Cleveland-Cliffs Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2018

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 Consolidated Financial Position:



	(In Millions)
	Derivative Assets						Derivative Liabilities
	December 31, 2018			December 31, 2017			December 31, 2018			December 31, 2017
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:
Commodity contracts	Derivative assets	$	0.1		$	—	Other current liabilities	$	3.7	Other current liabilities	$	0.3
Derivatives not designated as hedging instruments under ASC 815:
Customer supply agreement	Derivative assets	89.3		Derivative assets	37.9			—			—
Provisional pricing arrangements	Derivative assets	2.1			—			—		Other current liabilities	1.7
Total derivatives not designated as hedging instruments under ASC 815:		$	91.4		$	37.9		$	—		$	1.7
Total derivatives		$	91.5		$	37.9		$	3.7		$	2.0

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

The following table presents our outstanding hedge contracts:



	(Quantities in Millions)
	December 31, 2018			December 31, 2017
	Notional Amount	Unit of Measure	Varying Maturity Dates	Notional Amount	Unit of Measure	Varying Maturity Dates
Natural gas	1.8	MMBtu	January 2019 - August 2019	3.5	MMBtu	January 2018 - November 2018
Diesel	11.0	Gallons	January 2019 - December 2019	—

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 Consolidated Operations:



(In Millions)
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Year Ended December 31,
		2018			2017			2016
Customer supply agreements	Product revenues	$	425.8		$	163.3		$	41.7
Provisional pricing arrangements	Product revenues	(3.2		)	(42.7		)	14.2
Commodity contracts	Cost of goods sold and operating expenses	—			(1.3		)	1.9
Total		$	422.6		$	119.3		$	57.8