SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| Disclosure Text Block [Abstract] |
|
| Revenues from Product Sales and Services [Table Text Block] |
The following table represents our consolidated Revenues (excluding intercompany revenues) by market:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
|
Nine Months Ended
September 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
| Steel and Manufacturing: |
|
|
|
|
|
|
|
| Automotive |
$ |
920.0
|
|
|
$ |
— |
|
|
$ |
1,404.0
|
|
|
$ |
— |
|
| Infrastructure and manufacturing |
198.8
|
|
|
— |
|
|
446.2
|
|
|
— |
|
| Distributors and converters |
142.9
|
|
|
— |
|
|
344.1
|
|
|
— |
|
| Total Steel and Manufacturing |
1,261.7
|
|
|
— |
|
|
2,194.3
|
|
|
— |
|
| Mining and Pelletizing: |
|
|
|
|
|
|
|
Steel producers1
|
384.3
|
|
|
555.6 |
|
|
903.5
|
|
|
1,455.8 |
|
| Total revenues |
$ |
1,646.0
|
|
|
$ |
555.6 |
|
|
$ |
3,097.8
|
|
|
$ |
1,455.8 |
|
|
|
|
|
|
|
|
|
1 Includes Realization of deferred revenue of $34.6 million for the nine months ended September 30, 2020.
|
|
|
|
|
|
|
|
The following table represents our consolidated Revenues (excluding intercompany revenues) by product line:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
|
Nine Months Ended
September 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
| Steel and Manufacturing: |
|
|
|
|
|
|
|
| Carbon steel |
$ |
821.2
|
|
|
$ |
— |
|
|
$ |
1,391.6
|
|
|
$ |
— |
|
| Stainless and electrical steel |
303.2
|
|
|
— |
|
|
585.1
|
|
|
— |
|
| Tubular products, components and other |
137.3
|
|
|
— |
|
|
217.6
|
|
|
— |
|
| Total Steel and Manufacturing |
1,261.7
|
|
|
— |
|
|
2,194.3
|
|
|
— |
|
| Mining and Pelletizing: |
|
|
|
|
|
|
|
Iron ore1
|
357.1
|
|
|
515.0 |
|
|
838.1
|
|
|
1,357.8 |
|
| Freight |
27.2
|
|
|
40.6 |
|
|
65.4
|
|
|
98.0 |
|
| Total Mining and Pelletizing |
384.3
|
|
|
555.6 |
|
|
903.5
|
|
|
1,455.8 |
|
| Total revenues |
$ |
1,646.0
|
|
|
$ |
555.6 |
|
|
$ |
3,097.8
|
|
|
$ |
1,455.8 |
|
|
|
|
|
|
|
|
|
1 Includes Realization of deferred revenue of $34.6 million for the nine months ended September 30, 2020.
|
|
|
|
|
|
|
|
|
| Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
The following is a roll forward of our allowance for credit losses associated with Accounts receivable, net:
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
|
2020 |
|
2019 |
| Allowance for credit losses as of January 1 |
$ |
—
|
|
|
$ |
— |
|
| Increase in allowance |
5.2
|
|
|
— |
|
| Allowance for credit losses as of September 30 |
$ |
5.2
|
|
|
$ |
— |
|
|
| Schedule of Inventory, Current [Table Text Block] |
The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position:
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
|
September 30,
2020 |
|
December 31,
2019 |
| Product inventories |
|
|
|
| Finished and semi-finished goods |
$ |
940.5
|
|
|
$ |
114.1 |
|
| Work-in-process |
78.2
|
|
|
68.7 |
|
| Raw materials |
382.3
|
|
|
9.4 |
|
| Total product inventories |
1,401.0
|
|
|
192.2 |
|
| Manufacturing supplies and critical spares |
394.1
|
|
|
125.2 |
|
| Inventories |
$ |
1,795.1
|
|
|
$ |
317.4 |
|
|
| Contract with Customer, Asset and Liability [Table Text Block] |
The table below summarizes our deferred revenue balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
|
|
|
|
|
Deferred Revenue (Current) |
|
|
|
Deferred Revenue (Long-Term) |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
| Opening balance as of January 1 |
$ |
22.1
|
|
|
$ |
21.0 |
|
|
$ |
25.7
|
|
|
$ |
38.5 |
|
| Net decrease |
(19.8) |
|
|
(2.7) |
|
|
(25.7) |
|
|
(8.5) |
|
| Closing balance as of September 30 |
$ |
2.3
|
|
|
$ |
18.3 |
|
|
$ |
—
|
|
|
$ |
30.0 |
|
|
| Schedule of Accrued Liabilities [Table Text Block] |
The following table presents the detail of our Accrued liabilities in the Statements of Unaudited Condensed Consolidated Financial Position:
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
|
September 30,
2020 |
|
December 31, 2019 |
| Accrued employment costs |
$ |
146.6
|
|
|
$ |
61.7 |
|
| Accrued interest |
81.8
|
|
|
29.0 |
|
| Accrued dividends |
1.0
|
|
|
17.8 |
|
| Other |
50.0
|
|
|
17.8 |
|
| Accrued liabilities |
$ |
279.4
|
|
|
$ |
126.3 |
|
|
| Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] |
A reconciliation of capital additions to cash paid for capital expenditures is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
|
Nine Months Ended
September 30, |
|
|
|
2020 |
|
2019 |
| Capital additions |
$ |
333.0
|
|
|
$ |
505.6 |
|
| Less: |
|
|
|
| Non-cash accruals |
(88.4) |
|
|
26.1 |
|
| Right-of-use assets - finance leases |
42.5
|
|
|
29.3 |
|
| Grants |
—
|
|
|
(10.5) |
|
| Cash paid for capital expenditures including deposits |
$ |
378.9
|
|
|
$ |
460.7 |
|
Cash payments (receipts) for income taxes and interest are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
|
Nine Months Ended
September 30, |
|
|
|
2020 |
|
2019 |
| Taxes paid on income |
$ |
3.2
|
|
|
$ |
0.1 |
|
| Income tax refunds |
(119.3) |
|
|
(117.9) |
|
Interest paid on debt obligations net of capitalized interest1
|
106.0
|
|
|
71.9 |
|
|
|
|
|
1 Capitalized interest was $38.0 million and $16.9 million for the nine months ended September 30, 2020 and 2019, respectively.
|
|
|
|
Non-Cash Investing and Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
|
Nine Months Ended
September 30, |
|
|
|
2020 |
|
2019 |
| Fair value of common shares issued for consideration for business combination |
$ |
617.6
|
|
|
$ |
— |
|
| Fair value of equity awards assumed from AK Steel acquisition |
3.9
|
|
|
— |
|
|