Cleveland-Cliffs Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2013

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 as of March 31, 2013 and December 31, 2012:



	(In Millions)
	Derivative Assets						Derivative Liabilities
	March 31, 2013			December 31, 2012			March 31, 2013			December 31, 2012
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:
Foreign Exchange Contracts	Derivative assets	$	13.1	Derivative assets	$	16.2	Other current liabilities	$	8.5	Other current liabilities	$	1.9
Total derivatives designated as hedging instruments under ASC 815		$	13.1		$	16.2		$	8.5		$	1.9
Derivatives not designated as hedging instruments under ASC 815:
Customer Supply Agreements	Derivative assets	$	49.4	Derivative assets	$	58.9		$	—		$	—
Provisional Pricing Arrangements	Derivative assets	3.9		Derivative assets	3.5		Other current liabilities	6.8		Other current liabilities	11.3
Total derivatives not designated as hedging instruments under ASC 815		$	53.3		$	62.4		$	6.8		$	11.3
Total derivatives		$	66.4		$	78.6		$	15.3		$	13.2

Schedule Of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Income

The following summarizes the effect of our derivatives designated as hedging instruments, net of tax in Accumulated other comprehensive loss in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March 31, 2013 and 2012:



	(In Millions)
Derivatives in Cash Flow	Amount of Gain (Loss) Recognized in OCI on Derivative					Location of Gain Reclassified from Accumulated OCI into Earnings	Amount of Gain Reclassified from Accumulated OCI into Earnings
Hedging Relationships	(Effective Portion)					(Effective Portion)	(Effective Portion)
	Three Months Ended March 31,						Three Months Ended March 31,
	2013			2012			2013		2012
Australian Dollar Foreign Exchange Contracts (hedge designation)	$	3.2		$	3.0	Product revenues	$	1.8	$	3.1
Canadian Dollar Foreign Exchange Contracts (hedge designation)	(8.2		)	0.7		Cost of goods sold and operating expenses	0.2		0.5
Total	$	(5.0	)	$	3.7		$	2.0	$	3.6

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 for the three months ended March 31, 2013 and 2012:



(In Millions)
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative
		Three Months Ended March 31,
		2013			2012
Foreign Exchange Contracts	Other income (expense)	$	—		$	0.3
Customer Supply Agreements	Product revenues	24.1			39.2
Provisional Pricing Arrangements	Product revenues	(2.9		)	3.0
Total		$	21.2		$	42.5

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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