Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.5.0.2
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Fair Value, Recurring and Nonrecurring, Valuation Techniques
The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy:
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
 
 
(In Millions)
Fair Value at September 30, 2016
 
Balance Sheet Location
 
Valuation Technique
 
Unobservable Input
 
Range or Point Estimate per dry metric ton
(Weighted Average)
 
Provisional pricing arrangements
 
$
0.4

 
Other current assets
 
Market Approach
 
Management's
Estimate of 62% Fe
 
$56
 
$
2.7

 
Other current liabilities
 
 
 
Customer supply agreement
 
$
28.0

 
Other current assets
 
Market Approach
 
Hot-Rolled Coil Estimate
 
$430 - $530 ($470)
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation
The following tables represent a reconciliation of the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2016 and 2015.
 
(In Millions)
 
Derivative Assets (Level 3)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2016
 
2015
 
2016
 
2015
Beginning balance
$
25.8

 
$
7.7

 
$
7.8

 
$
63.2

Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
14.6

 
15.0

 
62.6

 
28.1

Settlements
(12.0
)
 
(12.3
)
 
(42.0
)
 
(80.9
)
Transfers into Level 3
—

 
—

 
—

 
—

Transfers out of Level 3
—

 
—

 
—

 
—

Ending balance - September 30
$
28.4

 
$
10.4

 
$
28.4

 
$
10.4

Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
8.2

 
$
12.2

 
$
24.7

 
$
22.7

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
 
(In Millions)
 
Derivative Liabilities (Level 3)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2016
 
2015
 
2016
 
2015
Beginning balance
$
(2.6
)
 
$
(8.0
)
 
$
(3.4
)
 
$
(9.5
)
Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
(2.9
)
 
(13.7
)
 
(12.8
)
 
(45.4
)
Settlements
2.8

 
20.9

 
13.5

 
54.1

Transfers into Level 3
—

 
—

 
—

 
—

Transfers out of Level 3
—

 
—

 
—

 
—

Ending balance - September 30
$
(2.7
)
 
$
(0.8
)
 
$
(2.7
)
 
$
(0.8
)
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
(2.7
)
 
$
(0.5
)
 
$
(2.7
)
 
$
(0.8
)
Schedule Of Carrying Value And Fair Value Of Financial Instruments
A summary of the carrying amount and fair value of other financial instruments at September 30, 2016 and December 31, 2015 were as follows:
 
 
 
(In Millions)
 
 
 
September 30, 2016
 
December 31, 2015
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Senior Notes—$700 million
Level 1
 
$
324.3

 
$
260.6

 
$
410.6

 
$
69.4

Senior Notes—$1.3 billion
Level 1
 
536.4

 
400.7

 
787.9

 
137.4

Senior Notes—$400 million
Level 1
 
224.4

 
194.9

 
288.9

 
52.8

Senior Notes—$500 million
Level 1
 
—

 
—

 
309.1

 
87.1

Senior First Lien Notes —$540 million
Level 1
 
504.0

 
573.2

 
497.4

 
414.5

Senior 1.5 Lien Notes —$218.5 million
Level 2
 
288.5

 
210.9

 
—

 
—

Senior Second Lien Notes —$544.2 million
Level 1
 
333.8

 
402.8

 
403.2

 
134.7

ABL Facility
Level 2
 
—

 
—

 
—

 
—

Fair value adjustment to interest rate hedge
Level 2
 
2.0

 
2.0

 
2.3

 
2.3

Total long-term debt
 
 
$
2,213.4

 
$
2,045.1

 
$
2,699.4

 
$
898.2