SUPPLEMENTARY GUARANTOR INFORMATION (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
Dec. 31, 2017 |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
| Schedule of Supplemental Condensed Consolidating Financial Position |
|
|
|
|
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|
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|
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|
|
|
Condensed Consolidating Statement of Financial Position |
As of December 31, 2019 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
349.7 |
|
|
$ |
0.1 |
|
|
$ |
2.8 |
|
|
$ |
— |
|
|
$ |
352.6 |
|
Accounts receivable, net |
4.9 |
|
|
93.0 |
|
|
0.3 |
|
|
(4.2 |
) |
|
94.0 |
|
Inventories |
— |
|
|
317.4 |
|
|
— |
|
|
— |
|
|
317.4 |
|
Derivative assets |
— |
|
|
45.8 |
|
|
— |
|
|
— |
|
|
45.8 |
|
Income tax receivable, current |
58.6 |
|
|
— |
|
|
— |
|
|
— |
|
|
58.6 |
|
Other current assets |
9.1 |
|
|
13.0 |
|
|
7.4 |
|
|
— |
|
|
29.5 |
|
Total current assets |
422.3 |
|
|
469.3 |
|
|
10.5 |
|
|
(4.2 |
) |
|
897.9 |
|
Non-current assets: |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
11.2 |
|
|
1,867.1 |
|
|
50.7 |
|
|
— |
|
|
1,929.0 |
|
Income tax receivable, non-current |
58.6 |
|
|
4.1 |
|
|
— |
|
|
— |
|
|
62.7 |
|
Deferred income taxes |
458.3 |
|
|
— |
|
|
1.2 |
|
|
— |
|
|
459.5 |
|
Investment in subsidiaries |
1,821.1 |
|
|
47.2 |
|
|
— |
|
|
(1,868.3 |
) |
|
— |
|
Long-term intercompany notes |
— |
|
|
— |
|
|
121.3 |
|
|
(121.3 |
) |
|
— |
|
Other non-current assets |
15.1 |
|
|
121.4 |
|
|
18.2 |
|
|
— |
|
|
154.7 |
|
TOTAL ASSETS |
$ |
2,786.6 |
|
|
$ |
2,509.1 |
|
|
$ |
201.9 |
|
|
$ |
(1,993.8 |
) |
|
$ |
3,503.8 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
5.7 |
|
|
$ |
187.5 |
|
|
$ |
4.2 |
|
|
$ |
(4.2 |
) |
|
$ |
193.2 |
|
Accrued liabilities |
80.7 |
|
|
45.5 |
|
|
0.1 |
|
|
— |
|
|
126.3 |
|
State and local taxes payable |
— |
|
|
37.9 |
|
|
— |
|
|
— |
|
|
37.9 |
|
Other current liabilities |
6.0 |
|
|
38.6 |
|
|
7.4 |
|
|
— |
|
|
52.0 |
|
Total current liabilities |
92.4 |
|
|
309.5 |
|
|
11.7 |
|
|
(4.2 |
) |
|
409.4 |
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
Long-term debt |
2,113.8 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,113.8 |
|
Pension and OPEB liabilities |
80.5 |
|
|
496.9 |
|
|
(265.9 |
) |
|
— |
|
|
311.5 |
|
Environmental and mine closure obligations |
— |
|
|
145.6 |
|
|
19.3 |
|
|
— |
|
|
164.9 |
|
Long-term intercompany notes |
121.3 |
|
|
— |
|
|
— |
|
|
(121.3 |
) |
|
— |
|
Other non-current liabilities |
20.7 |
|
|
120.3 |
|
|
5.3 |
|
|
— |
|
|
146.3 |
|
TOTAL LIABILITIES |
2,428.7 |
|
|
1,072.3 |
|
|
(229.6 |
) |
|
(125.5 |
) |
|
3,145.9 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
TOTAL EQUITY |
357.9 |
|
|
1,436.8 |
|
|
431.5 |
|
|
(1,868.3 |
) |
|
357.9 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
2,786.6 |
|
|
$ |
2,509.1 |
|
|
$ |
201.9 |
|
|
$ |
(1,993.8 |
) |
|
$ |
3,503.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Financial Position |
As of December 31, 2018 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
819.8 |
|
|
$ |
0.7 |
|
|
$ |
2.7 |
|
|
$ |
— |
|
|
$ |
823.2 |
|
Accounts receivable, net |
9.2 |
|
|
221.3 |
|
|
0.3 |
|
|
(4.1 |
) |
|
226.7 |
|
Inventories |
— |
|
|
181.1 |
|
|
— |
|
|
— |
|
|
181.1 |
|
Derivative assets |
0.1 |
|
|
91.4 |
|
|
— |
|
|
— |
|
|
91.5 |
|
Income tax receivable, current |
117.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
117.3 |
|
Other current assets |
10.0 |
|
|
16.9 |
|
|
12.9 |
|
|
— |
|
|
39.8 |
|
Total current assets |
956.4 |
|
|
511.4 |
|
|
15.9 |
|
|
(4.1 |
) |
|
1,479.6 |
|
Non-current assets: |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
13.3 |
|
|
1,221.9 |
|
|
50.8 |
|
|
— |
|
|
1,286.0 |
|
Income tax receivable, non-current |
117.2 |
|
|
4.1 |
|
|
— |
|
|
— |
|
|
121.3 |
|
Deferred income taxes |
463.6 |
|
|
— |
|
|
1.2 |
|
|
— |
|
|
464.8 |
|
Investment in subsidiaries |
1,262.3 |
|
|
50.8 |
|
|
— |
|
|
(1,313.1 |
) |
|
— |
|
Long-term intercompany notes |
— |
|
|
— |
|
|
121.3 |
|
|
(121.3 |
) |
|
— |
|
Other non-current assets |
8.0 |
|
|
153.8 |
|
|
16.1 |
|
|
— |
|
|
177.9 |
|
TOTAL ASSETS |
$ |
2,820.8 |
|
|
$ |
1,942.0 |
|
|
$ |
205.3 |
|
|
$ |
(1,438.5 |
) |
|
$ |
3,529.6 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
5.3 |
|
|
$ |
181.4 |
|
|
$ |
4.2 |
|
|
$ |
(4.1 |
) |
|
$ |
186.8 |
|
Accrued liabilities |
92.7 |
|
|
66.1 |
|
|
0.1 |
|
|
— |
|
|
158.9 |
|
State and local taxes payable |
— |
|
|
35.4 |
|
|
0.1 |
|
|
— |
|
|
35.5 |
|
Other current liabilities |
4.8 |
|
|
74.1 |
|
|
8.1 |
|
|
— |
|
|
87.0 |
|
Total current liabilities |
102.8 |
|
|
357.0 |
|
|
12.5 |
|
|
(4.1 |
) |
|
468.2 |
|
Non-current liabilities: |
|
|
|
|
|
|
|
|
|
Long-term debt |
2,092.9 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,092.9 |
|
Pension and OPEB liabilities |
64.3 |
|
|
414.4 |
|
|
(230.0 |
) |
|
— |
|
|
248.7 |
|
Environmental and mine closure obligations |
— |
|
|
152.1 |
|
|
19.9 |
|
|
— |
|
|
172.0 |
|
Long-term intercompany notes |
121.3 |
|
|
— |
|
|
— |
|
|
(121.3 |
) |
|
— |
|
Other non-current liabilities |
15.3 |
|
|
99.5 |
|
|
8.8 |
|
|
— |
|
|
123.6 |
|
TOTAL LIABILITIES |
2,396.6 |
|
|
1,023.0 |
|
|
(188.8 |
) |
|
(125.4 |
) |
|
3,105.4 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
TOTAL EQUITY |
424.2 |
|
|
919.0 |
|
|
394.1 |
|
|
(1,313.1 |
) |
|
424.2 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
2,820.8 |
|
|
$ |
1,942.0 |
|
|
$ |
205.3 |
|
|
$ |
(1,438.5 |
) |
|
$ |
3,529.6 |
|
|
|
| Schedule of Supplemental Statements of Condensed Consolidating Operations and Comprehensive Income (Loss) |
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|
|
Condensed Consolidating Statement of Operations and Comprehensive Income |
For the Year Ended December 31, 2019 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Revenues from product sales and services |
$ |
— |
|
|
$ |
1,989.9 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,989.9 |
|
Cost of goods sold and operating expenses |
— |
|
|
(1,414.2 |
) |
|
— |
|
|
— |
|
|
(1,414.2 |
) |
Sales margin |
— |
|
|
575.7 |
|
|
— |
|
|
— |
|
|
575.7 |
|
Other operating income (expense): |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
(100.7 |
) |
|
(18.3 |
) |
|
(0.4 |
) |
|
— |
|
|
(119.4 |
) |
Miscellaneous - net |
0.1 |
|
|
(26.0 |
) |
|
(1.1 |
) |
|
— |
|
|
(27.0 |
) |
Total other operating expense |
(100.6 |
) |
|
(44.3 |
) |
|
(1.5 |
) |
|
— |
|
|
(146.4 |
) |
Operating income (loss) |
(100.6 |
) |
|
531.4 |
|
|
(1.5 |
) |
|
— |
|
|
429.3 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income (expense), net |
(99.4 |
) |
|
(2.3 |
) |
|
0.5 |
|
|
— |
|
|
(101.2 |
) |
Loss on extinguishment of debt |
(18.2 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(18.2 |
) |
Other non-operating income (expense) |
(4.0 |
) |
|
(12.9 |
) |
|
19.1 |
|
|
— |
|
|
2.2 |
|
Total other income (expense) |
(121.6 |
) |
|
(15.2 |
) |
|
19.6 |
|
|
— |
|
|
(117.2 |
) |
Income (loss) from continuing operations before income taxes |
(222.2 |
) |
|
516.2 |
|
|
18.1 |
|
|
— |
|
|
312.1 |
|
Income tax expense |
(17.0 |
) |
|
(0.4 |
) |
|
(0.2 |
) |
|
— |
|
|
(17.6 |
) |
Equity in income of subsidiaries |
531.6 |
|
|
18.3 |
|
|
— |
|
|
(549.9 |
) |
|
— |
|
Income from continuing operations |
292.4 |
|
|
534.1 |
|
|
17.9 |
|
|
(549.9 |
) |
|
294.5 |
|
Income (loss) from discontinued operations, net of tax |
0.4 |
|
|
(0.3 |
) |
|
(1.8 |
) |
|
— |
|
|
(1.7 |
) |
Net income attributable to Cliffs shareholders |
$ |
292.8 |
|
|
$ |
533.8 |
|
|
$ |
16.1 |
|
|
$ |
(549.9 |
) |
|
$ |
292.8 |
|
Other comprehensive income (loss) |
(34.9 |
) |
|
(35.8 |
) |
|
16.9 |
|
|
18.9 |
|
|
(34.9 |
) |
Total comprehensive income attributable to Cliffs shareholders |
$ |
257.9 |
|
|
$ |
498.0 |
|
|
$ |
33.0 |
|
|
$ |
(531.0 |
) |
|
$ |
257.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) |
For the Year Ended December 31, 2018 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Revenues from product sales and services |
$ |
— |
|
|
$ |
2,332.4 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,332.4 |
|
Cost of goods sold and operating expenses |
— |
|
|
(1,522.8 |
) |
|
— |
|
|
— |
|
|
(1,522.8 |
) |
Sales margin |
— |
|
|
809.6 |
|
|
— |
|
|
— |
|
|
809.6 |
|
Other operating income (expense): |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
(86.1 |
) |
|
(27.1 |
) |
|
(0.3 |
) |
|
— |
|
|
(113.5 |
) |
Miscellaneous - net |
(0.3 |
) |
|
(26.9 |
) |
|
4.3 |
|
|
— |
|
|
(22.9 |
) |
Total other operating income (expense) |
(86.4 |
) |
|
(54.0 |
) |
|
4.0 |
|
|
— |
|
|
(136.4 |
) |
Operating income (loss) |
(86.4 |
) |
|
755.6 |
|
|
4.0 |
|
|
— |
|
|
673.2 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income (expense), net |
(117.6 |
) |
|
(2.1 |
) |
|
0.8 |
|
|
— |
|
|
(118.9 |
) |
Loss on extinguishment of debt |
(6.8 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(6.8 |
) |
Other non-operating income (expense) |
(3.5 |
) |
|
0.9 |
|
|
19.8 |
|
|
— |
|
|
17.2 |
|
Total other income (expense) |
(127.9 |
) |
|
(1.2 |
) |
|
20.6 |
|
|
— |
|
|
(108.5 |
) |
Income (loss) from continuing operations before income taxes |
(214.3 |
) |
|
754.4 |
|
|
24.6 |
|
|
— |
|
|
564.7 |
|
Income tax benefit |
474.7 |
|
|
— |
|
|
0.5 |
|
|
— |
|
|
475.2 |
|
Equity in income of subsidiaries |
858.2 |
|
|
25.5 |
|
|
— |
|
|
(883.7 |
) |
|
— |
|
Income from continuing operations |
1,118.6 |
|
|
779.9 |
|
|
25.1 |
|
|
(883.7 |
) |
|
1,039.9 |
|
Income from discontinued operations, net of tax |
9.5 |
|
|
12.3 |
|
|
66.4 |
|
|
— |
|
|
88.2 |
|
Net income attributable to Cliffs shareholders |
$ |
1,128.1 |
|
|
$ |
792.2 |
|
|
$ |
91.5 |
|
|
$ |
(883.7 |
) |
|
$ |
1,128.1 |
|
Other comprehensive loss |
(244.9 |
) |
|
(24.1 |
) |
|
(256.7 |
) |
|
280.8 |
|
|
(244.9 |
) |
Total comprehensive income (loss) attributable to Cliffs shareholders |
$ |
883.2 |
|
|
$ |
768.1 |
|
|
$ |
(165.2 |
) |
|
$ |
(602.9 |
) |
|
$ |
883.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Operations and Comprehensive Income |
For the Year Ended December 31, 2017 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Revenues from product sales and services |
$ |
— |
|
|
$ |
1,866.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,866.0 |
|
Cost of goods sold and operating expenses |
— |
|
|
(1,398.4 |
) |
|
— |
|
|
— |
|
|
(1,398.4 |
) |
Sales margin |
— |
|
|
467.6 |
|
|
— |
|
|
— |
|
|
467.6 |
|
Other operating income (expense): |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
(77.2 |
) |
|
(19.9 |
) |
|
(5.8 |
) |
|
— |
|
|
(102.9 |
) |
Miscellaneous - net |
(2.3 |
) |
|
11.0 |
|
|
16.8 |
|
|
— |
|
|
25.5 |
|
Total other operating income (expense) |
(79.5 |
) |
|
(8.9 |
) |
|
11.0 |
|
|
— |
|
|
(77.4 |
) |
Operating income (loss) |
(79.5 |
) |
|
458.7 |
|
|
11.0 |
|
|
— |
|
|
390.2 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest income (expense), net |
(126.8 |
) |
|
(1.0 |
) |
|
1.0 |
|
|
— |
|
|
(126.8 |
) |
Loss on extinguishment of debt |
(165.4 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(165.4 |
) |
Other non-operating income (expense) |
(4.0 |
) |
|
(3.0 |
) |
|
17.2 |
|
|
— |
|
|
10.2 |
|
Total other income (expense) |
(296.2 |
) |
|
(4.0 |
) |
|
18.2 |
|
|
— |
|
|
(282.0 |
) |
Income (loss) from continuing operations before income taxes |
(375.7 |
) |
|
454.7 |
|
|
29.2 |
|
|
— |
|
|
108.2 |
|
Income tax benefit (expense) |
251.4 |
|
|
1.3 |
|
|
(0.3 |
) |
|
— |
|
|
252.4 |
|
Equity in income of subsidiaries |
512.6 |
|
|
11.8 |
|
|
— |
|
|
(524.4 |
) |
|
— |
|
Income from continuing operations |
388.3 |
|
|
467.8 |
|
|
28.9 |
|
|
(524.4 |
) |
|
360.6 |
|
Income (loss) from discontinued operations, net of tax |
(21.3 |
) |
|
1.7 |
|
|
22.1 |
|
|
— |
|
|
2.5 |
|
Net income |
367.0 |
|
|
469.5 |
|
|
51.0 |
|
|
(524.4 |
) |
|
363.1 |
|
Loss attributable to noncontrolling interest |
— |
|
|
3.9 |
|
|
— |
|
|
— |
|
|
3.9 |
|
Net income attributable to Cliffs shareholders |
$ |
367.0 |
|
|
$ |
473.4 |
|
|
$ |
51.0 |
|
|
$ |
(524.4 |
) |
|
$ |
367.0 |
|
Other comprehensive income (loss) |
(4.0 |
) |
|
12.9 |
|
|
(4.8 |
) |
|
(8.1 |
) |
|
(4.0 |
) |
Total comprehensive income attributable to Cliffs shareholders |
$ |
363.0 |
|
|
$ |
486.3 |
|
|
$ |
46.2 |
|
|
$ |
(532.5 |
) |
|
$ |
363.0 |
|
|
|
| Schedule of Supplemental Statements of Condensed Consolidating Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows |
For the Year Ended December 31, 2019 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net cash provided (used) by operating activities |
$ |
(50.0 |
) |
|
$ |
616.3 |
|
|
$ |
(3.8 |
) |
|
$ |
— |
|
|
$ |
562.5 |
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
(1.2 |
) |
|
(637.8 |
) |
|
— |
|
|
— |
|
|
(639.0 |
) |
Deposits for property, plant and equipment |
— |
|
|
(14.0 |
) |
|
(3.0 |
) |
|
— |
|
|
(17.0 |
) |
Intercompany investing |
(63.9 |
) |
|
(3.7 |
) |
|
(0.1 |
) |
|
67.7 |
|
|
— |
|
Other investing activities |
— |
|
|
10.8 |
|
|
0.8 |
|
|
— |
|
|
11.6 |
|
Net cash used by investing activities |
(65.1 |
) |
|
(644.7 |
) |
|
(2.3 |
) |
|
67.7 |
|
|
(644.4 |
) |
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Repurchase of common shares |
(252.9 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(252.9 |
) |
Dividends paid |
(72.1 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(72.1 |
) |
Proceeds from issuance of debt |
720.9 |
|
|
— |
|
|
— |
|
|
— |
|
|
720.9 |
|
Debt issuance costs |
(6.8 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(6.8 |
) |
Repurchase of debt |
(729.3 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(729.3 |
) |
Distributions of partnership equity |
— |
|
|
(44.2 |
) |
|
— |
|
|
— |
|
|
(44.2 |
) |
Intercompany financing |
0.1 |
|
|
63.4 |
|
|
4.2 |
|
|
(67.7 |
) |
|
— |
|
Other financing activities |
(14.9 |
) |
|
8.6 |
|
|
(3.4 |
) |
|
— |
|
|
(9.7 |
) |
Net cash provided (used) by financing activities |
(355.0 |
) |
|
27.8 |
|
|
0.8 |
|
|
(67.7 |
) |
|
(394.1 |
) |
Effect of exchange rate changes on cash |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Decrease in cash and cash equivalents, including cash classified within other current assets related to discontinued operations |
(470.1 |
) |
|
(0.6 |
) |
|
(5.3 |
) |
|
— |
|
|
(476.0 |
) |
Less: decrease in cash and cash equivalents from discontinued operations, classified within other current assets |
— |
|
|
— |
|
|
(5.4 |
) |
|
— |
|
|
(5.4 |
) |
Net increase (decrease) in cash and cash equivalents |
(470.1 |
) |
|
(0.6 |
) |
|
0.1 |
|
|
— |
|
|
(470.6 |
) |
Cash and cash equivalents at beginning of year |
819.8 |
|
|
0.7 |
|
|
2.7 |
|
|
— |
|
|
823.2 |
|
Cash and cash equivalents at end of year |
$ |
349.7 |
|
|
$ |
0.1 |
|
|
$ |
2.8 |
|
|
$ |
— |
|
|
$ |
352.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows |
For the Year Ended December 31, 2018 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net cash provided (used) by operating activities |
$ |
(120.7 |
) |
|
$ |
741.0 |
|
|
$ |
(141.8 |
) |
|
$ |
— |
|
|
$ |
478.5 |
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
(1.2 |
) |
|
(207.3 |
) |
|
(0.1 |
) |
|
— |
|
|
(208.6 |
) |
Deposits for property, plant and equipment |
— |
|
|
(82.3 |
) |
|
(5.2 |
) |
|
— |
|
|
(87.5 |
) |
Intercompany investing |
399.1 |
|
|
(7.1 |
) |
|
120.7 |
|
|
(512.7 |
) |
|
— |
|
Other investing activities |
— |
|
|
3.1 |
|
|
19.9 |
|
|
— |
|
|
23.0 |
|
Net cash provided (used) by investing activities |
397.9 |
|
|
(293.6 |
) |
|
135.3 |
|
|
(512.7 |
) |
|
(273.1 |
) |
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Repurchase of common shares |
(47.5 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(47.5 |
) |
Debt issuance costs |
(1.5 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1.5 |
) |
Repurchase of debt |
(234.5 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(234.5 |
) |
Distributions of partnership equity |
— |
|
|
(44.2 |
) |
|
— |
|
|
— |
|
|
(44.2 |
) |
Intercompany financing |
(120.7 |
) |
|
(402.4 |
) |
|
10.4 |
|
|
512.7 |
|
|
— |
|
Other financing activities |
(2.1 |
) |
|
(2.2 |
) |
|
(43.2 |
) |
|
— |
|
|
(47.5 |
) |
Net cash used by financing activities |
(406.3 |
) |
|
(448.8 |
) |
|
(32.8 |
) |
|
512.7 |
|
|
(375.2 |
) |
Effect of exchange rate changes on cash |
— |
|
|
— |
|
|
(2.3 |
) |
|
— |
|
|
(2.3 |
) |
Decrease in cash and cash equivalents, including cash classified within other current assets related to discontinued operations |
(129.1 |
) |
|
(1.4 |
) |
|
(41.6 |
) |
|
— |
|
|
(172.1 |
) |
Less: decrease in cash and cash equivalents from discontinued operations, classified within other current assets |
— |
|
|
— |
|
|
(17.0 |
) |
|
— |
|
|
(17.0 |
) |
Net decrease in cash and cash equivalents |
(129.1 |
) |
|
(1.4 |
) |
|
(24.6 |
) |
|
— |
|
|
(155.1 |
) |
Cash and cash equivalents at beginning of year |
948.9 |
|
|
2.1 |
|
|
27.3 |
|
|
— |
|
|
978.3 |
|
Cash and cash equivalents at end of year |
$ |
819.8 |
|
|
$ |
0.7 |
|
|
$ |
2.7 |
|
|
$ |
— |
|
|
$ |
823.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows |
For the Year Ended December 31, 2017 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net cash provided (used) by operating activities |
$ |
(166.8 |
) |
|
$ |
430.0 |
|
|
$ |
74.9 |
|
|
$ |
— |
|
|
$ |
338.1 |
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
(3.4 |
) |
|
(79.8 |
) |
|
(51.7 |
) |
|
— |
|
|
(134.9 |
) |
Deposits for property, plant and equipment |
— |
|
|
(11.7 |
) |
|
(5.1 |
) |
|
— |
|
|
(16.8 |
) |
Intercompany investments |
225.7 |
|
|
(7.3 |
) |
|
(45.1 |
) |
|
(173.3 |
) |
|
— |
|
Other investing activities |
(7.7 |
) |
|
3.4 |
|
|
— |
|
|
— |
|
|
(4.3 |
) |
Net cash provided (used) by investing activities |
214.6 |
|
|
(95.4 |
) |
|
(101.9 |
) |
|
(173.3 |
) |
|
(156.0 |
) |
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Net proceeds from issuance of common shares |
661.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
661.3 |
|
Proceeds from issuance of debt |
1,771.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,771.5 |
|
Debt issuance costs |
(28.6 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(28.6 |
) |
Repurchase of debt |
(1,720.7 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,720.7 |
) |
Acquisition of noncontrolling interest |
(105.0 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(105.0 |
) |
Distributions of partnership equity |
— |
|
|
(52.9 |
) |
|
— |
|
|
— |
|
|
(52.9 |
) |
Intercompany financing |
45.0 |
|
|
(277.6 |
) |
|
59.3 |
|
|
173.3 |
|
|
— |
|
Other financing activities |
(5.8 |
) |
|
(4.5 |
) |
|
(16.4 |
) |
|
— |
|
|
(26.7 |
) |
Net cash provided (used) by financing activities |
617.7 |
|
|
(335.0 |
) |
|
42.9 |
|
|
173.3 |
|
|
498.9 |
|
Effect of exchange rate on cash |
— |
|
|
— |
|
|
3.3 |
|
|
— |
|
|
3.3 |
|
Increase (decrease) in cash and cash equivalents, including cash classified within other current assets related to discontinued operations |
665.5 |
|
|
(0.4 |
) |
|
19.2 |
|
|
— |
|
|
684.3 |
|
Less: increase in cash and cash equivalents from discontinued operations, classified within other current assets |
— |
|
|
— |
|
|
18.8 |
|
|
— |
|
|
18.8 |
|
Net increase (decrease) in cash and cash equivalents |
665.5 |
|
|
(0.4 |
) |
|
0.4 |
|
|
— |
|
|
665.5 |
|
Cash and cash equivalents at beginning of year |
283.4 |
|
|
2.5 |
|
|
26.9 |
|
|
— |
|
|
312.8 |
|
Cash and cash equivalents at end of year |
$ |
948.9 |
|
|
$ |
2.1 |
|
|
$ |
27.3 |
|
|
$ |
— |
|
|
$ |
978.3 |
|
|