Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.10.0.1
DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
The charts below provide an asset group breakout for each financial statement line impacted by discontinued operations.
 
 
(In Millions)
 
 
Three Months Ended June 30,
 
Six Months Ended
June 30,
 
 
2018
 
2017
 
2018
 
2017
Loss from Discontinued Operations, net of tax
 
 
 
 
 
 
 
 
Asia Pacific Iron Ore
 
$
(53.3
)
 
$
(7.3
)
 
$
(124.7
)
 
$
41.0

North American Coal
 
(0.3
)
 
2.6

 
0.1

 
2.6

Canadian Operations
 
(10.7
)
 
(49.0
)
 
(10.6
)
 
(48.6
)
 
 
$
(64.3
)
 
$
(53.7
)
 
$
(135.2
)
 
$
(5.0
)
 
 
(In Millions)
 
 
June 30,
2018
 
December 31,
2017
 
 
Asia Pacific Iron Ore
 
North American Coal
 
Total
 
Asia Pacific Iron Ore
 
North American Coal
 
Total
Current assets of discontinued operations
 
$
45.3

 
$
—

 
$
45.3

 
$
118.5

 
$
—

 
$
118.5

Non-current assets of discontinued operations
 
$
—

 
$
—

 
$
—

 
$
20.3

 
$
—

 
$
20.3

Current liabilities of discontinued operations
 
$
114.4

 
$
2.9

 
$
117.3

 
$
71.8

 
$
3.2

 
$
75.0

Non-current liabilities of discontinued operations
 
$
10.3

 
$
—

 
$
10.3

 
$
52.2

 
$
—

 
$
52.2

 
 
(In Millions)
 
 
Six Months Ended
June 30,
 
 
2018
 
2017
Net cash provided (used) by operating activities
 
 
 
 
Asia Pacific Iron Ore
 
$
(31.7
)
 
$
92.2

Canadian Operations
 
(14.6
)
 
—

 
 
$
(46.3
)
 
$
92.2

 
 
 
 
 
Net cash provided (used) by investing activities
 
 
 
 
Asia Pacific Iron Ore
 
$
14.1

 
$
(0.8
)
 
 
$
14.1

 
$
(0.8
)
Schedule of Disposal Groups, including Discontinued Operations, Income Statement
For the reasons discussed above, our previously reported Asia Pacific Iron Ore operating segment results for all periods prior to June 30, 2018, as well as exit costs, are classified as discontinued operations.
 
 
(In Millions)
 
 
Three Months Ended June 30,
 
Six Months Ended
June 30,
Loss from Discontinued Operations
 
2018
 
2017
 
2018
 
2017
Revenues from product sales and services
 
$
70.1

 
$
98.0

 
$
129.1

 
$
273.4

Cost of goods sold and operating expenses
 
(106.1
)
 
(97.1
)
 
(230.2
)
 
(225.2
)
Sales margin
 
(36.0
)
 
0.9

 
(101.1
)
 
48.2

Other operating expense
 
(16.2
)
 
(3.2
)
 
(18.8
)
 
(3.7
)
Other expense
 
(1.1
)
 
(1.3
)
 
(2.2
)
 
(2.7
)
Loss from discontinued operations before income taxes
 
(53.3
)
 
(3.6
)
 
(122.1
)
 
41.8

Impairment of long-lived assets
 
—

 
—

 
(2.6
)
 
—

Income tax expense
 
—

 
(3.7
)
 
—

 
(0.8
)
Loss from discontinued operations, net of tax
 
$
(53.3
)
 
$
(7.3
)
 
$
(124.7
)
 
$
41.0

Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities
Recorded Assets and Liabilities
 
 
(In Millions)
Assets and Liabilities of Discontinued Operations
 
June 30,
2018
 
December 31,
2017
Cash and cash equivalents
 
$
29.4

 
$
29.4

Accounts receivable, net
 
12.5

 
33.9

Inventories
 
—

 
45.0

Supplies and other inventories
 
—

 
5.1

Other current assets
 
3.4

 
5.1

Total current assets of discontinued operations
 
45.3

 
118.5

Property, plant and equipment, net
 
—

 
17.2

Other non-current assets
 
—

 
3.1

Total assets of discontinued operations
 
$
45.3

 
$
138.8

 
 
 
 
 
Accounts payable
 
$
74.3

 
$
28.2

Accrued liabilities
 
21.1

 
28.0

Other current liabilities
 
19.0

 
15.6

Total current liabilities of discontinued operations
 
114.4

 
71.8

Environmental and mine closure obligations
 
10.3

 
28.8

Other liabilities
 
—

 
23.4

Total liabilities of discontinued operations
 
$
124.7

 
$
124.0