Cleveland-Cliffs Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2019

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 Unaudited Condensed Consolidated Financial Position:



	(In Millions)
	Derivative Assets						Derivative Liabilities
	September 30, 2019			December 31, 2018			September 30, 2019			December 31, 2018
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	Derivative liabilities	$	2.4	Derivative liabilities	$	3.7
Derivatives not designated as hedging instruments under ASC 815:
Customer supply agreement	Derivative assets	$	71.2	Derivative assets	$	89.3		$	—		$	—
Provisional pricing arrangements	Derivative assets	1.6		Derivative assets	2.1		Derivative liabilities	30.2			—
Total derivatives not designated as hedging instruments under ASC 815		$	72.8		$	91.4		$	30.2		$	—
Total derivatives		$	72.8		$	91.5		$	32.6		$	3.7

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

The following table presents our outstanding hedge contracts:



	(In Millions)
	September 30, 2019			December 31, 2018
	Notional Amount	Unit of Measure	Varying Maturity Dates	Notional Amount	Unit of Measure	Varying Maturity Dates
Natural gas	7.0	MMBtu	October 2019 - November 2020	1.8	MMBtu	January 2019 - August 2019
Diesel	2.4	Gallons	October 2019 - December 2019	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 Unaudited Condensed Consolidated Operations:



		(In Millions)
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended September 30,						Nine Months Ended September 30,
		Three Months Ended September 30,						Nine Months Ended September 30,
		2019			2018			2019			2018
Customer supply agreements	Product revenues	$	7.6		$	139.7		$	82.2		$	337.1
Provisional pricing arrangements	Product revenues	(48.5		)	(3.8		)	(38.8		)	(2.7		)
Total		$	(40.9	)	$	135.9		$	43.4		$	334.4