Annual report pursuant to Section 13 and 15(d)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

v3.8.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping [Table Text Block]
The following represents the assets and liabilities of the Company measured at fair value at December 31, 2017 and 2016:
 
(In Millions)
 
December 31, 2017
Description
Quoted Prices in Active
Markets for Identical Assets/Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
66.3

 
$
550.6

 
$
—

 
$
616.9

Derivative assets
—

 
—

 
39.4

 
39.4

Total
$
66.3

 
$
550.6

 
$
39.4

 
$
656.3

Liabilities:
 
 
 
 
 
 
 
Derivative liabilities
$
—

 
$
0.3

 
$
2.4

 
$
2.7

Total
$
—

 
$
0.3

 
$
2.4

 
$
2.7

 
(In Millions)
 
December 31, 2016
Description
Quoted Prices in Active
Markets for Identical
Assets/Liabilities (Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
177.0

 
$
—

 
$
—

 
$
177.0

Derivative assets
—

 
1.5

 
31.6

 
33.1

Total
$
177.0

 
$
1.5

 
$
31.6

 
$
210.1

Liabilities:
 
 
 
 
 
 
 
Derivative liabilities
$
—

 
$
—

 
$
0.5

 
$
0.5

Total
$
—

 
$
—

 
$
0.5

 
$
0.5

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value, Recurring and Nonrecurring, Valuation Techniques
The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy:
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
($ in millions)
 
Fair Value at
December 31, 2017
 
Balance Sheet Location
 
Valuation Technique
 
Unobservable Input
 
Range or Point Estimate
(Weighted Average)
 
Customer Supply Agreement
 
$
37.9

 
Derivative assets
 
Market Approach
 
Management's Estimate of Market Hot-Rolled Coil Steel per net ton
 
$655
Provisional Pricing Arrangements
 
$
1.5

 
Derivative assets
 
Market Approach
 
Management's
Estimate of Platts 62% Price per dry metric ton
 
$72 - $74 ($72)
Provisional Pricing Arrangements
 
$
2.4

 
Other current liabilities
 
Market Approach
 
Management's
Estimate of Platts 62% Price per dry metric ton
 
$72 - $74 ($72)
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation
 
(In Millions)
 
Derivative Assets (Level 3)
 
Derivative Liabilities
(Level 3)
 
Year Ended
December 31,
 
Year Ended
December 31,
 
2017
 
2016
 
2017
 
2016
Beginning balance - January 1
$
31.6

 
$
7.8

 
$
(0.5
)
 
$
(3.4
)
Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
195.8

 
103.8

 
(91.1
)
 
(14.1
)
Settlements
(188.0
)
 
(80.0
)
 
89.2

 
17.0

Ending balance - December 31
$
39.4

 
$
31.6

 
$
(2.4
)
 
$
(0.5
)
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) on assets still held at the reporting date
$
39.4

 
$
23.7

 
$
(2.4
)
 
$
(0.5
)
Schedule Of Carrying Value And Fair Value Of Financial Instruments
A summary of the carrying amount and fair value of other financial instruments at December 31, 2017 and 2016 is as follows:
 
 
 
(In Millions)
 
 
 
December 31, 2017
 
December 31, 2016
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair
Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Secured Notes
 
 
 
 
 
 
 
 
 
$400 Million 4.875% 2024 Senior Notes
Level 1
 
$
390.3

 
$
398.0

 
$
—

 
$
—

$540 Million 8.25% 2020 First Lien Notes
Level 1
 
—

 
—

 
506.3

 
595.0

$218.5 Million 8.00% 2020 1.5 Lien Notes
Level 2
 
—

 
—

 
284.2

 
229.5

$544.2 Million 7.75% 2020 Second Lien Notes
Level 1
 
—

 
—

 
339.1

 
439.7

Unsecured Notes
 
 
 
 
 
 
 
 
 
$400 Million 5.90% 2020 Senior Notes
Level 1
 
88.6

 
88.0

 
224.5

 
219.6

$500 Million 4.80% 2020 Senior Notes
Level 1
 
122.0

 
118.8

 
235.9

 
221.1

$700 Million 4.875% 2021 Senior Notes
Level 1
 
138.0

 
130.8

 
308.2

 
283.1

$316.25 Million 1.50% 2025 Convertible Senior Notes
Level 1
 
224.1

 
352.9

 
—

 
—

$1.075 Billion 5.75% 2025 Senior Notes
Level 1
 
1,047.2

 
1,029.3

 
—

 
—

$800 Million 6.25% 2040 Senior Notes
Level 1
 
292.6

 
227.1

 
292.5

 
234.7

ABL Facility
Level 2
 
—

 
—

 
—

 
—

Fair Value Adjustment to Interest Rate Hedge
Level 2
 
1.4

 
1.4

 
1.9

 
1.9

Total long-term debt
 
 
$
2,304.2

 
$
2,346.3

 
$
2,192.6

 
$
2,224.6