – net in the Statements of Unaudited Condensed Consolidated Operations . The following represents the transaction gains and losses resulting from remeasurement: (In Millions) Three Months Ended 2018 2017 Short-term intercompany loans $ (0.2 ) $ 15.1 Cash and cash equivalents 0.1 (1.2 ) Other (0.2 ) (0.3 ) Net impact of transaction gains (losses) resulting from remeasurement $ (0.3 ) $ 13.6 Significant Accounting Policies A detailed description of our significant accounting policies can be found in the audited financial statements for the fiscal year ended December 31, 2017 included in our Annual Report on Form 10-K filed with the SEC. There have been no material changes in our significant accounting policies and estimates from those disclosed therein other than those related to the adoption of Topic 606. Refer to NOTE 2 - NEW ACCOUNTING STANDARDS for further information. |
NEW ACCOUNTING STANDARDS
NEW ACCOUNTING STANDARDS | 3 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
NEW ACCOUNTING STANDARDS | NOTE 2 - NEW ACCOUNTING STANDARDS Adoption of New Accounting Standards ASC Topic 606, Revenue from Contracts with Customers (Topic 606). On January 1, 2018, we adopted Topic 606 and applied it to all contracts that were not completed using the modified retrospective method. We recognized the cumulative effect of initially applying Topic 606 as an adjustment to the opening balance of Retained deficit of $34.0 million . The comparative period information has not been restated and continues to be reported under the accounting standards in effect for those periods. We do not expect that the adoption of Topic 606 will have a material impact to our annual net income on an ongoing basis. Under Topic 606, revenue will generally be recognized upon delivery for our U.S. Iron Ore customers, which is earlier than under the previous guidance. As an example, for certain iron ore shipments where revenue was previously recognized upon title transfer when payment was received, we will now recognize revenue when control transfers, which is generally upon delivery. While we continue to retain title until we receive payment, we determined upon review of our customer contracts that the preponderance of control indicators pass to our customers' favor when we deliver our products; thus, we generally concluded control transfers at that point. As a result of the adoption of Topic 606 and vessel deliveries not occurring during the winter months because of the closure of the Soo Locks and the Welland Canal, our revenues and net income will be relatively lower than historical levels during the first quarter of each year and relatively higher than historical levels during the remaining three quarters in future years. However, the total amount of revenue recognized during the year should remain substantially the same as under previous accounting standards, assuming revenue rates and volumes are consistent between years. The adoption of Topic 606 will not change the pattern or timing of revenue recognition for Asia Pacific Iron Ore, as control transfers when vessels are loaded, which is the same time title and the risk of loss transfers to our customers. The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of Topic 606 were as follows: ($ in Millions) Balance at December 31, 2017 Adjustments due to Topic 606 Balance at January 1, 2018 ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,007.7 $ — $ 1,007.7 Accounts receivable, net 140.6 76.6 217.2 Inventories 183.4 (51.4 ) 132.0 Supplies and other inventories 93.9 — 93.9 Derivative assets 39.4 11.6 51.0 Loans to and accounts receivable from the Canadian Entities 51.6 — 51.6 Other current assets 28.0 — 28.0 TOTAL CURRENT ASSETS 1,544.6 36.8 1,581.4 PROPERTY, PLANT AND EQUIPMENT, NET 1,051.0 — 1,051.0 OTHER ASSETS Deposits for property, plant and equipment 17.8 — 17.8 Income tax receivable 235.3 — 235.3 Other non-current assets 104.7 — 104.7 TOTAL OTHER ASSETS 357.8 — 357.8 TOTAL ASSETS $ 2,953.4 $ 36.8 $ 2,990.2 LIABILITIES CURRENT LIABILITIES Accounts payable $ 127.7 $ 1.4 $ 129.1 Accrued expenses 107.1 — 107.1 Accrued interest 31.4 — 31.4 Contingent claims 55.6 — 55.6 Partnership distribution payable 44.2 — 44.2 Other current liabilities 86.2 1.4 87.6 TOTAL CURRENT LIABILITIES 452.2 2.8 455.0 PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES 257.7 — 257.7 ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS 196.5 — 196.5 LONG-TERM DEBT 2,304.2 — 2,304.2 OTHER LIABILITIES 186.9 — 186.9 TOTAL LIABILITIES 3,397.5 2.8 3,400.3 EQUITY CLIFFS SHAREHOLDERS' DEFICIT (444.3 ) 34.0 (410.3 ) NONCONTROLLING INTEREST 0.2 — 0.2 TOTAL DEFICIT (444.1 ) 34.0 (410.1 ) TOTAL LIABILITIES AND DEFICIT $ 2,953.4 $ 36.8 $ 2,990.2 The impact of adoption on our Statements of Unaudited Condensed Consolidated Operations and Statements of Unaudited Condensed Consolidated Financial Position is as follows: ($ in Millions) Three Months Ended March 31, 2018 As Reported Balances without Adoption of Topic 606 Effect of Change REVENUES FROM PRODUCT SALES AND SERVICES Product $ 220.7 $ 279.1 $ (58.4 ) Freight and venture partners' cost reimbursements 18.3 22.4 (4.1 ) 239.0 301.5 (62.5 ) COST OF GOODS SOLD AND OPERATING EXPENSES (242.6 ) (286.2 ) 43.6 SALES MARGIN (3.6 ) 15.3 (18.9 ) OTHER OPERATING EXPENSE Selling, general and administrative expenses (27.7 ) (27.7 ) — Miscellaneous – net (8.7 ) (8.7 ) — (36.4 ) (36.4 ) — OPERATING LOSS (40.0 ) (21.1 ) (18.9 ) OTHER INCOME (EXPENSE) Interest expense, net (33.5 ) (33.5 ) — Other non-operating income 4.4 4.4 — (29.1 ) (29.1 ) — LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (69.1 ) (50.2 ) (18.9 ) INCOME TAX EXPENSE (15.7 ) (15.7 ) — LOSS FROM CONTINUING OPERATIONS (84.8 ) (65.9 ) (18.9 ) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX 0.5 0.5 — NET LOSS (84.3 ) (65.4 ) (18.9 ) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST — — — NET LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (84.3 ) $ (65.4 ) $ (18.9 ) LOSS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS – BASIC Continuing operations $ (0.29 ) $ (0.23 ) $ (0.06 ) Discontinued operations — — — $ (0.29 ) $ (0.23 ) $ (0.06 ) LOSS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS – DILUTED Continuing operations $ (0.29 ) $ (0.23 ) $ (0.06 ) Discontinued operations — — — $ (0.29 ) $ (0.23 ) $ (0.06 ) AVERAGE NUMBER OF SHARES (IN THOUSANDS) Basic 297,266 297,266 Diluted 297,266 297,266 ($ in Millions) March 31, 2018 As Reported Balances without Adoption of Topic 606 Effect of Change ASSETS CURRENT ASSETS Cash and cash equivalents $ 786.6 $ 786.6 $ — Accounts receivable, net 47.2 24.9 22.3 Inventories 324.4 332.0 (7.6 ) Supplies and other inventories 81.7 81.7 — Derivative assets 93.6 91.3 2.3 Loans to and accounts receivable from the Canadian Entities 50.4 50.4 — Other current assets 28.5 28.5 — TOTAL CURRENT ASSETS 1,412.4 1,395.4 17.0 PROPERTY, PLANT AND EQUIPMENT, NET 1,047.3 1,047.3 — OTHER ASSETS Deposits for property, plant and equipment 74.1 74.1 — Income tax receivable 219.9 219.9 — Other non-current assets 109.2 109.2 — TOTAL OTHER ASSETS 403.2 403.2 — TOTAL ASSETS 2,862.9 2,845.9 17.0 LIABILITIES CURRENT LIABILITIES Accounts payable $ 99.5 $ 99.2 $ 0.3 Accrued expenses 94.4 94.4 — Accrued interest 28.2 28.2 — Contingent claims 54.3 54.3 — Partnership distribution payable 44.2 44.2 — Other current liabilities 104.3 104.0 0.3 TOTAL CURRENT LIABILITIES 424.9 424.3 0.6 PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES 251.4 251.4 — ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS 181.2 181.2 — LONG-TERM DEBT 2,308.2 2,308.2 — OTHER LIABILITIES 182.0 182.0 — TOTAL LIABILITIES 3,347.7 3,347.1 0.6 EQUITY CLIFFS SHAREHOLDERS' DEFICIT (485.0 ) (501.4 ) 16.4 NONCONTROLLING INTEREST 0.2 0.2 — TOTAL DEFICIT (484.8 ) (501.2 ) 16.4 TOTAL LIABILITIES AND DEFICIT $ 2,862.9 $ 2,845.9 $ 17.0 The adoption of Topic 606 did not have an impact on net cash flows in our Statements of Unaudited Condensed Consolidated Cash Flows . ASU 2017-07, Retirement Benefits - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . On January 1, 2018, we adopted the amendments to ASC 715 regarding the presentation of net periodic pension and postretirement benefit costs. We retrospectively adopted the presentation of service cost separate from the other components of net periodic costs. The interest cost, expected return on assets, amortization of prior service costs, net remeasurement, and other costs have been reclassified from Cost of goods sold and operating expenses , Selling, general and administrative expenses and Miscellaneous – net to Other non-operating income . We elected to apply the practical expedient, which allows us to reclassify amounts disclosed previously in our Pension and other postretirement benefits footnote as the basis for applying retrospective presentation for comparative periods. On a prospective basis, only service costs will be included in amounts capitalized in inventory or property, plant, and equipment. The effect of the retrospective presentation change related to the net periodic cost of our defined benefit pension and other postretirement employee benefits plans on our Statements of Unaudited Condensed Consolidated Operations was as follows: ($ in Millions) Three Months Ended March 31, 2017 As Revised Previously Reported Effect of Change Cost of goods sold and operating expenses $ (365.3 ) $ (365.9 ) $ 0.6 Selling, general and administrative expenses $ (27.7 ) $ (25.7 ) $ (2.0 ) Miscellaneous – net $ 11.5 $ 11.9 $ (0.4 ) Operating income $ 80.1 $ 81.9 $ (1.8 ) Other non-operating income $ 2.5 $ 0.7 $ 1.8 Net Loss $ (29.8 ) $ (29.8 ) $ — Recent Accounting Pronouncements Issued and Not Effective 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 Statements of Unaudited Condensed Consolidated Operations . We plan to adopt the standard on its effective date of January 1, 2019. The new standard may be adopted using either the modified retrospective approach, which requires application of the new guidance at the beginning of the earliest comparative period presented or the optional alternative approach, which requires application of the new guidance at the beginning of the standards effective date. 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. |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 3 - 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 revenues in the first quarter of 2018 or 2017 . 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 including a reconciliation of segment sales margin to Loss from Continuing Operations Before Income Taxes and a reconciliation of Net Loss to EBITDA and Adjusted EBITDA: (In Millions) Three Months Ended 2018 2017 Revenues from product sales and services: U.S. Iron Ore $ 180.0 75 % $ 286.2 62 % Asia Pacific Iron Ore 59.0 25 % 175.4 38 % Total revenues from product sales and services $ 239.0 100 % $ 461.6 100 % Sales margin: U.S. Iron Ore $ 61.5 $ 49.0 Asia Pacific Iron Ore (65.1 ) 47.3 Sales margin (3.6 ) 96.3 Other operating expense (36.4 ) (16.2 ) Other expense (29.1 ) (112.2 ) Loss from continuing operations before income taxes $ (69.1 ) $ (32.1 ) (In Millions) Three Months Ended 2018 2017 Net Loss $ (84.3 ) $ (29.8 ) Less: Interest expense, net (33.5 ) (42.8 ) Income tax benefit (expense) (15.7 ) 1.8 Depreciation, depletion and amortization (23.9 ) (23.2 ) EBITDA $ (11.2 ) $ 34.4 Less: Inventory impairments $ (18.9 ) $ — Impairment of long-lived assets (2.6 ) — Severance and retention costs (1.5 ) — Impact of discontinued operations 0.5 0.5 Foreign exchange remeasurement (0.3 ) 13.6 Loss on extinguishment of debt — (71.9 ) Adjusted EBITDA $ 11.6 $ 92.2 EBITDA U.S. Iron Ore $ 72.5 $ 57.9 Asia Pacific Iron Ore (63.7 ) 51.4 Other (20.0 ) (74.9 ) Total EBITDA $ (11.2 ) $ 34.4 Adjusted EBITDA: U.S. Iron Ore $ 77.1 $ 64.1 Asia Pacific Iron Ore (39.6 ) 53.8 Other (25.9 ) (25.7 ) Total Adjusted EBITDA $ 11.6 $ 92.2 (In Millions) Three Months Ended 2018 2017 Depreciation, depletion and amortization: U.S. Iron Ore $ 15.8 $ 16.4 Asia Pacific Iron Ore 6.7 4.7 Other 1.4 2.1 Total depreciation, depletion and amortization $ 23.9 $ 23.2 Capital additions 1 : U.S. Iron Ore $ 18.7 $ 27.1 Asia Pacific Iron Ore — 0.2 Other 2 60.2 — Total capital additions $ 78.9 $ 27.3 1 Includes cash paid for capital additions of $71.4 million, including deposits of $59.0 million, and an increase in non-cash accruals of $7.5 million for the three months ended March 31, 2018 compared to cash paid for capital additions of $27.9 million, including deposits of $2.0 million, and a decrease in non-cash accruals of $0.6 million for the three months ended March 31, 2017. 2 Includes capital additions related to our HBI project. A summary of assets by segment is as follows: (In Millions) March 31, December 31, Assets: U.S. Iron Ore $ 1,646.8 $ 1,500.6 Asia Pacific Iron Ore 78.4 138.8 Total segment assets 1,725.2 1,639.4 Corporate and Other 1,137.7 1,314.0 Total assets $ 2,862.9 $ 2,953.4 |
REVENUE
REVENUE | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | NOTE 4 - REVENUE Revenue is recognized generally when iron ore is delivered to our customers. Revenue is measured at the point control transfers and represents the amount of consideration we expect to receive in exchange for transferring goods. We offer standard payment terms to our customers, generally requiring settlement within 30 days. We enter into supply contracts of varying lengths to provide customers iron ore to use in their blast furnaces. Blast furnaces run continuously with a constant feed of iron ore and once shut down, cannot easily be restarted. As a result, we ship iron ore in large quantities for storage and use by customers at a later date. Customers do not simultaneously receive and consume the benefits of the iron ore. Based on our assessment of the factors that indicate the pattern of satisfaction, we transfer control of the iron ore at a point in time upon shipment or delivery of the product. The customer is able to direct the use of, and obtain substantially all of the benefits from, the product at the time the product is delivered. We disaggregate Revenues from product sales and services based on geographical location. We sell a single product, iron ore, in the North American and Asian markets. Refer to NOTE 3 - SEGMENT REPORTING for further information on disaggregated revenue. Certain of our U.S. Iron Ore and Asia Pacific Iron Ore customer supply agreements specify a provisional price, which is used for initial billing and cash collection. Revenue recorded in accordance with Topic 606 is calculated using the expected revenue rate at the point when control transfers. The final settlement includes market inputs for a specified period of time, which may vary by customer, but typically include one or more of the following: Platts 62% Price, pellet premiums, Platts international indexed freight rates and changes in specified Producer Price Indices, including industrial commodities, energy and steel. Changes in the expected revenue rate from the date control transfers through final settlement of contract terms is recorded in accordance with ASC Topic 815. Refer to NOTE 15 - DERIVATIVE INSTRUMENTS for further information on how our estimated expected and final revenue rates are determined. A supply agreement with one U.S. Iron Ore customer provides for supplemental revenue or refunds based on the average annual daily market price for hot-rolled coil steel at the time the iron ore is consumed in the customer’s blast furnaces. As control transfers prior to consumption, the supplemental revenue is recorded in accordance with ASC Topic 815. Refer to NOTE 15 - DERIVATIVE INSTRUMENTS for further information on supplemental revenue or refunds. Included within Revenues from product sales and services is derivative revenue related to ASC Topic 815 of $43.8 million and $1.3 million , for three months ended March 31, 2018 at our U.S. Iron Ore and Asia Pacific Iron Ore segments, respectively. Practical expedients and exemptions We have elected to treat all shipping and handling costs as fulfillment costs as a significant portion of these costs are incurred prior to control transfer. We have various long-term sales contracts with minimum purchase and supply requirement provisions that extend beyond the current reporting period. The portion of our transaction price for these contracts that is allocated entirely to wholly unsatisfied performance obligations is based on market prices that have not yet been determined and therefore is variable in nature. As such, we have not disclosed the value of unsatisfied performance obligations pursuant to the practical expedient. Deferred Revenue The table below summarizes our deferred revenue balances: Deferred Revenue (Current) 1 Deferred Revenue (Long-Term) Opening balance as of January 1, 2018 $ 23.8 $ 51.4 Closing balance as of March 31, 2018 31.0 51.4 Increase $ 7.2 $ — 1 The opening balance includes a $1.4 million adjustment from the December 31, 2017 balance due to the adoption of Topic 606. 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 Other current liabilities and Other liabilities in the Statements of Unaudited Condensed 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 March 31, 2018 and December 31, 2017 , installment amounts received in excess of sales totaled $64.2 million related to this agreement. As of March 31, 2018 and 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 Unaudited Condensed Consolidated Financial Position , related to this agreement. Due to the payment terms and the timing of cash receipts near a period end, cash receipts can exceed shipments for certain customers. Revenue recognized on these transactions totaling $18.2 million and $9.6 million was deferred and included in Other current liabilities in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2018 and December 31, 2017 , respectively. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 5 - INVENTORIES The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position : (In Millions) March 31, 2018 December 31, 2017 Segment Finished Goods Work-in Process Total Inventory Finished Goods Work-in Process Total Inventory U.S. Iron Ore $ 267.2 $ 36.0 $ 303.2 $ 127.1 $ 11.3 $ 138.4 Asia Pacific Iron Ore 20.2 1.0 21.2 33.3 11.7 45.0 Total $ 287.4 $ 37.0 $ 324.4 $ 160.4 $ 23.0 $ 183.4 We recorded lower of cost or net realizable value inventory charges of $13.0 million and $9.1 million related to finished goods inventory and work-in process inventory, respectively, at Asia Pacific Iron Ore in Cost of goods sold and operating expenses in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March 31, 2018 . The charges were a result of the decline in our expected realized revenue rates for future sales of these tons. There were no lower of cost or net realizable value inventory adjustments recorded for the three months ended March 31, 2017 . We recorded an impairment charge of $1.4 million and $13.2 million related to finished goods inventory and work-in process inventory, respectively, at Asia Pacific Iron Ore in Cost of goods sold and operating expenses in the Statements of Consolidated Operations for the three months ended March 31, 2018 . Inventory not expected to be sold prior to the closure of operations was impaired. There were no inventory impairment adjustments recorded for the three months ended March 31, 2017 . |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 6 - PROPERTY, PLANT AND EQUIPMENT The following table indicates the value of each of the major classes of our consolidated depreciable assets: (In Millions) March 31, December 31, Land rights and mineral rights $ 549.6 $ 549.6 Office and information technology 66.3 66.3 Buildings 85.5 86.8 Mining equipment 594.0 594.4 Processing equipment 619.8 617.0 Electric power facilities 57.0 57.0 Land improvements 23.6 23.7 Asset retirement obligation 16.9 19.2 Other 30.3 30.3 Construction in-progress 48.1 35.1 2,091.1 2,079.4 Allowance for depreciation and depletion (1,043.8 ) (1,028.4 ) $ 1,047.3 $ 1,051.0 We recorded depreciation and depletion expense of $21.3 million and $22.6 million in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March 31, 2018 and March 31, 2017 , respectively. As of March 31, 2018 , based on the anticipated closure of the Asia Pacific Iron Ore operations we determined that we would not recover the value of certain long-lived assets at our Asia Pacific Iron Ore operations. As a result, we recorded an impairment of $2.6 million in Miscellaneous – net in the Statements of Unaudited Condensed Consolidated Operations . |
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
DEBT AND CREDIT FACILITIES | NOTE 7 - DEBT AND CREDIT FACILITIES The following represents a summary of our long-term debt: (In Millions) March 31, 2018 Debt Instrument Annual Effective Interest Rate Total Principal Amount Debt Issuance Costs Unamortized Discounts Total Debt Secured Notes $400 Million 4.875% 2024 Senior Notes 5.00% $ 400.0 $ (6.7 ) $ (2.5 ) $ 390.8 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 (0.2 ) (0.1 ) 122.1 $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 (6.3 ) (83.2 ) 226.8 $1.075 Billion 5.75% 2025 Senior Notes 6.01% 1,075.0 (11.1 ) (16.0 ) 1,047.9 $800 Million 6.25% 2040 Senior Notes 6.34% 298.4 (2.3 ) (3.4 ) 292.7 ABL Facility N/A 450.0 N/A N/A — Fair Value Adjustment to Interest Rate Hedge 1.3 Long-term debt $ 2,308.2 (In Millions) December 31, 2017 Debt Instrument Annual Effective Interest Rate Total Principal Amount Debt Issuance Costs Unamortized Discounts Total Debt 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 $1.075 Billion 5.75% 2025 Senior Notes 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 these issuances, we filed on February 14, 2018 a registration statement with the SEC with respect to a registered offer to exchange the 5.75% 2025 Senior Notes for publicly registered notes, with all significant terms and conditions remaining the same. Debt Maturities The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at March 31, 2018 : (In Millions) Maturities of Debt 2018 $ — 2019 — 2020 211.3 2021 138.4 2022 — 2023 — 2024 and thereafter 2,089.7 Total maturities of debt $ 2,439.4 ABL Facility On February 28, 2018, we entered into an amended and restated senior secured asset-based revolving credit facility with various financial institutions. The ABL Facility amends and restates our prior $550.0 million Syndicated Facility Agreement, dated as of March 30, 2015. The ABL Facility will mature upon the earlier of February 28, 2023 or 60 days prior to the maturity of certain other material debt, and provides for up to $450.0 million in borrowings, comprised of (i) a $400.0 million U.S. tranche, including a $248.8 million sublimit for the issuance of letters of credit and a $100.0 million sublimit for U.S. swingline loans, and (ii) a $50.0 million Australian tranche, including a $24.4 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 are secured by (i) a first-priority security interest in the accounts receivable and other rights to payment, inventory, as-extracted collateral, certain investment property, deposit accounts, securities accounts, certain general intangibles and commercial tort claims, certain mobile equipment, commodities accounts, deposit accounts, securities accounts and other related assets of ours, the other borrowers and the guarantors, and proceeds and products of each of the foregoing (collectively, the “ABL Collateral”); provided, however, that the ABL Collateral owned by a borrower or guarantor that is organized under the laws of Australia (the “Australian Loan Parties”) shall only secure the Australian tranche and obligations of the borrowers and guarantors organized under the laws of Australia, (ii) a second-priority security interest in substantially all of our assets and the assets of the other borrowers and the guarantors (other than the Australian Loan Parties) other than the ABL Collateral (collectively, the “Notes Collateral” and, together with the ABL Collateral, the “Collateral”) and (iii) solely in the case of the obligations of the Australian Loan Parties under the ABL Facility, a featherweight floating security interest over substantially all assets of the Australian Loan Parties other than ABL Collateral, in each case, subject to certain customary exceptions. 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 greatest 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" and 1%. 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, covenants relating to compliance with laws, covenants relating to transactions with affiliates, covenants relating to 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. If an event of a default exists (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 events of default 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 March 31, 2018 and December 31, 2017 , 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 March 31, 2018 and December 31, 2017 , no loans were drawn under the ABL Facility and we had total availability of $314.1 million and $273.2 million , respectively, as a result of borrowing base limitations. As of March 31, 2018 and December 31, 2017 , the principal amount of letter of credit obligations totaled $46.6 million and $46.5 million , respectively, to support business obligations primarily related to workers compensation and environmental obligations, thereby further reducing available borrowing capacity on our ABL Facility to $267.5 million and $226.7 million , respectively. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 8 - FAIR VALUE MEASUREMENTS The following represents the assets and liabilities of the Company measured at fair value: (In Millions) March 31, 2018 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 $ 36.0 $ 490.6 $ — $ 526.6 Derivative assets — — 93.6 93.6 Total $ 36.0 $ 490.6 $ 93.6 $ 620.2 Liabilities: Derivative liabilities $ — $ 0.2 $ 4.2 $ 4.4 Total $ — $ 0.2 $ 4.2 $ 4.4 (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 Financial assets classified in Level 1 include money market funds and treasury bonds. 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 include commercial paper and certificates of deposit. Level 2 liabilities include commodity hedge contracts. 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 agreement included in our Level 3 assets includes provisions for supplemental revenue or refunds based on the average annual daily market price for hot-rolled coil steel at the time the iron ore product is consumed in the customer’s blast furnaces. We account for these provisions as derivative instruments at the time of sale and adjust the corresponding asset or liability 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. This estimate takes into consideration current market conditions and nonperformance risk. We had assets of $91.2 million and $37.9 million at March 31, 2018 and December 31, 2017 , respectively, related to the supply agreement. 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 rate 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 $2.4 million and $1.5 million at March 31, 2018 and December 31, 2017 , respectively, related to provisional pricing arrangements. In addition, we had liabilities of $4.2 million and $2.4 million related to provisional pricing arrangements at March 31, 2018 and December 31, 2017 , respectively. The following table illustrates information about quantitative inputs and assumptions for the assets and liabilities categorized in Level 3 of the fair value hierarchy: Qualitative/Quantitative Information About Level 3 Fair Value Measurements (In Millions) Fair Value at March 31, 2018 Balance Sheet Location Valuation Technique Unobservable Input Range or Point Estimate (Weighted Average) Customer supply agreements $ 91.2 Derivative assets Market Approach Management's Estimate of Market Hot-Rolled Coil Steel per net ton $752 Provisional pricing arrangements $ 2.4 Derivative assets Market Approach Management's Estimate of Platts 62% Price per dry metric ton $63 - $71 Provisional pricing arrangements $ 4.2 Other Current Liabilities Market Approach Management's Estimate of Platts 62% Price per dry metric ton $63 - $71 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 three months ended March 31, 2018 and 2017 . 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): (In Millions) Level 3 Assets Three Months Ended 2018 2017 Beginning balance 1 $ 51.0 $ 31.6 Total gains (losses) Included in earnings 49.1 42.1 Settlements (6.5 ) (14.3 ) Ending balance - March 31 $ 93.6 $ 59.4 Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date $ 44.5 $ 33.2 1 Beginning balance as of January 1, 2018 includes an $11.6 million adjustment for adoption of Topic 606. (In Millions) Level 3 Liabilities Three Months Ended 2018 2017 Beginning balance $ (2.4 ) $ (0.5 ) Total gains (losses) Included in earnings (4.0 ) (8.6 ) Settlements 2.2 — Ending balance - March 31 $ (4.2 ) $ (9.1 ) Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date $ (4.2 ) $ (9.1 ) The carrying amount of certain financial instruments (e.g., Accounts receivable, net , Accounts payable and Accrued expenses ) approximates fair value and, therefore, has been excluded from the table below. A summary of the carrying amount and fair value of other financial instruments were as follows: (In Millions) March 31, 2018 December 31, 2017 Classification Carrying Value Fair Value Carrying Value Fair Value Long-term debt: Secured Notes $400 Million 4.875% 2024 Senior Notes Level 1 $ 390.8 $ 389.0 $ 390.3 $ 398.0 Unsecured Notes $400 Million 5.90% 2020 Senior Notes Level 1 88.6 89.1 88.6 88.0 $500 Million 4.80% 2020 Senior Notes Level 1 122.1 120.3 122.0 118.8 $700 Million 4.875% 2021 Senior Notes Level 1 138.0 135.4 138.0 130.8 $316.25 Million 1.50% 2025 Convertible Senior Notes Level 1 226.8 340.0 224.1 352.9 $1.075 Billion 5.75% 2025 Senior Notes Level 1 1,047.9 1,026.6 1,047.2 1,029.3 $800 Million 6.25% 2040 Senior Notes Level 1 292.7 251.1 292.6 227.1 ABL Facility Level 2 — — — — Fair value adjustment to interest rate hedge Level 2 1.3 1.3 1.4 1.4 Total long-term debt $ 2,308.2 $ 2,352.8 $ 2,304.2 $ 2,346.3 The fair value of long-term debt was determined using quoted market prices based upon current borrowing rates. Items Measured at Fair Value on a Non-Recurring Basis The following tables present information about the financial assets and liabilities that were measured on a fair value basis. The tables also indicate the fair value hierarchy of the valuation techniques used to determine such fair value. (In Millions) March 31, 2018 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 Year-to-Date Loss Assets: Loans to and accounts receivables from the Canadian Entities $ — $ — $ 50.4 $ 50.4 $ (1.2 ) Long-lived assets - Asia Pacific Iron Ore $ — $ — $ — $ — $ (2.6 ) (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 Total Year-to-Date Gains Assets: Loans to and accounts receivables from the Canadian Entities $ — $ — $ 51.6 $ 51.6 $ 3.0 Liabilities: Guarantees $ — $ — $ — $ — $ 31.4 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. During the three months ended March 31, 2018, we recorded an impairment of $2.6 million for our Asia Pacific Iron Ore reporting segment. Based on the anticipated closure of the Asia Pacific Iron Ore operations, we stated the value of these assets within Property, plant and equipment at their estimated fair value. |
PENSIONS AND OTHER POSTRETIREME
PENSIONS AND OTHER POSTRETIREMENT BENEFITS | 3 Months Ended |
Mar. 31, 2018 | |
Postemployment Benefits [Abstract] | |
PENSIONS AND OTHER POSTRETIREMENT BENEFITS | NOTE 9 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS We offer defined benefit pension plans, defined contribution pension plans and OPEB plans, primarily consisting of retiree healthcare benefits, to most employees in the U.S. as part of a total compensation and benefits program. We do not have employee retirement benefit obligations at our Asia Pacific Iron Ore operations. The defined benefit pension plans largely are noncontributory and benefits generally are based on a minimum formula or employees’ years of service and average earnings for a defined period prior to retirement. On January 1, 2018, we adopted the amendments to ASC 715 regarding the presentation of net periodic pension and postretirement benefit costs. We retrospectively adopted the presentation of service cost separate from the other components of net periodic costs. Service costs are classified within Cost of goods sold and operating expenses , Selling, general and administrative expenses and Miscellaneous – net while the interest cost, expected return on assets, amortization of prior service costs, net remeasurement, and other costs are classified within Other non-operating income in our Statements of Unaudited Condensed Consolidated Operations . The following are the components of defined benefit pension and OPEB costs and credits: Defined Benefit Pension Costs (In Millions) Three Months Ended 2018 2017 Service cost $ 4.7 $ 4.8 Interest cost 7.6 7.5 Expected return on plan assets (15.0 ) (13.5 ) Amortization: Prior service costs 0.5 0.6 Net actuarial loss 5.3 5.3 Net periodic benefit cost $ 3.1 $ 4.7 Other Postretirement Benefits Credits (In Millions) Three Months Ended 2018 2017 Service cost $ 0.5 $ 0.5 Interest cost 2.1 2.1 Expected return on plan assets (4.6 ) (4.4 ) Amortization: Prior service credits (0.8 ) (0.7 ) Net actuarial loss 1.2 1.2 Net periodic benefit credit $ (1.6 ) $ (1.3 ) Based on funding requirements, we made pension contributions of $2.3 million for the three months ended March 31, 2018 , compared to no pension contributions for the three months ended March 31, 2017 . OPEB contributions are typically made on an annual basis in the first quarter of each year, but due to plan funding requirements being met, no OPEB contributions were required or made for the three months ended March 31, 2018 and March 31, 2017 . |
STOCK COMPENSATION PLANS
STOCK COMPENSATION PLANS | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation Plans | NOTE 10 - STOCK COMPENSATION PLANS Employees’ Plans On February 21, 2018, the Compensation and Organization Committee of the Board of Directors approved grants under the A&R 2015 Equity Plan to certain officers and employees for the 2018 to 2020 performance period. Shares granted under the awards consisted of 0.7 million restricted stock units and 0.7 million performance shares. Restricted stock units granted during 2018 are subject to continued employment, are retention based and are payable in common shares or cash at a time determined by the Compensation Committee at its discretion. The outstanding restricted stock units that were granted in 2018 cliff vest on December 31, 2020. Performance shares are subject to continued employment, and each performance share, if earned, entitles the holder to be paid out in common shares or cash in certain circumstances. Performance is measured on the basis of relative TSR for the period of January 1, 2018 to December 31, 2020 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 zero 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. Determination of Fair Value The fair value of each performance share grant is estimated on the date of grant using a Monte Carlo simulation to forecast relative TSR performance. A correlation matrix of historic and projected stock prices was developed for both the Company and our predetermined peer group of mining and metals companies. The fair value assumes that performance goals will be achieved. The expected term of the grant represents the time from the grant date to the end of the service period. We estimate the volatility of our common shares and that of the peer group of mining and metals companies using daily price intervals for all companies. The risk-free interest rate is the rate at the grant date on zero-coupon government bonds with a term commensurate with the remaining life of the performance period. The following assumptions were utilized to estimate the fair value for the 2018 performance share grant: Grant Date Grant Date Market Price Average Expected Term (Years) Expected Volatility Risk-Free Interest Rate Dividend Yield Fair Value Fair Value (Percent of Grant Date Market Price) February 21, 2018 $ 7.53 2.86 86.8% 2.42% —% $ 11.93 158.43% |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11 - INCOME TAXES Our 2018 estimated annual effective tax rate before discrete items is approximately 0.1% . The annual effective tax rate differs from the U.S. statutory rate of 21% primarily due to the deductions for percentage depletion in excess of cost depletion related to U.S. operations and the reversal of valuation allowance from operations in the current year. The 2017 estimated annual effective tax rate before discrete items at March 31, 2017 was 5.4% . For the three months ended March 31, 2018 and 2017 , we recorded discrete items that resulted in an income tax expense of $15.7 million and a benefit of $0.1 million , respectively. The current year items relate primarily to a $14.5 million reduction of the refundable AMT credit recorded in Income tax receivable in our Statements of Unaudited Condensed Consolidated Financial Position based on the sequestration guidance issued by the Internal Revenue Service during the period ended March 31, 2018 . This $14.5 million current year expense is a reduction of an asset and will not result in a cash tax outlay. |
LEASE OBLIGATIONS
LEASE OBLIGATIONS | 3 Months Ended |
Mar. 31, 2018 | |
Leases [Abstract] | |
LEASE OBLIGATIONS | NOTE 12 - LEASE OBLIGATIONS We lease certain mining, production and other equipment under operating and capital leases. The capital leases are for varying lengths, generally at market interest rates and contain purchase and/or renewal options at the end of the terms. Some capital lease payments could be accelerated upon cancellation of certain contracts at Asia Pacific Iron Ore. Our operating lease expense was $ 1.6 million for the three months ended March 31, 2018 , compared with $ 1.7 million for the comparable period in 2017 . Future minimum payments under capital leases and non-cancellable operating leases as of March 31, 2018 are as follows: (In Millions) Capital Leases Operating Leases 2018 (April 1 - December 31) $ 14.7 $ 3.3 2019 12.0 1.9 2020 11.0 1.8 2021 10.3 1.8 2022 2.1 1.8 2023 and thereafter — 7.5 Total minimum lease payments $ 50.1 $ 18.1 Amounts representing interest 7.6 Present value of net minimum lease payments 1 $ 42.5 1 The total is comprised of $14.6 million and $27.9 million classified as Other current liabilities and Other liabilities , respectively, in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2018. |
ENVIRONMENTAL AND MINE CLOSURE
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 3 Months Ended |
Mar. 31, 2018 | |
Environmental Remediation Obligations [Abstract] | |
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | NOTE 13 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS We had environmental and mine closure liabilities of $202.5 million and $200.1 million at March 31, 2018 and December 31, 2017 , respectively. The following is a summary of the obligations: (In Millions) March 31, December 31, Environmental $ 3.1 $ 2.9 Mine closure U.S. Iron Ore 1 170.7 168.4 Asia Pacific Iron Ore 28.7 28.8 Total mine closure 199.4 197.2 Total environmental and mine closure obligations 202.5 200.1 Less current portion 21.3 3.6 Long-term environmental and mine closure obligations $ 181.2 $ 196.5 1 U.S. Iron Ore includes our active operating mines, our indefinitely idled Empire mine and a closed mine formerly operating as LTVSMC. As of March 31, 2018 , we reclassified $17.7 million of our mine closure liability from long-term Environmental and mine closure obligations to Other current liabilities based on our plan to begin reclamation activities at Asia Pacific Iron Ore later this year. Mine Closure The accrued mine closure obligation for our active mining operations provides for contractual and legal obligations associated with the eventual closure of the mining operations. 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 mine closure obligation liability for the three months ended March 31, 2018 and for the year ended December 31, 2017 : (In Millions) March 31, December 31, Mine closure obligation at beginning of period $ 197.2 $ 204.0 Accretion expense 2.7 14.9 Remediation payments (0.1 ) (5.6 ) Exchange rate changes (0.5 ) 1.5 Revision in estimated cash flows 0.1 (17.6 ) Mine closure obligation at end of period $ 199.4 $ 197.2 For the year ended December 31, 2017 , the revision in estimated cash flows relates primarily to updates to our estimates resulting from our three-year in-depth review of our mine closure obligations for each of our U.S. mines. The primary driver of the decrease in estimated cash flows was the Empire mine, as the mine closure 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. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES | NOTE 14 - GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The carrying amount of goodwill as of March 31, 2018 and December 31, 2017 was $2.0 million and related to our U.S. Iron Ore operating segment. Other Intangible Assets The following table is a summary of definite-lived intangible assets: (In Millions) March 31, 2018 December 31, 2017 Classification Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Permits Other non-current assets $ 78.8 $ (28.9 ) $ 49.9 $ 78.8 $ (26.5 ) $ 52.3 Amortization expense relating to other intangible assets was $2.6 million and $0.6 million for the three months ended March 31, 2018 and 2017 , respectively, and is recognized in Cost of goods sold and operating expenses in the Statements of Unaudited Condensed Consolidated Operations . Amortization expense of other intangible assets is expected to continue to be immaterial going forward. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | NOTE 15 - DERIVATIVE INSTRUMENTS The following table presents the fair value of our derivative instruments and the classification of each in the Statements of Unaudited Condensed Consolidated Financial Position : (In Millions) Derivative Assets Derivative Liabilities March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 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 $ 0.2 Other current liabilities $ 0.3 Derivatives not designated as hedging instruments under ASC 815: Customer supply agreements Derivative assets $ 91.2 Derivative assets $ 37.9 $ — $ — Provisional pricing arrangements Derivative assets 2.4 Derivative assets 1.5 Other current liabilities 4.2 Other current liabilities 2.4 Total derivatives not designated as hedging instruments under ASC 815 $ 93.6 $ 39.4 $ 4.2 $ 2.4 Total derivatives $ 93.6 $ 39.4 $ 4.4 $ 2.7 Cash Flow Hedges Commodity Contracts As of March 31, 2018 , 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 April 2018 to February 2019. 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. Changes in fair value of highly effective hedges are recorded as a component of Accumulated other comprehensive loss in the Statements of Unaudited Condensed Consolidated Financial Position . During the three months ended March 31, 2018 , we recorded an unrealized gain of $0.4 million in Other comprehensive income (loss) for changes in the fair value of these instruments and $0.1 million has been reclassified from Accumulated other comprehensive loss into earnings. We had no commodity contracts designated as hedge instruments for the three months ended March 31, 2017 . 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. A supply agreement with one U.S. Iron Ore customer provides for supplemental revenue or refunds to the customer based on the average annual daily steel market price for hot-rolled coil steel at the time the iron ore product is consumed in the customer’s blast furnace. The supplemental pricing is characterized as a freestanding derivative and is required to be accounted for separately once the product is delivered. 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 net derivative revenue of $41.9 million and $17.8 million in Product revenues in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March 31, 2018 and 2017 , respectively, related to the supplemental payments. Derivative assets , representing the fair value of the supplemental revenue, were $91.2 million and $37.9 million as of March 31, 2018 and December 31, 2017 in the Statements of Unaudited Condensed Consolidated Financial Position , respectively. Provisional Pricing Arrangements Certain of our U.S. Iron Ore and Asia Pacific Iron Ore customer supply agreements specify provisional price calculations, where the pricing mechanisms generally are based on market pricing, with the final revenue rate 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. Revenue is recognized generally when iron ore is delivered to our customers. Revenue is measured at the point control transfers and represents the amount of consideration we expect to receive in exchange for transferring goods. Changes in the expected revenue rate from the date control transfers through final settlement of contract terms is recorded in accordance with ASC Topic 815 and is characterized as a freestanding derivative and accounted for separately. 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 March 31, 2018 , we recorded $2.4 million as Derivative assets and $4.2 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 Unaudited Condensed Consolidated Financial Position . 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 with our U.S. Iron Ore and Asia Pacific Iron Ore customers in the Statements of Unaudited Condensed Consolidated Financial Position . These amounts represent the difference between the amount we expect to receive when revenue is initially measured at the point control transfers and our subsequent estimate of the final revenue rate based on the price calculations established in the supply agreements. We recognized net increases of $3.2 million and $15.7 million in Product revenues in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March 31, 2018 and 2017 , respectively, related to these arrangements. The following summarizes the effect of our derivatives that are not designated as hedging instruments in the Statements of Unaudited Condensed Consolidated Operations : (In Millions) Derivatives Not Designated as Hedging Instruments Location of Income (Loss) Recognized on Derivatives Amount of Income (Loss) Recognized on Derivatives Three Months Ended 2018 2017 Customer Supply Agreements Product revenues $ 41.9 $ 17.8 Provisional Pricing Arrangements Product revenues 3.2 15.7 Commodity Contracts Cost of goods sold and operating expenses — (1.3 ) Total $ 45.1 $ 32.2 Refer to NOTE 8 - FAIR VALUE MEASUREMENTS for additional information. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | NOTE 16 - SHAREHOLDERS' DEFICIT The following table reflects the changes in shareholders' deficit attributable to both us and the noncontrolling interests, primarily related to Tilden and Empire. We own 100% of both mines as of March 31, 2018 and 85% and 79% of each mine, respectively, as of March 31, 2017 : (In Millions) Cliffs Noncontrolling Total Equity December 31, 2017 $ (444.3 ) $ 0.2 $ (444.1 ) Adoption of accounting standard (Note 2) 34.0 — 34.0 Comprehensive loss Net loss (84.3 ) — (84.3 ) Other comprehensive income 7.7 — 7.7 Total comprehensive loss (76.6 ) — (76.6 ) Stock and other incentive plans 1.9 — 1.9 March 31, 2018 $ (485.0 ) $ 0.2 $ (484.8 ) (In Millions) Cliffs Noncontrolling Total Equity December 31, 2016 $ (1,464.3 ) $ 133.8 $ (1,330.5 ) Comprehensive loss Net loss (28.1 ) (1.7 ) (29.8 ) Other comprehensive loss (3.0 ) (5.0 ) (8.0 ) Total comprehensive loss (31.1 ) (6.7 ) (37.8 ) Issuance of common shares 661.3 — 661.3 Stock and other incentive plans 4.0 — 4.0 March 31, 2017 $ (830.1 ) $ 127.1 $ (703.0 ) The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ deficit: (In Millions) Changes in Pension and Other Post-Retirement Benefits, Unrealized Net Gain on Foreign Currency Translation Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax Accumulated Other Comprehensive Loss December 31, 2017 $ (263.9 ) $ 225.4 $ (0.5 ) $ (39.0 ) Other comprehensive income before reclassifications 0.5 0.7 0.4 1.6 Net loss (gain) reclassified from accumulated other comprehensive loss 6.2 — (0.1 ) 6.1 March 31, 2018 $ (257.2 ) $ 226.1 $ (0.2 ) $ (31.3 ) (In Millions) Changes in Pension and Other Post-Retirement Benefits, net of tax Unrealized Net Gain (Loss) on Foreign Currency Translation Accumulated Other Comprehensive Loss December 31, 2016 $ (260.6 ) $ 239.3 $ (21.3 ) Other comprehensive income (loss) before reclassifications 3.3 (12.7 ) (9.4 ) Net loss reclassified from accumulated other comprehensive loss 6.4 — 6.4 March 31, 2017 $ (250.9 ) $ 226.6 $ (24.3 ) The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ deficit: (In Millions) Details about Accumulated Other Comprehensive Loss Components Amount of (Gain)/Loss Reclassified into Income Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations Three Months Ended 2018 2017 Amortization of pension and OPEB liability: Prior service credits $ (0.3 ) $ (0.1 ) Other non-operating income Net actuarial loss 6.5 6.5 Other non-operating income $ 6.2 $ 6.4 Net of taxes Unrealized loss on derivative financial instruments: Commodity contracts $ (0.1 ) $ — Cost of goods sold and operating expenses $ (0.1 ) $ — Net of taxes Total reclassifications for the period, net of tax $ 6.1 $ 6.4 |
RELATED PARTIES
RELATED PARTIES | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | NOTE 17 - 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 March 31, 2018 : Mine Cleveland-Cliffs Inc. ArcelorMittal U.S. Steel Hibbing 23.0 % 62.3 % 14.7 % Product revenues from related parties were as follows: (In Millions) Three Months Ended 2018 2017 Product revenues from related parties $ 62.1 $ 118.5 Total product revenues $ 220.7 $ 412.8 Related party product revenue as a percent of total product revenue 28.1 % 28.7 % The following table presents the classification of related party assets and liabilities in the Statements of Unaudited Condensed Consolidated Financial Position : (In Millions) Balance Sheet Location March 31, 2018 December 31, 2017 Amounts due from related parties Accounts receivable, net $ 7.9 $ 68.1 Customer supply agreements and provisional pricing agreements Derivative assets 91.3 37.9 Amounts due to related parties Accounts payable (1.2 ) — Amounts due to related parties Partnership distribution payable (44.2 ) (44.2 ) Amounts due to related parties Other current liabilities (0.4 ) (12.3 ) Amounts due to related parties Other liabilities (42.0 ) (41.4 ) Net amounts due from related parties $ 11.4 $ 8.1 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 Unaudited Condensed Consolidated Financial Position as of March 31, 2018 . A supply agreement with one U.S. Iron Ore customer provides for supplemental revenue or refunds to the customer 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 15 - DERIVATIVE INSTRUMENTS for further information. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 18 - EARNINGS PER SHARE The following table summarizes the computation of basic and diluted earnings (loss) per share: (In Millions, Except Per Share Amounts) Three Months Ended 2018 2017 Loss from Continuing Operations $ (84.8 ) $ (30.3 ) Loss from Continuing Operations Attributable to Noncontrolling Interest — 1.7 Net Loss from Continuing Operations Attributable to Cliffs Shareholders $ (84.8 ) $ (28.6 ) Income from Discontinued Operations, net of tax 0.5 0.5 Net Loss Attributable to Cliffs Shareholders $ (84.3 ) $ (28.1 ) Weighted Average Number of Shares: Basic 297.3 265.2 Employee Stock Plans — — Diluted 297.3 265.2 Loss per Common Share Attributable to Continuing operations $ (0.29 ) $ (0.11 ) Discontinued operations — — $ (0.29 ) $ (0.11 ) Loss per Common Share Attributable to Continuing operations $ (0.29 ) $ (0.11 ) Discontinued operations — — $ (0.29 ) $ (0.11 ) The diluted earnings per share calculation excludes 3.8 million and 4.6 million shares for the three months ended March 31, 2018 and 2017 , respectively, related to equity plan awards that would have been anti-dilutive. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 19 - COMMITMENTS AND CONTINGENCIES Contingencies 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 Unaudited Condensed 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. This suspension was ultimately lifted after FERC’s Order on Initial Decision of October 19, 2017, affirming in part and reversing in part certain aspects of the ALJ’s decision and FERC’s order on February 28, 2018, directing that refunds and surcharges be effectuated over a ten-month period beginning on the date of the order. Our current estimate of the potential liability to the Empire and Tilden mines is $13.0 million in the aggregate, based on a schedule of anticipated surcharges (including interest) for the Escanaba, White Pine and Presque Isle SSRs from Empire and Tilden's electricity supplier. Separate from these SSR compensation issues, Tilden and Empire, along with various Michigan-aligned parties, had filed petitions for review regarding allocation and non-cost SSR issues with the U.S. Court of Appeals for the D.C. Circuit. Oral arguments on those issues were completed on April 6, 2018. We will continue to vigorously challenge the imposition of any retroactive SSR costs before the U.S. Court of Appeals for the D.C. Circuit. As of March 31, 2018 , $13.0 million is included in our Statements of Unaudited Condensed 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 $50.4 million and $51.6 million classified as Loans to and accounts receivable from the Canadian Entities in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2018 and December 31, 2017 , respectively. As of March 31, 2018 , 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 us and/or certain of our affiliates. We have an estimated liability of $54.3 million , which includes the value of our related-party claims against the Bloom Lake Group and the Wabush Group, classified as C ontingent claims in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2018 . During March 2018, we entered into a restructuring term sheet with the Bloom Lake Group and the Wabush Group, which documents the proposed terms of a plan of compromise or arrangement in the CCAA proceedings (the “Proposed Plan”) to be sponsored by us as negotiated between us and the Monitor. This Proposed Plan requires both creditor and court approval. Under the terms of this Proposed Plan, we and certain of our wholly owned subsidiaries have agreed to forego the benefit of any distributions or payments we may be entitled to receive as creditors of the Bloom Lake Group and the Wabush Group and to also make a C $5.0 million cash contribution to the Bloom Lake Group and the Wabush Group for distribution to other creditors. It is important to note that the Proposed Plan, as currently drafted, will not resolve certain employee claims which have been raised outside of the CCAA proceedings against us and certain of our affiliates and which will be addressed separately. If this Proposed Plan is approved by a majority of the creditors of both the Bloom Lake Group and the Wabush Group, and is also approved by the court in the CCAA proceedings, and is implemented in accordance with its terms, then the Proposed Plan will resolve all of our claims against the Bloom Lake Group and the Wabush Group and all claims by the Bloom Lake Group, the Wabush Group and their respective creditors against us, except as noted above. The net financial impact of the Proposed Plan is materially consistent with amounts previously recorded in our financial statements. However, if the creditors and the court do not approve the Proposed Plan, it is reasonably possible that future changes to our estimates and the ultimate amount paid on any claims could be material to our results of discontinued operations in future periods. We are not able to reasonably estimate such impact because there would be significant factual and legal issues to be resolved if the Proposed Plan is not approved. We will vigorously defend any claims if the Proposed Plan is not approved and implemented in accordance with its terms. The motion to authorize the Bloom Lake Group and the Wabush Group to file the Proposed Plan and to schedule meetings of the creditors of the Bloom Lake Group and the Wabush Group to consider and vote to approve or reject the Proposed Plan was approved by the court on April 20, 2018. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 20 - SUBSEQUENT EVENTS We have evaluated subsequent events through the date of financial issuance. |
SUPPLEMENTARY GUARANTOR INFORMA
SUPPLEMENTARY GUARANTOR INFORMATION | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Guarantor Information [Text Block] | NOTE 21 - SUPPLEMENTARY GUARANTOR INFORMATION The accompanying unaudited 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 (the "Guarantors") have guaranteed the obligations under the $1.075 billion 5.75% 2025 Senior Notes issued by Cleveland-Cliffs Inc. See NOTE 7 - DEBT AND CREDIT FACILITIES for further information. The following presents the unaudited 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 March 31, 2018 and December 31, 2017 . The unaudited condensed consolidating financial information is presented as if the Guarantor structure at March 31, 2018 existed for all periods presented. As a result, the Guarantor subsidiaries within the unaudited condensed consolidating financial information as of March 31, 2018 and December 31, 2017 and for the three months ended March 31, 2018 and 2017 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 unaudited consolidating financial information follows the same accounting policies as described in the consolidated financial statements. The accompanying unaudited 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. Unaudited Condensed Consolidating Statement of Financial Position As of March 31, 2018 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 753.6 $ 1.0 $ 32.0 $ — $ 786.6 Accounts receivable, net 5.7 27.7 15.9 (2.1 ) 47.2 Inventories — 303.2 21.2 — 324.4 Supplies and other inventories — 81.4 0.3 — 81.7 Derivative assets — 93.6 — — 93.6 Loans to and accounts receivable from the Canadian Entities 43.5 6.9 — — 50.4 Other current assets 15.5 7.9 5.1 — 28.5 TOTAL CURRENT ASSETS 818.3 521.7 74.5 (2.1 ) 1,412.4 PROPERTY, PLANT AND EQUIPMENT, NET 16.2 956.9 74.2 — 1,047.3 OTHER ASSETS Deposits for property, plant and equipment — 1.9 72.2 — 74.1 Income tax receivable 219.9 — — — 219.9 Investment in subsidiaries 1,185.7 27.4 — (1,213.1 ) — Long-term intercompany notes — — 242.0 (242.0 ) — Other non-current assets 8.9 97.9 2.4 — 109.2 TOTAL OTHER ASSETS 1,414.5 127.2 316.6 (1,455.1 ) 403.2 TOTAL ASSETS $ 2,249.0 $ 1,605.8 $ 465.3 $ (1,457.2 ) $ 2,862.9 LIABILITIES CURRENT LIABILITIES Accounts payable $ 4.6 $ 71.8 $ 25.2 $ (2.1 ) $ 99.5 Accrued expenses 11.1 60.0 23.3 — 94.4 Accrued interest 28.2 — — — 28.2 Contingent claims 54.3 — — — 54.3 Partnership distribution payable — 44.2 — — 44.2 Other current liabilities 1.8 63.3 39.2 — 104.3 TOTAL CURRENT LIABILITIES 100.0 239.3 87.7 (2.1 ) 424.9 PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES 66.1 429.6 (244.3 ) — 251.4 ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS — 143.1 38.1 — 181.2 LONG-TERM DEBT 2,308.2 — — — 2,308.2 LONG-TERM INTERCOMPANY NOTES 242.0 — — (242.0 ) — OTHER LIABILITIES 17.5 142.9 21.6 — 182.0 TOTAL LIABILITIES 2,733.8 954.9 (96.9 ) (244.1 ) 3,347.7 EQUITY TOTAL CLIFFS SHAREHOLDERS' DEFICIT (484.8 ) 650.9 562.0 (1,213.1 ) (485.0 ) NONCONTROLLING INTEREST — — 0.2 — 0.2 TOTAL DEFICIT (484.8 ) 650.9 562.2 (1,213.1 ) (484.8 ) TOTAL LIABILITIES AND DEFICIT $ 2,249.0 $ 1,605.8 $ 465.3 $ (1,457.2 ) $ 2,862.9 Unaudited 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 receivable 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 OTHER ASSETS Deposits for property, plant and equipment — 1.3 16.5 — 17.8 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 91.7 5.2 — 104.7 TOTAL OTHER ASSETS 1,267.4 122.9 263.7 (1,296.2 ) 357.8 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 expenses 19.0 59.9 28.2 — 107.1 Accrued interest 31.4 — — — 31.4 Contingent claims 55.6 — — — 55.6 Partnership distribution payable — 44.2 — — 44.2 Other current liabilities 2.1 63.5 20.6 — 86.2 TOTAL CURRENT LIABILITIES 115.2 257.3 80.4 (0.7 ) 452.2 PENSION AND 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 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 Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) For the Three Months Ended March 31, 2018 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated REVENUES FROM PRODUCT SALES AND SERVICES Product $ — $ 169.2 $ 51.5 $ — $ 220.7 Freight and venture partners' cost reimbursements — 10.8 7.5 — 18.3 — 180.0 59.0 — 239.0 COST OF GOODS SOLD AND OPERATING EXPENSES — (118.5 ) (124.1 ) — (242.6 ) SALES MARGIN — 61.5 (65.1 ) — (3.6 ) OTHER OPERATING EXPENSE Selling, general and administrative expenses (20.1 ) (4.3 ) (3.3 ) — (27.7 ) Miscellaneous – net (0.2 ) (5.3 ) (3.2 ) — (8.7 ) (20.3 ) (9.6 ) (6.5 ) — (36.4 ) OPERATING INCOME (LOSS) (20.3 ) 51.9 (71.6 ) — (40.0 ) OTHER INCOME (EXPENSE) Interest expense, net (31.9 ) (0.8 ) (0.8 ) — (33.5 ) Other non-operating income (expense) (0.9 ) 0.5 4.8 — 4.4 (32.8 ) (0.3 ) 4.0 — (29.1 ) INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (53.1 ) 51.6 (67.6 ) — (69.1 ) INCOME TAX EXPENSE (15.6 ) (0.1 ) — — (15.7 ) EQUITY IN INCOME (LOSS) OF SUBSIDIARIES (15.7 ) 4.5 — 11.2 — INCOME (LOSS) FROM CONTINUING OPERATIONS (84.4 ) 56.0 (67.6 ) 11.2 (84.8 ) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX 0.1 0.2 0.2 — 0.5 NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (84.3 ) $ 56.2 $ (67.4 ) $ 11.2 $ (84.3 ) OTHER COMPREHENSIVE INCOME 7.7 5.9 0.8 (6.7 ) 7.7 TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (76.6 ) $ 62.1 $ (66.6 ) $ 4.5 $ (76.6 ) Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) For the Three Months Ended March 31, 2017 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated REVENUES FROM PRODUCT SALES AND SERVICES Product $ — $ 247.3 $ 165.5 $ — $ 412.8 Freight and venture partners' cost reimbursements — 38.9 9.9 — 48.8 — 286.2 175.4 — 461.6 COST OF GOODS SOLD AND OPERATING EXPENSES — (237.2 ) (128.1 ) — (365.3 ) SALES MARGIN — 49.0 47.3 — 96.3 OTHER OPERATING INCOME (EXPENSE) Selling, general and administrative expenses (19.5 ) (4.4 ) (3.8 ) — (27.7 ) Miscellaneous – net (0.1 ) (5.5 ) 17.1 — 11.5 (19.6 ) (9.9 ) 13.3 — (16.2 ) OPERATING INCOME (LOSS) (19.6 ) 39.1 60.6 — 80.1 OTHER INCOME (EXPENSE) Interest expense, net (41.6 ) — (1.2 ) — (42.8 ) Loss on extinguishment of debt (71.9 ) — — — (71.9 ) Other non-operating income (expense) (1.0 ) (0.8 ) 4.3 — 2.5 (114.5 ) (0.8 ) 3.1 — (112.2 ) INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (134.1 ) 38.3 63.7 — (32.1 ) INCOME TAX BENEFIT (EXPENSE) 5.2 (0.8 ) (2.6 ) — 1.8 EQUITY IN INCOME OF SUBSIDIARIES 100.4 3.2 — (103.6 ) — INCOME (LOSS) FROM CONTINUING OPERATIONS (28.5 ) 40.7 61.1 (103.6 ) (30.3 ) INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax 0.4 0.2 (0.1 ) — 0.5 NET INCOME (LOSS) (28.1 ) 40.9 61.0 (103.6 ) (29.8 ) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST — 1.7 — — 1.7 NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (28.1 ) $ 42.6 $ 61.0 $ (103.6 ) $ (28.1 ) OTHER COMPREHENSIVE INCOME (LOSS) (3.0 ) 10.8 (17.8 ) 7.0 (3.0 ) TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (31.1 ) $ 53.4 $ 43.2 $ (96.6 ) $ (31.1 ) Unaudited Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2018 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash used by operating activities $ (54.7 ) $ (62.8 ) $ (25.4 ) $ — $ (142.9 ) INVESTING ACTIVITIES Purchase of property, plant and equipment — (8.1 ) (4.3 ) — (12.4 ) Deposits for property, plant and equipment — (0.8 ) (58.2 ) — (59.0 ) Intercompany investing (137.7 ) (4.8 ) — 142.5 — Net cash used by investing activities (137.7 ) (13.7 ) (62.5 ) 142.5 (71.4 ) FINANCING ACTIVITIES Debt issuance costs (1.5 ) — — — (1.5 ) Intercompany financing — 75.9 66.6 (142.5 ) — Other financing activities (1.4 ) (0.5 ) (3.6 ) — (5.5 ) Net cash provided (used) by financing activities (2.9 ) 75.4 63.0 (142.5 ) (7.0 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 0.2 — 0.2 DECREASE IN CASH AND CASH EQUIVALENTS (195.3 ) (1.1 ) (24.7 ) — (221.1 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 948.9 2.1 56.7 — 1,007.7 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 753.6 $ 1.0 $ 32.0 $ — $ 786.6 Unaudited Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2017 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities $ (99.5 ) $ (19.7 ) $ 94.1 $ — $ (25.1 ) INVESTING ACTIVITIES Purchase of property, plant and equipment (0.8 ) (24.9 ) (0.2 ) — (25.9 ) Deposits for property, plant and equipment — (2.0 ) — — (2.0 ) Intercompany investing (56.5 ) (0.5 ) (45.0 ) 102.0 — Other investing activities — 0.5 — — 0.5 Net cash used by investing activities (57.3 ) (26.9 ) (45.2 ) 102.0 (27.4 ) FINANCING ACTIVITIES Net proceeds from issuance of common shares 661.3 — — — 661.3 Proceeds from issuance of debt 500.0 — — — 500.0 Debt issuance costs (8.5 ) — — — (8.5 ) Repurchase of debt (1,115.5 ) — — — (1,115.5 ) Distributions of partnership equity — (8.7 ) — — (8.7 ) Intercompany financing 45.1 55.8 1.1 (102.0 ) — Other financing activities (0.5 ) (0.7 ) (4.4 ) — (5.6 ) Net cash provided (used) by financing activities 81.9 46.4 (3.3 ) (102.0 ) 23.0 EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 1.4 — 1.4 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (74.9 ) (0.2 ) 47.0 — (28.1 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 283.4 2.5 37.5 — 323.4 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 208.5 $ 2.3 $ 84.5 $ — $ 295.3 |
BASIS OF PRESENTATION AND SIG28
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule Of Subsidiaries | Basis of Consolidation The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, including the following operations as of March 31, 2018 : Name Location Status of Operations Northshore Minnesota Active United Taconite Minnesota Active Tilden Michigan Active Empire Michigan Indefinitely Idled Koolyanobbing 1 Western Australia Active 1 On April 6, 2018, we committed to a course of action expected to lead to the permanent closure of the Asia Pacific Iron Ore mining operations and expect our final Asia Pacific Iron Ore shipment to occur by June 30, 2018. Intercompany transactions and balances are eliminated upon consolidation. |
Equity Method Investments | Equity Method Investments Our 23% ownership interest in Hibbing is recorded as an equity method investment. As of March 31, 2018 and December 31, 2017 , our investment in Hibbing was $7.3 million and $11.0 million , respectively, classified as Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position . |
Foreign Currency | 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 our Australian 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. 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, including short-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 Unaudited Condensed Consolidated Operations . Transaction gains and losses resulting from remeasurement of short-term intercompany loans are included in Miscellaneous – net in the Statements of Unaudited Condensed Consolidated Operations . The following represents the transaction gains and losses resulting from remeasurement: (In Millions) Three Months Ended 2018 2017 Short-term intercompany loans $ (0.2 ) $ 15.1 Cash and cash equivalents 0.1 (1.2 ) Other (0.2 ) (0.3 ) Net impact of transaction gains (losses) resulting from remeasurement $ (0.3 ) $ 13.6 |
Significant Accounting Policies | Significant Accounting Policies A detailed description of our significant accounting policies can be found in the audited financial statements for the fiscal year ended December 31, 2017 included in our Annual Report on Form 10-K filed with the SEC. There have been no material changes in our significant accounting policies and estimates from those disclosed therein other than those related to the adoption of Topic 606. Refer to NOTE 2 - NEW ACCOUNTING STANDARDS for further information. |
BASIS OF PRESENTATION AND SIG29
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule Of Subsidiaries | Basis of Consolidation The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, including the following operations as of March 31, 2018 : Name Location Status of Operations Northshore Minnesota Active United Taconite Minnesota Active Tilden Michigan Active Empire Michigan Indefinitely Idled Koolyanobbing 1 Western Australia Active 1 On April 6, 2018, we committed to a course of action expected to lead to the permanent closure of the Asia Pacific Iron Ore mining operations and expect our final Asia Pacific Iron Ore shipment to occur by June 30, 2018. Intercompany transactions and balances are eliminated upon consolidation. |
Foreign Currency | The following represents the transaction gains and losses resulting from remeasurement: (In Millions) Three Months Ended 2018 2017 Short-term intercompany loans $ (0.2 ) $ 15.1 Cash and cash equivalents 0.1 (1.2 ) Other (0.2 ) (0.3 ) Net impact of transaction gains (losses) resulting from remeasurement $ (0.3 ) $ 13.6 |
NEW ACCOUNTING STANDARDS (Table
NEW ACCOUNTING STANDARDS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of Topic 606 were as follows: ($ in Millions) Balance at December 31, 2017 Adjustments due to Topic 606 Balance at January 1, 2018 ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,007.7 $ — $ 1,007.7 Accounts receivable, net 140.6 76.6 217.2 Inventories 183.4 (51.4 ) 132.0 Supplies and other inventories 93.9 — 93.9 Derivative assets 39.4 11.6 51.0 Loans to and accounts receivable from the Canadian Entities 51.6 — 51.6 Other current assets 28.0 — 28.0 TOTAL CURRENT ASSETS 1,544.6 36.8 1,581.4 PROPERTY, PLANT AND EQUIPMENT, NET 1,051.0 — 1,051.0 OTHER ASSETS Deposits for property, plant and equipment 17.8 — 17.8 Income tax receivable 235.3 — 235.3 Other non-current assets 104.7 — 104.7 TOTAL OTHER ASSETS 357.8 — 357.8 TOTAL ASSETS $ 2,953.4 $ 36.8 $ 2,990.2 LIABILITIES CURRENT LIABILITIES Accounts payable $ 127.7 $ 1.4 $ 129.1 Accrued expenses 107.1 — 107.1 Accrued interest 31.4 — 31.4 Contingent claims 55.6 — 55.6 Partnership distribution payable 44.2 — 44.2 Other current liabilities 86.2 1.4 87.6 TOTAL CURRENT LIABILITIES 452.2 2.8 455.0 PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES 257.7 — 257.7 ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS 196.5 — 196.5 LONG-TERM DEBT 2,304.2 — 2,304.2 OTHER LIABILITIES 186.9 — 186.9 TOTAL LIABILITIES 3,397.5 2.8 3,400.3 EQUITY CLIFFS SHAREHOLDERS' DEFICIT (444.3 ) 34.0 (410.3 ) NONCONTROLLING INTEREST 0.2 — 0.2 TOTAL DEFICIT (444.1 ) 34.0 (410.1 ) TOTAL LIABILITIES AND DEFICIT $ 2,953.4 $ 36.8 $ 2,990.2 The impact of adoption on our Statements of Unaudited Condensed Consolidated Operations and Statements of Unaudited Condensed Consolidated Financial Position is as follows: ($ in Millions) Three Months Ended March 31, 2018 As Reported Balances without Adoption of Topic 606 Effect of Change REVENUES FROM PRODUCT SALES AND SERVICES Product $ 220.7 $ 279.1 $ (58.4 ) Freight and venture partners' cost reimbursements 18.3 22.4 (4.1 ) 239.0 301.5 (62.5 ) COST OF GOODS SOLD AND OPERATING EXPENSES (242.6 ) (286.2 ) 43.6 SALES MARGIN (3.6 ) 15.3 (18.9 ) OTHER OPERATING EXPENSE Selling, general and administrative expenses (27.7 ) (27.7 ) — Miscellaneous – net (8.7 ) (8.7 ) — (36.4 ) (36.4 ) — OPERATING LOSS (40.0 ) (21.1 ) (18.9 ) OTHER INCOME (EXPENSE) Interest expense, net (33.5 ) (33.5 ) — Other non-operating income 4.4 4.4 — (29.1 ) (29.1 ) — LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (69.1 ) (50.2 ) (18.9 ) INCOME TAX EXPENSE (15.7 ) (15.7 ) — LOSS FROM CONTINUING OPERATIONS (84.8 ) (65.9 ) (18.9 ) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX 0.5 0.5 — NET LOSS (84.3 ) (65.4 ) (18.9 ) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST — — — NET LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (84.3 ) $ (65.4 ) $ (18.9 ) LOSS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS – BASIC Continuing operations $ (0.29 ) $ (0.23 ) $ (0.06 ) Discontinued operations — — — $ (0.29 ) $ (0.23 ) $ (0.06 ) LOSS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS – DILUTED Continuing operations $ (0.29 ) $ (0.23 ) $ (0.06 ) Discontinued operations — — — $ (0.29 ) $ (0.23 ) $ (0.06 ) AVERAGE NUMBER OF SHARES (IN THOUSANDS) Basic 297,266 297,266 Diluted 297,266 297,266 ($ in Millions) March 31, 2018 As Reported Balances without Adoption of Topic 606 Effect of Change ASSETS CURRENT ASSETS Cash and cash equivalents $ 786.6 $ 786.6 $ — Accounts receivable, net 47.2 24.9 22.3 Inventories 324.4 332.0 (7.6 ) Supplies and other inventories 81.7 81.7 — Derivative assets 93.6 91.3 2.3 Loans to and accounts receivable from the Canadian Entities 50.4 50.4 — Other current assets 28.5 28.5 — TOTAL CURRENT ASSETS 1,412.4 1,395.4 17.0 PROPERTY, PLANT AND EQUIPMENT, NET 1,047.3 1,047.3 — OTHER ASSETS Deposits for property, plant and equipment 74.1 74.1 — Income tax receivable 219.9 219.9 — Other non-current assets 109.2 109.2 — TOTAL OTHER ASSETS 403.2 403.2 — TOTAL ASSETS 2,862.9 2,845.9 17.0 LIABILITIES CURRENT LIABILITIES Accounts payable $ 99.5 $ 99.2 $ 0.3 Accrued expenses 94.4 94.4 — Accrued interest 28.2 28.2 — Contingent claims 54.3 54.3 — Partnership distribution payable 44.2 44.2 — Other current liabilities 104.3 104.0 0.3 TOTAL CURRENT LIABILITIES 424.9 424.3 0.6 PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES 251.4 251.4 — ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS 181.2 181.2 — LONG-TERM DEBT 2,308.2 2,308.2 — OTHER LIABILITIES 182.0 182.0 — TOTAL LIABILITIES 3,347.7 3,347.1 0.6 EQUITY CLIFFS SHAREHOLDERS' DEFICIT (485.0 ) (501.4 ) 16.4 NONCONTROLLING INTEREST 0.2 0.2 — TOTAL DEFICIT (484.8 ) (501.2 ) 16.4 TOTAL LIABILITIES AND DEFICIT $ 2,862.9 $ 2,845.9 $ 17.0 The effect of the retrospective presentation change related to the net periodic cost of our defined benefit pension and other postretirement employee benefits plans on our Statements of Unaudited Condensed Consolidated Operations was as follows: ($ in Millions) Three Months Ended March 31, 2017 As Revised Previously Reported Effect of Change Cost of goods sold and operating expenses $ (365.3 ) $ (365.9 ) $ 0.6 Selling, general and administrative expenses $ (27.7 ) $ (25.7 ) $ (2.0 ) Miscellaneous – net $ 11.5 $ 11.9 $ (0.4 ) Operating income $ 80.1 $ 81.9 $ (1.8 ) Other non-operating income $ 2.5 $ 0.7 $ 1.8 Net Loss $ (29.8 ) $ (29.8 ) $ — |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | The following tables present a summary of our reportable segments including a reconciliation of segment sales margin to Loss from Continuing Operations Before Income Taxes and a reconciliation of Net Loss to EBITDA and Adjusted EBITDA: (In Millions) Three Months Ended 2018 2017 Revenues from product sales and services: U.S. Iron Ore $ 180.0 75 % $ 286.2 62 % Asia Pacific Iron Ore 59.0 25 % 175.4 38 % Total revenues from product sales and services $ 239.0 100 % $ 461.6 100 % Sales margin: U.S. Iron Ore $ 61.5 $ 49.0 Asia Pacific Iron Ore (65.1 ) 47.3 Sales margin (3.6 ) 96.3 Other operating expense (36.4 ) (16.2 ) Other expense (29.1 ) (112.2 ) Loss from continuing operations before income taxes $ (69.1 ) $ (32.1 ) (In Millions) Three Months Ended 2018 2017 Net Loss $ (84.3 ) $ (29.8 ) Less: Interest expense, net (33.5 ) (42.8 ) Income tax benefit (expense) (15.7 ) 1.8 Depreciation, depletion and amortization (23.9 ) (23.2 ) EBITDA $ (11.2 ) $ 34.4 Less: Inventory impairments $ (18.9 ) $ — Impairment of long-lived assets (2.6 ) — Severance and retention costs (1.5 ) — Impact of discontinued operations 0.5 0.5 Foreign exchange remeasurement (0.3 ) 13.6 Loss on extinguishment of debt — (71.9 ) Adjusted EBITDA $ 11.6 $ 92.2 EBITDA U.S. Iron Ore $ 72.5 $ 57.9 Asia Pacific Iron Ore (63.7 ) 51.4 Other (20.0 ) (74.9 ) Total EBITDA $ (11.2 ) $ 34.4 Adjusted EBITDA: U.S. Iron Ore $ 77.1 $ 64.1 Asia Pacific Iron Ore (39.6 ) 53.8 Other (25.9 ) (25.7 ) Total Adjusted EBITDA $ 11.6 $ 92.2 (In Millions) Three Months Ended 2018 2017 Depreciation, depletion and amortization: U.S. Iron Ore $ 15.8 $ 16.4 Asia Pacific Iron Ore 6.7 4.7 Other 1.4 2.1 Total depreciation, depletion and amortization $ 23.9 $ 23.2 Capital additions 1 : U.S. Iron Ore $ 18.7 $ 27.1 Asia Pacific Iron Ore — 0.2 Other 2 60.2 — Total capital additions $ 78.9 $ 27.3 1 Includes cash paid for capital additions of $71.4 million, including deposits of $59.0 million, and an increase in non-cash accruals of $7.5 million for the three months ended March 31, 2018 compared to cash paid for capital additions of $27.9 million, including deposits of $2.0 million, and a decrease in non-cash accruals of $0.6 million for the three months ended March 31, 2017. 2 Includes capital additions related to our HBI project. |
Summary of Assets by Segment | A summary of assets by segment is as follows: (In Millions) March 31, December 31, Assets: U.S. Iron Ore $ 1,646.8 $ 1,500.6 Asia Pacific Iron Ore 78.4 138.8 Total segment assets 1,725.2 1,639.4 Corporate and Other 1,137.7 1,314.0 Total assets $ 2,862.9 $ 2,953.4 |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Revenue Disclosure | The table below summarizes our deferred revenue balances: Deferred Revenue (Current) 1 Deferred Revenue (Long-Term) Opening balance as of January 1, 2018 $ 23.8 $ 51.4 Closing balance as of March 31, 2018 31.0 51.4 Increase $ 7.2 $ — 1 The opening balance includes a $1.4 million adjustment from the December 31, 2017 balance due to the adoption of Topic 606. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position : (In Millions) March 31, 2018 December 31, 2017 Segment Finished Goods Work-in Process Total Inventory Finished Goods Work-in Process Total Inventory U.S. Iron Ore $ 267.2 $ 36.0 $ 303.2 $ 127.1 $ 11.3 $ 138.4 Asia Pacific Iron Ore 20.2 1.0 21.2 33.3 11.7 45.0 Total $ 287.4 $ 37.0 $ 324.4 $ 160.4 $ 23.0 $ 183.4 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Value Of Each Of The Major Classes Of Consolidated Depreciable Assets | The following table indicates the value of each of the major classes of our consolidated depreciable assets: (In Millions) March 31, December 31, Land rights and mineral rights $ 549.6 $ 549.6 Office and information technology 66.3 66.3 Buildings 85.5 86.8 Mining equipment 594.0 594.4 Processing equipment 619.8 617.0 Electric power facilities 57.0 57.0 Land improvements 23.6 23.7 Asset retirement obligation 16.9 19.2 Other 30.3 30.3 Construction in-progress 48.1 35.1 2,091.1 2,079.4 Allowance for depreciation and depletion (1,043.8 ) (1,028.4 ) $ 1,047.3 $ 1,051.0 |
DEBT AND CREDIT FACILITIES (Tab
DEBT AND CREDIT FACILITIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | The following represents a summary of our long-term debt: (In Millions) March 31, 2018 Debt Instrument Annual Effective Interest Rate Total Principal Amount Debt Issuance Costs Unamortized Discounts Total Debt Secured Notes $400 Million 4.875% 2024 Senior Notes 5.00% $ 400.0 $ (6.7 ) $ (2.5 ) $ 390.8 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 (0.2 ) (0.1 ) 122.1 $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 (6.3 ) (83.2 ) 226.8 $1.075 Billion 5.75% 2025 Senior Notes 6.01% 1,075.0 (11.1 ) (16.0 ) 1,047.9 $800 Million 6.25% 2040 Senior Notes 6.34% 298.4 (2.3 ) (3.4 ) 292.7 ABL Facility N/A 450.0 N/A N/A — Fair Value Adjustment to Interest Rate Hedge 1.3 Long-term debt $ 2,308.2 (In Millions) December 31, 2017 Debt Instrument Annual Effective Interest Rate Total Principal Amount Debt Issuance Costs Unamortized Discounts Total Debt 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 |
Schedule of Maturities of Long-term Debt | Debt Maturities The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at March 31, 2018 : (In Millions) Maturities of Debt 2018 $ — 2019 — 2020 211.3 2021 138.4 2022 — 2023 — 2024 and thereafter 2,089.7 Total maturities of debt $ 2,439.4 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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: (In Millions) March 31, 2018 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 $ 36.0 $ 490.6 $ — $ 526.6 Derivative assets — — 93.6 93.6 Total $ 36.0 $ 490.6 $ 93.6 $ 620.2 Liabilities: Derivative liabilities $ — $ 0.2 $ 4.2 $ 4.4 Total $ — $ 0.2 $ 4.2 $ 4.4 (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 |
Fair Value, Recurring and Nonrecurring, Valuation Techniques | The following table illustrates information about quantitative inputs and assumptions for the assets and liabilities categorized in Level 3 of the fair value hierarchy: Qualitative/Quantitative Information About Level 3 Fair Value Measurements (In Millions) Fair Value at March 31, 2018 Balance Sheet Location Valuation Technique Unobservable Input Range or Point Estimate (Weighted Average) Customer supply agreements $ 91.2 Derivative assets Market Approach Management's Estimate of Market Hot-Rolled Coil Steel per net ton $752 Provisional pricing arrangements $ 2.4 Derivative assets Market Approach Management's Estimate of Platts 62% Price per dry metric ton $63 - $71 Provisional pricing arrangements $ 4.2 Other Current Liabilities Market Approach Management's Estimate of Platts 62% Price per dry metric ton $63 - $71 |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation | (In Millions) Level 3 Assets Three Months Ended 2018 2017 Beginning balance 1 $ 51.0 $ 31.6 Total gains (losses) Included in earnings 49.1 42.1 Settlements (6.5 ) (14.3 ) Ending balance - March 31 $ 93.6 $ 59.4 Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date $ 44.5 $ 33.2 1 Beginning balance as of January 1, 2018 includes an $11.6 million adjustment for adoption of Topic 606. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | (In Millions) Level 3 Liabilities Three Months Ended 2018 2017 Beginning balance $ (2.4 ) $ (0.5 ) Total gains (losses) Included in earnings (4.0 ) (8.6 ) Settlements 2.2 — Ending balance - March 31 $ (4.2 ) $ (9.1 ) Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date $ (4.2 ) $ (9.1 ) |
Schedule Of Carrying Value And Fair Value Of Financial Instruments | A summary of the carrying amount and fair value of other financial instruments were as follows: (In Millions) March 31, 2018 December 31, 2017 Classification Carrying Value Fair Value Carrying Value Fair Value Long-term debt: Secured Notes $400 Million 4.875% 2024 Senior Notes Level 1 $ 390.8 $ 389.0 $ 390.3 $ 398.0 Unsecured Notes $400 Million 5.90% 2020 Senior Notes Level 1 88.6 89.1 88.6 88.0 $500 Million 4.80% 2020 Senior Notes Level 1 122.1 120.3 122.0 118.8 $700 Million 4.875% 2021 Senior Notes Level 1 138.0 135.4 138.0 130.8 $316.25 Million 1.50% 2025 Convertible Senior Notes Level 1 226.8 340.0 224.1 352.9 $1.075 Billion 5.75% 2025 Senior Notes Level 1 1,047.9 1,026.6 1,047.2 1,029.3 $800 Million 6.25% 2040 Senior Notes Level 1 292.7 251.1 292.6 227.1 ABL Facility Level 2 — — — — Fair value adjustment to interest rate hedge Level 2 1.3 1.3 1.4 1.4 Total long-term debt $ 2,308.2 $ 2,352.8 $ 2,304.2 $ 2,346.3 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Items Measured at Fair Value on a Non-Recurring Basis The following tables present information about the financial assets and liabilities that were measured on a fair value basis. The tables also indicate the fair value hierarchy of the valuation techniques used to determine such fair value. (In Millions) March 31, 2018 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 Year-to-Date Loss Assets: Loans to and accounts receivables from the Canadian Entities $ — $ — $ 50.4 $ 50.4 $ (1.2 ) Long-lived assets - Asia Pacific Iron Ore $ — $ — $ — $ — $ (2.6 ) (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 Total Year-to-Date Gains Assets: Loans to and accounts receivables from the Canadian Entities $ — $ — $ 51.6 $ 51.6 $ 3.0 Liabilities: Guarantees $ — $ — $ — $ — $ 31.4 |
PENSIONS AND OTHER POSTRETIRE37
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Schedule of Net Benefit Costs | The following are the components of defined benefit pension and OPEB costs and credits: Defined Benefit Pension Costs (In Millions) Three Months Ended 2018 2017 Service cost $ 4.7 $ 4.8 Interest cost 7.6 7.5 Expected return on plan assets (15.0 ) (13.5 ) Amortization: Prior service costs 0.5 0.6 Net actuarial loss 5.3 5.3 Net periodic benefit cost $ 3.1 $ 4.7 Other Postretirement Benefits Credits (In Millions) Three Months Ended 2018 2017 Service cost $ 0.5 $ 0.5 Interest cost 2.1 2.1 Expected return on plan assets (4.6 ) (4.4 ) Amortization: Prior service credits (0.8 ) (0.7 ) Net actuarial loss 1.2 1.2 Net periodic benefit credit $ (1.6 ) $ (1.3 ) |
STOCK COMPENSATION PLANS (Table
STOCK COMPENSATION PLANS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | The following assumptions were utilized to estimate the fair value for the 2018 performance share grant: Grant Date Grant Date Market Price Average Expected Term (Years) Expected Volatility Risk-Free Interest Rate Dividend Yield Fair Value Fair Value (Percent of Grant Date Market Price) February 21, 2018 $ 7.53 2.86 86.8% 2.42% —% $ 11.93 158.43% |
LEASE OBLIGATIONS (Tables)
LEASE OBLIGATIONS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 as of March 31, 2018 are as follows: (In Millions) Capital Leases Operating Leases 2018 (April 1 - December 31) $ 14.7 $ 3.3 2019 12.0 1.9 2020 11.0 1.8 2021 10.3 1.8 2022 2.1 1.8 2023 and thereafter — 7.5 Total minimum lease payments $ 50.1 $ 18.1 Amounts representing interest 7.6 Present value of net minimum lease payments 1 $ 42.5 1 The total is comprised of $14.6 million and $27.9 million classified as Other current liabilities and Other liabilities , respectively, in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2018. |
ENVIRONMENTAL AND MINE CLOSUR40
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Environmental Remediation Obligations [Abstract] | |
Summary Of Mine Closure Obligations | The following is a summary of the obligations: (In Millions) March 31, December 31, Environmental $ 3.1 $ 2.9 Mine closure U.S. Iron Ore 1 170.7 168.4 Asia Pacific Iron Ore 28.7 28.8 Total mine closure 199.4 197.2 Total environmental and mine closure obligations 202.5 200.1 Less current portion 21.3 3.6 Long-term environmental and mine closure obligations $ 181.2 $ 196.5 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 Obligation Disclosure | The following represents a roll forward of our mine closure obligation liability for the three months ended March 31, 2018 and for the year ended December 31, 2017 : (In Millions) March 31, December 31, Mine closure obligation at beginning of period $ 197.2 $ 204.0 Accretion expense 2.7 14.9 Remediation payments (0.1 ) (5.6 ) Exchange rate changes (0.5 ) 1.5 Revision in estimated cash flows 0.1 (17.6 ) Mine closure obligation at end of period $ 199.4 $ 197.2 |
GOODWILL AND OTHER INTANGIBLE41
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Finite-Lived Intangible Assets By Major Class | The following table is a summary of definite-lived intangible assets: (In Millions) March 31, 2018 December 31, 2017 Classification Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Permits Other non-current assets $ 78.8 $ (28.9 ) $ 49.9 $ 78.8 $ (26.5 ) $ 52.3 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 Unaudited Condensed Consolidated Financial Position : (In Millions) Derivative Assets Derivative Liabilities March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 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 $ 0.2 Other current liabilities $ 0.3 Derivatives not designated as hedging instruments under ASC 815: Customer supply agreements Derivative assets $ 91.2 Derivative assets $ 37.9 $ — $ — Provisional pricing arrangements Derivative assets 2.4 Derivative assets 1.5 Other current liabilities 4.2 Other current liabilities 2.4 Total derivatives not designated as hedging instruments under ASC 815 $ 93.6 $ 39.4 $ 4.2 $ 2.4 Total derivatives $ 93.6 $ 39.4 $ 4.4 $ 2.7 |
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 Unaudited Condensed Consolidated Operations : (In Millions) Derivatives Not Designated as Hedging Instruments Location of Income (Loss) Recognized on Derivatives Amount of Income (Loss) Recognized on Derivatives Three Months Ended 2018 2017 Customer Supply Agreements Product revenues $ 41.9 $ 17.8 Provisional Pricing Arrangements Product revenues 3.2 15.7 Commodity Contracts Cost of goods sold and operating expenses — (1.3 ) Total $ 45.1 $ 32.2 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Schedule of Stockholders Equity | The following table reflects the changes in shareholders' deficit attributable to both us and the noncontrolling interests, primarily related to Tilden and Empire. We own 100% of both mines as of March 31, 2018 and 85% and 79% of each mine, respectively, as of March 31, 2017 : (In Millions) Cliffs Noncontrolling Total Equity December 31, 2017 $ (444.3 ) $ 0.2 $ (444.1 ) Adoption of accounting standard (Note 2) 34.0 — 34.0 Comprehensive loss Net loss (84.3 ) — (84.3 ) Other comprehensive income 7.7 — 7.7 Total comprehensive loss (76.6 ) — (76.6 ) Stock and other incentive plans 1.9 — 1.9 March 31, 2018 $ (485.0 ) $ 0.2 $ (484.8 ) (In Millions) Cliffs Noncontrolling Total Equity December 31, 2016 $ (1,464.3 ) $ 133.8 $ (1,330.5 ) Comprehensive loss Net loss (28.1 ) (1.7 ) (29.8 ) Other comprehensive loss (3.0 ) (5.0 ) (8.0 ) Total comprehensive loss (31.1 ) (6.7 ) (37.8 ) Issuance of common shares 661.3 — 661.3 Stock and other incentive plans 4.0 — 4.0 March 31, 2017 $ (830.1 ) $ 127.1 $ (703.0 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ deficit: (In Millions) Changes in Pension and Other Post-Retirement Benefits, Unrealized Net Gain on Foreign Currency Translation Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax Accumulated Other Comprehensive Loss December 31, 2017 $ (263.9 ) $ 225.4 $ (0.5 ) $ (39.0 ) Other comprehensive income before reclassifications 0.5 0.7 0.4 1.6 Net loss (gain) reclassified from accumulated other comprehensive loss 6.2 — (0.1 ) 6.1 March 31, 2018 $ (257.2 ) $ 226.1 $ (0.2 ) $ (31.3 ) (In Millions) Changes in Pension and Other Post-Retirement Benefits, net of tax Unrealized Net Gain (Loss) on Foreign Currency Translation Accumulated Other Comprehensive Loss December 31, 2016 $ (260.6 ) $ 239.3 $ (21.3 ) Other comprehensive income (loss) before reclassifications 3.3 (12.7 ) (9.4 ) Net loss reclassified from accumulated other comprehensive loss 6.4 — 6.4 March 31, 2017 $ (250.9 ) $ 226.6 $ (24.3 ) |
Details of Accumulated Other Comprehensive Income (Loss) Components | The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ deficit: (In Millions) Details about Accumulated Other Comprehensive Loss Components Amount of (Gain)/Loss Reclassified into Income Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations Three Months Ended 2018 2017 Amortization of pension and OPEB liability: Prior service credits $ (0.3 ) $ (0.1 ) Other non-operating income Net actuarial loss 6.5 6.5 Other non-operating income $ 6.2 $ 6.4 Net of taxes Unrealized loss on derivative financial instruments: Commodity contracts $ (0.1 ) $ — Cost of goods sold and operating expenses $ (0.1 ) $ — Net of taxes Total reclassifications for the period, net of tax $ 6.1 $ 6.4 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Summary Of Other Ownership Interests | The following is a summary of the mine ownership of the co-owned iron ore mine at March 31, 2018 : 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) Three Months Ended 2018 2017 Product revenues from related parties $ 62.1 $ 118.5 Total product revenues $ 220.7 $ 412.8 Related party product revenue as a percent of total product revenue 28.1 % 28.7 % |
Summary of Balance Sheet Presentation [Table Text Block] | The following table presents the classification of related party assets and liabilities in the Statements of Unaudited Condensed Consolidated Financial Position : (In Millions) Balance Sheet Location March 31, 2018 December 31, 2017 Amounts due from related parties Accounts receivable, net $ 7.9 $ 68.1 Customer supply agreements and provisional pricing agreements Derivative assets 91.3 37.9 Amounts due to related parties Accounts payable (1.2 ) — Amounts due to related parties Partnership distribution payable (44.2 ) (44.2 ) Amounts due to related parties Other current liabilities (0.4 ) (12.3 ) Amounts due to related parties Other liabilities (42.0 ) (41.4 ) Net amounts due from related parties $ 11.4 $ 8.1 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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) Three Months Ended 2018 2017 Loss from Continuing Operations $ (84.8 ) $ (30.3 ) Loss from Continuing Operations Attributable to Noncontrolling Interest — 1.7 Net Loss from Continuing Operations Attributable to Cliffs Shareholders $ (84.8 ) $ (28.6 ) Income from Discontinued Operations, net of tax 0.5 0.5 Net Loss Attributable to Cliffs Shareholders $ (84.3 ) $ (28.1 ) Weighted Average Number of Shares: Basic 297.3 265.2 Employee Stock Plans — — Diluted 297.3 265.2 Loss per Common Share Attributable to Continuing operations $ (0.29 ) $ (0.11 ) Discontinued operations — — $ (0.29 ) $ (0.11 ) Loss per Common Share Attributable to Continuing operations $ (0.29 ) $ (0.11 ) Discontinued operations — — $ (0.29 ) $ (0.11 ) |
SUPPLEMENTARY GUARANTOR INFOR46
SUPPLEMENTARY GUARANTOR INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Supplemental Condensed Consolidating Financial Position | Unaudited Condensed Consolidating Statement of Financial Position As of March 31, 2018 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents $ 753.6 $ 1.0 $ 32.0 $ — $ 786.6 Accounts receivable, net 5.7 27.7 15.9 (2.1 ) 47.2 Inventories — 303.2 21.2 — 324.4 Supplies and other inventories — 81.4 0.3 — 81.7 Derivative assets — 93.6 — — 93.6 Loans to and accounts receivable from the Canadian Entities 43.5 6.9 — — 50.4 Other current assets 15.5 7.9 5.1 — 28.5 TOTAL CURRENT ASSETS 818.3 521.7 74.5 (2.1 ) 1,412.4 PROPERTY, PLANT AND EQUIPMENT, NET 16.2 956.9 74.2 — 1,047.3 OTHER ASSETS Deposits for property, plant and equipment — 1.9 72.2 — 74.1 Income tax receivable 219.9 — — — 219.9 Investment in subsidiaries 1,185.7 27.4 — (1,213.1 ) — Long-term intercompany notes — — 242.0 (242.0 ) — Other non-current assets 8.9 97.9 2.4 — 109.2 TOTAL OTHER ASSETS 1,414.5 127.2 316.6 (1,455.1 ) 403.2 TOTAL ASSETS $ 2,249.0 $ 1,605.8 $ 465.3 $ (1,457.2 ) $ 2,862.9 LIABILITIES CURRENT LIABILITIES Accounts payable $ 4.6 $ 71.8 $ 25.2 $ (2.1 ) $ 99.5 Accrued expenses 11.1 60.0 23.3 — 94.4 Accrued interest 28.2 — — — 28.2 Contingent claims 54.3 — — — 54.3 Partnership distribution payable — 44.2 — — 44.2 Other current liabilities 1.8 63.3 39.2 — 104.3 TOTAL CURRENT LIABILITIES 100.0 239.3 87.7 (2.1 ) 424.9 PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES 66.1 429.6 (244.3 ) — 251.4 ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS — 143.1 38.1 — 181.2 LONG-TERM DEBT 2,308.2 — — — 2,308.2 LONG-TERM INTERCOMPANY NOTES 242.0 — — (242.0 ) — OTHER LIABILITIES 17.5 142.9 21.6 — 182.0 TOTAL LIABILITIES 2,733.8 954.9 (96.9 ) (244.1 ) 3,347.7 EQUITY TOTAL CLIFFS SHAREHOLDERS' DEFICIT (484.8 ) 650.9 562.0 (1,213.1 ) (485.0 ) NONCONTROLLING INTEREST — — 0.2 — 0.2 TOTAL DEFICIT (484.8 ) 650.9 562.2 (1,213.1 ) (484.8 ) TOTAL LIABILITIES AND DEFICIT $ 2,249.0 $ 1,605.8 $ 465.3 $ (1,457.2 ) $ 2,862.9 Unaudited 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 receivable 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 OTHER ASSETS Deposits for property, plant and equipment — 1.3 16.5 — 17.8 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 91.7 5.2 — 104.7 TOTAL OTHER ASSETS 1,267.4 122.9 263.7 (1,296.2 ) 357.8 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 expenses 19.0 59.9 28.2 — 107.1 Accrued interest 31.4 — — — 31.4 Contingent claims 55.6 — — — 55.6 Partnership distribution payable — 44.2 — — 44.2 Other current liabilities 2.1 63.5 20.6 — 86.2 TOTAL CURRENT LIABILITIES 115.2 257.3 80.4 (0.7 ) 452.2 PENSION AND 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 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 |
Schedule of Supplemental Statements of Condensed Consolidating Operations and Comprehensive Income (Loss) | Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) For the Three Months Ended March 31, 2018 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated REVENUES FROM PRODUCT SALES AND SERVICES Product $ — $ 169.2 $ 51.5 $ — $ 220.7 Freight and venture partners' cost reimbursements — 10.8 7.5 — 18.3 — 180.0 59.0 — 239.0 COST OF GOODS SOLD AND OPERATING EXPENSES — (118.5 ) (124.1 ) — (242.6 ) SALES MARGIN — 61.5 (65.1 ) — (3.6 ) OTHER OPERATING EXPENSE Selling, general and administrative expenses (20.1 ) (4.3 ) (3.3 ) — (27.7 ) Miscellaneous – net (0.2 ) (5.3 ) (3.2 ) — (8.7 ) (20.3 ) (9.6 ) (6.5 ) — (36.4 ) OPERATING INCOME (LOSS) (20.3 ) 51.9 (71.6 ) — (40.0 ) OTHER INCOME (EXPENSE) Interest expense, net (31.9 ) (0.8 ) (0.8 ) — (33.5 ) Other non-operating income (expense) (0.9 ) 0.5 4.8 — 4.4 (32.8 ) (0.3 ) 4.0 — (29.1 ) INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (53.1 ) 51.6 (67.6 ) — (69.1 ) INCOME TAX EXPENSE (15.6 ) (0.1 ) — — (15.7 ) EQUITY IN INCOME (LOSS) OF SUBSIDIARIES (15.7 ) 4.5 — 11.2 — INCOME (LOSS) FROM CONTINUING OPERATIONS (84.4 ) 56.0 (67.6 ) 11.2 (84.8 ) INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX 0.1 0.2 0.2 — 0.5 NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (84.3 ) $ 56.2 $ (67.4 ) $ 11.2 $ (84.3 ) OTHER COMPREHENSIVE INCOME 7.7 5.9 0.8 (6.7 ) 7.7 TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (76.6 ) $ 62.1 $ (66.6 ) $ 4.5 $ (76.6 ) Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) For the Three Months Ended March 31, 2017 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated REVENUES FROM PRODUCT SALES AND SERVICES Product $ — $ 247.3 $ 165.5 $ — $ 412.8 Freight and venture partners' cost reimbursements — 38.9 9.9 — 48.8 — 286.2 175.4 — 461.6 COST OF GOODS SOLD AND OPERATING EXPENSES — (237.2 ) (128.1 ) — (365.3 ) SALES MARGIN — 49.0 47.3 — 96.3 OTHER OPERATING INCOME (EXPENSE) Selling, general and administrative expenses (19.5 ) (4.4 ) (3.8 ) — (27.7 ) Miscellaneous – net (0.1 ) (5.5 ) 17.1 — 11.5 (19.6 ) (9.9 ) 13.3 — (16.2 ) OPERATING INCOME (LOSS) (19.6 ) 39.1 60.6 — 80.1 OTHER INCOME (EXPENSE) Interest expense, net (41.6 ) — (1.2 ) — (42.8 ) Loss on extinguishment of debt (71.9 ) — — — (71.9 ) Other non-operating income (expense) (1.0 ) (0.8 ) 4.3 — 2.5 (114.5 ) (0.8 ) 3.1 — (112.2 ) INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (134.1 ) 38.3 63.7 — (32.1 ) INCOME TAX BENEFIT (EXPENSE) 5.2 (0.8 ) (2.6 ) — 1.8 EQUITY IN INCOME OF SUBSIDIARIES 100.4 3.2 — (103.6 ) — INCOME (LOSS) FROM CONTINUING OPERATIONS (28.5 ) 40.7 61.1 (103.6 ) (30.3 ) INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax 0.4 0.2 (0.1 ) — 0.5 NET INCOME (LOSS) (28.1 ) 40.9 61.0 (103.6 ) (29.8 ) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST — 1.7 — — 1.7 NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (28.1 ) $ 42.6 $ 61.0 $ (103.6 ) $ (28.1 ) OTHER COMPREHENSIVE INCOME (LOSS) (3.0 ) 10.8 (17.8 ) 7.0 (3.0 ) TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ (31.1 ) $ 53.4 $ 43.2 $ (96.6 ) $ (31.1 ) |
Schedule of Supplemental Statements of Condensed Consolidating Cash Flows | Unaudited Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2018 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash used by operating activities $ (54.7 ) $ (62.8 ) $ (25.4 ) $ — $ (142.9 ) INVESTING ACTIVITIES Purchase of property, plant and equipment — (8.1 ) (4.3 ) — (12.4 ) Deposits for property, plant and equipment — (0.8 ) (58.2 ) — (59.0 ) Intercompany investing (137.7 ) (4.8 ) — 142.5 — Net cash used by investing activities (137.7 ) (13.7 ) (62.5 ) 142.5 (71.4 ) FINANCING ACTIVITIES Debt issuance costs (1.5 ) — — — (1.5 ) Intercompany financing — 75.9 66.6 (142.5 ) — Other financing activities (1.4 ) (0.5 ) (3.6 ) — (5.5 ) Net cash provided (used) by financing activities (2.9 ) 75.4 63.0 (142.5 ) (7.0 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 0.2 — 0.2 DECREASE IN CASH AND CASH EQUIVALENTS (195.3 ) (1.1 ) (24.7 ) — (221.1 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 948.9 2.1 56.7 — 1,007.7 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 753.6 $ 1.0 $ 32.0 $ — $ 786.6 Unaudited Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2017 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities $ (99.5 ) $ (19.7 ) $ 94.1 $ — $ (25.1 ) INVESTING ACTIVITIES Purchase of property, plant and equipment (0.8 ) (24.9 ) (0.2 ) — (25.9 ) Deposits for property, plant and equipment — (2.0 ) — — (2.0 ) Intercompany investing (56.5 ) (0.5 ) (45.0 ) 102.0 — Other investing activities — 0.5 — — 0.5 Net cash used by investing activities (57.3 ) (26.9 ) (45.2 ) 102.0 (27.4 ) FINANCING ACTIVITIES Net proceeds from issuance of common shares 661.3 — — — 661.3 Proceeds from issuance of debt 500.0 — — — 500.0 Debt issuance costs (8.5 ) — — — (8.5 ) Repurchase of debt (1,115.5 ) — — — (1,115.5 ) Distributions of partnership equity — (8.7 ) — — (8.7 ) Intercompany financing 45.1 55.8 1.1 (102.0 ) — Other financing activities (0.5 ) (0.7 ) (4.4 ) — (5.6 ) Net cash provided (used) by financing activities 81.9 46.4 (3.3 ) (102.0 ) 23.0 EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 1.4 — 1.4 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (74.9 ) (0.2 ) 47.0 — (28.1 ) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 283.4 2.5 37.5 — 323.4 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 208.5 $ 2.3 $ 84.5 $ — $ 295.3 |
BASIS OF PRESENTATION AND SIG47
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Subsidiaries) (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Northshore [Member] | |
Related Party Transaction [Line Items] | |
Entity Address, State or Province | Minnesota |
United Taconite [Member] | |
Related Party Transaction [Line Items] | |
Entity Address, State or Province | Minnesota |
Tilden [Member] | |
Related Party Transaction [Line Items] | |
Entity Address, State or Province | Michigan |
Empire [Member] | |
Related Party Transaction [Line Items] | |
Entity Address, State or Province | Michigan |
Koolyanobbing [Member] | |
Related Party Transaction [Line Items] | |
Entity Address, State or Province | Western Australia |
BASIS OF PRESENTATION AND SIG48
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Foreign Currency Translation) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Foreign Currency Transaction Gain (Loss), before Tax | $ (0.3) | $ 13.6 |
Short-term intercompany loan [Member] | ||
Foreign Currency Transaction Gain (Loss), before Tax | (0.2) | 15.1 |
Cash and Cash Equivalents [Member] | ||
Foreign Currency Transaction Gain (Loss), before Tax | 0.1 | (1.2) |
Other Remeasurement | ||
Foreign Currency Transaction Gain (Loss), before Tax | $ (0.2) | $ (0.3) |
BASIS OF PRESENTATION AND SIG49
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - Hibbing [Member] - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Other Noncurrent Assets [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership interest, equity method investment | 23.00% | 23.00% |
Other Noncurrent Liabilities [Member] | ||
Related Party Transaction [Line Items] | ||
Equity Method Investments | $ 7.3 | $ 11 |
NEW ACCOUNTING STANDARDS (Sched
NEW ACCOUNTING STANDARDS (Schedule of New Accounting Pronouncements and Changes in Accounting Principles) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cash and cash equivalents | $ 786.6 | $ 295.3 | $ 1,007.7 | $ 1,007.7 | |
Accounts receivable, net | 47.2 | 217.2 | 140.6 | ||
Inventories | (324.4) | (132) | (183.4) | ||
Supplies and other inventories | 81.7 | 93.9 | 93.9 | ||
Derivative assets | 93.6 | 51 | 39.4 | ||
Loans to and accounts receivable from the Canadian Entities | 50.4 | 51.6 | 51.6 | ||
Other current assets | 28.5 | 28 | 28 | ||
Assets, Current | 1,412.4 | 1,581.4 | 1,544.6 | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 1,047.3 | 1,051 | 1,051 | ||
Deposits for property, plant and equipment | 74.1 | 17.8 | 17.8 | ||
Income tax receivable | 219.9 | 235.3 | 235.3 | ||
Other non-current assets | 109.2 | 104.7 | 104.7 | ||
Total Other Assets | 403.2 | 357.8 | 357.8 | ||
Assets | 2,862.9 | 2,990.2 | 2,953.4 | ||
Accounts payable | 99.5 | 129.1 | 127.7 | ||
Accrued expenses | 94.4 | 107.1 | 107.1 | ||
Accrued interest | 28.2 | 31.4 | 31.4 | ||
Contingent claims | 54.3 | 55.6 | 55.6 | ||
Partnership distribution payable | 44.2 | 44.2 | 44.2 | ||
Other current liabilities | 104.3 | 87.6 | 86.2 | ||
Liabilities, Current | 424.9 | 455 | 452.2 | ||
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES | 251.4 | 257.7 | 257.7 | ||
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 181.2 | 196.5 | 196.5 | ||
LONG-TERM DEBT | 2,308.2 | 2,304.2 | 2,304.2 | ||
OTHER LIABILITIES | 182 | 186.9 | 186.9 | ||
Liabilities | 3,347.7 | 3,400.3 | 3,397.5 | ||
Stockholders' Equity Attributable to Parent | (485) | (410.3) | (444.3) | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 0.2 | 0.2 | 0.2 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (484.8) | (703) | (410.1) | (444.1) | $ (1,330.5) |
Liabilities and Equity | 2,862.9 | 2,990.2 | $ 2,953.4 | ||
Product | (220.7) | (412.8) | |||
Freight and venture partners' cost reimbursements | (18.3) | (48.8) | |||
Revenues | 239 | 461.6 | |||
Cost of Goods and Services Sold | (242.6) | (365.3) | |||
Sales margin | (3.6) | 96.3 | |||
Selling, General and Administrative Expense | (27.7) | (27.7) | |||
Miscellaneous - net | (8.7) | 11.5 | |||
Other operating expense | (36.4) | (16.2) | |||
Operating Income (Loss) | (40) | 80.1 | |||
Interest expense, net | (33.5) | (42.8) | |||
Other non-operating income | 4.4 | 2.5 | |||
Other expense | (29.1) | (112.2) | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (69.1) | (32.1) | |||
Income Tax Expense (Benefit) | (15.7) | 1.8 | |||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (84.8) | (30.3) | |||
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | 0.5 | 0.5 | |||
Net Loss | (84.3) | (29.8) | |||
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | 0 | 1.7 | |||
NET LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ (84.3) | $ (28.1) | |||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.29) | $ (0.11) | |||
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | 0 | |||
Earnings Per Share, Basic | (0.29) | (0.11) | |||
Income (Loss) from Continuing Operations, Per Diluted Share | (0.29) | (0.11) | |||
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | 0 | |||
Earnings Per Share, Diluted | $ (0.29) | $ (0.11) | |||
Basic | 297,266 | 265,164 | |||
Diluted | 297,266 | 265,164 | |||
Scenario, Previously Reported [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cost of Goods and Services Sold | $ (365.9) | ||||
Selling, General and Administrative Expense | (25.7) | ||||
Miscellaneous - net | 11.9 | ||||
Operating Income (Loss) | 81.9 | ||||
Other non-operating income | 0.7 | ||||
Net Loss | (29.8) | ||||
Accounting Standards Update 2017-07 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cost of Goods and Services Sold | 0.6 | ||||
Selling, General and Administrative Expense | (2) | ||||
Miscellaneous - net | (0.4) | ||||
Operating Income (Loss) | (1.8) | ||||
Other non-operating income | 1.8 | ||||
Net Loss | $ 0 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cash and cash equivalents | $ 786.6 | ||||
Accounts receivable, net | 24.9 | ||||
Inventories | (332) | ||||
Supplies and other inventories | 81.7 | ||||
Derivative assets | 91.3 | ||||
Loans to and accounts receivable from the Canadian Entities | 50.4 | ||||
Other current assets | 28.5 | ||||
Assets, Current | 1,395.4 | ||||
PROPERTY, PLANT AND EQUIPMENT, NET | 1,047.3 | ||||
Deposits for property, plant and equipment | 74.1 | ||||
Income tax receivable | 219.9 | ||||
Other non-current assets | 109.2 | ||||
Total Other Assets | 403.2 | ||||
Assets | 2,845.9 | ||||
Accounts payable | 99.2 | ||||
Accrued expenses | 94.4 | ||||
Accrued interest | 28.2 | ||||
Contingent claims | 54.3 | ||||
Partnership distribution payable | 44.2 | ||||
Other current liabilities | 104 | ||||
Liabilities, Current | 424.3 | ||||
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES | 251.4 | ||||
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 181.2 | ||||
LONG-TERM DEBT | 2,308.2 | ||||
OTHER LIABILITIES | 182 | ||||
Liabilities | 3,347.1 | ||||
Stockholders' Equity Attributable to Parent | (501.4) | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0.2 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (501.2) | ||||
Liabilities and Equity | 2,845.9 | ||||
Product | (279.1) | ||||
Freight and venture partners' cost reimbursements | (22.4) | ||||
Revenues | 301.5 | ||||
Cost of Goods and Services Sold | (286.2) | ||||
Sales margin | 15.3 | ||||
Selling, General and Administrative Expense | (27.7) | ||||
Miscellaneous - net | (8.7) | ||||
Other operating expense | (36.4) | ||||
Operating Income (Loss) | (21.1) | ||||
Interest expense, net | (33.5) | ||||
Other non-operating income | 4.4 | ||||
Other expense | (29.1) | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (50.2) | ||||
Income Tax Expense (Benefit) | (15.7) | ||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (65.9) | ||||
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | 0.5 | ||||
Net Loss | (65.4) | ||||
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | 0 | ||||
NET LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ (65.4) | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.23) | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | ||||
Earnings Per Share, Basic | (0.23) | ||||
Income (Loss) from Continuing Operations, Per Diluted Share | (0.23) | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | ||||
Earnings Per Share, Diluted | $ (0.23) | ||||
Basic | 297,266 | ||||
Diluted | 297,266 | ||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cash and cash equivalents | $ 0 | 0 | |||
Accounts receivable, net | 22.3 | 76.6 | |||
Inventories | (7.6) | (51.4) | |||
Supplies and other inventories | 0 | 0 | |||
Derivative assets | 2.3 | 11.6 | |||
Loans to and accounts receivable from the Canadian Entities | 0 | 0 | |||
Other current assets | 0 | 0 | |||
Assets, Current | 17 | 36.8 | |||
PROPERTY, PLANT AND EQUIPMENT, NET | 0 | 0 | |||
Deposits for property, plant and equipment | 0 | 0 | |||
Income tax receivable | 0 | 0 | |||
Other non-current assets | 0 | 0 | |||
Total Other Assets | 0 | 0 | |||
Assets | 17 | 36.8 | |||
Accounts payable | 0.3 | 1.4 | |||
Accrued expenses | 0 | 0 | |||
Accrued interest | 0 | 0 | |||
Contingent claims | 0 | 0 | |||
Partnership distribution payable | 0 | 0 | |||
Other current liabilities | 0.3 | 1.4 | |||
Liabilities, Current | 0.6 | 2.8 | |||
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES | 0 | 0 | |||
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 0 | 0 | |||
LONG-TERM DEBT | 0 | 0 | |||
OTHER LIABILITIES | 0 | 0 | |||
Liabilities | 0.6 | 2.8 | |||
Stockholders' Equity Attributable to Parent | 16.4 | 34 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 16.4 | ||||
Liabilities and Equity | 17 | $ 36.8 | |||
Product | (58.4) | ||||
Freight and venture partners' cost reimbursements | (4.1) | ||||
Revenues | 62.5 | ||||
Cost of Goods and Services Sold | (43.6) | ||||
Sales margin | (18.9) | ||||
Selling, General and Administrative Expense | 0 | ||||
Miscellaneous - net | 0 | ||||
Other operating expense | 0 | ||||
Operating Income (Loss) | (18.9) | ||||
Interest expense, net | 0 | ||||
Other non-operating income | 0 | ||||
Other expense | 0 | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (18.9) | ||||
Income Tax Expense (Benefit) | 0 | ||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (18.9) | ||||
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | 0 | ||||
Net Loss | (18.9) | ||||
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | 0 | ||||
NET LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ (18.9) | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.06) | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | 0 | ||||
Earnings Per Share, Basic | (0.06) | ||||
Income (Loss) from Continuing Operations, Per Diluted Share | (0.06) | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share | 0 | ||||
Earnings Per Share, Diluted | $ (0.06) |
NEW ACCOUNTING STANDARDS (Narra
NEW ACCOUNTING STANDARDS (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Stockholders' Equity Attributable to Parent | $ (485) | $ (410.3) | $ (444.3) |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Stockholders' Equity Attributable to Parent | $ 16.4 | $ 34 |
SEGMENT REPORTING (Schedule Of
SEGMENT REPORTING (Schedule Of Segment Reporting Information, By Segment) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Impairment Charges | $ (18,900,000) | $ 0 |
Impairment of Long-Lived Assets Held-for-use | $ (2,600,000) | $ 0 |
Revenues from producet sales and services, percent | 100.00% | 100.00% |
Revenues | $ 239,000,000 | $ 461,600,000 |
Sales margin | (3,600,000) | 96,300,000 |
Other operating expense | (36,400,000) | (16,200,000) |
Other expense | (29,100,000) | (112,200,000) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (69,100,000) | (32,100,000) |
Net Loss | (84,300,000) | (29,800,000) |
Interest expense, net | (33,500,000) | (42,800,000) |
Income Tax Expense (Benefit) | 15,700,000 | (1,800,000) |
Depreciation, depletion and amortization | 23,900,000 | 23,200,000 |
EBITDA | (11,200,000) | 34,400,000 |
Severance Costs | 1,500,000 | 0 |
Loss on extinguishment of debt | 0 | (71,900,000) |
Adjusted EBITDA | 11,600,000 | 92,200,000 |
Property, Plant and Equipment, Additions | 78,900,000 | 27,300,000 |
Payments To Acquire Property Plant And Equipment Net | 71,400,000 | 27,900,000 |
Capital Expenditures Incurred but Not yet Paid | 7,500,000 | 600,000 |
Foreign Currency Transaction Gain (Loss), before Tax | (300,000) | 13,600,000 |
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | $ 500,000 | $ 500,000 |
U.S. Iron Ore [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues from producet sales and services, percent | 75.00% | 62.00% |
Revenues | $ 180,000,000 | $ 286,200,000 |
Sales margin | 61,500,000 | 49,000,000 |
Depreciation, depletion and amortization | 15,800,000 | 16,400,000 |
EBITDA | 72,500,000 | 57,900,000 |
Adjusted EBITDA | 77,100,000 | 64,100,000 |
Property, Plant and Equipment, Additions | $ 18,700,000 | $ 27,100,000 |
Asia Pacific Iron Ore [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues from producet sales and services, percent | 25.00% | 38.00% |
Revenues | $ 59,000,000 | $ 175,400,000 |
Sales margin | (65,100,000) | 47,300,000 |
Depreciation, depletion and amortization | 6,700,000 | 4,700,000 |
EBITDA | (63,700,000) | 51,400,000 |
Adjusted EBITDA | (39,600,000) | 53,800,000 |
Property, Plant and Equipment, Additions | 0 | 200,000 |
All Other Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation, depletion and amortization | 1,400,000 | 2,100,000 |
EBITDA | (20,000,000) | (74,900,000) |
Adjusted EBITDA | (25,900,000) | (25,700,000) |
Property, Plant and Equipment, Additions | 60,200,000 | 0 |
EBITDA Calculation [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation, depletion and amortization | $ 23,900,000 | $ 23,200,000 |
SEGMENT REPORTING (Summary of A
SEGMENT REPORTING (Summary of Assets by Segment) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | |||
Assets | $ 2,862.9 | $ 2,990.2 | $ 2,953.4 |
U.S. Iron Ore [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,646.8 | 1,500.6 | |
Asia Pacific Iron Ore [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 78.4 | 138.8 | |
Total Segment Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,725.2 | 1,639.4 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 1,137.7 | $ 1,314 |
REVENUE (Deferred Revenue) (Det
REVENUE (Deferred Revenue) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue, Noncurrent | $ 51.4 | $ 51.4 |
Deferred Revenue, Current | 31 | $ 23.8 |
Other Current Liabilities [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue, Period Increase (Decrease) | 7.2 | |
Other Noncurrent Liabilities [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue, Period Increase (Decrease) | $ 0 |
REVENUE (Narrative) (Details)
REVENUE (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Revenues | $ 239 | $ 461.6 | ||
Deferred Revenue, Current | 31 | $ 23.8 | ||
Deferred Revenue, Noncurrent | 51.4 | 51.4 | ||
Other current liabilities | 104.3 | $ 87.6 | 86.2 | |
Customer Supplemental Payments [Member] | ||||
Deferred Revenue | 64.2 | 64.2 | ||
Deferred Revenue, Current | 12.8 | 12.8 | ||
Deferred Revenue, Noncurrent | 51.4 | |||
Take or Pay Contracts [Member] | ||||
Deferred Revenue | 18.2 | $ 9.6 | ||
U.S. Iron Ore [Member] | ||||
Revenues | 180 | 286.2 | ||
U.S. Iron Ore [Member] | Derivative Adjustment [Member] | ||||
Revenues | 43.8 | |||
Asia Pacific Iron Ore [Member] | ||||
Revenues | 59 | $ 175.4 | ||
Asia Pacific Iron Ore [Member] | Derivative Adjustment [Member] | ||||
Revenues | 1.3 | |||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||
Revenues | 62.5 | |||
Other current liabilities | $ 0.3 | $ 1.4 |
INVENTORIES (Schedule Of Invent
INVENTORIES (Schedule Of Inventories) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Inventory, Net [Abstract] | |||
Finished Goods | $ 287.4 | $ 160.4 | |
Work-in Process | 37 | 23 | |
Total Inventory | 324.4 | $ 132 | 183.4 |
U.S. Iron Ore [Member] | |||
Inventory, Net [Abstract] | |||
Finished Goods | 267.2 | 127.1 | |
Work-in Process | 36 | 11.3 | |
Total Inventory | 303.2 | 138.4 | |
Asia Pacific Iron Ore [Member] | |||
Inventory, Net [Abstract] | |||
Finished Goods | 20.2 | 33.3 | |
Work-in Process | 1 | 11.7 | |
Total Inventory | $ 21.2 | $ 45 |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Inventory [Line Items] | ||
Impairment Charges | $ (18,900,000) | $ 0 |
LCM inventory adjustment | $ 0 | |
Finished Goods [Domain] | ||
Inventory [Line Items] | ||
Impairment Charges | 1,400,000 | |
LCM inventory adjustment | 13,000,000 | |
Work in Process [Domain] | ||
Inventory [Line Items] | ||
Impairment Charges | 13,200,000 | |
LCM inventory adjustment | $ 9,100,000 |
PROPERTY, PLANT AND EQUIPMENT58
PROPERTY, PLANT AND EQUIPMENT (Value Of Each Of The Major Classes Of Consolidated Depreciable Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 2,091.1 | $ 2,079.4 | |
Allowance for depreciation and depletion | (1,043.8) | (1,028.4) | |
Property, plant and equipment, net | 1,047.3 | $ 1,051 | 1,051 |
Land Rights And Mineral Rights [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 549.6 | 549.6 | |
Office And Information Technology [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 66.3 | 66.3 | |
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 85.5 | 86.8 | |
Mining Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 594 | 594.4 | |
Processing Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 619.8 | 617 | |
Electric Power Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 57 | 57 | |
Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 23.6 | 23.7 | |
Asset Retirement Obligation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 16.9 | 19.2 | |
Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 30.3 | 30.3 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 48.1 | $ 35.1 |
PROPERTY, PLANT AND EQUIPMENT59
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and depletion | $ 21.3 | $ 22.6 |
Impairment Charges, CIP | $ (2.6) |
DEBT AND CREDIT FACILITIES (Sch
DEBT AND CREDIT FACILITIES (Schedule Of Long-Term Debt) (Details) - USD ($) | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
LONG-TERM DEBT | $ 2,308,200,000 | $ 2,304,200,000 | $ 2,304,200,000 |
$400 Million 4.875% 2024 Senior Notes [Domain] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 5.00% | 5.00% | |
Debt Instrument, Par Value | $ 400,000,000 | $ 400,000,000 | |
Unamortized Debt Issuance Expense | (6,700,000) | (7,100,000) | |
Debt Instrument, Unamortized Discount | (2,500,000) | (2,600,000) | |
Long-term Debt | $ 390,800,000 | $ 390,300,000 | |
$400 Million 5.90% 2020 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 5.98% | 5.98% | |
Debt Instrument, Par Value | $ 88,900,000 | $ 88,900,000 | |
Unamortized Debt Issuance Expense | (200,000) | (200,000) | |
Debt Instrument, Unamortized Discount | (100,000) | (100,000) | |
Long-term Debt | $ 88,600,000 | $ 88,600,000 | |
$500 million 4.80% 2020 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.83% | 4.83% | |
Debt Instrument, Par Value | $ 122,400,000 | $ 122,400,000 | |
Unamortized Debt Issuance Expense | (200,000) | (300,000) | |
Debt Instrument, Unamortized Discount | (100,000) | (100,000) | |
Long-term Debt | $ 122,100,000 | $ 122,000,000 | |
$700 Million 4.875% 2021 Senior Note [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.89% | 4.89% | |
Debt Instrument, Par Value | $ 138,400,000 | $ 138,400,000 | |
Unamortized Debt Issuance Expense | (300,000) | (300,000) | |
Debt Instrument, Unamortized Discount | (100,000) | (100,000) | |
Long-term Debt | $ 138,000,000 | $ 138,000,000 | |
$316 Million 1.5% 2025 Senior Notes [Domain] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.26% | 6.26% | |
Debt Instrument, Par Value | $ 316,300,000 | $ 316,300,000 | |
Unamortized Debt Issuance Expense | (6,300,000) | (6,600,000) | |
Debt Instrument, Unamortized Discount | (83,200,000) | (85,600,000) | |
Long-term Debt | $ 226,800,000 | $ 224,100,000 | |
$1,075 Million 5.75% 2025 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.01% | 6.01% | |
Debt Instrument, Par Value | $ 1,075,000,000 | $ 1,075,000,000 | |
Unamortized Debt Issuance Expense | (11,100,000) | (11,300,000) | |
Debt Instrument, Unamortized Discount | (16,000,000) | (16,500,000) | |
Long-term Debt | $ 1,047,900,000 | $ 1,047,200,000 | |
$800 Million 6.25% 2040 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.34% | 6.34% | |
Debt Instrument, Par Value | $ 298,400,000 | $ 298,400,000 | |
Unamortized Debt Issuance Expense | (2,300,000) | (2,400,000) | |
Debt Instrument, Unamortized Discount | (3,400,000) | (3,400,000) | |
Long-term Debt | 292,700,000 | 292,600,000 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Par Value | 450,000,000 | 550,000,000 | |
Credit facility, amount outstanding | 0 | 0 | |
Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Fair Value Adjustment to Interest Rate Hedge | $ 1,300,000 | $ 1,400,000 |
DEBT AND CREDIT FACILITIES (S61
DEBT AND CREDIT FACILITIES (Schedule of Debt Maturities) (Details) $ in Millions | Mar. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
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 | 0 |
2024 and thereafter | 2,089.7 |
Total maturities of debt | $ 2,439.4 |
DEBT AND CREDIT FACILITIES (Nar
DEBT AND CREDIT FACILITIES (Narrative) (Details) - USD ($) | 3 Months Ended | |||
Sep. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | |
$1,075 Million 5.75% 2025 Senior Notes [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Proceeds from Issuance of Debt | $ 575,000,000 | $ 500,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||
Debt issuance, discount rate | 97.00% | |||
Debt Instrument, Par Value | $ 1,075,000,000 | $ 1,075,000,000 | ||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Par Value | 450,000,000 | 550,000,000 | ||
U.S. Tranche | 400,000,000 | |||
Sublimit for Issuers of Letters of Credit for U.S. Tranche | 248,800,000 | |||
Sublimit for U.S. Swingline Loans | 100,000,000 | |||
Australian Tranche | 50,000,000 | |||
Sublimit for Issuance of Letters of Credit for Australian Tranche | 24,400,000 | |||
Sublimit for Australian Swingline Loans | 20,000,000 | |||
Credit facility, amount outstanding | 0 | 0 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 314,100,000 | 273,200,000 | ||
Letters of credit outstanding | 46,600,000 | 46,500,000 | ||
Credit facility remaining capacity | $ 267,500,000 | $ 226,700,000 |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value of Assets and Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash equivalents | $ 526.6 | $ 616.9 | |
Derivative assets | 93.6 | $ 51 | 39.4 |
Total Asset | 620.2 | 656.3 | |
Derivative Liability | 4.4 | 2.7 | |
Total Liability | 4.4 | 2.7 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash equivalents | 36 | 66.3 | |
Derivative assets | 0 | 0 | |
Total Asset | 36 | 66.3 | |
Derivative Liability | 0 | 0 | |
Total Liability | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash equivalents | 490.6 | 550.6 | |
Derivative assets | 0 | 0 | |
Total Asset | 490.6 | 550.6 | |
Derivative Liability | 0.2 | 0.3 | |
Total Liability | 0.2 | 0.3 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash equivalents | 0 | 0 | |
Derivative assets | 93.6 | 39.4 | |
Total Asset | 93.6 | 39.4 | |
Derivative Liability | 4.2 | 2.4 | |
Total Liability | $ 4.2 | $ 2.4 |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule Of Quantitative Inputs And Assumptions For Level 3 Assets And Liabilities) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | $ 93,600,000 | $ 51,000,000 | $ 39,400,000 |
Management Estimate of 62% Fe | 62.00% | ||
Derivative Liability | $ 4,400,000 | 2,700,000 | |
Not Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 93,600,000 | 39,400,000 | |
Derivative Liability | 4,200,000 | 2,400,000 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 93,600,000 | 39,400,000 | |
Derivative Liability | $ 4,200,000 | 2,400,000 | |
Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Managements Estimate Of 62% Fee [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Management Estimate of 62% Fe | 62.00% | ||
Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Market Approach Valuation Technique [Member] | Provisional Pricing Arrangements [Member] | Managements Estimate Of 62% Fee [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value measurement with unobservable inputs derivative asset range | $ 66 | ||
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% Fee [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 | 63 | ||
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% Fee [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 | 71 | ||
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 | 752 | ||
Derivative Financial Instruments, Assets [Member] | Not Designated as Hedging Instrument [Member] | Provisional Pricing Arrangements [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 2,400,000 | 1,500,000 | |
Derivative Financial Instruments, Assets [Member] | Not Designated as Hedging Instrument [Member] | Customer Supply Agreement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 91,200,000 | 37,900,000 | |
Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Provisional Pricing Arrangements [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | 4,200,000 | 2,400,000 | |
Other Current Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Customer Supply Agreement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | 0 | $ 0 | |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | $ 2,300,000 | $ 11,600,000 |
FAIR VALUE MEASUREMENTS (Fair65
FAIR VALUE MEASUREMENTS (Fair Value, Assets and Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance1 | $ 51 | $ 31.6 |
Total gains (losses) | ||
Included in earnings | 49.1 | 42.1 |
Settlements | (6.5) | (14.3) |
Ending balance - March 31 | 93.6 | 59.4 |
Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date | 44.5 | 33.2 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | (2.4) | (0.5) |
Total gains (losses) | ||
Included in earnings | (4) | (8.6) |
Settlements | 2.2 | 0 |
Ending balance - March 31 | (4.2) | (9.1) |
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date | $ (4.2) | $ (9.1) |
FAIR VALUE MEASUREMENTS (Carryi
FAIR VALUE MEASUREMENTS (Carrying Value And Fair Value Of Financial Instruments Disclosure) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | $ 2,352.8 | $ 2,346.3 |
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Adjustment to Interest Rate Hedge | 1.3 | 1.4 |
Carrying Value [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | 2,308.2 | 2,304.2 |
Carrying Value [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value Adjustment to Interest Rate Hedge | 1.3 | 1.4 |
Senior Notes [Member] | Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | $400 Million 4.875% 2024 Senior Notes [Domain] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | 389 | 398 |
Senior Notes [Member] | Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | $400 Million 5.90% 2020 Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | 89.1 | 88 |
Senior Notes [Member] | Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | $500 million 4.80% 2020 Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | 120.3 | 118.8 |
Senior Notes [Member] | Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | $700 Million 4.875% 2021 Senior Note [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | 135.4 | 130.8 |
Senior Notes [Member] | Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | $316 Million 1.5% 2025 Senior Notes [Domain] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | 340 | 352.9 |
Senior Notes [Member] | Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | $1,075 Million 5.75% 2025 Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | 1,026.6 | 1,029.3 |
Senior Notes [Member] | Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | $800 Million 6.25% 2040 Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | 251.1 | 227.1 |
Senior Notes [Member] | Carrying Value [Member] | Fair Value, Inputs, Level 1 [Member] | $400 Million 4.875% 2024 Senior Notes [Domain] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | 390.8 | 390.3 |
Senior Notes [Member] | Carrying Value [Member] | Fair Value, Inputs, Level 1 [Member] | $400 Million 5.90% 2020 Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | 88.6 | 88.6 |
Senior Notes [Member] | Carrying Value [Member] | Fair Value, Inputs, Level 1 [Member] | $500 million 4.80% 2020 Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | 122.1 | 122 |
Senior Notes [Member] | Carrying Value [Member] | Fair Value, Inputs, Level 1 [Member] | $700 Million 4.875% 2021 Senior Note [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | 138 | 138 |
Senior Notes [Member] | Carrying Value [Member] | Fair Value, Inputs, Level 1 [Member] | $316 Million 1.5% 2025 Senior Notes [Domain] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | 226.8 | 224.1 |
Senior Notes [Member] | Carrying Value [Member] | Fair Value, Inputs, Level 1 [Member] | $1,075 Million 5.75% 2025 Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | 1,047.9 | 1,047.2 |
Senior Notes [Member] | Carrying Value [Member] | Fair Value, Inputs, Level 1 [Member] | $800 Million 6.25% 2040 Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | 292.7 | 292.6 |
Line of Credit [Member] | Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | 0 | 0 |
Line of Credit [Member] | Carrying Value [Member] | Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt, fair value | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Fair67
FAIR VALUE MEASUREMENTS (Fair Value Measurements, Nonrecurring) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Jan. 01, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans to and accounts receivable from the Canadian Entities | $ 50.4 | $ 51.6 | $ 51.6 | |
Fair Value, Asset, Measured on a Nonrecurring Basis, Gain (Loss) Included in Earnings | (1.2) | 3 | ||
Impairment Charges, CIP | (2.6) | |||
Contingent Liabilities recognized in Consolidated Financials | 0 | |||
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | $ 0.5 | $ 0.5 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent Liabilities recognized in Consolidated Financials | 0 | |||
Wabush Scully Mine Sale [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | $ 31.4 |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Fair Value, Assets And Liabilities Components [Line Items] | |||
Derivative assets | $ 93.6 | $ 51 | $ 39.4 |
Derivative Liability | $ 4.4 | 2.7 | |
Management Estimate of 62% Fe | 62.00% | ||
Impairment Charges, CIP | $ 2.6 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets And Liabilities Components [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative Liability | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets And Liabilities Components [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative Liability | 0.2 | 0.3 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets And Liabilities Components [Line Items] | |||
Derivative assets | 93.6 | 39.4 | |
Derivative Liability | 4.2 | 2.4 | |
Not Designated as Hedging Instrument [Member] | |||
Fair Value, Assets And Liabilities Components [Line Items] | |||
Derivative assets | 93.6 | 39.4 | |
Derivative Liability | 4.2 | 2.4 | |
Derivative Financial Instruments, Assets [Member] | Not Designated as Hedging Instrument [Member] | Customer Supply Agreement [Member] | |||
Fair Value, Assets And Liabilities Components [Line Items] | |||
Derivative assets | 91.2 | 37.9 | |
Derivative Financial Instruments, Assets [Member] | Not Designated as Hedging Instrument [Member] | Provisional Pricing Arrangements [Member] | |||
Fair Value, Assets And Liabilities Components [Line Items] | |||
Derivative assets | 2.4 | 1.5 | |
Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Customer Supply Agreement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets And Liabilities Components [Line Items] | |||
Derivative Liability | 0 | 0 | |
Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Provisional Pricing Arrangements [Member] | |||
Fair Value, Assets And Liabilities Components [Line Items] | |||
Derivative Liability | $ 4.2 | $ 2.4 |
PENSIONS AND OTHER POSTRETIRE69
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Estimated Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $ 4.7 | $ 4.8 |
Interest cost | 7.6 | 7.5 |
Expected return on plan assets | (15) | (13.5) |
Prior service credits | 0.5 | 0.6 |
Net actuarial loss | 5.3 | 5.3 |
Net periodic benefit credit | 3.1 | 4.7 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 0.5 | 0.5 |
Interest cost | 2.1 | 2.1 |
Expected return on plan assets | (4.6) | (4.4) |
Prior service credits | (0.8) | (0.7) |
Net actuarial loss | 1.2 | 1.2 |
Net periodic benefit credit | $ (1.6) | $ (1.3) |
PENSIONS AND OTHER POSTRETIRE70
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Pension Plans, Defined Benefit [Member] | ||
Definted Benefit Plan Disclosure [Line Items] | ||
Payment for Pension Benefits | $ 2.3 | $ 0 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Definted Benefit Plan Disclosure [Line Items] | ||
OPEB Contributions | $ 0 | $ 0 |
STOCK COMPENSATION PLANS (Assum
STOCK COMPENSATION PLANS (Assumptions Utilized to Estimate Fair Value for Performance Share Grants) (Details) | 3 Months Ended |
Mar. 31, 2018$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Date Market Price | $ 7.53 |
Average Expected Term | 2 years 10 months 9 days |
Expected Volatility | 86.80% |
Risk-Free Interest Rate | 2.42% |
Dividend Yield | 0.00% |
Fair Value | $ 11.93 |
Fair Value (Percent of Grant Date Market Price) | 158.43% |
STOCK COMPENSATION PLANS (Narra
STOCK COMPENSATION PLANS (Narrative) (Details) - 2015 Equity Plan [Member] shares in Millions | 3 Months Ended |
Mar. 31, 2018shares | |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of restricted shares granted | 0.7 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of restricted shares granted | 0.7 |
2017 to 2019 Performance Period [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share Based Goods And Nonemployee Services Transaction Valuation Method Payout Rate | 0.00% |
2017 to 2019 Performance Period [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share Based Goods And Nonemployee Services Transaction Valuation Method Payout Rate | 200.00% |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 0.10% | 5.40% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Income Tax Expense (Benefit) | $ 15.7 | $ (1.8) |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | $ (0.1) | |
Change in refundable AMT, amount | $ 14.5 |
LEASE OBLIGATIONS (Future Minim
LEASE OBLIGATIONS (Future Minimum Lease Payments) (Details) $ in Millions | Mar. 31, 2018USD ($) |
Capital Leases | |
2018 (April 1 - December 31) | $ 14.7 |
2,019 | 12 |
2,020 | 11 |
2,021 | 10.3 |
2,022 | 2.1 |
2023 and thereafter | 0 |
Total minimum lease payments | 50.1 |
Amounts representing interest | 7.6 |
Present value of net minimum lease payments | 42.5 |
Operating Leases | |
2018 (April 1 - December 31) | 3.3 |
2,019 | 1.9 |
2,020 | 1.8 |
2,021 | 1.8 |
2,022 | 1.8 |
2023 and thereafter | 7.5 |
Total minimum lease payments | 18.1 |
Other Current Liabilities [Member] | |
Capital Leases | |
Present value of net minimum lease payments | 14.6 |
Other Noncurrent Liabilities [Member] | |
Capital Leases | |
Present value of net minimum lease payments | $ 27.9 |
LEASE OBLIGATIONS (Narrative) (
LEASE OBLIGATIONS (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Leases [Abstract] | ||
Operating lease expense | $ 1.6 | $ 1.7 |
ENVIRONMENTAL AND MINE CLOSUR76
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Summary Of Mine Closure Obligations) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Loss Contingencies [Line Items] | ||
Environmental | $ 3.1 | $ 2.9 |
Mine Reclamation and Closing Liability, current and noncurrent | 199.4 | 197.2 |
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current And Noncurrent | 202.5 | 200.1 |
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current | 21.3 | 3.6 |
Environmental Loss Contingency And Mine Reclamation And Closing Liability Noncurrent | 181.2 | 196.5 |
U.S. Iron Ore [Member] | Owned Or Operating Facilities [Member] | ||
Loss Contingencies [Line Items] | ||
Mine Reclamation and Closing Liability, current and noncurrent | 170.7 | 168.4 |
Asia Pacific Iron Ore [Member] | ||
Loss Contingencies [Line Items] | ||
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current | 17.7 | |
Asia Pacific Iron Ore [Member] | Owned Or Operating Facilities [Member] | ||
Loss Contingencies [Line Items] | ||
Mine Reclamation and Closing Liability, current and noncurrent | $ 28.7 | $ 28.8 |
ENVIRONMENTAL AND MINE CLOSUR77
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Asset Retirement Obligation Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation [Roll Forward] | ||
Asset retirement obligation at beginning of period | $ 197.2 | $ 204 |
Accretion expense | 2.7 | 14.9 |
Asset Retirement Obligation, Liabilities Settled | (0.1) | (5.6) |
Exchange rate changes | (0.5) | 1.5 |
Revision in estimated cash flows | 0.1 | (17.6) |
Asset retirement obligation at end of period | $ 199.4 | $ 197.2 |
ENVIRONMENTAL AND MINE CLOSUR78
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Mar. 31, 2018 | |
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current | $ 3.6 | $ 21.3 |
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current And Noncurrent | 200.1 | 202.5 |
U.S. Iron Ore [Member] | ||
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | (26.2) | |
Asia Pacific Iron Ore [Member] | ||
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current | $ 17.7 | |
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | $ (10.1) |
GOODWILL AND OTHER INTANGIBLE79
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 | Mar. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Definite lived intangible assets - Gross Carrying Amount | $ 78.8 | $ 78.8 |
Definite lived intangible assets - Accumulated Amortization | (28.9) | (26.5) |
Definite lived intangible assets - Net Carrying Amount | $ 49.9 | $ 52.3 |
GOODWILL AND OTHER INTANGIBLE80
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Cost of Sales [Member] | |||
Goodwill [Line Items] | |||
Amortization expense relating to intangible assets | $ 2.6 | $ 0.6 | |
U.S. Iron Ore [Member] | |||
Goodwill [Line Items] | |||
Goodwill | $ 2 | $ 2 |
DERIVATIVE INSTRUMENTS (Schedul
DERIVATIVE INSTRUMENTS (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | |||
Derivative assets | $ 93.6 | $ 51 | $ 39.4 |
Derivative Liability | 4.4 | 2.7 | |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 93.6 | 39.4 | |
Derivative Liability | 4.2 | 2.4 | |
Not Designated as Hedging Instrument [Member] | Customer Supply Agreement [Member] | Derivative Financial Instruments, Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 91.2 | 37.9 | |
Not Designated as Hedging Instrument [Member] | Provisional Pricing Arrangements [Member] | Derivative Financial Instruments, Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 2.4 | 1.5 | |
Not Designated as Hedging Instrument [Member] | Provisional Pricing Arrangements [Member] | Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | 4.2 | 2.4 | |
Fair Value, Inputs, Level 3 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 93.6 | 39.4 | |
Derivative Liability | 4.2 | 2.4 | |
Fair Value, Inputs, Level 3 [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Derivative Financial Instruments, Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | 0.2 | 0.3 | |
Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Customer Supply Agreement [Member] | Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS (Sched82
DERIVATIVE INSTRUMENTS (Schedule Of Derivatives Not Designated As Hedging Instruments) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 45.1 | $ 32.2 |
Customer Supply Agreement [Member] | Product Revenues [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in income on derivative | 41.9 | 17.8 |
Provisional Pricing Arrangements [Member] | Product Revenues [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in income on derivative | 3.2 | 15.7 |
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 | $ (1.3) |
DERIVATIVE INSTRUMENTS (Narrati
DERIVATIVE INSTRUMENTS (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||||
Natural Gas Hedges | $ 3.5 | $ 3.5 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (0.4) | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.1 | |||
Derivative assets | 93.6 | $ 51 | 39.4 | |
Derivative Liability | 4.4 | 2.7 | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative assets | 93.6 | 39.4 | ||
Derivative Liability | 4.2 | 2.4 | ||
Customer Supply Agreement [Member] | Not Designated as Hedging Instrument [Member] | Product Revenues [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain/(loss) recognized in income on derivative | 41.9 | $ 17.8 | ||
Customer Supply Agreement [Member] | Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | ||||
Derivative [Line Items] | ||||
Derivative assets | 91.2 | 37.9 | ||
Provisional Pricing Arrangements [Member] | Not Designated as Hedging Instrument [Member] | Product Revenues [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain/(loss) recognized in income on derivative | 3.2 | $ 15.7 | ||
Provisional Pricing Arrangements [Member] | Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | ||||
Derivative [Line Items] | ||||
Derivative assets | $ 2.4 | $ 1.5 |
SHAREHOLDERS' EQUITY (Schedule
SHAREHOLDERS' EQUITY (Schedule of Shareholders' Equity) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stockholders' Equity Attributable to Parent | $ (485) | $ (410.3) | $ (444.3) | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 0.2 | 0.2 | 0.2 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (484.8) | $ (703) | $ (410.1) | (444.1) | $ (1,330.5) |
Cumulative Effect of New Accounting Principle in Period of Adoption | 34 | ||||
NET LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | (84.3) | (28.1) | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | (1.7) | |||
Net Loss | (84.3) | (29.8) | |||
Other comprehensive income (loss) | 7.7 | (3) | |||
OTHER COMPREHENSIVE LOSS ATTRIBUTABLE TO THE NONCONTROLLING INTEREST | 0 | (5) | |||
Other Comprehensive Income (Loss), Net of Tax | 7.7 | (8) | |||
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | (76.6) | (31.1) | |||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (76.6) | (37.8) | |||
Stock and Other Incentive Plans | 1.9 | 4 | |||
Cliffs Shareholders Equity [Member] | |||||
Stockholders' Equity Attributable to Parent | (485) | (830.1) | (444.3) | (1,464.3) | |
Cumulative Effect of New Accounting Principle in Period of Adoption | 34 | ||||
Net Income (Loss) Available to Common Stockholders, Basic | (84.3) | (28.1) | |||
Other comprehensive income (loss) | 7.7 | (3) | |||
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | (76.6) | (31.1) | |||
Stock and Other Incentive Plans | 1.9 | 4 | |||
Noncontrolling Interest [Member] | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0.2 | 127.1 | $ 0.2 | $ 133.8 | |
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | (1.7) | |||
OTHER COMPREHENSIVE LOSS ATTRIBUTABLE TO THE NONCONTROLLING INTEREST | 0 | (5) | |||
OTHER COMPREHENSIVE LOSS (INCOME) ATTRIBUTABLE TO THE NONCONTROLLING INTEREST | 0 | (6.7) | |||
Stock and Other Incentive Plans | $ 0 | 0 | |||
Common Stock [Member] | |||||
Stock Issued During Period, Value, New Issues | 661.3 | ||||
Common Stock [Member] | Cliffs Shareholders Equity [Member] | |||||
Stock Issued During Period, Value, New Issues | 661.3 | ||||
Common Stock [Member] | Noncontrolling Interest [Member] | |||||
Stock Issued During Period, Value, New Issues | $ 0 |
SHAREHOLDERS' EQUITY (Accumulat
SHAREHOLDERS' EQUITY (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning Balance | $ (444.1) | $ (1,330.5) |
Ending Balance | (484.8) | (703) |
Changes in Pension and Other Post-Retirement Benefits, net of tax [Member] | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning Balance | (263.9) | (260.6) |
Other comprehensive income (loss) before reclassifications | 0.5 | 3.3 |
Net loss reclassified from accumulated other comprehensive income (loss) | 6.2 | 6.4 |
Ending Balance | (257.2) | (250.9) |
Unrealized Net Gain (Loss) on Foreign Currency Translation [Member] | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning Balance | 225.4 | 239.3 |
Other comprehensive income (loss) before reclassifications | 0.7 | (12.7) |
Net loss reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Ending Balance | 226.1 | 226.6 |
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax [Member] | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning Balance | (0.5) | |
Other comprehensive income (loss) before reclassifications | 0.4 | |
Net loss reclassified from accumulated other comprehensive income (loss) | (0.1) | |
Ending Balance | (0.2) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning Balance | (39) | (21.3) |
Other comprehensive income (loss) before reclassifications | 1.6 | (9.4) |
Net loss reclassified from accumulated other comprehensive income (loss) | 6.1 | 6.4 |
Ending Balance | $ (31.3) | $ (24.3) |
SHAREHOLDERS' EQUITY (Details o
SHAREHOLDERS' EQUITY (Details of Accumulated Other Comprehensive Income (Loss) Components) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
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 | |
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) | $ 0 |
Net loss reclassified from accumulated other comprehensive income (loss) | 6.1 | 6.4 |
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] | ||
Amount of gain/(loss) recognized in income on derivative | (0.1) | 0 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Net loss reclassified from accumulated other comprehensive income (loss) | 6.2 | 6.4 |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Prior service credits | (0.3) | (0.1) |
Defined Benefit Plan, Amortization of Gain (Loss) | 6.5 | 6.5 |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | $ 6.2 | $ 6.4 |
SHAREHOLDERS' EQUITY (Narrative
SHAREHOLDERS' EQUITY (Narrative (Details) | Mar. 31, 2018 | Mar. 31, 2017 |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
Empire [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 79.00% |
Tilden [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 85.00% |
RELATED PARTIES (Summary Of Oth
RELATED PARTIES (Summary Of Other Ownership Interests) (Details) - Hibbing [Member] | Mar. 31, 2018 | Dec. 31, 2017 |
Arcelor Mittal [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership interest, equity method investment | 62.30% | |
U. S. Steel Canada [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership interest, equity method investment | 14.70% | |
Other Noncurrent Assets [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership interest, equity method investment | 23.00% | 23.00% |
RELATED PARTIES (Summary Of Rel
RELATED PARTIES (Summary Of Related Party Transactions Table Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Product revenues from related parties | $ 62.1 | $ 118.5 |
Product | $ 220.7 | $ 412.8 |
Related party product revenue as a percent of total product revenue | 28.10% | 28.70% |
RELATED PARTIES (Summary of Bal
RELATED PARTIES (Summary of Balance Sheet Presentation) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | |||
Partnership distribution payable | $ 44.2 | $ 44.2 | $ 44.2 |
Related Party Transaction, Due from (to) Related Party | 11.4 | 8.1 | |
Trade Accounts Receivable [Member] | |||
Related Party Transaction [Line Items] | |||
Due from Related Parties, Current | 7.9 | 68.1 | |
Derivative [Member] | |||
Related Party Transaction [Line Items] | |||
Due from Related Parties, Current | 91.3 | 37.9 | |
Due to Related Parties, Current | (42) | (41.4) | |
Accounts Payable [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties, Current | (1.2) | 0 | |
Other Current Liabilities [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties, Current | $ (0.4) | $ (12.3) |
RELATED PARTIES (Narrative) (De
RELATED PARTIES (Narrative) (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2018USD ($)Facility | Jan. 01, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||
Partnership distribution payable | $ 44.2 | $ 44.2 | $ 44.2 | |
U.S. Iron Ore [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of mines (in number of facilities) | Facility | 4 | |||
Joint Venture Partners [Member] | U.S. Iron Ore [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of mines (in number of facilities) | Facility | 1 | |||
Tilden [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 85.00% | ||
Empire [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Purchase of Noncontrolling Interest | $ 132.7 | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 79.00% | ||
Empire [Member] | Other Noncurrent Liabilities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Noncontrolling Interest Purchase, Installment Amount | $ 44.2 |
EARNINGS PER SHARE (Earnings Pe
EARNINGS PER SHARE (Earnings Per Share Computation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Loss from Continuing Operations | $ (84.8) | $ (30.3) |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | (1.7) |
Net Loss from Continuing Operations Attributable to Cliffs Shareholders | (84.8) | (28.6) |
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | 0.5 | 0.5 |
NET LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ (84.3) | $ (28.1) |
Weighted Average Number of Shares: | ||
Basic | 297,266 | 265,164 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 |
Diluted | 297,266 | 265,164 |
Loss per Common Share Attributable to Cliffs Common Shareholders - Basic: | ||
Continuing operations (in dollars per share) | $ (0.29) | $ (0.11) |
Discontinued operations (in dollars per share) | 0 | 0 |
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic (in dollars per share) | (0.29) | (0.11) |
Loss per Common Share Attributable to Cliffs Common Shareholders - Diluted: | ||
Continuing operations (in dollars per share) | (0.29) | (0.11) |
Discontinued operations (in dollars per share) | 0 | 0 |
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted (in dollars per share) | $ (0.29) | $ (0.11) |
EARNINGS PER SHARE (Narrative)
EARNINGS PER SHARE (Narrative) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.8 | 4.6 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Loss Contingencies [Line Items] | |||
Loss Contingency Accrual | $ 5 | ||
Loans to and accounts receivable from the Canadian Entities | 50.4 | $ 51.6 | $ 51.6 |
Contingent claims | 54.3 | $ 55.6 | $ 55.6 |
Michigan Electricity Matters [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency Accrual | $ 13 |
SUPPLEMENTARY GUARANTOR INFOR95
SUPPLEMENTARY GUARANTOR INFORMATION (Supplementary Statements of Condensed Consolidating Financial Position) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 786.6 | $ 1,007.7 | $ 1,007.7 | $ 295.3 | |
Accounts receivable, net | 47.2 | 217.2 | 140.6 | ||
Inventories | 324.4 | 132 | 183.4 | ||
Supplies and other inventories | 81.7 | 93.9 | 93.9 | ||
Derivative assets | 93.6 | 51 | 39.4 | ||
Loans to and accounts receivable from the Canadian Entities | 50.4 | 51.6 | 51.6 | ||
Other current assets | 28.5 | 28 | 28 | ||
Assets, Current | 1,412.4 | 1,581.4 | 1,544.6 | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 1,047.3 | 1,051 | 1,051 | ||
Deposits for property, plant and equipment | 74.1 | 17.8 | 17.8 | ||
Income Taxes Receivable | 219.9 | 235.3 | |||
Investment in subsidiaries | 0 | 0 | |||
Long term intercompany notes | 0 | 0 | |||
Other non-current assets | 109.2 | 104.7 | 104.7 | ||
Total Other Assets | 403.2 | 357.8 | 357.8 | ||
Assets | 2,862.9 | 2,990.2 | 2,953.4 | ||
Accounts payable | 99.5 | 129.1 | 127.7 | ||
Accrued expenses | 94.4 | 107.1 | 107.1 | ||
Accrued interest | 28.2 | 31.4 | 31.4 | ||
Contingent claims | 54.3 | 55.6 | 55.6 | ||
Partnership distribution payable | 44.2 | 44.2 | 44.2 | ||
Other current liabilities | 104.3 | 87.6 | 86.2 | ||
Liabilities, Current | 424.9 | 455 | 452.2 | ||
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES | 251.4 | 257.7 | 257.7 | ||
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 181.2 | 196.5 | 196.5 | ||
LONG-TERM DEBT | 2,308.2 | 2,304.2 | 2,304.2 | ||
Long term intercompany notes payable | 0 | 0 | |||
OTHER LIABILITIES | 182 | 186.9 | 186.9 | ||
Liabilities | 3,347.7 | 3,400.3 | 3,397.5 | ||
Stockholders' Equity Attributable to Parent | (485) | (410.3) | (444.3) | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 0.2 | 0.2 | 0.2 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (484.8) | (410.1) | (444.1) | $ (703) | $ (1,330.5) |
Liabilities and Equity | 2,862.9 | $ 2,990.2 | 2,953.4 | ||
Consolidation, Eliminations [Member] | |||||
Cash and cash equivalents | 0 | 0 | |||
Accounts receivable, net | (2.1) | (0.7) | |||
Inventories | 0 | 0 | |||
Supplies and other inventories | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Loans to and accounts receivable from the Canadian Entities | 0 | 0 | |||
Other current assets | 0 | 0 | |||
Assets, Current | (2.1) | (0.7) | |||
PROPERTY, PLANT AND EQUIPMENT, NET | 0 | 0 | |||
Deposits for property, plant and equipment | 0 | 0 | |||
Income Taxes Receivable | 0 | 0 | |||
Investment in subsidiaries | (1,213.1) | (1,054.2) | |||
Long term intercompany notes | (242) | (242) | |||
Other non-current assets | 0 | 0 | |||
Total Other Assets | (1,455.1) | (1,296.2) | |||
Assets | (1,457.2) | (1,296.9) | |||
Accounts payable | (2.1) | (0.7) | |||
Accrued expenses | 0 | 0 | |||
Accrued interest | 0 | 0 | |||
Contingent claims | 0 | 0 | |||
Partnership distribution payable | 0 | 0 | |||
Other current liabilities | 0 | 0 | |||
Liabilities, Current | (2.1) | (0.7) | |||
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES | 0 | 0 | |||
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 0 | 0 | |||
LONG-TERM DEBT | 0 | 0 | |||
Long term intercompany notes payable | (242) | (242) | |||
OTHER LIABILITIES | 0 | 0 | |||
Liabilities | (244.1) | (242.7) | |||
Stockholders' Equity Attributable to Parent | (1,213.1) | (1,054.2) | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,213.1) | (1,054.2) | |||
Liabilities and Equity | (1,457.2) | (1,296.9) | |||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Cash and cash equivalents | 32 | 56.7 | |||
Accounts receivable, net | 15.9 | 33.9 | |||
Inventories | 21.2 | 45 | |||
Supplies and other inventories | 0.3 | 5.1 | |||
Derivative assets | 0 | 1.5 | |||
Loans to and accounts receivable from the Canadian Entities | 0 | 0 | |||
Other current assets | 5.1 | 4.1 | |||
Assets, Current | 74.5 | 146.3 | |||
PROPERTY, PLANT AND EQUIPMENT, NET | 74.2 | 74.5 | |||
Deposits for property, plant and equipment | 72.2 | 16.5 | |||
Income Taxes Receivable | 0 | 0 | |||
Investment in subsidiaries | 0 | 0 | |||
Long term intercompany notes | 242 | 242 | |||
Other non-current assets | 2.4 | 5.2 | |||
Total Other Assets | 316.6 | 263.7 | |||
Assets | 465.3 | 484.5 | |||
Accounts payable | 25.2 | 31.6 | |||
Accrued expenses | 23.3 | 28.2 | |||
Accrued interest | 0 | 0 | |||
Contingent claims | 0 | 0 | |||
Partnership distribution payable | 0 | 0 | |||
Other current liabilities | 39.2 | 20.6 | |||
Liabilities, Current | 87.7 | 80.4 | |||
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES | (244.3) | (239.3) | |||
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 38.1 | 55.9 | |||
LONG-TERM DEBT | 0 | 0 | |||
Long term intercompany notes payable | 0 | 0 | |||
OTHER LIABILITIES | 21.6 | 24 | |||
Liabilities | (96.9) | (79) | |||
Stockholders' Equity Attributable to Parent | 562 | 563.3 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 0.2 | 0.2 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 562.2 | 563.5 | |||
Liabilities and Equity | 465.3 | 484.5 | |||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||
Cash and cash equivalents | 1 | 2.1 | |||
Accounts receivable, net | 27.7 | 102.9 | |||
Inventories | 303.2 | 138.4 | |||
Supplies and other inventories | 81.4 | 88.8 | |||
Derivative assets | 93.6 | 37.9 | |||
Loans to and accounts receivable from the Canadian Entities | 6.9 | 6.9 | |||
Other current assets | 7.9 | 7.5 | |||
Assets, Current | 521.7 | 384.5 | |||
PROPERTY, PLANT AND EQUIPMENT, NET | 956.9 | 959 | |||
Deposits for property, plant and equipment | 1.9 | 1.3 | |||
Income Taxes Receivable | 0 | 0 | |||
Investment in subsidiaries | 27.4 | 29.9 | |||
Long term intercompany notes | 0 | 0 | |||
Other non-current assets | 97.9 | 91.7 | |||
Total Other Assets | 127.2 | 122.9 | |||
Assets | 1,605.8 | 1,466.4 | |||
Accounts payable | 71.8 | 89.7 | |||
Accrued expenses | 60 | 59.9 | |||
Accrued interest | 0 | 0 | |||
Contingent claims | 0 | 0 | |||
Partnership distribution payable | 44.2 | 44.2 | |||
Other current liabilities | 63.3 | 63.5 | |||
Liabilities, Current | 239.3 | 257.3 | |||
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES | 429.6 | 430.6 | |||
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 143.1 | 140.6 | |||
LONG-TERM DEBT | 0 | 0 | |||
Long term intercompany notes payable | 0 | 0 | |||
OTHER LIABILITIES | 142.9 | 147.2 | |||
Liabilities | 954.9 | 975.7 | |||
Stockholders' Equity Attributable to Parent | 650.9 | 490.7 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 650.9 | 490.7 | |||
Liabilities and Equity | 1,605.8 | 1,466.4 | |||
Reportable Legal Entities [Member] | Cliffs Shareholders Equity [Member] | |||||
Cash and cash equivalents | 753.6 | 948.9 | |||
Accounts receivable, net | 5.7 | 4.5 | |||
Inventories | 0 | 0 | |||
Supplies and other inventories | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Loans to and accounts receivable from the Canadian Entities | 43.5 | 44.7 | |||
Other current assets | 15.5 | 16.4 | |||
Assets, Current | 818.3 | 1,014.5 | |||
PROPERTY, PLANT AND EQUIPMENT, NET | 16.2 | 17.5 | |||
Deposits for property, plant and equipment | 0 | 0 | |||
Income Taxes Receivable | 219.9 | 235.3 | |||
Investment in subsidiaries | 1,185.7 | 1,024.3 | |||
Long term intercompany notes | 0 | 0 | |||
Other non-current assets | 8.9 | 7.8 | |||
Total Other Assets | 1,414.5 | 1,267.4 | |||
Assets | 2,249 | 2,299.4 | |||
Accounts payable | 4.6 | 7.1 | |||
Accrued expenses | 11.1 | 19 | |||
Accrued interest | 28.2 | 31.4 | |||
Contingent claims | 54.3 | 55.6 | |||
Partnership distribution payable | 0 | 0 | |||
Other current liabilities | 1.8 | 2.1 | |||
Liabilities, Current | 100 | 115.2 | |||
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES | 66.1 | 66.4 | |||
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 0 | 0 | |||
LONG-TERM DEBT | 2,308.2 | 2,304.2 | |||
Long term intercompany notes payable | 242 | 242 | |||
OTHER LIABILITIES | 17.5 | 15.7 | |||
Liabilities | 2,733.8 | 2,743.5 | |||
Stockholders' Equity Attributable to Parent | (484.8) | (444.1) | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (484.8) | (444.1) | |||
Liabilities and Equity | $ 2,249 | $ 2,299.4 |
SUPPLEMENTARY GUARANTOR INFOR96
SUPPLEMENTARY GUARANTOR INFORMATION (Supplementary Statements of Condensed Consolidating Operations and Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Product | $ 220.7 | $ 412.8 |
Freight and venture partners' cost reimbursements | 18.3 | 48.8 |
Revenues | 239 | 461.6 |
Cost of Goods and Services Sold | (242.6) | (365.3) |
Sales margin | (3.6) | 96.3 |
Selling, General and Administrative Expense | (27.7) | (27.7) |
Miscellaneous - net | (8.7) | 11.5 |
Other operating expense | (36.4) | (16.2) |
Operating Income (Loss) | (40) | 80.1 |
Interest expense, net | (33.5) | (42.8) |
Loss on extinguishment of debt | 0 | (71.9) |
Other non-operating income | 4.4 | 2.5 |
Other expense | (29.1) | (112.2) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (69.1) | (32.1) |
Income Tax Expense (Benefit) | (15.7) | 1.8 |
Equity in income (loss) of subsidiaries | 0 | 0 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (84.8) | (30.3) |
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | 0.5 | 0.5 |
Net Loss | (84.3) | (29.8) |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | 0 | 1.7 |
NET LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | (84.3) | (28.1) |
Other comprehensive income (loss) | 7.7 | (3) |
TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | (76.6) | (31.1) |
Reportable Legal Entities [Member] | Cliffs Shareholders Equity [Member] | ||
Product | 0 | 0 |
Freight and venture partners' cost reimbursements | 0 | 0 |
Revenues | 0 | 0 |
Cost of Goods and Services Sold | 0 | 0 |
Sales margin | 0 | 0 |
Selling, General and Administrative Expense | (20.1) | (19.5) |
Miscellaneous - net | (0.2) | (0.1) |
Other operating expense | (20.3) | (19.6) |
Operating Income (Loss) | (20.3) | (19.6) |
Interest expense, net | (31.9) | (41.6) |
Loss on extinguishment of debt | (71.9) | |
Other non-operating income | (0.9) | (1) |
Other expense | (32.8) | (114.5) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (53.1) | (134.1) |
Income Tax Expense (Benefit) | (15.6) | 5.2 |
Equity in income (loss) of subsidiaries | (15.7) | 100.4 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (84.4) | (28.5) |
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | 0.1 | 0.4 |
Net Loss | (28.1) | |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | 0 | |
NET LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | (84.3) | (28.1) |
Other comprehensive income (loss) | 7.7 | (3) |
TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | (76.6) | (31.1) |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Product | 169.2 | 247.3 |
Freight and venture partners' cost reimbursements | 10.8 | 38.9 |
Revenues | 180 | 286.2 |
Cost of Goods and Services Sold | (118.5) | (237.2) |
Sales margin | 61.5 | 49 |
Selling, General and Administrative Expense | (4.3) | (4.4) |
Miscellaneous - net | (5.3) | (5.5) |
Other operating expense | (9.6) | (9.9) |
Operating Income (Loss) | 51.9 | 39.1 |
Interest expense, net | (0.8) | 0 |
Loss on extinguishment of debt | 0 | |
Other non-operating income | 0.5 | (0.8) |
Other expense | (0.3) | (0.8) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 51.6 | 38.3 |
Income Tax Expense (Benefit) | (0.1) | (0.8) |
Equity in income (loss) of subsidiaries | 4.5 | 3.2 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 56 | 40.7 |
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | 0.2 | 0.2 |
Net Loss | 40.9 | |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | 1.7 | |
NET LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | 56.2 | 42.6 |
Other comprehensive income (loss) | 5.9 | 10.8 |
TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | 62.1 | 53.4 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Product | 51.5 | 165.5 |
Freight and venture partners' cost reimbursements | 7.5 | 9.9 |
Revenues | 59 | 175.4 |
Cost of Goods and Services Sold | (124.1) | (128.1) |
Sales margin | (65.1) | 47.3 |
Selling, General and Administrative Expense | (3.3) | (3.8) |
Miscellaneous - net | (3.2) | 17.1 |
Other operating expense | (6.5) | 13.3 |
Operating Income (Loss) | (71.6) | 60.6 |
Interest expense, net | (0.8) | (1.2) |
Loss on extinguishment of debt | 0 | |
Other non-operating income | 4.8 | 4.3 |
Other expense | 4 | 3.1 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (67.6) | 63.7 |
Income Tax Expense (Benefit) | 0 | (2.6) |
Equity in income (loss) of subsidiaries | 0 | 0 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (67.6) | 61.1 |
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | 0.2 | (0.1) |
Net Loss | 61 | |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | 0 | |
NET LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | (67.4) | 61 |
Other comprehensive income (loss) | 0.8 | (17.8) |
TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | (66.6) | 43.2 |
Consolidation, Eliminations [Member] | ||
Product | 0 | 0 |
Freight and venture partners' cost reimbursements | 0 | 0 |
Revenues | 0 | 0 |
Cost of Goods and Services Sold | 0 | 0 |
Sales margin | 0 | 0 |
Selling, General and Administrative Expense | 0 | 0 |
Miscellaneous - net | 0 | 0 |
Other operating expense | 0 | 0 |
Operating Income (Loss) | 0 | 0 |
Interest expense, net | 0 | 0 |
Loss on extinguishment of debt | 0 | |
Other non-operating income | 0 | 0 |
Other expense | 0 | 0 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 |
Equity in income (loss) of subsidiaries | 11.2 | (103.6) |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 11.2 | (103.6) |
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | 0 | 0 |
Net Loss | (103.6) | |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | 0 | |
NET LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | 11.2 | (103.6) |
Other comprehensive income (loss) | (6.7) | 7 |
TOTAL COMPREHENSIVE LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ 4.5 | $ (96.6) |
SUPPLEMENTARY GUARANTOR INFOR97
SUPPLEMENTARY GUARANTOR INFORMATION (Supplementary Statements of Condensed Consolidating Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Cash Provided by (Used in) Operating Activities | $ (142.9) | $ (25.1) | ||
Property, Plant and Equipment, Cash Additions | (12.4) | (25.9) | ||
Purchase of property, plant and equipment | (59) | (2) | ||
Intercompany investments | 0 | 0 | ||
Other investing activities | 0 | 0.5 | ||
Net Cash Provided by (Used in) Investing Activities | (71.4) | (27.4) | ||
Net proceeds from issuance of common shares | 0 | 661.3 | ||
Proceeds from issuance of debt | 0 | 500 | ||
Debt issuance costs | (1.5) | (8.5) | ||
Gain (Loss) on Repurchase of Debt Instrument | (1,115.5) | |||
Distributions of partnership equity | 0 | (8.7) | ||
Intercompany financing | 0 | 0 | ||
Other financing activities | (5.5) | (5.6) | ||
Net Cash Provided by (Used in) Financing Activities | (7) | 23 | ||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0.2 | 1.4 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (221.1) | (28.1) | ||
Cash And Cash Equivalents, At Carrying Value, Including Assets Held For Sale | 786.6 | 295.3 | $ 1,007.7 | $ 323.4 |
Reportable Legal Entities [Member] | Cliffs Shareholders Equity [Member] | ||||
Net Cash Provided by (Used in) Operating Activities | (54.7) | (99.5) | ||
Property, Plant and Equipment, Cash Additions | 0 | (0.8) | ||
Purchase of property, plant and equipment | 0 | 0 | ||
Intercompany investments | (137.7) | (56.5) | ||
Other investing activities | 0 | |||
Net Cash Provided by (Used in) Investing Activities | (137.7) | (57.3) | ||
Net proceeds from issuance of common shares | 661.3 | |||
Proceeds from issuance of debt | 500 | |||
Debt issuance costs | (1.5) | (8.5) | ||
Gain (Loss) on Repurchase of Debt Instrument | (1,115.5) | |||
Distributions of partnership equity | 0 | |||
Intercompany financing | 0 | 45.1 | ||
Other financing activities | (1.4) | (0.5) | ||
Net Cash Provided by (Used in) Financing Activities | (2.9) | 81.9 | ||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (195.3) | (74.9) | ||
Cash And Cash Equivalents, At Carrying Value, Including Assets Held For Sale | 753.6 | 208.5 | 948.9 | 283.4 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Net Cash Provided by (Used in) Operating Activities | (62.8) | (19.7) | ||
Property, Plant and Equipment, Cash Additions | (8.1) | (24.9) | ||
Purchase of property, plant and equipment | (0.8) | (2) | ||
Intercompany investments | (4.8) | (0.5) | ||
Other investing activities | 0.5 | |||
Net Cash Provided by (Used in) Investing Activities | (13.7) | (26.9) | ||
Net proceeds from issuance of common shares | 0 | |||
Proceeds from issuance of debt | 0 | |||
Debt issuance costs | 0 | 0 | ||
Gain (Loss) on Repurchase of Debt Instrument | 0 | |||
Distributions of partnership equity | (8.7) | |||
Intercompany financing | 75.9 | 55.8 | ||
Other financing activities | (0.5) | (0.7) | ||
Net Cash Provided by (Used in) Financing Activities | 75.4 | 46.4 | ||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (1.1) | (0.2) | ||
Cash And Cash Equivalents, At Carrying Value, Including Assets Held For Sale | 1 | 2.3 | 2.1 | 2.5 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Net Cash Provided by (Used in) Operating Activities | (25.4) | 94.1 | ||
Property, Plant and Equipment, Cash Additions | (4.3) | (0.2) | ||
Purchase of property, plant and equipment | (58.2) | 0 | ||
Intercompany investments | 0 | (45) | ||
Other investing activities | 0 | |||
Net Cash Provided by (Used in) Investing Activities | (62.5) | (45.2) | ||
Net proceeds from issuance of common shares | 0 | |||
Proceeds from issuance of debt | 0 | |||
Debt issuance costs | 0 | 0 | ||
Gain (Loss) on Repurchase of Debt Instrument | 0 | |||
Distributions of partnership equity | 0 | |||
Intercompany financing | 66.6 | 1.1 | ||
Other financing activities | (3.6) | (4.4) | ||
Net Cash Provided by (Used in) Financing Activities | 63 | (3.3) | ||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0.2 | 1.4 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | (24.7) | 47 | ||
Cash And Cash Equivalents, At Carrying Value, Including Assets Held For Sale | 32 | 84.5 | 56.7 | 37.5 |
Consolidation, Eliminations [Member] | ||||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | ||
Property, Plant and Equipment, Cash Additions | 0 | 0 | ||
Purchase of property, plant and equipment | 0 | 0 | ||
Intercompany investments | 142.5 | 102 | ||
Other investing activities | 0 | |||
Net Cash Provided by (Used in) Investing Activities | 142.5 | 102 | ||
Net proceeds from issuance of common shares | 0 | |||
Proceeds from issuance of debt | 0 | |||
Debt issuance costs | 0 | 0 | ||
Gain (Loss) on Repurchase of Debt Instrument | 0 | |||
Distributions of partnership equity | 0 | |||
Intercompany financing | (142.5) | (102) | ||
Other financing activities | 0 | 0 | ||
Net Cash Provided by (Used in) Financing Activities | (142.5) | (102) | ||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 0 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | ||
Cash And Cash Equivalents, At Carrying Value, Including Assets Held For Sale | $ 0 | $ 0 | $ 0 | $ 0 |
SUPPLEMENTARY GUARANTOR INFOR98
SUPPLEMENTARY GUARANTOR INFORMATION (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |
$1,075 Million 5.75% 2025 Senior Notes [Member] | ||
Debt Instrument, Par Value | $ 1,075 | $ 1,075 |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% |