| 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.
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|
|
|
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|
|
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 |
|
|