Document and Entity Information - shares |
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Mar. 31, 2019 |
Apr. 24, 2019 |
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Document and Entity Information [Abstract] | ||
Entity Registrant Name | CLEVELAND-CLIFFS INC. | |
Entity Central Index Key | 0000764065 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 282,845,060 | |
Trading Symbol | clf | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes |
Statements Of Condensed Consolidated Financial Position (Parenthetical) - $ / shares |
Mar. 31, 2019 |
Dec. 31, 2018 |
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Class of Stock [Line Items] | ||
Preferred stock, par value | $ 0 | $ 0 |
Common Stock, Par or Stated Value Per Share | $ 0.125 | $ 0.125 |
Common shares, authorized (in shares) | 600,000,000 | 600,000,000 |
Common shares, issued (in shares) | 301,886,794 | 301,886,794 |
Common shares, outstanding | 298,007,453 | 292,611,569 |
Common shares in treasury | 3,879,341 | 9,275,225 |
Preferred Class A [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred Class B [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Statements Of Unaudited Condensed Consolidated Comprehensive Income - USD ($) $ in Millions |
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Mar. 31, 2019 |
Mar. 31, 2018 |
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Statement of Comprehensive Income [Abstract] | ||
NET INCOME (LOSS) | $ (22.1) | $ (84.3) |
OTHER COMPREHENSIVE INCOME | ||
Changes in pension and other post-retirement benefits, net of tax | 5.7 | 6.7 |
Changes in foreign currency translation | 0.0 | 0.7 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 2.7 | 0.3 |
OTHER COMPREHENSIVE INCOME | 8.4 | 7.7 |
TOTAL COMPREHENSIVE LOSS | $ (13.7) | $ (76.6) |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with SEC rules and regulations and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates on various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates, actual results may differ significantly due to changed conditions or assumptions. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of results to be expected for the year ending December 31, 2019 or any other future period. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2018. As more fully described in the Form 10-K for the year ended December 31, 2018, in 2018 we committed to a course of action leading to the permanent closure of the Asia Pacific Iron Ore mining operations and, as planned, completed our final shipment in June 2018. Factors considered in this decision included increasingly discounted prices for lower-iron-content ore and the quality of the remaining iron ore reserves. During 2018, we sold all of the assets of our Asia Pacific Iron Ore business through a series of sales to third parties. As a result of our planned exit, management determined that our Asia Pacific Iron Ore operating segment met the criteria to be classified as held for sale and a discontinued operation under ASC Topic 205, Presentation of Financial Statements. As such, all Asia Pacific Iron Ore operating segment results are classified within discontinued operations. Refer to NOTE 14 - DISCONTINUED OPERATIONS for further information. We have two reportable segments - the Mining and Pelletizing segment and the Metallics segment. Unless otherwise noted, discussion of our business and results of operations in this Quarterly Report on Form 10-Q refers to our continuing operations. Basis of Consolidation The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, including the following operations as of March 31, 2019:
Intercompany transactions and balances are eliminated upon consolidation. Equity Method Investments Our 23% ownership interest in Hibbing is recorded as an equity method investment. As of March 31, 2019 and December 31, 2018, our investment in Hibbing was $10.8 million and $15.4 million, respectively, classified as Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position. Significant Accounting Policies A detailed description of our significant accounting policies can be found in the audited financial statements for the fiscal year ended December 31, 2018 included in our Annual Report on Form 10-K filed with the SEC. There have been no material changes in our significant accounting policies and estimates from those disclosed therein. |
NEW ACCOUNTING STANDARDS |
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
NEW ACCOUNTING STANDARDS | NOTE 2 - NEW ACCOUNTING STANDARDS Issued and Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The new standard requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases except for short-term leases. For lessees, leases will be classified as either operating or finance leases in the Statements of Unaudited Condensed Consolidated Operations. We adopted this standard on its effective date of January 1, 2019 using the optional alternative approach, which requires application of the new guidance at the beginning of the standard's effective date. Adoption of the updated standard did not have a material effect on our consolidated financial statements. Issued and Not Effective In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments–Credit Losses (Topic 326), which introduces a new accounting model, CECL. CECL requires earlier recognition of credit losses, while also providing additional transparency about credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. We plan to adopt this standard on its effective date of January 1, 2020, and are currently evaluating the impact of this standard on our financial statements. |
SEGMENT REPORTING |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | NOTE 3 - SEGMENT REPORTING In alignment with our strategic goals, our Company’s continuing operations are organized and managed in two operating segments according to our differentiated products. Our Mining and Pelletizing segment is a major supplier of iron ore pellets to the North American steel industry from our mines and pellet plants located in Michigan and Minnesota. In our Metallics segment, we are currently constructing an HBI production plant in Toledo, Ohio. We expect to complete construction and begin production in 2020. We evaluate performance based on sales margin, defined as revenues less cost of goods sold identifiable to each segment. Additionally, we evaluate performance on a segment basis, as well as a consolidated basis, based on EBITDA and Adjusted EBITDA. These measures allow management and investors to focus on our ability to service our debt as well as illustrate how the business is performing. Additionally, EBITDA and Adjusted EBITDA assist management and investors in their analysis and forecasting as these measures approximate the cash flows associated with operational earnings. The following tables present a summary of our reportable segments including a reconciliation of segment sales margin to Income (loss) from Continuing Operations Before Income Taxes and a reconciliation of Net loss to EBITDA and Adjusted EBITDA:
The following table summarizes our depreciation, depletion and amortization expense and capital additions:
A summary of assets by segment is as follows:
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REVENUE |
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Revenue from Contract with Customer [Text Block] | NOTE 4 - REVENUE We sell primarily a single product, iron ore pellets, in the North American market. Revenue is recognized generally when iron ore is delivered to our customers. Revenue is measured at the point that control transfers and represents the amount of consideration we expect to receive in exchange for transferring goods. We offer standard payment terms to our customers, generally requiring settlement within 30 days. We enter into supply contracts of varying lengths to provide customers iron ore pellets to use in their blast furnaces. Blast furnaces run continuously with a constant feed of iron ore and, once shut down, cannot easily be restarted. As a result, we ship iron ore in large quantities for storage and use by customers at a later date. Customers do not simultaneously receive and consume the iron ore. Based on our assessment of the factors that indicate the pattern of satisfaction, we transfer control of the iron ore at a point in time upon shipment or delivery of the product. The customer is able to direct the use of, and obtain substantially all of the benefits from, the product at the time the product is delivered. Most of our customer supply agreements specify a provisional price, which is used for initial billing and cash collection. Revenue recorded in accordance with Topic 606 is calculated using the expected revenue rate at the point when control transfers. The final settlement includes market inputs for a specified period of time, which may vary by customer, but typically include one or more of the following published rates: Platts 62% Price, Atlantic Basin pellet premiums, Platts international indexed freight rates and changes in specified Producer Price Indices, including industrial commodities, fuel and steel. Changes in the expected revenue rate from the date control transfers through final settlement of contract terms is recorded in accordance with Topic 815. Refer to NOTE 13 - DERIVATIVE INSTRUMENTS for further information on how our estimated and final revenue rates are determined. A supply agreement with a customer provides for supplemental revenue or refunds based on the average annual daily market price for hot-rolled coil steel in the year the iron ore is consumed in the customer’s blast furnaces. As control transfers prior to consumption, the supplemental revenue is recorded in accordance with ASC Topic 815. Refer to NOTE 13 - DERIVATIVE INSTRUMENTS for further information on supplemental revenue or refunds. Included within Revenues from product sales and services is derivative revenue related to Topic 815 of $5.5 million and $43.8 million, for three months ended March 31, 2019 and 2018, respectively. Deferred Revenue The table below summarizes our deferred revenue balances:
The terms of one of our pellet supply agreements required supplemental payments to be paid by the customer during the period 2009 through 2012. Installment amounts received under this arrangement in excess of sales were classified as Other current liabilities and Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position upon receipt of payment. Revenue is recognized over the life of the supply agreement, which extends until 2022, in equal annual installments. As of March 31, 2019 and December 31, 2018, installment amounts received in excess of sales totaled $51.4 million related to this agreement. As of March 31, 2019 and December 31, 2018, deferred revenue of $12.9 million was recorded in Other current liabilities and $38.5 million was recorded as long-term in Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position, related to this agreement. Due to the payment terms and the timing of cash receipts near a period end, cash receipts can exceed shipments for certain customers. Revenue recognized on these transactions totaling $5.3 million and $8.2 million was deferred and included in Other current liabilities in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2019 and December 31, 2018, respectively. |
INVENTORIES |
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Inventories | NOTE 5 - INVENTORIES The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position:
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PROPERTY, PLANT AND EQUIPMENT |
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PROPERTY, PLANT AND EQUIPMENT | NOTE 6 - PROPERTY, PLANT AND EQUIPMENT The following table indicates the carrying value of each of the major classes of our depreciable assets:
We recorded capitalized interest of $4.0 million and $1.0 million into construction-in-progress during the three months ended March 31, 2019 and 2018, respectively. |
DEBT AND CREDIT FACILITIES |
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DEBT AND CREDIT FACILITIES | NOTE 7 - DEBT AND CREDIT FACILITIES The following represents a summary of our long-term debt:
Debt Extinguishment The following is a summary of the debt extinguished with cash and the respective loss on extinguishment:
Debt Maturities The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at March 31, 2019:
ABL Facility The following represents a summary of our borrowing capacity under the ABL Facility:
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | NOTE 8 - FAIR VALUE MEASUREMENTS The following represents the assets and liabilities measured at fair value:
Financial assets classified in Level 1 included money market funds. The valuation of these instruments is based upon unadjusted quoted prices for identical assets in active markets. The valuation of financial assets and liabilities classified in Level 2 is determined using a market approach based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable. Level 2 assets include commercial paper, certificates of deposit and commodity hedge contracts. Level 2 liabilities include commodity hedge contracts. The Level 3 assets and liabilities include derivative assets that consist of freestanding derivative instruments related to a certain supply agreement and derivative assets and liabilities related to certain provisional pricing arrangements with our customers. The supply agreement included in our Level 3 assets contains provisions for supplemental revenue or refunds based on the average annual daily market price for hot-rolled coil steel in the year the iron ore product is consumed in the customer’s blast furnaces. We account for these provisions as derivative instruments at the time of sale and adjust the derivative instruments to fair value through Product revenues each reporting period until the product is consumed and the amounts are settled. We had assets of $106.4 million and $89.3 million at March 31, 2019 and December 31, 2018, respectively, related to this supply agreement. The provisional pricing arrangements included in our Level 3 assets/liabilities specify provisional price calculations, where the pricing mechanisms generally are based on market pricing, with the final revenue rate to be based on market inputs at a specified point in time in the future, per the terms of the supply agreements. The difference between the estimated final revenue rate at the date of sale and the estimated final revenue rate at the measurement date is characterized as a derivative and is required to be accounted for separately once the revenue has been recognized. The derivative instruments are adjusted to fair value through Product revenues each reporting period based upon current market data and forward-looking estimates provided by management until the final revenue rates are determined. We had assets of $0.3 million and liabilities of $9.8 million related to provisional pricing arrangements at March 31, 2019 compared to assets of $2.1 million related to provisional pricing arrangements at December 31, 2018. The following table illustrates information about quantitative inputs and assumptions for the assets and liabilities categorized in Level 3 of the fair value hierarchy:
The significant unobservable input used in the fair value measurement of our customer supply agreement is a forward-looking estimate of the average annual daily market price for hot-rolled coil steel determined by management. The significant unobservable inputs used in the fair value measurement of our provisional pricing arrangements include estimates for PPI data and management’s estimate of Platts 62% Price based upon current market data and index pricing, which include forward-looking estimates determined by management. 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):
The carrying values of certain financial instruments (e.g., Accounts receivable, net, Accounts payable and Other current liabilities) approximates fair value and, therefore, have been excluded from the table below. A summary of the carrying value and fair value of other financial instruments were as follows:
The fair value of long-term debt was determined using quoted market prices. |
PENSIONS AND OTHER POSTRETIREMENT BENEFITS |
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Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENSIONS AND OTHER POSTRETIREMENT BENEFITS | NOTE 9 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS We offer defined benefit pension plans, defined contribution pension plans and OPEB plans, primarily consisting of retiree healthcare benefits, to most employees as part of a total compensation and benefits program. The defined benefit pension plans are noncontributory and benefits generally are based on a minimum formula or employees’ years of service and average earnings for a defined period prior to retirement. The following are the components of defined benefit pension and OPEB costs: Defined Benefit Pension Costs
Other Postretirement Benefits Credits
Based on funding requirements, we made pension contributions of $3.2 million for the three months ended March 31, 2019, compared to pension contributions of $2.3 million for the three months ended March 31, 2018. OPEB contributions are typically made on an annual basis in the first quarter of each year, but due to plan funding requirements being met, no OPEB contributions were required or made for the three months ended March 31, 2019 and 2018. |
STOCK COMPENSATION PLANS |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation Plans | NOTE 10 - STOCK COMPENSATION PLANS Employees’ Plans On February 19, 2019, the Compensation Committee approved grants under the A&R 2015 Equity Plan to certain officers and employees for the 2019 to 2021 performance period. Shares granted under the awards consisted of 0.6 million restricted stock units and 0.6 million performance shares. Restricted stock units granted during 2019 are subject to continued employment, are retention based and are payable in common shares. The outstanding restricted stock units that were granted in 2019 cliff vest on December 31, 2021. Performance shares are subject to continued employment, and each performance share, if earned, entitles the holder to be paid out in common shares. Performance is measured on the basis of relative TSR for the period of January 1, 2019 to December 31, 2021 and measured against the constituents of the SPDR S&P Metals and Mining ETF Index at the beginning of the relevant performance period. The final payouts for the outstanding performance period grants will vary from zero to 200% of the original grant depending on whether and to what extent the Company achieves certain objectives and performance goals as established by the Compensation Committee. Determination of Fair Value The fair value of each performance share grant is estimated on the date of grant using a Monte Carlo simulation to forecast relative TSR performance. A correlation matrix of historic and projected stock prices was developed for both the Company and our predetermined peer group of mining and metals companies. The fair value assumes that the objective will be achieved. The expected term of the grant represents the time from the grant date to the end of the service period. We estimate the volatility of our common shares and that of the peer group of mining and metals companies using daily price intervals for all companies. The risk-free interest rate is the rate at the grant date on zero-coupon government bonds with a term commensurate with the remaining life of the performance period. The following assumptions were utilized to estimate the fair value for the 2019 performance share grant:
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INCOME TAXES |
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Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11 - INCOME TAXES Our 2019 estimated annual effective tax rate before discrete items is 12.9%. The estimated annual effective tax rate differs from the U.S. statutory rate of 21.0% primarily due to the deductions for percentage depletion in excess of cost depletion related to U.S. operations. The 2018 estimated annual effective tax rate before discrete items at March 31, 2018 was 0.1%. The rate in the comparable prior-year period was significantly lower due to the reversal of valuation allowance in the same period. For the three months ended March 31, 2019 and 2018, we recorded discrete items that resulted in an income tax benefit of $0.4 million and expense of $15.7 million, respectively. The prior-year period expense of $15.7 million primarily relates to the $14.5 million reduction of the refundable AMT credit recorded in Income tax receivable, non-current in our Statements of Unaudited Condensed Consolidated Financial Position based on the sequestration guidance issued by the Internal Revenue Service during the first quarter of 2018. This position was subsequently reversed by the Internal Revenue Service during the fourth quarter of 2018. The prior-year period expense was a $15.7 million reduction of an asset and did not result in a cash tax outlay. |
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS |
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Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | NOTE 12 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS The following is a summary of our environmental and mine closure obligations:
Mine Closure The accrued closure obligation for our active mining operations provides for contractual and legal obligations associated with the eventual closure of the mining operations. The closure date for each of our active operating mine sites was determined based on the exhaustion date of the remaining iron ore reserves. The closure date and expected timing of the capital requirements to meet our obligations for our indefinitely idled or closed mines is determined based on the unique circumstances of each property. For indefinitely idled or closed mines, the accretion of the liability is recognized over the anticipated timing of remediation. The amortization of the related asset and accretion of the liability is recognized over the estimated mine lives for our active operations. The following represents a roll forward of our mine closure obligation liability for the three months ended March 31, 2019 and for the year ended December 31, 2018:
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DERIVATIVE INSTRUMENTS |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | NOTE 13 - DERIVATIVE INSTRUMENTS 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:
Derivatives Designated as Hedging Instruments - Cash Flow Hedges Commodity Contracts The following table presents our outstanding hedge contracts:
Derivatives Not Designated as Hedging Instruments Customer Supply Agreement A supply agreement with one customer provides for supplemental revenue or refunds to the customer based on the average annual daily steel market price for hot-rolled coil steel at the time the iron ore product is consumed in the customer’s blast furnace. The supplemental pricing is characterized as a freestanding derivative and is required to be accounted for separately once control transfers to the customer. The derivative instrument, which is finalized based on a future price, is adjusted to fair value through Product revenues each reporting period based upon current market data and forward-looking estimates provided by management until the pellets are consumed and the amounts are settled. Provisional Pricing Arrangements Certain of our supply agreements specify provisional price calculations, where the pricing mechanisms generally are based on market pricing, with the final revenue rate based on certain market inputs at a specified period in time in the future, per the terms of the supply agreements. Market inputs are tied to indexed price adjustment factors that are integral to the iron ore supply contracts and vary based on the agreement. The pricing mechanisms typically include adjustments based upon changes in the Platts 62% Price, Atlantic Basin pellet premiums, Platts international indexed freight rates and changes in specified Producer Price Indices, including those for industrial commodities, fuel and steel. The pricing adjustments generally operate in the same manner, with each factor typically comprising a portion of the price adjustment, although the weighting of each factor varies based upon the specific terms of each agreement. The price adjustment factors have been evaluated to determine if they qualify as embedded derivatives. The price adjustment factors share the same economic characteristics and risks as the host contract and are integral to the host contract as inflation adjustments; accordingly, they have not been separately valued as derivative instruments. Revenue is recognized generally upon delivery to our customers. Revenue is measured at the point that control transfers and represents the amount of consideration we expect to receive in exchange for transferring goods. Changes in the expected revenue rate from the date that control transfers through final settlement of contract terms is recorded in accordance with ASC Topic 815 and is characterized as a derivative and accounted for separately. Subsequently, the derivative instruments are adjusted to fair value through Product revenues each reporting period based upon current market data and forward-looking estimates provided by management until the final revenue rate is determined. The provisional amounts represent the difference between the amount we expect to receive when revenue was initially measured at the point control transfers and our subsequent estimate of the final revenue rate based on the price calculation established in the supply agreements. The following summarizes the effect of our derivatives that are not designated as hedging instruments in the Statements of Unaudited Condensed Consolidated Operations:
Refer to NOTE 8 - FAIR VALUE MEASUREMENTS for additional information. |
DISCONTINUED OPERATIONS |
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DISCONTINUED OPERATIONS | NOTE 14 - DISCONTINUED OPERATIONS The information below sets forth selected financial information related to operating results of our businesses classified as discontinued operations, which include our former Asia Pacific Iron Ore, North American Coal and Canadian operations. While the reclassification of revenues and expenses related to discontinued operations from prior periods have no impact upon previously reported net income, the Statements of Unaudited Condensed Consolidated Operations present the revenues and expenses that were reclassified from the specified line items to discontinued operations and the Statements of Unaudited Condensed Consolidated Financial Position present the assets and liabilities that were reclassified from the specified line items to assets and liabilities of discontinued operations. The charts below provide an asset group breakout for each financial statement line impacted by discontinued operations.
Asia Pacific Iron Ore Operations Background In January 2018, we announced that we would accelerate the time frame for the planned closure of our Asia Pacific Iron Ore mining operations in Australia. In April 2018, we committed to a course of action leading to the permanent closure of the Asia Pacific Iron Ore mining operations and, as planned, completed our final shipment in June 2018. Factors considered in this decision included increasingly discounted prices for lower-iron-content ore and the quality of the remaining iron ore reserves. During 2018, we sold all of the assets of our Asia Pacific Iron Ore business through a series of sales to third parties. As a result of our planned exit, management determined that our Asia Pacific Iron Ore operating segment met the criteria to be classified as held for sale and a discontinued operation under ASC Topic 205, Presentation of Financial Statements. As such, all Asia Pacific Iron Ore operating segment results are classified within discontinued operations. Loss from Discontinued Operations
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CAPITAL STOCK |
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Equity [Abstract] | |
CAPITAL STOCK | NOTE 15 - CAPITAL STOCK Share Repurchase Program In November 2018, our Board of Directors authorized a program to repurchase outstanding common shares in the open market or in privately negotiated transactions, up to a maximum of $200 million. We are not obligated to make any purchase and the program may be suspended or discontinued at any time. During the three months ended March 31, 2019, we repurchased 11.5 million common shares at a cost of $124.3 million in the aggregate, including commissions and fees. As of March 31, 2019, there was $28.6 million remaining under the authorization. The share repurchase program is active until December 31, 2019. Dividends On February 19, 2019, the Board of Directors declared a quarterly cash dividend on our common shares of $0.05 per share. As a result, we have $14.7 million in Other current liabilities in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2019. Subsequent to quarter end on April 15, 2019, the cash dividend was paid to shareholders of record as of the close of business on April 5, 2019. On October 18, 2018, the Board of Directors declared a quarterly cash dividend on our common shares of $0.05 per share. On January 15, 2019, the cash dividend was paid to shareholders of record as of the close of business on January 4, 2019. |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
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Comprehensive Income (Loss) Note [Text Block] | NOTE 16 - ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables reflect the changes in Accumulated other comprehensive loss related to shareholders’ equity (deficit):
The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ equity (deficit):
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CASH FLOW INFORMATION |
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Cash Flow Information | NOTE 17 - CASH FLOW INFORMATION A reconciliation of capital additions to cash paid for capital expenditures is as follows:
Non-Cash Financing Activities - Declared Dividends On February 19, 2019, the Board of Directors declared a quarterly cash dividend on our common shares of $0.05 per share. The cash dividend of $14.7 million was paid on April 15, 2019 to shareholders of record as of the close of business on April 5, 2019. |
RELATED PARTIES |
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RELATED PARTIES | NOTE 18 - RELATED PARTIES One of our four operating mines, Hibbing, is a co-owned joint venture with companies that are integrated steel producers or their subsidiaries. We are the manager of Hibbing and rely on our joint venture partners to make their required capital contributions and to pay for their share of the iron ore pellets that we produce. The following is a summary of the mine ownership of the co-owned iron ore mine at March 31, 2019:
Product revenues from related parties were as follows:
The following table presents the classification of related party assets and liabilities in the Statements of Unaudited Condensed Consolidated Financial Position:
A supply agreement with one customer provides for supplemental revenue or refunds to the customer based on the average annual daily market price for hot-rolled coil steel at the time the product is consumed in the customer’s blast furnace. The supplemental pricing is characterized as a freestanding derivative. Refer to NOTE 13 - DERIVATIVE INSTRUMENTS for further information. During 2017, our ownership interest in Empire increased to 100% as we reached an agreement to distribute the noncontrolling interest net assets of $132.7 million to ArcelorMittal, in exchange for its interest in Empire. The net assets were agreed to be distributed in three installments of $44.2 million each, the first of which was paid upon the execution of the agreement, the second of which was paid in August 2018 and the final of which is due in August 2019. The remaining installment is reflected in Partnership distribution payable in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2019. |
EARNINGS PER SHARE |
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EPS AND OTHER NON-GAAP FINANCIAL MEASURES | NOTE 19 - EARNINGS PER SHARE The following table summarizes the computation of basic and diluted earnings per share:
The following table summarizes the shares that have been excluded from the diluted earnings per share calculation as they were anti-dilutive:
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COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 20 - COMMITMENTS AND CONTINGENCIES Purchase Commitments In 2017, we began to incur capital commitments related to the construction of our HBI production plant in Toledo, Ohio. In total, we expect to spend approximately $830 million on the HBI production plant, exclusive of construction-related contingencies and capitalized interest through 2020. Through March 31, 2019, we have entered into contracts and purchase orders for approximately $780 million of the total capital investment for the HBI production plant, of which a total of approximately $265 million has been expended project-to-date, including deposits. We expect expenditures of approximately $290 million during the remaining nine months of 2019. Of the remaining committed capital, expenditures of approximately $275 million are expected to be made during 2020. Contingencies We are currently the subject of, or party to, various claims and legal proceedings incidental to our operations. If management believes that a loss arising from these matters is probable and can reasonably be estimated, we record the amount of the loss or the minimum estimated liability when the loss is estimated using a range, and no point within the range is more probable than another. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Based on currently available information, management believes that the ultimate outcome of these matters, individually and in the aggregate, will not have a material effect on our financial position, results of operations or cash flows. However, these claims and legal proceedings are subject to inherent uncertainties and unfavorable rulings could occur. An unfavorable ruling could include monetary damages, additional funding requirements or an injunction. If an unfavorable ruling were to occur, there exists the possibility of a material impact on the financial position and results of operations for the period in which the ruling occurs or future periods. However, we do not believe that any pending claims or legal proceedings will result in a material liability in relation to our consolidated financial statements. |
SUBSEQUENT EVENTS |
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Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 21 - SUBSEQUENT EVENTS We have evaluated subsequent events through the date of financial statement issuance. On April 24, 2019, the Company’s Board of Directors authorized the Company to repurchase common shares in an additional amount of up to a maximum of $100 million. On November 24, 2018, the Company’s Board of Directors previously authorized share repurchases of up to a maximum amount of $200 million, and approximately $29 million of this earlier authorization remains available as of April 25, 2019. When combined with the additional amount of share repurchase authorization, the Company now has authorization to repurchase common shares up to a maximum of approximately $129 million as of April 25, 2019. Such share repurchases may be made via acquisitions in the open market or privately negotiated transactions, including through accelerated share repurchases or pursuant to the terms of a Rule 10b5-1 plan. The Company is not obligated to make any purchases and the program may be suspended or discontinued at any time. The authorization is active until December 31, 2019. |
SUPPLEMENTARY GUARANTOR INFORMATION |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Guarantor Information [Text Block] | NOTE 22 - SUPPLEMENTARY GUARANTOR INFORMATION The accompanying unaudited condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X, Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” Certain of our subsidiaries (the "Guarantors") have guaranteed the obligations under the $1.075 billion 5.75% 2025 Senior Notes issued by Cleveland-Cliffs Inc. See NOTE 7 - DEBT AND CREDIT FACILITIES for further information. The following presents the unaudited condensed consolidating financial information for: (i) the Parent Company and the Issuer of the guaranteed obligations (Cleveland-Cliffs Inc.); (ii) the Guarantor subsidiaries, on a combined basis; (iii) the non-guarantor subsidiaries, on a combined basis; (iv) consolidating eliminations; and (v) Cleveland-Cliffs Inc. and subsidiaries on a consolidated basis. Each Guarantor subsidiary is 100% owned by the Parent Company as of March 31, 2019 and December 31, 2018. The unaudited condensed consolidating financial information is presented as if the Guarantor structure at March 31, 2019 existed for all periods presented. Each of the Guarantor subsidiaries fully and unconditionally guarantee, on a joint and several basis, the obligations of Cleveland-Cliffs Inc. under the $1.075 billion 5.75% 2025 Senior Notes. The guarantee of a Guarantor subsidiary will be automatically and unconditionally released and discharged, and such Guarantor subsidiary’s obligations under the guarantee and the related indenture governing the $1.075 billion 5.75% 2025 Senior Notes (the “Indenture”) will be automatically and unconditionally released and discharged, upon: (a) any sale, exchange, transfer or disposition of such Guarantor subsidiary (by merger, consolidation, or the sale of) or the capital stock of such Guarantor subsidiary after which the applicable Guarantor subsidiary is no longer a subsidiary of the Company or the sale of all or substantially all of such Guarantor subsidiary’s assets (other than by lease); (b) upon designation of any Guarantor subsidiary as an “excluded subsidiary” (as defined in the Indenture); or (c) upon defeasance or satisfaction and discharge of the Indenture. Each entity in the unaudited consolidating financial information follows the same accounting policies as described in the consolidated financial statements. The accompanying unaudited condensed consolidating financial information has been presented on the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for the subsidiaries’ cumulative results of operations, capital contributions and distributions, and other changes in equity. Elimination entries include consolidating and eliminating entries for investments in subsidiaries, and intra-entity activity and balances.
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Subsidiaries | Basis of Consolidation The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, including the following operations as of March 31, 2019:
Intercompany transactions and balances are eliminated upon consolidation. |
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Equity Method Investments | Equity Method Investments Our 23% ownership interest in Hibbing is recorded as an equity method investment. As of March 31, 2019 and December 31, 2018, our investment in Hibbing was $10.8 million and $15.4 million, respectively, classified as Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position. |
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Significant Accounting Policies | Significant Accounting Policies A detailed description of our significant accounting policies can be found in the audited financial statements for the fiscal year ended December 31, 2018 included in our Annual Report on Form 10-K filed with the SEC. There have been no material changes in our significant accounting policies and estimates from those disclosed therein. |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Subsidiaries | Basis of Consolidation The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, including the following operations as of March 31, 2019:
Intercompany transactions and balances are eliminated upon consolidation. |
SEGMENT REPORTING (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Segment Reporting Information, By Segment | The following tables present a summary of our reportable segments including a reconciliation of segment sales margin to Income (loss) from Continuing Operations Before Income Taxes and a reconciliation of Net loss to EBITDA and Adjusted EBITDA:
The following table summarizes our depreciation, depletion and amortization expense and capital additions:
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Reconciliation of Assets from Segment to Consolidated [Table Text Block] | A summary of assets by segment is as follows:
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REVENUE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with Customer, Asset and Liability | The table below summarizes our deferred revenue balances:
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INVENTORIES (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Inventories | The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position:
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PROPERTY, PLANT AND EQUIPMENT (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value Of Each Of The Major Classes Of Consolidated Depreciable Assets | The following table indicates the carrying value of each of the major classes of our depreciable assets:
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DEBT AND CREDIT FACILITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | The following represents a summary of our borrowing capacity under the ABL Facility:
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Schedule Of Long-Term Debt | The following represents a summary of our long-term debt:
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Extinguishment of Debt, Amount | The following is a summary of the debt extinguished with cash and the respective loss on extinguishment:
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Schedule of Maturities of Long-term Debt | Debt Maturities The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at March 31, 2019:
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FAIR VALUE MEASUREMENTS (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | The following represents the assets and liabilities measured at fair value:
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Fair Value, Recurring and Nonrecurring, Valuation Techniques | The provisional pricing arrangements included in our Level 3 assets/liabilities specify provisional price calculations, where the pricing mechanisms generally are based on market pricing, with the final revenue rate to be based on market inputs at a specified point in time in the future, per the terms of the supply agreements. |
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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):
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
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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:
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PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The following are the components of defined benefit pension and OPEB costs: Defined Benefit Pension Costs
Other Postretirement Benefits Credits
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STOCK COMPENSATION PLANS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | The following assumptions were utilized to estimate the fair value for the 2019 performance share grant:
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ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental Remediation Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Mine Closure Obligations | The following is a summary of our environmental and mine closure obligations:
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Asset Retirement Obligation Disclosure | The following represents a roll forward of our mine closure obligation liability for the three months ended March 31, 2019 and for the year ended December 31, 2018:
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DERIVATIVE INSTRUMENTS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table presents our outstanding hedge contracts:
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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:
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DISCONTINUED OPERATIONS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disposal Groups, including Discontinued Operations, Income Statement [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations | The charts below provide an asset group breakout for each financial statement line impacted by discontinued operations.
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Schedule of Disposal Groups, including Discontinued Operations, Income Statement | Loss from Discontinued Operations
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables reflect the changes in Accumulated other comprehensive loss related to shareholders’ equity (deficit):
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Details of Accumulated Other Comprehensive Income (Loss) Components | The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ equity (deficit):
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CASH FLOW INFORMATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Disclosures | A reconciliation of capital additions to cash paid for capital expenditures is as follows:
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RELATED PARTIES (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Other Ownership Interests | The following is a summary of the mine ownership of the co-owned iron ore mine at March 31, 2019:
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Summary Of Related Party Transactions Table Disclosure | Product revenues from related parties were as follows:
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Summary of Balance Sheet Presentation | The following table presents the classification of related party assets and liabilities in the Statements of Unaudited Condensed Consolidated Financial Position:
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EARNINGS PER SHARE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table summarizes the shares that have been excluded from the diluted earnings per share calculation as they were anti-dilutive:
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Earnings Per Share Computation | The following table summarizes the computation of basic and diluted earnings per share:
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SUPPLEMENTARY GUARANTOR INFORMATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Condensed Consolidating Financial Position |
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Schedule of Supplemental Statements of Condensed Consolidating Operations and Comprehensive Income (Loss) |
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Schedule of Supplemental Statements of Condensed Consolidating Cash Flows |
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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Subsidiaries) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Northshore | |
Related Party Transaction [Line Items] | |
Entity Address, State or Province | Minnesota |
United Taconite | |
Related Party Transaction [Line Items] | |
Entity Address, State or Province | Minnesota |
Tilden | |
Related Party Transaction [Line Items] | |
Entity Address, State or Province | Michigan |
Empire | |
Related Party Transaction [Line Items] | |
Entity Address, State or Province | Michigan |
Metallics [Member] | |
Related Party Transaction [Line Items] | |
Entity Address, State or Province | Ohio |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - Hibbing [Member] - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Investments in Ventures [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership interest, equity method investment | 23.00% | 23.00% |
Other Noncurrent Liabilities [Member] | ||
Related Party Transaction [Line Items] | ||
Equity Method Investments | $ 10.8 | $ 15.4 |
SEGMENT REPORTING (Summary of Assets by Segment) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Segment Reporting Information [Line Items] | ||
TOTAL ASSETS | $ 3,306.3 | $ 3,529.6 |
Mining and Pelletizing [Member] | ||
Segment Reporting Information [Line Items] | ||
TOTAL ASSETS | 1,774.5 | 1,694.1 |
Metallics [Member] | ||
Segment Reporting Information [Line Items] | ||
TOTAL ASSETS | 350.0 | 265.9 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
TOTAL ASSETS | 2,124.5 | 1,960.0 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
TOTAL ASSETS | $ 1,181.8 | $ 1,569.6 |
SEGMENT REPORTING (Narrative) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2019
unit
| |
Segment Reporting Information [Line Items] | |
Number of Reporting Units | 2 |
REVENUE (Deferred Revenue) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Deferred Revenue Arrangement [Line Items] | ||||
Contract with Customer, Liability, Current | $ 18.1 | $ 31.0 | $ 21.0 | $ 23.8 |
Other Liabilities [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Contract with Customer, Liability, Noncurrent | 38.5 | 51.4 | $ 38.5 | $ 51.4 |
Other Current Liabilities [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Contract With Customer, Liability, Period Increase (Decrease) | (2.9) | 7.2 | ||
Other Noncurrent Liabilities [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Contract With Customer, Liability, Period Increase (Decrease) | $ 0.0 | $ 0.0 |
REVENUE (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Contract with Customer, Liability, Revenue Recognized | $ 51.4 | |||
Other current liabilities | $ 113.4 | 125.5 | ||
Take or Pay Contracts [Member] | ||||
Contract with Customer, Liability | 5.3 | 8.2 | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 5.5 | $ 43.8 | ||
Other Current Liabilities [Member] | ||||
Contract with Customer, Liability | 12.9 | 12.9 | ||
Other Liabilities [Member] | ||||
Contract with Customer, Liability, Noncurrent | $ 38.5 | $ 51.4 | $ 38.5 | $ 51.4 |
INVENTORIES (Schedule Of Inventories) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Inventory, Net [Abstract] | ||
Total inventories | $ 312.7 | $ 87.9 |
Mining and Pelletizing [Member] | ||
Inventory, Net [Abstract] | ||
Finished goods | 287.7 | 77.8 |
Work-in-process | $ 25.0 | $ 10.1 |
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Property, Plant and Equipment [Abstract] | ||
Interest Costs Capitalized | $ 4.0 | $ 1.0 |
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES - BORROWING CAPACITY (Details) - USD ($) |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 305,400,000 | $ 323,700,000 |
Long-term Line of Credit | 0 | 0 |
Line of Credit Facility, Remaining Borrowing Capacity | 240,000,000 | 268,700,000 |
Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | $ 65,400,000 | $ 55,000,000 |
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES (Schedule of Extinguishment of Debt) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Extinguishment of Debt [Line Items] | ||
Extinguishment of Debt, Amount | $ 10.0 | |
Gain (loss) on extinguishment of debt | (0.3) | $ 0.0 |
$700 Million 4.875% 2021 Senior Note [Member] | ||
Extinguishment of Debt [Line Items] | ||
Extinguishment of Debt, Amount | 10.0 | |
Gain (loss) on extinguishment of debt | $ (0.3) |
DEBT AND CREDIT FACILITIES (Schedule of Debt Maturities) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
Debt Maturities 2019 | $ 0.0 |
Debt Maturities 2020 | 0.0 |
Debt Maturities 2021 | 114.0 |
Debt Maturities 2022 | 0.0 |
Debt Maturities 2023 | 0.0 |
Debt Maturities 2024 | 400.0 |
2025 and thereafter | 1,688.0 |
Total maturities of debt | $ 2,202.0 |
FAIR VALUE MEASUREMENTS (Fair Value, Assets and Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | $ 91.4 | $ 49.5 |
Total gains | ||
Included in earnings | 15.3 | 44.3 |
Settlements | 0.0 | (0.2) |
Ending balance - March 31 | 106.7 | 93.6 |
Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date | 15.3 | 44.5 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | 0.0 | (1.7) |
Total losses | ||
Included in earnings | (9.8) | (0.5) |
Settlements | 0.0 | 2.2 |
Ending balance - March 31 | (9.8) | 0.0 |
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) | $ 0.0 |
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Estimated Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $ 4.1 | $ 4.7 |
Interest cost | 8.7 | 7.6 |
Expected return on plan assets | (13.6) | (15.0) |
Prior service credits | 0.3 | 0.5 |
Net actuarial loss | 5.9 | 5.3 |
Net periodic benefit credit | 5.4 | 3.1 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 0.4 | 0.5 |
Interest cost | 2.3 | 2.1 |
Expected return on plan assets | (4.2) | (4.6) |
Prior service credits | (0.5) | (0.8) |
Net actuarial loss | 1.3 | 1.2 |
Net periodic benefit credit | $ (0.7) | $ (1.6) |
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Pension Plans, Defined Benefit [Member] | ||
Definted Benefit Plan Disclosure [Line Items] | ||
Payment for Pension Benefits | $ 3.2 | $ 2.3 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||
Definted Benefit Plan Disclosure [Line Items] | ||
OPEB Contributions | $ 0.0 | $ 0.0 |
STOCK COMPENSATION PLANS (Assumptions Utilized to Estimate Fair Value for Performance Share Grants) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2019
$ / shares
| |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Grant Date Market Price | $ 11.24 |
Average Expected Term | 2 years 10 months 12 days |
Expected Volatility | 67.52% |
Risk-Free Interest Rate | 2.55% |
Dividend Yield | 0.00% |
Fair Value | $ 18.31 |
Fair Value (Percent of Grant Date Market Price) | 162.90% |
STOCK COMPENSATION PLANS (Narrative) (Details) - 2015 Equity Plan [Member] - shares shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2019 |
|
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted shares granted | 0.6 | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted shares granted | 0.6 | |
2019 to 2021 Performance Period [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-Based Compensation Payout Rate | 0.00% | |
2019 to 2021 Performance Period [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-Based Compensation Payout Rate | 200.00% |
INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 12.90% | 0.10% |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | $ (0.4) | $ 15.7 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Change in refundable AMT, amount | $ 14.5 |
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Summary Of Mine Closure Obligations) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Loss Contingencies [Line Items] | |||
Environmental | $ 2.4 | $ 2.5 | |
Asset Retirement Obligation | 174.9 | 172.4 | $ 168.4 |
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current And Noncurrent | 177.3 | 174.9 | |
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current | 2.9 | 2.9 | |
Environmental Loss Contingency And Mine Reclamation And Closing Liability Noncurrent | 174.4 | 172.0 | |
Mining and Pelletizing [Member] | |||
Loss Contingencies [Line Items] | |||
Asset Retirement Obligation | $ 174.9 | $ 172.4 |
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Asset Retirement Obligation Disclosure) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Asset Retirement Obligation [Roll Forward] | ||
Asset retirement obligation at beginning of period | $ 172.4 | $ 168.4 |
Accretion expense | 2.6 | 9.5 |
Remediation payments | (0.1) | (1.0) |
Revision in estimated cash flows | 0.0 | (4.5) |
Asset retirement obligation at end of period | $ 174.9 | $ 172.4 |
DERIVATIVE INSTRUMENTS (Schedule Of Derivatives Not Designated As Hedging Instruments) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 5.5 | $ 43.8 |
Customer Supply Agreement [Member] | Revenue from Contract with Customer [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in income on derivative | 17.1 | 41.9 |
Provisional Pricing Arrangements [Member] | Revenue from Contract with Customer [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain/(loss) recognized in income on derivative | $ (11.6) | $ 1.9 |
DERIVATIVE INSTRUMENTS (Narrative) (Details) gal in Millions, MMcf in Millions, $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019
USD ($)
gal
MMcf
|
Mar. 31, 2018
USD ($)
|
Dec. 31, 2018
USD ($)
gal
MMcf
|
|
Derivative [Line Items] | |||
Derivative assets | $ 107.4 | $ 91.5 | |
Derivative liability | $ 10.5 | $ 3.7 | |
Natural Gas [Member] | |||
Derivative [Line Items] | |||
Investment Contract Volume | MMcf | 4.0 | 1.8 | |
Diesel [Member] | |||
Derivative [Line Items] | |||
Investment Contract Volume | gal | 7.5 | 11.0 | |
Customer Supply Agreement [Member] | Not Designated as Hedging Instrument [Member] | Revenue from Contract with Customer [Member] | |||
Derivative [Line Items] | |||
Amount of gain/(loss) recognized in income on derivative | $ 17.1 | $ 41.9 | |
Provisional Pricing Arrangements [Member] | Not Designated as Hedging Instrument [Member] | Revenue from Contract with Customer [Member] | |||
Derivative [Line Items] | |||
Amount of gain/(loss) recognized in income on derivative | $ (11.6) | $ 1.9 |
DISCONTINUED OPERATIONS (Schedule of Disposal Groups, including Discontinued Operations, Income Statement) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 0.0 | $ (70.9) |
Asia Pacific Iron Ore [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues from product sales and services | 0.0 | 59.0 |
Cost of goods sold and operating expenses | 0.0 | 124.1 |
Sales margin | 0.0 | (65.1) |
Other operating expense | (0.4) | (2.5) |
Other expense | (0.1) | (1.1) |
Impairment of long-lived assets | 0.0 | (2.6) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ (0.5) | $ (71.3) |
CAPITAL STOCK (Details) - USD ($) $ / shares in Units, shares in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2019 |
Feb. 19, 2019 |
Nov. 26, 2018 |
Oct. 18, 2018 |
|
Class of Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 200,000,000 | |||
Stock Repurchased During Period, Shares | 11.5 | |||
Repurchase of common shares | $ 124,300,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 28,600,000 | |||
Dividends Payable | $ 14,700,000 | |||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Dividends payable, per share | $ 0.05 | $ 0.05 |
CASH FLOW INFORMATION (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
Mar. 31, 2019 |
Feb. 19, 2019 |
Oct. 18, 2018 |
---|---|---|---|
Dividends Payable [Line Items] | |||
Dividends Payable | $ 14.7 | ||
Common Stock [Member] | |||
Dividends Payable [Line Items] | |||
Dividends payable, per share | $ 0.05 | $ 0.05 |
CASH FLOW INFORMATION (Reconciliation Of Capital Additions To Cash Paid For Capital Expenditures) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Supplemental Cash Flow Information [Abstract] | ||
Property, Plant and Equipment, Additions, Including Discontinued Operations | $ 129.3 | $ 78.9 |
Non-cash accruals | 11.5 | (7.5) |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 15.1 | |
Capital leases | 0.0 | |
Government grant rebate | (8.4) | 0.0 |
Payments To Acquire Property Plant And Equipment Net | $ 134.1 | $ 71.4 |
RELATED PARTIES (Summary Of Other Ownership Interests) (Details) - Hibbing [Member] |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Arcelor Mittal [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership interest, equity method investment | 62.30% | |
U. S. Steel Canada [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership interest, equity method investment | 14.70% | |
Investments in Ventures [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership interest, equity method investment | 23.00% | 23.00% |
RELATED PARTIES (Summary Of Related Party Transactions Table Disclosure) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Related Party Transactions [Abstract] | ||
Product revenues from related parties | $ 41.1 | $ 62.1 |
Revenue from Contract with Customer, Including Assessed Tax | $ 145.4 | $ 169.2 |
Related party product revenue as a percent of total product revenue | 28.30% | 36.70% |
RELATED PARTIES (Summary of Balance Sheet Presentation) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Related Party Transaction [Line Items] | ||
Partnership distribution payable | $ 43.8 | $ 43.5 |
Related Party Transaction, Due from (to) Related Party | 77.4 | 220.0 |
Trade Accounts Receivable [Member] | ||
Related Party Transaction [Line Items] | ||
Due from Related Parties, Current | 15.3 | 176.0 |
Derivative [Member] | ||
Related Party Transaction [Line Items] | ||
Due from Related Parties, Current | 106.4 | 89.3 |
Other Current Liabilities [Member] | ||
Related Party Transaction [Line Items] | ||
Due to Related Parties, Current | $ (0.5) | $ (1.8) |
RELATED PARTIES (Narrative) (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2019
USD ($)
Facility
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2018 |
|
Segment Reporting Information [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Mining and Pelletizing [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of mines (in number of facilities) | Facility | 4 | ||
Empire | |||
Segment Reporting Information [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Purchase of Noncontrolling Interest | $ | $ 132.7 | ||
Other Liabilities [Member] | Empire | |||
Segment Reporting Information [Line Items] | |||
Noncontrolling Interest Purchase, Installment Amount | $ | $ 44.2 | ||
Hibbing [Member] | Mining and Pelletizing [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of mines (in number of facilities) | Facility | 1 | ||
Hibbing [Member] | Investments in Ventures [Member] | |||
Segment Reporting Information [Line Items] | |||
Ownership interest, equity method investment | 23.00% | 23.00% |
EARNINGS PER SHARE EARNINGS PER SHARE (Antidilutive Securities Excluded from Computation) (Details) - shares shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Incremental Common Shares Excluded and Attributable to Share-based Payment Arrangements | 4.2 | 3.8 |
316.25 million 1.50% 2025 Convertible Senior Notes | 7.3 | 0.0 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11.5 | 3.8 |
COMMITMENTS AND CONTINGENCIES (Purchase Commitments) (Details) - Capital Commitments [Member] $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Capital commitments, amount expected | $ 830 |
Amount expended project-to-date, including deposits | 265 |
Capital commitments, amount expected in remaining nine months of 2019 | 290 |
Capital commitments, amount expected in 2020 | $ 275 |
SUBSEQUENT EVENTS (Narrative) (Details) - USD ($) |
Apr. 24, 2019 |
Mar. 31, 2019 |
Nov. 26, 2018 |
---|---|---|---|
Subsequent Event [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 200,000,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 28,600,000 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $ 100,000,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 129,000,000 |
SUPPLEMENTARY GUARANTOR INFORMATION (Narrative) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
$1.075 Billion 5.75% 2025 Senior Notes [Member] | |
Debt Instrument, Par Value | $ 1,075 |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% |
Label | Element | Value |
---|---|---|
Capital Addition Purchase Commitments [Member] | ||
Recorded Unconditional Purchase Obligation | us-gaap_RecordedUnconditionalPurchaseObligation | $ 780,000,000 |