Annual report pursuant to Section 13 and 15(d)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

v3.6.0.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping [Table Text Block]
The following represents the assets and liabilities of the Company measured at fair value at December 31, 2016 and 2015:
 
(In Millions)
 
December 31, 2016
Description
Quoted Prices in Active
Markets for Identical Assets/Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
177.0

 
$
—

 
$
—

 
$
177.0

Derivative assets
—

 
1.5

 
31.6

 
33.1

Total
$
177.0

 
$
1.5

 
$
31.6

 
$
210.1

Liabilities:
 
 
 
 
 
 
 
Derivative liabilities
$
—

 
$
—

 
$
0.5

 
$
0.5

Total
$
—

 
$
—

 
$
0.5

 
$
0.5

 
(In Millions)
 
December 31, 2015
Description
Quoted Prices in Active
Markets for Identical
Assets/Liabilities (Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
30.0

 
$
—

 
$
—

 
$
30.0

Derivative assets
—

 
—

 
7.8

 
7.8

Total
$
30.0

 
$
—

 
$
7.8

 
$
37.8

Liabilities:
 
 
 
 
 
 
 
Derivative liabilities
$
—

 
$
0.6

 
$
3.4

 
$
4.0

Total
$
—

 
$
0.6

 
$
3.4

 
$
4.0

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Recurring and Nonrecurring, Valuation Techniques
The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy:
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
($ in millions)
 
Fair Value at
December 31, 2016
 
Balance Sheet Location
 
Valuation Technique
 
Unobservable Input
 
Range or Point Estimate
(Weighted Average)
 
Provisional Pricing Arrangements
 
$
10.3

 
Other current assets
 
Market Approach
 
Management's
Estimate of Platts 62% Price
 
$80
 
$
0.5

 
Other current liabilities
 
 
 
Customer Supply Agreement
 
$
21.3

 
Other current assets
 
Market Approach
 
Hot-Rolled Coil Estimate
 
$505 - $620 ($555)
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation
The following tables represent a reconciliation of the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2016 and 2015.
 
(In Millions)
 
Derivative Assets (Level 3)
 
Derivative Liabilities
(Level 3)
 
Year Ended
December 31,
 
Year Ended
December 31,
 
2016
 
2015
 
2016
 
2015
Beginning balance - January 1
$
7.8

 
$
63.2

 
$
(3.4
)
 
$
(9.5
)
Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
103.8

 
35.1

 
(14.1
)
 
(61.0
)
Settlements
(80.0
)
 
(90.5
)
 
17.0

 
67.1

Transfers into Level 3
—

 
—

 
—

 
—

Transfers out of Level 3
—

 
—

 
—

 
—

Ending balance - December 31
$
31.6

 
$
7.8

 
$
(0.5
)
 
$
(3.4
)
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) on assets still held at the reporting date
$
23.7

 
$
29.1

 
$
(0.5
)
 
$
(3.4
)
Schedule Of Carrying Value And Fair Value Of Financial Instruments
A summary of the carrying amount and fair value of other financial instruments at December 31, 2016 and 2015 were as follows:
 
 
 
(In Millions)
 
 
 
December 31, 2016
 
December 31, 2015
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair
Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Secured Notes
 
 
 
 
 
 
 
 
 
Senior First Lien Notes—$540 million
Level 1
 
$
506.3

 
$
595.0

 
$
497.4

 
$
414.5

1.5 Senior Lien Notes—$218 million
Level 2
 
284.2

 
229.5

 
—

 
—

Senior Second Lien Notes—$544.2 million
Level 1
 
339.1

 
439.7

 
403.2

 
134.7

Unsecured Notes
 
 
 
 
 
 
 
 
 
Senior Notes—$400 million
Level 1
 
224.5

 
219.6

 
288.9

 
52.8

Senior Notes—$1.3 billion
Level 1
 
528.4

 
455.8

 
787.9

 
137.4

Senior Notes—$700 million
Level 1
 
308.2

 
283.1

 
410.6

 
69.4

Senior Notes—$500 million
Level 1
 
—

 
—

 
309.1

 
87.1

ABL Facility
Level 2
 
—

 
—

 
—

 
—

Fair Value Adjustment to Interest Rate Hedge
Level 2
 
1.9

 
1.9

 
2.3

 
2.3

Total long-term debt
 
 
$
2,192.6

 
$
2,224.6

 
$
2,699.4

 
$
898.2

Fair Value Measurements, Nonrecurring
There were no financial and non-financial assets and liabilities that were measured on a non-recurring fair value basis at December 31, 2016 and 2015.