Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.20.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping
The following represents the assets and liabilities measured at fair value:
 
(In Millions)
 
March 31, 2020
 
Quoted Prices in Active
Markets for Identical Assets/Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Other current assets:
 
 
 
 
 
 
 
Commodity contracts
$

 
$
1.6

 
$

 
$
1.6

Customer supply agreement

 

 
19.0

 
19.0

Provisional pricing arrangement

 

 
0.6

 
0.6

     Total
$

 
$
1.6

 
$
19.6

 
$
21.2

Liabilities:
 
 
 
 
 
 
 
Other current liabilities:
 
 
 
 
 
 
 
Commodity contracts
$

 
$
26.5

 
$

 
$
26.5

Foreign exchange contracts

 
1.6

 

 
1.6

Other non-current liabilities:
 
 
 
 
 
 
 
Commodity contracts

 
3.4

 

 
3.4

Foreign exchange contracts

 
0.9

 

 
0.9

     Total
$

 
$
32.4

 
$

 
$
32.4

 
(In Millions)
 
December 31, 2019
 
Quoted Prices in Active
Markets for Identical Assets/Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents - Commercial paper
$

 
$
187.6

 
$

 
$
187.6

Other current assets:
 
 
 
 
 
 
 
Customer supply agreement

 

 
44.5

 
44.5

Provisional pricing arrangement

 

 
1.3

 
1.3

Total
$

 
$
187.6

 
$
45.8

 
$
233.4

Liabilities:
 
 
 
 
 
 
 
Other current liabilities:
 
 
 
 
 
 
 
Commodity contracts
$

 
$
3.2

 
$

 
$
3.2

Provisional pricing arrangement

 

 
1.1

 
1.1

Total
$

 
$
3.2

 
$
1.1

 
$
4.3


Fair Value, Recurring and Nonrecurring, Valuation Techniques
The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy:
 
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
 
 
 
Fair Value at March 31, 2020
(In Millions)
 
Balance Sheet
Location
 
Valuation Technique
 
Unobservable Input
 
Point Estimate
 
 
Customer supply agreement
 
$
19.0

 
Other current assets
 
Market Approach
 
Management's estimate of hot-rolled coil steel price per net ton
 
$559
 
Provisional pricing arrangements
 
$
0.6

 
Other current assets
 
Market Approach
 
PPI Estimates
 
136.5

Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation
The following tables represent a reconciliation of the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
 
(In Millions)
 
Level 3 Assets
 
Three Months Ended
March 31,
 
2020
 
2019
Beginning balance - January 1
$
45.8

 
$
91.4

Total gains (losses) included in earnings
(26.2
)
 
15.3

Ending balance - March 31
$
19.6

 
$
106.7

Total gains (losses) for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
(25.3
)
 
$
15.3


Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
 
(In Millions)
 
Level 3 Liabilities
 
Three Months Ended
March 31,
 
2020
 
2019
Beginning balance - January 1
$
(1.1
)
 
$

Total losses included in earnings
(0.6
)
 
(9.8
)
Settlements
1.7

 

Ending balance - March 31
$

 
$
(9.8
)
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$

 
$
(9.8
)

Schedule Of Carrying Value And Fair Value Of Financial Instruments A summary of the carrying value and fair value of other financial instruments were as follows:
 
 
 
(In Millions)
 
 
 
March 31, 2020
 
December 31, 2019
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Senior Notes
Level 1
 
$
3,455.3

 
$
2,712.8

 
$
2,113.8

 
$
2,237.0

IRBs due 2020 to 2028
Level 1
 
101.8

 
101.4

 

 

ABL Facility - outstanding balance
Level 2
 
800.0

 
800.0

 

 

Total long-term debt
 
 
$
4,357.1

 
$
3,614.2

 
$
2,113.8

 
$
2,237.0