Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.10.0.1
DISCONTINUED OPERATIONS (Tables)
 9 Months Ended
Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations
 
 
(In Millions)
 
 
Three Months Ended September 30,
 
Nine Months Ended
September 30,
 
 
2018
 
2017
 
2018
 
2017
Income (Loss) from Discontinued Operations, net of tax
 
 
 
 
 
 
 
 
Asia Pacific Iron Ore
 
$
242.3

 
$
(1.8
)
 
$
117.6

 
$
39.2

North American Coal
 
(4.3
)
 
(0.7
)
 
(4.2
)
 
1.9

Canadian Operations
 
—

 
33.1

 
(10.6
)
 
(15.5
)
 
 
$
238.0

 
$
30.6

 
$
102.8

 
$
25.6

 
 
(In Millions)
 
 
September 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
 
$
16.1

 
$
—

 
$
16.1

 
$
118.5

 
$
—

 
$
118.5

Non-current assets of discontinued operations
 
$
—

 
$
—

 
$
—

 
$
20.3

 
$
—

 
$
20.3

Current liabilities of discontinued operations
 
$
7.2

 
$
7.0

 
$
14.2

 
$
71.8

 
$
3.2

 
$
75.0

Non-current liabilities of discontinued operations
 
$
9.3

 
$
—

 
$
9.3

 
$
52.2

 
$
—

 
$
52.2

 
 
(In Millions)
 
 
Nine Months Ended
September 30,
 
 
2018
 
2017
Net cash provided (used) by operating activities
 
 
 
 
Asia Pacific Iron Ore
 
$
(77.0
)
 
$
78.5

Canadian Operations
 
(14.6
)
 
—

 
 
$
(91.6
)
 
$
78.5

 
 
 
 
 
Net cash provided (used) by investing activities
 
 
 
 
Asia Pacific Iron Ore
 
$
17.8

 
$
(1.5
)
 
 
$
17.8

 
$
(1.5
)
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 presented, as well as exit costs, are classified as discontinued operations.
 
 
(In Millions)
 
 
Three Months Ended September 30,
 
Nine Months Ended
September 30,
Income (Loss) from Discontinued Operations
 
2018
 
2017
 
2018
 
2017
Revenues from product sales and services
 
$
—

 
$
101.7

 
$
129.1

 
$
375.1

Cost of goods sold and operating expenses
 
(0.5
)
 
(98.7
)
 
(230.7
)
 
(323.9
)
Sales margin
 
(0.5
)
 
3.0

 
(101.6
)
 
51.2

Other operating income (expense)
 
14.8

 
(3.9
)
 
(4.0
)
 
(7.6
)
Other expense
 
(0.1
)
 
(1.3
)
 
(2.3
)
 
(4.0
)
Income (loss) from discontinued operations before income taxes
 
14.2

 
(2.2
)
 
(107.9
)
 
39.6

Gain on foreign currency translation
 
228.1

 
—

 
228.1

 
—

Impairment of long-lived assets
 
—

 
—

 
(2.6
)
 
—

Income tax benefit (expense)
 
—

 
0.4

 
—

 
(0.4
)
Income (loss) from discontinued operations, net of tax
 
$
242.3

 
$
(1.8
)
 
$
117.6

 
$
39.2

Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities
Recorded Assets and Liabilities
 
 
(In Millions)
Assets and Liabilities of Discontinued Operations
 
September 30,
2018
 
December 31,
2017
Cash and cash equivalents
 
$
15.6

 
$
29.4

Accounts receivable, net
 
—

 
33.9

Inventories
 
—

 
45.0

Supplies and other inventories
 
—

 
5.1

Other current assets
 
0.5

 
5.1

Total current assets of discontinued operations
 
16.1

 
118.5

Property, plant and equipment, net
 
—

 
17.2

Other non-current assets
 
—

 
3.1

Total assets of discontinued operations
 
$
16.1

 
$
138.8

 
 
 
 
 
Accounts payable
 
$
4.2

 
$
28.2

Accrued liabilities
 
3.0

 
28.0

Other current liabilities
 
—

 
15.6

Total current liabilities of discontinued operations
 
7.2

 
71.8

Environmental and mine closure obligations
 
—

 
28.8

Other liabilities
 
9.3

 
23.4

Total liabilities of discontinued operations
 
$
16.5

 
$
124.0