Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS (Tables)

v3.10.0.1
DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]
The charts below provide an asset group breakout for each financial statement line impacted by discontinued operations.
 
 
(In Millions)
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
Income (loss) from discontinued operations, net of tax
 
 
 
 
 
 
Asia Pacific Iron Ore
 
$
118.3

 
$
21.2

 
$
96.6

North American Coal
 
(3.6
)
 
2.6

 
(2.4
)
Canadian Operations
 
(26.5
)
 
(21.3
)
 
(17.5
)
 
 
$
88.2

 
$
2.5

 
$
76.7

 
 
(In Millions)
 
 
December 31, 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
 
$
12.4

 
$
—

 
$
12.4

 
$
118.5

 
$
—

 
$
118.5

Non-current assets of discontinued operations
 
$
—

 
$
—

 
$
—

 
$
20.3

 
$
—

 
$
20.3

Current liabilities of discontinued operations
 
$
3.8

 
$
2.9

 
$
6.7

 
$
71.8

 
$
3.2

 
$
75.0

Non-current liabilities of discontinued operations
 
$
8.3

 
$
—

 
$
8.3

 
$
52.2

 
$
—

 
$
52.2

 
 
(In Millions)
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
Net cash provided (used) by operating activities
 
 
 
 
 
 
Asia Pacific Iron Ore
 
$
(81.3
)
 
$
79.6

 
$
99.8

Canadian Operations
 
(14.6
)
 
—

 
—

 
 
$
(95.9
)
 
$
79.6

 
$
99.8

 
 
 
 
 
 
 
Net cash provided (used) by investing activities
 
 
 
 
 
 
Asia Pacific Iron Ore
 
$
19.8

 
$
(2.8
)
 
$
(0.4
)
Canadian Operations
 
—

 
(7.7
)
 
6.8

North American Coal
 
—

 
2.1

 
3.6

 
 
$
19.8

 
$
(8.4
)
 
$
10.0

Schedule of Disposal Groups, including Discontinued Operations, Income Statement [Table Text Block]
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)
 
 
Year Ended December 31,
Income from Discontinued Operations
 
2018
 
2017
 
2016
Revenues from product sales and services
 
$
129.1

 
$
464.2

 
$
554.5

Cost of goods sold and operating expenses
 
(230.7
)
 
(427.9
)
 
(440.9
)
Sales margin
 
(101.6
)
 
36.3

 
113.6

Other operating expense
 
(3.3
)
 
(9.9
)
 
(10.4
)
Other expense
 
(2.3
)
 
(5.2
)
 
(6.6
)
Gain on foreign currency translation
 
228.1

 
—

 
—

Impairment of long-lived assets
 
(2.6
)
 
—

 
—

Income from discontinued operations, net of tax
 
$
118.3

 
$
21.2

 
$
96.6

Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Table Text Block]
Recorded Assets and Liabilities
 
 
(In Millions)
Assets and Liabilities of Discontinued Operations
 
December 31,
2018
 
December 31,
2017
Cash and cash equivalents
 
$
12.4

 
$
29.4

Accounts receivable, net
 
—

 
33.9

Inventories
 
—

 
45.0

Supplies and other inventories
 
—

 
5.1

Other current assets
 
—

 
5.1

Total current assets of discontinued operations
 
12.4

 
118.5

Property, plant and equipment, net
 
—

 
17.2

Other non-current assets
 
—

 
3.1

Total assets of discontinued operations
 
$
12.4

 
$
138.8

 
 
 
 
 
Accounts payable
 
$
3.4

 
$
28.2

Accrued liabilities
 
0.4

 
28.0

Other current liabilities
 
—

 
15.6

Total current liabilities of discontinued operations
 
3.8

 
71.8

Environmental and mine closure obligations
 
—

 
28.8

Other liabilities
 
8.3

 
23.4

Total liabilities of discontinued operations
 
$
12.1

 
$
124.0

PreTax Exit Costs [Table Text Block]
The chart below provides a breakout of loss from deconsolidation:
 
 
(In Millions)
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
Investment impairment on deconsolidation1
 
$
(67.5
)
 
$
3.0

 
$
(17.5
)
Guarantees and contingent liabilities
 
41.0

 
(24.3
)
 
—

Total loss from deconsolidation
 
$
(26.5
)
 
$
(21.3
)
 
$
(17.5
)
 
 
 
 
 
 
 
1 Includes the adjustments to fair value of our remaining interest in the Canadian Entities for the years ended December 31, 2018, 2017 and 2016, and a tax expense resulting from the implementation of the Amended Plan for the year ended December 31, 2018.