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, 2011

Derivative Instruments And Hedging Activities [Abstract]

Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value


	(In Millions)
	Derivative Assets						Derivative Liabilities
	December 31, 2011			December 31, 2010			December 31, 2011			December 31, 2010
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:
Foreign Exchange Contracts	Derivative assets (current)	$	5.2	Derivative assets (current)	$	2.8	Other current liabilities	$	3.5		$	—

Total derivatives designated as hedging instruments under ASC 815		$	5.2		$	2.8		$	3.5		$	—

Derivatives not designated as hedging instruments under ASC 815:
Foreign Exchange Contracts	Derivative assets (current)	$	2.8	Derivative assets (current)	$	34.2		$	—		$	—
	Other non- current assets		—	Other non- current assets		2.0			—			—
Customer Supply Agreements	Derivative assets (current)		72.9	Derivative assets (current)		45.6			—			—
Provisional Pricing Arrangements	Derivative assets (current)		1.2				Other current liabilities		19.5			—
	Accounts receivable		83.8			—			—

Total derivatives not designated as hedging instruments under ASC 815		$	160.7		$	81.8		$	19.5		$	—

Total derivatives		$	165.9		$	84.6		$	23.0		$	—

Schedule Of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Income


	(In Millions)
Derivatives in Cash Flow Hedging Relationships	Amount of Gain Recognized in OCI on Derivative (Effective Portion)						Location of Gain Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain Reclassified from Accumulated OCI into Income (Effective Portion)
	Year ended December 31,							Year ended December 31,
	2011		2010		2009			2011		2010		2009
Australian Dollar Foreign Exchange Contracts (hedge designation)	$	1.8	$	1.9	$	—	Product revenue	$	2.6	$	—	$	—
Australian Dollar Foreign Exchange Contracts (prior to de-designation)		—		—		—	Product revenue		0.7		3.2		15.1

Total	$	1.8	$	1.9	$	—		$	3.3	$	3.2	$	15.1

Derivatives Not Designated As Hedging Instruments Disclosure


(In Millions)
Derivative Not Designated as Hedging Instruments	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative
		Year ended December 31,
		2011		2010		2009
Foreign Exchange Contracts	Product Revenues	$	1.0	$	11.1	$	5.4
Foreign Exchange Contracts	Other Income (Expense)		101.9		39.8		85.7
Customer Supply Agreements	Product Revenues		178.0		120.2		22.2
Provisional Pricing Arrangements	Product Revenues		809.1		960.7		(28.2	)
United Taconite Purchase Provision	Product Revenues		—		—		106.5

Total		$	1,090.0	$	1,131.8	$	191.6

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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