Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.8.0.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2018
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:
 
(In Millions)
 
March 31, 2018
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
$
36.0

 
$
490.6

 
$
—

 
$
526.6

Derivative assets
—

 
—

 
93.6

 
93.6

Total
$
36.0

 
$
490.6

 
$
93.6

 
$
620.2

Liabilities:
 
 
 
 
 
 
 
Derivative liabilities
$
—

 
$
0.2

 
$
4.2

 
$
4.4

Total
$
—

 
$
0.2

 
$
4.2

 
$
4.4

 
(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

Fair Value, Recurring and Nonrecurring, Valuation Techniques
The following table illustrates information about quantitative inputs and assumptions for the assets and liabilities categorized in Level 3 of the fair value hierarchy:
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
 
 
(In Millions)
Fair Value at March 31, 2018
 
Balance Sheet
Location
 
Valuation Technique
 
Unobservable Input
 
Range or Point Estimate
(Weighted Average)
 
Customer supply agreements
 
$
91.2

 
Derivative assets
 
Market Approach
 
Management's Estimate of Market Hot-Rolled Coil Steel per net ton
 
$752
Provisional pricing arrangements
 
$
2.4

 
Derivative assets
 
Market Approach
 
Management's
Estimate of Platts 62% Price
per dry metric ton
 
$63 - $71
($66)
Provisional pricing arrangements
 
$
4.2

 
Other Current Liabilities
 
Market Approach
 
Management's
Estimate of Platts 62% Price
per dry metric ton
 
$63 - $71
($66)
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation
 
(In Millions)
 
Level 3 Assets
 
Three Months Ended
March 31,
 
2018
 
2017
Beginning balance1
$
51.0

 
$
31.6

Total gains (losses)
 
 
 
Included in earnings
49.1

 
42.1

Settlements
(6.5
)
 
(14.3
)
Ending balance - March 31
$
93.6

 
$
59.4

Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
44.5

 
$
33.2

 
 
 
 
1 Beginning balance as of January 1, 2018 includes an $11.6 million adjustment for adoption of Topic 606.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
 
(In Millions)
 
Level 3 Liabilities
 
Three Months Ended
March 31,
 
2018
 
2017
Beginning balance
$
(2.4
)
 
$
(0.5
)
Total gains (losses)
 
 
 
Included in earnings
(4.0
)
 
(8.6
)
Settlements
2.2

 
—

Ending balance - March 31
$
(4.2
)
 
$
(9.1
)
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
(4.2
)
 
$
(9.1
)
Schedule Of Carrying Value And Fair Value Of Financial Instruments
A summary of the carrying amount and fair value of other financial instruments were as follows:
 
 
 
(In Millions)
 
 
 
March 31, 2018
 
December 31, 2017
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Secured Notes
 
 
 
 
 
 
 
 
 
$400 Million 4.875% 2024 Senior Notes
Level 1
 
$
390.8

 
$
389.0

 
$
390.3

 
$
398.0

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

 
89.1

 
88.6

 
88.0

$500 Million 4.80% 2020 Senior Notes
Level 1
 
122.1

 
120.3

 
122.0

 
118.8

$700 Million 4.875% 2021 Senior Notes
Level 1
 
138.0

 
135.4

 
138.0

 
130.8

$316.25 Million 1.50% 2025 Convertible Senior Notes
Level 1
 
226.8

 
340.0

 
224.1

 
352.9

$1.075 Billion 5.75% 2025 Senior Notes
Level 1
 
1,047.9

 
1,026.6

 
1,047.2

 
1,029.3

$800 Million 6.25% 2040 Senior Notes
Level 1
 
292.7

 
251.1

 
292.6

 
227.1

ABL Facility
Level 2
 
—

 
—

 
—

 
—

Fair value adjustment to interest rate hedge
Level 2
 
1.3

 
1.3

 
1.4

 
1.4

Total long-term debt
 
 
$
2,308.2

 
$
2,352.8

 
$
2,304.2

 
$
2,346.3

Fair Value Measurements, Nonrecurring [Table Text Block]
Items Measured at Fair Value on a Non-Recurring Basis
The following tables present information about the financial assets and liabilities that were measured on a fair value basis. The tables also indicate the fair value hierarchy of the valuation techniques used to determine such fair value.
 
 
(In Millions)
 
 
March 31, 2018
Description
 
Quoted Prices in Active
Markets for Identical Assets/
Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
 
Total Year-to-Date Loss
Assets:
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivables from the Canadian Entities
 
$
—

 
$
—

 
$
50.4

 
$
50.4

 
$
(1.2
)
Long-lived assets - Asia Pacific Iron Ore
 
$
—

 
$
—

 
$
—

 
$
—

 
$
(2.6
)
    
 
 
(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
 
Total Year-to-Date Gains
Assets:
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivables from the Canadian Entities
 
$
—

 
$
—

 
$
51.6

 
$
51.6

 
$
3.0

Liabilities:
 
 
 
 
 
 
 
 
 
 
Guarantees
 
$
—

 
$
—

 
$
—

 
$
—

 
$
31.4