CLIFFS NATURAL RESOURCES INC., 10-K filed on 2/9/2017
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2016
Feb. 6, 2017
Jun. 30, 2016
Document and Entity Information [Abstract]
 
 
 
Entity Registrant Name
CLIFFS NATURAL RESOURCES INC. 
 
 
Entity Central Index Key
0000764065 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Document Type
10-K 
 
 
Document Period End Date
Dec. 31, 2016 
 
 
Document Fiscal Year Focus
2016 
 
 
Document Fiscal Period Focus
FY 
 
 
Amendment Flag
false 
 
 
Entity Common Stock, Shares Outstanding
 
233,074,091 
 
Trading Symbol
clf 
 
 
Entity Well-known Seasoned Issuer
No 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Public Float
 
 
$ 1,068,236,979 
Statements Of Condensed Consolidated Financial Position (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
CURRENT ASSETS
 
 
Cash and cash equivalents
$ 323.4 
$ 285.2 
Accounts receivable, net
128.7 
40.2 
Inventories
178.4 
329.6 
Supplies and other inventories
91.4 
110.4 
Loans to and accounts receivables from the Canadian Entities
48.6 
72.9 
Insurance coverage receivable
0 
93.5 
Other current assets
54.1 
50.9 
TOTAL CURRENT ASSETS
824.6 
982.7 
PROPERTY, PLANT AND EQUIPMENT, NET
984.4 
1,059.0 
OTHER ASSETS
 
 
OTHER NON-CURRENT ASSETS
114.9 
93.8 
TOTAL ASSETS
1,923.9 
2,135.5 
CURRENT LIABILITIES
 
 
Accounts payable
107.6 
106.3 
Accrued employment costs
56.1 
53.0 
State and local taxes payable
28.3 
35.2 
Accrued expenses
41.1 
32.4 
Accrued interest
40.2 
53.3 
Accrued royalties
26.2 
17.3 
Guarantees
0.2 
96.5 
Insured loss
0 
93.5 
Other current liabilities
91.4 
94.2 
TOTAL CURRENT LIABILITIES
391.1 
581.7 
POSTEMPLOYMENT BENEFIT LIABILITIES
 
 
Pensions
245.7 
209.7 
Other postretirement benefits
34.8 
11.3 
TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES
280.5 
221.0 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
193.9 
231.2 
LONG-TERM DEBT
2,175.1 
2,699.4 
OTHER LIABILITIES
213.8 
213.8 
TOTAL LIABILITIES
3,254.4 
3,947.1 
COMMITMENTS AND CONTINGENCIES (SEE NOTE 20)
   
   
CLIFFS SHAREHOLDERS' DEFICIT
 
 
Preferred Stock - no par value, Class A - 3,000,000 shares authorized, 7 % Series A Mandatory Convertible, Class A, no par value and $1,000 per share liquidation preference (See Note 15), Issued and Outstanding - none issued (2015 - 731,223)
0 
731.3 
Common Shares - par value $0.125 per share, Authorized - 400,000,000 shares (2015 - 400,000,000 shares); Issued - 238,636,794 shares (2015 - 159,546,224) shares); Outstanding - 233,074,091 shares (2015 - 153,591,930) shares)
29.8 
19.8 
Capital in excess of par value of shares
3,347.0 
2,298.9 
Retained deficit
(4,574.3)
(4,748.4)
Cost of 5,562,703 common shares in treasury (2015 - 5,954,294 shares)
(245.5)
(265.0)
Accumulated other comprehensive loss
(21.3)
(18.0)
TOTAL CLIFFS SHAREHOLDERS' DEFICIT
(1,464.3)
(1,981.4)
NONCONTROLLING INTEREST (DEFICIT)
133.8 
169.8 
TOTAL DEFICIT
(1,330.5)
(1,811.6)
TOTAL LIABILITIES AND DEFICIT
$ 1,923.9 
$ 2,135.5 
Statements Of Condensed Consolidated Financial Position (Parenthetical) (USD $)
Dec. 31, 2016
Dec. 31, 2015
Class of Stock [Line Items]
 
 
Preferred stock, par value
$ 0 
$ 0 
Cumulative Mandatory Convertible
7.00% 
7.00% 
Common shares, par value
$ 0.125 
$ 0.125 
Common shares, authorized (in shares)
400,000,000 
400,000,000 
Common shares, issued (in shares)
238,636,794 
159,546,224 
Common shares, outstanding
233,074,091 
153,591,930 
Common shares in treasury
5,562,703 
5,954,294 
Preferred Class A [Member]
 
 
Class of Stock [Line Items]
 
 
Preferred Stock, Liquidation Preference Per Share
$ 1,000 
$ 1,000 
Preferred stock, shares authorized (in shares)
3,000,000 
3,000,000 
Preferred Shares, Issued and Outstanding, Shares
0 
731,223 
Preferred Class B [Member]
 
 
Class of Stock [Line Items]
 
 
Preferred stock, shares authorized (in shares)
4,000,000 
4,000,000 
Statements Of Condensed Consolidated Operations (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
REVENUES FROM PRODUCT SALES AND SERVICES
 
 
 
Product
$ 1,913.5 
$ 1,832.4 
$ 3,095.2 
Freight and venture partners' cost reimbursements
195.5 
180.9 
278.0 
TOTAL REVENUES
2,109.0 
2,013.3 
3,373.2 
COST OF GOODS SOLD AND OPERATING EXPENSES
(1,719.7)
(1,776.8)
(2,487.5)
SALES MARGIN
389.3 
236.5 
885.7 
OTHER OPERATING INCOME (EXPENSE)
 
 
 
Selling, general and administrative expenses
(117.8)
(110.0)
(154.7)
Impairment of goodwill and other long-lived assets
0 
(3.3)
(635.5)
Miscellaneous - net
(30.7)
28.1 
34.6 
Other operating expense
(148.5)
(85.2)
(755.6)
OPERATING INCOME
240.8 
151.3 
130.1 
OTHER INCOME (EXPENSE)
 
 
 
Interest expense, net
(200.5)
(228.5)
(176.7)
Gain on extinguishment/restructuring of debt
166.3 
392.9 
16.2 
Other non-operating income (expense)
0.4 
(2.6)
10.7 
TOTAL OTHER INCOME (EXPENSE)
(33.8)
161.8 
(149.8)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY LOSS FROM VENTURES
207.0 
313.1 
(19.7)
INCOME TAX BENEFIT (EXPENSE)
12.2 
(169.3)
86.0 
EQUITY LOSS FROM VENTURES, net of tax
0 
(0.1)
(9.9)
INCOME FROM CONTINUING OPERATIONS
219.2 
143.7 
56.4 
LOSS FROM DISCONTINUED OPERATIONS, net of tax
(19.9)
(892.1)
(8,368.0)
NET INCOME (LOSS)
199.3 
(748.4)
(8,311.6)
LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTEREST (Year Ended December 31, 2016 - No loss related to Discontinued Operations, Year Ended December 31, 2015 - Loss of $7.7 million and Year Ended December 31, 2014 - Loss of $1,113.3 million related to Discontinued Operations)
(25.2)
(0.9)
1,087.4 
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
174.1 
(749.3)
(7,224.2)
PREFERRED STOCK DIVIDENDS
0 
(38.4)
(51.2)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
$ 174.1 
$ (787.7)
$ (7,275.4)
EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - BASIC
 
 
 
Continuing operations
$ 0.98 
$ 0.63 
$ (0.14)
Discontinued operations
$ (0.10)
$ (5.77)
$ (47.38)
Earnings (loss) per Common Share Attributable to Cliffs Common Shareholders - Basic:
$ 0.88 
$ (5.14)
$ (47.52)
EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - DILUTED
 
 
 
Continuing operations
$ 0.97 
$ 0.63 
$ (0.14)
Discontinued operations
$ (0.10)
$ (5.76)
$ (47.38)
Earnings (loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted:
$ 0.87 
$ (5.13)
$ (47.52)
AVERAGE NUMBER OF SHARES (IN THOUSANDS)
 
 
 
Basic
197,659 
153,230 
153,098 
Diluted
200,145 
153,605 
153,098 
Statements Of Condensed Consolidated Operations (Parenthetical) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST
$ 0 
$ 7.7 
$ 1,113.3 
Statements Of Condensed Consolidated Comprehensive Income (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
 
 
 
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$ 174.1 
$ (749.3)
$ (7,224.2)
OTHER COMPREHENSIVE INCOME (LOSS)
 
 
 
Pension and OPEB liability, net of tax
(19.8)
45.2 
(91.0)
Unrealized net gain (loss) on marketable securities, net of tax
0 
1.7 
(7.2)
Unrealized net gain (loss) on foreign currency translation
18.6 
155.6 
(42.3)
Unrealized net gain (loss) on derivative financial instruments, net of tax
(2.6)
20.7 
2.8 
OTHER COMPREHENSIVE INCOME (LOSS)
(3.8)
223.2 
(137.7)
OTHER COMPREHENSIVE LOSS ATTRIBUTABLE TO THE NONCONTROLLING INTEREST
(0.5)
(4.6)
(4.8)
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$ 170.8 
$ (521.5)
$ (7,357.1)
Statements Of Condensed Consolidated Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
OPERATING ACTIVITIES
 
 
 
Net income (loss)
$ 199.3 
$ (748.4)
$ (8,311.6)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
 
 
 
Depreciation, depletion and amortization
115.4 
134.0 
504.0 
Impairment of goodwill and other long-lived assets
0 
76.6 
9,029.9 
Deferred income taxes
0 
159.8 
(1,153.9)
Changes in deferred revenue and below-market sales contracts
(20.5)
(42.6)
(18.0)
Gain on extinguishment/restructuring of debt
(166.3)
(392.9)
(16.2)
Loss on deconsolidation, net of cash deconsolidated
17.5 
668.3 
0 
Loss (gain) on sale of North American Coal mines
(2.1)
(9.3)
419.6 
Other
32.6 
113.0 
(11.6)
Changes in operating assets and liabilities:
 
 
 
Receivables and other assets
43.2 
369.1 
(82.8)
Product inventories
157.8 
(62.0)
37.8 
Payables and accrued expenses
(73.9)
(227.7)
(38.3)
Net cash provided by operating activities
303.0 
37.9 
358.9 
INVESTING ACTIVITIES
 
 
 
Purchase of property, plant and equipment
(69.1)
(80.8)
(284.1)
Investments in DIP and pre-petition financing
(1.5)
(14.0)
0 
Proceeds from DIP and prepetition financing
8.3 
0 
0 
Proceeds (uses) from sale of North American Coal mines
3.6 
(15.2)
155.0 
Other investing activities
0.8 
6.8 
25.5 
Net cash used in investing activities
(57.9)
(103.2)
(103.6)
FINANCING ACTIVITIES
 
 
 
Net proceeds from issuance of common shares
287.4 
0 
0 
Proceeds from first lien notes offering
0 
503.5 
0 
Debt issuance costs
(5.2)
(33.6)
(9.0)
Borrowings under credit facilities
105.0 
309.8 
1,219.5 
Repayment under credit facilities
(105.0)
(309.8)
(1,219.5)
Repayments of equipment loans
(95.6)
(45.4)
(20.9)
Repurchase of debt
(305.4)
(225.9)
(28.8)
Contributions (to)/by joint ventures, net
(3.2)
0.1 
(25.7)
Distributions of partnership equity
(59.9)
(40.6)
0 
Common stock dividends
0 
0 
(92.5)
Preferred stock dividends
0 
(51.2)
(51.2)
Other financing activities
(24.5)
(45.9)
(60.2)
Net cash provided (used) by financing activities
(206.4)
61.0 
(288.3)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
(0.5)
(1.4)
(11.6)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
38.2 
(5.7)
(44.6)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
285.2 
290.9 
335.5 
CASH AND CASH EQUIVALENTS AT END OF YEAR
$ 323.4 
$ 285.2 
$ 290.9 
Statements of Consolidated Changes in Equity (USD $)
In Millions, except Share data, unless otherwise specified
Total
Depositary Shares [Member]
Common Stock [Member]
Capital in Excess of Par Value of Shares [Member]
Retained Earnings [Member]
Common Shares in Treasury [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Noncontrolling Interest [Member]
Balance, beginning of period at Dec. 31, 2013
$ 6,884.3 
$ 731.3 
$ 19.8 
$ 2,329.5 
$ 3,407.3 
$ (305.5)
$ (112.9)
$ 814.8 
Balance, beginning of period (in shares) at Dec. 31, 2013
 
 
153,200,000 
 
 
 
 
 
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
(8,311.6)
 
 
 
(7,224.2)
 
 
(1,087.4)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
7,357.1 
 
 
 
 
 
(132.9)
 
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest
4.8 
 
 
 
 
 
 
(4.8)
Other Comprehensive Income (Loss), Net of Tax
(137.7)
 
 
 
 
 
 
 
Pension and OPEB liability, net of tax
(91.0)
 
 
 
 
 
 
 
Unrealized net loss on marketable securities, net of tax
(7.2)
 
 
 
 
 
 
 
Total comprehensive income (loss)
(8,449.3)
 
 
 
 
 
 
(1,092.2)
Capital contribution by noncontrolling interest to subsidiary
0.1 
 
 
 
 
 
 
0.1 
Undistributed losses to noncontrolling interest to subsidiary
(25.5)
 
 
 
 
 
 
(25.5)
Stock and other incentive plans
0.1 
 
 
(19.7)
 
19.8 
 
 
Common stock dividends ($0.60 per share)
(92.5)
 
 
 
92.5 
 
 
 
Preferred Stock Dividends
(51.3)
 
 
 
(51.3)
 
 
 
Preferred Stock, Shares Outstanding
 
29,300,000 
 
 
 
 
 
 
Balance, end of period at Dec. 31, 2014
(1,734.3)
731.3 
19.8 
2,309.8 
(3,960.7)
(285.7)
(245.8)
(303.0)
Balance, beginning of period (in shares) at Dec. 31, 2014
 
 
153,200,000 
 
 
 
 
 
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
(748.4)
 
 
 
(749.3)
 
 
0.9 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
521.5 
 
 
 
 
 
227.8 
 
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest
4.6 
 
 
 
 
 
 
(4.6)
Other Comprehensive Income (Loss), Net of Tax
223.2 
 
 
 
 
 
 
 
Pension and OPEB liability, net of tax
45.2 
 
 
 
 
 
 
 
Unrealized net loss on marketable securities, net of tax
1.7 
 
 
 
 
 
 
 
Total comprehensive income (loss)
(525.2)
 
 
 
 
 
 
(3.7)
Capital contribution by noncontrolling interest to subsidiary
0.2 
 
 
 
 
 
 
0.2 
Undistributed losses to noncontrolling interest to subsidiary
(0.2)
 
 
 
 
 
 
(0.2)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders
(51.7)
 
 
 
 
 
 
(51.7)
Deconsolidation, Gain (Loss), Amount
528.2 
 
 
 
 
 
 
528.2 
Stock and other incentive plans (in shares)
 
 
300,000 
 
 
 
 
 
Stock and other incentive plans
9.8 
 
 
(10.9)
 
20.7 
 
 
Preferred Stock Dividends
(38.4)
 
 
 
(38.4)
 
 
 
Preferred Stock, Shares Outstanding
 
29,300,000 
 
 
 
 
 
 
Balance, end of period at Dec. 31, 2015
(1,811.6)
731.3 
19.8 
2,298.9 
(4,748.4)
(265.0)
(18.0)
169.8 
Balance, end of period (in shares) at Dec. 31, 2015
153,591,930 
 
153,500,000 
 
 
 
 
 
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract]
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
199.3 
 
 
 
174.1 
 
 
25.2 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
(170.8)
 
 
 
 
 
(3.3)
 
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest
0.5 
 
 
 
 
 
 
(0.5)
Other Comprehensive Income (Loss), Net of Tax
(3.8)
 
 
 
 
 
 
 
Pension and OPEB liability, net of tax
(19.8)
 
 
 
 
 
 
 
Unrealized net loss on marketable securities, net of tax
0 
 
 
 
 
 
 
 
Total comprehensive income (loss)
195.5 
 
 
 
 
 
 
24.7 
Undistributed losses to noncontrolling interest to subsidiary
(3.2)
 
 
 
 
 
 
(3.2)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders
(57.5)
 
 
 
 
 
 
(57.5)
Stock and other incentive plans (in shares)
 
 
500,000 
 
 
 
 
 
Stock and other incentive plans
13.7 
 
 
(5.8)
 
19.5 
 
 
Preferred Stock, Shares Outstanding
 
0 
 
 
 
 
 
 
Shares issued for debt exchange
 
 
8,200,000 
 
 
 
 
 
Debt for equity exchange (value)
45.2 
 
1.0 
44.2 
 
 
 
 
Stock Issued During Period, Value, Conversion of Convertible Securities
0 
(731.3)
3.5 
727.8 
 
 
 
 
Stock Issued During Period, Shares, Conversion of Units
 
(29,300,000)
26,500,000 
 
 
 
 
 
Common Stock, New Shares, Issued
44,400,000 
 
44,400,000 
 
 
 
 
 
Common stock issuance (value)
287.4 
 
5.5 
281.9 
 
 
 
 
Balance, end of period at Dec. 31, 2016
$ (1,330.5)
$ 0 
$ 29.8 
$ 3,347.0 
$ (4,574.3)
$ (245.5)
$ (21.3)
$ 133.8 
Balance, end of period (in shares) at Dec. 31, 2016
233,074,091 
 
233,100,000 
 
 
 
 
 
Statements of Consolidated Changes in Equity (Parenthetical)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Class of Stock [Line Items]
 
 
 
Common stock dividends per share
$ 0.00 
$ 0.60 
$ 0.60 
Preferred stock dividends per share
$ 0.00 
$ 1.32 
$ 1.76 
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BUSINESS SUMMARY AND SIGNIFICANT ACCOUNTING POLICIES
NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Nature of Business
We are a leading mining and natural resources company in the U.S. We are a major supplier of iron ore pellets to the North American steel industry from our mines and pellet plants located in Michigan and Minnesota. We also operate the Koolyanobbing iron ore mining complex in Western Australia, which provides iron ore to the seaborne market for Asian steel producers.
Significant Accounting Policies
We consider the following policies to be beneficial in understanding the judgments that are involved in the preparation of our consolidated financial statements and the uncertainties that could impact our financial condition, results of operations and cash flows.
Use of Estimates
The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions related to mineral reserves future realizable cash flow; environmental, reclamation and closure obligations; valuation of long-lived assets; valuation of inventory; valuation of post-employment, post-retirement and other employee benefit liabilities; valuation of tax assets; reserves for contingencies and litigation; the fair value of derivative instruments; and the fair value of loans to and accounts receivable from Canadian entities. Actual results could differ from estimates. On an ongoing basis, management reviews estimates. Changes in facts and circumstances may alter such estimates and affect the results of operations and financial position in future periods.
Basis of Consolidation
The consolidated financial statements include our accounts and the accounts of our wholly owned and majority-owned subsidiaries, including the following operations at December 31, 2016:
Name
 
Location
 
Ownership Interest
 
Operation
 
Status of Operations
Northshore
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
United Taconite
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
Tilden
 
Michigan
 
85.0%
 
Iron Ore
 
Active
Empire
 
Michigan
 
79.0%
 
Iron Ore
 
Indefinitely Idled
Koolyanobbing
 
Western Australia
 
100.0%
 
Iron Ore
 
Active

Intercompany transactions and balances are eliminated upon consolidation.
Equity Method Investments
Investments in unconsolidated ventures that we have the ability to exercise significant influence over, but not control, are accounted for under the equity method.
Hibbing
Our 23% ownership interest in Hibbing is recorded as an equity method investment. As of December 31, 2016 and December 31, 2015, our investment in Hibbing was $8.7 million and $2.4 million, respectively, classified in Other liabilities in the Statements of Consolidated Financial Position.
Our share of equity income (loss) is eliminated against consolidated product inventory upon production, and against Cost of goods sold and operating expenses when sold. This effectively reduces our cost for our share of the mining ventures' production cost, reflecting the cost-based nature of our participation in unconsolidated ventures.
Noncontrolling Interests
Noncontrolling interest is primarily comprised of the 21% noncontrolling interest in the consolidated, but less-than-wholly-owned subsidiary at our Empire mining venture and through the CCAA filing on January 27, 2015, the 17.2% noncontrolling interest in the Bloom Lake operations. Financial results prior to the deconsolidation of the Bloom Lake Group and subsequent expenses directly associated with the Canadian Entities are included in our financial statements. The net loss and income attributable to the noncontrolling interest of the Empire mining venture was $25.2 million and $8.6 million for the years ended December 31, 2016 and December 31, 2015, respectively. There was no net income or loss attributable to the noncontrolling interest related to Bloom Lake for the year ended December 31, 2016. This compares with a net loss attributable to the noncontrolling interest related to Bloom Lake of $7.7 million for the year ended December 31, 2015. See NOTE 14 - DISCONTINUED OPERATIONS for further information.
Cash Equivalents
Cash and cash equivalents include cash on hand and on deposit as well as all short-term securities held for the primary purpose of general liquidity. We consider investments in highly liquid debt instruments with an original maturity of three months or less from the date of acquisition to be cash equivalents. We routinely monitor and evaluate counterparty credit risk related to the financial institutions by which our short-term investment securities are held.
Trade Accounts Receivable and Allowance for Doubtful Accounts
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We establish provisions for losses on accounts receivable when it is probable that all or part of the outstanding balance will not be collected. We regularly review our accounts receivable balances and establish or adjust the allowance as necessary using the specific identification method. The allowance for doubtful accounts was zero and $7.1 million at December 31, 2016 and 2015, respectively. There was no bad debt expense for the years ended December 31, 2016 and 2014. There was $7.1 million bad debt expense for the year ended December 31, 2015.
Inventories
U.S. Iron Ore
U.S. Iron Ore product inventories are stated at the lower of cost or market. Cost of iron ore inventories is determined using the LIFO method.
We had approximately 1.5 million long tons and 1.3 million long tons of finished goods stored at ports and customer facilities on the lower Great Lakes to service customers at December 31, 2016 and 2015, respectively. We maintain ownership of the inventories until title has transferred to the customer, usually when payment is received. Maintaining ownership of the iron ore products at ports on the lower Great Lakes reduces risk of non-payment by customers.
Asia Pacific Iron Ore
Asia Pacific Iron Ore product inventories are stated at the lower of cost or market. Costs of iron ore inventories are being valued on a weighted average cost basis. We maintain ownership of the inventories until title has transferred to the customer, which generally is when the product is loaded into the vessel.
Supplies and Other Inventories
Supply inventories include replacement parts, fuel, chemicals and other general supplies, which are expected to be used or consumed in normal operations. Supply inventories also include critical spares. Critical spares are replacement parts for equipment that is critical for the continued operation of the mine or processing facilities.
Supply inventories are stated at the lower of cost or market using average cost, less an allowance for obsolete and surplus items. The allowance for obsolete and surplus items was $14.0 million and $31.8 million at December 31, 2016 and 2015, respectively. The decrease in the allowance for obsolete and surplus items during the year ended December 31, 2016, was primarily a result of the disposal of Empire's supplies inventory of approximately $17.4 million that was fully reserved for as of the previous year end.
Derivative Financial Instruments and Hedging Activities
We are exposed to certain risks related to the ongoing operations of our business, including those caused by changes in commodity prices, interest rates and foreign currency exchange rates. We have established policies and procedures, including the use of certain derivative instruments, to manage such risks, if deemed necessary.
Derivative financial instruments are recognized as either assets or liabilities in the Statements of Consolidated Financial Position and measured at fair value. For derivative instruments that have not been designated as cash flow hedges, changes in fair value are recorded in the period of the instrument's earnings or losses.
Refer to NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information.
Property, Plant and Equipment
Our properties are stated at the lower of cost less accumulated depreciation or fair value. Depreciation of plant and equipment is computed principally by the straight-line method based on estimated useful lives, not to exceed the mine lives. The U.S. Iron Ore operations use the double-declining balance method of depreciation for certain mining equipment. The Asia Pacific Iron Ore operation uses the production output method for certain mining equipment. Depreciation is provided over the following estimated useful lives:
Asset Class
 
Basis
 
Life
Office and information technology
 
Straight line
 
3 to 15 Years
Buildings
 
Straight line
 
45 Years
Mining equipment
 
Straight line/Double declining balance
 
3 to 20 Years
Processing equipment
 
Straight line
 
10 to 45 Years
Electric power facilities
 
Straight line
 
10 to 45 years
Land improvements
 
Straight line
 
20 to 45 years
Asset retirement obligation
 
Straight line
 
Life of mine
Depreciation continues to be recognized when operations are idled temporarily.
Refer to NOTE 4 - PROPERTY, PLANT AND EQUIPMENT for further information.
Capitalized Stripping Costs
During the development phase, stripping costs are capitalized as a part of the depreciable cost of building, developing and constructing a mine. These capitalized costs are amortized over the productive life of the mine using the units of production method. The production phase does not commence until the removal of more than a de minimis amount of saleable mineral material occurs in conjunction with the removal of overburden or waste material for purposes of obtaining access to an ore body. The stripping costs incurred in the production phase of a mine are variable production costs included in the costs of the inventory produced (extracted) during the period that the stripping costs are incurred.
Stripping costs related to expansion of a mining asset of proven and probable reserves are variable production costs that are included in the costs of the inventory produced during the period that the stripping costs are incurred.
Other Intangible Assets and Liabilities
Other intangible assets are subject to periodic amortization on a straight-line basis over their estimated useful lives as follows:
Intangible Assets
 
Basis
 
Useful Life (years)
Permits - Asia Pacific Iron Ore
 
Units of production
 
Life of mine
Permits - USIO
 
Straight line
 
Life of mine
Asset Impairment
Long-Lived Tangible and Intangible Assets
We monitor conditions that may affect the carrying value of our long-lived tangible and intangible assets when events and circumstances indicate that the carrying value of the asset groups may not be recoverable. In order to determine if assets have been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available ("asset group"). An impairment loss exists when projected undiscounted cash flows are less than the carrying value of the asset group. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying value of the asset group. Fair value can be determined using a market approach, income approach or cost approach.
During the year ended December 31, 2016, there were no impairment indicators present; as a result no impairment assessments were required. As a result of the 2015 assessments, there were no material impairment charges related to long-lived tangible or intangible assets at our continuing operations. During 2014, we recorded a long-lived tangible asset impairment charge of $537.8 million and an intangible asset impairment charge of $13.8 million in our Statements of Consolidated Operations related to our continuing operations.
    Refer to NOTE 4 - PROPERTY, PLANT AND EQUIPMENT, NOTE 12 - GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES and NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS for further information.
Fair Value Measurements
Valuation Hierarchy
ASC 820, Fair Value Measurements and Disclosures, establishes a three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our own views about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized below:
•
Level 1 — Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets.
•
Level 2 — Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
•
Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement.
The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. Valuation methodologies used for assets and liabilities measured at fair value are as follows:
Cash Equivalents
Where quoted prices are available in an active market, cash equivalents are classified within Level 1 of the valuation hierarchy. Cash equivalents classified in Level 1 at December 31, 2016 and 2015 include money market funds. Valuation of these instruments is determined using a market approach and is based upon unadjusted quoted prices for identical assets in active markets.
Derivative Financial Instruments
Derivative financial instruments valued using financial models that use as their basis readily observable market parameters are classified within Level 2 of the valuation hierarchy. Such derivative financial instruments include our commodity hedge and foreign currency exchange contracts. Derivative financial instruments that are valued based upon models with significant unobservable market parameters and are normally traded less actively, are classified within Level 3 of the valuation hierarchy.
Refer to NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS and NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
Pensions and Other Postretirement Benefits
We offer defined benefit pension plans, defined contribution pension plans and other postretirement benefit plans, primarily consisting of retiree healthcare benefits, to most employees in North America as part of a total compensation and benefits program. We do not have employee pension or post-retirement benefit obligations at our Asia Pacific Iron Ore operations.
We recognize the funded or unfunded status of our postretirement benefit obligations on our December 31, 2016 and 2015 Statements of Consolidated Financial Position based on the difference between the market value of plan assets and the actuarial present value of our retirement obligations on that date, on a plan-by-plan basis. If the plan assets exceed the retirement obligations, the amount of the surplus is recorded as an asset; if the retirement obligations exceed the plan assets, the amount of the underfunded obligations are recorded as a liability. Year-end balance sheet adjustments to postretirement assets and obligations are recorded as Accumulated other comprehensive loss.
The actuarial estimates of the PBO and APBO incorporate various assumptions including the discount rates, the rates of increases in compensation, healthcare cost trend rates, mortality, retirement timing and employee turnover. The discount rate is determined based on the prevailing year-end rates for high-grade corporate bonds with a duration matching the expected cash flow timing of the benefit payments from the various plans. The remaining assumptions are based on our estimates of future events by incorporating historical trends and future expectations. The amount of net periodic cost that is recorded in the Statements of Consolidated Operations consists of several components including service cost, interest cost, expected return on plan assets, and amortization of previously unrecognized amounts. Service cost represents the value of the benefits earned in the current year by the participants. Interest cost represents the cost associated with the passage of time. Certain items, such as plan amendments, gains and/or losses resulting from differences between actual and assumed results for demographic and economic factors affecting the obligations and assets of the plans, and changes in other assumptions are subject to deferred recognition for income and expense purposes. The expected return on plan assets is determined utilizing the weighted average of expected returns for plan asset investments in various asset categories based on historical performance, adjusted for current trends. See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
Asset Retirement Obligations
Asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The fair value of the liability is determined as the discounted value of the expected future cash flow. The asset retirement obligation is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized and amortized over the life of the related asset. Reclamation costs are adjusted periodically to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. We review, on an annual basis, unless otherwise deemed necessary, the asset retirement obligation at each mine site in accordance with the provisions of ASC 410, Asset Retirement and Environmental Obligations. We perform an in-depth evaluation of the liability every three years in addition to routine annual assessments.
Future reclamation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing maintenance and monitoring costs. Changes in estimates at inactive mines are reflected in earnings in the period an estimate is revised. See NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS for further information.
Environmental Remediation Costs
We have a formal policy for environmental protection and restoration. Our mining and exploration activities are subject to various laws and regulations governing protection of the environment. We conduct our operations to protect the public health and environment and believe our operations are in compliance with applicable laws and regulations in all material respects. Our environmental liabilities, including obligations for known environmental remediation exposures at active and closed mining operations and other sites, have been recognized based on the estimated cost of investigation and remediation at each site. If the cost only can be estimated as a range of possible amounts with no point in the range being more likely, the minimum of the range is accrued. Future expenditures are not discounted unless the amount and timing of the cash disbursements reasonably can be estimated. It is possible that additional environmental obligations could be incurred, the extent of which cannot be assessed. Potential insurance recoveries have not been reflected in the determination of the liabilities. See NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS for further information.
Revenue Recognition
We sell our products pursuant to comprehensive supply agreements negotiated and executed with our customers. Revenue is recognized from a sale when persuasive evidence of an arrangement exists, the price is fixed or determinable, the product is delivered in accordance with F.O.B. terms, title and risk of loss have transferred to the customer in accordance with the specified provisions of each supply agreement and collection of the sales price reasonably is assured. Our U.S. Iron Ore and Asia Pacific Iron Ore supply agreements provide that title and risk of loss transfer to the customer either upon loading of the vessel, shipment or, as is the case with some of our U.S. Iron Ore supply agreements, when payment is received. Under certain term supply agreements, we ship the product to ports on the lower Great Lakes or to the customers’ facilities prior to the transfer of title. Our rationale for shipping iron ore products to certain customers and retaining title until payment is received for these products is to minimize credit risk exposure.
Sales are recorded at a sales price specified in the relevant supply agreements resulting in revenue and a receivable at the time of sale. Upon revenue recognition for provisionally priced sales, a freestanding derivative is created for the difference between the sales price used and expected future settlement price. The derivative, which does not qualify for hedge accounting, is adjusted to fair value through Product revenues as a revenue adjustment each reporting period based upon current market data and forward-looking estimates determined by management until the final sales price is determined. The principal risks associated with recognition of sales on a provisional basis include iron ore price fluctuations between the date initially recorded and the date of final settlement. For revenue recognition, we estimate the future settlement rate; however, if significant changes in iron ore prices occur between the provisional pricing date and the final settlement date, we might be required to either return a portion of the sales proceeds received or bill for the additional sales proceeds due based on the provisional sales price. Refer to NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information.
In addition, certain supply agreements with one customer include provisions for supplemental revenue or refunds based on the customer’s annual steel pricing for the year the product is consumed in the customer’s blast furnaces. We account for this provision as a free standing derivative instrument at the time of sale and record this provision at fair value until the year the product is consumed and the amounts are settled as an adjustment to revenue. Refer to NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information.
Revenue from product sales and services also includes reimbursement for freight charges associated with domestic freight and venture partner cost reimbursements for the U.S. Iron Ore operations and freight associated with CFR based shipments paid on behalf of customers for the Asia Pacific Iron Ore operations. These are included in Freight and venture partners' cost reimbursements separate from Product revenues. Revenue is recognized for the expected reimbursement of services when the services are performed.
Deferred Revenue
The terms of one of our U.S. Iron Ore pellet supply agreements required supplemental payments to be paid by the customer during the period 2009 through 2012, with the option to defer a portion of the 2009 monthly amount in exchange for interest payments until the deferred amount was repaid in 2013. Installment amounts received under this arrangement in excess of sales were classified as deferred revenue in the Statements of 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 December 31, 2016 and 2015, installment amounts received in excess of sales totaled $77.1 million and $89.9 million, respectively. As of December 31, 2016, deferred revenue of $16.4 million was recorded in Other current liabilities and $64.2 million was recorded as long-term in Other liabilities in the Statements of Consolidated Financial Position. As of December 31, 2015, deferred revenue of $12.8 million was recorded in Other current liabilities and $77.1 million was recorded as long-term in Other liabilities in the Statements of Consolidated Financial Position.
In 2016 and 2014, due to the payment terms and the timing of cash receipts near year-end, cash receipts exceeded shipments for certain customers. The shipments were completed early in the subsequent years. We considered whether revenue should be recognized on these sales under the “bill and hold” guidance provided by the SEC Staff; however, based upon the assessment performed, revenue recognition on these transactions totaling $3.4 million and $29.3 million were deferred on the Statements of Consolidated Financial Position for the years ended December 31, 2016 and 2014, respectively.
Cost of Goods Sold
Cost of goods sold and operating expenses represents all direct and indirect costs and expenses applicable to the sales of our mining operations. Operating expenses primarily represent the portion of the Tilden mining venture costs for which we do not own; that is, the costs attributable to the share of the mine’s production owned by the other joint venture partner in the Tilden mine. The mining venture functions as a captive cost company; it supplies product only to its owners effectively for the cost of production. Accordingly, the noncontrolling interests’ revenue amounts are stated at cost of production and are offset by an equal amount included in Cost of goods sold and operating expenses resulting in no sales margin reflected for the noncontrolling partner participant. As we are responsible for product fulfillment, we act as a principal in the transaction and, accordingly, record revenue under these arrangements on a gross basis.
The following table is a summary of reimbursements in our U.S. Iron Ore operations for the years ended December 31, 2016, 2015 and 2014:
 
 
(In Millions)
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
Reimbursements for:
 
 
 
 
 
 
Freight
 
$
106.8

 
$
105.3

 
$
163.0

Venture partners’ cost
 
68.0

 
52.0

 
108.0

Total reimbursements
 
$
174.8

 
$
157.3

 
$
271.0

In 2014, we began selling a portion of our Asia Pacific Iron Ore product on a CFR basis. As a result, $20.7 million, $23.6 million and $6.9 million of freight was included in Cost of goods sold and operating expenses for the years ended December 31, 2016, 2015 and 2014, respectively.
Where we have joint ownership of a mine, our contracts entitle us to receive royalties and/or management fees, which we earn as the pellets are produced.
Repairs and Maintenance
Repairs, maintenance and replacement of components are expensed as incurred. The cost of major equipment overhauls is capitalized and depreciated over the estimated useful life, which is the period until the next scheduled overhaul, generally five years. All other planned and unplanned repairs and maintenance costs are expensed when incurred.
Share-Based Compensation
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. Consistent with the guidelines of ASC 718, Stock Compensation, a correlation matrix of historic and projected stock prices was developed for both the Company and its predetermined peer group of mining and metals companies. The fair value assumes that performance goals will be achieved.
The expected term of the grant represents the time from the grant date to the end of the service period for each of the three plan-year agreements. We estimated 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 plans.
The fair value of stock options is estimated on the date of grant using a Black-Scholes model using the grant date price of our common shares and option exercise price, and assumptions regarding the option’s expected term, the volatility of our common shares, the risk-free interest rate, and the dividend yield over the option’s expected term.
Upon vesting of share-based compensation awards, we issue shares from treasury shares before issuing new shares.
Refer to NOTE 8 - STOCK COMPENSATION PLANS for additional information.
Income Taxes
Income taxes are based on income for financial reporting purposes, calculated using tax rates by jurisdiction, and reflect a current tax liability or asset for the estimated taxes payable or recoverable on the current year tax return and expected annual changes in deferred taxes. Any interest or penalties on income tax are recognized as a component of income tax expense.
We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial results of operations.
Accounting for uncertainty in income taxes recognized in the financial statements requires that a tax benefit from an uncertain tax position be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on technical merits.
See NOTE 9 - INCOME TAXES for further information.
Discontinued Operations
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for reporting discontinued operations and requires additional disclosures about discontinued operations. The standard requires that an entity report as a discontinued operation only a disposal that represents a strategic shift in operations that has a major effect on its operations and financial results. ASU 2014-08 is effective prospectively for new disposals that occur within annual periods beginning on or after December 15, 2014. Early adoption was permitted and we adopted ASU 2014-08 during the year ended December 31, 2014.
North American Coal Operations
As we executed our strategy to focus on strengthening our U.S. Iron Ore operations, management determined as of March 31, 2015 that our North American Coal operating segment met the criteria to be classified as held for sale under ASC 205, Presentation of Financial Statements and continued to meet the criteria throughout 2015. In December 2015, we completed the sale of our remaining two metallurgical coal operations, Oak Grove and Pinnacle mines, which marked our exit from the coal business. Our plan to sell the Oak Grove and Pinnacle mine assets represented a strategic shift in our business. For this reason, our previously reported North American Coal operating segment results for all periods, prior to the March 31, 2015 held for sale determination, as well as costs to exit are classified as discontinued operations. Refer to NOTE 14 - DISCONTINUED OPERATIONS for further discussion of our discontinued operations.
Canadian Operations
As more fully described in NOTE 14 - DISCONTINUED OPERATIONS, in January 2015, we announced that the Bloom Lake Group commenced restructuring proceedings in Montreal, Quebec under the CCAA. At that time, we had suspended Bloom Lake operations and for several months had been exploring options to sell certain of our Canadian assets, among other initiatives. Effective January 27, 2015, following the CCAA filing of the Bloom Lake Group, we deconsolidated the Bloom Lake Group and certain other wholly-owned subsidiaries comprising substantially all of our Canadian operations. Additionally, on May 20, 2015, the Wabush Group commenced restructuring proceedings in Montreal, Quebec under the CCAA which resulted in the deconsolidation of the remaining Wabush Group entities that were not previously deconsolidated. The Wabush Group was no longer generating revenues and was not able to meet its obligations as they came due. As a result of this action, the CCAA protections granted to the Bloom Lake Group were extended to include the Wabush Group to facilitate the reorganization of each of their businesses and operations. Our Canadian exit represents a strategic shift in our business. For this reason, our previously reported Eastern Canadian Iron Ore and Ferroalloys operating segment results for all periods prior to the respective deconsolidations as well as costs to exit are classified as discontinued operations.
Foreign Currency
Our financial statements are prepared with the U.S. dollar as the reporting currency. The functional currency of our Australian subsidiaries is the Australian dollar. The functional currency of all other international subsidiaries is the U.S. dollar. The financial statements of international subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. Where the local currency is the functional currency, translation adjustments are recorded as Accumulated other comprehensive loss. Income taxes generally are not provided for foreign currency translation adjustments. To the extent that monetary assets and liabilities, inclusive of short-term and certain long-term intercompany loans, are recorded in a currency other than the functional currency, these amounts are remeasured each reporting period, with the resulting gain or loss being recorded in the Statements of Consolidated Operations. Transaction gains and losses resulting from remeasurement of intercompany loans are included in Miscellaneous - net in our Statements of Consolidated Operations.
The following represents the net gain related to impact of transaction gains and losses resulting from remeasurement for the years ended December 31, 2016, 2015 and 2014:
 
 
(In Millions)
 
 
2016
 
2015
 
2014
Remeasurement of intercompany loans
 
$
(16.6
)
 
$
11.5

 
$
19.7

Remeasurement of cash and cash equivalents
 
(1.0
)
 
1.5

 
10.6

Other remeasurement
 
0.8

 
3.3

 
(1.3
)
Net gain (loss) related to impact of transaction gains and losses resulting from remeasurement
 
(16.8
)
 
16.3

 
29.0

Earnings Per Share
We present both basic and diluted earnings per share amounts for continuing operations and discontinued operations. Basic earnings per share amounts are calculated by dividing Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders less any paid or declared but unpaid dividends on our depositary shares by the weighted average number of common shares outstanding during the period presented. Diluted earnings per share amounts are calculated by dividing Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders by the weighted average number of common shares, common share equivalents under stock plans using the treasury stock method and the number of common shares that would be issued under an assumed conversion of our outstanding depositary shares, each representing a 1/40th interest in a share of our Series A Mandatory Convertible Preferred Stock, Class A, under the if-converted method. We currently do not have any outstanding depositary shares. Historically, when we have had outstanding depositary shares, they were convertible into common shares based on the volume weighted average of closing prices of our common shares over the 20 consecutive trading day period ending on the third day immediately preceding the end of that reporting period. Common share equivalents are excluded from EPS computations in the periods in which they have an anti-dilutive effect. See NOTE 19 - EARNINGS PER SHARE for further information.
Recent Accounting Pronouncements
Issued and Adopted
In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments. The new standard addresses eight specific changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017, and early adoption is permitted. We have adopted the guidance for the period ended December 31, 2016 and have applied this amended accounting guidance to the Statements of Consolidated Cash Flows for all periods presented. The adoption of ASU 2016-15 did not have an impact on prior results reported in the Statements of Consolidated Cash Flows.
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern. ASU 2014-15 explicitly requires management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Specifically, ASU 2014-15 provides a definition of the term "substantial doubt" and requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans and requires an express statement and other disclosures when substantial doubt is not alleviated. The new standard is effective for all entities in the first annual period ending after December 15, 2016 and for annual periods and interim periods thereafter. We have adopted the guidance for the year ended December 31, 2016. The adoption of ASU 2014-15 did not impact our disclosures in 2016.
In October 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. This update simplifies the presentation of deferred income taxes, by requiring that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This update is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods; however, early adoption was permitted. This guidance can also be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We adopted the guidance during the year ended December 31, 2015 and have applied this amended accounting guidance to our deferred tax liabilities and assets for all periods presented. The adoption of ASU 2015-17 did not have an impact on our Statements of Consolidated Operations or Statements of Consolidated Cash Flows.  The impact of the adoption of the guidance resulted in any current deferred tax assets or liabilities being reclassified to non-current deferred tax assets or liabilities on the Statements of Consolidated Financial Position.
Issued and Not Effective
In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. The effective date of the new standard for public companies is for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. We are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures.
In May 2014, the FASB issued ASU 2014-09, Revenues from Contracts with Customers. The new revenue guidance broadly replaces the revenue guidance provided throughout the Codification.  The core principle of the revenue guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  To achieve that core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation.  The new revenue guidance also requires the capitalization of certain contract acquisition costs.  Reporting entities must prepare new disclosures providing qualitative and quantitative information on the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.  New disclosures also include qualitative and quantitative information on significant judgments, changes in judgments, and contract acquisition assets. At issuance, ASU 2014-09 was effective starting in 2017 for calendar-year public entities, and interim periods within that year. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date, which defers the adoption of ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. During the fourth quarter of 2016, we completed the initial evaluation of the new standard and the related assessment and review of a representative sample of existing revenue contracts with our customers. We determined, on a preliminary basis, that although the timing and pattern of revenue recognition may change, the amount of revenue recognized during the year should remain substantially the same.  We anticipate utilizing the full retrospective transition method. The primary impact of the adoption on our consolidated financial statements will be the additional required disclosures around revenue recognition in the notes to the consolidated financial statements.
SEGMENT REPORTING
SEGMENT REPORTING
NOTE 2 - SEGMENT REPORTING
Our continuing operations are organized and managed according to geographic location: U.S. Iron Ore and Asia Pacific Iron Ore. Our U.S. Iron Ore 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. The Asia Pacific Iron Ore segment is located in Western Australia and provides iron ore to the seaborne market for Asian steel producers. There were no intersegment product revenues in 2016, 2015 or 2014.
We have historically evaluated segment performance based on sales margin, defined as revenues less cost of goods sold and operating expenses identifiable to each segment. Additionally, we evaluate segment performance based on EBITDA, defined as net income (loss) before interest, income taxes, depreciation, depletion and amortization, and Adjusted EBITDA, defined as EBITDA excluding certain items such as extinguishment/restructuring of debt, impacts of discontinued operations, foreign currency remeasurement, severance and contractor termination costs, certain supplies inventory write-offs, impairment of goodwill and other long-lived assets and other costs associated with the proxy contest and change in control. These measures allow management and investors to focus on our ability to service our debt, as well as illustrate how the business and each operating segment 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 for the years ended December 31, 2016, 2015 and 2014, including a reconciliation of segment sales margin to Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA:
 
(In Millions)
 
2016
 
2015
 
2014
Revenues from product sales and services:
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
1,554.5

 
74%
 
$
1,525.4

 
76%
 
$
2,506.5

 
74%
Asia Pacific Iron Ore
554.5

 
26%
 
487.9

 
24%
 
866.7

 
26%
Total revenues from product sales and services
$
2,109.0

 
100%
 
$
2,013.3

 
100%
 
$
3,373.2

 
100%
 
 
 
 
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
275.7

 
 
 
$
227.1

 
 
 
$
710.4

 
 
Asia Pacific Iron Ore
113.6

 
 
 
9.4

 
 
 
121.7

 
 
Eliminations with discontinued operations
—

 
 
 
—

 
 
 
53.6

 
 
Sales margin
389.3

 
 
 
236.5

 
 
 
885.7

 
 
Other operating expense
(148.5
)
 
 
 
(85.2
)
 
 
 
(755.6
)
 
 
Other income (expense)
(33.8
)
 
 
 
161.8

 
 
 
(149.8
)
 
 
Income (loss) from continuing operations before income taxes and equity loss from ventures
$
207.0

 
 
 
$
313.1

 
 
 
$
(19.7
)
 
 
 
(In Millions)
 
2016
 
2015
 
2014
 
 
 
 
 
 
Net income (loss)
$
199.3

 
$
(748.4
)
 
$
(8,311.6
)
Less:
 
 
 
 
 
Interest expense, net
(200.5
)

(231.4
)

(185.2
)
Income tax benefit (expense)
12.2


(163.3
)

1,302.0

Depreciation, depletion and amortization
(115.4
)

(134.0
)

(504.0
)
Total EBITDA
$
503.0

 
$
(219.7
)
 
$
(8,924.4
)
Less:
 
 
 
 
 
Gain on extinguishment/restructuring of debt
$
166.3

 
$
392.9

 
$
16.2

Impact of discontinued operations
(19.9
)
 
(892.0
)
 
(9,332.5
)
Foreign exchange remeasurement
(16.8
)
 
16.3

 
29.0

Severance and contractor termination costs
(0.1
)
 
(10.2
)
 
(23.3
)
Supplies inventory write-off
—

 
(16.3
)
 
—

Impairment of goodwill and other long-lived assets
—


(3.3
)

(635.5
)
Proxy contest and change in control in SG&A
—


—


(26.6
)
Total Adjusted EBITDA
$
373.5

 
$
292.9

 
$
1,048.3

 
 
 
 
 
 
EBITDA:
 
 
 
 
 
U.S. Iron Ore
$
342.4


$
317.6


$
805.6

Asia Pacific Iron Ore
128.3


35.3


(352.9
)
Other (including discontinued operations)
32.3


(572.6
)

(9,377.1
)
Total EBITDA
$
503.0

 
$
(219.7
)
 
$
(8,924.4
)
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
U.S. Iron Ore
$
359.6


$
352.1


$
833.5

Asia Pacific Iron Ore
132.9


32.7


252.9

Other
(119.0
)

(91.9
)

(38.1
)
Total Adjusted EBITDA
$
373.5

 
$
292.9

 
$
1,048.3

 
(In Millions)
 
2016
 
2015
 
2014
Depreciation, depletion and amortization:
 
 
 
 
 
U.S. Iron Ore
$
84.0

 
$
98.9

 
$
107.4

Asia Pacific Iron Ore
25.1

 
25.3

 
145.9

Other
6.3

 
6.6

 
7.7

Total depreciation, depletion and amortization
$
115.4

 
$
130.8

 
$
261.0

 
 
 
 
 
 
Capital additions1:
 
 
 
 
 
U.S. Iron Ore
$
62.2

 
$
58.2

 
$
48.4

Asia Pacific Iron Ore
0.2

 
5.4

 
10.8

Other
6.1

 
8.6

 
6.3

Total capital additions
$
68.5

 
$
72.2

 
$
65.5

 
 
 
 
 
 
1 Includes capital lease additions and non-cash accruals. Refer to NOTE 17 - CASH FLOW INFORMATION.

A summary of assets by segment is as follows:
 
(In Millions)
 
December 31,
2016
 
December 31, 2015
 
December 31, 2014
Assets:
 
 
 
 
 
U.S. Iron Ore
$
1,372.5

 
$
1,476.4

 
$
1,464.9

Asia Pacific Iron Ore
155.1

 
202.5

 
306.2

Total segment assets
1,527.6

 
1,678.9

 
1,771.1

Corporate
396.3

 
441.7

 
666.2

Assets of Discontinued Operations
—

 
14.9

 
709.9

Total assets
$
1,923.9

 
$
2,135.5

 
$
3,147.2


Included in the consolidated financial statements are the following amounts relating to geographic location:
 
(In Millions)
 
2016
 
2015
 
2014
Revenue
 
 
 
 
 
United States
$
1,236.2

 
$
1,206.4

 
$
1,923.2

China
452.5

 
370.8

 
662.7

Canada
267.1

 
282.4

 
430.5

Other countries
153.2

 
153.7

 
356.8

Total revenue
$
2,109.0

 
$
2,013.3

 
$
3,373.2

Property, Plant and Equipment, Net
 
 
 
 
 
United States
$
961.0

 
$
1,012.7

 
$
998.1

Australia
23.4

 
46.3

 
72.4

Total Property, Plant and Equipment, Net
$
984.4

 
$
1,059.0

 
$
1,070.5


Concentrations in Revenue
In 2016, two customers individually accounted for more than 10% of our consolidated product revenue and in 2015 and 2014, three customers individually accounted for more than 10% of our consolidated product revenue. Total product revenue from these customers represents approximately $1.1 billion, $1.3 billion and $1.9 billion of our total consolidated product revenue in 2016, 2015 and 2014, respectively, and is attributable to our U.S. Iron Ore business segment.
The following table represents the percentage of our total revenue contributed by each category of products and services in 2016, 2015 and 2014:
 
 
2016
 
2015
 
2014
Revenue category
 
 
 
 
 
 
Product
 
91
%
 
91
%
 
92
%
Freight and venture partners’ cost reimbursements
 
9
%
 
9
%
 
8
%
Total revenue
 
100
%
 
100
%
 
100
%
INVENTORIES
Inventories
NOTE 3 - INVENTORIES
The following table presents the detail of our Inventories in the Statements of Consolidated Financial Position as of December 31, 2016 and 2015:
 
(In Millions)
 
December 31, 2016
 
December 31, 2015
Segment
Finished Goods
 
Work-in Process
 
Total Inventory
 
Finished Goods
 
Work-in
Process
 
Total
Inventory
U.S. Iron Ore
$
124.4

 
$
12.6

 
$
137.0

 
$
252.3

 
$
11.7

 
$
264.0

Asia Pacific Iron Ore
23.6

 
17.8

 
41.4

 
20.8

 
44.8

 
65.6

Total
$
148.0

 
$
30.4

 
$
178.4

 
$
273.1

 
$
56.5

 
$
329.6


Asia Pacific Iron Ore had no long-term work-in-process stockpiles at December 31, 2016. There were $6.8 million long-term work-in-process stockpiles classified as Other non-current assets in the Statements of Consolidated Financial Position as of December 31, 2015.
U.S. Iron Ore
The excess of current cost over LIFO cost of iron ore inventories was $78.5 million and $87.8 million at December 31, 2016 and 2015, respectively. As of December 31, 2016, the product inventory balance for U.S. Iron Ore declined, resulting in the liquidation of a LIFO layer in 2016. The effect of the inventory reduction was an increase in Cost of goods sold and operating expenses of $8.8 million in the Statements of Consolidated Operations for the year ended December 31, 2016. As of December 31, 2015, the product inventory balance for U.S. Iron Ore increased, resulting in a LIFO increment in 2015. The effect of the inventory build was an increase in Inventories of $118.8 million in the Statements of Consolidated Financial Position for the year ended December 31, 2015.
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT
NOTE 4 - PROPERTY, PLANT AND EQUIPMENT
The following table indicates the value of each of the major classes of our consolidated depreciable assets as of December 31, 2016 and 2015:
 
(In Millions)
 
December 31,
 
2016
 
2015
Land rights and mineral rights
$
500.5

 
$
500.5

Office and information technology
65.1

 
71.0

Buildings
67.9

 
60.4

Mining equipment
592.2

 
594.0

Processing equipment
552.0

 
516.8

Electric power facilities
49.4

 
46.4

Land improvements
23.5

 
24.8

Asset retirement obligation
19.8

 
87.9

Other
28.1

 
28.2

Construction in-progress
42.8

 
40.3

 
1,941.3

 
1,970.3

Allowance for depreciation and depletion
(956.9
)
 
(911.3
)
 
$
984.4

 
$
1,059.0


We recorded depreciation expense of $106.8 million, $119.2 million and $173.0 million in the Statements of Consolidated Operations for the years ended December 31, 2016, 2015 and 2014, respectively.
For the year ended December 31, 2016, there were no factors present that indicated the carrying value of certain asset groups would not be recoverable; therefore, there were no impairments during 2016. Our asset groups consist of the assets and liabilities of our mines and associated reserves. The lowest level of identifiable cash flows largely are at the U.S. Iron Ore and Asia Pacific Iron Ore segment levels.
For the year ended December 31, 2015, although certain factors indicated that the carrying value of certain asset groups may not be recoverable, an assessment was performed and no further impairment was indicated.
During the second half of 2014, due to lower than previously expected profits as a result of decreased iron ore pricing expectations and increased costs, we determined that indicators of impairment with respect to certain of our long-lived assets or asset groups existed. As a result of these assessments during 2014, we determined that the future cash flows associated with our Asia Pacific Iron Ore asset group and other asset groups were not sufficient to support the recoverability of the carrying value of these productive assets. Accordingly, during 2014, an other long-lived asset impairment charge of $537.8 million was recorded as Impairment of goodwill and other long-lived assets in the Statements of Consolidated Operations related to property, plant and equipment. The fair value estimates were calculated using income and market approaches.
The net book value of the land rights and mineral rights as of December 31, 2016 and 2015 is as follows:
 
(In Millions)
 
December 31,
 
2016
 
2015
Land rights
$
11.6

 
$
11.6

Mineral rights:

 

Cost
$
488.9

 
$
488.9

Depletion
(112.2
)
 
(108.4
)
Net mineral rights
$
376.7

 
$
380.5


Accumulated depletion relating to mineral rights, which was recorded using the unit-of-production method, is included in Cost of goods sold and operating expenses. We recorded depletion expense of $3.8 million, $7.4 million and $79.6 million in the Statements of Consolidated Operations for the years ended December 31, 2016, 2015 and 2014, respectively. As discussed above, during 2014 we performed impairment assessments with respect to certain of our long-lived assets or asset groups. As a result of these assessments, we recorded an other long-lived asset impairment charge related to mineral rights of $297.2 million associated with our Asia Pacific Iron Ore asset group.
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES
NOTE 5 - DEBT AND CREDIT FACILITIES
The following represents a summary of our long-term debt as of December 31, 2016 and 2015:
($ in Millions)
December 31, 2016
Debt Instrument
 
Annual Effective Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Undiscounted Interest/(Unamortized Discounts)
 
Total Debt
Secured Notes
 
 
 
 
 
 
 
 
 
 
$540 Million 8.25% 2020 First Lien Notes
 
9.97%
 
$
540.0

 
$
(8.0
)
 
$
(25.7
)
 
$
506.3

$218.5 Million 8.00% 2020 1.5 Lien Notes
 
N/A
 
218.5

 
—

 
65.7

 
284.2

$544.2 Million 7.75% 2020 Second Lien Notes
 
15.55%
 
430.1

 
(5.8
)
 
(85.2
)
 
339.1

Unsecured Notes
 
 
 
 
 
 
 
 
 
 
$400 Million 5.90% 2020 Senior Notes
 
5.98%
 
225.6

 
(0.6
)
 
(0.5
)
 
224.5

$500 Million 4.80% 2020 Senior Notes
 
4.83%
 
236.8

 
(0.7
)
 
(0.2
)
 
235.9

$700 Million 4.875% 2021 Senior Notes
 
4.89%
 
309.4

 
(1.0
)
 
(0.2
)
 
308.2

$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
298.4

 
(2.5
)
 
(3.4
)
 
292.5

ABL Facility
 
N/A
 
550.0

 
N/A

 
N/A

 
—

Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
1.9

Total debt
 
 
 

 
 
 
 
 
$
2,192.6

Less current portion
 

 
 
 
 
 
 
 
17.5

Long-term debt
 
 
 
 
 
 
 
 
 
$
2,175.1

($ in Millions)
December 31, 2015
Debt Instrument
 
Annual Effective Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Undiscounted Interest/(Unamortized Discounts)
 
Total Debt
Secured Notes
 
 
 
 
 
 
 
 
 
 
$540 Million 8.25% 2020 First Lien Notes
 
9.97%
 
$
540.0

 
$
(10.5
)
 
$
(32.1
)
 
$
497.4

$544.2 Million 7.75% 2020 Second Lien Notes
 
15.55%
 
544.2

 
(9.5
)
 
(131.5
)
 
403.2

Unsecured Notes
 
 
 
 
 
 
 
 
 
 
$500 Million 3.95% 2018 Senior Notes
 
6.30%
 
311.2

 
(0.9
)
 
(1.2
)
 
309.1

$400 Million 5.90% 2020 Senior Notes
 
5.98%
 
290.8

 
(1.1
)
 
(0.8
)
 
288.9

$500 Million 4.80% 2020 Senior Notes
 
4.83%
 
306.7

 
(1.1
)
 
(0.4
)
 
305.2

$700 Million 4.875% 2021 Senior Notes
 
4.89%
 
412.5

 
(1.7
)
 
(0.2
)
 
410.6

$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
492.8

 
(4.3
)
 
(5.8
)
 
482.7

ABL Facility
 
N/A
 
550.0

 
N/A

 
N/A

 
—

Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
2.3

Long-term debt
 
 
 


 
 
 
 
 
$
2,699.4


Senior Secured Notes
Our First Lien Notes bear interest at a rate of 8.25% per annum. Interest on the First Lien Notes is payable semi-annually in arrears on March 31 and September 30 of each year, commencing on September 30, 2015. The First Lien Notes mature on March 31, 2020 and are secured senior obligations of the Company.
Our 1.5 Lien Notes bear interest at a rate of 8.00% per annum. Interest on the 1.5 Lien Notes is payable semi-annually in arrears on March 31 and September 30 of each year, commencing on September 30, 2016. The 1.5 Lien Notes mature on September 30, 2020 and are secured senior obligations of the Company.
Our Second Lien Notes bear interest at a rate of 7.75% per annum. Interest on the Second Lien Notes is payable semi-annually in arrears on March 31 and September 30 of each year, commencing on September 30, 2015. The Second Lien Notes mature on March 31, 2020 and are secured senior obligations of the Company.
The First Lien Notes are jointly and severally and fully and unconditionally guaranteed on a senior secured basis by substantially all of our material U.S. subsidiaries and are secured (subject in each case to certain exceptions and permitted liens) by (i) a first-priority lien on substantially all of our U.S. assets, other than the ABL Collateral (the "Notes Collateral"), and (ii) a second-priority lien on the U.S. ABL Collateral (as defined below), which is junior to a first-priority lien for the benefit of the lenders under the ABL Facility. The First Lien Notes and guarantees are general senior obligations of the Company and the applicable guarantor; are effectively senior to all of our unsecured indebtedness, to the extent of the value of the collateral; together with other obligations secured equally and ratably with the First Lien Notes, are effectively (i) senior to our existing and future ABL obligations, to the extent and value of the Notes Collateral and (ii) senior to our obligations under the Second Lien Notes, to the extent and value of the collateral; are effectively subordinated to (i) our existing and future ABL obligations, to the extent and value of the ABL Collateral, and (ii) any existing or future indebtedness that is secured by liens on assets that do not constitute a part of the collateral, to the extent of the value of such assets; will rank equally in right of payment with all existing and future senior indebtedness, and any guarantees thereof; will rank equally in priority as to the Notes Collateral with any future debt secured equally and ratably with the First Lien Notes incurred after March 30, 2015; rank senior in right of payment to all existing and future subordinated indebtedness; and structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries that do not guarantee the First Lien Notes. The relative priority of the liens securing our First Lien Notes obligations, 1.5 Lien Notes obligations and Second Lien Notes obligations compared to the liens securing our obligations under the ABL Facility and certain other matters relating to the administration of security interests are set forth in intercreditor agreements.
The 1.5 and Second Lien Notes have substantially similar terms to those of the First Lien Notes except with respect to their priority security interest in the collateral. The 1.5 Lien Notes are jointly and severally and fully and unconditionally guaranteed on a senior secured basis by substantially all of our material U.S. subsidiaries and are secured (subject in each case to certain exceptions and permitted liens) on (i) a junior first-priority basis by substantially all of our U.S. assets, other than the ABL Collateral, and (ii) a junior second-priority basis by our ABL Collateral, which secures our ABL obligations on a first-priority basis, the First Lien Notes obligations on a senior second-priority basis and the Second Lien Notes obligations on a third-priority basis. The Second Lien Notes are jointly and severally and fully and unconditionally guaranteed on a senior secured basis by substantially all of our material U.S. subsidiaries and are secured (subject in each case to certain exceptions and permitted liens) by (i) a second-priority lien (junior to the First Lien Notes) on substantially all of our U.S. assets, other than the ABL Collateral, and (ii) a third-priority lien (junior to the ABL Facility and the First Lien Notes) on the U.S. ABL Collateral.
The terms of the secured notes are governed by the secured notes indentures. The secured notes indentures contain customary covenants that, among other things, limit our ability to incur certain secured indebtedness, create liens on principal property and the capital stock or debt of a subsidiary that owns a principal property, use proceeds of dispositions of collateral, enter into certain sale and leaseback transactions, merge or consolidate with another company and transfer or sell all or substantially all of our assets. Upon the occurrence of a “change of control triggering event,” as defined in the secured notes indentures, we are required to offer to repurchase the secured notes at 101% of the aggregate principal amount thereof, plus any accrued and unpaid interest, if any, to, but excluding, the repurchase date.
The secured notes indentures contain customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to pay or acceleration of certain other indebtedness, certain events of bankruptcy and insolvency and failure to pay certain judgments. An event of default under the secured notes indentures will allow either the trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding applicable series of secured notes issued under the applicable indenture to accelerate, or in certain cases, will automatically cause the acceleration of, the amounts due under such series of secured notes.
The following is a summary of redemption prices for each of our secured senior notes:
 
First Lien Notes
 
1.5 Lien Notes
 
Second Lien Notes
 
Percent of Principal
 
Period
 
Percent of Principal
 
Period
 
Percent of Principal
 
Period
Early redemption1,2
100.00
%
Prior to March 31, 2018
 
100.00
%
Prior to September 30, 2017
 
100.00
%
Prior to March 31, 2017
Initial redemption1
108.25
 
Beginning on March 31, 2018
 
104.00
 
Beginning on September 30, 2017
 
103.875
 
Beginning on March 31, 2017
Secondary redemption1
100.00
 
Beginning on June 30, 2019
 
100.00
 
Beginning on September 30, 2019
 
100.00
 
Beginning on March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
2 Plus a "make-whole" premium. In addition, we may redeem in the aggregate up to 35% of the original aggregate principal amount (calculated after giving effect to any issuance of additional notes) with the net cash proceeds from certain equity offerings at a redemption price of 108.25%, 108.00% and 107.75% for the First, 1.5 and Second Lien Notes, respectively, so long as at least 65% of the original aggregate principal amount of the notes (calculated after giving effect to any issuance of additional notes) issued remain outstanding after each such redemption.

Unsecured Senior Notes
Our 3.95% senior notes were redeemed in whole on September 16, 2016 at a total redemption price of $301.0 million, which included $283.6 million outstanding aggregate principal. As a result, we recorded a $19.9 million pre-tax loss on full retirement of long-term debt in the third quarter of 2016, which consisted of debt redemption premiums of $17.4 million and expenses of $2.5 million related to the write-off of unamortized debt issuance costs, unamortized bond discount and deferred losses on interest rate swaps. The loss was recorded against the Gain on extinguishment/restructuring of debt in the Statements of Consolidated Operations for the year ended December 31, 2016.
Our 5.90% senior notes are due March 15, 2020. Interest is payable on March 15 and September 15 of each year until maturity.
Our 4.80% senior notes are due October 1, 2020. Interest is payable on April 1 and October 1 of each year until maturity.
Our 4.875% senior notes are due April 1, 2021. Interest is payable on April 1 and October 1 of each year until maturity.
Our 6.25% senior notes are due October 1, 2040. Interest is payable on April 1 and October 1 of each year until maturity.
The senior notes are unsecured obligations and rank equally in right of payment with all our other existing and future unsecured and unsubordinated indebtedness. There are no subsidiary guarantees of the interest and principal amounts.
The senior notes may be redeemed any time at our option not less than 30 days nor more than 60 days after prior notice is sent to the holders of the applicable series of notes. The senior notes are redeemable at a redemption price equal to the greater of (1) 100% of the principal amount of the notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semi-annual basis at the treasury rate plus 50 basis points with respect to the 2018 senior notes, 35 basis points with respect to the 2020 senior notes, 25 basis points with respect to the 2021 senior notes and 40 basis points with respect to the 2040 senior notes, plus, in each case, accrued and unpaid interest to the date of redemption. However, if the 2021 senior notes are redeemed on or after the date that is three months prior to their maturity date, the 2021 senior notes will be redeemed at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest to the date of redemption.
In addition, if a change of control triggering event occurs with respect to the senior notes, as defined in the agreement, we will be required to offer to purchase the notes of the applicable series at a purchase price equal to 101% of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase.
The terms of the senior notes contain certain customary covenants; however, there are no financial covenants.
ABL Facility
On March 30, 2015, we entered into a new senior secured asset-based revolving credit facility with various financial institutions. The ABL Facility will mature upon the earlier of March 30, 2020 or 60 days prior to the maturity of the First Lien Notes and certain other material debt, and provides for up to $550.0 million in borrowings, comprised of (i) a $450.0 million U.S. tranche, including a $250.0 million sublimit for the issuance of letters of credit and a $100.0 million sublimit for U.S. swingline loans, and (ii) a $100.0 million Australian tranche, including a $50.0 million sublimit for the issuance of letters of credit and a $20.0 million sublimit for Australian swingline loans. Availability under both the U.S. tranche and Australian tranche of the ABL Facility is limited to an eligible U.S. borrowing base and Australian borrowing base, as applicable, determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
The ABL Facility and certain bank products and hedge obligations are guaranteed by us and certain of our existing wholly-owned U.S. and Australian subsidiaries and are required to be guaranteed by certain of our future U.S. and Australian subsidiaries; provided, however, that the obligations of any U.S. entity will not be guaranteed by any Australian entity. Amounts outstanding under the ABL Facility will be secured by (i) a first-priority security interest in the ABL Collateral, including, in the case of the Australian tranche only, ABL Collateral owned by a borrower or guarantor that is organized under the laws of Australia, and (ii) a third-priority security interest in the Notes Collateral (as defined herein). The priority of the security interests in the ABL Collateral and the Notes Collateral of the lenders under the ABL Facility and the holders of the First Lien Notes are set forth in intercreditor provisions contained in an ABL intercreditor agreement.
The ABL Collateral generally consists of the following assets: accounts receivable and other rights to payment, inventory, as-extracted collateral, investment property, certain general intangibles and commercial tort claims, certain mobile equipment, commodities accounts, deposit accounts, securities accounts and other related assets and proceeds and products of each of the foregoing.
Borrowings under the ABL Facility bear interest, at our option, at a base rate, an Australian base rate or, if certain conditions are met, a LIBOR rate, in each case plus an applicable margin. The base rate is equal to the greater of the federal funds rate plus ½ of 1%, the LIBOR rate based on a one-month interest period plus 1% and the floating rate announced by BAML as its “prime rate.” The Australian base rate is equal to the LIBOR rate as of 11:00 a.m. on the first business day of each month for a one-month period. The LIBOR rate is a per annum fixed rate equal to LIBOR with respect to the applicable interest period and amount of LIBOR rate loan requested.
The ABL Facility contains customary representations and warranties and affirmative and negative covenants including, among others, covenants regarding the maintenance of certain financial ratios if certain conditions are triggered, covenants relating to financial reporting, covenants relating to the payment of dividends on, or purchase or redemption of our capital stock, covenants relating to the incurrence or prepayment of certain debt, covenants relating to the incurrence of liens or encumbrances, compliance with laws, transactions with affiliates, mergers and sales of all or substantially all of our assets and limitations on changes in the nature of our business.
The ABL Facility provides for customary events of default, including, among other things, the event of nonpayment of principal, interest, fees, or other amounts, a representation or warranty proving to have been materially incorrect when made, failure to perform or observe certain covenants within a specified period of time, a cross-default to certain material indebtedness, the bankruptcy or insolvency of the Company and certain of its subsidiaries, monetary judgment defaults of a specified amount, invalidity of any loan documentation, a change of control of the Company, and ERISA defaults resulting in liability of a specified amount. In the event of a default by us (beyond any applicable grace or cure period, if any), the administrative agent may and, at the direction of the requisite number of lenders, shall declare all amounts owing under the ABL Facility immediately due and payable, terminate such lenders’ commitments to make loans under the ABL Facility and/or exercise any and all remedies and other rights under the ABL Facility. For certain defaults related to insolvency and receivership, the commitments of the lenders will be automatically terminated and all outstanding loans and other amounts will become immediately due and payable.
As of December 31, 2016, we were in compliance with the ABL Facility liquidity requirements and, therefore, the springing financial covenant requiring a minimum fixed charge coverage ratio of 1.0 to 1.0 was not applicable.
As of December 31, 2016, no loans were drawn under the ABL Facility and we had total availability of $333.0 million as a result of borrowing base limitations. As of December 31, 2016, the principal amount of letter of credit obligations totaled $106.0 million, thereby further reducing available borrowing capacity on our ABL Facility to $227.0 million.    
As of December 31, 2015, no loans were drawn under the ABL Facility and we had total availability of $366.0 million as a result of borrowing base limitations. As of December 31, 2015, the principal amount of letter of credit obligations totaled $186.3 million and commodity hedge obligations totaled $0.5 million, thereby further reducing available borrowing capacity to $179.2 million.
Letters of Credit
We issued standby letters of credit with certain financial institutions in order to support business obligations including, but not limited to, workers compensation and environmental obligations. As of December 31, 2016 and December 31, 2015, these letter of credit obligations totaled $106.0 million and $186.3 million, respectively.
Debt Extinguishments/Restructurings
1.5 Lien Notes Exchange
On March 2, 2016, we entered into an indenture among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee and notes collateral agent, relating to our issuance of $218.5 million aggregate principal amount of 8.00% 1.5 Lien Senior Secured Notes due 2020 (the “1.5 Lien Notes”). The 1.5 Lien Notes were issued in exchange offers for certain of our existing senior notes.
We accounted for the 1.5 Lien Notes exchange as a TDR. For an exchange classified as TDR, if the future undiscounted cash flows of the newly issued debt are less than the net carrying value of the original debt, the carrying value of the newly issued debt is adjusted to the future undiscounted cash flow amount, a gain is recorded for the difference and no future interest expense is recorded. All future interest payments on the newly issued debt reduce the carrying value.  Accordingly, we recognized a gain of $174.3 million in the Gain on extinguishment/restructuring of debt in the Statements of Consolidated Operations for the year ended December 31, 2016. As a result, our reported interest expense will be less than the contractual interest payments throughout the term of the 1.5 Lien Notes. Debt issuance costs incurred of $5.2 million related to the notes exchange were expensed and were included in the Gain on extinguishment/restructuring of debt in the Statements of Consolidated Operations for the year ended December 31, 2016. As of December 31, 2016, $17.5 million of the undiscounted interest is recorded as current and classified as Other current liabilities in the Statements of Consolidated Financial Position.
The following is a summary of the debt exchanged for our $218.5 million 1.5 Lien Notes:
($ In Millions)
 
 
Debt Extinguished
 
1.5 Lien Amount Issued
 
Carrying Value1
 
Gain on Restructuring2
$544.2 Million 7.75% 2020 Second Lien Notes
 
$
114.1

 
$
57.0

 
$
77.5

 
$
6.9

$500 Million 3.95% 2018 Senior Notes
 
17.6

 
11.4

 
15.5

 
1.8

$400 Million 5.90% 2020 Senior Notes
 
65.1

 
26.0

 
35.4

 
28.3

$500 Million 4.80% 2020 Senior Notes
 
44.7

 
17.9

 
24.4

 
19.5

$700 Million 4.875% 2021 Senior Notes
 
76.3

 
30.5

 
41.5

 
33.3

$800 Million 6.25% 2040 Senior Notes
 
194.4

 
75.7

 
103.0

 
84.5

 
 
$
512.2

 
$
218.5

 
$
297.3

 
$
174.3

 
 
 
 
 
 
 
 
 
1 Includes undiscounted interest payments
2 Net of amounts expensed for unamortized original issue discount and deferred origination fees

Second Lien Notes Exchange
On March 30, 2015, we also entered into an indenture among the Company, the guarantors and U.S. Bank National Association, as trustee and notes collateral agent, relating to our issuance of $544.2 million aggregate principal amount of 7.75% second lien senior secured notes due 2020 (the "Second Lien Notes"). The Second Lien Notes were issued in exchange offers for certain of our existing senior notes.
The following is a summary of the debt exchanged for our $544.2 million Second Lien Notes:
($ In Millions)
 
 
Debt Extinguished
 
Second Lien Notes Amount Issued
 
Carrying Value1
 
Gain on Restructuring2
$400 Million 5.90% 2020 Senior Notes
 
$
67.0

 
$
57.5

 
$
42.0

 
$
24.5

$500 Million 4.80% 2020 Senior Notes
 
137.8

 
112.9

 
82.4

 
54.6

$700 Million 4.875% 2021 Senior Notes
 
208.5

 
170.3

 
124.3

 
83.1

$800 Million 6.25% 2040 Senior Notes
 
261.3

 
203.5

 
148.5

 
107.3

 
 
$
674.6

 
$
544.2

 
$
397.2

 
$
269.5

 
 
 
 
 
 
 
 
 
1 Includes unamortized discounts
2 Net of amounts expensed for unamortized original issue discount and deferred origination fees


Debt-for-Equity Exchanges
During the year ended December 31, 2016, we entered into a series of privately negotiated exchange agreements whereby we issued an aggregate of 8.2 million common shares in exchange for $10.0 million aggregate principal amount of our 3.95% senior notes due 2018, $20.1 million aggregate principal amount of our 4.80% senior notes due 2020 and $26.8 million aggregate principal amount of our 4.875% senior notes due 2021. There were no exchanges that represented more than 1% of our outstanding common shares during any quarter. Accordingly, we recognized a gain of $11.3 million in Gain on extinguishment/restructuring of debt in the Statements of Consolidated Operations for the year ended December 31, 2016.
Other Debt Redemptions
During the year ended December 31, 2016, we purchased with cash $5.0 million of our outstanding 4.80% senior notes, which resulted in a gain on extinguishment of $0.6 million.
During the year ended December 31, 2015, we purchased with cash $168.8 million of outstanding 3.95% senior notes, $69.0 million of outstanding 4.875% senior notes, $45.9 million of outstanding 6.25% senior notes, $45.6 million of outstanding 4.80% senior notes, and $37.3 million of outstanding 5.90% senior notes, which resulted in a gain on the extinguishment of debt of $137.1 million. In addition, during 2015, we replaced the revolving credit agreement with our ABL Facility, which resulted in a loss on extinguishment of $13.7 million.
Debt Maturities
The following represents a summary of our maturities of debt instruments, excluding borrowings on the ABL Facility, based on the principal amounts outstanding at December 31, 2016:
 
(In Millions)
 
Maturities of Debt
2017
$
—

2018
—

2019
—

2020
1,651.0

2021
309.4

2022 and thereafter
298.4

Total maturities of debt
$
2,258.8

FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS
NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS
The following represents the assets and liabilities of the Company measured at fair value at December 31, 2016 and 2015:
 
(In Millions)
 
December 31, 2016
Description
Quoted Prices in Active
Markets for Identical Assets/Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
177.0

 
$
—

 
$
—

 
$
177.0

Derivative assets
—

 
1.5

 
31.6

 
33.1

Total
$
177.0

 
$
1.5

 
$
31.6

 
$
210.1

Liabilities:
 
 
 
 
 
 
 
Derivative liabilities
$
—

 
$
—

 
$
0.5

 
$
0.5

Total
$
—

 
$
—

 
$
0.5

 
$
0.5

 
(In Millions)
 
December 31, 2015
Description
Quoted Prices in Active
Markets for Identical
Assets/Liabilities (Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
30.0

 
$
—

 
$
—

 
$
30.0

Derivative assets
—

 
—

 
7.8

 
7.8

Total
$
30.0

 
$
—

 
$
7.8

 
$
37.8

Liabilities:
 
 
 
 
 
 
 
Derivative liabilities
$
—

 
$
0.6

 
$
3.4

 
$
4.0

Total
$
—

 
$
0.6

 
$
3.4

 
$
4.0


Financial assets classified in Level 1 as of December 31, 2016 and December 31, 2015, include money market funds, which are included in Cash and cash equivalents. 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. At December 31, 2016 and December 31, 2015, such derivative financial instruments included our commodity hedge contracts.
The derivative financial assets classified within Level 3 at December 31, 2016 and December 31, 2015 primarily relate to a freestanding derivative instrument related to certain supply agreements with one of our U.S. Iron Ore customers. The agreements include provisions for supplemental revenue or refunds based on the customer’s annual steel pricing at the time the product is consumed in the customer’s blast furnaces. We account for this provision as a derivative instrument at the time of sale and adjust this provision to fair value as an adjustment to Product revenues each reporting period until the product is consumed and the amounts are settled. The fair value of the instrument is determined using a market approach based on an estimate of the annual realized price of hot-rolled coil at the steelmaker’s facilities, and takes into consideration current market conditions and nonperformance risk.
The Level 3 derivative assets and liabilities also consisted of derivatives related to certain provisional pricing arrangements with our U.S. Iron Ore and Asia Pacific Iron Ore customers at December 31, 2016 and December 31, 2015. These provisional pricing arrangements 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 at the date of sale and the estimated final revenue rate is characterized as a derivative and is required to be accounted for separately once the revenue has been recognized. The derivative instrument 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 final revenue rate is determined.
The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy:
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
($ in millions)
 
Fair Value at
December 31, 2016
 
Balance Sheet Location
 
Valuation Technique
 
Unobservable Input
 
Range or Point Estimate
(Weighted Average)
 
Provisional Pricing Arrangements
 
$
10.3

 
Other current assets
 
Market Approach
 
Management's
Estimate of Platts 62% Price
 
$80
 
$
0.5

 
Other current liabilities
 
 
 
Customer Supply Agreement
 
$
21.3

 
Other current assets
 
Market Approach
 
Hot-Rolled Coil Estimate
 
$505 - $620 ($555)

The significant unobservable inputs used in the fair value measurement of the reporting entity’s provisional pricing arrangements are management’s estimates of Platts 62% Price based upon current market data, index pricing, and the customer's average annual steel pricing for hot rolled coil, each of which include forward-looking estimates determined by management. Significant increases or decreases in these inputs would result in a significantly higher or lower fair value measurement, respectively.
The significant unobservable input used in the fair value measurement of the reporting entity’s customer supply agreement is the future hot-rolled coil price that is estimated based on current market data, analysts' projections, projections provided by the customer and forward-looking estimates determined by management. Significant increases or decreases in this input would result in a significantly higher or lower fair value measurement, respectively.
We recognize any transfers between levels as of the beginning of the reporting period, including both transfers into and out of levels. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2016 and 2015. 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) for the years ended December 31, 2016 and 2015.
 
(In Millions)
 
Derivative Assets (Level 3)
 
Derivative Liabilities
(Level 3)
 
Year Ended
December 31,
 
Year Ended
December 31,
 
2016
 
2015
 
2016
 
2015
Beginning balance - January 1
$
7.8

 
$
63.2

 
$
(3.4
)
 
$
(9.5
)
Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
103.8

 
35.1

 
(14.1
)
 
(61.0
)
Settlements
(80.0
)
 
(90.5
)
 
17.0

 
67.1

Transfers into Level 3
—

 
—

 
—

 
—

Transfers out of Level 3
—

 
—

 
—

 
—

Ending balance - December 31
$
31.6

 
$
7.8

 
$
(0.5
)
 
$
(3.4
)
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) on assets still held at the reporting date
$
23.7

 
$
29.1

 
$
(0.5
)
 
$
(3.4
)

Gains and losses included in earnings are reported in Product revenues in the Statements of Consolidated Operations for the years ended December 31, 2016 and 2015.
The carrying amount for certain financial instruments (e.g. Accounts receivable, net, Accounts payable and Accrued expenses) approximate fair value and, therefore, have been excluded from the table below. A summary of the carrying amount and fair value of other financial instruments at December 31, 2016 and 2015 were as follows:
 
 
 
(In Millions)
 
 
 
December 31, 2016
 
December 31, 2015
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair
Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Secured Notes
 
 
 
 
 
 
 
 
 
Senior First Lien Notes—$540 million
Level 1
 
$
506.3

 
$
595.0

 
$
497.4

 
$
414.5

1.5 Senior Lien Notes—$218 million
Level 2
 
284.2

 
229.5

 
—

 
—

Senior Second Lien Notes—$544.2 million
Level 1
 
339.1

 
439.7

 
403.2

 
134.7

Unsecured Notes
 
 
 
 
 
 
 
 
 
Senior Notes—$400 million
Level 1
 
224.5

 
219.6

 
288.9

 
52.8

Senior Notes—$1.3 billion
Level 1
 
528.4

 
455.8

 
787.9

 
137.4

Senior Notes—$700 million
Level 1
 
308.2

 
283.1

 
410.6

 
69.4

Senior Notes—$500 million
Level 1
 
—

 
—

 
309.1

 
87.1

ABL Facility
Level 2
 
—

 
—

 
—

 
—

Fair Value Adjustment to Interest Rate Hedge
Level 2
 
1.9

 
1.9

 
2.3

 
2.3

Total long-term debt
 
 
$
2,192.6

 
$
2,224.6

 
$
2,699.4

 
$
898.2


The fair value of long-term debt was determined using quoted market prices or discounted cash flows based upon current borrowing rates.
Items Measured at Fair Value on a Non-Recurring Basis
There were no financial and non-financial assets and liabilities that were measured on a non-recurring fair value basis at December 31, 2016 and 2015.
PENSIONS AND OTHER POSTRETIREMENT BENEFITS
PENSIONS AND OTHER POSTRETIREMENT BENEFITS
NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS
We offer defined benefit pension plans, defined contribution pension plans and other postretirement benefit plans, primarily consisting of retiree healthcare benefits, to most employees in the U.S. as part of a total compensation and benefits program. We do not have employee retirement benefit obligations at our Asia Pacific Iron Ore operations. The defined benefit pension plans largely are noncontributory and benefits generally are based on employees’ years of service and average earnings for a defined period prior to retirement or a minimum formula.
Approximately 80.0% of our total U.S. Iron Ore hourly workforce is represented by the USW.
We offer retiree medical coverage to hourly retirees of our USW-represented mines. The 2015 USW agreement set fixed monthly medical premiums for participants who retired prior to January 1, 2015. These fixed premiums will expire on December 31, 2018 and revert to increasing premiums based a cost-sharing formula. The agreements also provide for an OPEB cap that limits the amount of contributions that we have to make toward retiree medical insurance coverage for each retiree and spouse of a retiree per calendar year who retired on or after January 1, 2015.  The amount of the annual OPEB cap is based upon the gross plan costs we incurred in 2014. The OPEB cap applies to employees who retired on or after January 1, 2015 and does not apply to surviving spouses.
The 2015 USW agreement also eliminates retiree medical coverage for USW-represented employees hired after September 1, 2016. In lieu of retiree medical coverage, USW-represented employees hired after September 1, 2016 will receive a 401(k) contribution of $0.50 per hour worked to a restricted Retiree Health Care Account.
In addition, we currently provide various levels of retirement health care and OPEB to some full-time employees who meet certain length of service and age requirements (a portion of which is pursuant to collective bargaining agreements). Most plans require retiree contributions and have deductibles, co-pay requirements and benefit limits. Most bargaining unit plans require retiree contributions and co-pays for major medical and prescription drug coverage. There is a cap on our cost for medical coverage under the salaried plans. The annual limit applies to each covered participant and equals $7,000 for coverage prior to age 65, with the retiree’s participation adjusted based on the age at which the retiree’s benefits commence. Beginning in 2015, we changed the delivery of the post-65 salaried retiree medical benefit program, including salaried retirees from our Northshore operation, from an employer sponsored plan to the combination of an employer subsidy plan and an individual supplemental Medicare insurance plan purchased through a Medicare exchange. This allows the program to take full advantage of available government subsidies and more efficient pricing in the Medicare market. For participants at our Northshore operation, the annual limit ranges from $4,020 to $4,500 for coverage prior to age 65. Covered participants pay an amount for coverage equal to the excess of (i) the average cost of coverage for all covered participants, over (ii) the participant’s individual limit, but in no event will the participant’s cost be less than 15.0% of the average cost of coverage for all covered participants. For Northshore participants, the minimum participant cost is a fixed dollar amount. We do not provide OPEB for most salaried employees hired after January 1, 1993. Retiree healthcare coverage is provided through programs administered by insurance companies whose charges are based on benefits paid.
The Pinnacle and Oak Grove mines were sold in December 2015, and the liabilities representing vested salaried pension benefits at the time of the sale remained with Cliffs. The sale triggered a curtailment event for the Salaried Pension Plan. Liabilities for other postretirement benefits were transferred as part of the sale, and associated adjustments were made to the Accumulated other comprehensive loss balances as they pertained to Pinnacle and Oak Grove participants in the Hourly OPEB plan. Accordingly, all amounts shown below include retained obligations of vested employees of the North American Coal mines.  Further, all disclosures presented include the annual expense, contributions and obligations associated with the retained vested benefits of these participants.
The following table summarizes the annual expense (income) recognized related to the retirement plans for 2016, 2015 and 2014:
 
(In Millions)
 
2016
 
2015
 
2014
Defined benefit pension plans
$
16.5

 
$
23.9

 
$
26.2

Defined contribution pension plans
2.8

 
3.6

 
4.4

Other postretirement benefits
(4.0
)
 
4.4

 
(2.5
)
Total
$
15.3

 
$
31.9

 
$
28.1


Obligations and Funded Status
The following tables and information provide additional disclosures for the years ending December 31, 2016 and 2015:
 
(In Millions)
 
Pension Benefits
 
Other Benefits
Change in benefit obligations:
2016
 
2015
 
2016
 
2015
Benefit obligations — beginning of year
$
910.8

 
$
998.0

 
$
266.0

 
$
295.8

Service cost (excluding expenses)
17.6

 
22.7

 
1.7

 
1.9

Interest cost
30.3

 
37.7

 
9.1

 
11.5

Plan amendments
5.7

 
—

 
9.8

 
—

Actuarial (gain) loss
38.1

 
(67.7
)
 
(7.2
)
 
(27.0
)
Benefits paid
(70.9
)
 
(78.7
)
 
(21.3
)
 
(20.6
)
Participant contributions
—

 
—

 
6.0

 
4.0

Federal subsidy on benefits paid
—

 
—

 
0.5

 
0.4

Curtailment gain
—

 
(1.2
)
 
—

 
—

Benefit obligations — end of year
$
931.6

 
$
910.8

 
$
264.6

 
$
266.0

 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets — beginning of year
$
700.6

 
$
749.8

 
$
250.6

 
$
269.3

Actual return on plan assets
54.8

 
(6.4
)
 
16.0

 
(3.9
)
Participant contributions
—

 
—

 
0.5

 
0.4

Employer contributions
1.2

 
35.7

 
1.7

 
1.3

Asset transfers
0.1

 
0.2

 
—

 
—

Benefits paid
(70.9
)
 
(78.7
)
 
(15.8
)
 
(16.5
)
Fair value of plan assets — end of year
$
685.8

 
$
700.6

 
$
253.0

 
$
250.6

 
 
 
 
 
 
 
 
Funded status at December 31:
 
 
 
 
 
 
 
Fair value of plan assets
$
685.8

 
$
700.6

 
$
253.0

 
$
250.6

Benefit obligations
(931.6
)
 
(910.8
)
 
(264.6
)
 
(266.0
)
Funded status (plan assets less benefit obligations)
$
(245.8
)
 
$
(210.2
)
 
$
(11.6
)
 
$
(15.4
)
Amount recognized at December 31
$
(245.8
)
 
$
(210.2
)
 
$
(11.6
)
 
$
(15.4
)
 
 
 
 
 
 
 
 
Amounts recognized in Statements of Financial Position:
 
 
 
 
 
 
 
Noncurrent assets
$
—

 
$
—

 
$
27.3

 
$
—

Current liabilities
(0.1
)
 
(0.5
)
 
(4.1
)
 
(4.1
)
Noncurrent liabilities
(245.7
)
 
(209.7
)
 
(34.8
)
 
(11.3
)
Total amount recognized
$
(245.8
)
 
$
(210.2
)
 
$
(11.6
)
 
$
(15.4
)
 
 
 
 
 
 
 
 
Amounts recognized in accumulated other comprehensive loss:
 
 
 
 
 
 
 
Net actuarial loss
$
315.9

 
$
290.9

 
$
87.0

 
$
91.5

Prior service cost (credit)
11.0

 
7.5

 
(26.9
)
 
(39.5
)
Net amount recognized
$
326.9

 
$
298.4

 
$
60.1

 
$
52.0

 
 
 
 
 
 
 
 
The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2017:
 
 
 
 
 
 
 
Net actuarial loss
$
21.1

 
 
 
$
5.0

 
 
Prior service cost (credit)
2.6

 
 
 
(3.0
)
 
 
Net amount recognized
$
23.7

 
 
 
$
2.0

 
 

 
(In Millions)
 
2016
 
Pension Plans
 
Other Benefits
 
Salaried
 
Hourly
 
Mining
 
SERP
 
Total
 
Salaried
 
Hourly
 
Total
Fair value of plan assets
$
242.9

 
$
436.9

 
$
6.0

 
$
—

 
$
685.8

 
$
—

 
$
253.0

 
$
253.0

Benefit obligation
(351.9
)
 
(565.6
)
 
(10.0
)
 
(4.1
)
 
(931.6
)
 
(37.6
)
 
(227.0
)
 
(264.6
)
Funded status
$
(109.0
)
 
$
(128.7
)
 
$
(4.0
)
 
$
(4.1
)
 
$
(245.8
)
 
$
(37.6
)
 
$
26.0

 
$
(11.6
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2015
 
Pension Plans
 
Other Benefits
 
Salaried
 
Hourly
 
Mining
 
SERP
 
Total
 
Salaried
 
Hourly
 
Total
Fair value of plan assets
$
258.3

 
$
436.7

 
$
5.6

 
$
—

 
$
700.6

 
$
—

 
$
250.6

 
$
250.6

Benefit obligation
(340.0
)
 
(558.6
)
 
(8.6
)
 
(3.6
)
 
(910.8
)
 
(38.2
)
 
(227.8
)
 
(266.0
)
Funded status
$
(81.7
)
 
$
(121.9
)
 
$
(3.0
)
 
$
(3.6
)
 
$
(210.2
)
 
$
(38.2
)
 
$
22.8

 
$
(15.4
)

The accumulated benefit obligation for all defined benefit pension plans was $922.0 million and $898.9 million at December 31, 2016 and 2015, respectively. The increase in the accumulated benefit obligation primarily is a result of a decrease in the discount rates.
Components of Net Periodic Benefit Cost
 
(In Millions)
 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost
$
17.6

 
$
22.7

 
$
26.1

 
$
1.7

 
$
6.4

 
$
1.8

Interest cost
30.3

 
37.7

 
40.3

 
9.1

 
13.4

 
11.9

Expected return on plan assets
(54.7
)
 
(59.8
)
 
(58.1
)
 
(17.1
)
 
(18.3
)
 
(17.1
)
Amortization:

 

 

 

 

 

Prior service costs (credits)
2.2

 
2.3

 
2.5

 
(3.7
)
 
(3.7
)
 
(3.6
)
Net actuarial loss
21.1

 
20.8

 
14.0

 
6.0

 
6.6

 
4.5

Curtailments and settlements
—

 
0.2

 
1.4

 
—

 
—

 
—

Net periodic benefit cost (credit)
$
16.5

 
$
23.9

 
$
26.2

 
$
(4.0
)
 
$
4.4

 
$
(2.5
)
Curtailment effects
—

 
(1.2
)
 
—

 
—

 
—

 
—

Current year actuarial (gain)/loss
37.8

 
(0.7
)
 
109.7

 
(8.1
)
 
0.2

 
22.2

Amortization of net loss
(21.1
)
 
(21.0
)
 
(15.4
)
 
(6.0
)
 
(6.6
)
 
(4.5
)
Current year prior service (credit) cost
5.7

 
—

 
—

 
9.8

 
—

 
(0.9
)
Amortization of prior service (cost) credit
(2.2
)
 
(2.3
)
 
(2.5
)
 
3.7

 
3.7

 
3.6

Total recognized in other comprehensive income (loss)
$
20.2

 
$
(25.2
)
 
$
91.8

 
$
(0.6
)
 
$
(2.7
)
 
$
20.4

Total recognized in net periodic cost and other
    comprehensive income (loss)
$
36.7

 
$
(1.3
)
 
$
118.0

 
$
(4.6
)
 
$
1.7

 
$
17.9


Additional Information
 
(In Millions)
 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Effect of change in mine ownership & noncontrolling interest
$
14.2

 
$
48.4

 
$
51.2

 
$
5.9

 
$
5.5

 
$
5.9

Actual return on plan assets
54.8

 
(6.4
)
 
59.1

 
16.0

 
(3.9
)
 
31.9


Assumptions
The discount rate for determining PBO is determined individually for each plan as noted in the assumption chart below. The discount rates are determined by matching the projected cash flows used to determine the PBO and APBO to a projected yield curve of 696 Aa graded bonds in the 40th to 90th percentiles. These bonds are either noncallable or callable with make-whole provisions. The decreases in discount rates due to market conditions resulted in increases of $22.0 million and $8.6 million for the pension and other postretirement benefit plans, respectively, to the plans PBO.
Effective January 1, 2016, we changed the approach used to calculate the service and interest components of net periodic benefit cost. Previously, we calculated the service and interest components utilizing a single weighted-average discount rate derived from the yield curve used to measure the PBO. We have elected an alternative approach that utilizes a full yield curve approach in the estimation of these components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to their underlying projected cash flows. The change resulted in a decrease to our net periodic benefit cost of $8.2 million and $1.8 million for our pension plans and OPEB plans, respectively for the year ended December 31, 2016.

On December 31, 2016, the assumed mortality improvement projection was changed from generational scale MP-2015 to generational scale MP-2016. The healthy mortality assumption remains the RP-2014 mortality tables with blue collar adjustments for the Iron Hourly and Hourly PRW plans, with white collar adjustments for the SERP and Salaried PRW Plan, and without collar adjustments for the Salaried and Ore Mining. The adoption of the new projection scale resulted in decreases to our PBO totaling approximately $13.1 million or 1.4% for the pension plans and $4.9 million or 1.8% for the OPEB plans.
Weighted-average assumptions used to determine benefit obligations at December 31 were:
 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2016
 
2015
Discount rate
 
 
 
 
 
 
 
 
 
 
 
Iron Hourly Pension Plan
4.02
%
 
4.27
%
 
N/A
%
 
N/A
%
Salaried Pension Plan
3.92
 
 
4.12
 
 
N/A
 
 
N/A
 
Ore Mining Pension Plan
4.04
 
 
4.28
 
 
N/A
 
 
N/A
 
SERP
3.90
 
 
4.22
 
 
N/A
 
 
N/A
 
Hourly OPEB Plan
N/A
 
 
N/A
 
 
4.02
 
 
4.32
 
Salaried OPEB Plan
N/A
 
 
N/A
 
 
3.99
 
 
4.22
 
Salaried rate of compensation increase
3.00
 
 
3.00
 
 
3.00
 
 
3.00
 
Hourly rate of compensation increase
2.00
 
 
2.00
 
 
N/A
 
 
N/A
 

Weighted-average assumptions used to determine net benefit cost for the years 2016, 2015 and 2014 were:
 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Obligation Discount Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Iron Hourly Pension Plan
4.27
%
 
3.83
%
 
4.57
%
 
N/A
%
 
N/A
%
 
N/A
%
Salaried Pension Plan
4.13
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
Ore Mining Pension Plan
4.28
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
SERP
4.01
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
Hourly OPEB Plan
N/A
 
 
N/A
 
 
N/A
 
 
4.32
 
 
3.83
 
 
4.57
 
Salaried OPEB Plan
N/A
 
 
N/A
 
 
N/A
 
 
4.22
 
 
3.83
 
 
4.57
 
Service Cost Discount Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Iron Hourly Pension Plan
4.66
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
Salaried Pension Plan
4.14
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
Ore Mining Pension Plan
4.60
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
SERP
3.87
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
Hourly OPEB Plan
N/A
 
 
N/A
 
 
N/A
 
 
4.56
 
 
3.83
 
 
4.57
 
Salaried OPEB Plan
N/A
 
 
N/A
 
 
N/A
 
 
4.63
 
 
3.83
 
 
4.57
 
Interest Cost Discount Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Iron Hourly Pension Plan
3.46
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
Salaried Pension Plan
3.21
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
Ore Mining Pension Plan
3.48
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
SERP
3.30
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
Hourly OPEB Plan
N/A
 
 
N/A
 
 
N/A
 
 
3.48
 
 
3.83
 
 
4.57
 
Salaried OPEB Plan
N/A
 
 
N/A
 
 
N/A
 
 
3.31
 
 
3.83
 
 
4.57
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected return on plan assets
8.25
 
 
8.25
 
 
8.25
 
 
7.00
 
 
7.00
 
 
7.00
 
Salaried rate of compensation increase
3.00
 
 
3.00
 
 
4.00
 
 
3.00
 
 
3.00
 
 
4.00
 
Hourly rate of compensation increase
2.00
 
 
2.50
 
 
3.00
 
 
N/A
 
 
N/A
 
 
N/A
 

Assumed health care cost trend rates at December 31 were:
 
2016
 
2015
Health care cost trend rate assumed for next year
6.50
%
 
6.75
%
Ultimate health care cost trend rate
5.00
 
 
5.00
 
Year that the ultimate rate is reached
2023
 
 
2023
 

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A change of one percentage point in assumed health care cost trend rates would have the following effects:
 
(In Millions)
 
Increase
 
Decrease
Effect on total of service and interest cost
$
1.3

 
$
(1.0
)
Effect on postretirement benefit obligation
23.4

 
(19.6
)

Plan Assets
Our financial objectives with respect to our pension and VEBA plan assets are to fully fund the actuarial accrued liability for each of the plans, to maximize investment returns within reasonable and prudent levels of risk, and to maintain sufficient liquidity to meet benefit obligations on a timely basis.
Our investment objective is to outperform the expected ROA assumption used in the plans’ actuarial reports over the life of the plans. The expected ROA takes into account historical returns and estimated future long-term returns based on capital market assumptions applied to the asset allocation strategy. The expected return is net of investment expenses paid by the plans. In addition, investment performance is monitored on a quarterly basis by benchmarking to various indices and metrics for the one-, three- and five-year periods.
The asset allocation strategy is determined through a detailed analysis of assets and liabilities by plan, which defines the overall risk that is acceptable with regard to the expected level and variability of portfolio returns, surplus (assets compared to liabilities), contributions and pension expense.
The asset allocation review process involves simulating capital market behaviors including global asset class performance, inflation and interest rates in order to evaluate various asset allocation scenarios and determine the asset mix with the highest likelihood of meeting financial objectives. The process includes factoring in the current funded status and likely future funded status levels of the plans by taking into account expected growth or decline in the contributions over time.
The asset allocation strategy varies by plan. The following table reflects the actual asset allocations for pension and VEBA plan assets as of December 31, 2016 and 2015, as well as the 2017 weighted average target asset allocations as of December 31, 2016. Equity investments include securities in large-cap, mid-cap and small-cap companies located in the U.S. and worldwide. Fixed income investments primarily include corporate bonds and government debt securities. Alternative investments include hedge funds, private equity, structured credit and real estate.
 
Pension Assets
 
VEBA Assets
Asset Category
2017
Target
Allocation
 
Percentage of
Plan Assets at
December 31,
 
2017
Target
Allocation
 
Percentage of
Plan Assets at
December 31,
2016
 
2015
 
2016
 
2015
Equity securities
45.0
%
 
43.2
%
 
44.0
%
 
8.0
%
 
8.4
%
 
8.8
%
Fixed income
28.0
%
 
26.4
%
 
27.7
%
 
80.1
%
 
78.3
%
 
78.2
%
Hedge funds
5.0
%
 
5.9
%
 
5.8
%
 
4.2
%
 
4.4
%
 
4.5
%
Private equity
7.0
%
 
5.3
%
 
4.7
%
 
2.6
%
 
1.7
%
 
2.2
%
Structured credit
7.5
%
 
9.3
%
 
8.9
%
 
2.1
%
 
2.7
%
 
2.3
%
Real estate
7.5
%
 
9.0
%
 
8.2
%
 
3.0
%
 
4.4
%
 
4.0
%
Cash
—
%
 
0.9
%
 
0.7
%
 
—
%
 
0.1
%
 
—
%
Total
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%

Pension
The fair values of our pension plan assets at December 31, 2016 and 2015 by asset category are as follows:
 
(In Millions)
 
December 31, 2016
Asset Category
Quoted Prices in Active
Markets for Identical
Assets/Liabilities
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Equity securities:
 
 
 
 
 
 
 
U.S. large-cap
$
144.7

 
$
—

 
$
—

 
$
144.7

U.S. small/mid-cap
39.9

 
—

 
—

 
39.9

International
111.8

 
—

 
—

 
111.8

Fixed income
157.5

 
23.7

 
—

 
181.2

Hedge funds
—

 
—

 
40.6

 
40.6

Private equity
—

 
—

 
36.1

 
36.1

Structured credit
—

 
—

 
63.8

 
63.8

Real estate
—

 
—

 
61.9

 
61.9

Cash
5.8

 
—

 
—

 
5.8

Total
$
459.7

 
$
23.7

 
$
202.4

 
$
685.8

 
(In Millions)
 
December 31, 2015
Asset Category
Quoted Prices in Active
Markets for Identical
Assets/Liabilities
(Level 1)
 
Significant  Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Equity securities:
 
 
 
 
 
 
 
U.S. large-cap
$
150.5

 
$
—

 
$
—

 
$
150.5

U.S. small/mid-cap
40.6

 
—

 
—

 
40.6

International
116.8

 
—

 
—

 
116.8

Fixed income
166.3

 
27.9

 
—

 
194.2

Hedge funds
—

 
—

 
40.7

 
40.7

Private equity
—

 
—

 
33.1

 
33.1

Structured credit
—

 
—

 
62.1

 
62.1

Real estate
—

 
—

 
57.5

 
57.5

Cash
5.1

 
—

 
—

 
5.1

Total
$
479.3

 
$
27.9

 
$
193.4

 
$
700.6


Following is a description of the inputs and valuation methodologies used to measure the fair value of our plan assets.
Equity Securities
Equity securities classified as Level 1 investments include U.S. large-, small- and mid-cap investments and international equity. These investments are comprised of securities listed on an exchange, market or automated quotation system for which quotations are readily available. The valuation of these securities is determined using a market approach, and is based upon unadjusted quoted prices for identical assets in active markets.
Fixed Income
Fixed income securities classified as Level 1 investments include bonds and government debt securities. These investments are comprised of securities listed on an exchange, market or automated quotation system for which quotations are readily available. The valuation of these securities is determined using a market approach, and is based upon unadjusted quoted prices for identical assets in active markets. Also included in Fixed Income is a portfolio of U.S. Treasury STRIPS, which are zero-coupon bearing fixed income securities backed by the full faith and credit of the U.S. government. The securities sell at a discount to par because there are no incremental coupon payments. STRIPS are not issued directly by the Treasury, but rather are created by a financial institution, government securities broker or government securities dealer. Liquidity on the issue varies depending on various market conditions; however, in general the STRIPS market is slightly less liquid than that of the U.S. Treasury Bond market. The STRIPS are priced daily through a bond pricing vendor and are classified as Level 2.
Hedge Funds
Hedge funds are alternative investments comprised of direct or indirect investment in offshore hedge funds with an investment objective to achieve an attractive risk-adjusted return with moderate volatility and moderate directional market exposure over a full market cycle. The valuation techniques used to measure fair value attempt to maximize the use of observable inputs and minimize the use of unobservable inputs. Considerable judgment is required to interpret the factors used to develop estimates of fair value. Valuations of the underlying investment funds are obtained and reviewed. The securities that are valued by the funds are interests in the investment funds and not the underlying holdings of such investment funds. Thus, the inputs used to value the investments in each of the underlying funds may differ from the inputs used to value the underlying holdings of such funds. During the fourth quarter of 2016, a total redemption request for a tender of 100% of the position was executed and is to be reinvested into another fund within this asset category. The tender was effective as of December 31, 2016, with the funds targeted for distribution and reinvestment during the first quarter of 2017.
In determining the fair value of a security, the fund managers may consider any information that is deemed relevant, which may include one or more of the following factors regarding the portfolio security, if appropriate: type of security or asset; cost at the date of purchase; size of holding; last trade price; most recent valuation; fundamental analytical data relating to the investment in the security; nature and duration of any restriction on the disposition of the security; evaluation of the factors that influence the market in which the security is purchased or sold; financial statements of the issuer; discount from market value of unrestricted securities of the same class at the time of purchase; special reports prepared by analysts; information as to any transactions or offers with respect to the security; existence of merger proposals or tender offers affecting the security; price and extent of public trading in similar securities of the issuer or compatible companies and other relevant matters; changes in interest rates; observations from financial institutions; domestic or foreign government actions or pronouncements; other recent events; existence of shelf registration for restricted securities; existence of any undertaking to register the security; and other acceptable methods of valuing portfolio securities.
Private Equity Funds
Private equity funds are alternative investments that represent direct or indirect investments in partnerships, venture funds or a diversified pool of private investment vehicles (fund of funds).
Investment commitments are made in private equity funds based on an asset allocation strategy, and capital calls are made over the life of the funds to fund the commitments. As of December 31, 2016, remaining commitments total $37.9 million for both our pension and other benefits. Committed amounts are funded from plan assets when capital calls are made. Investment commitments are not pre-funded in reserve accounts.
The valuation of investments in private equity funds initially is performed by the underlying fund managers. In determining the fair value, the fund managers may consider any information that is deemed relevant, which may include: type of security or asset; cost at the date of purchase; size of holding; last trade price; most recent valuation; fundamental analytical data relating to the investment in the security; nature and duration of any restriction on the disposition of the security; evaluation of the factors that influence the market in which the security is purchased or sold; financial statements of the issuer; discount from market value of unrestricted securities of the same class at the time of purchase; special reports prepared by analysts; information as to any transactions or offers with respect to the security; existence of merger proposals or tender offers affecting the security; price and extent of public trading in similar securities of the issuer or compatible companies and other relevant matters; changes in interest rates; observations from financial institutions; domestic or foreign government actions or pronouncements; other recent events; existence of shelf registration for restricted securities; existence of any undertaking to register the security; and other acceptable methods of valuing portfolio securities.
The valuations are obtained from the underlying fund managers, and the valuation methodology and process is reviewed for consistent application and adherence to policies. Considerable judgment is required to interpret the factors used to develop estimates of fair value.
Private equity investments are valued quarterly and recorded on a one-quarter lag. For alternative investment values reported on a lag, current market information is reviewed for any material changes in values at the reporting date. Capital distributions for the funds do not occur on a regular frequency. Liquidation of these investments would require sale of the partnership interest.
Structured Credit
Structured credit investments are alternative investments comprised of collateralized debt obligations and other structured credit investments that are priced based on valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value structured credit investments at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value of such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available are valued at the last quoted sale price on the primary exchange or market on which they are traded. Debt obligations with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value.
Structured credit investments are valued monthly and recorded on a one-month lag. For alternative investment values reported on a lag, current market information is reviewed for any material changes in values at the reporting date. Historically, redemption requests have been considered quarterly, subject to notice of 90 days, although the advisor is currently only requiring notice of 65 days.
Real Estate
The real estate portfolio for the pension plans is an alternative investment primarily comprised of two funds with strategic categories of real estate investments. All real estate holdings are appraised externally at least annually, and appraisals are conducted by reputable, independent appraisal firms that are members of the Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. The property valuations and assumptions of each property are reviewed quarterly by the investment advisor and values are adjusted if there has been a significant change in circumstances relating to the property since the last external appraisal. The valuation methodology utilized in determining the fair value is consistent with the best practices prevailing within the real estate appraisal and real estate investment management industries, including the Real Estate Information Standards, and standards promulgated by the National Council of Real Estate Investment Fiduciaries, the National Association of Real Estate Investment Fiduciaries, and the National Association of Real Estate Managers. In addition, the investment advisor may cause additional appraisals to be performed. Two of the funds’ fair values are updated monthly, and there is no lag in reported values. Redemption requests for these two funds are considered on a quarterly basis, subject to notice of 45 days. During the fourth quarter of 2016, a notice of full redemption request for a tender of 100% of one fund position was executed and is to be invested into the other fund. The redemption was included in the fourth quarter queue and the funds are targeted for distribution and reinvestment during the first quarter of 2017.
The real estate fund of funds investment for the Empire, Tilden, Hibbing and United Taconite VEBA plans invests in pooled investment vehicles that in turn invest in commercial real estate properties. Valuations are performed quarterly and financial statements are prepared on a semi-annual basis, with annual audited statements. Asset values for this fund are reported with a one-quarter lag and current market information is reviewed for any material changes in values at the reporting date. In most cases, values are based on valuations reported by underlying fund managers or other independent third-party sources, but the fund has discretion to use other valuation methods, subject to compliance with ERISA. Valuations are typically estimates and subject to upward or downward revision based on each underlying fund’s annual audit. Withdrawals are permitted on the last business day of each quarter subject to a 65-day prior written notice.
The following represents the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets for the years ended December 31, 2016 and 2015:
 
(In Millions)
 
Year Ended December 31, 2016
 
Hedge Funds
 
Private Equity
Funds
 
Structured
Credit Fund
 
Real
Estate
 
Total
Beginning balance — January 1, 2016
$
40.7

 
$
33.1

 
$
62.1

 
$
57.5

 
$
193.4

Actual return on plan assets:

 

 

 

 
 
Relating to assets still held at
    the reporting date
(0.1
)
 
(2.7
)
 
10.0

 
5.1

 
12.3

Relating to assets sold during
    the period
—

 
3.7

 
(0.3
)
 
(0.1
)
 
3.3

Purchases
—

 
8.0

 
—

 
—

 
8.0

Sales
—

 
(6.0
)
 
(8.0
)
 
(0.6
)
 
(14.6
)
Ending balance — December 31, 2016
$
40.6

 
$
36.1

 
$
63.8

 
$
61.9

 
$
202.4

 
(In Millions)
 
Year Ended December 31, 2015
 
Hedge Funds
 
Private Equity
Funds
 
Structured
Credit Fund
 
Real
Estate
 
Total
Beginning balance — January 1, 2015
$
41.5

 
$
31.2

 
$
65.4

 
$
50.0

 
$
188.1

Actual return on plan assets:

 

 

 

 
 
Relating to assets still held at
    the reporting date
(0.8
)
 
1.5

 
(3.3
)
 
8.1

 
5.5

Relating to assets sold during
    the period
—

 
2.5

 
—

 
—

 
2.5

Purchases
—

 
5.7

 
—

 
—

 
5.7

Sales
—

 
(7.8
)
 
—

 
(0.6
)
 
(8.4
)
Ending balance — December 31, 2015
$
40.7

 
$
33.1

 
$
62.1

 
$
57.5

 
$
193.4


VEBA
Assets for other benefits include VEBA trusts pursuant to bargaining agreements that are available to fund retired employees’ life insurance obligations and medical benefits. The fair values of our other benefit plan assets at December 31, 2016 and 2015 by asset category are as follows:
 
(In Millions)
 
December 31, 2016
Asset Category
Quoted Prices in Active
Markets for Identical
Assets/Liabilities
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Equity securities:
 
 
 
 
 
 
 
U.S. large-cap
$
10.6

 
$
—

 
$
—

 
$
10.6

U.S. small/mid-cap
2.7

 
—

 
—

 
2.7

International
8.1

 
—

 
—

 
8.1

Fixed income
162.0

 
35.9

 
—

 
197.9

Hedge funds
—

 
—

 
11.2

 
11.2

Private equity
—

 
—

 
4.3

 
4.3

Structured credit
—

 
—

 
6.9

 
6.9

Real estate
—

 
—

 
11.1

 
11.1

Cash
0.2

 
—

 
—

 
0.2

Total
$
183.6

 
$
35.9

 
$
33.5

 
$
253.0

 
(In Millions)
 
December 31, 2015
Asset Category
Quoted Prices in Active
Markets for Identical
Assets/Liabilities
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Equity securities:

 

 

 

U.S. large-cap
$
11.1

 
$
—

 
$
—

 
$
11.1

U.S. small/mid-cap
2.8

 
—

 
—

 
2.8

International
8.2

 
—

 
—

 
8.2

Fixed income
158.1

 
37.9

 
—

 
196.0

Hedge funds
—

 
—

 
11.2

 
11.2

Private equity
—

 
—

 
5.5

 
5.5

Structured credit
—

 
—

 
5.8

 
5.8

Real estate
—

 
—

 
10.0

 
10.0

Cash
—

 
—

 
—

 
—

Total
$
180.2

 
$
37.9

 
$
32.5

 
$
250.6


Refer to the pension asset discussion above for further information regarding the inputs and valuation methodologies used to measure the fair value of each respective category of plan assets.
The following represents the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets for the year ended December 31, 2016 and 2015:
 
(In Millions)
 
Year Ended December 31, 2016
 
Hedge 
Funds
 
Private Equity
Funds
 
Structured Credit Fund
 
Real
Estate
 
Total
Beginning balance — January 1, 2016
$
11.2

 
$
5.5

 
$
5.8

 
$
10.0

 
$
32.5

Actual return on plan assets:

 

 

 

 
 
Relating to assets still held at the reporting date
—

 
(0.3
)
 
1.1

 
1.1

 
1.9

Relating to assets sold during the period
—

 
0.1

 
—

 
—

 
0.1

Purchases
—

 
—

 
—

 
—

 
—

Sales
—

 
(1.0
)
 
—

 
—

 
(1.0
)
Ending balance — December 31, 2016
$
11.2

 
$
4.3

 
$
6.9

 
$
11.1

 
$
33.5

 
(In Millions)
 
Year Ended December 31, 2015
 
Hedge 
Funds
 
Private Equity
Funds
 
Structured Credit Fund
 
Real
Estate
 
Total
Beginning balance — January 1, 2015
$
11.5

 
$
6.2

 
$
6.1

 
$
8.7

 
$
32.5

Actual return on plan assets:

 

 

 

 
 
Relating to assets still held at the reporting date
(0.3
)
 
0.3

 
(0.3
)
 
1.3

 
1.0

Relating to assets sold during the period
—

 
0.4

 
—

 
—

 
0.4

Purchases
—

 
0.1

 
—

 
—

 
0.1

Sales
—

 
(1.5
)
 
—

 
—

 
(1.5
)
Ending balance — December 31, 2015
$
11.2

 
$
5.5

 
$
5.8

 
$
10.0

 
$
32.5


Contributions
Annual contributions to the pension plans are made within income tax deductibility restrictions in accordance with statutory regulations. In the event of plan termination, the plan sponsors could be required to fund additional shutdown and early retirement obligations that are not included in the pension obligations. The Company currently has no intention to shutdown, terminate or withdraw from any of its employee benefit plans.
 
 
(In Millions)
 
 
Pension
Benefits
 
Other Benefits
Company Contributions
 
VEBA
 
Direct
Payments
 
Total
2015
 
$
35.7

 
$
—

 
$
3.5

 
$
3.5

2016
 
1.2

 
—

 
1.1

 
1.1

2017 (Expected)1
 
24.5

 
—

 
4.1

 
4.1

 
 
 
 
 
 
 
 
 
1 Pursuant to the bargaining agreement, benefits can be paid from VEBA trusts that are at least 70% funded (all VEBA trusts are over 70% funded at December 31, 2016). Funding obligations have been suspended as Hibbing's, UTAC's, Tilden's and Empire's share of the value of their respective trust assets have reached 90% of their obligation.

VEBA plans are not subject to minimum regulatory funding requirements. Amounts contributed are pursuant to bargaining agreements.
Contributions by participants to the other benefit plans were $6.0 million for the year ended December 31, 2016 and $4.0 million for the year ended December 31, 2015.
Estimated Cost for 2017
For 2017, we estimate net periodic benefit cost as follows:
 
(In Millions)
Defined benefit pension plans
$
18.6

Other postretirement benefits
(5.3
)
Total
$
13.3


Estimated Future Benefit Payments
 
(In Millions)
 
Pension
Benefits
 
Other Benefits
Gross
Company
Benefits
 
Less
Medicare
Subsidy
 
Net
Company
Payments
2017
$
77.3

 
$
19.7

 
$
0.6

 
$
19.1

2018
64.8

 
20.0

 
0.7

 
19.3

2019
63.3

 
19.1

 
0.8

 
18.3

2020
63.0

 
18.4

 
0.9

 
17.5

2021
62.4

 
17.6

 
0.9

 
16.7

2022-2026
308.0

 
81.8

 
5.2

 
76.6


Other Potential Benefit Obligations
While the foregoing reflects our obligation, our total exposure in the event of non-performance is potentially greater. Following is a summary comparison of the total obligation:
 
(In Millions)
 
December 31, 2016
 
Defined
Benefit
Pensions
 
Other
Benefits
Fair value of plan assets
$
685.8

 
$
253.0

Benefit obligation
(931.6
)
 
(264.6
)
Underfunded status of plan
$
(245.8
)
 
$
(11.6
)
Additional shutdown and early retirement benefits
$
22.1

 
$
2.2

STOCK COMPENSATION PLANS
STOCK COMPENSATION PLANS
NOTE 8 - STOCK COMPENSATION PLANS
At December 31, 2016, we have outstanding awards under two share-based compensation plans, which are described below. The compensation cost that has been charged against income for those plans was $14.2 million, $13.9 million and $21.5 million in 2016, 2015 and 2014, respectively, which primarily was recorded in Selling, general and administrative expenses in the Statements of Consolidated Operations. The total income tax benefit recognized in the Statements of Consolidated Operations for share-based compensation arrangements was $7.5 million for 2014. There was no income tax benefit recognized for the year ended December 31, 2016 and 2015, due to the full valuation allowance.
Employees’ Plans
The 2015 Equity Plan was approved by our Board of Directors on March 26, 2015 and by our shareholders on May 19, 2015. The 2015 Equity Plan replaced the 2012 Equity Plan. The maximum number of shares that may be issued under the 2015 Equity Plan is 12.9 million common shares. No additional grants were issued from the 2012 Amended Equity Plan after the date of approval of the 2015 Equity Plan; however, all awards previously granted under the 2012 Amended Equity Plan will continue in full force and effect in accordance with the terms of outstanding awards.
During the first quarter of 2016, the Compensation and Organization Committee of the Board of Directors approved grants under the 2015 Equity Plan of 3.4 million restricted share units to certain officers and employees with a grant date of February 23, 2016. The restricted share units granted under this award are subject to continued employment through the vesting date of December 31, 2018.
During the third quarter of 2015, the Compensation Committee approved grants under the 2015 Equity Plan of 1.5 million restricted share units to certain officers and employees with a grant date of September 10, 2015. The restricted share units granted under this award are subject to continued employment through the vesting date of December 15, 2017.
During the first quarter of 2015, the Compensation Committee approved grants under the 2012 Equity Plan to certain officers and employees for the 2015 to 2017 performance period. Shares granted under the awards consisted of 0.9 million performance shares, 0.9 million restricted share units and 0.4 million stock options.
On February 10, 2014, upon recommendation by the Compensation Committee, our Board of Directors approved and adopted, subject to the approval of our shareholders at the 2014 Annual Meeting, the 2012 Equity Plan. The principal reason for amending and restating the 2012 Equity Plan was to increase the number of common shares available for issuance by 5.0 million common shares. This amended plan was approved by our shareholders at the 2014 Annual Meeting held on July 29, 2014.
Subsequent to our 2014 Annual Meeting of Shareholders, where shareholders elected six new directors, our board changed substantially. Such an event constituted a change in control pursuant to our incentive equity plans and applicable award agreements. As a result, all of the outstanding and unvested equity incentives awarded to participants prior to October 2013 became vested. Accordingly, this resulted in recognizing $11.7 million of additional equity-based compensation expense in the accompanying financial statements, representing the remaining unrecognized compensation expense of the awards. For any equity grants awarded after September 2013, the vesting of all such grants was accelerated and paid in cash following each participant's qualifying termination of employment associated with the change in control and as long as the common shares were not substituted with a replacement award. This liability for additional double-trigger payments for share-based compensation in cash expired on August 6, 2016.
Performance Shares
The outstanding performance share or unit grants vest over a period of three years and are intended to be paid out in common shares or cash in certain circumstances. Performance is measured on the basis of relative TSR for the period and measured against the constituents of the 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 0% 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.
Following is a summary of our performance share award agreements currently outstanding:
Performance
Share
Plan Year
 
Performance Shares Granted
 
Estimated Forfeitures
 
Expected to Vest
 
Grant Date
 
Performance Period
2015
 
410,105

 
157,979

 
252,126

 
February 9, 2015
 
1/1/2015 - 12/31/2017
2015
 
464,470

 
82,636

 
381,834

 
January 12, 2015
 
1/1/2015 - 12/31/2017
20141
 
188,510

 
188,510

 
—

 
July 29, 2014
 
1/1/2014 - 12/31/2016
20141
 
80,560

 
80,560

 
—

 
May 12, 2014
 
1/1/2014 - 12/31/2016
20141
 
230,265

 
230,265

 
—

 
February 10, 2014
 
1/1/2014 - 12/31/2016
 
 
 
 
 
 
 
 
 
 
 
1 The performance shares granted in 2014 will have a payout of 0% of the original grant based on the final performance evaluation versus the performance goals that were established in the grants.

Performance-Based Restricted Stock Units
For the outstanding 400,000 performance-based restricted stock units that were granted on November 17, 2014, the award may be earned and settled based upon certain VWAP performance for the Company’s common shares, (Threshold VWAP, Target VWAP, or Maximum VWAP) for any period of ninety (90) consecutive calendar days during a performance period commencing August 7, 2014 and ending December 31, 2017.
Restricted Share Units
All of the outstanding restricted share units are subject to continued employment, are retention based, and are payable in common shares or cash in certain circumstances at a time determined by the Compensation Committee at its discretion. The outstanding restricted share units that were granted in 2015, with the exception of the 2015 special retention awards that have a 27 months vesting period, have or will vest in equal thirds on each of December 31, 2016, December 31, 2017 and December 31, 2018. The outstanding restricted share units that were granted in 2016, cliff vest in three years on December 31, 2019.
Stock Options
The stock options that were granted during the first quarter of 2015 vest on December 31, 2017, subject to continued employment through the vesting date, are exercisable at a strike price of $7.70 after the vesting date and expire on January 12, 2025. The stock options that were granted on November 17, 2014 vest in equal thirds on each of December 31, 2015, December 31, 2016 and December 31, 2017 subject to continued employment through each vesting date, and are exercisable cumulatively at a strike price of $13.83 after each vesting date and expire on November 17, 2021.
Employee Stock Purchase Plan
On March 26, 2015, upon recommendation by the Compensation Committee, our Board of Directors approved and adopted, subject to the approval of Cliffs' shareholders at the 2015 Annual Meeting, the Cliffs Natural Resources Inc. 2015 Employee Stock Purchase Plan. This plan was approved by our shareholders at the 2015 Annual Meeting held May 19, 2015. 10 million common shares have been reserved for issuance under this plan; however, as of December 31, 2016, this program has not been made active and no common shares have been purchased. We sought shareholder approval of this plan for the purpose of qualifying the reserved common shares for special tax treatment under Section 423 of the Internal Revenue Code of 1986, as amended.
Nonemployee Directors
Equity Grants
During 2016, our nonemployee directors were entitled to receive restricted share awards under the Directors’ Plan. For 2016, nonemployee directors were granted a number of restricted shares, with a value equal to $85,000, based on the closing price of our common shares on April 27, 2016, the date of the 2016 Annual Meeting, subject to any deferral election and pursuant to the terms of the Directors’ Plan and an award agreement, effective on April 27, 2016.
For the last three years, Equity Grant shares have been awarded to elected or re-elected nonemployee Directors as follows:
Year of Grant
 
Restricted Equity Grant Shares
 
Deferred Equity Grant Shares
2014
 
73,635

 
—

2015
 
109,408

 
25,248

2016
 
135,038

 
29,583


Starting in July, 2015, the Governance and Nominating Committee recommended, and the Board adopted, a Nonemployee Director Retainer Share Election Program pursuant to which nonemployee directors may elect to receive all or any portion of their annual retainer and any other fees earned in cash in Cliffs' common shares. Election is voluntary and irrevocable for the applicable election period and shares issued under this program must be held for six months from the issuance date. The number of shares received each quarter are calculated by dividing the value of the quarterly cash retainer amount by the closing market price of the date of payment.
Other Information
The following table summarizes the share-based compensation expense that we recorded for continuing operations in 2016, 2015 and 2014:
 
(In Millions, except per
share amounts)
 
2016
 
2015
 
2014
Cost of goods sold and operating expenses
$
2.1

 
$
4.0

 
$
5.6

Selling, general and administrative expenses
12.1

 
9.9

 
15.9

Reduction of operating income from continuing operations before income
    taxes and equity loss from ventures
14.2

 
13.9

 
21.5

Income tax benefit1
—

 
—

 
(7.5
)
Reduction of net income attributable to Cliffs shareholders
$
14.2

 
$
13.9

 
$
14.0

Reduction of earnings per share attributable to Cliffs shareholders:

 

 

Basic
$
0.07

 
$
0.09

 
$
0.09

Diluted
$
0.07

 
$
0.09

 
$
0.09

 
 
 
 
 
 
1 No income tax benefit for the year ended December 31, 2016 and December 31, 2015, due to the full valuation allowance.

Determination of Fair Value
Performance Shares
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 historical 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 performance goals will be achieved.
The expected term of the grant represents the time from the grant date to the end of the service period for each of the three plan-year agreements. 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.
No performance shares were granted in 2016, therefore no fair value analysis was required.
Stock Options
The fair value of each stock option grant is estimated on the date of grant using a Black-Scholes valuation model. The expected term of the option grant is determined using the simplified method. We estimate the volatility of our common shares using historical stock prices with consistent frequency over the most recent historical period equal to the option’s expected term. The risk-free interest rate is the rate at the grant date on zero-coupon government bonds, with a term commensurate with the expected term.
No stock options were granted in 2016, therefore no fair value analysis was required.
Restricted Share Units
The fair value of the restricted share units is determined based on the closing price of our common shares on the grant date.
Stock option, restricted share awards and performance share activity under our long-term equity plans and Directors’ Plans are as follows:
 
2016
 
2015
 
2014
 
Shares
 
Shares
 
Shares
Stock options:
 
 
 
 
 
Outstanding at beginning of year
607,489

 
250,000

 
—

Granted during the year
—

 
412,710

 
250,000

Forfeited/canceled
(7,619
)
 
(55,221
)
 
—

Outstanding at end of year
599,870

 
607,489

 
250,000

Restricted awards:
 
 
 
 
 
Outstanding and restricted at beginning of year
2,338,070

 
523,176

 
586,084

Granted during the year
3,571,337

 
2,482,415

 
531,030

Vested
(271,988
)
 
(477,157
)
 
(423,822
)
Forfeited/canceled
(175,636
)
 
(190,364
)
 
(170,116
)
Outstanding and restricted at end of year
5,461,783

 
2,338,070

 
523,176

Performance shares:

 

 

Outstanding at beginning of year
1,496,489

 
1,072,376

 
1,040,453

Granted during the year
—

 
874,575

 
1,233,685

Issued1
(59,260
)
 
(242,920
)
 
(796,624
)
Forfeited/canceled
(68,760
)
 
(207,542
)
 
(405,138
)
Outstanding at end of year
1,368,469

 
1,496,489

 
1,072,376

Vested or expected to vest as of
    December 31, 2016
6,716,979

 
 
 
 
Directors’ retainer and voluntary shares:

 

 

Outstanding at beginning of year
—

 
—

 
7,329

Granted during the year
—

 
—

 
2,281

Vested
—

 
—

 
(9,610
)
Outstanding at end of year
—

 
—

 
—

Reserved for future grants or awards at end
    of year:
 
 
 
 
 
Employee plans
6,514,038

 
 
 
 
Directors’ plans
676,678

 
 
 
 
Total
7,190,716

 
 
 
 
 
 
 
 
 
 
1 The performance shares granted in 2014 will have a payout of 0% of the original grant based on the final performance evaluation versus the performance goals that were established in the grants. These shares are not included in this number because they expire and will be ultimately forfeited in February 2017. For the year ended December 31, 2015, the shares vesting due to the change in control were paid out in cash, at target, and valued as of the respective participants' termination dates. For the year ended December 31, 2014, the shares vesting on December 31, 2013 were valued as of February 10, 2014, and the shares vesting due to the change in a majority of our Board of Directors that triggered the acceleration of vesting and payout of outstanding equity grants under our equity plans on August 6, 2014 were paid out in cash, at target, and valued as of that date.

A summary of our outstanding share-based awards as of December 31, 2016 is shown below:
 
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding, beginning of year
4,442,048

 
$
8.93

Granted
3,571,337

 
$
1.93

Vested
(331,248
)
 
$
11.25

Forfeited/expired
(252,015
)
 
$
5.90

Outstanding, end of year
7,430,122

 
$
5.55


A summary of our stock option grants vested or expected to vest as of December 31, 2016 is shown below:
 
Shares
 
Weighted-Average Exercise Price
 
Aggregate Intrinsic Value
 
Weighted-Average Remaining Contractual Term (Years)
Expected to vest
417,914

 
$
8.88

 
$
239,640

 
7.43
Exercisable
166,667

 
$
13.83

 
$
—

 
4.88

The total compensation cost related to outstanding awards not yet recognized is $14.7 million at December 31, 2016. The weighted average remaining period for the awards outstanding at December 31, 2016 is approximately 1.8 years.
INCOME TAXES
Income Taxes
NOTE 9 - INCOME TAXES
Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures includes the following components:
 
 
(In Millions)
 
 
2016
 
2015
 
2014
United States
 
$
124.9

 
$
314.2

 
$
(447.5
)
Foreign
 
82.1

 
(1.1
)
 
427.8


 
$
207.0

 
$
313.1

 
$
(19.7
)

The components of the provision (benefit) for income taxes on continuing operations consist of the following:
 
 
(In Millions)
 
 
2016
 
2015
 
2014
Current provision (benefit):
 
 
 
 
 
 
United States federal
 
$
(11.1
)
 
$
8.2

 
$
(125.2
)
United States state & local
 
(0.5
)
 
0.3

 
(0.6
)
Foreign
 
(0.1
)
 
0.9

 
11.7

 
 
(11.7
)
 
9.4

 
(114.1
)
Deferred provision (benefit):
 
 
 
 
 
 
United States federal
 
(0.5
)
 
165.8

 
20.4

United States state & local
 
—

 
—

 
(24.9
)
Foreign
 
—

 
(5.9
)
 
32.6

 
 
(0.5
)
 
159.9

 
28.1

Total provision (benefit) on income (loss) from continuing operations
 
$
(12.2
)
 
$
169.3

 
$
(86.0
)

Reconciliation of our income tax attributable to continuing operations computed at the U.S. federal statutory rate is as follows:
 
 
(In Millions)
 
 
2016
 
2015
 
2014
Tax at U.S. statutory rate of 35%
 
$
72.5

 
35.0
 %
 
$
109.6

 
35.0
 %
 
$
(6.9
)
 
35.0
 %
Increase (decrease) due to:
 
 
 
 
 
 
 
 
 
 
 
 
Impact of tax law change
 
149.1

 
72.0

 
—

 
—

 
13.0

 
(66.0
)
Valuation allowance build/(reversal) on tax benefits recorded in prior years
 
(142.6
)
 
(68.9
)
 
165.8

 
52.9

 
15.2

 
(77.2
)
Tax uncertainties
 
(11.3
)
 
(5.5
)
 
84.1

 
26.9

 
—

 
—

Valuation allowance build/(reversal) in current year
 
93.9

 
45.4

 
(104.6
)
 
(33.4
)
 
318.3

 
(1,615.7
)
Prior year adjustments in current year
 
(11.8
)
 
(5.7
)
 
5.9

 
1.9

 
(6.3
)
 
32.1

Worthless stock deduction
 
(73.4
)
 
(35.5
)
 
—

 
—

 
—

 
—

Impact of foreign operations
 
(42.7
)
 
(20.6
)
 
(53.9
)
 
(17.2
)
 
51.4

 
(260.9
)
Percentage depletion in excess of cost depletion
 
(36.1
)
 
(17.4
)
 
(34.9
)
 
(11.1
)
 
(87.9
)
 
446.2

Non-taxable income related to noncontrolling interests
 
(8.8
)
 
(4.2
)
 
(3.0
)
 
(1.0
)
 
(9.4
)
 
47.7

State taxes, net
 
0.4

 
0.2

 
0.2

 
0.1

 
(25.4
)
 
128.9

Settlement of financial guaranty
 
—

 
—

 
—

 
—

 
(347.1
)
 
1,761.9

Income not subject to tax
 
—

 
—

 
—

 
—

 
(27.7
)
 
140.6

Goodwill impairment
 
—

 
—

 
—

 
—

 
22.7

 
(115.2
)
Other items — net
 
(1.4
)
 
(0.7
)
 
0.1

 
—

 
4.1

 
(20.9
)
Provision for income tax (benefit) expense and effective income tax rate including discrete items
 
$
(12.2
)
 
(5.9
)%
 
$
169.3

 
54.1
 %
 
$
(86.0
)
 
436.5
 %

The components of income taxes for other than continuing operations consisted of the following:
 
 
(In Millions)
 
 
2016
 
2015
 
2014
Other comprehensive (income) loss:
 
 
 
 
 
 
Pension/OPEB liability
 
$
—

 
$
—

 
$
37.1

Mark-to-market adjustments
 
—

 
0.3

 
3.6

Other
 
0.5

 
5.9

 
0.2

Total
 
$
0.5

 
$
6.2

 
$
40.9

 
 
 
 
 
 
 
Paid in capital — stock based compensation
 
$
—

 
$
—

 
$
(4.8
)
Discontinued Operations
 
$
—

 
$
(6.0
)
 
$
(1,216.0
)

Significant components of our deferred tax assets and liabilities as of December 31, 2016 and 2015 are as follows:
 
 
(In Millions)
 
 
2016
 
2015
Deferred tax assets:
 
 
 
 
Pensions
 
$
114.6

 
$
106.6

Postretirement benefits other than pensions
 
35.2

 
36.5

Alternative minimum tax credit carryforwards
 
251.2

 
218.7

Deferred income
 
44.5

 
57.2

Financial instruments
 
71.3

 
—

Investments in ventures
 
—

 
4.9

Asset retirement obligations
 
22.3

 
5.3

Operating loss carryforwards
 
2,699.7

 
2,791.6

Property, plant and equipment and mineral rights
 
181.2

 
189.8

State and local
 
59.2

 
59.9

Lease liabilities
 
12.9

 
18.3

Other liabilities
 
108.3

 
148.9

Total deferred tax assets before valuation allowance
 
3,600.4

 
3,637.7

Deferred tax asset valuation allowance
 
(3,334.8
)
 
(3,372.5
)
Net deferred tax assets
 
265.6

 
265.2

Deferred tax liabilities:
 

 

Property, plant and equipment and mineral rights
 
(34.0
)
 
(35.5
)
Investment in ventures
 
(203.1
)
 
(206.6
)
Intangible assets
 
(1.0
)
 
(1.5
)
Product inventories
 
(3.4
)
 
(2.5
)
Other assets
 
(24.1
)
 
(19.1
)
Total deferred tax liabilities
 
(265.6
)
 
(265.2
)
Net deferred tax assets (liabilities)
 
$
—

 
$
—


At December 31, 2016 and 2015, we had $251.2 million and $218.7 million, respectively, of gross deferred tax assets related to U.S. alternative minimum tax credits that can be carried forward indefinitely.
We had gross domestic (including states) and foreign net operating loss carryforwards, inclusive of discontinued operations, of $3.7 billion and $6.9 billion, respectively, at December 31, 2016. We had gross domestic and foreign net operating loss carryforwards at December 31, 2015 of $3.9 billion and $11.1 billion, respectively. The U.S. Federal net operating losses will begin to expire in 2035 and state net operating losses will begin to expire in 2019. The foreign net operating losses can be carried forward indefinitely. We had foreign tax credit carryforwards of $5.8 million at December 31, 2016 and December 31, 2015. The foreign tax credit carryforwards will begin to expire in 2020. Additionally, there is a net operating loss carryforward, inclusive of discontinued operations, of $1.4 billion for Alternative Minimum Tax. No benefit has been recorded in the financials for this attribute as ASC 740, Income Taxes, does not allow for the recording of deferred taxes under alternative taxing systems.
We recorded a $37.7 million net decrease in the valuation allowance of certain deferred tax assets. Of this amount, a $149.1 million decrease was due to the change in the Luxembourg statutory rate and a $33.1 million decrease resulted from prior year adjustments due to a change in estimate of the 2015 net operating loss. Offsetting increases to the valuation allowance included a $104.9 million increase related to the recording of deferred tax assets due to current year operating activities and a $39.6 million increase related to the close of audits.
At December 31, 2016 and 2015, we had no cumulative undistributed earnings of foreign subsidiaries included in consolidated retained earnings. Accordingly, no provision has been made for U.S. deferred taxes related to future repatriation of earnings.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
 
 
 
(In Millions)
 
 
2016
 
2015
 
2014
Unrecognized tax benefits balance as of January 1
 
$
156.2

 
$
72.6

 
$
71.8

Increases/(decreases) for tax positions in prior years
 
(61.0
)
 
6.7

 
—

Increases for tax positions in current year
 
0.2

 
78.5

 
5.9

Decrease due to foreign exchange
 
—

 
—

 
(0.2
)
Settlements
 
(64.7
)
 
(1.1
)
 
—

Lapses in statutes of limitations
 
—

 
(0.5
)
 
(3.7
)
Other
 
—

 
—

 
(1.2
)
Unrecognized tax benefits balance as of December 31
 
$
30.7

 
$
156.2

 
$
72.6


At December 31, 2016 and 2015, we had $30.7 million and $156.2 million, respectively, of unrecognized tax benefits recorded. Of this amount, $8.3 million and $21.5 million, respectively, were recorded in Other liabilities and $22.4 million and $134.7 million, respectively, were recorded as Other non-current assets in the Statements of Consolidated Financial Position for both years. If the $30.7 million were recognized, only $8.3 million would impact the effective tax rate. We do not expect that the amount of unrecognized benefits will change significantly within the next 12 months. At December 31, 2016 and 2015, we had $0.8 million and $2.1 million, respectively, of accrued interest and penalties related to the unrecognized tax benefits recorded in Other liabilities in the Statements of Consolidated Financial Position.
Tax years 2012 and forward remain subject to examination for the U.S. and Australia. Tax years 2008 and forward remain subject to examination for Canada.
LEASE OBLIGATIONS
LEASE OBLIGATIONS
NOTE 10 - LEASE OBLIGATIONS
We lease certain mining, production and other equipment under operating and capital leases. The leases are for varying lengths, generally at market interest rates and contain purchase and/or renewal options at the end of the terms. Our operating lease expense was $7.6 million, $12.0 million and $17.8 million for the years ended December 31, 2016, 2015 and 2014, respectively. Capital lease assets were $29.3 million and $32.5 million at December 31, 2016 and 2015, respectively. Corresponding accumulated amortization of capital leases included in respective allowances for depreciation were $13.1 million and $8.7 million at December 31, 2016 and 2015, respectively.
Future minimum payments under capital leases and non-cancellable operating leases at December 31, 2016 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2017
$
22.0

 
$
6.9

2018
17.9

 
5.6

2019
9.9

 
3.0

2020
9.0

 
2.9

2021
8.3

 
3.0

2022 and thereafter
0.7

 
—

Total minimum lease payments
$
67.8

 
$
21.4

Amounts representing interest
12.0

 
 
Present value of net minimum lease payments1
$
55.8

 
 
 
 
 
 
1 The total is comprised of $17.4 million and $38.4 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Consolidated Financial Position at December 31, 2016.
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
Environmental Loss Contingency And Mine Closure Obligation Disclosure [Text Block]
NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
We had environmental and mine closure liabilities of $206.8 million and $234.0 million at December 31, 2016 and 2015, respectively. Payments in 2016 and 2015 were $2.4 million and $2.6 million, respectively. The following is a summary of the obligations as of December 31, 2016 and 2015:
 
(In Millions)
 
December 31,
 
2016
 
2015
Environmental
$
2.8

 
$
3.6

Mine closure
 
 
 
U.S. Iron Ore1
187.8

 
214.0

Asia Pacific Iron Ore
16.2

 
16.4

Total mine closure
204.0

 
230.4

Total environmental and mine closure obligations
206.8

 
234.0

Less current portion
12.9

 
2.8

Long-term environmental and mine closure obligations
$
193.9

 
$
231.2

 
 
 
 
1 U.S. Iron Ore includes our active operating mines, our indefinitely idled Empire mine and a closed mine formerly operating as LTVSMC.

Environmental
Our mining and exploration activities are subject to various laws and regulations governing the protection of the environment. We conduct our operations to protect the public health and environment and believe our operations are in compliance with applicable laws and regulations in all material respects. Our environmental liabilities of $2.8 million and $3.6 million at December 31, 2016 and 2015, respectively, including obligations for known environmental remediation exposures at various active and closed mining operations and other sites, have been recognized based on the estimated cost of investigation and remediation at each site. If the cost can only be estimated as a range of possible amounts with no specific amount being more likely, the minimum of the range is accrued. Future expenditures are not discounted unless the amount and timing of the cash disbursements readily are known. Potential insurance recoveries have not been reflected. Additional environmental obligations could be incurred, the extent of which cannot be assessed.
Mine Closure
Our mine closure obligations of $204.0 million and $230.4 million at December 31, 2016 and 2015, respectively, include our U.S. Iron Ore mines and our Asia Pacific Iron Ore mine.
The accrued closure obligation for our mining operations provides for contractual and legal obligations associated with the eventual closure of the mining operations. We performed a detailed assessment of our asset retirement obligations related to our active mining locations most recently in 2014 in accordance with our accounting policy, which requires us to perform an in-depth evaluation of the liability every three years in addition to routine annual assessments.
Management periodically performs an assessment of the obligation to determine the adequacy of the liability in relation to the closure activities still required at the LTVSMC site. The LTVSMC closure liability was $25.5 million and $24.1 million at December 31, 2016 and 2015, respectively. We are anticipating MPCA to reissue the NPDES permits for this facility in the future that could modify the closure liability, but the scale of that change will not be understood until reissuance of the permits.
For the assessments performed, we determined the obligations based on detailed estimates adjusted for factors that a market participant would consider (i.e., inflation, overhead and profit) and then discounted the obligation using the current credit-adjusted risk-free interest rate based on the corresponding life of mine. The estimate also incorporates incremental increases in the closure cost estimates and changes in estimates of mine lives. The closure date for each location was determined based on the exhaustion date of the remaining iron ore reserves. The accretion of the liability and amortization of the related asset is recognized over the estimated mine lives for each location.
The following represents a roll forward of our asset retirement obligation liability for the years ended December 31, 2016 and 2015:
 
(In Millions)
 
December 31,
 
2016
 
2015
Asset retirement obligation at beginning of period
$
230.4

 
$
165.3

Accretion expense
14.0

 
7.7

Remediation payments
(2.2
)
 
—

Exchange rate changes
(0.2
)
 
(1.1
)
Revision in estimated cash flows
(38.0
)
 
58.5

Asset retirement obligation at end of period
$
204.0

 
$
230.4


The revisions in estimated cash flows recorded during the year ended December 31, 2016 relate primarily to revisions in the timing of the estimated cash flows related to two of our U.S. mines. The Empire mine asset retirement obligation was reduced $29.6 million as a result of the further refinement of the timing of cash flows and a downward revision of estimated asset retirement costs related to technology associated with required storm water management systems expected to be implemented. Additionally, during 2016, a new economic reserve estimate was completed for United Taconite, increasing salable product reserves by 115 million long tons and consequently significantly increasing the life-of-mine plan, resulting in a $9.2 million decrease in the asset retirement obligation.
The revisions in estimated cash flows recorded during the year ended December 31, 2015 related primarily to revisions in the timing of the estimated cash flows and the technology associated with required storm water management systems expected to be implemented subsequent to the indefinite idling of the Empire mine, which resulted in an increase in the asset retirement obligation of $45.2 million.
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES
NOTE 12 - GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES
Goodwill
Goodwill represents the excess purchase price paid over the fair value of the net assets of acquired companies and is not subject to amortization. We assign goodwill arising from acquired companies to the reporting units that are expected to benefit from the synergies of the acquisition. Our reporting units are either at the operating segment level or a component one level below our operating segments that constitutes a business for which management generally reviews production and financial results of that component. Decisions often are made as to capital expenditures, investments and production plans at the component level as part of the ongoing management of the related operating segment. We have determined that our Asia Pacific Iron Ore operating segment constitutes a separate reporting unit and that Northshore within our U.S. Iron Ore operating segment constitutes a reporting unit. Goodwill is allocated among and evaluated for impairment at the reporting unit level in the fourth quarter of each year or as circumstances occur that potentially indicate that the carrying amount of these assets may exceed their fair value.
For the years ended December 31, 2016 and 2015, there were no goodwill impairment charges. During the third quarter of 2014, a goodwill impairment charge of $73.5 million was recorded for our Asia Pacific Iron Ore reporting segment. The impairment charge was a result of downward long-term pricing estimates as determined through management's long-range planning process.
The carrying amount of goodwill for the years ended December 31, 2016 and December 31, 2015 was $2.0 million and related to our U.S. Iron Ore operating segment.
Other Intangible Assets and Liabilities
Following is a summary of intangible assets and liabilities as of December 31, 2016 and December 31, 2015:
 
 
 
(In Millions)
 
 
 
December 31, 2016
 
December 31, 2015
 
Classification
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
Definite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Permits
Other non-current assets
 
$
78.4

 
$
(24.6
)
 
$
53.8

 
$
78.4

 
$
(20.2
)
 
$
58.2

Total intangible assets
 
 
$
78.4

 
$
(24.6
)
 
$
53.8

 
$
78.4

 
$
(20.2
)
 
$
58.2

Below-market sales contracts
Other current liabilities
 
$
—

 
$
—

 
$
—

 
$
(23.1
)
 
$
—

 
$
(23.1
)
Below-market sales contracts
Other liabilities
 
—

 
—

 
—

 
(205.8
)
 
205.8

 
—

Total below-market sales contracts
 
 
$
—

 
$
—

 
$
—

 
$
(228.9
)
 
$
205.8

 
$
(23.1
)

Amortization expense relating to intangible assets was $4.8 million, $4.2 million and $8.4 million for the years ended December 31, 2016, 2015 and 2014, respectively, and is recognized in Cost of goods sold and operating expenses in the Statements of Consolidated Operations. During the year ended December 31, 2014, an impairment charge of $13.8 million was recorded related to the permits intangible asset and is recognized in Impairment of goodwill and other long-lived assets in the Statements of Consolidated Operations. There were no impairment charges recorded for definite-lived intangible assets in 2016 or 2015. The estimated amortization expense relating to intangible assets for each of the five succeeding years is as follows:

(In Millions)

Amount
Year Ending December 31

2017
1.9

2018
1.9

2019
2.0

2020
1.6

2021
1.0

Total
$
8.4


The below-market sales contract was historically classified as a liability and was recognized over the term of the underlying contract, which expired December 31, 2016. As a result, there will be no future impact to Product revenues for the succeeding fiscal years relating to this contract. For the years ended December 31, 2016, 2015 and 2014, we recognized $23.1 million per year in Product revenues related to below-market sales contracts.
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The following table presents the fair value of our derivative instruments and the classification of each in the Statements of Consolidated Financial Position as of December 31, 2016 and December 31, 2015:
 
(In Millions)
 
Derivative Assets
 
Derivative Liabilities
 
December 31, 2016
 
December 31, 2015
 
December 31, 2016
 
December 31, 2015
Derivative
Instrument
Balance Sheet Location
 
Fair
Value
 
Balance
Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
Customer Supply Agreements
Other current assets
 
21.3

 
Other current assets
 
5.8

 
 
 
—

 
 
 
—

Provisional Pricing Arrangements
Other current assets
 
10.3

 
Other current assets
 
2.0

 
Other current liabilities
 
0.5

 
Other current liabilities
 
3.4

Commodity Contracts
Other current assets
 
1.5

 
 
 
—

 
 
 
—

 
Other current liabilities
 
0.6

Total derivatives not designated as hedging instruments under ASC 815:
 
 
$
33.1

 
 
 
$
7.8

 
 
 
$
0.5

 
 
 
$
4.0


Derivatives Not Designated as Hedging Instruments
Customer Supply Agreements
Most of our U.S. Iron Ore long-term supply agreements are comprised of a base price with annual price adjustment factors. The base price is the primary component of the purchase price for each contract. The indexed price adjustment factors are integral to the iron ore supply contracts and vary based on the agreement, but typically include adjustments based upon changes in the Platts 62% Price, along with pellet premiums, published Platts international indexed freight rates and changes in specified Producer Price Indices, including those for industrial commodities, energy 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. In most cases, these adjustment factors have not been finalized at the time our product is sold. In these cases, we historically have estimated the adjustment factors at each reporting period based upon the best third-party information available. The estimates are then adjusted to actual when the information has been finalized. The price adjustment factors have been evaluated to determine if they contain 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.
A certain supply agreement with one U.S. Iron Ore customer provides for supplemental revenue or refunds to the customer based on the customer’s average annual steel pricing at the time the 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 the product is shipped. The derivative instrument, which is finalized based on a future price, is adjusted to fair value as a revenue adjustment each reporting period until the pellets are consumed and the amounts are settled.
We recognized $41.7 million, $27.1 million and $187.8 million as Product revenues in the Statements of Consolidated Operations for the years ended December 31, 2016, 2015 and 2014, respectively, related to the supplemental payments. The fair value of the pricing factors were $21.3 million and $5.8 million in Other current assets in the December 31, 2016 and December 31, 2015 Statements of Consolidated Financial Position, respectively.
Provisional Pricing Arrangements
Certain of our U.S. Iron Ore and Asia Pacific Iron Ore customer supply agreements 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 period in time in the future, per the terms of the supply agreements. U.S. Iron Ore sales revenue is primarily recognized when cash is received.  For U.S. Iron Ore sales, the difference between the provisionally agreed-upon price and the estimated final revenue rate is characterized as a freestanding derivative and must be accounted for separately once the provisional revenue has been recognized.  Asia Pacific Iron Ore sales revenue is recorded initially at the provisionally agreed-upon price with the pricing provision embedded in the receivable.  The pricing provision is an embedded derivative that must be bifurcated and accounted for separately from the receivable.  Subsequently, the derivative instruments for both U.S. Iron Ore and Asia Pacific Iron Ore 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. At December 31, 2016 and December 31, 2015, we recorded $10.3 million and $2.0 million, respectively, as Other current assets in the Statements of Consolidated Financial Position related to our estimate of the final revenue rate with any of our customers. At December 31, 2016 and December 31, 2015, we recorded $0.5 million and $3.4 million, respectively, as Other current liabilities in the Statements of Consolidated Financial Position related to our estimate of final revenue rate with our U.S. Iron Ore and Asia Pacific Iron Ore customers. These amounts represent the difference between the provisional price agreed upon with our customers based on the supply agreement terms and our estimate of the final revenue rate based on the price calculations established in the supply agreements. We recognized a net $49.0 million increase in Product revenues in the Statements of Consolidated Operations for the year ended December 31, 2016 related to these arrangements. This compares with a net $1.4 million decrease and a net $9.5 million decrease in Product revenues for the comparable periods in 2015 and 2014.
The following summarizes the effect of our derivatives that are not designated as hedging instruments in the Statements of Consolidated Operations for the years ended December 31, 2016, 2015 and 2014:
(In Millions)
Derivatives Not Designated as Hedging Instruments
Location of Gain (Loss) Recognized in
Income on Derivative
Amount of Gain/(Loss) Recognized in Income on Derivative
 
 
Year Ended
December 31,
 
 
2016
 
2015
 
2014
Customer Supply Agreements
Product revenues
$
41.7

 
$
27.1

 
$
187.8

Provisional Pricing Arrangements
Product revenues
49.0

 
(1.4
)
 
(9.5
)
Foreign Exchange Contracts
Other non-operating income (expense)
—

 
(3.6
)
 
—

Foreign Exchange Contracts
Product revenues
—

 
(12.6
)
 
—

Commodity Contracts
Cost of goods sold and operating expenses
1.9

 
(4.0
)
 
—

Total
 
$
92.6

 
$
5.5

 
$
178.3


Refer to NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS for additional information.
DISCONTINUED OPERATIONS
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
NOTE 14 - DISCONTINUED OPERATIONS
The information below sets forth selected financial information related to operating results of our businesses classified as discontinued 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 Consolidated Operations present the revenues and expenses that were reclassified from the specified line items to discontinued operations.
The chart below provides an asset group breakout for each financial statement line impacted by discontinued operations.
(In Millions)
 
 
 
 
Canadian Operations
 
 
 
 
 
North American Coal
 
Eastern Canadian Iron Ore
Other
Total Canadian Operations
 
Total of Discontinued Operations
Statements of Consolidated Operations
 
 
 
 
 
 
 
Loss from Discontinued Operations, net of tax
YTD
December 31, 2016
$
(2.4
)
 
$
(17.5
)
$
—

$
(17.5
)
 
$
(19.9
)
Loss from Discontinued Operations, net of tax
YTD
December 31, 2015
$
(152.4
)
 
$
(638.7
)
$
(101.0
)
$
(739.7
)
 
$
(892.1
)
Loss from Discontinued Operations, net of tax
YTD
December 31, 2014
$
(1,134.5
)
 
$
(6,952.9
)
$
(280.6
)
$
(7,233.5
)
 
$
(8,368.0
)
 
 
 
 
 
 
 
 
 
Statements of Consolidated Financial Position
 
 
 
 
 
 
 
Other current liabilities
As of
December 31, 2016
$
6.0

 
$
—

$
—

$
—

 
$
6.0

Other current assets
As of
December 31, 2015
$
14.9

 
$
—

$
—

$
—

 
$
14.9

Other current liabilities
As of
December 31, 2015
$
6.9

 
$
—

$
—

$
—

 
$
6.9

 
 
 
 
 
 
 
 
 
Non-Cash Operating and Investing Activities
Depreciation, depletion and amortization
YTD
December 31, 2015
$
3.2

 
$
—

$
—

$
—

 
$
3.2

Purchase of property, plant and equipment
YTD
December 31, 2015
$
15.9

 
$
—

$
—

$
—

 
$
15.9

Impairment of goodwill and other long-lived assets
YTD
December 31, 2015
$
73.4

 
$
—

$
—

$
—

 
$
73.4

Depreciation, depletion and amortization
YTD
December 31, 2014
$
106.9

 
$
135.6

$
0.5

$
136.1

 
$
243.0

Purchase of property, plant and equipment
YTD
December 31, 2014
$
29.9

 
$
190.3

$
—

$
190.3

 
$
220.2

Impairment of goodwill and other long-lived assets
YTD
December 31, 2014
$
857.5

 
$
7,269.2

$
267.6

$
7,536.8

 
$
8,394.3


North American Coal Operations
Background
As of March 31, 2015, management determined that our North American Coal operating segment met the criteria to be classified as held for sale under ASC 205, Presentation of Financial Statements. The North American Coal segment continued to meet the criteria throughout 2015 until we sold our held for sale North American Coal operations during the fourth quarter of 2015. As such, all current and historical North American Coal operating segment results are included in our financial statements and classified within discontinued operations.
    In the first quarter of 2015, as part of the held for sale classification assigned to North American Coal, an impairment of $73.4 million was recorded. The impairment charge was to reduce the assets to their estimated fair value which was determined based on potential sales scenarios. No further impairment was recorded in 2015.
We sold all the remaining North American Coal operations during the fourth quarter of 2015. On December 22, 2015, we closed the sale of our remaining North American Coal business, which included Pinnacle mine in West Virginia and Oak Grove mine in Alabama. Pinnacle mine and Oak Grove mine were sold to Seneca and the deal structure was a sale of equity interests of our remaining coal business. Additionally, Seneca may pay Cliffs an earn-out of up to $50 million contingent upon the terms of a revenue sharing agreement which extends through the year 2020. However, we have not recorded a gain contingency in relation to this earn-out. We recorded the results of this sale within Loss from Discontinued Operations, net of tax for the year ended December 31, 2015.
On December 31, 2014, we completed the sale of our CLCC assets in West Virginia to Coronado Coal II, LLC, an affiliate of Coronado Coal LLC, for $174.0 million in cash and the assumption of certain liabilities, of which $155.0 million was collected as of December 31, 2014. We recorded the results of this sale in our fourth quarter earnings within Loss from Discontinued Operations, net of tax as the transaction closed on December 31, 2014.
Loss on Discontinued Operations
The sale of our Oak Grove and Pinnacle mines on December 22, 2015 completed a strategic shift in our business. Our previously reported North American Coal operating segment results for all periods, prior to the March 31, 2015 held for sale determination, are classified as discontinued operations. Historical results also include our CLCC assets, which were sold during the fourth quarter of 2014.
 
 
(In Millions)
 
 
Year Ended
December 31,
Loss from Discontinued Operations
 
2016
 
2015
 
2014
Revenues from product sales and services
 
$
—

 
$
392.9

 
$
687.1

Cost of goods sold and operating expenses
 
—

 
(449.2
)
 
(822.9
)
Sales margin
 
—

 
(56.3
)
 
(135.8
)
Other operating expense
 
(4.5
)
 
(30.4
)
 
(20.8
)
Gain (loss) on sale of coal mines
 
2.1

 
9.3

 
(419.6
)
Other expense
 
—

 
(1.8
)
 
(3.0
)
Loss from discontinued operations before income taxes
 
(2.4
)
 
(79.2
)
 
(579.2
)
Impairment of long-lived assets
 
—

 
(73.4
)
 
(857.5
)
Income tax benefit
 
—

 
0.2

 
302.2

Loss from discontinued operations, net of tax
 
$
(2.4
)
 
$
(152.4
)
 
$
(1,134.5
)

Items Measured at Fair Value on a Non-Recurring Basis
The following table presents information about the impairment charge on non-financial assets that was measured on a fair value basis at March 31, 2015 for the North American Coal operations. There were no financial and non-financial assets and liabilities that were measured on a non-recurring fair value basis at December 31, 2016 for the North American Coal operations. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value.
 
 
(In Millions)
 
 
March 31, 2015
Description
 
Quoted Prices in Active
Markets for Identical Assets/
Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
 
Total Losses
Assets:
 
 
 
 
 
 
 
 
 
 
Other long-lived assets - Property, plant and equipment and Mineral rights: North American Coal operating unit
 
$
—

 
$
—

 
$
20.4

 
$
20.4

 
$
73.4

 
 
$
—

 
$
—

 
$
20.4

 
$
20.4

 
$
73.4


In the first quarter of 2015, as part of the held for sale classification assigned to North American Coal, an impairment charge of $73.4 million was recorded. The impairment charge was to reduce the assets to their estimated fair value which was determined based on potential sales scenarios. We determined the fair value and recoverability of our North American Coal operating segment by comparing the estimated fair value of the underlying assets and liabilities to the estimated sales price of the operating segment held for sale. No further impairment was recorded in 2015.
Recorded Assets and Liabilities
 
 
(In Millions)
Assets and Liabilities of Discontinued Operations1
 
December 31,
2016
 
December 31,
2015
Other current assets
 
$
—

 
$
14.9

Total assets of discontinued operations
 
$
—

 
$
14.9

 
 
 
 
 
Accrued liabilities
 
$
1.1

 
$
—

Other current liabilities
 
4.9

 
6.9

Total liabilities of discontinued operations
 
$
6.0

 
$
6.9

 
 
 
 
 
1 At December 31, 2016 and 2015, we also recorded $2.1 million and $7.8 million, respectively, of contingent liabilities associated with our exit from the coal business recorded on our parent company.

As part of the CLCC asset sale during the fourth quarter of 2014, there was an amount placed in escrow to cover decreases in working capital, indemnity obligations and regulatory liabilities. During the year ended December 31, 2016, $10.3 million was released to us from escrow. There was no amount held in escrow at December 31, 2016 and $14.9 million at December 31, 2015 recorded within Other current assets on the Statements of Consolidated Financial Position.
Income Taxes
We have recognized no tax expense or benefit for the year ended December 31, 2016 in Loss from Discontinued Operations, net of tax, related to our North American Coal investments. For the years ended December 31, 2015 and 2014, we have recognized a tax benefit of $0.2 million and $302.2 million, respectively, in Loss from Discontinued Operations, net of tax, related to a loss on our North American Coal investments. The benefit for the year ended December 31, 2014 is primarily the result of the impairment of long-lived assets in the third quarter of 2014.
Canadian Operations
Background
On November 30, 2013, we suspended indefinitely our Chromite Project in Northern Ontario. The Chromite Project remained suspended throughout 2014 and until final sale in 2015. Our Wabush Scully iron ore mine in Newfoundland and Labrador was idled by the end of the first quarter of 2014 and subsequently began to commence permanent closure in the fourth quarter of 2014. During 2014, we also limited exploration spending on the Labrador Trough South property in Québec. In November 2014, we announced that we were pursuing exit options for our Eastern Canadian Iron Ore operations. In December 2014, iron ore production at the Bloom Lake mine was suspended and the Bloom Lake mine was placed in "care-and-maintenance" mode. Together, the suspension of exploration efforts, shutdown of the Wabush Scully mine and the cessation of operations at our Bloom Lake mine represented a complete curtailment of our Canadian operations.
On January 27, 2015, we announced the Bloom Filing under the CCAA with the Québec Court in Montreal. At that time, the Bloom Lake Group was no longer generating revenues and was not able to meet its obligations as they came due. The Bloom Filing addressed the Bloom Lake Group's immediate liquidity issues and permitted the Bloom Lake Group to preserve and protect its assets for the benefit of all stakeholders while restructuring and sale options are explored. As part of the CCAA process, the Court approved the appointment of a Monitor and certain other financial advisors.
Additionally, on May 20, 2015, we announced the Wabush Filing with the Court under the CCAA. As a result of this action, the CCAA protections granted to the Bloom Lake Group were extended to include the Wabush Group to facilitate the reorganization of each of their businesses and operations. The Wabush Group was no longer generating revenues and was not able to meet its obligations as they came due. The inclusion of the Wabush Group in the existing Bloom Filing facilitated a more comprehensive restructuring and sale process of both the Bloom Lake Group and the Wabush Group, which collectively included mine, port and rail assets. The Wabush Filing also mitigates various legacy related long-term liabilities associated with the Wabush Group. As part of the Wabush Filing, the Court approved the appointment of a Monitor and certain other financial advisors. The Monitor of the Wabush Group is also the Monitor of the Bloom Lake Group.
As a result of the Bloom Filing on January 27, 2015, we no longer have a controlling interest in the Bloom Lake Group. For that reason, we deconsolidated the Bloom Lake Group and certain other wholly-owned subsidiaries effective January 27, 2015, which resulted in a pretax impairment loss on deconsolidation and other charges, totaling $818.7 million that was recorded in the first quarter of 2015. The pretax loss on deconsolidation includes the derecognition of the carrying amounts of the Bloom Lake Group and certain other wholly-owned subsidiaries' assets, liabilities and accumulated other comprehensive loss and the recording of our remaining interests at fair value.
As a result of the Wabush Filing, we deconsolidated certain Wabush Group wholly-owned subsidiaries effective May 20, 2015. The certain wholly-owned subsidiaries that were deconsolidated effective May 20, 2015 are Wabush Group entities that were not deconsolidated as part of the deconsolidation effective January 27, 2015 as discussed previously in this section. This deconsolidation, effective May 20, 2015, resulted in a pretax gain on deconsolidation and other charges, totaling $134.7 million. The pretax gain on deconsolidation includes the derecognition of the carrying amounts of these certain deconsolidated Wabush Group wholly-owned subsidiaries' assets, liabilities and accumulated other comprehensive loss and the adjustment of our remaining interests in the Canadian Entities to fair value.
Subsequent to each of the deconsolidations discussed above, we utilized the cost method to account for our investment in the Canadian Entities, which has been reflected as zero in our Statements of Consolidated Financial Position as of December 31, 2016 and 2015 based on the estimated fair value of the Canadian Entities' net assets. Loans to and accounts receivable from the Canadian Entities are recorded at an estimated fair value of $48.6 million and $72.9 million classified as Loans to and accounts receivables from the Canadian Entities in the Statements of Consolidated Financial Position as of December 31, 2016 and 2015, respectively. The Loans to and accounts receivables from the Canadian Entities balance reflects our current estimate. We continue to update the estimate as the CCAA proceedings progress. The December 31, 2016 balance reflects recent developments, including finalized liquidation values for completed asset sales and updates for the expected allocation of proceeds for those sales, updates for ongoing costs incurred by the estate that will be held back from the final distribution, and the repayment of the DIP financing.
Status of CCAA Proceedings
On March 8, 2016, certain of the Canadian Entities completed the sale of their port and rail assets located in Pointe-Noire, Quebec to Societe Ferroviaire et Portuaire de Pointe-Noire S.E.C., an affiliate of Investissement Quebec, for C$66.75 million in cash and the assumption of certain liabilities.
On April 11, 2016, certain of the Canadian Entities completed the sale of the Bloom Lake mine and Labrador Trough South mineral claims located in Quebec, as well as certain rail assets located in Newfoundland & Labrador, to Quebec Iron Ore Inc., an affiliate of Champion Iron Mines Limited, for C$10.5 million in cash and the assumption of certain liabilities.
As of December 31, 2016, the majority of assets available to the estate have been liquidated. The CCAA proceedings are still ongoing and the Monitor is evaluating all claims into the estate including our related party claims. Currently, there is uncertainty as to the amount of the distribution that will be made to the creditors of the estate, including, if any to Cliffs, and whether Cliffs could be held liable for claims that may be asserted by or on behalf of the Bloom Lake Group or the Wabush Group or by their respective representatives against non-debtor affiliates of the Bloom Lake Group and the Wabush Group.
After repayment of the DIP financing, payment of sales expenses, taxes and the costs of the CCAA proceedings to date, the net proceeds from these and certain other divestitures by the Canadian Entities are currently being held by the Monitor, on behalf of the Canadian Entities, to fund the accrued and ongoing costs of the CCAA proceedings and for eventual distribution to creditors of the Canadian Entities pending further order of the Montreal Court.
Loss on Discontinued Operations
Our Canadian exit represents a strategic shift in our business. For this reason, our previously reported Eastern Canadian Iron Ore and Ferroalloys operating segment results for all periods prior to the respective deconsolidations, as well as costs to exit, are classified as discontinued operations.
 
 
(In Millions)
 
 
Year Ended
December 31,
Loss from Discontinued Operations
 
2016
 
2015
 
2014
Revenues from product sales and services
 
$
—

 
$
11.3

 
$
563.5

Cost of goods sold and operating expenses
 
—

 
(11.1
)
 
(808.4
)
Eliminations with continuing operations
 
—

 
—

 
(53.6
)
Sales margin
 
—

 
0.2

 
(298.5
)
Other operating expense
 
—

 
(33.8
)
 
(306.3
)
Other expense
 
—

 
(1.0
)
 
(5.6
)
Loss from discontinued operations before income taxes
 
—

 
(34.6
)
 
(610.4
)
Loss from deconsolidation
 
(17.5
)
 
(710.9
)
 
—

Impairment of long-lived assets
 
—

 
—

 
(7,536.8
)
Income tax benefit
 
—

 
5.8

 
913.7

Loss from discontinued operations, net of tax
 
$
(17.5
)
 
$
(739.7
)
 
$
(7,233.5
)

Canadian Entities loss from deconsolidation totaled $17.5 million and $710.9 million for the year ended December 31, 2016 and 2015, respectively and included the following:
 
 
(In Millions)
 
 
Year Ended
December 31,
 
Year Ended
December 31,
 
 
2016
 
2015
Investment impairment on deconsolidation1
 
$
(17.5
)
 
$
(507.8
)
Guarantees and contingent liabilities
 
—

 
(203.1
)
Total loss from deconsolidation
 
$
(17.5
)
 
$
(710.9
)
 
 
 
 
 
1 Includes the adjustment to fair value of our remaining interest in the Canadian Entities.

We have no gain or loss from deconsolidation attributable to contingent liabilities for the year ended December 31, 2016 compared to a loss of $203.1 million for the year ended December 31, 2015. As a result of the deconsolidation, we recorded accrued expenses for the estimated probable loss related to claims that may be asserted against us, primarily under guarantees of certain debt arrangements and leases for a loss on deconsolidation of $203.1 million, for the year ended December 31, 2015.
Investments in the Canadian Entities
We continue to indirectly own a majority of the interest in the Canadian Entities but have deconsolidated those entities because we no longer have a controlling interest as a result of the Bloom Filing and the Wabush Filing. At the respective dates of deconsolidation, January 27, 2015 or May 20, 2015 and subsequently at each reporting period, we adjusted our investment in the Canadian Entities to fair value with a corresponding charge to Loss from Discontinued Operations, net of tax. As the estimated amount of the Canadian Entities' liabilities exceeded the estimated fair value of the assets available for distribution to its creditors, the fair value of Cliffs’ equity investment is approximately zero.
Amounts Receivable from the Canadian Entities
Prior to the deconsolidations, various Cliffs wholly-owned entities made loans to the Canadian Entities for the purpose of funding its operations and had accounts receivable generated in the ordinary course of business. The loans, corresponding interest and the accounts receivable were considered intercompany transactions and eliminated in our consolidated financial statements. Additionally, we procured funding subsequent to the deconsolidation through the DIP financing. Since the deconsolidations, the loans, associated interest and accounts receivable are considered related party transactions and have been recognized in our consolidated financial statements at their estimated fair value of $48.6 million and $72.9 million classified as Loans to and accounts receivables from the Canadian Entities in the Statements of Consolidated Financial Position at December 31, 2016 and 2015, respectively.
Guarantees and Contingent Liabilities
Certain liabilities, consisting primarily of equipment loans and environmental obligations of the Canadian Entities, were secured through corporate guarantees and standby letters of credit. As of December 31, 2016, we have liabilities of $0.2 million and $37.0 million, respectively, in our consolidated results, classified as Guarantees and Other liabilities in the Statements of Consolidated Financial Position. As of December 31, 2015, we have liabilities of $96.5 million and $35.9 million, respectively, in our consolidated results, classified as Guarantees and Other liabilities in the Statements of Consolidated Financial Position.
Contingencies
The recorded expenses include an accrual for the estimated probable loss related to claims that may be asserted against us. Our estimates involve significant judgment. Our estimates are based on currently available information, an assessment of the validity of certain claims and estimated payments by the Canadian Entities. We are not able to reasonably estimate a range of possible losses in excess of the accrual because there are significant factual and legal issues to be resolved. We believe that it is reasonably possible that future changes to our estimates of loss and the ultimate amount paid on these claims could be material to our results of operations in future periods. Any such losses would be reported in discontinued operations.
Items Measured at Fair Value on a Non-Recurring Basis
The following table presents information about the financial assets and liabilities that were measured on a fair value basis at December 31, 2016 and 2015 for the Canadian Entities. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value.
 
 
(In Millions)
 
 
December 31, 2016
Description
 
Quoted Prices in Active
Markets for Identical Assets/
Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
 
Total Losses
Assets:
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivables from the Canadian Entities
 
$
—

 
$
—

 
$
48.6

 
$
48.6

 
$
17.5

Liabilities:
 
 
 
 
 
 
 
 
 
 
Guarantees and contingent liabilities
 
$
—

 
$
—

 
$
37.2

 
$
37.2

 
$
—


 
 
(In Millions)
 
 
December 31, 2015
Description
 
Quoted Prices in Active
Markets for Identical Assets/
Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
 
Total Losses
Assets:
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivables from the Canadian Entities
 
$
—

 
$
—

 
$
72.9

 
$
72.9

 
$
507.8

Liabilities:
 
 
 
 
 
 
 
 
 
 
Guarantees and contingent liabilities
 
$
—

 
$
—

 
$
132.4

 
$
132.4

 
$
203.1


We determined the fair value and recoverability of our Canadian investments by comparing the estimated fair value of the remaining underlying assets of the Canadian Entities to remaining estimated liabilities. We recorded the guarantees and contingent liabilities at book value, which best approximated fair value.
Outstanding liabilities include accounts payable and other liabilities, forward commitments, unsubordinated related party payables, lease liabilities and other potential claims. Potential claims include an accrual for the estimated probable loss related to claims that may be asserted against the Bloom Lake Group and Wabush Group under certain contracts. Claimants may seek damages or other related relief as a result of the Canadian Entities' exit from Canada. Based on our estimates, the fair value of liabilities exceeds the fair value of assets.
To assess the fair value and recoverability of the amounts receivable from the Canadian Entities, we estimated the fair value of the underlying net assets of the Canadian Entities available for distribution to their creditors in relation to the estimated creditor claims and the priority of those claims.
Our estimates involve significant judgment and are based on currently available information, an assessment of the validity of certain claims and estimated payments made by the Canadian Entities. Our ultimate recovery is subject to the final liquidation value of the Canadian Entities. Further, the final liquidation value and ultimate recovery of the creditors of the Canadian Entities, including, if any, to Cliffs and various subsidiaries, may impact our estimates of contingent liability exposure described previously.
Pre-Petition Financing
Prior to the Wabush Filing on May 20, 2015, a secured credit facility (the "Pre-Petition financing") was put into place to provide support to the Wabush Group for ongoing business activities until the DIP financing was in place. There was a total of $7.2 million drawn and outstanding under the Pre-Petition financing funded by Wabush Iron Co. Limited’s parent company, Cliffs Mining Company as of December 31, 2016 and 2015.  Our estimated recovery of the Pre-Petition financing is included within the Loans to and accounts receivables from the Canadian Entities of $48.6 million. The Pre-Petition financing is secured by certain equipment of the Wabush Group.
DIP Financing
In connection with the Wabush Filing on May 20, 2015, the Montreal Court approved an agreement to provide the DIP financing to the Wabush Group, which provided for borrowings under the facility up to $10.0 million. As of December 31, 2015, there was $6.8 million drawn and outstanding under the DIP financing funded by Wabush Iron Co. Limited’s parent company, Cliffs Mining Company. During the three months ended March 31, 2016, the Wabush Group made an additional draw of $1.5 million. We subsequently received a repayment of $8.3 million and as a result, there was no outstanding balance due under the DIP financing arrangement from Wabush Iron Co. Limited’s parent company, Cliffs Mining Company as of December 31, 2016.
Income Taxes
We have recognized no tax expense or benefit for the year ended December 31, 2016 in Loss from Discontinued Operations, net of tax, related to our Canadian investments. For the years ended December 31, 2015 and 2014, we recognized a tax benefit of $5.8 million and $913.7 million, respectively, in Loss from Discontinued Operations, net of tax. The benefit for the year ended December 31, 2014 was the result of the impairment of long-lived assets in the third quarter of 2014 offset by the placement of a valuation allowance against the Canadian operations net deferred tax assets.
CAPITAL STOCK
CAPITAL STOCK
NOTE 15 - CAPITAL STOCK
Preferred Shares Conversion to Common Shares
On January 4, 2016, we announced that our Board of Directors determined the final quarterly dividend of our Preferred Shares would not be paid in cash, but instead, pursuant to the terms of the Preferred Shares, the conversion rate was increased such that holders of the Preferred Shares received additional common shares in lieu of the accrued dividend at the time of the mandatory conversion on February 1, 2016. The number of common shares in the aggregate that were issued in lieu of the final dividend was 1.3 million. This resulted in an effective conversion rate of 0.9052 common shares, rather than 0.8621 common shares, per depositary share, each representing a 1/40th of a Preferred Share.
Prior to the mandatory conversion, holders of the depositary shares were entitled to a proportional fractional interest in the rights and preferences of the Series A preferred shares, including conversion, dividend, liquidation and voting rights, subject to the provisions of the deposit agreement. The Series A preferred shares were convertible, at the option of the holder, at the minimum conversion rate of 28.1480 of our common shares (equivalent to 0.7037 of our common shares per depositary share) at any time prior to February 1, 2016 or other than during a fundamental change conversion period, subject to anti-dilution adjustments. If not converted prior to that time, each Series A preferred share converted automatically on February 1, 2016 into between 28.1480 and 34.4840 common shares, par value $0.125 per share, subject to anti-dilution adjustments. The number of common shares issued on conversion was determined based on the average VWAP per share of our common shares during the 20 trading day period beginning on, and including, the 23rd scheduled trading day prior to February 1, 2016, subject to customary anti-dilution adjustments. Upon conversion on February 1, 2016, an aggregate of 26.5 million common shares were issued, representing 25.2 million common shares issuable upon conversion and 1.3 million that were issued in lieu of a final cash dividend.
Dividends
On March 27, 2015, July 1, 2015 and September 10, 2015, our Board of Directors declared the quarterly cash dividend of $17.50 per Preferred Share, which is equivalent to approximately $0.44 per depositary share. The cash dividend was paid on May 1, 2015, August 3, 2015 and November 2, 2015 to our shareholders of record as of the close of business on April 15, 2015, July 15, 2015 and October 15, 2015, respectively.
On February 11, 2014, May 13, 2014, September 8, 2014 and November 19, 2014, our Board of Directors declared the quarterly cash dividend of $17.50 per Preferred Share, which is equivalent to approximately $0.44 per depositary share. The cash dividend was paid on May 1, 2014, August 1, 2014, November 3, 2014 and February 2, 2015, to our Preferred Shareholders of record as of the close of business on April 15, 2014, July 15, 2014, October 15, 2014 and January 15, 2015, respectively.
On February 11, 2013, our Board of Directors approved a reduction to our quarterly cash dividend rate by 76% to $0.15 per share. The cash dividend of $0.15 per share was paid on March 3, 2014, June 3, 2014, September 2, 2014 and December 1, 2014 to our common shareholders of record as of close of business on February 21, 2014, May 23, 2014, August 15, 2014 and November 15, 2014.
On January 26, 2015, we announced that our Board of Directors had decided to eliminate the quarterly dividend of $0.15 per share on our common shares. The decision was applicable to the first quarter of 2015 and all subsequent quarters.
Debt-for-Equity Exchanges
During the year ended December 31, 2016, we entered into a series of privately negotiated exchange agreements whereby we issued an aggregate of 8.2 million common shares in exchange for $10.0 million aggregate principal amount of our 3.95% senior notes due 2018, $20.1 million aggregate principal amount of our 4.80% senior notes due 2020 and $26.8 million aggregate principal amount of our 4.875% senior notes due 2021. There were no exchanges that represented more than 1% of our outstanding common shares during any quarter. Accordingly, we recognized a gain of $11.3 million in Gain on extinguishment/restructuring of debt in the Statements of Consolidated Operations for the year ended December 31, 2016. The issuances of the common shares in exchange for our senior notes due 2018, 2020 and 2021 were made in reliance on the exemption from registration provided in Section 3(a)(9) of the Securities Act.
Common Share Public Offering
On August 10, 2016, we issued 44.4 million common shares in an underwritten public offering. We received net proceeds of approximately $287.6 million at a public offering price of $6.75 per common share. The proceeds from the issuance of our common shares were used to fully redeem our senior notes due 2018.
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
ACCUMLATED OTHER COMPREHENSIVE INCOME (LOSS)
NOTE 16 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The components of Accumulated other comprehensive loss within Cliffs shareholders’ deficit and related tax effects allocated to each are shown below as of December 31, 2016, 2015 and 2014:
 
(In Millions)
 
Pre-tax
Amount
 
Tax
Benefit
(Provision)
 
After-tax
Amount
As of December 31, 2014:
 
 
 
 
 
Postretirement benefit liability
$
(425.3
)
 
$
134.2

 
$
(291.1
)
Foreign currency translation adjustments
64.4

 
—

 
64.4

Unrealized net loss on derivative financial instruments
(25.9
)
 
7.8

 
(18.1
)
Unrealized gain (loss) on securities
(1.3
)
 
0.3

 
(1.0
)
 
$
(388.1
)
 
$
142.3

 
$
(245.8
)
As of December 31, 2015:
 
 
 
 
 
Postretirement benefit liability
$
(364.8
)
 
$
123.4

 
$
(241.4
)
Foreign currency translation adjustments
220.7

 
—

 
220.7

Unrealized net gain on derivative financial instruments
2.2

 
0.4

 
2.6

Unrealized gain on securities
0.1

 
—

 
0.1

 
$
(141.8
)
 
$
123.8

 
$
(18.0
)
As of December 31, 2016:
 
 
 
 
 
Postretirement benefit liability
$
(384.0
)
 
$
123.4

 
$
(260.6
)
Foreign currency translation adjustments
239.3

 
—

 
239.3

 
$
(144.7
)
 
$
123.4

 
$
(21.3
)

The following tables reflect the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ equity for December 31, 2016, 2015 and 2014:
 
(In Millions)
 
Postretirement Benefit Liability, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2015
$
(241.4
)
 
$
0.1

 
$
220.7

 
$
2.6

 
$
(18.0
)
Other comprehensive income (loss) before reclassifications
(44.8
)
 
(0.1
)
 
18.4

 
(3.3
)
 
(29.8
)
Net loss reclassified from accumulated other comprehensive income (loss)
25.6

 
—

 
0.2

 
0.7

 
26.5

Balance December 31, 2016
$
(260.6
)
 
$
—

 
$
239.3

 
$
—

 
$
(21.3
)
 
(In Millions)
 
Postretirement Benefit Liability, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2014
$
(291.1
)
 
$
(1.0
)
 
$
64.4

 
$
(18.1
)
 
$
(245.8
)
Other comprehensive income (loss) before reclassifications
9.1

 
5.4

 
(26.4
)
 
1.9

 
(10.0
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
40.6

 
(4.3
)
 
182.7

 
18.8

 
237.8

Balance December 31, 2015
$
(241.4
)
 
$
0.1

 
$
220.7

 
$
2.6

 
$
(18.0
)
 
(In Millions)
 
Postretirement Benefit Liability, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2013
$
(204.9
)
 
$
6.2

 
$
106.7

 
$
(20.9
)
 
$
(112.9
)
Other comprehensive income (loss) before reclassifications
(97.0
)
 
1.3

 
(42.3
)
 
(28.2
)
 
(166.2
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
10.8

 
(8.5
)
 
—

 
31.0

 
33.3

Balance December 31, 2014
$
(291.1
)
 
$
(1.0
)
 
$
64.4

 
$
(18.1
)
 
$
(245.8
)

The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ equity for the years ended December 31, 2016, 2015 and 2014:
 
 
(In Millions)
 
 
Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount of (Gain)/Loss Reclassified into Income
 
Affected Line Item in the Statement of Consolidated Operations
 
 
Year Ended
December 31, 2016
 
Year Ended
December 31, 2015
 
Year Ended
December 31, 2014
 
 
Amortization of Pension and Postretirement Benefit Liability:
 
 
 
 
 
 
 
 
Prior service costs1
 
$
(1.5
)
 
$
(1.4
)
 
$
(1.1
)
 
 
Net actuarial loss1
 
27.1

 
27.4

 
18.5

 
 
Curtailments/Settlements1
 
—

 
0.2

 
1.4

 
 
Effect of deconsolidation2
 
—

 
15.1

 
—

 
Loss from Discontinued Operations, net of tax
 
 
25.6

 
41.3

 
18.8

 
Total before taxes
 
 
—

 
(0.7
)
 
(5.8
)
 
Income tax benefit (expense)
 
 
$
25.6

 
$
40.6

 
$
13.0

 
Net of taxes
 
 
 
 
 
 
 
 
 
Unrealized loss on marketable securities:
 
 
 
 
 
 
 
 
Sale of marketable securities
 
$
—

 
$
(2.6
)
 
$
(11.4
)
 
Other non-operating income (expense)
Impairment
 
—

 
(2.0
)
 
(0.5
)
 
Other non-operating income (expense)
 
 
—

 
(4.6
)
 
(11.9
)
 
Total before taxes
 
 
—

 
0.3

 
3.4

 
Income tax benefit (expense)
 
 
$
—

 
$
(4.3
)
 
$
(8.5
)
 
Net of taxes
 
 
 
 
 
 
 
 
 
Unrealized gain on foreign currency translation:
 
 
 
 
 
 
 
 
Dissolution of entity
 
$
0.2

 
$
—

 
$
—

 
Other non-operating income (expense)
Effect of deconsolidation3
 
—

 
182.7

 
—

 
Loss from Discontinued Operations, net of tax
 
 
$
0.2

 
$
182.7

 
$
—

 
Net of taxes
 
 
 
 
 
 
 
 
 
Unrealized gain on derivative financial instruments:
 
 
 
 
 
 
 
 
Treasury lock
 
$
1.2

 
$
—

 
$
—

 
Gain on extinguishment/restructuring of debt
Australian dollar foreign exchange contracts
 
—

 
26.9

 
18.9

 
Product revenues
Canadian dollar foreign exchange contracts
 
—

 
—

 
26.7

 
Cost of goods sold and operating expenses
 
 
1.2

 
26.9

 
45.6

 
Total before taxes
 
 
(0.5
)
 
(8.1
)
 
(14.6
)
 
Income tax benefit (expense)
 
 
$
0.7

 
$
18.8

 
$
31.0

 
Net of taxes
 
 
 
 
 
 
 
 
 
Total Reclassifications for the Period
 
$
26.5

 
$
237.8

 
$
35.5

 
 
 
 
 
 
 
 
 
 
 
1 These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
2 Represents Canadian postretirement benefit liabilities that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information.
3 Represents Canadian accumulated currency translation adjustments that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information.
CASH FLOW INFORMATION
Cash Flow Information
NOTE 17 - CASH FLOW INFORMATION
A reconciliation of capital additions to cash paid for capital expenditures for the years ended December 31, 2016, 2015 and 2014 is as follows:
 
(In Millions)
 
Year Ended December 31,
 
2016
 
2015
 
2014
Capital additions1
$
68.5

 
$
96.7

 
$
235.5

Cash paid for capital expenditures
69.1

 
80.8

 
284.1

Difference
$
(0.6
)
 
$
15.9

 
$
(48.6
)
Non-cash accruals
$
(0.6
)
 
$
14.4

 
$
(58.5
)
Capital leases
—

 
1.5

 
9.9

Total
$
(0.6
)
 
$
15.9

 
$
(48.6
)
 
 
 
 
 
 
1 Includes capital additions of $68.5 million related to continuing operations for the year ended December 31, 2016. Includes capital additions of $72.2 million and $24.5 million related to continuing operations and discontinued operations, respectively, for the year ended December 31, 2015. Includes capital additions of $65.5 million and $170.0 million related to continuing operations and discontinued operations, respectively, for the year ended December 31, 2014.

Cash payments for interest and income taxes in 2016, 2015 and 2014 are as follows:
 
(In Millions)
2016
 
2015
 
2014
Taxes paid on income
$
6.0

 
$
5.0

 
$
47.3

Income tax refunds1
5.4

 
211.4

 
54.7

Interest paid on debt obligations2
184.0

 
185.6

 
176.5

 
 
 
 
 
 
1 Includes income tax refunds that relate to the deconsolidated Canadian Entities for the year ended December 31, 2014 of $47.8 million.
2 Includes interest paid on the corporate guarantees of the equipment loans that relate to discontinued operations for the years ended December 31, 2016, 2015 and 2014 of $1.4 million, $4.8 million and $6.1 million, respectively.
RELATED PARTIES
RELATED PARTIES
NOTE 18 - RELATED PARTIES
Two of our four operating U.S. iron ore mines and our indefinitely-idled Empire mine are owned with various joint venture partners that are integrated steel producers or their subsidiaries. We are the manager of each of the mines we co-own 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. One or more of the joint venture partners are also our customers. The following is a summary of the mine ownership of these iron ore mines at December 31, 2016:
Mine
 
Cliffs Natural Resources
 
ArcelorMittal
 
U.S. Steel
Empire
 
79.0
%
 
21.0
%
 
—

Tilden
 
85.0
%
 
—

 
15.0
%
Hibbing
 
23.0
%
 
62.3
%
 
14.7
%

ArcelorMittal has a unilateral right to put its interest in the Empire mine to us, but has not exercised this right to date. Furthermore, as part of a 2014 extension agreement between us and ArcelorMittal, which amended certain terms of the Empire partnership agreement, certain minimum distributions of the partners’ equity amounts were required to be made on a quarterly basis beginning in the first quarter of 2015 and continued through January 2017.  The partnership dissolved on December 31, 2016 and the partners are in discussion regarding distribution of the remaining assets and/or equity interest, if any, in the partnership. During the year ended December 31, 2016, we recorded distributions of $57.5 million to ArcelorMittal under this agreement, of which $48.8 million was paid as of December 31, 2016. During the year ended December 31, 2015, we recorded distributions of $51.7 million under this agreement, of which $40.6 million was paid as of December 31, 2015.
Product revenues from related parties were as follows:
 
(In Millions)
 
Year Ended December 31,
 
2016
 
2015
 
2014
Product revenues from related parties
$
830.1

 
$
671.1

 
$
1,011.4

Total product revenues
1,913.5

 
1,832.4

 
3,095.2

Related party product revenue as a percent of total product revenue
43.4
%
 
36.6
%
 
32.7
%

Amounts due from related parties recorded in Accounts receivable, net and Other current assets, including trade accounts receivable, a customer supply agreement and provisional pricing arrangements, were $73.8 million and $15.8 million at December 31, 2016 and 2015, respectively. Amounts due to related parties recorded in Other current liabilities, including provisional pricing arrangements and liabilities to related parties, were $8.7 million and $14.5 million at December 31, 2016 and 2015, respectively.
A supply agreement with one of our customers includes provisions for supplemental revenue or refunds based on the customer’s annual steel pricing for the year 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 AND HEDGING ACTIVITIES for further information.
EARNINGS PER SHARE
EARNINGS PER SHARE
NOTE 19 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted earnings per share attributable to Cliffs shareholders:
 
(In Millions, Except Per Share Amounts)
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
Income from Continuing Operations
 
$
219.2

 
$
143.7

 
$
56.4

Income from Continuing Operations Attributable to
Noncontrolling Interest
 
(25.2
)
 
(8.6
)
 
(25.9
)
Net Income from Continuing Operations
attributable to Cliffs shareholders
 
$
194.0

 
$
135.1

 
$
30.5

Loss from Discontinued Operations, net of tax
 
(19.9
)
 
(884.4
)
 
(7,254.7
)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
 
$
174.1

 
$
(749.3
)
 
$
(7,224.2
)
PREFERRED STOCK DIVIDENDS
 
—

 
(38.4
)
 
(51.2
)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
 
$
174.1

 
$
(787.7
)
 
$
(7,275.4
)
Weighted Average Number of Shares:
 
 
 
 
 
 
Basic
 
197.7

 
153.2

 
153.1

Employee Stock Plans
 
2.4

 
0.4

 
—

Diluted
 
200.1

 
153.6

 
153.1

Earnings (loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic:
 
 
 
 
 
 
Continuing operations
 
$
0.98

 
$
0.63

 
$
(0.14
)
Discontinued operations
 
(0.10
)
 
(5.77
)
 
(47.38
)
 
 
$
0.88

 
$
(5.14
)
 
$
(47.52
)
Earnings (loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted:
 
 
 
 
 
 
Continuing operations
 
$
0.97

 
$
0.63

 
$
(0.14
)
Discontinued operations
 
(0.10
)
 
(5.76
)
 
(47.38
)
 
 
$
0.87

 
$
(5.13
)
 
$
(47.52
)

The diluted earnings per share calculation excludes 25.3 million and 25.2 million depositary shares that were anti-dilutive for the year ended December 31, 2015 and 2014, respectively. Additionally, the diluted earnings per share calculation also excludes 0.7 million of equity plan awards that were anti-dilutive for the year ended December 31, 2014.
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
NOTE 20 - COMMITMENTS AND CONTINGENCIES
Contingencies
Litigation
We are currently a 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, litigation is 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 of the period in which the ruling occurs, or future periods. However, we do not believe that any pending litigation, not covered by insurance, will result in a material liability in relation to our consolidated financial statements.
Michigan Electricity Matters. On February 19, 2015, in connection with various proceedings before FERC with respect to certain cost allocations for continued operation of the Presque Isle Power Plant in Marquette, Michigan, FERC issued an order directing MISO to submit a revised methodology for allocating SSR costs that identified the load serving entities that require the operation of SSR units at the power plant for reliability purposes.  On September 17, 2015, FERC issued an order conditionally approving MISO’s revised allocation methodology. On September 22, 2016, FERC denied requests for rehearing of the February 19 order, rejecting arguments that FERC did not have the authority to order refunds in a cost allocation case and to impose retroactive surcharges to effectuate such refunds. FERC, however, suspended any refunds and surcharges pending its review of a July 25, 2016 ALJ initial decision on the appropriate amount of SSR compensation. Should FERC award SSR costs based on retroactive surcharges and the amount of SSR compensation not be adjusted, our current estimate of the potential liability to the Empire and Tilden mines is approximately $13.6 million, based on MISO's June 14, 2016 refund report (as revised in MISO's July 20, 2016 errata refund report) for the Escanaba, White Pine and Presque Isle SSRs.  As of December 31, 2016, this potential liability of $13.6 million is included in our Statements of Consolidated Financial Position as part of Other current liabilities. On November 8, 2016, Tilden and Empire, along with various Michigan-aligned parties, filed petitions for review of FERC’s order regarding allocation and non-cost SSR issues with the U.S. Court of Appeals for the D.C. Circuit. We will continue to vigorously challenge both the amount of the SSR compensation and the imposition of any SSR costs before FERC and the U.S. Court of Appeals for the D.C. Circuit.
Environmental Matters
We had environmental liabilities of $2.8 million and $3.6 million at December 31, 2016 and 2015, respectively, including obligations for known environmental remediation exposures at active and closed mining operations and other sites. These amounts have been recognized based on the estimated cost of investigation and remediation at each site, and include site studies, design and implementation of remediation plans, legal and consulting fees, and post-remediation monitoring and related activities. If the cost can only be estimated as a range of possible amounts with no specific amount being more likely, the minimum of the range is accrued. Future expenditures are not discounted unless the amount and timing of the cash disbursements are readily known. Potential insurance recoveries have not been reflected. Additional environmental obligations could be incurred, the extent of which cannot be assessed. The amount of our ultimate liability with respect to these matters may be affected by several uncertainties, primarily the ultimate cost of required remediation and the extent to which other responsible parties contribute. Refer to NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS for further information.
Tax Matters
The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues based on our estimate of whether, and the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We also recognize tax benefits to the extent that it is more likely than not that our positions will be sustained when challenged by the taxing authorities. To the extent we prevail in matters for which liabilities have been established, or are required to pay amounts in excess of our liabilities, our effective tax rate in a given period could be materially affected. An unfavorable tax settlement would require use of our cash and result in an increase in our effective tax rate in the year of resolution. A favorable tax settlement would be recognized as a reduction in our effective tax rate in the year of resolution. Refer to NOTE 9 - INCOME TAXES for further information.
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
NOTE 21 - SUBSEQUENT EVENTS
We have evaluated subsequent events through the date of financial issuance.
QUARTERLY RESULTS OF OPERATIONS - (UNAUDITED)
Quarterly Financial Information [Text Block]
NOTE 22 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The sum of quarterly EPS may not equal EPS for the year due to discrete quarterly calculations.
 
(In Millions, Except Per Share Amounts)
2016
Quarters
 
 
First
 
Second
 
Third
 
Fourth
 
Year
Revenues from product sales and services
$
305.5

 
$
496.2

 
$
553.3

 
$
754.0

 
$
2,109.0

Sales margin
30.9

 
91.5

 
85.4

 
181.5

 
389.3

Income (Loss) from Continuing Operations
$
114.3

 
$
29.9

 
$
(25.1
)
 
$
100.1

 
$
219.2

Loss (Income) from Continuing Operations
attributable to Noncontrolling Interest
(8.8
)
 
(16.7
)
 
2.0

 
(1.7
)
 
(25.2
)
Net Income (Loss) from Continuing Operations
attributable to Cliffs shareholders
105.5

 
13.2

 
(23.1
)
 
98.4

 
194.0

Income (Loss) from Discontinued Operations, net of tax
2.5

 
(0.4
)
 
(2.7
)
 
(19.3
)
 
(19.9
)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
$
108.0

 
$
12.8

 
$
(25.8
)
 
$
79.1

 
$
174.1

Earnings (loss) per common share attributable to
    Cliffs common shareholders — Basic:
 
 
 
 
 
 
 
 
 
Continuing Operations
$
0.61

 
$
0.07

 
$
(0.11
)
 
$
0.43

 
$
0.98

Discontinued Operations
0.01

 
—

 
(0.01
)
 
(0.08
)
 
(0.10
)
 
$
0.62

 
$
0.07

 
$
(0.12
)
 
$
0.35

 
$
0.88

Earnings (loss) per common share attributable to
    Cliffs common shareholders — Diluted:
 
 
 
 
 
 
 
 
 
Continuing Operations
$
0.61

 
$
0.07

 
$
(0.11
)
 
$
0.42

 
$
0.97

Discontinued Operations
0.01

 
—

 
(0.01
)
 
(0.08
)
 
(0.10
)
 
$
0.62

 
$
0.07

 
$
(0.12
)
 
$
0.34

 
$
0.87

The diluted earnings per share calculation for the third quarter of 2016 exclude equity plan awards of 3.0 million that were anti-dilutive. There was no anti-dilution in the first, second or fourth quarter of 2016.
 
(In Millions, Except Per Share Amounts)
 
2015
Quarters
 
 
First
 
Second
 
Third
 
Fourth
 
Year
Revenues from product sales and services
$
446.0

 
$
498.1

 
$
593.2

 
$
476.0

 
$
2,013.3

Sales margin
80.8

 
57.3

 
55.1

 
43.3

 
236.5

Income (Loss) from Continuing Operations
$
166.8

 
$
(38.2
)
 
$
49.9

 
$
(34.8
)
 
$
143.7

Loss (Income) from Continuing Operations
attributable to Noncontrolling Interest
1.9

 
(5.0
)
 
4.6

 
(2.4
)
 
(8.6
)
Net Income (Loss) from Continuing Operations
attributable to Cliffs shareholders
$
168.7

 
$
(43.2
)
 
$
54.5

 
$
(37.2
)
 
$
135.1

Income (Loss) from Discontinued Operations, net of tax
(928.5
)
 
103.4

 
(43.9
)
 
(23.1
)
 
(884.4
)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
(759.8
)
 
$
60.2

 
$
10.6

 
$
(60.3
)
 
$
(749.3
)
PREFERRED STOCK DIVIDENDS
(12.8
)
 
—

 
(25.6
)
 
—

 
(38.4
)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
(772.6
)
 
60.2

 
(15.0
)
 
(60.3
)
 
(787.7
)
Earnings (loss) per common share attributable to
    Cliffs common shareholders — Basic:
 
 
 
 
 
 
 
 
 
Continuing Operations
$
1.02

 
$
(0.28
)
 
$
0.19

 
$
(0.24
)
 
$
0.63

Discontinued Operations
(6.06
)
 
0.67

 
(0.29
)
 
(0.15
)
 
(5.77
)
 
$
(5.04
)
 
$
0.39

 
$
(0.10
)
 
$
(0.39
)
 
$
(5.14
)
Earnings (loss) per common share attributable to
Cliffs common shareholders — Diluted:
 
 
 
 
 
 
 
 
 
Continuing Operations
$
0.94

 
$
(0.28
)
 
$
0.19

 
$
(0.24
)
 
$
0.63

Discontinued Operations
(5.20
)
 
0.67

 
(0.29
)
 
(0.15
)
 
(5.76
)
 
$
(4.26
)
 
$
0.39

 
$
(0.10
)
 
$
(0.39
)
 
$
(5.13
)

The diluted earnings per share calculation for the second, third and fourth quarter of 2015 exclude depositary shares that were anti-dilutive ranging between 25.2 million and 25.6 million and equity plan awards ranging between 0.1 million and 0.3 million that were anti-dilutive. There was no anti-dilution in the first quarter of 2015.
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
Use of Estimates 
Use of Estimates
The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions related to mineral reserves future realizable cash flow; environmental, reclamation and closure obligations; valuation of long-lived assets; valuation of inventory; valuation of post-employment, post-retirement and other employee benefit liabilities; valuation of tax assets; reserves for contingencies and litigation; the fair value of derivative instruments; and the fair value of loans to and accounts receivable from Canadian entities. Actual results could differ from estimates. On an ongoing basis, management reviews estimates. Changes in facts and circumstances may alter such estimates and affect the results of operations and financial position in future periods.
Basis Of Consolidation 
Basis of Consolidation
The consolidated financial statements include our accounts and the accounts of our wholly owned and majority-owned subsidiaries, including the following operations at December 31, 2016:
Name
 
Location
 
Ownership Interest
 
Operation
 
Status of Operations
Northshore
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
United Taconite
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
Tilden
 
Michigan
 
85.0%
 
Iron Ore
 
Active
Empire
 
Michigan
 
79.0%
 
Iron Ore
 
Indefinitely Idled
Koolyanobbing
 
Western Australia
 
100.0%
 
Iron Ore
 
Active

Intercompany transactions and balances are eliminated upon consolidation.
Equity Method Investments 
Equity Method Investments
Investments in unconsolidated ventures that we have the ability to exercise significant influence over, but not control, are accounted for under the equity method.
Hibbing
Our 23% ownership interest in Hibbing is recorded as an equity method investment. As of December 31, 2016 and December 31, 2015, our investment in Hibbing was $8.7 million and $2.4 million, respectively, classified in Other liabilities in the Statements of Consolidated Financial Position.
Our share of equity income (loss) is eliminated against consolidated product inventory upon production, and against Cost of goods sold and operating expenses when sold. This effectively reduces our cost for our share of the mining ventures' production cost, reflecting the cost-based nature of our participation in unconsolidated ventures.
Noncontrolling Interests [Policy Text Block] 
Noncontrolling Interests
Noncontrolling interest is primarily comprised of the 21% noncontrolling interest in the consolidated, but less-than-wholly-owned subsidiary at our Empire mining venture and through the CCAA filing on January 27, 2015, the 17.2% noncontrolling interest in the Bloom Lake operations. Financial results prior to the deconsolidation of the Bloom Lake Group and subsequent expenses directly associated with the Canadian Entities are included in our financial statements. The net loss and income attributable to the noncontrolling interest of the Empire mining venture was $25.2 million and $8.6 million for the years ended December 31, 2016 and December 31, 2015, respectively. There was no net income or loss attributable to the noncontrolling interest related to Bloom Lake for the year ended December 31, 2016. This compares with a net loss attributable to the noncontrolling interest related to Bloom Lake of $7.7 million for the year ended December 31, 2015. See NOTE 14 - DISCONTINUED OPERATIONS for further information.
Cash and Cash Equivalents 
Cash Equivalents
Cash and cash equivalents include cash on hand and on deposit as well as all short-term securities held for the primary purpose of general liquidity. We consider investments in highly liquid debt instruments with an original maturity of three months or less from the date of acquisition to be cash equivalents. We routinely monitor and evaluate counterparty credit risk related to the financial institutions by which our short-term investment securities are held.
Trade and Other Accounts Receivable 
Trade Accounts Receivable and Allowance for Doubtful Accounts
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We establish provisions for losses on accounts receivable when it is probable that all or part of the outstanding balance will not be collected. We regularly review our accounts receivable balances and establish or adjust the allowance as necessary using the specific identification method. The allowance for doubtful accounts was zero and $7.1 million at December 31, 2016 and 2015, respectively. There was no bad debt expense for the years ended December 31, 2016 and 2014. There was $7.1 million bad debt expense for the year ended December 31, 2015.
Inventory 
Inventories
U.S. Iron Ore
U.S. Iron Ore product inventories are stated at the lower of cost or market. Cost of iron ore inventories is determined using the LIFO method.
We had approximately 1.5 million long tons and 1.3 million long tons of finished goods stored at ports and customer facilities on the lower Great Lakes to service customers at December 31, 2016 and 2015, respectively. We maintain ownership of the inventories until title has transferred to the customer, usually when payment is received. Maintaining ownership of the iron ore products at ports on the lower Great Lakes reduces risk of non-payment by customers.
Asia Pacific Iron Ore
Asia Pacific Iron Ore product inventories are stated at the lower of cost or market. Costs of iron ore inventories are being valued on a weighted average cost basis. We maintain ownership of the inventories until title has transferred to the customer, which generally is when the product is loaded into the vessel.
Inventory Supplies 
Supplies and Other Inventories
Supply inventories include replacement parts, fuel, chemicals and other general supplies, which are expected to be used or consumed in normal operations. Supply inventories also include critical spares. Critical spares are replacement parts for equipment that is critical for the continued operation of the mine or processing facilities.
Supply inventories are stated at the lower of cost or market using average cost, less an allowance for obsolete and surplus items. The allowance for obsolete and surplus items was $14.0 million and $31.8 million at December 31, 2016 and 2015, respectively.
Derivatives 
Derivative Financial Instruments and Hedging Activities
We are exposed to certain risks related to the ongoing operations of our business, including those caused by changes in commodity prices, interest rates and foreign currency exchange rates. We have established policies and procedures, including the use of certain derivative instruments, to manage such risks, if deemed necessary.
Derivative financial instruments are recognized as either assets or liabilities in the Statements of Consolidated Financial Position and measured at fair value. For derivative instruments that have not been designated as cash flow hedges, changes in fair value are recorded in the period of the instrument's earnings or losses.
Refer to NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information.
Property, Plant and Equipment 
Property, Plant and Equipment
Our properties are stated at the lower of cost less accumulated depreciation or fair value. Depreciation of plant and equipment is computed principally by the straight-line method based on estimated useful lives, not to exceed the mine lives. The U.S. Iron Ore operations use the double-declining balance method of depreciation for certain mining equipment. The Asia Pacific Iron Ore operation uses the production output method for certain mining equipment. Depreciation is provided over the following estimated useful lives:
Asset Class
 
Basis
 
Life
Office and information technology
 
Straight line
 
3 to 15 Years
Buildings
 
Straight line
 
45 Years
Mining equipment
 
Straight line/Double declining balance
 
3 to 20 Years
Processing equipment
 
Straight line
 
10 to 45 Years
Electric power facilities
 
Straight line
 
10 to 45 years
Land improvements
 
Straight line
 
20 to 45 years
Asset retirement obligation
 
Straight line
 
Life of mine
Depreciation continues to be recognized when operations are idled temporarily.
Refer to NOTE 4 - PROPERTY, PLANT AND EQUIPMENT for further information.
Capitalized Stripping Costs 
Capitalized Stripping Costs
During the development phase, stripping costs are capitalized as a part of the depreciable cost of building, developing and constructing a mine. These capitalized costs are amortized over the productive life of the mine using the units of production method. The production phase does not commence until the removal of more than a de minimis amount of saleable mineral material occurs in conjunction with the removal of overburden or waste material for purposes of obtaining access to an ore body. The stripping costs incurred in the production phase of a mine are variable production costs included in the costs of the inventory produced (extracted) during the period that the stripping costs are incurred.
Stripping costs related to expansion of a mining asset of proven and probable reserves are variable production costs that are included in the costs of the inventory produced during the period that the stripping costs are incurred.
Other Intangible Assets and Liabilities 
Other Intangible Assets and Liabilities
Other intangible assets are subject to periodic amortization on a straight-line basis over their estimated useful lives as follows:
Intangible Assets
 
Basis
 
Useful Life (years)
Permits - Asia Pacific Iron Ore
 
Units of production
 
Life of mine
Permits - USIO
 
Straight line
 
Life of mine
Impairment or Disposal of Long-Lived Assets 
Asset Impairment
Long-Lived Tangible and Intangible Assets
We monitor conditions that may affect the carrying value of our long-lived tangible and intangible assets when events and circumstances indicate that the carrying value of the asset groups may not be recoverable. In order to determine if assets have been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available ("asset group"). An impairment loss exists when projected undiscounted cash flows are less than the carrying value of the asset group. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying value of the asset group. Fair value can be determined using a market approach, income approach or cost approach.
During the year ended December 31, 2016, there were no impairment indicators present; as a result no impairment assessments were required. As a result of the 2015 assessments, there were no material impairment charges related to long-lived tangible or intangible assets at our continuing operations. During 2014, we recorded a long-lived tangible asset impairment charge of $537.8 million and an intangible asset impairment charge of $13.8 million in our Statements of Consolidated Operations related to our continuing operations.
    Refer to NOTE 4 - PROPERTY, PLANT AND EQUIPMENT, NOTE 12 - GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES and NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS for further information.
Fair Value of Financial Instruments 
Fair Value Measurements
Valuation Hierarchy
ASC 820, Fair Value Measurements and Disclosures, establishes a three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our own views about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized below:
•
Level 1 — Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets.
•
Level 2 — Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
•
Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement.
The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. Valuation methodologies used for assets and liabilities measured at fair value are as follows:
Cash Equivalents
Where quoted prices are available in an active market, cash equivalents are classified within Level 1 of the valuation hierarchy. Cash equivalents classified in Level 1 at December 31, 2016 and 2015 include money market funds. Valuation of these instruments is determined using a market approach and is based upon unadjusted quoted prices for identical assets in active markets.
Derivative Financial Instruments
Derivative financial instruments valued using financial models that use as their basis readily observable market parameters are classified within Level 2 of the valuation hierarchy. Such derivative financial instruments include our commodity hedge and foreign currency exchange contracts. Derivative financial instruments that are valued based upon models with significant unobservable market parameters and are normally traded less actively, are classified within Level 3 of the valuation hierarchy.
Refer to NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS and NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
Pension and Other Postretirement Plans 
Pensions and Other Postretirement Benefits
We offer defined benefit pension plans, defined contribution pension plans and other postretirement benefit plans, primarily consisting of retiree healthcare benefits, to most employees in North America as part of a total compensation and benefits program. We do not have employee pension or post-retirement benefit obligations at our Asia Pacific Iron Ore operations.
We recognize the funded or unfunded status of our postretirement benefit obligations on our December 31, 2016 and 2015 Statements of Consolidated Financial Position based on the difference between the market value of plan assets and the actuarial present value of our retirement obligations on that date, on a plan-by-plan basis. If the plan assets exceed the retirement obligations, the amount of the surplus is recorded as an asset; if the retirement obligations exceed the plan assets, the amount of the underfunded obligations are recorded as a liability. Year-end balance sheet adjustments to postretirement assets and obligations are recorded as Accumulated other comprehensive loss.
The actuarial estimates of the PBO and APBO incorporate various assumptions including the discount rates, the rates of increases in compensation, healthcare cost trend rates, mortality, retirement timing and employee turnover. The discount rate is determined based on the prevailing year-end rates for high-grade corporate bonds with a duration matching the expected cash flow timing of the benefit payments from the various plans. The remaining assumptions are based on our estimates of future events by incorporating historical trends and future expectations. The amount of net periodic cost that is recorded in the Statements of Consolidated Operations consists of several components including service cost, interest cost, expected return on plan assets, and amortization of previously unrecognized amounts. Service cost represents the value of the benefits earned in the current year by the participants. Interest cost represents the cost associated with the passage of time. Certain items, such as plan amendments, gains and/or losses resulting from differences between actual and assumed results for demographic and economic factors affecting the obligations and assets of the plans, and changes in other assumptions are subject to deferred recognition for income and expense purposes. The expected return on plan assets is determined utilizing the weighted average of expected returns for plan asset investments in various asset categories based on historical performance, adjusted for current trends. See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
Asset Retirement Obligations 
Asset Retirement Obligations
Asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The fair value of the liability is determined as the discounted value of the expected future cash flow. The asset retirement obligation is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized and amortized over the life of the related asset. Reclamation costs are adjusted periodically to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. We review, on an annual basis, unless otherwise deemed necessary, the asset retirement obligation at each mine site in accordance with the provisions of ASC 410, Asset Retirement and Environmental Obligations. We perform an in-depth evaluation of the liability every three years in addition to routine annual assessments.
Future reclamation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing maintenance and monitoring costs. Changes in estimates at inactive mines are reflected in earnings in the period an estimate is revised. See NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS for further information.
Environmental Costs 
Environmental Remediation Costs
We have a formal policy for environmental protection and restoration. Our mining and exploration activities are subject to various laws and regulations governing protection of the environment. We conduct our operations to protect the public health and environment and believe our operations are in compliance with applicable laws and regulations in all material respects. Our environmental liabilities, including obligations for known environmental remediation exposures at active and closed mining operations and other sites, have been recognized based on the estimated cost of investigation and remediation at each site. If the cost only can be estimated as a range of possible amounts with no point in the range being more likely, the minimum of the range is accrued. Future expenditures are not discounted unless the amount and timing of the cash disbursements reasonably can be estimated. It is possible that additional environmental obligations could be incurred, the extent of which cannot be assessed. Potential insurance recoveries have not been reflected in the determination of the liabilities. See NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS for further information.
Revenue Recognition 
Revenue Recognition
We sell our products pursuant to comprehensive supply agreements negotiated and executed with our customers. Revenue is recognized from a sale when persuasive evidence of an arrangement exists, the price is fixed or determinable, the product is delivered in accordance with F.O.B. terms, title and risk of loss have transferred to the customer in accordance with the specified provisions of each supply agreement and collection of the sales price reasonably is assured. Our U.S. Iron Ore and Asia Pacific Iron Ore supply agreements provide that title and risk of loss transfer to the customer either upon loading of the vessel, shipment or, as is the case with some of our U.S. Iron Ore supply agreements, when payment is received. Under certain term supply agreements, we ship the product to ports on the lower Great Lakes or to the customers’ facilities prior to the transfer of title. Our rationale for shipping iron ore products to certain customers and retaining title until payment is received for these products is to minimize credit risk exposure.
Sales are recorded at a sales price specified in the relevant supply agreements resulting in revenue and a receivable at the time of sale. Upon revenue recognition for provisionally priced sales, a freestanding derivative is created for the difference between the sales price used and expected future settlement price. The derivative, which does not qualify for hedge accounting, is adjusted to fair value through Product revenues as a revenue adjustment each reporting period based upon current market data and forward-looking estimates determined by management until the final sales price is determined. The principal risks associated with recognition of sales on a provisional basis include iron ore price fluctuations between the date initially recorded and the date of final settlement. For revenue recognition, we estimate the future settlement rate; however, if significant changes in iron ore prices occur between the provisional pricing date and the final settlement date, we might be required to either return a portion of the sales proceeds received or bill for the additional sales proceeds due based on the provisional sales price. Refer to NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information.
In addition, certain supply agreements with one customer include provisions for supplemental revenue or refunds based on the customer’s annual steel pricing for the year the product is consumed in the customer’s blast furnaces. We account for this provision as a free standing derivative instrument at the time of sale and record this provision at fair value until the year the product is consumed and the amounts are settled as an adjustment to revenue. Refer to NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information.
Revenue from product sales and services also includes reimbursement for freight charges associated with domestic freight and venture partner cost reimbursements for the U.S. Iron Ore operations and freight associated with CFR based shipments paid on behalf of customers for the Asia Pacific Iron Ore operations. These are included in Freight and venture partners' cost reimbursements separate from Product revenues. Revenue is recognized for the expected reimbursement of services when the services are performed.
Revenue Recognition, Deferred Revenue 
Deferred Revenue
The terms of one of our U.S. Iron Ore pellet supply agreements required supplemental payments to be paid by the customer during the period 2009 through 2012, with the option to defer a portion of the 2009 monthly amount in exchange for interest payments until the deferred amount was repaid in 2013. Installment amounts received under this arrangement in excess of sales were classified as deferred revenue in the Statements of 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 December 31, 2016 and 2015, installment amounts received in excess of sales totaled $77.1 million and $89.9 million, respectively. As of December 31, 2016, deferred revenue of $16.4 million was recorded in Other current liabilities and $64.2 million was recorded as long-term in Other liabilities in the Statements of Consolidated Financial Position. As of December 31, 2015, deferred revenue of $12.8 million was recorded in Other current liabilities and $77.1 million was recorded as long-term in Other liabilities in the Statements of Consolidated Financial Position.
In 2016 and 2014, due to the payment terms and the timing of cash receipts near year-end, cash receipts exceeded shipments for certain customers. The shipments were completed early in the subsequent years. We considered whether revenue should be recognized on these sales under the “bill and hold” guidance provided by the SEC Staff; however, based upon the assessment performed, revenue recognition on these transactions totaling $3.4 million and $29.3 million were deferred on the Statements of Consolidated Financial Position for the years ended December 31, 2016 and 2014, respectively.
Cost of Sales 
Cost of Goods Sold
Cost of goods sold and operating expenses represents all direct and indirect costs and expenses applicable to the sales of our mining operations. Operating expenses primarily represent the portion of the Tilden mining venture costs for which we do not own; that is, the costs attributable to the share of the mine’s production owned by the other joint venture partner in the Tilden mine. The mining venture functions as a captive cost company; it supplies product only to its owners effectively for the cost of production. Accordingly, the noncontrolling interests’ revenue amounts are stated at cost of production and are offset by an equal amount included in Cost of goods sold and operating expenses resulting in no sales margin reflected for the noncontrolling partner participant. As we are responsible for product fulfillment, we act as a principal in the transaction and, accordingly, record revenue under these arrangements on a gross basis.
The following table is a summary of reimbursements in our U.S. Iron Ore operations for the years ended December 31, 2016, 2015 and 2014:
 
 
(In Millions)
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
Reimbursements for:
 
 
 
 
 
 
Freight
 
$
106.8

 
$
105.3

 
$
163.0

Venture partners’ cost
 
68.0

 
52.0

 
108.0

Total reimbursements
 
$
174.8

 
$
157.3

 
$
271.0

In 2014, we began selling a portion of our Asia Pacific Iron Ore product on a CFR basis. As a result, $20.7 million, $23.6 million and $6.9 million of freight was included in Cost of goods sold and operating expenses for the years ended December 31, 2016, 2015 and 2014, respectively.
Where we have joint ownership of a mine, our contracts entitle us to receive royalties and/or management fees, which we earn as the pellets are produced.
Repairs And Maintenance 
Repairs and Maintenance
Repairs, maintenance and replacement of components are expensed as incurred. The cost of major equipment overhauls is capitalized and depreciated over the estimated useful life, which is the period until the next scheduled overhaul, generally five years. All other planned and unplanned repairs and maintenance costs are expensed when incurred.
Share-based Compensation, Option and Incentive Plans 
Share-Based Compensation
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. Consistent with the guidelines of ASC 718, Stock Compensation, a correlation matrix of historic and projected stock prices was developed for both the Company and its predetermined peer group of mining and metals companies. The fair value assumes that performance goals will be achieved.
The expected term of the grant represents the time from the grant date to the end of the service period for each of the three plan-year agreements. We estimated 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 plans.
The fair value of stock options is estimated on the date of grant using a Black-Scholes model using the grant date price of our common shares and option exercise price, and assumptions regarding the option’s expected term, the volatility of our common shares, the risk-free interest rate, and the dividend yield over the option’s expected term.
Upon vesting of share-based compensation awards, we issue shares from treasury shares before issuing new shares.
Refer to NOTE 8 - STOCK COMPENSATION PLANS for additional information.
Income Tax 
Income Taxes
Income taxes are based on income for financial reporting purposes, calculated using tax rates by jurisdiction, and reflect a current tax liability or asset for the estimated taxes payable or recoverable on the current year tax return and expected annual changes in deferred taxes. Any interest or penalties on income tax are recognized as a component of income tax expense.
We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial results of operations.
Accounting for uncertainty in income taxes recognized in the financial statements requires that a tax benefit from an uncertain tax position be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on technical merits.
See NOTE 9 - INCOME TAXES for further information.
Discontinued Operations 
Discontinued Operations
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for reporting discontinued operations and requires additional disclosures about discontinued operations. The standard requires that an entity report as a discontinued operation only a disposal that represents a strategic shift in operations that has a major effect on its operations and financial results. ASU 2014-08 is effective prospectively for new disposals that occur within annual periods beginning on or after December 15, 2014. Early adoption was permitted and we adopted ASU 2014-08 during the year ended December 31, 2014.
North American Coal Operations
As we executed our strategy to focus on strengthening our U.S. Iron Ore operations, management determined as of March 31, 2015 that our North American Coal operating segment met the criteria to be classified as held for sale under ASC 205, Presentation of Financial Statements and continued to meet the criteria throughout 2015. In December 2015, we completed the sale of our remaining two metallurgical coal operations, Oak Grove and Pinnacle mines, which marked our exit from the coal business. Our plan to sell the Oak Grove and Pinnacle mine assets represented a strategic shift in our business. For this reason, our previously reported North American Coal operating segment results for all periods, prior to the March 31, 2015 held for sale determination, as well as costs to exit are classified as discontinued operations. Refer to NOTE 14 - DISCONTINUED OPERATIONS for further discussion of our discontinued operations.
Canadian Operations
As more fully described in NOTE 14 - DISCONTINUED OPERATIONS, in January 2015, we announced that the Bloom Lake Group commenced restructuring proceedings in Montreal, Quebec under the CCAA. At that time, we had suspended Bloom Lake operations and for several months had been exploring options to sell certain of our Canadian assets, among other initiatives. Effective January 27, 2015, following the CCAA filing of the Bloom Lake Group, we deconsolidated the Bloom Lake Group and certain other wholly-owned subsidiaries comprising substantially all of our Canadian operations. Additionally, on May 20, 2015, the Wabush Group commenced restructuring proceedings in Montreal, Quebec under the CCAA which resulted in the deconsolidation of the remaining Wabush Group entities that were not previously deconsolidated. The Wabush Group was no longer generating revenues and was not able to meet its obligations as they came due. As a result of this action, the CCAA protections granted to the Bloom Lake Group were extended to include the Wabush Group to facilitate the reorganization of each of their businesses and operations. Our Canadian exit represents a strategic shift in our business. For this reason, our previously reported Eastern Canadian Iron Ore and Ferroalloys operating segment results for all periods prior to the respective deconsolidations as well as costs to exit are classified as discontinued operations.
Foreign Currency Transactions and Translations 
Foreign Currency
Our financial statements are prepared with the U.S. dollar as the reporting currency. The functional currency of our Australian subsidiaries is the Australian dollar. The functional currency of all other international subsidiaries is the U.S. dollar. The financial statements of international subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. Where the local currency is the functional currency, translation adjustments are recorded as Accumulated other comprehensive loss. Income taxes generally are not provided for foreign currency translation adjustments. To the extent that monetary assets and liabilities, inclusive of short-term and certain long-term intercompany loans, are recorded in a currency other than the functional currency, these amounts are remeasured each reporting period, with the resulting gain or loss being recorded in the Statements of Consolidated Operations. Transaction gains and losses resulting from remeasurement of intercompany loans are included in Miscellaneous - net in our Statements of Consolidated Operations.
The following represents the net gain related to impact of transaction gains and losses resulting from remeasurement for the years ended December 31, 2016, 2015 and 2014:
 
 
(In Millions)
 
 
2016
 
2015
 
2014
Remeasurement of intercompany loans
 
$
(16.6
)
 
$
11.5

 
$
19.7

Remeasurement of cash and cash equivalents
 
(1.0
)
 
1.5

 
10.6

Other remeasurement
 
0.8

 
3.3

 
(1.3
)
Net gain (loss) related to impact of transaction gains and losses resulting from remeasurement
 
(16.8
)
 
16.3

 
29.0

Earnings Per Share 
Earnings Per Share
We present both basic and diluted earnings per share amounts for continuing operations and discontinued operations. Basic earnings per share amounts are calculated by dividing Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders less any paid or declared but unpaid dividends on our depositary shares by the weighted average number of common shares outstanding during the period presented. Diluted earnings per share amounts are calculated by dividing Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders by the weighted average number of common shares, common share equivalents under stock plans using the treasury stock method and the number of common shares that would be issued under an assumed conversion of our outstanding depositary shares, each representing a 1/40th interest in a share of our Series A Mandatory Convertible Preferred Stock, Class A, under the if-converted method. We currently do not have any outstanding depositary shares. Historically, when we have had outstanding depositary shares, they were convertible into common shares based on the volume weighted average of closing prices of our common shares over the 20 consecutive trading day period ending on the third day immediately preceding the end of that reporting period. Common share equivalents are excluded from EPS computations in the periods in which they have an anti-dilutive effect. See NOTE 19 - EARNINGS PER SHARE for further information.
Recent Accounting Pronouncements 
Recent Accounting Pronouncements
Issued and Adopted
In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments. The new standard addresses eight specific changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017, and early adoption is permitted. We have adopted the guidance for the period ended December 31, 2016 and have applied this amended accounting guidance to the Statements of Consolidated Cash Flows for all periods presented. The adoption of ASU 2016-15 did not have an impact on prior results reported in the Statements of Consolidated Cash Flows.
In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern. ASU 2014-15 explicitly requires management to assess an entity's ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Specifically, ASU 2014-15 provides a definition of the term "substantial doubt" and requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). It also requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans and requires an express statement and other disclosures when substantial doubt is not alleviated. The new standard is effective for all entities in the first annual period ending after December 15, 2016 and for annual periods and interim periods thereafter. We have adopted the guidance for the year ended December 31, 2016. The adoption of ASU 2014-15 did not impact our disclosures in 2016.
In October 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. This update simplifies the presentation of deferred income taxes, by requiring that deferred tax liabilities and assets be classified as non-current in a classified statement of financial position. This update is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods; however, early adoption was permitted. This guidance can also be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We adopted the guidance during the year ended December 31, 2015 and have applied this amended accounting guidance to our deferred tax liabilities and assets for all periods presented. The adoption of ASU 2015-17 did not have an impact on our Statements of Consolidated Operations or Statements of Consolidated Cash Flows.  The impact of the adoption of the guidance resulted in any current deferred tax assets or liabilities being reclassified to non-current deferred tax assets or liabilities on the Statements of Consolidated Financial Position.
Issued and Not Effective
In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. The effective date of the new standard for public companies is for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition and requires application of the new guidance at the beginning of the earliest comparative period presented. We are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures.
In May 2014, the FASB issued ASU 2014-09, Revenues from Contracts with Customers. The new revenue guidance broadly replaces the revenue guidance provided throughout the Codification.  The core principle of the revenue guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  To achieve that core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation.  The new revenue guidance also requires the capitalization of certain contract acquisition costs.  Reporting entities must prepare new disclosures providing qualitative and quantitative information on the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.  New disclosures also include qualitative and quantitative information on significant judgments, changes in judgments, and contract acquisition assets. At issuance, ASU 2014-09 was effective starting in 2017 for calendar-year public entities, and interim periods within that year. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date, which defers the adoption of ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. During the fourth quarter of 2016, we completed the initial evaluation of the new standard and the related assessment and review of a representative sample of existing revenue contracts with our customers. We determined, on a preliminary basis, that although the timing and pattern of revenue recognition may change, the amount of revenue recognized during the year should remain substantially the same.  We anticipate utilizing the full retrospective transition method. The primary impact of the adoption on our consolidated financial statements will be the additional required disclosures around revenue recognition in the notes to the consolidated financial statements.
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
Schedule Of Subsidiaries 
The consolidated financial statements include our accounts and the accounts of our wholly owned and majority-owned subsidiaries, including the following operations at December 31, 2016:
Name
 
Location
 
Ownership Interest
 
Operation
 
Status of Operations
Northshore
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
United Taconite
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
Tilden
 
Michigan
 
85.0%
 
Iron Ore
 
Active
Empire
 
Michigan
 
79.0%
 
Iron Ore
 
Indefinitely Idled
Koolyanobbing
 
Western Australia
 
100.0%
 
Iron Ore
 
Active
Depreciation Disclosure [Table Text Block] 
Depreciation is provided over the following estimated useful lives:
Asset Class
 
Basis
 
Life
Office and information technology
 
Straight line
 
3 to 15 Years
Buildings
 
Straight line
 
45 Years
Mining equipment
 
Straight line/Double declining balance
 
3 to 20 Years
Processing equipment
 
Straight line
 
10 to 45 Years
Electric power facilities
 
Straight line
 
10 to 45 years
Land improvements
 
Straight line
 
20 to 45 years
Asset retirement obligation
 
Straight line
 
Life of mine
Estimated Useful Lives Of Intangible Assets Subject To Periodic Amortization On Straight Line Basis Table [Text Block] 
Other intangible assets are subject to periodic amortization on a straight-line basis over their estimated useful lives as follows:
Intangible Assets
 
Basis
 
Useful Life (years)
Permits - Asia Pacific Iron Ore
 
Units of production
 
Life of mine
Permits - USIO
 
Straight line
 
Life of mine
Reimbursements Revenue Disclosure [Table Text Block] 
The following table is a summary of reimbursements in our U.S. Iron Ore operations for the years ended December 31, 2016, 2015 and 2014:
 
 
(In Millions)
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
Reimbursements for:
 
 
 
 
 
 
Freight
 
$
106.8

 
$
105.3

 
$
163.0

Venture partners’ cost
 
68.0

 
52.0

 
108.0

Total reimbursements
 
$
174.8

 
$
157.3

 
$
271.0

Foreign Currency Transaction [Table Text Block] 
The following represents the net gain related to impact of transaction gains and losses resulting from remeasurement for the years ended December 31, 2016, 2015 and 2014:
 
 
(In Millions)
 
 
2016
 
2015
 
2014
Remeasurement of intercompany loans
 
$
(16.6
)
 
$
11.5

 
$
19.7

Remeasurement of cash and cash equivalents
 
(1.0
)
 
1.5

 
10.6

Other remeasurement
 
0.8

 
3.3

 
(1.3
)
Net gain (loss) related to impact of transaction gains and losses resulting from remeasurement
 
(16.8
)
 
16.3

 
29.0

SEGMENT REPORTING (Tables)
Schedule Of Segment Reporting Information, By Segment 
The following tables present a summary of our reportable segments for the years ended December 31, 2016, 2015 and 2014, including a reconciliation of segment sales margin to Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA:
 
(In Millions)
 
2016
 
2015
 
2014
Revenues from product sales and services:
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
1,554.5

 
74%
 
$
1,525.4

 
76%
 
$
2,506.5

 
74%
Asia Pacific Iron Ore
554.5

 
26%
 
487.9

 
24%
 
866.7

 
26%
Total revenues from product sales and services
$
2,109.0

 
100%
 
$
2,013.3

 
100%
 
$
3,373.2

 
100%
 
 
 
 
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
275.7

 
 
 
$
227.1

 
 
 
$
710.4

 
 
Asia Pacific Iron Ore
113.6

 
 
 
9.4

 
 
 
121.7

 
 
Eliminations with discontinued operations
—

 
 
 
—

 
 
 
53.6

 
 
Sales margin
389.3

 
 
 
236.5

 
 
 
885.7

 
 
Other operating expense
(148.5
)
 
 
 
(85.2
)
 
 
 
(755.6
)
 
 
Other income (expense)
(33.8
)
 
 
 
161.8

 
 
 
(149.8
)
 
 
Income (loss) from continuing operations before income taxes and equity loss from ventures
$
207.0

 
 
 
$
313.1

 
 
 
$
(19.7
)
 
 
 
(In Millions)
 
2016
 
2015
 
2014
 
 
 
 
 
 
Net income (loss)
$
199.3

 
$
(748.4
)
 
$
(8,311.6
)
Less:
 
 
 
 
 
Interest expense, net
(200.5
)

(231.4
)

(185.2
)
Income tax benefit (expense)
12.2


(163.3
)

1,302.0

Depreciation, depletion and amortization
(115.4
)

(134.0
)

(504.0
)
Total EBITDA
$
503.0

 
$
(219.7
)
 
$
(8,924.4
)
Less:
 
 
 
 
 
Gain on extinguishment/restructuring of debt
$
166.3

 
$
392.9

 
$
16.2

Impact of discontinued operations
(19.9
)
 
(892.0
)
 
(9,332.5
)
Foreign exchange remeasurement
(16.8
)
 
16.3

 
29.0

Severance and contractor termination costs
(0.1
)
 
(10.2
)
 
(23.3
)
Supplies inventory write-off
—

 
(16.3
)
 
—

Impairment of goodwill and other long-lived assets
—


(3.3
)

(635.5
)
Proxy contest and change in control in SG&A
—


—


(26.6
)
Total Adjusted EBITDA
$
373.5

 
$
292.9

 
$
1,048.3

 
 
 
 
 
 
EBITDA:
 
 
 
 
 
U.S. Iron Ore
$
342.4


$
317.6


$
805.6

Asia Pacific Iron Ore
128.3


35.3


(352.9
)
Other (including discontinued operations)
32.3


(572.6
)

(9,377.1
)
Total EBITDA
$
503.0

 
$
(219.7
)
 
$
(8,924.4
)
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
U.S. Iron Ore
$
359.6


$
352.1


$
833.5

Asia Pacific Iron Ore
132.9


32.7


252.9

Other
(119.0
)

(91.9
)

(38.1
)
Total Adjusted EBITDA
$
373.5

 
$
292.9

 
$
1,048.3

 
(In Millions)
 
2016
 
2015
 
2014
Depreciation, depletion and amortization:
 
 
 
 
 
U.S. Iron Ore
$
84.0

 
$
98.9

 
$
107.4

Asia Pacific Iron Ore
25.1

 
25.3

 
145.9

Other
6.3

 
6.6

 
7.7

Total depreciation, depletion and amortization
$
115.4

 
$
130.8

 
$
261.0

 
 
 
 
 
 
Capital additions1:
 
 
 
 
 
U.S. Iron Ore
$
62.2

 
$
58.2

 
$
48.4

Asia Pacific Iron Ore
0.2

 
5.4

 
10.8

Other
6.1

 
8.6

 
6.3

Total capital additions
$
68.5

 
$
72.2

 
$
65.5

 
 
 
 
 
 
1 Includes capital lease additions and non-cash accruals. Refer to NOTE 17 - CASH FLOW INFORMATION.
Summary of Assets by Segment 
A summary of assets by segment is as follows:
 
(In Millions)
 
December 31,
2016
 
December 31, 2015
 
December 31, 2014
Assets:
 
 
 
 
 
U.S. Iron Ore
$
1,372.5

 
$
1,476.4

 
$
1,464.9

Asia Pacific Iron Ore
155.1

 
202.5

 
306.2

Total segment assets
1,527.6

 
1,678.9

 
1,771.1

Corporate
396.3

 
441.7

 
666.2

Assets of Discontinued Operations
—

 
14.9

 
709.9

Total assets
$
1,923.9

 
$
2,135.5

 
$
3,147.2

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas 
Included in the consolidated financial statements are the following amounts relating to geographic location:
 
(In Millions)
 
2016
 
2015
 
2014
Revenue
 
 
 
 
 
United States
$
1,236.2

 
$
1,206.4

 
$
1,923.2

China
452.5

 
370.8

 
662.7

Canada
267.1

 
282.4

 
430.5

Other countries
153.2

 
153.7

 
356.8

Total revenue
$
2,109.0

 
$
2,013.3

 
$
3,373.2

Property, Plant and Equipment, Net
 
 
 
 
 
United States
$
961.0

 
$
1,012.7

 
$
998.1

Australia
23.4

 
46.3

 
72.4

Total Property, Plant and Equipment, Net
$
984.4

 
$
1,059.0

 
$
1,070.5

Revenue from External Customers by Products and Services 
The following table represents the percentage of our total revenue contributed by each category of products and services in 2016, 2015 and 2014:
 
 
2016
 
2015
 
2014
Revenue category
 
 
 
 
 
 
Product
 
91
%
 
91
%
 
92
%
Freight and venture partners’ cost reimbursements
 
9
%
 
9
%
 
8
%
Total revenue
 
100
%
 
100
%
 
100
%
INVENTORIES (Tables)
Schedule Of Inventories
The following table presents the detail of our Inventories in the Statements of Consolidated Financial Position as of December 31, 2016 and 2015:
 
(In Millions)
 
December 31, 2016
 
December 31, 2015
Segment
Finished Goods
 
Work-in Process
 
Total Inventory
 
Finished Goods
 
Work-in
Process
 
Total
Inventory
U.S. Iron Ore
$
124.4

 
$
12.6

 
$
137.0

 
$
252.3

 
$
11.7

 
$
264.0

Asia Pacific Iron Ore
23.6

 
17.8

 
41.4

 
20.8

 
44.8

 
65.6

Total
$
148.0

 
$
30.4

 
$
178.4

 
$
273.1

 
$
56.5

 
$
329.6

PROPERTY, PLANT AND EQUIPMENT (Tables)
Value Of Each Of The Major Classes Of Consolidated Depreciable Assets 
The following table indicates the value of each of the major classes of our consolidated depreciable assets as of December 31, 2016 and 2015:
 
(In Millions)
 
December 31,
 
2016
 
2015
Land rights and mineral rights
$
500.5

 
$
500.5

Office and information technology
65.1

 
71.0

Buildings
67.9

 
60.4

Mining equipment
592.2

 
594.0

Processing equipment
552.0

 
516.8

Electric power facilities
49.4

 
46.4

Land improvements
23.5

 
24.8

Asset retirement obligation
19.8

 
87.9

Other
28.1

 
28.2

Construction in-progress
42.8

 
40.3

 
1,941.3

 
1,970.3

Allowance for depreciation and depletion
(956.9
)
 
(911.3
)
 
$
984.4

 
$
1,059.0

Book Value of Land and Mineral Rights Disclosure [Table Text Block] 
The net book value of the land rights and mineral rights as of December 31, 2016 and 2015 is as follows:
 
(In Millions)
 
December 31,
 
2016
 
2015
Land rights
$
11.6

 
$
11.6

Mineral rights:

 

Cost
$
488.9

 
$
488.9

Depletion
(112.2
)
 
(108.4
)
Net mineral rights
$
376.7

 
$
380.5

DEBT AND CREDIT FACILITIES (Tables)
Schedule Of Long-Term Debt 
The following represents a summary of our long-term debt as of December 31, 2016 and 2015:
($ in Millions)
December 31, 2016
Debt Instrument
 
Annual Effective Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Undiscounted Interest/(Unamortized Discounts)
 
Total Debt
Secured Notes
 
 
 
 
 
 
 
 
 
 
$540 Million 8.25% 2020 First Lien Notes
 
9.97%
 
$
540.0

 
$
(8.0
)
 
$
(25.7
)
 
$
506.3

$218.5 Million 8.00% 2020 1.5 Lien Notes
 
N/A
 
218.5

 
—

 
65.7

 
284.2

$544.2 Million 7.75% 2020 Second Lien Notes
 
15.55%
 
430.1

 
(5.8
)
 
(85.2
)
 
339.1

Unsecured Notes
 
 
 
 
 
 
 
 
 
 
$400 Million 5.90% 2020 Senior Notes
 
5.98%
 
225.6

 
(0.6
)
 
(0.5
)
 
224.5

$500 Million 4.80% 2020 Senior Notes
 
4.83%
 
236.8

 
(0.7
)
 
(0.2
)
 
235.9

$700 Million 4.875% 2021 Senior Notes
 
4.89%
 
309.4

 
(1.0
)
 
(0.2
)
 
308.2

$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
298.4

 
(2.5
)
 
(3.4
)
 
292.5

ABL Facility
 
N/A
 
550.0

 
N/A

 
N/A

 
—

Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
1.9

Total debt
 
 
 

 
 
 
 
 
$
2,192.6

Less current portion
 

 
 
 
 
 
 
 
17.5

Long-term debt
 
 
 
 
 
 
 
 
 
$
2,175.1

($ in Millions)
December 31, 2015
Debt Instrument
 
Annual Effective Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Undiscounted Interest/(Unamortized Discounts)
 
Total Debt
Secured Notes
 
 
 
 
 
 
 
 
 
 
$540 Million 8.25% 2020 First Lien Notes
 
9.97%
 
$
540.0

 
$
(10.5
)
 
$
(32.1
)
 
$
497.4

$544.2 Million 7.75% 2020 Second Lien Notes
 
15.55%
 
544.2

 
(9.5
)
 
(131.5
)
 
403.2

Unsecured Notes
 
 
 
 
 
 
 
 
 
 
$500 Million 3.95% 2018 Senior Notes
 
6.30%
 
311.2

 
(0.9
)
 
(1.2
)
 
309.1

$400 Million 5.90% 2020 Senior Notes
 
5.98%
 
290.8

 
(1.1
)
 
(0.8
)
 
288.9

$500 Million 4.80% 2020 Senior Notes
 
4.83%
 
306.7

 
(1.1
)
 
(0.4
)
 
305.2

$700 Million 4.875% 2021 Senior Notes
 
4.89%
 
412.5

 
(1.7
)
 
(0.2
)
 
410.6

$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
492.8

 
(4.3
)
 
(5.8
)
 
482.7

ABL Facility
 
N/A
 
550.0

 
N/A

 
N/A

 
—

Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
2.3

Long-term debt
 
 
 


 
 
 
 
 
$
2,699.4


Debt Instrument Redemption [Table Text Block] 
The following is a summary of redemption prices for each of our secured senior notes:
 
First Lien Notes
 
1.5 Lien Notes
 
Second Lien Notes
 
Percent of Principal
 
Period
 
Percent of Principal
 
Period
 
Percent of Principal
 
Period
Early redemption1,2
100.00
%
Prior to March 31, 2018
 
100.00
%
Prior to September 30, 2017
 
100.00
%
Prior to March 31, 2017
Initial redemption1
108.25
 
Beginning on March 31, 2018
 
104.00
 
Beginning on September 30, 2017
 
103.875
 
Beginning on March 31, 2017
Secondary redemption1
100.00
 
Beginning on June 30, 2019
 
100.00
 
Beginning on September 30, 2019
 
100.00
 
Beginning on March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date.
2 Plus a "make-whole" premium. In addition, we may redeem in the aggregate up to 35% of the original aggregate principal amount (calculated after giving effect to any issuance of additional notes) with the net cash proceeds from certain equity offerings at a redemption price of 108.25%, 108.00% and 107.75% for the First, 1.5 and Second Lien Notes, respectively, so long as at least 65% of the original aggregate principal amount of the notes (calculated after giving effect to any issuance of additional notes) issued remain outstanding after each such redemption.

$218.5 1.5 Lien Notes Exchange [Table Text Block] 
The following is a summary of the debt exchanged for our $218.5 million 1.5 Lien Notes:
($ In Millions)
 
 
Debt Extinguished
 
1.5 Lien Amount Issued
 
Carrying Value1
 
Gain on Restructuring2
$544.2 Million 7.75% 2020 Second Lien Notes
 
$
114.1

 
$
57.0

 
$
77.5

 
$
6.9

$500 Million 3.95% 2018 Senior Notes
 
17.6

 
11.4

 
15.5

 
1.8

$400 Million 5.90% 2020 Senior Notes
 
65.1

 
26.0

 
35.4

 
28.3

$500 Million 4.80% 2020 Senior Notes
 
44.7

 
17.9

 
24.4

 
19.5

$700 Million 4.875% 2021 Senior Notes
 
76.3

 
30.5

 
41.5

 
33.3

$800 Million 6.25% 2040 Senior Notes
 
194.4

 
75.7

 
103.0

 
84.5

 
 
$
512.2

 
$
218.5

 
$
297.3

 
$
174.3

 
 
 
 
 
 
 
 
 
1 Includes undiscounted interest payments
2 Net of amounts expensed for unamortized original issue discount and deferred origination fees

$544.2 2nd Lien Notes Exchange [Table Text Block] 
The following is a summary of the debt exchanged for our $544.2 million Second Lien Notes:
($ In Millions)
 
 
Debt Extinguished
 
Second Lien Notes Amount Issued
 
Carrying Value1
 
Gain on Restructuring2
$400 Million 5.90% 2020 Senior Notes
 
$
67.0

 
$
57.5

 
$
42.0

 
$
24.5

$500 Million 4.80% 2020 Senior Notes
 
137.8

 
112.9

 
82.4

 
54.6

$700 Million 4.875% 2021 Senior Notes
 
208.5

 
170.3

 
124.3

 
83.1

$800 Million 6.25% 2040 Senior Notes
 
261.3

 
203.5

 
148.5

 
107.3

 
 
$
674.6

 
$
544.2

 
$
397.2

 
$
269.5

 
 
 
 
 
 
 
 
 
1 Includes unamortized discounts
2 Net of amounts expensed for unamortized original issue discount and deferred origination fees
Schedule of Maturities of Long-term Debt [Table Text Block] 
Debt Maturities
The following represents a summary of our maturities of debt instruments, excluding borrowings on the ABL Facility, based on the principal amounts outstanding at December 31, 2016:
 
(In Millions)
 
Maturities of Debt
2017
$
—

2018
—

2019
—

2020
1,651.0

2021
309.4

2022 and thereafter
298.4

Total maturities of debt
$
2,258.8

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
Fair Value, by Balance Sheet Grouping [Table Text Block] 
The following represents the assets and liabilities of the Company measured at fair value at December 31, 2016 and 2015:
 
(In Millions)
 
December 31, 2016
Description
Quoted Prices in Active
Markets for Identical Assets/Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
177.0

 
$
—

 
$
—

 
$
177.0

Derivative assets
—

 
1.5

 
31.6

 
33.1

Total
$
177.0

 
$
1.5

 
$
31.6

 
$
210.1

Liabilities:
 
 
 
 
 
 
 
Derivative liabilities
$
—

 
$
—

 
$
0.5

 
$
0.5

Total
$
—

 
$
—

 
$
0.5

 
$
0.5

 
(In Millions)
 
December 31, 2015
Description
Quoted Prices in Active
Markets for Identical
Assets/Liabilities (Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
30.0

 
$
—

 
$
—

 
$
30.0

Derivative assets
—

 
—

 
7.8

 
7.8

Total
$
30.0

 
$
—

 
$
7.8

 
$
37.8

Liabilities:
 
 
 
 
 
 
 
Derivative liabilities
$
—

 
$
0.6

 
$
3.4

 
$
4.0

Total
$
—

 
$
0.6

 
$
3.4

 
$
4.0

Fair Value, Recurring and Nonrecurring, Valuation Techniques 
The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy:
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
($ in millions)
 
Fair Value at
December 31, 2016
 
Balance Sheet Location
 
Valuation Technique
 
Unobservable Input
 
Range or Point Estimate
(Weighted Average)
 
Provisional Pricing Arrangements
 
$
10.3

 
Other current assets
 
Market Approach
 
Management's
Estimate of Platts 62% Price
 
$80
 
$
0.5

 
Other current liabilities
 
 
 
Customer Supply Agreement
 
$
21.3

 
Other current assets
 
Market Approach
 
Hot-Rolled Coil Estimate
 
$505 - $620 ($555)
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) for the years ended December 31, 2016 and 2015.
 
(In Millions)
 
Derivative Assets (Level 3)
 
Derivative Liabilities
(Level 3)
 
Year Ended
December 31,
 
Year Ended
December 31,
 
2016
 
2015
 
2016
 
2015
Beginning balance - January 1
$
7.8

 
$
63.2

 
$
(3.4
)
 
$
(9.5
)
Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
103.8

 
35.1

 
(14.1
)
 
(61.0
)
Settlements
(80.0
)
 
(90.5
)
 
17.0

 
67.1

Transfers into Level 3
—

 
—

 
—

 
—

Transfers out of Level 3
—

 
—

 
—

 
—

Ending balance - December 31
$
31.6

 
$
7.8

 
$
(0.5
)
 
$
(3.4
)
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) on assets still held at the reporting date
$
23.7

 
$
29.1

 
$
(0.5
)
 
$
(3.4
)
Schedule Of Carrying Value And Fair Value Of Financial Instruments 
A summary of the carrying amount and fair value of other financial instruments at December 31, 2016 and 2015 were as follows:
 
 
 
(In Millions)
 
 
 
December 31, 2016
 
December 31, 2015
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair
Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Secured Notes
 
 
 
 
 
 
 
 
 
Senior First Lien Notes—$540 million
Level 1
 
$
506.3

 
$
595.0

 
$
497.4

 
$
414.5

1.5 Senior Lien Notes—$218 million
Level 2
 
284.2

 
229.5

 
—

 
—

Senior Second Lien Notes—$544.2 million
Level 1
 
339.1

 
439.7

 
403.2

 
134.7

Unsecured Notes
 
 
 
 
 
 
 
 
 
Senior Notes—$400 million
Level 1
 
224.5

 
219.6

 
288.9

 
52.8

Senior Notes—$1.3 billion
Level 1
 
528.4

 
455.8

 
787.9

 
137.4

Senior Notes—$700 million
Level 1
 
308.2

 
283.1

 
410.6

 
69.4

Senior Notes—$500 million
Level 1
 
—

 
—

 
309.1

 
87.1

ABL Facility
Level 2
 
—

 
—

 
—

 
—

Fair Value Adjustment to Interest Rate Hedge
Level 2
 
1.9

 
1.9

 
2.3

 
2.3

Total long-term debt
 
 
$
2,192.6

 
$
2,224.6

 
$
2,699.4

 
$
898.2

Fair Value Measurements, Nonrecurring 
There were no financial and non-financial assets and liabilities that were measured on a non-recurring fair value basis at December 31, 2016 and 2015.
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables)
Retirement And Defined Compensation Plans Disclosures [Table Text Block] 
The following table summarizes the annual expense (income) recognized related to the retirement plans for 2016, 2015 and 2014:
 
(In Millions)
 
2016
 
2015
 
2014
Defined benefit pension plans
$
16.5

 
$
23.9

 
$
26.2

Defined contribution pension plans
2.8

 
3.6

 
4.4

Other postretirement benefits
(4.0
)
 
4.4

 
(2.5
)
Total
$
15.3

 
$
31.9

 
$
28.1

Obligations and Funded Status 
The following tables and information provide additional disclosures for the years ending December 31, 2016 and 2015:
 
(In Millions)
 
Pension Benefits
 
Other Benefits
Change in benefit obligations:
2016
 
2015
 
2016
 
2015
Benefit obligations — beginning of year
$
910.8

 
$
998.0

 
$
266.0

 
$
295.8

Service cost (excluding expenses)
17.6

 
22.7

 
1.7

 
1.9

Interest cost
30.3

 
37.7

 
9.1

 
11.5

Plan amendments
5.7

 
—

 
9.8

 
—

Actuarial (gain) loss
38.1

 
(67.7
)
 
(7.2
)
 
(27.0
)
Benefits paid
(70.9
)
 
(78.7
)
 
(21.3
)
 
(20.6
)
Participant contributions
—

 
—

 
6.0

 
4.0

Federal subsidy on benefits paid
—

 
—

 
0.5

 
0.4

Curtailment gain
—

 
(1.2
)
 
—

 
—

Benefit obligations — end of year
$
931.6

 
$
910.8

 
$
264.6

 
$
266.0

 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets — beginning of year
$
700.6

 
$
749.8

 
$
250.6

 
$
269.3

Actual return on plan assets
54.8

 
(6.4
)
 
16.0

 
(3.9
)
Participant contributions
—

 
—

 
0.5

 
0.4

Employer contributions
1.2

 
35.7

 
1.7

 
1.3

Asset transfers
0.1

 
0.2

 
—

 
—

Benefits paid
(70.9
)
 
(78.7
)
 
(15.8
)
 
(16.5
)
Fair value of plan assets — end of year
$
685.8

 
$
700.6

 
$
253.0

 
$
250.6

 
 
 
 
 
 
 
 
Funded status at December 31:
 
 
 
 
 
 
 
Fair value of plan assets
$
685.8

 
$
700.6

 
$
253.0

 
$
250.6

Benefit obligations
(931.6
)
 
(910.8
)
 
(264.6
)
 
(266.0
)
Funded status (plan assets less benefit obligations)
$
(245.8
)
 
$
(210.2
)
 
$
(11.6
)
 
$
(15.4
)
Amount recognized at December 31
$
(245.8
)
 
$
(210.2
)
 
$
(11.6
)
 
$
(15.4
)
 
 
 
 
 
 
 
 
Amounts recognized in Statements of Financial Position:
 
 
 
 
 
 
 
Noncurrent assets
$
—

 
$
—

 
$
27.3

 
$
—

Current liabilities
(0.1
)
 
(0.5
)
 
(4.1
)
 
(4.1
)
Noncurrent liabilities
(245.7
)
 
(209.7
)
 
(34.8
)
 
(11.3
)
Total amount recognized
$
(245.8
)
 
$
(210.2
)
 
$
(11.6
)
 
$
(15.4
)
 
 
 
 
 
 
 
 
Amounts recognized in accumulated other comprehensive loss:
 
 
 
 
 
 
 
Net actuarial loss
$
315.9

 
$
290.9

 
$
87.0

 
$
91.5

Prior service cost (credit)
11.0

 
7.5

 
(26.9
)
 
(39.5
)
Net amount recognized
$
326.9

 
$
298.4

 
$
60.1

 
$
52.0

 
 
 
 
 
 
 
 
The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2017:
 
 
 
 
 
 
 
Net actuarial loss
$
21.1

 
 
 
$
5.0

 
 
Prior service cost (credit)
2.6

 
 
 
(3.0
)
 
 
Net amount recognized
$
23.7

 
 
 
$
2.0

 
 
Fair Value Of Plan Assets, Benefit Obligation And Funded Status 
 
(In Millions)
 
2016
 
Pension Plans
 
Other Benefits
 
Salaried
 
Hourly
 
Mining
 
SERP
 
Total
 
Salaried
 
Hourly
 
Total
Fair value of plan assets
$
242.9

 
$
436.9

 
$
6.0

 
$
—

 
$
685.8

 
$
—

 
$
253.0

 
$
253.0

Benefit obligation
(351.9
)
 
(565.6
)
 
(10.0
)
 
(4.1
)
 
(931.6
)
 
(37.6
)
 
(227.0
)
 
(264.6
)
Funded status
$
(109.0
)
 
$
(128.7
)
 
$
(4.0
)
 
$
(4.1
)
 
$
(245.8
)
 
$
(37.6
)
 
$
26.0

 
$
(11.6
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2015
 
Pension Plans
 
Other Benefits
 
Salaried
 
Hourly
 
Mining
 
SERP
 
Total
 
Salaried
 
Hourly
 
Total
Fair value of plan assets
$
258.3

 
$
436.7

 
$
5.6

 
$
—

 
$
700.6

 
$
—

 
$
250.6

 
$
250.6

Benefit obligation
(340.0
)
 
(558.6
)
 
(8.6
)
 
(3.6
)
 
(910.8
)
 
(38.2
)
 
(227.8
)
 
(266.0
)
Funded status
$
(81.7
)
 
$
(121.9
)
 
$
(3.0
)
 
$
(3.6
)
 
$
(210.2
)
 
$
(38.2
)
 
$
22.8

 
$
(15.4
)
Components Of Net Periodic Benefit Cost 
Components of Net Periodic Benefit Cost
 
(In Millions)
 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Service cost
$
17.6

 
$
22.7

 
$
26.1

 
$
1.7

 
$
6.4

 
$
1.8

Interest cost
30.3

 
37.7

 
40.3

 
9.1

 
13.4

 
11.9

Expected return on plan assets
(54.7
)
 
(59.8
)
 
(58.1
)
 
(17.1
)
 
(18.3
)
 
(17.1
)
Amortization:

 

 

 

 

 

Prior service costs (credits)
2.2

 
2.3

 
2.5

 
(3.7
)
 
(3.7
)
 
(3.6
)
Net actuarial loss
21.1

 
20.8

 
14.0

 
6.0

 
6.6

 
4.5

Curtailments and settlements
—

 
0.2

 
1.4

 
—

 
—

 
—

Net periodic benefit cost (credit)
$
16.5

 
$
23.9

 
$
26.2

 
$
(4.0
)
 
$
4.4

 
$
(2.5
)
Curtailment effects
—

 
(1.2
)
 
—

 
—

 
—

 
—

Current year actuarial (gain)/loss
37.8

 
(0.7
)
 
109.7

 
(8.1
)
 
0.2

 
22.2

Amortization of net loss
(21.1
)
 
(21.0
)
 
(15.4
)
 
(6.0
)
 
(6.6
)
 
(4.5
)
Current year prior service (credit) cost
5.7

 
—

 
—

 
9.8

 
—

 
(0.9
)
Amortization of prior service (cost) credit
(2.2
)
 
(2.3
)
 
(2.5
)
 
3.7

 
3.7

 
3.6

Total recognized in other comprehensive income (loss)
$
20.2

 
$
(25.2
)
 
$
91.8

 
$
(0.6
)
 
$
(2.7
)
 
$
20.4

Total recognized in net periodic cost and other
    comprehensive income (loss)
$
36.7

 
$
(1.3
)
 
$
118.0

 
$
(4.6
)
 
$
1.7

 
$
17.9

Additional Information 
Additional Information
 
(In Millions)
 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Effect of change in mine ownership & noncontrolling interest
$
14.2

 
$
48.4

 
$
51.2

 
$
5.9

 
$
5.5

 
$
5.9

Actual return on plan assets
54.8

 
(6.4
)
 
59.1

 
16.0

 
(3.9
)
 
31.9

Weighted-Average Assumptions Used to Determine Benefit Obligations 
Weighted-average assumptions used to determine benefit obligations at December 31 were:
 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2016
 
2015
Discount rate
 
 
 
 
 
 
 
 
 
 
 
Iron Hourly Pension Plan
4.02
%
 
4.27
%
 
N/A
%
 
N/A
%
Salaried Pension Plan
3.92
 
 
4.12
 
 
N/A
 
 
N/A
 
Ore Mining Pension Plan
4.04
 
 
4.28
 
 
N/A
 
 
N/A
 
SERP
3.90
 
 
4.22
 
 
N/A
 
 
N/A
 
Hourly OPEB Plan
N/A
 
 
N/A
 
 
4.02
 
 
4.32
 
Salaried OPEB Plan
N/A
 
 
N/A
 
 
3.99
 
 
4.22
 
Salaried rate of compensation increase
3.00
 
 
3.00
 
 
3.00
 
 
3.00
 
Hourly rate of compensation increase
2.00
 
 
2.00
 
 
N/A
 
 
N/A
 
Weighted-Average Assumptions Used To Determine Net Benefit Costs 
Weighted-average assumptions used to determine net benefit cost for the years 2016, 2015 and 2014 were:
 
Pension Benefits
 
Other Benefits
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Obligation Discount Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Iron Hourly Pension Plan
4.27
%
 
3.83
%
 
4.57
%
 
N/A
%
 
N/A
%
 
N/A
%
Salaried Pension Plan
4.13
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
Ore Mining Pension Plan
4.28
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
SERP
4.01
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
Hourly OPEB Plan
N/A
 
 
N/A
 
 
N/A
 
 
4.32
 
 
3.83
 
 
4.57
 
Salaried OPEB Plan
N/A
 
 
N/A
 
 
N/A
 
 
4.22
 
 
3.83
 
 
4.57
 
Service Cost Discount Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Iron Hourly Pension Plan
4.66
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
Salaried Pension Plan
4.14
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
Ore Mining Pension Plan
4.60
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
SERP
3.87
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
Hourly OPEB Plan
N/A
 
 
N/A
 
 
N/A
 
 
4.56
 
 
3.83
 
 
4.57
 
Salaried OPEB Plan
N/A
 
 
N/A
 
 
N/A
 
 
4.63
 
 
3.83
 
 
4.57
 
Interest Cost Discount Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Iron Hourly Pension Plan
3.46
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
Salaried Pension Plan
3.21
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
Ore Mining Pension Plan
3.48
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
SERP
3.30
 
 
3.83
 
 
4.57
 
 
N/A
 
 
N/A
 
 
N/A
 
Hourly OPEB Plan
N/A
 
 
N/A
 
 
N/A
 
 
3.48
 
 
3.83
 
 
4.57
 
Salaried OPEB Plan
N/A
 
 
N/A
 
 
N/A
 
 
3.31
 
 
3.83
 
 
4.57
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected return on plan assets
8.25
 
 
8.25
 
 
8.25
 
 
7.00
 
 
7.00
 
 
7.00
 
Salaried rate of compensation increase
3.00
 
 
3.00
 
 
4.00
 
 
3.00
 
 
3.00
 
 
4.00
 
Hourly rate of compensation increase
2.00
 
 
2.50
 
 
3.00
 
 
N/A
 
 
N/A
 
 
N/A
 
Assumed Health Care Cost Trend Rates 
Assumed health care cost trend rates at December 31 were:
 
2016
 
2015
Health care cost trend rate assumed for next year
6.50
%
 
6.75
%
Ultimate health care cost trend rate
5.00
 
 
5.00
 
Year that the ultimate rate is reached
2023
 
 
2023
 
Effect of One Percentage Point Change in Assumed Health Care Cost Trend Rates 
A change of one percentage point in assumed health care cost trend rates would have the following effects:
 
(In Millions)
 
Increase
 
Decrease
Effect on total of service and interest cost
$
1.3

 
$
(1.0
)
Effect on postretirement benefit obligation
23.4

 
(19.6
)
Plan Assets and Asset Allocation 
The following table reflects the actual asset allocations for pension and VEBA plan assets as of December 31, 2016 and 2015, as well as the 2017 weighted average target asset allocations as of December 31, 2016. Equity investments include securities in large-cap, mid-cap and small-cap companies located in the U.S. and worldwide. Fixed income investments primarily include corporate bonds and government debt securities. Alternative investments include hedge funds, private equity, structured credit and real estate.
 
Pension Assets
 
VEBA Assets
Asset Category
2017
Target
Allocation
 
Percentage of
Plan Assets at
December 31,
 
2017
Target
Allocation
 
Percentage of
Plan Assets at
December 31,
2016
 
2015
 
2016
 
2015
Equity securities
45.0
%
 
43.2
%
 
44.0
%
 
8.0
%
 
8.4
%
 
8.8
%
Fixed income
28.0
%
 
26.4
%
 
27.7
%
 
80.1
%
 
78.3
%
 
78.2
%
Hedge funds
5.0
%
 
5.9
%
 
5.8
%
 
4.2
%
 
4.4
%
 
4.5
%
Private equity
7.0
%
 
5.3
%
 
4.7
%
 
2.6
%
 
1.7
%
 
2.2
%
Structured credit
7.5
%
 
9.3
%
 
8.9
%
 
2.1
%
 
2.7
%
 
2.3
%
Real estate
7.5
%
 
9.0
%
 
8.2
%
 
3.0
%
 
4.4
%
 
4.0
%
Cash
—
%
 
0.9
%
 
0.7
%
 
—
%
 
0.1
%
 
—
%
Total
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
 
100.0
%
Fair Value, Assets and Liabilities Measured on Recurring Basis 
Pension
The fair values of our pension plan assets at December 31, 2016 and 2015 by asset category are as follows:
 
(In Millions)
 
December 31, 2016
Asset Category
Quoted Prices in Active
Markets for Identical
Assets/Liabilities
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Equity securities:
 
 
 
 
 
 
 
U.S. large-cap
$
144.7

 
$
—

 
$
—

 
$
144.7

U.S. small/mid-cap
39.9

 
—

 
—

 
39.9

International
111.8

 
—

 
—

 
111.8

Fixed income
157.5

 
23.7

 
—

 
181.2

Hedge funds
—

 
—

 
40.6

 
40.6

Private equity
—

 
—

 
36.1

 
36.1

Structured credit
—

 
—

 
63.8

 
63.8

Real estate
—

 
—

 
61.9

 
61.9

Cash
5.8

 
—

 
—

 
5.8

Total
$
459.7

 
$
23.7

 
$
202.4

 
$
685.8

 
(In Millions)
 
December 31, 2015
Asset Category
Quoted Prices in Active
Markets for Identical
Assets/Liabilities
(Level 1)
 
Significant  Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Equity securities:
 
 
 
 
 
 
 
U.S. large-cap
$
150.5

 
$
—

 
$
—

 
$
150.5

U.S. small/mid-cap
40.6

 
—

 
—

 
40.6

International
116.8

 
—

 
—

 
116.8

Fixed income
166.3

 
27.9

 
—

 
194.2

Hedge funds
—

 
—

 
40.7

 
40.7

Private equity
—

 
—

 
33.1

 
33.1

Structured credit
—

 
—

 
62.1

 
62.1

Real estate
—

 
—

 
57.5

 
57.5

Cash
5.1

 
—

 
—

 
5.1

Total
$
479.3

 
$
27.9

 
$
193.4

 
$
700.6

Effect of Fair Value Measurements Using Significant Unobservable Inputs on Changes in Plan Assets 
The following represents the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets for the years ended December 31, 2016 and 2015:
 
(In Millions)
 
Year Ended December 31, 2016
 
Hedge Funds
 
Private Equity
Funds
 
Structured
Credit Fund
 
Real
Estate
 
Total
Beginning balance — January 1, 2016
$
40.7

 
$
33.1

 
$
62.1

 
$
57.5

 
$
193.4

Actual return on plan assets:

 

 

 

 
 
Relating to assets still held at
    the reporting date
(0.1
)
 
(2.7
)
 
10.0

 
5.1

 
12.3

Relating to assets sold during
    the period
—

 
3.7

 
(0.3
)
 
(0.1
)
 
3.3

Purchases
—

 
8.0

 
—

 
—

 
8.0

Sales
—

 
(6.0
)
 
(8.0
)
 
(0.6
)
 
(14.6
)
Ending balance — December 31, 2016
$
40.6

 
$
36.1

 
$
63.8

 
$
61.9

 
$
202.4

 
(In Millions)
 
Year Ended December 31, 2015
 
Hedge Funds
 
Private Equity
Funds
 
Structured
Credit Fund
 
Real
Estate
 
Total
Beginning balance — January 1, 2015
$
41.5

 
$
31.2

 
$
65.4

 
$
50.0

 
$
188.1

Actual return on plan assets:

 

 

 

 
 
Relating to assets still held at
    the reporting date
(0.8
)
 
1.5

 
(3.3
)
 
8.1

 
5.5

Relating to assets sold during
    the period
—

 
2.5

 
—

 
—

 
2.5

Purchases
—

 
5.7

 
—

 
—

 
5.7

Sales
—

 
(7.8
)
 
—

 
(0.6
)
 
(8.4
)
Ending balance — December 31, 2015
$
40.7

 
$
33.1

 
$
62.1

 
$
57.5

 
$
193.4

Schedule Of Annual Contributions 
 
 
(In Millions)
 
 
Pension
Benefits
 
Other Benefits
Company Contributions
 
VEBA
 
Direct
Payments
 
Total
2015
 
$
35.7

 
$
—

 
$
3.5

 
$
3.5

2016
 
1.2

 
—

 
1.1

 
1.1

2017 (Expected)1
 
24.5

 
—

 
4.1

 
4.1

 
 
 
 
 
 
 
 
 
1 Pursuant to the bargaining agreement, benefits can be paid from VEBA trusts that are at least 70% funded (all VEBA trusts are over 70% funded at December 31, 2016). Funding obligations have been suspended as Hibbing's, UTAC's, Tilden's and Empire's share of the value of their respective trust assets have reached 90% of their obligation.
Estimated Net Periodic Benefit Cost 
Estimated Cost for 2017
For 2017, we estimate net periodic benefit cost as follows:
 
(In Millions)
Defined benefit pension plans
$
18.6

Other postretirement benefits
(5.3
)
Total
$
13.3

Estimated Future Benefit Payments 
Estimated Future Benefit Payments
 
(In Millions)
 
Pension
Benefits
 
Other Benefits
Gross
Company
Benefits
 
Less
Medicare
Subsidy
 
Net
Company
Payments
2017
$
77.3

 
$
19.7

 
$
0.6

 
$
19.1

2018
64.8

 
20.0

 
0.7

 
19.3

2019
63.3

 
19.1

 
0.8

 
18.3

2020
63.0

 
18.4

 
0.9

 
17.5

2021
62.4

 
17.6

 
0.9

 
16.7

2022-2026
308.0

 
81.8

 
5.2

 
76.6

Other Potential Benefit Obligations 
Other Potential Benefit Obligations
While the foregoing reflects our obligation, our total exposure in the event of non-performance is potentially greater. Following is a summary comparison of the total obligation:
 
(In Millions)
 
December 31, 2016
 
Defined
Benefit
Pensions
 
Other
Benefits
Fair value of plan assets
$
685.8

 
$
253.0

Benefit obligation
(931.6
)
 
(264.6
)
Underfunded status of plan
$
(245.8
)
 
$
(11.6
)
Additional shutdown and early retirement benefits
$
22.1

 
$
2.2

Fair Value, Assets and Liabilities Measured on Recurring Basis 
The fair values of our other benefit plan assets at December 31, 2016 and 2015 by asset category are as follows:
 
(In Millions)
 
December 31, 2016
Asset Category
Quoted Prices in Active
Markets for Identical
Assets/Liabilities
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Equity securities:
 
 
 
 
 
 
 
U.S. large-cap
$
10.6

 
$
—

 
$
—

 
$
10.6

U.S. small/mid-cap
2.7

 
—

 
—

 
2.7

International
8.1

 
—

 
—

 
8.1

Fixed income
162.0

 
35.9

 
—

 
197.9

Hedge funds
—

 
—

 
11.2

 
11.2

Private equity
—

 
—

 
4.3

 
4.3

Structured credit
—

 
—

 
6.9

 
6.9

Real estate
—

 
—

 
11.1

 
11.1

Cash
0.2

 
—

 
—

 
0.2

Total
$
183.6

 
$
35.9

 
$
33.5

 
$
253.0

 
(In Millions)
 
December 31, 2015
Asset Category
Quoted Prices in Active
Markets for Identical
Assets/Liabilities
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Equity securities:

 

 

 

U.S. large-cap
$
11.1

 
$
—

 
$
—

 
$
11.1

U.S. small/mid-cap
2.8

 
—

 
—

 
2.8

International
8.2

 
—

 
—

 
8.2

Fixed income
158.1

 
37.9

 
—

 
196.0

Hedge funds
—

 
—

 
11.2

 
11.2

Private equity
—

 
—

 
5.5

 
5.5

Structured credit
—

 
—

 
5.8

 
5.8

Real estate
—

 
—

 
10.0

 
10.0

Cash
—

 
—

 
—

 
—

Total
$
180.2

 
$
37.9

 
$
32.5

 
$
250.6

Effect of Fair Value Measurements Using Significant Unobservable Inputs on Changes in Plan Assets 
The following represents the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets for the year ended December 31, 2016 and 2015:
 
(In Millions)
 
Year Ended December 31, 2016
 
Hedge 
Funds
 
Private Equity
Funds
 
Structured Credit Fund
 
Real
Estate
 
Total
Beginning balance — January 1, 2016
$
11.2

 
$
5.5

 
$
5.8

 
$
10.0

 
$
32.5

Actual return on plan assets:

 

 

 

 
 
Relating to assets still held at the reporting date
—

 
(0.3
)
 
1.1

 
1.1

 
1.9

Relating to assets sold during the period
—

 
0.1

 
—

 
—

 
0.1

Purchases
—

 
—

 
—

 
—

 
—

Sales
—

 
(1.0
)
 
—

 
—

 
(1.0
)
Ending balance — December 31, 2016
$
11.2

 
$
4.3

 
$
6.9

 
$
11.1

 
$
33.5

 
(In Millions)
 
Year Ended December 31, 2015
 
Hedge 
Funds
 
Private Equity
Funds
 
Structured Credit Fund
 
Real
Estate
 
Total
Beginning balance — January 1, 2015
$
11.5

 
$
6.2

 
$
6.1

 
$
8.7

 
$
32.5

Actual return on plan assets:

 

 

 

 
 
Relating to assets still held at the reporting date
(0.3
)
 
0.3

 
(0.3
)
 
1.3

 
1.0

Relating to assets sold during the period
—

 
0.4

 
—

 
—

 
0.4

Purchases
—

 
0.1

 
—

 
—

 
0.1

Sales
—

 
(1.5
)
 
—

 
—

 
(1.5
)
Ending balance — December 31, 2015
$
11.2

 
$
5.5

 
$
5.8

 
$
10.0

 
$
32.5

STOCK COMPENSATION PLANS (Tables)
Stock Incentive Plans Disclosure [Table Text Block] 
Following is a summary of our performance share award agreements currently outstanding:
Performance
Share
Plan Year
 
Performance Shares Granted
 
Estimated Forfeitures
 
Expected to Vest
 
Grant Date
 
Performance Period
2015
 
410,105

 
157,979

 
252,126

 
February 9, 2015
 
1/1/2015 - 12/31/2017
2015
 
464,470

 
82,636

 
381,834

 
January 12, 2015
 
1/1/2015 - 12/31/2017
20141
 
188,510

 
188,510

 
—

 
July 29, 2014
 
1/1/2014 - 12/31/2016
20141
 
80,560

 
80,560

 
—

 
May 12, 2014
 
1/1/2014 - 12/31/2016
20141
 
230,265

 
230,265

 
—

 
February 10, 2014
 
1/1/2014 - 12/31/2016
 
 
 
 
 
 
 
 
 
 
 
1 The performance shares granted in 2014 will have a payout of 0% of the original grant based on the final performance evaluation versus the performance goals that were established in the grants.
Incentive Compensation and Other Benefit Plans for Employees and Directors [Table Text Block] 
For the last three years, Equity Grant shares have been awarded to elected or re-elected nonemployee Directors as follows:
Year of Grant
 
Restricted Equity Grant Shares
 
Deferred Equity Grant Shares
2014
 
73,635

 
—

2015
 
109,408

 
25,248

2016
 
135,038

 
29,583

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] 
The following table summarizes the share-based compensation expense that we recorded for continuing operations in 2016, 2015 and 2014:
 
(In Millions, except per
share amounts)
 
2016
 
2015
 
2014
Cost of goods sold and operating expenses
$
2.1

 
$
4.0

 
$
5.6

Selling, general and administrative expenses
12.1

 
9.9

 
15.9

Reduction of operating income from continuing operations before income
    taxes and equity loss from ventures
14.2

 
13.9

 
21.5

Income tax benefit1
—

 
—

 
(7.5
)
Reduction of net income attributable to Cliffs shareholders
$
14.2

 
$
13.9

 
$
14.0

Reduction of earnings per share attributable to Cliffs shareholders:

 

 

Basic
$
0.07

 
$
0.09

 
$
0.09

Diluted
$
0.07

 
$
0.09

 
$
0.09

 
 
 
 
 
 
1 No income tax benefit for the year ended December 31, 2016 and December 31, 2015, due to the full valuation allowance.
Schedule Of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions 
No performance shares were granted in 2016, therefore no fair value analysis was required.
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] 
No stock options were granted in 2016, therefore no fair value analysis was required.
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] 
Stock option, restricted share awards and performance share activity under our long-term equity plans and Directors’ Plans are as follows:
 
2016
 
2015
 
2014
 
Shares
 
Shares
 
Shares
Stock options:
 
 
 
 
 
Outstanding at beginning of year
607,489

 
250,000

 
—

Granted during the year
—

 
412,710

 
250,000

Forfeited/canceled
(7,619
)
 
(55,221
)
 
—

Outstanding at end of year
599,870

 
607,489

 
250,000

Restricted awards:
 
 
 
 
 
Outstanding and restricted at beginning of year
2,338,070

 
523,176

 
586,084

Granted during the year
3,571,337

 
2,482,415

 
531,030

Vested
(271,988
)
 
(477,157
)
 
(423,822
)
Forfeited/canceled
(175,636
)
 
(190,364
)
 
(170,116
)
Outstanding and restricted at end of year
5,461,783

 
2,338,070

 
523,176

Performance shares:

 

 

Outstanding at beginning of year
1,496,489

 
1,072,376

 
1,040,453

Granted during the year
—

 
874,575

 
1,233,685

Issued1
(59,260
)
 
(242,920
)
 
(796,624
)
Forfeited/canceled
(68,760
)
 
(207,542
)
 
(405,138
)
Outstanding at end of year
1,368,469

 
1,496,489

 
1,072,376

Vested or expected to vest as of
    December 31, 2016
6,716,979

 
 
 
 
Directors’ retainer and voluntary shares:

 

 

Outstanding at beginning of year
—

 
—

 
7,329

Granted during the year
—

 
—

 
2,281

Vested
—

 
—

 
(9,610
)
Outstanding at end of year
—

 
—

 
—

Reserved for future grants or awards at end
    of year:
 
 
 
 
 
Employee plans
6,514,038

 
 
 
 
Directors’ plans
676,678

 
 
 
 
Total
7,190,716

 
 
 
 
 
 
 
 
 
 
1 The performance shares granted in 2014 will have a payout of 0% of the original grant based on the final performance evaluation versus the performance goals that were established in the grants. These shares are not included in this number because they expire and will be ultimately forfeited in February 2017. For the year ended December 31, 2015, the shares vesting due to the change in control were paid out in cash, at target, and valued as of the respective participants' termination dates. For the year ended December 31, 2014, the shares vesting on December 31, 2013 were valued as of February 10, 2014, and the shares vesting due to the change in a majority of our Board of Directors that triggered the acceleration of vesting and payout of outstanding equity grants under our equity plans on August 6, 2014 were paid out in cash, at target, and valued as of that date.

Employee Stock Awards Outstanding [Table Text Block] 
A summary of our outstanding share-based awards as of December 31, 2016 is shown below:
 
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding, beginning of year
4,442,048

 
$
8.93

Granted
3,571,337

 
$
1.93

Vested
(331,248
)
 
$
11.25

Forfeited/expired
(252,015
)
 
$
5.90

Outstanding, end of year
7,430,122

 
$
5.55

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] 
A summary of our stock option grants vested or expected to vest as of December 31, 2016 is shown below:
 
Shares
 
Weighted-Average Exercise Price
 
Aggregate Intrinsic Value
 
Weighted-Average Remaining Contractual Term (Years)
Expected to vest
417,914

 
$
8.88

 
$
239,640

 
7.43
Exercisable
166,667

 
$
13.83

 
$
—

 
4.88
INCOME TAXES (Tables)
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] 
Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures includes the following components:
 
 
(In Millions)
 
 
2016
 
2015
 
2014
United States
 
$
124.9

 
$
314.2

 
$
(447.5
)
Foreign
 
82.1

 
(1.1
)
 
427.8


 
$
207.0

 
$
313.1

 
$
(19.7
)
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] 
The components of the provision (benefit) for income taxes on continuing operations consist of the following:
 
 
(In Millions)
 
 
2016
 
2015
 
2014
Current provision (benefit):
 
 
 
 
 
 
United States federal
 
$
(11.1
)
 
$
8.2

 
$
(125.2
)
United States state & local
 
(0.5
)
 
0.3

 
(0.6
)
Foreign
 
(0.1
)
 
0.9

 
11.7

 
 
(11.7
)
 
9.4

 
(114.1
)
Deferred provision (benefit):
 
 
 
 
 
 
United States federal
 
(0.5
)
 
165.8

 
20.4

United States state & local
 
—

 
—

 
(24.9
)
Foreign
 
—

 
(5.9
)
 
32.6

 
 
(0.5
)
 
159.9

 
28.1

Total provision (benefit) on income (loss) from continuing operations
 
$
(12.2
)
 
$
169.3

 
$
(86.0
)
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] 
Reconciliation of our income tax attributable to continuing operations computed at the U.S. federal statutory rate is as follows:
 
 
(In Millions)
 
 
2016
 
2015
 
2014
Tax at U.S. statutory rate of 35%
 
$
72.5

 
35.0
 %
 
$
109.6

 
35.0
 %
 
$
(6.9
)
 
35.0
 %
Increase (decrease) due to:
 
 
 
 
 
 
 
 
 
 
 
 
Impact of tax law change
 
149.1

 
72.0

 
—

 
—

 
13.0

 
(66.0
)
Valuation allowance build/(reversal) on tax benefits recorded in prior years
 
(142.6
)
 
(68.9
)
 
165.8

 
52.9

 
15.2

 
(77.2
)
Tax uncertainties
 
(11.3
)
 
(5.5
)
 
84.1

 
26.9

 
—

 
—

Valuation allowance build/(reversal) in current year
 
93.9

 
45.4

 
(104.6
)
 
(33.4
)
 
318.3

 
(1,615.7
)
Prior year adjustments in current year
 
(11.8
)
 
(5.7
)
 
5.9

 
1.9

 
(6.3
)
 
32.1

Worthless stock deduction
 
(73.4
)
 
(35.5
)
 
—

 
—

 
—

 
—

Impact of foreign operations
 
(42.7
)
 
(20.6
)
 
(53.9
)
 
(17.2
)
 
51.4

 
(260.9
)
Percentage depletion in excess of cost depletion
 
(36.1
)
 
(17.4
)
 
(34.9
)
 
(11.1
)
 
(87.9
)
 
446.2

Non-taxable income related to noncontrolling interests
 
(8.8
)
 
(4.2
)
 
(3.0
)
 
(1.0
)
 
(9.4
)
 
47.7

State taxes, net
 
0.4

 
0.2

 
0.2

 
0.1

 
(25.4
)
 
128.9

Settlement of financial guaranty
 
—

 
—

 
—

 
—

 
(347.1
)
 
1,761.9

Income not subject to tax
 
—

 
—

 
—

 
—

 
(27.7
)
 
140.6

Goodwill impairment
 
—

 
—

 
—

 
—

 
22.7

 
(115.2
)
Other items — net
 
(1.4
)
 
(0.7
)
 
0.1

 
—

 
4.1

 
(20.9
)
Provision for income tax (benefit) expense and effective income tax rate including discrete items
 
$
(12.2
)
 
(5.9
)%
 
$
169.3

 
54.1
 %
 
$
(86.0
)
 
436.5
 %
Income Taxes Other Than Continuing Operations Disclosure Text Block [Table Text Block] 
The components of income taxes for other than continuing operations consisted of the following:
 
 
(In Millions)
 
 
2016
 
2015
 
2014
Other comprehensive (income) loss:
 
 
 
 
 
 
Pension/OPEB liability
 
$
—

 
$
—

 
$
37.1

Mark-to-market adjustments
 
—

 
0.3

 
3.6

Other
 
0.5

 
5.9

 
0.2

Total
 
$
0.5

 
$
6.2

 
$
40.9

 
 
 
 
 
 
 
Paid in capital — stock based compensation
 
$
—

 
$
—

 
$
(4.8
)
Discontinued Operations
 
$
—

 
$
(6.0
)
 
$
(1,216.0
)
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] 
Significant components of our deferred tax assets and liabilities as of December 31, 2016 and 2015 are as follows:
 
 
(In Millions)
 
 
2016
 
2015
Deferred tax assets:
 
 
 
 
Pensions
 
$
114.6

 
$
106.6

Postretirement benefits other than pensions
 
35.2

 
36.5

Alternative minimum tax credit carryforwards
 
251.2

 
218.7

Deferred income
 
44.5

 
57.2

Financial instruments
 
71.3

 
—

Investments in ventures
 
—

 
4.9

Asset retirement obligations
 
22.3

 
5.3

Operating loss carryforwards
 
2,699.7

 
2,791.6

Property, plant and equipment and mineral rights
 
181.2

 
189.8

State and local
 
59.2

 
59.9

Lease liabilities
 
12.9

 
18.3

Other liabilities
 
108.3

 
148.9

Total deferred tax assets before valuation allowance
 
3,600.4

 
3,637.7

Deferred tax asset valuation allowance
 
(3,334.8
)
 
(3,372.5
)
Net deferred tax assets
 
265.6

 
265.2

Deferred tax liabilities:
 

 

Property, plant and equipment and mineral rights
 
(34.0
)
 
(35.5
)
Investment in ventures
 
(203.1
)
 
(206.6
)
Intangible assets
 
(1.0
)
 
(1.5
)
Product inventories
 
(3.4
)
 
(2.5
)
Other assets
 
(24.1
)
 
(19.1
)
Total deferred tax liabilities
 
(265.6
)
 
(265.2
)
Net deferred tax assets (liabilities)
 
$
—

 
$
—

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] 
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
 
 
 
(In Millions)
 
 
2016
 
2015
 
2014
Unrecognized tax benefits balance as of January 1
 
$
156.2

 
$
72.6

 
$
71.8

Increases/(decreases) for tax positions in prior years
 
(61.0
)
 
6.7

 
—

Increases for tax positions in current year
 
0.2

 
78.5

 
5.9

Decrease due to foreign exchange
 
—

 
—

 
(0.2
)
Settlements
 
(64.7
)
 
(1.1
)
 
—

Lapses in statutes of limitations
 
—

 
(0.5
)
 
(3.7
)
Other
 
—

 
—

 
(1.2
)
Unrecognized tax benefits balance as of December 31
 
$
30.7

 
$
156.2

 
$
72.6

LEASE OBLIGATIONS (Tables)
Schedule Of Future Minimum Lease Payments For Capital Leases And Operating Leases
Future minimum payments under capital leases and non-cancellable operating leases at December 31, 2016 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2017
$
22.0

 
$
6.9

2018
17.9

 
5.6

2019
9.9

 
3.0

2020
9.0

 
2.9

2021
8.3

 
3.0

2022 and thereafter
0.7

 
—

Total minimum lease payments
$
67.8

 
$
21.4

Amounts representing interest
12.0

 
 
Present value of net minimum lease payments1
$
55.8

 
 
 
 
 
 
1 The total is comprised of $17.4 million and $38.4 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Consolidated Financial Position at December 31, 2016.
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Tables)
Schedule of Environmental Loss Contingencies and Asset Retirement Obligations [Table Text Block] 
The following is a summary of the obligations as of December 31, 2016 and 2015:
 
(In Millions)
 
December 31,
 
2016
 
2015
Environmental
$
2.8

 
$
3.6

Mine closure
 
 
 
U.S. Iron Ore1
187.8

 
214.0

Asia Pacific Iron Ore
16.2

 
16.4

Total mine closure
204.0

 
230.4

Total environmental and mine closure obligations
206.8

 
234.0

Less current portion
12.9

 
2.8

Long-term environmental and mine closure obligations
$
193.9

 
$
231.2

 
 
 
 
1 U.S. Iron Ore includes our active operating mines, our indefinitely idled Empire mine and a closed mine formerly operating as LTVSMC.
Asset Retirement Obligations 
The following represents a roll forward of our asset retirement obligation liability for the years ended December 31, 2016 and 2015:
 
(In Millions)
 
December 31,
 
2016
 
2015
Asset retirement obligation at beginning of period
$
230.4

 
$
165.3

Accretion expense
14.0

 
7.7

Remediation payments
(2.2
)
 
—

Exchange rate changes
(0.2
)
 
(1.1
)
Revision in estimated cash flows
(38.0
)
 
58.5

Asset retirement obligation at end of period
$
204.0

 
$
230.4

GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables)
Schedule Of Finite-Lived Intangible Assets By Major Class 
Following is a summary of intangible assets and liabilities as of December 31, 2016 and December 31, 2015:
 
 
 
(In Millions)
 
 
 
December 31, 2016
 
December 31, 2015
 
Classification
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
Definite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Permits
Other non-current assets
 
$
78.4

 
$
(24.6
)
 
$
53.8

 
$
78.4

 
$
(20.2
)
 
$
58.2

Total intangible assets
 
 
$
78.4

 
$
(24.6
)
 
$
53.8

 
$
78.4

 
$
(20.2
)
 
$
58.2

Below-market sales contracts
Other current liabilities
 
$
—

 
$
—

 
$
—

 
$
(23.1
)
 
$
—

 
$
(23.1
)
Below-market sales contracts
Other liabilities
 
—

 
—

 
—

 
(205.8
)
 
205.8

 
—

Total below-market sales contracts
 
 
$
—

 
$
—

 
$
—

 
$
(228.9
)
 
$
205.8

 
$
(23.1
)
Estimated Amortization Expense Relating To Intangible Assets 
The estimated amortization expense relating to intangible assets for each of the five succeeding years is as follows:

(In Millions)

Amount
Year Ending December 31

2017
1.9

2018
1.9

2019
2.0

2020
1.6

2021
1.0

Total
$
8.4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
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 Consolidated Financial Position as of December 31, 2016 and December 31, 2015:
 
(In Millions)
 
Derivative Assets
 
Derivative Liabilities
 
December 31, 2016
 
December 31, 2015
 
December 31, 2016
 
December 31, 2015
Derivative
Instrument
Balance Sheet Location
 
Fair
Value
 
Balance
Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
Customer Supply Agreements
Other current assets
 
21.3

 
Other current assets
 
5.8

 
 
 
—

 
 
 
—

Provisional Pricing Arrangements
Other current assets
 
10.3

 
Other current assets
 
2.0

 
Other current liabilities
 
0.5

 
Other current liabilities
 
3.4

Commodity Contracts
Other current assets
 
1.5

 
 
 
—

 
 
 
—

 
Other current liabilities
 
0.6

Total derivatives not designated as hedging instruments under ASC 815:
 
 
$
33.1

 
 
 
$
7.8

 
 
 
$
0.5

 
 
 
$
4.0

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 Consolidated Operations for the years ended December 31, 2016, 2015 and 2014:
(In Millions)
Derivatives Not Designated as Hedging Instruments
Location of Gain (Loss) Recognized in
Income on Derivative
Amount of Gain/(Loss) Recognized in Income on Derivative
 
 
Year Ended
December 31,
 
 
2016
 
2015
 
2014
Customer Supply Agreements
Product revenues
$
41.7

 
$
27.1

 
$
187.8

Provisional Pricing Arrangements
Product revenues
49.0

 
(1.4
)
 
(9.5
)
Foreign Exchange Contracts
Other non-operating income (expense)
—

 
(3.6
)
 
—

Foreign Exchange Contracts
Product revenues
—

 
(12.6
)
 
—

Commodity Contracts
Cost of goods sold and operating expenses
1.9

 
(4.0
)
 
—

Total
 
$
92.6

 
$
5.5

 
$
178.3


DISCONTINUED OPERATIONS (Tables)
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] 
(In Millions)
 
 
 
 
Canadian Operations
 
 
 
 
 
North American Coal
 
Eastern Canadian Iron Ore
Other
Total Canadian Operations
 
Total of Discontinued Operations
Statements of Consolidated Operations
 
 
 
 
 
 
 
Loss from Discontinued Operations, net of tax
YTD
December 31, 2016
$
(2.4
)
 
$
(17.5
)
$
—

$
(17.5
)
 
$
(19.9
)
Loss from Discontinued Operations, net of tax
YTD
December 31, 2015
$
(152.4
)
 
$
(638.7
)
$
(101.0
)
$
(739.7
)
 
$
(892.1
)
Loss from Discontinued Operations, net of tax
YTD
December 31, 2014
$
(1,134.5
)
 
$
(6,952.9
)
$
(280.6
)
$
(7,233.5
)
 
$
(8,368.0
)
 
 
 
 
 
 
 
 
 
Statements of Consolidated Financial Position
 
 
 
 
 
 
 
Other current liabilities
As of
December 31, 2016
$
6.0

 
$
—

$
—

$
—

 
$
6.0

Other current assets
As of
December 31, 2015
$
14.9

 
$
—

$
—

$
—

 
$
14.9

Other current liabilities
As of
December 31, 2015
$
6.9

 
$
—

$
—

$
—

 
$
6.9

 
 
 
 
 
 
 
 
 
Non-Cash Operating and Investing Activities
Depreciation, depletion and amortization
YTD
December 31, 2015
$
3.2

 
$
—

$
—

$
—

 
$
3.2

Purchase of property, plant and equipment
YTD
December 31, 2015
$
15.9

 
$
—

$
—

$
—

 
$
15.9

Impairment of goodwill and other long-lived assets
YTD
December 31, 2015
$
73.4

 
$
—

$
—

$
—

 
$
73.4

Depreciation, depletion and amortization
YTD
December 31, 2014
$
106.9

 
$
135.6

$
0.5

$
136.1

 
$
243.0

Purchase of property, plant and equipment
YTD
December 31, 2014
$
29.9

 
$
190.3

$
—

$
190.3

 
$
220.2

Impairment of goodwill and other long-lived assets
YTD
December 31, 2014
$
857.5

 
$
7,269.2

$
267.6

$
7,536.8

 
$
8,394.3


Schedule of Disposal Groups, including Discontinued Operations, Income Statement [Table Text Block] 
Loss on Discontinued Operations
The sale of our Oak Grove and Pinnacle mines on December 22, 2015 completed a strategic shift in our business. Our previously reported North American Coal operating segment results for all periods, prior to the March 31, 2015 held for sale determination, are classified as discontinued operations. Historical results also include our CLCC assets, which were sold during the fourth quarter of 2014.
 
 
(In Millions)
 
 
Year Ended
December 31,
Loss from Discontinued Operations
 
2016
 
2015
 
2014
Revenues from product sales and services
 
$
—

 
$
392.9

 
$
687.1

Cost of goods sold and operating expenses
 
—

 
(449.2
)
 
(822.9
)
Sales margin
 
—

 
(56.3
)
 
(135.8
)
Other operating expense
 
(4.5
)
 
(30.4
)
 
(20.8
)
Gain (loss) on sale of coal mines
 
2.1

 
9.3

 
(419.6
)
Other expense
 
—

 
(1.8
)
 
(3.0
)
Loss from discontinued operations before income taxes
 
(2.4
)
 
(79.2
)
 
(579.2
)
Impairment of long-lived assets
 
—

 
(73.4
)
 
(857.5
)
Income tax benefit
 
—

 
0.2

 
302.2

Loss from discontinued operations, net of tax
 
$
(2.4
)
 
$
(152.4
)
 
$
(1,134.5
)
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Table Text Block] 
Items Measured at Fair Value on a Non-Recurring Basis
The following table presents information about the impairment charge on non-financial assets that was measured on a fair value basis at March 31, 2015 for the North American Coal operations. There were no financial and non-financial assets and liabilities that were measured on a non-recurring fair value basis at December 31, 2016 for the North American Coal operations. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value.
 
 
(In Millions)
 
 
March 31, 2015
Description
 
Quoted Prices in Active
Markets for Identical Assets/
Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
 
Total Losses
Assets:
 
 
 
 
 
 
 
 
 
 
Other long-lived assets - Property, plant and equipment and Mineral rights: North American Coal operating unit
 
$
—

 
$
—

 
$
20.4

 
$
20.4

 
$
73.4

 
 
$
—

 
$
—

 
$
20.4

 
$
20.4

 
$
73.4

Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Table Text Block] 
Recorded Assets and Liabilities
 
 
(In Millions)
Assets and Liabilities of Discontinued Operations1
 
December 31,
2016
 
December 31,
2015
Other current assets
 
$
—

 
$
14.9

Total assets of discontinued operations
 
$
—

 
$
14.9

 
 
 
 
 
Accrued liabilities
 
$
1.1

 
$
—

Other current liabilities
 
4.9

 
6.9

Total liabilities of discontinued operations
 
$
6.0

 
$
6.9

 
 
 
 
 
1 At December 31, 2016 and 2015, we also recorded $2.1 million and $7.8 million, respectively, of contingent liabilities associated with our exit from the coal business recorded on our parent company.

Schedule of Disposal Groups, including Discontinued Operations, Income Statement [Table Text Block] 
Loss on Discontinued Operations
Our Canadian exit represents a strategic shift in our business. For this reason, our previously reported Eastern Canadian Iron Ore and Ferroalloys operating segment results for all periods prior to the respective deconsolidations, as well as costs to exit, are classified as discontinued operations.
 
 
(In Millions)
 
 
Year Ended
December 31,
Loss from Discontinued Operations
 
2016
 
2015
 
2014
Revenues from product sales and services
 
$
—

 
$
11.3

 
$
563.5

Cost of goods sold and operating expenses
 
—

 
(11.1
)
 
(808.4
)
Eliminations with continuing operations
 
—

 
—

 
(53.6
)
Sales margin
 
—

 
0.2

 
(298.5
)
Other operating expense
 
—

 
(33.8
)
 
(306.3
)
Other expense
 
—

 
(1.0
)
 
(5.6
)
Loss from discontinued operations before income taxes
 
—

 
(34.6
)
 
(610.4
)
Loss from deconsolidation
 
(17.5
)
 
(710.9
)
 
—

Impairment of long-lived assets
 
—

 
—

 
(7,536.8
)
Income tax benefit
 
—

 
5.8

 
913.7

Loss from discontinued operations, net of tax
 
$
(17.5
)
 
$
(739.7
)
 
$
(7,233.5
)
PreTax Exit Costs [Table Text Block] 
Canadian Entities loss from deconsolidation totaled $17.5 million and $710.9 million for the year ended December 31, 2016 and 2015, respectively and included the following:
 
 
(In Millions)
 
 
Year Ended
December 31,
 
Year Ended
December 31,
 
 
2016
 
2015
Investment impairment on deconsolidation1
 
$
(17.5
)
 
$
(507.8
)
Guarantees and contingent liabilities
 
—

 
(203.1
)
Total loss from deconsolidation
 
$
(17.5
)
 
$
(710.9
)
 
 
 
 
 
1 Includes the adjustment to fair value of our remaining interest in the Canadian Entities.
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Table Text Block] 
Items Measured at Fair Value on a Non-Recurring Basis
The following table presents information about the financial assets and liabilities that were measured on a fair value basis at December 31, 2016 and 2015 for the Canadian Entities. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value.
 
 
(In Millions)
 
 
December 31, 2016
Description
 
Quoted Prices in Active
Markets for Identical Assets/
Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
 
Total Losses
Assets:
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivables from the Canadian Entities
 
$
—

 
$
—

 
$
48.6

 
$
48.6

 
$
17.5

Liabilities:
 
 
 
 
 
 
 
 
 
 
Guarantees and contingent liabilities
 
$
—

 
$
—

 
$
37.2

 
$
37.2

 
$
—


 
 
(In Millions)
 
 
December 31, 2015
Description
 
Quoted Prices in Active
Markets for Identical Assets/
Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
 
Total Losses
Assets:
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivables from the Canadian Entities
 
$
—

 
$
—

 
$
72.9

 
$
72.9

 
$
507.8

Liabilities:
 
 
 
 
 
 
 
 
 
 
Guarantees and contingent liabilities
 
$
—

 
$
—

 
$
132.4

 
$
132.4

 
$
203.1

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables)
Schedule of Accumulate Other Comprehensive Income (Loss) and Related Tax Effects [Table Text Block] 
The components of Accumulated other comprehensive loss within Cliffs shareholders’ deficit and related tax effects allocated to each are shown below as of December 31, 2016, 2015 and 2014:
 
(In Millions)
 
Pre-tax
Amount
 
Tax
Benefit
(Provision)
 
After-tax
Amount
As of December 31, 2014:
 
 
 
 
 
Postretirement benefit liability
$
(425.3
)
 
$
134.2

 
$
(291.1
)
Foreign currency translation adjustments
64.4

 
—

 
64.4

Unrealized net loss on derivative financial instruments
(25.9
)
 
7.8

 
(18.1
)
Unrealized gain (loss) on securities
(1.3
)
 
0.3

 
(1.0
)
 
$
(388.1
)
 
$
142.3

 
$
(245.8
)
As of December 31, 2015:
 
 
 
 
 
Postretirement benefit liability
$
(364.8
)
 
$
123.4

 
$
(241.4
)
Foreign currency translation adjustments
220.7

 
—

 
220.7

Unrealized net gain on derivative financial instruments
2.2

 
0.4

 
2.6

Unrealized gain on securities
0.1

 
—

 
0.1

 
$
(141.8
)
 
$
123.8

 
$
(18.0
)
As of December 31, 2016:
 
 
 
 
 
Postretirement benefit liability
$
(384.0
)
 
$
123.4

 
$
(260.6
)
Foreign currency translation adjustments
239.3

 
—

 
239.3

 
$
(144.7
)
 
$
123.4

 
$
(21.3
)
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] 
The following tables reflect the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ equity for December 31, 2016, 2015 and 2014:
 
(In Millions)
 
Postretirement Benefit Liability, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2015
$
(241.4
)
 
$
0.1

 
$
220.7

 
$
2.6

 
$
(18.0
)
Other comprehensive income (loss) before reclassifications
(44.8
)
 
(0.1
)
 
18.4

 
(3.3
)
 
(29.8
)
Net loss reclassified from accumulated other comprehensive income (loss)
25.6

 
—

 
0.2

 
0.7

 
26.5

Balance December 31, 2016
$
(260.6
)
 
$
—

 
$
239.3

 
$
—

 
$
(21.3
)
 
(In Millions)
 
Postretirement Benefit Liability, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2014
$
(291.1
)
 
$
(1.0
)
 
$
64.4

 
$
(18.1
)
 
$
(245.8
)
Other comprehensive income (loss) before reclassifications
9.1

 
5.4

 
(26.4
)
 
1.9

 
(10.0
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
40.6

 
(4.3
)
 
182.7

 
18.8

 
237.8

Balance December 31, 2015
$
(241.4
)
 
$
0.1

 
$
220.7

 
$
2.6

 
$
(18.0
)
 
(In Millions)
 
Postretirement Benefit Liability, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2013
$
(204.9
)
 
$
6.2

 
$
106.7

 
$
(20.9
)
 
$
(112.9
)
Other comprehensive income (loss) before reclassifications
(97.0
)
 
1.3

 
(42.3
)
 
(28.2
)
 
(166.2
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
10.8

 
(8.5
)
 
—

 
31.0

 
33.3

Balance December 31, 2014
$
(291.1
)
 
$
(1.0
)
 
$
64.4

 
$
(18.1
)
 
$
(245.8
)
Details of Accumulated Other Comprehensive Income (Loss) Components [Table Text Block] 
The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ equity for the years ended December 31, 2016, 2015 and 2014:
 
 
(In Millions)
 
 
Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount of (Gain)/Loss Reclassified into Income
 
Affected Line Item in the Statement of Consolidated Operations
 
 
Year Ended
December 31, 2016
 
Year Ended
December 31, 2015
 
Year Ended
December 31, 2014
 
 
Amortization of Pension and Postretirement Benefit Liability:
 
 
 
 
 
 
 
 
Prior service costs1
 
$
(1.5
)
 
$
(1.4
)
 
$
(1.1
)
 
 
Net actuarial loss1
 
27.1

 
27.4

 
18.5

 
 
Curtailments/Settlements1
 
—

 
0.2

 
1.4

 
 
Effect of deconsolidation2
 
—

 
15.1

 
—

 
Loss from Discontinued Operations, net of tax
 
 
25.6

 
41.3

 
18.8

 
Total before taxes
 
 
—

 
(0.7
)
 
(5.8
)
 
Income tax benefit (expense)
 
 
$
25.6

 
$
40.6

 
$
13.0

 
Net of taxes
 
 
 
 
 
 
 
 
 
Unrealized loss on marketable securities:
 
 
 
 
 
 
 
 
Sale of marketable securities
 
$
—

 
$
(2.6
)
 
$
(11.4
)
 
Other non-operating income (expense)
Impairment
 
—

 
(2.0
)
 
(0.5
)
 
Other non-operating income (expense)
 
 
—

 
(4.6
)
 
(11.9
)
 
Total before taxes
 
 
—

 
0.3

 
3.4

 
Income tax benefit (expense)
 
 
$
—

 
$
(4.3
)
 
$
(8.5
)
 
Net of taxes
 
 
 
 
 
 
 
 
 
Unrealized gain on foreign currency translation:
 
 
 
 
 
 
 
 
Dissolution of entity
 
$
0.2

 
$
—

 
$
—

 
Other non-operating income (expense)
Effect of deconsolidation3
 
—

 
182.7

 
—

 
Loss from Discontinued Operations, net of tax
 
 
$
0.2

 
$
182.7

 
$
—

 
Net of taxes
 
 
 
 
 
 
 
 
 
Unrealized gain on derivative financial instruments:
 
 
 
 
 
 
 
 
Treasury lock
 
$
1.2

 
$
—

 
$
—

 
Gain on extinguishment/restructuring of debt
Australian dollar foreign exchange contracts
 
—

 
26.9

 
18.9

 
Product revenues
Canadian dollar foreign exchange contracts
 
—

 
—

 
26.7

 
Cost of goods sold and operating expenses
 
 
1.2

 
26.9

 
45.6

 
Total before taxes
 
 
(0.5
)
 
(8.1
)
 
(14.6
)
 
Income tax benefit (expense)
 
 
$
0.7

 
$
18.8

 
$
31.0

 
Net of taxes
 
 
 
 
 
 
 
 
 
Total Reclassifications for the Period
 
$
26.5

 
$
237.8

 
$
35.5

 
 
 
 
 
 
 
 
 
 
 
1 These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
2 Represents Canadian postretirement benefit liabilities that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information.
3 Represents Canadian accumulated currency translation adjustments that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information.
CASH FLOW INFORMATION (Tables)
Supplemental Cash Flow Disclosures
A reconciliation of capital additions to cash paid for capital expenditures for the years ended December 31, 2016, 2015 and 2014 is as follows:
 
(In Millions)
 
Year Ended December 31,
 
2016
 
2015
 
2014
Capital additions1
$
68.5

 
$
96.7

 
$
235.5

Cash paid for capital expenditures
69.1

 
80.8

 
284.1

Difference
$
(0.6
)
 
$
15.9

 
$
(48.6
)
Non-cash accruals
$
(0.6
)
 
$
14.4

 
$
(58.5
)
Capital leases
—

 
1.5

 
9.9

Total
$
(0.6
)
 
$
15.9

 
$
(48.6
)
 
 
 
 
 
 
1 Includes capital additions of $68.5 million related to continuing operations for the year ended December 31, 2016. Includes capital additions of $72.2 million and $24.5 million related to continuing operations and discontinued operations, respectively, for the year ended December 31, 2015. Includes capital additions of $65.5 million and $170.0 million related to continuing operations and discontinued operations, respectively, for the year ended December 31, 2014.
Cash payments for interest and income taxes in 2016, 2015 and 2014 are as follows:
 
(In Millions)
2016
 
2015
 
2014
Taxes paid on income
$
6.0

 
$
5.0

 
$
47.3

Income tax refunds1
5.4

 
211.4

 
54.7

Interest paid on debt obligations2
184.0

 
185.6

 
176.5

 
 
 
 
 
 
1 Includes income tax refunds that relate to the deconsolidated Canadian Entities for the year ended December 31, 2014 of $47.8 million.
2 Includes interest paid on the corporate guarantees of the equipment loans that relate to discontinued operations for the years ended December 31, 2016, 2015 and 2014 of $1.4 million, $4.8 million and $6.1 million, respectively.
RELATED PARTIES (Tables)
Summary Of Other Ownership Interests 
The following is a summary of the mine ownership of these iron ore mines at December 31, 2016:
Mine
 
Cliffs Natural Resources
 
ArcelorMittal
 
U.S. Steel
Empire
 
79.0
%
 
21.0
%
 
—

Tilden
 
85.0
%
 
—

 
15.0
%
Hibbing
 
23.0
%
 
62.3
%
 
14.7
%
Summary Of Related Party Transactions Table Disclosure 
Product revenues from related parties were as follows:
 
(In Millions)
 
Year Ended December 31,
 
2016
 
2015
 
2014
Product revenues from related parties
$
830.1

 
$
671.1

 
$
1,011.4

Total product revenues
1,913.5

 
1,832.4

 
3,095.2

Related party product revenue as a percent of total product revenue
43.4
%
 
36.6
%
 
32.7
%
EARNINGS PER SHARE (Tables)
Earnings Per Share Computation
The following table summarizes the computation of basic and diluted earnings per share attributable to Cliffs shareholders:
 
(In Millions, Except Per Share Amounts)
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
Income from Continuing Operations
 
$
219.2

 
$
143.7

 
$
56.4

Income from Continuing Operations Attributable to
Noncontrolling Interest
 
(25.2
)
 
(8.6
)
 
(25.9
)
Net Income from Continuing Operations
attributable to Cliffs shareholders
 
$
194.0

 
$
135.1

 
$
30.5

Loss from Discontinued Operations, net of tax
 
(19.9
)
 
(884.4
)
 
(7,254.7
)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
 
$
174.1

 
$
(749.3
)
 
$
(7,224.2
)
PREFERRED STOCK DIVIDENDS
 
—

 
(38.4
)
 
(51.2
)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
 
$
174.1

 
$
(787.7
)
 
$
(7,275.4
)
Weighted Average Number of Shares:
 
 
 
 
 
 
Basic
 
197.7

 
153.2

 
153.1

Employee Stock Plans
 
2.4

 
0.4

 
—

Diluted
 
200.1

 
153.6

 
153.1

Earnings (loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic:
 
 
 
 
 
 
Continuing operations
 
$
0.98

 
$
0.63

 
$
(0.14
)
Discontinued operations
 
(0.10
)
 
(5.77
)
 
(47.38
)
 
 
$
0.88

 
$
(5.14
)
 
$
(47.52
)
Earnings (loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted:
 
 
 
 
 
 
Continuing operations
 
$
0.97

 
$
0.63

 
$
(0.14
)
Discontinued operations
 
(0.10
)
 
(5.76
)
 
(47.38
)
 
 
$
0.87

 
$
(5.13
)
 
$
(47.52
)

The diluted earnings per share calculation excludes 25.3 million and 25.2 million depositary shares that were anti-dilutive for the year ended December 31, 2015 and 2014, respectively. Additionally, the diluted earnings per share calculation also excludes 0.7 million of equity plan awards that were anti-dilutive for the year ended December 31, 2014.
QUARTERLY RESULTS OF OPERATIONS (Tables)
Schedule of Quarterly Financial Information [Table Text Block]
The sum of quarterly EPS may not equal EPS for the year due to discrete quarterly calculations.
 
(In Millions, Except Per Share Amounts)
2016
Quarters
 
 
First
 
Second
 
Third
 
Fourth
 
Year
Revenues from product sales and services
$
305.5

 
$
496.2

 
$
553.3

 
$
754.0

 
$
2,109.0

Sales margin
30.9

 
91.5

 
85.4

 
181.5

 
389.3

Income (Loss) from Continuing Operations
$
114.3

 
$
29.9

 
$
(25.1
)
 
$
100.1

 
$
219.2

Loss (Income) from Continuing Operations
attributable to Noncontrolling Interest
(8.8
)
 
(16.7
)
 
2.0

 
(1.7
)
 
(25.2
)
Net Income (Loss) from Continuing Operations
attributable to Cliffs shareholders
105.5

 
13.2

 
(23.1
)
 
98.4

 
194.0

Income (Loss) from Discontinued Operations, net of tax
2.5

 
(0.4
)
 
(2.7
)
 
(19.3
)
 
(19.9
)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
$
108.0

 
$
12.8

 
$
(25.8
)
 
$
79.1

 
$
174.1

Earnings (loss) per common share attributable to
    Cliffs common shareholders — Basic:
 
 
 
 
 
 
 
 
 
Continuing Operations
$
0.61

 
$
0.07

 
$
(0.11
)
 
$
0.43

 
$
0.98

Discontinued Operations
0.01

 
—

 
(0.01
)
 
(0.08
)
 
(0.10
)
 
$
0.62

 
$
0.07

 
$
(0.12
)
 
$
0.35

 
$
0.88

Earnings (loss) per common share attributable to
    Cliffs common shareholders — Diluted:
 
 
 
 
 
 
 
 
 
Continuing Operations
$
0.61

 
$
0.07

 
$
(0.11
)
 
$
0.42

 
$
0.97

Discontinued Operations
0.01

 
—

 
(0.01
)
 
(0.08
)
 
(0.10
)
 
$
0.62

 
$
0.07

 
$
(0.12
)
 
$
0.34

 
$
0.87

The diluted earnings per share calculation for the third quarter of 2016 exclude equity plan awards of 3.0 million that were anti-dilutive. There was no anti-dilution in the first, second or fourth quarter of 2016.
 
(In Millions, Except Per Share Amounts)
 
2015
Quarters
 
 
First
 
Second
 
Third
 
Fourth
 
Year
Revenues from product sales and services
$
446.0

 
$
498.1

 
$
593.2

 
$
476.0

 
$
2,013.3

Sales margin
80.8

 
57.3

 
55.1

 
43.3

 
236.5

Income (Loss) from Continuing Operations
$
166.8

 
$
(38.2
)
 
$
49.9

 
$
(34.8
)
 
$
143.7

Loss (Income) from Continuing Operations
attributable to Noncontrolling Interest
1.9

 
(5.0
)
 
4.6

 
(2.4
)
 
(8.6
)
Net Income (Loss) from Continuing Operations
attributable to Cliffs shareholders
$
168.7

 
$
(43.2
)
 
$
54.5

 
$
(37.2
)
 
$
135.1

Income (Loss) from Discontinued Operations, net of tax
(928.5
)
 
103.4

 
(43.9
)
 
(23.1
)
 
(884.4
)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
(759.8
)
 
$
60.2

 
$
10.6

 
$
(60.3
)
 
$
(749.3
)
PREFERRED STOCK DIVIDENDS
(12.8
)
 
—

 
(25.6
)
 
—

 
(38.4
)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
(772.6
)
 
60.2

 
(15.0
)
 
(60.3
)
 
(787.7
)
Earnings (loss) per common share attributable to
    Cliffs common shareholders — Basic:
 
 
 
 
 
 
 
 
 
Continuing Operations
$
1.02

 
$
(0.28
)
 
$
0.19

 
$
(0.24
)
 
$
0.63

Discontinued Operations
(6.06
)
 
0.67

 
(0.29
)
 
(0.15
)
 
(5.77
)
 
$
(5.04
)
 
$
0.39

 
$
(0.10
)
 
$
(0.39
)
 
$
(5.14
)
Earnings (loss) per common share attributable to
Cliffs common shareholders — Diluted:
 
 
 
 
 
 
 
 
 
Continuing Operations
$
0.94

 
$
(0.28
)
 
$
0.19

 
$
(0.24
)
 
$
0.63

Discontinued Operations
(5.20
)
 
0.67

 
(0.29
)
 
(0.15
)
 
(5.76
)
 
$
(4.26
)
 
$
0.39

 
$
(0.10
)
 
$
(0.39
)
 
$
(5.13
)

The diluted earnings per share calculation for the second, third and fourth quarter of 2015 exclude depositary shares that were anti-dilutive ranging between 25.2 million and 25.6 million and equity plan awards ranging between 0.1 million and 0.3 million that were anti-dilutive. There was no anti-dilution in the first quarter of 2015.
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Related Party Transaction [Line Items]
 
 
 
Net Income (Loss) Attributable to Noncontrolling Interest
$ 25,200,000 
$ 900,000 
$ (1,087,400,000)
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST
0 
7,700,000 
1,113,300,000 
Allowance for Doubtful Accounts Receivable
0 
7,100,000 
 
Provision for Doubtful Accounts
0 
7,100,000.0 
0 
Inventory Valuation Reserves
14,000,000 
31,800,000 
 
Disposal of supplies inventory
17,400,000 
 
 
Tangible Asset Impairment Charges
0 
0 
537,800,000 
Impairment of Intangible Assets (Excluding Goodwill)
 
 
13,800,000 
Freight and venture partners' cost reimbursements
195,500,000 
180,900,000 
278,000,000 
Trading Day Window Determining Number of Common Shares Issuable on Conversion
20 
 
 
U.S. Iron Ore [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Quantity Of Finished Goods
1,500,000 
1,300,000 
 
Freight and venture partners' cost reimbursements
174,800,000 
157,300,000 
271,000,000 
Asia Pacific [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Freight and venture partners' cost reimbursements
20,700,000 
23,600,000 
6,900,000 
Empire [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
21.00% 
 
 
Net Income (Loss) Attributable to Noncontrolling Interest
 
(8,600,000)
 
Bloom Lake [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
17.00% 
 
 
Investments in Ventures [Member] |
Hibbing [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Ownership interest, equity method investment
23.00% 
 
 
Other Noncurrent Liabilities [Member] |
Hibbing [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Equity Method Investments
(8,700,000)
(2,400,000)
 
Take or Pay Contracts [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Deferred Revenue
3,400,000 
 
29,300,000 
Customer Supplemental Payments [Member] |
U.S. Iron Ore [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Deferred Revenue
77,100,000 
89,900,000 
 
Deferred Revenue, Current
16,400,000 
12,800,000 
 
Deferred Revenue, Noncurrent
$ 64,200,000 
$ 77,100,000 
 
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Subsidiaries) (Details)
12 Months Ended
Dec. 31, 2016
Northshore [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Minnesota 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
United Taconite [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Minnesota 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
Tilden [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Michigan 
Noncontrolling Interest, Ownership Percentage by Parent
85.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
Empire [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Michigan 
Noncontrolling Interest, Ownership Percentage by Parent
79.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
Koolyanobbing [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Western Australia 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Depreciation Methods and Useful Lives) (Details)
12 Months Ended
Dec. 31, 2016
Building [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
45 years 
Equipment [Member] |
Minimum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
3 years 
Equipment [Member] |
Maximum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
20 years 
Other Machinery and Equipment [Member] |
Minimum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
10 years 
Other Machinery and Equipment [Member] |
Maximum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
45 years 
Electric Power Facilities [Member] |
Minimum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
10 years 
Electric Power Facilities [Member] |
Maximum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
45 years 
Land Improvements [Member] |
Minimum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
20 years 
Land Improvements [Member] |
Maximum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
45 years 
Computer Equipment [Member] |
Minimum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
3 years 
Computer Equipment [Member] |
Maximum [Member]
 
Property, Plant and Equipment [Line Items]
 
Property, Plant and Equipment, Useful Life
15 years 
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Revenue Reimbursement) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Freight and venture partners' cost reimbursements
$ 195.5 
$ 180.9 
$ 278.0 
U.S. Iron Ore [Member]
 
 
 
Freight and venture partners' cost reimbursements
174.8 
157.3 
271.0 
U.S. Iron Ore [Member] |
Freight Revenue [Member]
 
 
 
Freight and venture partners' cost reimbursements
106.8 
105.3 
163.0 
U.S. Iron Ore [Member] |
Co-venturer [Member]
 
 
 
Freight and venture partners' cost reimbursements
$ 68.0 
$ 52.0 
$ 108.0 
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Transaction Gains (Losses) Resulting from Remeasurement) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Foreign Currency Transaction Gain (Loss), before Tax
$ 0.8 
$ 3.3 
$ (1.3)
Transaction Gains and Losses Resulting from Remeasurement [Member]
 
 
 
Foreign Currency Transaction Gain (Loss), before Tax
(16.8)
16.3 
29.0 
Cash and Cash Equivalents [Member]
 
 
 
Foreign Currency Transaction Gain (Loss), before Tax
(1.0)
1.5 
10.6 
Intercompany loan [Member]
 
 
 
Foreign Currency Transaction Gain (Loss), before Tax
$ (16.6)
$ 11.5 
$ 19.7 
SEGMENT REPORTING (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
$ 754.0 
$ 553.3 
$ 496.2 
$ 305.5 
$ 476.0 
$ 593.2 
$ 498.1 
$ 446.0 
$ 2,109.0 
$ 2,013.3 
$ 3,373.2 
Sales Revenue, Net [Member] |
Customer Concentration Risk [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Number of Customers
 
 
 
 
 
 
 
 
2 
3 
3 
Concentration Risk, Percentage
 
 
 
 
 
 
 
 
 
10.00% 
10.00% 
Revenues
 
 
 
 
 
 
 
 
$ 1,100.0 
$ 1,300.0 
$ 1,900.0 
SEGMENT REPORTING (Schedule Of Segment Reporting Information, By Segment) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues from product sales and services
$ 754.0 
$ 553.3 
$ 496.2 
$ 305.5 
$ 476.0 
$ 593.2 
$ 498.1 
$ 446.0 
$ 2,109.0 
$ 2,013.3 
$ 3,373.2 
Revenues from producet sales and services, percent
 
 
 
 
 
 
 
 
100.00% 
100.00% 
100.00% 
SALES MARGIN
181.5 
85.4 
91.5 
30.9 
43.3 
55.1 
57.3 
80.8 
389.3 
236.5 
885.7 
Other operating expense
 
 
 
 
 
 
 
 
(148.5)
(85.2)
(755.6)
Other expense
 
 
 
 
 
 
 
 
(33.8)
161.8 
(149.8)
Income (loss) from continuing operations before income taxes and equity loss from ventures
 
 
 
 
 
 
 
 
207.0 
313.1 
(19.7)
Net income (loss)
 
 
 
 
 
 
 
 
199.3 
(748.4)
(8,311.6)
Interest Income (Expense), net, including Discontinued Operations
 
 
 
 
 
 
 
 
(200.5)
(231.4)
(185.2)
Income Tax Expense (Benefit), including Discontinued Operations
 
 
 
 
 
 
 
 
12.2 
(163.3)
1,302.0 
Depreciation, depletion and amortization
 
 
 
 
 
 
 
 
(115.4)
(134.0)
(504.0)
EBITDA
 
 
 
 
 
 
 
 
503.0 
(219.7)
(8,924.4)
Gain on extinguishment/restructuring of debt
 
 
 
 
 
 
 
 
166.3 
392.9 
16.2 
Asset Impairment Charges
 
 
 
 
 
 
 
 
0 
3.3 
635.5 
Adjusted EBITDA
 
 
 
 
 
 
 
 
373.5 
292.9 
1,048.3 
Depreciation, Depletion and Amortization excluding Depreciation, Amortization and Depletion expense for Discontinued Operations
 
 
 
 
 
 
 
 
115.4 
130.8 
261.0 
Capital Additions
 
 
 
 
 
 
 
 
68.5 
72.2 
65.5 
U.S. Iron Ore [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues from product sales and services
 
 
 
 
 
 
 
 
1,554.5 
1,525.4 
2,506.5 
Revenues from producet sales and services, percent
 
 
 
 
 
 
 
 
74.00% 
76.00% 
74.00% 
SALES MARGIN
 
 
 
 
 
 
 
 
275.7 
227.1 
710.4 
Depreciation, depletion and amortization
 
 
 
 
 
 
 
 
(84.0)
(98.9)
(107.4)
EBITDA
 
 
 
 
 
 
 
 
342.4 
317.6 
805.6 
Adjusted EBITDA
 
 
 
 
 
 
 
 
359.6 
352.1 
833.5 
Capital Additions
 
 
 
 
 
 
 
 
62.2 
58.2 
48.4 
Asia Pacific Iron Ore [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues from product sales and services
 
 
 
 
 
 
 
 
554.5 
487.9 
866.7 
Revenues from producet sales and services, percent
 
 
 
 
 
 
 
 
26.00% 
24.00% 
26.00% 
SALES MARGIN
 
 
 
 
 
 
 
 
113.6 
9.4 
121.7 
Depreciation, depletion and amortization
 
 
 
 
 
 
 
 
(25.1)
(25.3)
(145.9)
EBITDA
 
 
 
 
 
 
 
 
128.3 
35.3 
(352.9)
Adjusted EBITDA
 
 
 
 
 
 
 
 
132.9 
32.7 
252.9 
Capital Additions
 
 
 
 
 
 
 
 
0.2 
5.4 
10.8 
Discontinued Operations [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Eliminations with Discontinued Operations
 
 
 
 
 
 
 
 
0 
0 
53.6 
All Other Segments [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Depreciation, depletion and amortization
 
 
 
 
 
 
 
 
(6.3)
(6.6)
(7.7)
Capital Additions
 
 
 
 
 
 
 
 
6.1 
8.6 
6.3 
Other Segment [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
EBITDA
 
 
 
 
 
 
 
 
32.3 
(572.6)
(9,377.1)
Adjusted EBITDA
 
 
 
 
 
 
 
 
(119.0)
(91.9)
(38.1)
EBITDA Calculation [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Depreciation, depletion and amortization
 
 
 
 
 
 
 
 
(115.4)
(134.0)
(504.0)
Adjusted EBITDA Calculation [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Impact of Discontinued Operations
 
 
 
 
 
 
 
 
(19.9)
(892.0)
(9,332.5)
Foreign Exchange Remeasurement
 
 
 
 
 
 
 
 
(16.8)
16.3 
29.0 
Severance Costs
 
 
 
 
 
 
 
 
(0.1)
(10.2)
(23.3)
Inventory Write-down
 
 
 
 
 
 
 
 
0 
(16.3)
0 
Proxy contest and change in control costs in SG&A
 
 
 
 
 
 
 
 
$ 0 
$ 0 
$ (26.6)
SEGMENT REPORTING SEGMENT REPORTING (Summary of Assets by Segment) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Segment Reporting Information [Line Items]
 
 
 
Assets
$ 1,923.9 
$ 2,135.5 
$ 3,147.2 
U.S. Iron Ore [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Assets
1,372.5 
1,476.4 
1,464.9 
Asia Pacific Iron Ore [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Assets
155.1 
202.5 
306.2 
Total Segment Assets [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Assets
1,527.6 
1,678.9 
1,771.1 
Corporate [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Assets
396.3 
441.7 
666.2 
Discontinued Operations [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Disposal Group, Including Discontinued Operation, Assets
$ 0 
$ 14.9 
$ 709.9 
SEGMENT REPORTING SEGMENTS REPORTING (Revenue by Geographical Location) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
$ 754.0 
$ 553.3 
$ 496.2 
$ 305.5 
$ 476.0 
$ 593.2 
$ 498.1 
$ 446.0 
$ 2,109.0 
$ 2,013.3 
$ 3,373.2 
PROPERTY, PLANT AND EQUIPMENT, NET
984.4 
 
 
 
1,059.0 
 
 
 
984.4 
1,059.0 
1,070.5 
United States [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
1,236.2 
1,206.4 
1,923.2 
PROPERTY, PLANT AND EQUIPMENT, NET
961.0 
 
 
 
1,012.7 
 
 
 
961.0 
1,012.7 
998.1 
Australia
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
PROPERTY, PLANT AND EQUIPMENT, NET
23.4 
 
 
 
46.3 
 
 
 
23.4 
46.3 
72.4 
China [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
452.5 
370.8 
662.7 
Canada [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
267.1 
282.4 
430.5 
Other Countries [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
$ 153.2 
$ 153.7 
$ 356.8 
SEGMENT REPORTING SEGMENT REPORTING (Revenue from External Customers by Products and Services) (Details) (Sales Revenue, Net [Member], Product Concentration Risk [Member])
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenue from External Customer [Line Items]
 
 
 
Concentration Risk, Percentage
100.00% 
100.00% 
100.00% 
Iron Ore Revenue [Member]
 
 
 
Revenue from External Customer [Line Items]
 
 
 
Concentration Risk, Percentage
91.00% 
91.00% 
92.00% 
Freight and Venture Partners' Cost Reimbursements [Member]
 
 
 
Revenue from External Customer [Line Items]
 
 
 
Concentration Risk, Percentage
9.00% 
9.00% 
8.00% 
INVENTORIES (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2016
Asia Pacific Iron Ore [Member]
Dec. 31, 2015
Asia Pacific Iron Ore [Member]
Dec. 31, 2016
U.S. Iron Ore [Member]
Dec. 31, 2015
U.S. Iron Ore [Member]
Inventory [Line Items]
 
 
 
 
 
Other Inventory, Noncurrent
 
$ 0 
$ 6,800,000 
 
 
Inventory, LIFO Reserve
 
 
 
78,500,000 
87,800,000 
Cost of Goods Sold
8,800,000 
 
 
 
 
Increase in Inventories due to build up of LIFO layers
 
 
 
 
$ 118,800,000 
INVENTORIES (Schedule Of Inventories) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Inventory, Net [Abstract]
 
 
Finished Goods
$ 148.0 
$ 273.1 
Work-in Process
30.4 
56.5 
Total Inventory
178.4 
329.6 
U.S. Iron Ore [Member]
 
 
Inventory, Net [Abstract]
 
 
Finished Goods
124.4 
252.3 
Work-in Process
12.6 
11.7 
Total Inventory
137.0 
264.0 
Asia Pacific Iron Ore [Member]
 
 
Inventory, Net [Abstract]
 
 
Finished Goods
23.6 
20.8 
Work-in Process
17.8 
44.8 
Total Inventory
$ 41.4 
$ 65.6 
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Property, Plant and Equipment [Line Items]
 
 
 
Depreciation
$ 106,800,000 
$ 119,200,000 
$ 173,000,000 
Tangible Asset Impairment Charges
0 
0 
537,800,000 
Depletion
3,800,000 
7,400,000 
79,600,000 
Land Rights And Mineral Rights [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Tangible Asset Impairment Charges
 
 
$ 297.2 
PROPERTY, PLANT AND EQUIPMENT (Value Of Each Of The Major Classes Of Consolidated Depreciable Assets) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
$ 1,941.3 
$ 1,970.3 
 
Accumulated Depreciation and Depletion, Property, Plant and Equipment
956.9 
911.3 
 
Property, plant and equipment, net
984.4 
1,059.0 
1,070.5 
Land Rights And Mineral Rights [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
500.5 
500.5 
 
Office And Information Technology [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
65.1 
71.0 
 
Buildings [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
67.9 
60.4 
 
Mining Equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
592.2 
594.0 
 
Processing Equipment [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
552.0 
516.8 
 
Electric Power Facilities [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
49.4 
46.4 
 
Land Improvements [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
23.5 
24.8 
 
Asset Retirement Obligation [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
19.8 
87.9 
 
Other Assets [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
28.1 
28.2 
 
Construction in Progress [Member]
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property, plant and equipment, gross
$ 42.8 
$ 40.3 
 
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT (Book Value of Land and Mineral Rights Disclosure) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Property, Plant and Equipment [Abstract]
 
 
Land Rights
$ 11.6 
$ 11.6 
Mineral Rights [Abstract]
 
 
Mineral Properties, Gross
488.9 
488.9 
Mineral Properties, Accumulated Depletion
(112.2)
(108.4)
Mineral Properties, Net
$ 376.7 
$ 380.5 
DEBT AND CREDIT FACILITIES (Narrative) (Details) (USD $)
Share data in Millions, unless otherwise specified
12 Months Ended 12 Months Ended 3 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2016
$540 Million 8.25% 2020 First Lien Notes [Member]
Dec. 31, 2015
$540 Million 8.25% 2020 First Lien Notes [Member]
Dec. 31, 2016
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member]
Mar. 31, 2016
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member]
Dec. 31, 2016
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
Mar. 31, 2016
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
Dec. 31, 2015
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
Mar. 31, 2015
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
Dec. 31, 2016
Secured Debt [Member]
Sep. 30, 2016
$500 Million 3.95% 2018 Senior Notes [Member]
Dec. 31, 2016
$500 Million 3.95% 2018 Senior Notes [Member]
Mar. 31, 2016
$500 Million 3.95% 2018 Senior Notes [Member]
Dec. 31, 2015
$500 Million 3.95% 2018 Senior Notes [Member]
Dec. 31, 2016
$400 Million 5.90% 2020 Senior Notes [Member]
Mar. 31, 2016
$400 Million 5.90% 2020 Senior Notes [Member]
Dec. 31, 2015
$400 Million 5.90% 2020 Senior Notes [Member]
Mar. 31, 2015
$400 Million 5.90% 2020 Senior Notes [Member]
Dec. 31, 2016
$500 Million 4.80% 2020 Senior Notes[Member]
Mar. 31, 2016
$500 Million 4.80% 2020 Senior Notes[Member]
Dec. 31, 2015
$500 Million 4.80% 2020 Senior Notes[Member]
Mar. 31, 2015
$500 Million 4.80% 2020 Senior Notes[Member]
Dec. 31, 2016
$700 Million 4.875% 2021 Senior Notes[Member]
Mar. 31, 2016
$700 Million 4.875% 2021 Senior Notes[Member]
Dec. 31, 2015
$700 Million 4.875% 2021 Senior Notes[Member]
Mar. 31, 2015
$700 Million 4.875% 2021 Senior Notes[Member]
Dec. 31, 2016
$800 Million 6.25% 2040 Senior Notes [Member]
Mar. 31, 2016
$800 Million 6.25% 2040 Senior Notes [Member]
Dec. 31, 2015
$800 Million 6.25% 2040 Senior Notes [Member]
Mar. 31, 2015
$800 Million 6.25% 2040 Senior Notes [Member]
Dec. 31, 2016
Unsecured Debt [Member]
Dec. 31, 2016
Unsecured Debt [Member]
Maximum [Member]
Dec. 31, 2016
Unsecured Debt [Member]
Minimum [Member]
Dec. 31, 2016
ABL Facility [Member]
Dec. 31, 2015
ABL Facility [Member]
Dec. 31, 2016
ABL Facility [Member]
Maximum [Member]
Dec. 31, 2016
Letter of Credit [Member]
Dec. 31, 2015
Letter of Credit [Member]
Dec. 31, 2015
Hedge Obligations [Member]
Dec. 31, 2015
Debt Repurchase [Member]
Sep. 30, 2016
Debt Repurchase [Member]
$500 Million 3.95% 2018 Senior Notes [Member]
Sep. 16, 2016
Debt Repurchase [Member]
$500 Million 3.95% 2018 Senior Notes [Member]
Dec. 31, 2016
Exchange of Debt [Member]
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member]
Mar. 31, 2016
Exchange of Debt [Member]
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
Dec. 31, 2015
Exchange of Debt [Member]
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
Mar. 31, 2016
Exchange of Debt [Member]
$500 Million 3.95% 2018 Senior Notes [Member]
Mar. 31, 2016
Exchange of Debt [Member]
$400 Million 5.90% 2020 Senior Notes [Member]
Mar. 31, 2015
Exchange of Debt [Member]
$400 Million 5.90% 2020 Senior Notes [Member]
Mar. 31, 2016
Exchange of Debt [Member]
$500 Million 4.80% 2020 Senior Notes[Member]
Mar. 31, 2015
Exchange of Debt [Member]
$500 Million 4.80% 2020 Senior Notes[Member]
Mar. 31, 2016
Exchange of Debt [Member]
$700 Million 4.875% 2021 Senior Notes[Member]
Mar. 31, 2015
Exchange of Debt [Member]
$700 Million 4.875% 2021 Senior Notes[Member]
Mar. 31, 2016
Exchange of Debt [Member]
$800 Million 6.25% 2040 Senior Notes [Member]
Mar. 31, 2015
Exchange of Debt [Member]
$800 Million 6.25% 2040 Senior Notes [Member]
Dec. 31, 2016
Exchange of Debt for Equity [Member]
Dec. 31, 2016
Exchange of Debt for Equity [Member]
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member]
Dec. 31, 2016
Exchange of Debt for Equity [Member]
$500 Million 3.95% 2018 Senior Notes [Member]
Dec. 31, 2016
Exchange of Debt for Equity [Member]
$700 Million 4.875% 2021 Senior Notes[Member]
Dec. 31, 2015
Credit Facility Extinguishment [Member]
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Interest Rate, Stated Percentage
 
 
 
 
 
8.25% 
 
8.00% 
 
7.75% 
 
 
 
 
 
3.95% 
 
 
5.90% 
 
 
 
4.80% 
 
 
 
4.88% 
 
 
 
6.25% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repurchase price if triggering event occurs
 
 
 
 
 
 
 
 
 
 
 
 
 
1.01 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.01 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In the Event of Default Amount that will Accelerate
 
 
 
 
 
 
 
 
 
 
 
 
 
0.25 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Redemption Price
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 301,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Par Value
 
 
 
 
 
540,000,000 
540,000,000 
218,500,000 
218,500,000 
430,100,000 
 
544,200,000 
544,200,000 
 
 
 
 
311,200,000 
225,600,000 
 
290,800,000 
 
236,800,000 
 
306,700,000 
 
309,400,000 
 
412,500,000 
 
298,400,000 
 
492,800,000 
 
 
 
 
550,000,000 
 
 
 
 
 
 
283,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain on extinguishment/restructuring of debt
(166,300,000)
(392,900,000)
(16,200,000)
 
 
 
 
 
 
 
 
 
 
 
19,900,000 
 
 
 
 
 
 
 
(600,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(137,100,000)
 
 
(174,300,000)
(6,900,000)
(269,500,000)
(1,800,000)
(28,300,000)
(24,500,000)
(19,500,000)
(54,600,000)
(33,300,000)
(83,100,000)
(84,500,000)
(107,300,000)
(11,300,000)
 
 
 
(13,700,000)
Amortization of Debt Discount (Premium)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Redemption Expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Time Period During Which Senior Notes May Be Redeemed at Company's Option, Number of Days From When Prior Notice Sent to Holders
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 years 0 months 60 days 
0 years 0 months 30 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note Redemption Price, Percent of Principal Amount to be Redeemed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basis points
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
50 
 
 
35 
 
 
 
 
 
 
 
25 
 
 
 
40 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Tranche
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
450,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sublimit for Issuers of Letters of Credit for U.S. Tranche
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
250,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sublimit for U.S. Swingline Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Australian Tranche
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sublimit for Issuance of Letters of Credit for Australian Tranche
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
50,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sublimit for Australian Swingline Loans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Base Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.01 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIBOR Rate Based on a One-month interest period plus 1 percent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.01 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charge Coverage Ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit facility, amount outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
0 
 
106,000,000 
186,300,000 
500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Remaining Borrowing Capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
227,000,000 
179,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving credit facility, borrowing capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
333,000,000 
366,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payments of Debt Issuance Costs
5,200,000 
33,600,000 
9,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt, Current Maturities
17,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Shares Issued in Debt to Equity Exchange
8.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount Exchanged
 
 
 
512,200,000 
674,600,000 
 
 
 
 
 
114,100,000 
 
 
 
 
 
17,600,000 
 
 
65,100,000 
 
67,000,000 
 
44,700,000 
 
137,800,000 
 
76,300,000 
 
208,500,000 
 
194,400,000 
 
261,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20,100,000 
10,000,000 
26,800,000 
 
Debt Instrument, Repurchased Face Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 168,800,000 
 
 
$ 37,300,000 
 
$ 5,000,000 
 
$ 45,600,000 
 
 
 
$ 69,000,000 
 
 
 
$ 45,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DEBT AND CREDIT FACILITIES (Schedule Of Long-Term Debt) (Details) (USD $)
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
$540 Million 8.25% 2020 First Lien Notes [Member]
Dec. 31, 2015
$540 Million 8.25% 2020 First Lien Notes [Member]
Dec. 31, 2016
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member]
Mar. 31, 2016
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member]
Dec. 31, 2015
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member]
Dec. 31, 2016
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
Dec. 31, 2015
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
Mar. 31, 2015
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
Dec. 31, 2016
$500 Million 3.95% 2018 Senior Notes [Member]
Dec. 31, 2015
$500 Million 3.95% 2018 Senior Notes [Member]
Dec. 31, 2016
$400 Million 5.90% 2020 Senior Notes [Member]
Dec. 31, 2015
$400 Million 5.90% 2020 Senior Notes [Member]
Dec. 31, 2016
$500 Million 4.80% 2020 Senior Notes[Member]
Dec. 31, 2015
$500 Million 4.80% 2020 Senior Notes[Member]
Dec. 31, 2016
$700 Million 4.875% 2021 Senior Notes[Member]
Dec. 31, 2015
$700 Million 4.875% 2021 Senior Notes[Member]
Dec. 31, 2016
$800 Million 6.25% 2040 Senior Notes [Member]
Dec. 31, 2015
$800 Million 6.25% 2040 Senior Notes [Member]
Dec. 31, 2016
ABL Facility [Member]
Dec. 31, 2015
ABL Facility [Member]
Dec. 31, 2016
Interest Rate Swap [Member]
Dec. 31, 2015
Interest Rate Swap [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Interest Rate, Stated Percentage
 
 
8.25% 
 
8.00% 
 
 
7.75% 
 
 
3.95% 
 
5.90% 
 
4.80% 
 
4.88% 
 
6.25% 
 
 
 
 
 
Debt Instrument, Face Amount
 
 
$ 540,000,000 
$ 540,000,000 
$ 218,500,000.0 
 
$ 218,500,000.0 
$ 544,200,000 
$ 544,200,000.0 
 
$ 500,000,000 
$ 500,000,000.0 
$ 400,000,000 
$ 400,000,000 
$ 500,000,000 
 
$ 700,000,000 
$ 700,000,000 
$ 800,000,000 
 
 
 
 
 
Imputed interest rate
 
 
9.97% 
9.97% 
 
 
 
15.55% 
15.55% 
 
 
6.30% 
5.98% 
5.98% 
4.83% 
4.83% 
4.89% 
4.89% 
6.34% 
6.34% 
 
 
 
 
Debt Instrument, Par Value
 
 
540,000,000 
540,000,000 
218,500,000 
218,500,000 
 
430,100,000 
544,200,000 
544,200,000 
 
311,200,000 
225,600,000 
290,800,000 
236,800,000 
306,700,000 
309,400,000 
412,500,000 
298,400,000 
492,800,000 
550,000,000 
 
 
 
Unamortized Debt Issuance Expense
 
 
(8,000,000)
(10,500,000)
0 
 
 
(5,800,000)
(9,500,000)
 
 
(900,000)
(600,000)
(1,100,000)
(700,000)
(1,100,000)
(1,000,000)
(1,700,000)
(2,500,000)
(4,300,000)
 
 
 
 
Debt Instrument, Unamortized Discount
 
 
(25,700,000)
(32,100,000)
65,700,000 
 
 
(85,200,000)
(131,500,000)
 
 
(1,200,000)
(500,000)
(800,000)
(200,000)
(400,000)
(200,000)
(200,000)
(3,400,000)
(5,800,000)
 
 
 
 
Long-term Debt
2,192,600,000 
2,699,400,000 
506,300,000 
497,400,000 
284,200,000 
 
 
339,100,000 
403,200,000 
 
0 
309,100,000 
224,500,000 
288,900,000 
235,900,000 
305,200,000 
308,200,000 
410,600,000 
292,500,000 
482,700,000 
 
 
 
 
Credit facility, amount outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
0 
 
 
Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,900,000 
2,300,000 
Long-term Debt, Current Maturities
17,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LONG-TERM DEBT
$ 2,175,100,000 
$ 2,699,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES (Debt Redemption) (Details)
12 Months Ended
Dec. 31, 2016
$540 Million 8.25% 2020 First Lien Notes [Member]
 
Debt Instrument, Redemption [Line Items]
 
Early Redemption Price
1 
Initial Redemption Price
1.0825 
Secondary Redemption Price
1 
Amount in aggregate that can be redeemed on or prior to March 31, 2018
0.3500 
Amount to Remain Outstanding Prior to March 31, 2018
0.6500 
Redemption Price of 35 percent or less of Outstanding
1.0825 
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member]
 
Debt Instrument, Redemption [Line Items]
 
Early Redemption Price
1 
Initial Redemption Price
1.04 
Secondary Redemption Price
1 
Amount in aggregate that can be redeemed on or prior to September 30, 2017
0.3500 
Amount to Remain Outstanding Prior to September 30, 2017
0.6500 
Redemption Price of 35 percent or less of Outstanding
1.0800 
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
 
Debt Instrument, Redemption [Line Items]
 
Early Redemption Price
1 
Initial Redemption Price
1.03875 
Secondary Redemption Price
1 
Amount in aggregate that can be redeemed on or prior to March 31, 2017
0.3500 
Amount to Remain Outstanding Prior to March 30, 2017
0.6500 
Redemption Price of 35 percent or less of Outstanding
1.0775 
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES (Debt Restructuring) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Mar. 31, 2016
Mar. 31, 2015
Dec. 31, 2016
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
Mar. 31, 2016
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
Dec. 31, 2015
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
Mar. 31, 2015
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
Mar. 31, 2016
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
Exchange of Debt [Member]
Dec. 31, 2015
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
Exchange of Debt [Member]
Sep. 30, 2016
Five Hundred Million Three Point Nine Five Two Thousand Eighteen Senior Note [Member]
Mar. 31, 2016
Five Hundred Million Three Point Nine Five Two Thousand Eighteen Senior Note [Member]
Dec. 31, 2015
Five Hundred Million Three Point Nine Five Two Thousand Eighteen Senior Note [Member]
Mar. 31, 2016
Five Hundred Million Three Point Nine Five Two Thousand Eighteen Senior Note [Member]
Exchange of Debt [Member]
Dec. 31, 2016
Four Hundred Million Five Point Nine Zero Two Thousand And Twenty Senior Note [Member]
Mar. 31, 2016
Four Hundred Million Five Point Nine Zero Two Thousand And Twenty Senior Note [Member]
Dec. 31, 2015
Four Hundred Million Five Point Nine Zero Two Thousand And Twenty Senior Note [Member]
Mar. 31, 2015
Four Hundred Million Five Point Nine Zero Two Thousand And Twenty Senior Note [Member]
Mar. 31, 2016
Four Hundred Million Five Point Nine Zero Two Thousand And Twenty Senior Note [Member]
Exchange of Debt [Member]
Mar. 31, 2015
Four Hundred Million Five Point Nine Zero Two Thousand And Twenty Senior Note [Member]
Exchange of Debt [Member]
Dec. 31, 2016
$500 Million 4.80% 2020 Senior Notes[Member]
Mar. 31, 2016
$500 Million 4.80% 2020 Senior Notes[Member]
Dec. 31, 2015
$500 Million 4.80% 2020 Senior Notes[Member]
Mar. 31, 2015
$500 Million 4.80% 2020 Senior Notes[Member]
Mar. 31, 2016
$500 Million 4.80% 2020 Senior Notes[Member]
Exchange of Debt [Member]
Mar. 31, 2015
$500 Million 4.80% 2020 Senior Notes[Member]
Exchange of Debt [Member]
Dec. 31, 2016
$700 Million 4.875% 2021 Senior Notes[Member]
Mar. 31, 2016
$700 Million 4.875% 2021 Senior Notes[Member]
Dec. 31, 2015
$700 Million 4.875% 2021 Senior Notes[Member]
Mar. 31, 2015
$700 Million 4.875% 2021 Senior Notes[Member]
Mar. 31, 2016
$700 Million 4.875% 2021 Senior Notes[Member]
Exchange of Debt [Member]
Mar. 31, 2015
$700 Million 4.875% 2021 Senior Notes[Member]
Exchange of Debt [Member]
Dec. 31, 2016
$800 Million 6.25% 2040 Senior Notes [Member]
Mar. 31, 2016
$800 Million 6.25% 2040 Senior Notes [Member]
Dec. 31, 2015
$800 Million 6.25% 2040 Senior Notes [Member]
Mar. 31, 2015
$800 Million 6.25% 2040 Senior Notes [Member]
Mar. 31, 2016
$800 Million 6.25% 2040 Senior Notes [Member]
Exchange of Debt [Member]
Mar. 31, 2015
$800 Million 6.25% 2040 Senior Notes [Member]
Exchange of Debt [Member]
Dec. 31, 2016
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member]
Mar. 31, 2016
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member]
Dec. 31, 2016
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member]
Exchange of Debt [Member]
Extinguishment of Debt [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount Exchanged
 
 
 
$ 512.2 
$ 674.6 
 
$ 114.1 
 
 
 
 
 
$ 17.6 
 
 
 
$ 65.1 
 
$ 67.0 
 
 
 
$ 44.7 
 
$ 137.8 
 
 
 
$ 76.3 
 
$ 208.5 
 
 
 
$ 194.4 
 
$ 261.3 
 
 
 
 
 
Debt Instrument, Face Amount Received in Debt Exchange of $544M 7.75% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
57.0 
 
Debt Instrument, Face Amount Received in Debt Exchange of $500M 3.95% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11.4 
 
Debt Instrument, Face Amount Received in Debt Exchange of $400M 5.90% Notes
 
 
 
 
 
 
 
 
57.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
26.0 
 
Debt Instrument, Face Amount Received in Debt Exchange of $500M 4.80% Notes
 
 
 
 
 
 
 
 
112.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17.9 
 
Debt instrument, Face Amount Received in Debt Exchange of $700M 4.875% Notes
 
 
 
 
 
 
 
 
170.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30.5 
 
Debt Instrument, Face Amount Received in Debt Exchange of $800M 6.25% Notes
 
 
 
 
 
 
 
 
203.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
75.7 
 
Debt Instrument, Carrying Amount Received in Debt Exchange of $544.2M 7.75% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
77.5 
 
Debt Instrument, Carrying Amount Received in Debt Exchange of $500M 3.95% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15.5 
 
Debt Instrument, Carrying Amount Received in Debt Exchange of $400M 5.90% Notes
 
 
 
 
 
 
 
 
42.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
35.4 
 
Debt Instrument, Carrying Value Received in Debt Exchange of $500M 4.80% Notes
 
 
 
 
 
 
 
 
82.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
24.4 
 
Debt instrument, Carrying Value Received in Debt Exchange of $700M 4.875% Notes
 
 
 
 
 
 
 
 
124.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
41.5 
 
Debt Instrument, Carrying Value Received in Debt Exchange of $800M 6.25% Notes
 
 
 
 
 
 
 
 
148.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
103.0 
 
Gain on extinguishment/restructuring of debt
166.3 
392.9 
16.2 
 
 
 
 
 
 
6.9 
269.5 
(19.9)
 
 
1.8 
 
 
 
 
28.3 
24.5 
0.6 
 
 
 
19.5 
54.6 
 
 
 
 
33.3 
83.1 
 
 
 
 
84.5 
107.3 
 
 
174.3 
Debt Instrument, Par Value
 
 
 
 
 
430.1 
 
544.2 
544.2 
 
 
 
 
311.2 
 
225.6 
 
290.8 
 
 
 
236.8 
 
306.7 
 
 
 
309.4 
 
412.5 
 
 
 
298.4 
 
492.8 
 
 
 
218.5 
218.5 
 
Debt, carrying value
 
 
 
 
 
 
 
 
$ 397.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 297.3 
 
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES (Schedule of Debt Maturities) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Debt Disclosure [Abstract]
 
Debt Maturities 2017
$ 0 
Debt Maturities 2018
0 
Debt Maturities 2019
0 
Debt Maturities 2020
1,651.0 
Debt Maturities 2021
309.4 
Debt Maturities 2022 and After
298.4 
Long-term Debt, Maturities, Total
$ 2,258.8 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Fair Value Disclosures [Abstract]
 
 
Management Estimate of 62% Fe
62.00% 
62.00% 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value Of Assets And Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Assets:
 
 
Cash equivalents
$ 177.0 
$ 30.0 
Derivative Asset
33.1 
7.8 
Total Asset
210.1 
37.8 
Liabilities:
 
 
Derivative Liability
0.5 
4.0 
Total Liability
0.5 
4.0 
Fair Value, Inputs, Level 1 [Member]
 
 
Assets:
 
 
Cash equivalents
177.0 
30.0 
Derivative Asset
0 
0 
Total Asset
177.0 
30.0 
Liabilities:
 
 
Derivative Liability
0 
0 
Total Liability
0 
0 
Fair Value, Inputs, Level 2 [Member]
 
 
Assets:
 
 
Cash equivalents
0 
0 
Derivative Asset
1.5 
0 
Total Asset
1.5 
0 
Liabilities:
 
 
Derivative Liability
0 
0.6 
Total Liability
0 
0.6 
Fair Value, Inputs, Level 3 [Member]
 
 
Assets:
 
 
Cash equivalents
0 
0 
Derivative Asset
31.6 
7.8 
Total Asset
31.6 
7.8 
Liabilities:
 
 
Derivative Liability
0.5 
3.4 
Total Liability
$ 0.5 
$ 3.4 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule Of Quantitative Inputs And Assumptions For Level 3 Assets And Liabilities) (Details) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Management Estimate of 62% Fe
62.00% 
62.00% 
Not Designated as Hedging Instrument [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative asset, fair value
$ 33,100,000 
$ 7,800,000 
Derivative liability, fair value
500,000 
4,000,000 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Provisional Pricing Arrangements [Member] |
Managements Estimate Of 62% Fe [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fair value measurement with unobservable inputs derivative asset range
80 
 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Customer Supply Agreement [Member] |
Hot-Rolled Steel Estimate [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fair value measurement with unobservable inputs derivative asset range
620 
 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Customer Supply Agreement [Member] |
Hot-Rolled Steel Estimate [Member] |
Minimum [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fair value measurement with unobservable inputs derivative asset range
505 
 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Customer Supply Agreement [Member] |
Hot-Rolled Steel Estimate [Member] |
Maximum [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fair value measurement with unobservable inputs derivative asset range
555 
 
Other Current Liabilities [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Provisional Pricing Arrangements [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative liability, fair value
500,000 
3,400,000 
Other Current Assets [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Provisional Pricing Arrangements [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative asset, fair value
10,300,000 
2,000,000 
Other Current Assets [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Customer Supply Agreement [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative asset, fair value
$ 21,300,000 
$ 5,800,000 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, Assets and Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
 
 
Beginning balance - January 1
$ 7.8 
$ 63.2 
Total gains
 
 
Included in earnings
103.8 
35.1 
Settlements
(80.0)
(90.5)
Transfers into Level 3
0 
0 
Transfers out of Level 3
0 
0 
Ending balance - December 31
31.6 
7.8 
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) on assets still held at the reporting date
23.7 
29.1 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
 
 
Beginning balance - January 1
(3.4)
(9.5)
Total gains
 
 
Included in earnings
(14.1)
(61.0)
Settlements
17.0 
67.1 
Transfers into Level 3
0 
0 
Transfers out of Level 3
0 
0 
Ending balance - September 30
(0.5)
(3.4)
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) on liabilities still held at the reporting date
$ (0.5)
$ (3.4)
FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Value And Fair Value Of Financial Instruments Disclosure) (Details) (USD $)
Dec. 31, 2016
Dec. 31, 2015
Long-term debt:
 
 
LONG-TERM DEBT
$ 2,175,100,000 
$ 2,699,400,000 
Long-term Debt, Fair Value
2,224,600,000 
898,200,000 
$540 Million 8.25% 2020 First Lien Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Face Amount
540,000,000 
540,000,000 
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Face Amount
218,500,000.0 
218,500,000.0 
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Face Amount
544,200,000 
544,200,000.0 
$400 Million 5.90% 2020 Senior Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Face Amount
400,000,000 
400,000,000 
Senior Notes - $1.3 Billion [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Face Amount
1,300,000,000.0 
1,300,000,000.0 
$700 Million 4.875% 2021 Senior Notes[Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Face Amount
700,000,000 
700,000,000 
$500 Million 3.95% 2018 Senior Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Face Amount
500,000,000 
500,000,000.0 
Interest Rate Swap [Member]
 
 
Long-term debt:
 
 
Fair Value Adjustment to Interest Rate Hedge
1,900,000 
2,300,000 
Fair Value, Inputs, Level 2 [Member] |
ABL Facility [Member]
 
 
Long-term debt:
 
 
Revolving loan, fair value
0 
0 
Fair Value, Inputs, Level 2 [Member] |
Interest Rate Swap [Member]
 
 
Long-term debt:
 
 
Fair Value Adjustment to Interest Rate Hedge
1,900,000 
2,300,000 
Fair Value, Inputs, Level 1 [Member] |
$540 Million 8.25% 2020 First Lien Notes [Member]
 
 
Long-term debt:
 
 
Debt Instrument, Fair Value Disclosure
595,000,000 
414,500,000 
Fair Value, Inputs, Level 1 [Member] |
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
 
 
Long-term debt:
 
 
Debt Instrument, Fair Value Disclosure
439,700,000 
134,700,000 
Fair Value, Inputs, Level 1 [Member] |
$400 Million 5.90% 2020 Senior Notes [Member]
 
 
Long-term debt:
 
 
Debt Instrument, Fair Value Disclosure
219,600,000 
52,800,000 
Fair Value, Inputs, Level 1 [Member] |
Senior Notes - $1.3 Billion [Member]
 
 
Long-term debt:
 
 
Debt Instrument, Fair Value Disclosure
455,800,000 
137,400,000 
Fair Value, Inputs, Level 1 [Member] |
$700 Million 4.875% 2021 Senior Notes[Member]
 
 
Long-term debt:
 
 
Debt Instrument, Fair Value Disclosure
283,100,000 
69,400,000 
Fair Value, Inputs, Level 1 [Member] |
$500 Million 3.95% 2018 Senior Notes [Member]
 
 
Long-term debt:
 
 
Debt Instrument, Fair Value Disclosure
0 
87,100,000 
Reported Value Measurement [Member]
 
 
Long-term debt:
 
 
LONG-TERM DEBT
2,192,600,000 
2,699,400,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
ABL Facility [Member]
 
 
Long-term debt:
 
 
Senior notes, carrying value
0 
0 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Interest Rate Swap [Member]
 
 
Long-term debt:
 
 
Fair Value Adjustment to Interest Rate Hedge
1,900,000 
2,300,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 1 [Member] |
$540 Million 8.25% 2020 First Lien Notes [Member]
 
 
Long-term debt:
 
 
Senior notes, carrying value
506,300,000 
497,400,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 1 [Member] |
$544.2 Million 7.75% 2020 Second Lien Notes [Member]
 
 
Long-term debt:
 
 
Senior notes, carrying value
339,100,000 
403,200,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 1 [Member] |
$400 Million 5.90% 2020 Senior Notes [Member]
 
 
Long-term debt:
 
 
Senior notes, carrying value
224,500,000 
288,900,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 1 [Member] |
Senior Notes - $1.3 Billion [Member]
 
 
Long-term debt:
 
 
Senior notes, carrying value
528,400,000 
787,900,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 1 [Member] |
$700 Million 4.875% 2021 Senior Notes[Member]
 
 
Long-term debt:
 
 
Senior notes, carrying value
308,200,000 
410,600,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 1 [Member] |
$500 Million 3.95% 2018 Senior Notes [Member]
 
 
Long-term debt:
 
 
Senior notes, carrying value
 
309,100,000 
Senior Notes [Member] |
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member]
 
 
Long-term debt:
 
 
Long-term Debt, Fair Value
284,200,000 
 
Senior Notes [Member] |
Estimate of Fair Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member]
 
 
Long-term debt:
 
 
Long-term Debt, Fair Value
$ 229,500,000 
 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
 
 
Minimum participants percentage
15.00% 
 
Defined Benefit Plan, Accumulated Benefit Obligation
$ 922,000,000 
$ 898,900,000 
Reserve for investment commitments
37,900,000 
 
Structured Finance [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Redemption request notice period, days
90 days 
 
Real Estate [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Redemption request notice period, days
45 days 
 
Withdrawal request notice period, days
65 days 
 
Pension Benefits [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Decrease in Projected Benefit Obligation due to Market Conditions
22,000,000 
 
Reduction in net periodic benefit expense
8,200,000 
 
Increase in Projected Benefit Obligation due to new mortality tables
13,100,000 
 
Percentage Increase in Projected Benefit Obligation due to new mortality tables
1.40% 
 
Participant contributions
0 
0 
Other Benefits [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Decrease in Projected Benefit Obligation due to Market Conditions
8,600,000 
 
Reduction in net periodic benefit expense
1,800,000 
 
Increase in Projected Benefit Obligation due to new mortality tables
4,900,000 
 
Percentage Increase in Projected Benefit Obligation due to new mortality tables
2.00% 
 
Participant contributions
6,000,000 
4,000,000 
Tilden, Empire, Hibbing and United Taconite [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Percentage of total workforce covered by labor contract
80.00% 
 
Prior To Age65 [Member] |
Defined Benefit Postretirement Health Coverage [Member] |
United States [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Annual limit on medical coverage for each participant
7,000 
 
Prior To Age65 [Member] |
Minimum [Member] |
Defined Benefit Postretirement Health Coverage [Member] |
Northshore [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Annual limit on medical coverage for each participant
4,020 
 
Prior To Age65 [Member] |
Maximum [Member] |
Defined Benefit Postretirement Health Coverage [Member] |
Northshore [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Annual limit on medical coverage for each participant
$ 4,500 
 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Benefit Obligations, Fair Value of Plan Assets, and Net Funded Status) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
 
 
Fair value of plan assets — beginning of year
$ 193.4 
$ 188.1 
 
Employer contributions
1.1 
3.5 
 
Fair value of plan assets — end of year
202.4 
193.4 
 
Funded status at December 31:
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
202.4 
193.4 
 
Amounts recognized in Statements of Financial Position:
 
 
 
Assets, Current
824.6 
982.7 
 
Noncurrent liabilities
(280.5)
(221.0)
 
Pension Benefits [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Benefit obligations — beginning of year
(910.8)
(998.0)
 
Service cost (excluding expenses)
17.6 
22.7 
26.1 
Interest cost
30.3 
37.7 
40.3 
Plan amendments
5.7 
0 
 
Actuarial loss
(21.1)
(20.8)
(14.0)
Defined Benefit Plan, Change in Actuarial (gain) loss
38.1 
(67.7)
 
Benefits paid
(70.9)
(78.7)
 
Participant contributions
0 
0 
 
Federal subsidy on benefits paid
0 
0 
 
Benefit obligations — end of year
(931.6)
(910.8)
(998.0)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
 
 
Fair value of plan assets — beginning of year
700.6 
749.8 
 
Actual return on plan assets
54.8 
(6.4)
59.1 
Participant contributions
0 
0 
 
Employer contributions
1.2 
35.7 
 
Assets Transferred to (from) Plan
0.1 
0.2 
 
Fair value of plan assets — end of year
685.8 
700.6 
749.8 
Funded status at December 31:
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
685.8 
700.6 
749.8 
Defined Benefit Plan, Benefit Obligation
(931.6)
(910.8)
(998.0)
Defined Benefit Plan, Funded Status of Plan
(245.8)
(210.2)
 
Total amount recognized
(245.8)
(210.2)
 
Amounts recognized in Statements of Financial Position:
 
 
 
Assets, Current
0 
0 
 
Current liabilities
(0.1)
(0.5)
 
Noncurrent liabilities
(245.7)
(209.7)
 
Total amount recognized
(245.8)
(210.2)
 
Amounts recognized in accumulated other comprehensive income:
 
 
 
Prior service cost
11.0 
7.5 
 
Net actuarial loss
315.9 
290.9 
 
Net amount recognized
326.9 
298.4 
 
The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost:
 
 
 
Net actuarial loss
21.1 
 
 
Prior service cost
2.6 
 
 
Net amount recognized
23.7 
 
 
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments
0 
(1.2)
 
Other Benefits [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Benefit obligations — beginning of year
(266.0)
(295.8)
 
Service cost (excluding expenses)
1.7 
6.4 
1.8 
Interest cost
9.1 
13.4 
11.9 
Plan amendments
9.8 
0 
 
Actuarial loss
(6.0)
(6.6)
(4.5)
Defined Benefit Plan, Change in Actuarial (gain) loss
(7.2)
(27.0)
 
Benefits paid
(21.3)
(20.6)
 
Participant contributions
6.0 
4.0 
 
Federal subsidy on benefits paid
0.5 
0.4 
 
Benefit obligations — end of year
(264.6)
(266.0)
(295.8)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
 
 
Fair value of plan assets — beginning of year
250.6 
269.3 
 
Actual return on plan assets
16.0 
(3.9)
31.9 
Participant contributions
0.5 
0.4 
 
Employer contributions
1.7 
1.3 
 
Assets Transferred to (from) Plan
0 
0 
 
Benefits paid
(15.8)
(16.5)
 
Fair value of plan assets — end of year
253.0 
250.6 
269.3 
Funded status at December 31:
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
253.0 
250.6 
269.3 
Defined Benefit Plan, Benefit Obligation
(264.6)
(266.0)
(295.8)
Defined Benefit Plan, Funded Status of Plan
(11.6)
(15.4)
 
Total amount recognized
(11.6)
(15.4)
 
Amounts recognized in Statements of Financial Position:
 
 
 
Assets, Current
 
0 
 
Assets, Noncurrent
27.3 
 
 
Current liabilities
(4.1)
(4.1)
 
Noncurrent liabilities
(34.8)
(11.3)
 
Total amount recognized
(11.6)
(15.4)
 
Amounts recognized in accumulated other comprehensive income:
 
 
 
Prior service cost
(26.9)
(39.5)
 
Net actuarial loss
87.0 
91.5 
 
Net amount recognized
60.1 
52.0 
 
The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost:
 
 
 
Net actuarial loss
5.0 
 
 
Prior service cost
(3.0)
 
 
Net amount recognized
2.0 
 
 
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments
0 
0 
 
Salaried Employees [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Benefit obligations — end of year
(351.9)
(340.0)
 
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
 
 
Fair value of plan assets — end of year
242.9 
258.3 
 
Funded status at December 31:
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
242.9 
258.3 
 
Defined Benefit Plan, Benefit Obligation
(351.9)
(340.0)
 
Defined Benefit Plan, Funded Status of Plan
(109.0)
(81.7)
 
Salaried Employees [Member] |
Other Benefits [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Benefit obligations — end of year
(37.6)
(38.2)
 
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
 
 
Fair value of plan assets — end of year
0 
0 
 
Funded status at December 31:
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Defined Benefit Plan, Benefit Obligation
(37.6)
(38.2)
 
Defined Benefit Plan, Funded Status of Plan
(37.6)
(38.2)
 
Hourly Employees [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Benefit obligations — end of year
(565.6)
(558.6)
 
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
 
 
Fair value of plan assets — end of year
436.9 
436.7 
 
Funded status at December 31:
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
436.9 
436.7 
 
Defined Benefit Plan, Benefit Obligation
(565.6)
(558.6)
 
Defined Benefit Plan, Funded Status of Plan
(128.7)
(121.9)
 
Hourly Employees [Member] |
Other Benefits [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Benefit obligations — end of year
(227.0)
(227.8)
 
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
 
 
Fair value of plan assets — end of year
253.0 
250.6 
 
Funded status at December 31:
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
253.0 
250.6 
 
Defined Benefit Plan, Benefit Obligation
(227.0)
(227.8)
 
Defined Benefit Plan, Funded Status of Plan
26.0 
22.8 
 
Mining Employees [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Benefit obligations — end of year
(10.0)
(8.6)
 
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
 
 
Fair value of plan assets — end of year
6.0 
5.6 
 
Funded status at December 31:
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
6.0 
5.6 
 
Defined Benefit Plan, Benefit Obligation
(10.0)
(8.6)
 
Defined Benefit Plan, Funded Status of Plan
(4.0)
(3.0)
 
Supplemental Executive Retirement Plan S E R P [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Benefit obligations — end of year
(4.1)
(3.6)
 
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
 
 
 
Fair value of plan assets — end of year
0 
0 
 
Funded status at December 31:
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Defined Benefit Plan, Benefit Obligation
(4.1)
(3.6)
 
Defined Benefit Plan, Funded Status of Plan
(4.1)
(3.6)
 
Pension Costs [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Service cost (excluding expenses)
17.6 
22.7 
 
Interest cost
30.3 
37.7 
 
Pension Costs [Member] |
Other Benefits [Member]
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Service cost (excluding expenses)
1.7 
1.9 
 
Interest cost
$ 9.1 
$ 11.5 
 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Components Of Net Periodic Benefit Cost) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Amortization:
 
 
 
Relating to assets sold during the period
$ 3.3 
$ 2.5 
 
Pension Benefits [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
17.6 
22.7 
26.1 
Interest cost
(30.3)
(37.7)
(40.3)
Expected return on plan assets
(54.7)
(59.8)
(58.1)
Defined Benefit Plan, Actuarial Gain (Loss)
21.1 
20.8 
14.0 
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments
0 
0.2 
1.4 
Amortization:
 
 
 
Amortization of prior service (cost) credit
(2.2)
(2.3)
(2.5)
Net actuarial loss
21.1 
21.0 
15.4 
Net periodic benefit cost
16.5 
23.9 
26.2 
Effect of Curtailment
0 
(1.2)
0 
Current year actuarial (gain)/loss
37.8 
(0.7)
109.7 
Amortization of net loss
21.1 
21.0 
15.4 
Current year prior service cost
5.7 
0 
0 
Amortization of prior service (cost) credit
(2.2)
(2.3)
(2.5)
Total recognized in other comprehensive income
20.2 
(25.2)
91.8 
Total recognized in net periodic cost and other comprehensive income
36.7 
(1.3)
118.0 
Defined Benefit Plan, Benefit Obligation
(931.6)
(910.8)
(998.0)
Defined Benefit Plan, Funded Status of Plan
(245.8)
(210.2)
 
Other Benefits [Member]
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
1.7 
6.4 
1.8 
Interest cost
(9.1)
(13.4)
(11.9)
Expected return on plan assets
(17.1)
(18.3)
(17.1)
Defined Benefit Plan, Actuarial Gain (Loss)
6.0 
6.6 
4.5 
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments
0 
0 
0 
Amortization:
 
 
 
Amortization of prior service (cost) credit
3.7 
3.7 
3.6 
Net actuarial loss
6.0 
6.6 
4.5 
Net periodic benefit cost
(4.0)
4.4 
(2.5)
Effect of Curtailment
0 
0 
0 
Current year actuarial (gain)/loss
(8.1)
0.2 
22.2 
Amortization of net loss
6.0 
6.6 
4.5 
Current year prior service cost
9.8 
0 
(0.9)
Amortization of prior service (cost) credit
3.7 
3.7 
3.6 
Total recognized in other comprehensive income
(0.6)
(2.7)
20.4 
Total recognized in net periodic cost and other comprehensive income
(4.6)
1.7 
17.9 
Defined Benefit Plan, Benefit Obligation
(264.6)
(266.0)
(295.8)
Defined Benefit Plan, Funded Status of Plan
(11.6)
(15.4)
 
Salaried Employees [Member] |
Pension Benefits [Member]
 
 
 
Amortization:
 
 
 
Defined Benefit Plan, Benefit Obligation
(351.9)
(340.0)
 
Defined Benefit Plan, Funded Status of Plan
(109.0)
(81.7)
 
Salaried Employees [Member] |
Other Benefits [Member]
 
 
 
Amortization:
 
 
 
Defined Benefit Plan, Benefit Obligation
(37.6)
(38.2)
 
Defined Benefit Plan, Funded Status of Plan
(37.6)
(38.2)
 
Hourly Employees [Member] |
Pension Benefits [Member]
 
 
 
Amortization:
 
 
 
Defined Benefit Plan, Benefit Obligation
(565.6)
(558.6)
 
Defined Benefit Plan, Funded Status of Plan
(128.7)
(121.9)
 
Hourly Employees [Member] |
Other Benefits [Member]
 
 
 
Amortization:
 
 
 
Defined Benefit Plan, Benefit Obligation
(227.0)
(227.8)
 
Defined Benefit Plan, Funded Status of Plan
26.0 
22.8 
 
Mining Employees [Member] |
Pension Benefits [Member]
 
 
 
Amortization:
 
 
 
Defined Benefit Plan, Benefit Obligation
(10.0)
(8.6)
 
Defined Benefit Plan, Funded Status of Plan
(4.0)
(3.0)
 
Supplemental Executive Retirement Plan S E R P [Member] |
Pension Benefits [Member]
 
 
 
Amortization:
 
 
 
Defined Benefit Plan, Benefit Obligation
(4.1)
(3.6)
 
Defined Benefit Plan, Funded Status of Plan
$ (4.1)
$ (3.6)
 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Additional Information) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Effect of change in mine ownership & noncontrolling interest
$ 14.2 
$ 48.4 
$ 51.2 
Actual return on plan assets
54.8 
(6.4)
59.1 
Other Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Effect of change in mine ownership & noncontrolling interest
5.9 
5.5 
5.9 
Actual return on plan assets
$ 16.0 
$ (3.9)
$ 31.9 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Weighted-Average Assumptions Used to Determine Benefit Obligations) (Details)
Dec. 31, 2016
Dec. 31, 2015
Salary [Member] |
Pension Benefits [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Rate of compensation increase
3.00% 
3.00% 
Hourly [Member] |
Pension Benefits [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Rate of compensation increase
2.00% 
2.00% 
Iron Hourly [Member] |
Pension Benefits [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Discount rate
4.02% 
4.27% 
Salaried [Member] |
Pension Benefits [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Discount rate
3.92% 
4.12% 
Salaried [Member] |
Other Benefits [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Discount rate
3.99% 
4.22% 
Ore Mining [Member] |
Pension Benefits [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Discount rate
4.04% 
4.28% 
Supplemental Executive Retirement Plan S E R P [Member] |
Pension Benefits [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Discount rate
3.90% 
4.22% 
Hourly [Member] |
Other Benefits [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Discount rate
4.02% 
4.32% 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Weighted-Average Assumptions Used to Determine Net Benefit Cost) (Details)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Expected return on plan assets
8.25% 
8.25% 
8.25% 
Other Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Expected return on plan assets
7.00% 
7.00% 
7.00% 
Hourly [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Expected return on plan assets
2.00% 
2.50% 
3.00% 
Hourly [Member] |
Pension Benefits [Member] |
Obligation [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
4.27% 
3.83% 
4.57% 
Hourly [Member] |
Pension Benefits [Member] |
Service Cost [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
4.66% 
3.83% 
4.57% 
Hourly [Member] |
Pension Benefits [Member] |
Interest Cost [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
3.46% 
3.83% 
4.57% 
Hourly [Member] |
Other Benefits [Member] |
Obligation [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
4.32% 
3.83% 
4.57% 
Hourly [Member] |
Other Benefits [Member] |
Service Cost [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
4.56% 
3.83% 
4.57% 
Hourly [Member] |
Other Benefits [Member] |
Interest Cost [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
3.48% 
3.83% 
4.57% 
Salary [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Rate of compensation increase
3.00% 
3.00% 
4.00% 
Salary [Member] |
Pension Benefits [Member] |
Obligation [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
4.13% 
3.83% 
4.57% 
Salary [Member] |
Pension Benefits [Member] |
Service Cost [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
4.14% 
3.83% 
4.57% 
Salary [Member] |
Pension Benefits [Member] |
Interest Cost [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
3.21% 
3.83% 
4.57% 
Salary [Member] |
Other Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Rate of compensation increase
3.00% 
3.00% 
4.00% 
Salary [Member] |
Other Benefits [Member] |
Obligation [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
4.22% 
3.83% 
4.57% 
Salary [Member] |
Other Benefits [Member] |
Service Cost [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
4.63% 
3.83% 
4.57% 
Salary [Member] |
Other Benefits [Member] |
Interest Cost [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
3.31% 
3.83% 
4.57% 
Ore Mining [Domain] |
Pension Benefits [Member] |
Obligation [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
4.28% 
3.83% 
4.57% 
Ore Mining [Domain] |
Pension Benefits [Member] |
Service Cost [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
4.60% 
3.83% 
4.57% 
Ore Mining [Domain] |
Pension Benefits [Member] |
Interest Cost [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
3.48% 
3.83% 
4.57% 
SERP [Domain] |
Pension Benefits [Member] |
Obligation [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
4.01% 
3.83% 
4.57% 
SERP [Domain] |
Pension Benefits [Member] |
Service Cost [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
3.87% 
3.83% 
4.57% 
SERP [Domain] |
Pension Benefits [Member] |
Interest Cost [Domain]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Discount rate
3.30% 
3.83% 
4.57% 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Assumed Health Care Cost Trend Rates) (Details)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
 
 
Health care cost trend rate assumed for next year
6.50% 
6.75% 
Ultimate health care cost trend rate
5.00% 
5.00% 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Change of One Percentage Point in Assumed Health Care Cost Trend Rates) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
Effect on total of service and interest cost due to one percentage point increase
$ 1.3 
Effect on total of service and interest cost due to one percentage point decrease
(1.0)
Effect on postretirement benefit obligation due to one percentage point increase
23.4 
Effect on postretirement benefit obligation due to one percentage point decrease
$ (19.6)
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Target Allocation and Actual Asset Allocations for Pension and VEBA Plan Assets) (Details)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Pension Benefits [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Weighted-average asset allocation
100.00% 
100.00% 
Defined Benefit Plan, Target Plan Asset Allocations
100.00% 
 
Pension Benefits [Member] |
Equity Securities [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Weighted-average asset allocation
43.20% 
44.00% 
Defined Benefit Plan, Target Plan Asset Allocations
45.00% 
 
Pension Benefits [Member] |
Fixed Income Investments [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Weighted-average asset allocation
26.40% 
27.70% 
Defined Benefit Plan, Target Plan Asset Allocations
28.00% 
 
Pension Benefits [Member] |
Hedge Funds [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Weighted-average asset allocation
5.90% 
5.80% 
Defined Benefit Plan, Target Plan Asset Allocations
5.00% 
 
Pension Benefits [Member] |
Private Equity Funds [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Weighted-average asset allocation
5.30% 
4.70% 
Defined Benefit Plan, Target Plan Asset Allocations
7.00% 
 
Pension Benefits [Member] |
Structured Finance [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Weighted-average asset allocation
9.30% 
8.90% 
Defined Benefit Plan, Target Plan Asset Allocations
7.50% 
 
Pension Benefits [Member] |
Real Estate [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Weighted-average asset allocation
9.00% 
8.20% 
Defined Benefit Plan, Target Plan Asset Allocations
7.50% 
 
Pension Benefits [Member] |
Cash [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Weighted-average asset allocation
0.90% 
0.70% 
Defined Benefit Plan, Target Plan Asset Allocations
0.00% 
 
Other Benefits [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Weighted-average asset allocation
100.00% 
100.00% 
Defined Benefit Plan, Target Plan Asset Allocations
100.00% 
 
Other Benefits [Member] |
Equity Securities [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Weighted-average asset allocation
8.40% 
8.80% 
Defined Benefit Plan, Target Plan Asset Allocations
8.00% 
 
Other Benefits [Member] |
Fixed Income Investments [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Weighted-average asset allocation
78.30% 
78.20% 
Defined Benefit Plan, Target Plan Asset Allocations
80.10% 
 
Other Benefits [Member] |
Hedge Funds [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Weighted-average asset allocation
4.40% 
4.50% 
Defined Benefit Plan, Target Plan Asset Allocations
4.20% 
 
Other Benefits [Member] |
Private Equity Funds [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Weighted-average asset allocation
1.70% 
2.20% 
Defined Benefit Plan, Target Plan Asset Allocations
2.60% 
 
Other Benefits [Member] |
Structured Finance [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Weighted-average asset allocation
2.70% 
2.30% 
Defined Benefit Plan, Target Plan Asset Allocations
2.10% 
 
Other Benefits [Member] |
Real Estate [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Weighted-average asset allocation
4.40% 
4.00% 
Defined Benefit Plan, Target Plan Asset Allocations
3.00% 
 
Other Benefits [Member] |
Cash [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Weighted-average asset allocation
0.10% 
0.00% 
Defined Benefit Plan, Target Plan Asset Allocations
0.00% 
 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Fair Values of Pension Plan Assets) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
$ 202.4 
$ 193.4 
$ 188.1 
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
685.8 
700.6 
749.8 
Equity Securities [Member] |
U S Large Cap [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
144.7 
150.5 
 
Equity Securities [Member] |
U S Small Mid Cap [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
39.9 
40.6 
 
Equity Securities [Member] |
International [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
111.8 
116.8 
 
Fixed Income Investments [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
181.2 
194.2 
 
Hedge Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
40.6 
40.7 
41.5 
Hedge Funds [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
40.6 
40.7 
 
Private Equity Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
36.1 
33.1 
31.2 
Private Equity Funds [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
36.1 
33.1 
 
Structured Finance [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
63.8 
62.1 
65.4 
Structured Finance [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
63.8 
62.1 
 
Real Estate [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
61.9 
57.5 
50.0 
Real Estate [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
61.9 
57.5 
 
Cash [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
5.8 
5.1 
 
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
459.7 
479.3 
 
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Equity Securities [Member] |
U S Large Cap [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
144.7 
150.5 
 
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Equity Securities [Member] |
U S Small Mid Cap [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
39.9 
40.6 
 
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Equity Securities [Member] |
International [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
111.8 
116.8 
 
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Fixed Income Investments [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
157.5 
166.3 
 
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Hedge Funds [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Private Equity Funds [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Structured Finance [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Real Estate [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Cash [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
5.8 
5.1 
 
Fair Value, Inputs, Level 2 [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
23.7 
27.9 
 
Fair Value, Inputs, Level 2 [Member] |
Equity Securities [Member] |
U S Large Cap [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Fair Value, Inputs, Level 2 [Member] |
Equity Securities [Member] |
U S Small Mid Cap [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Fair Value, Inputs, Level 2 [Member] |
Equity Securities [Member] |
International [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Fair Value, Inputs, Level 2 [Member] |
Fixed Income Investments [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
23.7 
27.9 
 
Fair Value, Inputs, Level 2 [Member] |
Hedge Funds [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Fair Value, Inputs, Level 2 [Member] |
Private Equity Funds [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Fair Value, Inputs, Level 2 [Member] |
Structured Finance [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Fair Value, Inputs, Level 2 [Member] |
Real Estate [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Fair Value, Inputs, Level 2 [Member] |
Cash [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Significant Unobservable Inputs (Level 3) [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
202.4 
193.4 
 
Significant Unobservable Inputs (Level 3) [Member] |
Equity Securities [Member] |
U S Large Cap [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Significant Unobservable Inputs (Level 3) [Member] |
Equity Securities [Member] |
U S Small Mid Cap [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Significant Unobservable Inputs (Level 3) [Member] |
Equity Securities [Member] |
International [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Significant Unobservable Inputs (Level 3) [Member] |
Fixed Income Investments [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
0 
0 
 
Significant Unobservable Inputs (Level 3) [Member] |
Hedge Funds [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
40.6 
40.7 
 
Significant Unobservable Inputs (Level 3) [Member] |
Private Equity Funds [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
36.1 
33.1 
 
Significant Unobservable Inputs (Level 3) [Member] |
Structured Finance [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
63.8 
62.1 
 
Significant Unobservable Inputs (Level 3) [Member] |
Real Estate [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
61.9 
57.5 
 
Significant Unobservable Inputs (Level 3) [Member] |
Cash [Member] |
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Fair value of plan assets
$ 0 
$ 0 
 
PENSIONS AND POSTRETIREMENT BENEFITS (Effect of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) on Changes in Pension Plan Assets) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Roll Forward]
 
 
Fair value of plan assets — beginning of year
$ 193.4 
$ 188.1 
Actual return on plan assets:
 
 
Relating to assets still held at the reporting date
12.3 
5.5 
Purchases
8.0 
5.7 
Sales
14.6 
8.4 
Fair value of plan assets — end of year
202.4 
193.4 
Hedge Funds [Member]
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Roll Forward]
 
 
Fair value of plan assets — beginning of year
40.7 
41.5 
Actual return on plan assets:
 
 
Relating to assets still held at the reporting date
(0.1)
(0.8)
Purchases
0 
0 
Sales
0 
0 
Fair value of plan assets — end of year
40.6 
40.7 
Private Equity Funds [Member]
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Roll Forward]
 
 
Fair value of plan assets — beginning of year
33.1 
31.2 
Actual return on plan assets:
 
 
Relating to assets still held at the reporting date
(2.7)
1.5 
Purchases
8.0 
5.7 
Sales
6.0 
7.8 
Fair value of plan assets — end of year
36.1 
33.1 
Structured Finance [Member]
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Roll Forward]
 
 
Fair value of plan assets — beginning of year
62.1 
65.4 
Actual return on plan assets:
 
 
Relating to assets still held at the reporting date
10.0 
(3.3)
Purchases
0 
0 
Sales
8.0 
0 
Fair value of plan assets — end of year
63.8 
62.1 
Real Estate [Member]
 
 
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Roll Forward]
 
 
Fair value of plan assets — beginning of year
57.5 
50.0 
Actual return on plan assets:
 
 
Relating to assets still held at the reporting date
5.1 
8.1 
Purchases
0 
0 
Sales
0.6 
0.6 
Fair value of plan assets — end of year
$ 61.9 
$ 57.5 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Fair Values of Other Benefit Plan Assets) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
$ 202.4 
$ 193.4 
$ 188.1 
Hedge Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
40.6 
40.7 
41.5 
Private Equity Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
36.1 
33.1 
31.2 
Real Estate [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
61.9 
57.5 
50.0 
Other Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
253.0 
250.6 
269.3 
Other Benefits [Member] |
Equity Securities [Member] |
U S Large Cap [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
10.6 
11.1 
 
Other Benefits [Member] |
Equity Securities [Member] |
U S Small Mid Cap [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
2.7 
2.8 
 
Other Benefits [Member] |
Equity Securities [Member] |
International [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
8.1 
8.2 
 
Other Benefits [Member] |
Fixed Income Investments [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
197.9 
196.0 
 
Other Benefits [Member] |
Hedge Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
11.2 
11.2 
 
Other Benefits [Member] |
Private Equity Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
4.3 
5.5 
 
Other Benefits [Member] |
Structured Credit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
6.9 
5.8 
 
Other Benefits [Member] |
Real Estate [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
11.1 
10.0 
 
Other Benefits [Member] |
Cash [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0.2 
0 
 
Other Benefits [Member] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
183.6 
180.2 
 
Other Benefits [Member] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Equity Securities [Member] |
U S Large Cap [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
10.6 
11.1 
 
Other Benefits [Member] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Equity Securities [Member] |
U S Small Mid Cap [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
2.7 
2.8 
 
Other Benefits [Member] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Equity Securities [Member] |
International [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
8.1 
8.2 
 
Other Benefits [Member] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Fixed Income Investments [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
162.0 
158.1 
 
Other Benefits [Member] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Hedge Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Benefits [Member] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Private Equity Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Benefits [Member] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Structured Credit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Benefits [Member] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Real Estate [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Benefits [Member] |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] |
Cash [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0.2 
0 
 
Other Benefits [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
35.9 
37.9 
 
Other Benefits [Member] |
Fair Value, Inputs, Level 2 [Member] |
Equity Securities [Member] |
U S Large Cap [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Benefits [Member] |
Fair Value, Inputs, Level 2 [Member] |
Equity Securities [Member] |
U S Small Mid Cap [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Benefits [Member] |
Fair Value, Inputs, Level 2 [Member] |
Equity Securities [Member] |
International [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Benefits [Member] |
Fair Value, Inputs, Level 2 [Member] |
Fixed Income Investments [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
35.9 
37.9 
 
Other Benefits [Member] |
Fair Value, Inputs, Level 2 [Member] |
Hedge Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Benefits [Member] |
Fair Value, Inputs, Level 2 [Member] |
Private Equity Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Benefits [Member] |
Fair Value, Inputs, Level 2 [Member] |
Structured Credit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Benefits [Member] |
Fair Value, Inputs, Level 2 [Member] |
Real Estate [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Benefits [Member] |
Fair Value, Inputs, Level 2 [Member] |
Cash [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Benefits [Member] |
Significant Unobservable Inputs (Level 3) [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
33.5 
32.5 
32.5 
Other Benefits [Member] |
Significant Unobservable Inputs (Level 3) [Member] |
Equity Securities [Member] |
U S Large Cap [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Benefits [Member] |
Significant Unobservable Inputs (Level 3) [Member] |
Equity Securities [Member] |
U S Small Mid Cap [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Benefits [Member] |
Significant Unobservable Inputs (Level 3) [Member] |
Equity Securities [Member] |
International [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Benefits [Member] |
Significant Unobservable Inputs (Level 3) [Member] |
Fixed Income Investments [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Benefits [Member] |
Significant Unobservable Inputs (Level 3) [Member] |
Hedge Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
11.2 
11.2 
11.5 
Other Benefits [Member] |
Significant Unobservable Inputs (Level 3) [Member] |
Private Equity Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
4.3 
5.5 
6.2 
Other Benefits [Member] |
Significant Unobservable Inputs (Level 3) [Member] |
Structured Credit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
6.9 
5.8 
6.1 
Other Benefits [Member] |
Significant Unobservable Inputs (Level 3) [Member] |
Real Estate [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
11.1 
10.0 
8.7 
Other Benefits [Member] |
Significant Unobservable Inputs (Level 3) [Member] |
Cash [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
$ 0 
$ 0 
 
PENSION AND OTHER POSTRETIREMENT BENEFITS (Effect of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) on Changes in Other Benefit Plan Assets) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Hedge Funds [Member]
Dec. 31, 2015
Hedge Funds [Member]
Dec. 31, 2016
Private Equity Funds [Member]
Dec. 31, 2015
Private Equity Funds [Member]
Dec. 31, 2016
Real Estate [Member]
Dec. 31, 2015
Real Estate [Member]
Dec. 31, 2016
Other Benefits [Member]
Dec. 31, 2015
Other Benefits [Member]
Dec. 31, 2014
Other Benefits [Member]
Dec. 31, 2016
Other Benefits [Member]
Hedge Funds [Member]
Dec. 31, 2015
Other Benefits [Member]
Hedge Funds [Member]
Dec. 31, 2016
Other Benefits [Member]
Private Equity Funds [Member]
Dec. 31, 2015
Other Benefits [Member]
Private Equity Funds [Member]
Dec. 31, 2016
Other Benefits [Member]
Structured Credit [Member]
Dec. 31, 2015
Other Benefits [Member]
Structured Credit [Member]
Dec. 31, 2016
Other Benefits [Member]
Real Estate [Member]
Dec. 31, 2015
Other Benefits [Member]
Real Estate [Member]
Dec. 31, 2016
Significant Unobservable Inputs (Level 3) [Member]
Other Benefits [Member]
Dec. 31, 2015
Significant Unobservable Inputs (Level 3) [Member]
Other Benefits [Member]
Dec. 31, 2016
Significant Unobservable Inputs (Level 3) [Member]
Other Benefits [Member]
Hedge Funds [Member]
Dec. 31, 2015
Significant Unobservable Inputs (Level 3) [Member]
Other Benefits [Member]
Hedge Funds [Member]
Dec. 31, 2016
Significant Unobservable Inputs (Level 3) [Member]
Other Benefits [Member]
Private Equity Funds [Member]
Dec. 31, 2015
Significant Unobservable Inputs (Level 3) [Member]
Other Benefits [Member]
Private Equity Funds [Member]
Dec. 31, 2016
Significant Unobservable Inputs (Level 3) [Member]
Other Benefits [Member]
Structured Credit [Member]
Dec. 31, 2015
Significant Unobservable Inputs (Level 3) [Member]
Other Benefits [Member]
Structured Credit [Member]
Dec. 31, 2016
Significant Unobservable Inputs (Level 3) [Member]
Other Benefits [Member]
Real Estate [Member]
Dec. 31, 2015
Significant Unobservable Inputs (Level 3) [Member]
Other Benefits [Member]
Real Estate [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets — beginning of year
$ 193.4 
$ 188.1 
$ 40.7 
$ 41.5 
$ 33.1 
$ 31.2 
$ 57.5 
$ 50.0 
$ 253.0 
$ 250.6 
$ 269.3 
$ 11.2 
$ 11.2 
$ 4.3 
$ 5.5 
$ 6.9 
$ 5.8 
$ 11.1 
$ 10.0 
$ 32.5 
$ 32.5 
$ 11.2 
$ 11.5 
$ 5.5 
$ 6.2 
$ 5.8 
$ 6.1 
$ 10.0 
$ 8.7 
Actual return on plan assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Relating to assets still held at the reporting date
12.3 
5.5 
(0.1)
(0.8)
(2.7)
1.5 
5.1 
8.1 
 
 
 
 
 
 
 
 
 
 
 
1.9 
1.0 
0 
(0.3)
(0.3)
0.3 
1.1 
(0.3)
1.1 
1.3 
Acquired through business combinations
8.0 
5.7 
0 
0 
8.0 
5.7 
0 
0 
 
 
 
 
 
 
 
 
 
 
 
0 
0.1 
0 
0 
0 
0.1 
0 
0 
0 
0 
Sales
14.6 
8.4 
0 
0 
6.0 
7.8 
0.6 
0.6 
 
 
 
 
 
 
 
 
 
 
 
1.0 
1.5 
0 
0 
1.0 
1.5 
0 
0 
0 
0 
Fair value of plan assets — end of year
$ 202.4 
$ 193.4 
$ 40.6 
$ 40.7 
$ 36.1 
$ 33.1 
$ 61.9 
$ 57.5 
$ 253.0 
$ 250.6 
$ 269.3 
$ 11.2 
$ 11.2 
$ 4.3 
$ 5.5 
$ 6.9 
$ 5.8 
$ 11.1 
$ 10.0 
$ 33.5 
$ 32.5 
$ 11.2 
$ 11.2 
$ 4.3 
$ 5.5 
$ 6.9 
$ 5.8 
$ 11.1 
$ 10.0 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Unobservable Inputs, Level 3) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
$ 202.4 
$ 193.4 
$ 188.1 
Defined Benefit Plan, Actual Return on Plan Assets Still Held
12.3 
5.5 
 
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period
3.3 
2.5 
 
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets
8.0 
5.7 
 
Defined Benefit Plan, Divestitures, Plan Assets
(14.6)
(8.4)
 
Other Postretirement Benefit Plan, Defined Benefit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
253.0 
250.6 
269.3 
Private Equity Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
36.1 
33.1 
31.2 
Defined Benefit Plan, Actual Return on Plan Assets Still Held
(2.7)
1.5 
 
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period
3.7 
2.5 
 
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets
8.0 
5.7 
 
Defined Benefit Plan, Divestitures, Plan Assets
(6.0)
(7.8)
 
Private Equity Funds [Member] |
Other Postretirement Benefit Plan, Defined Benefit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
4.3 
5.5 
 
Structured Finance [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
63.8 
62.1 
65.4 
Defined Benefit Plan, Actual Return on Plan Assets Still Held
10.0 
(3.3)
 
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period
(0.3)
0 
 
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets
0 
0 
 
Defined Benefit Plan, Divestitures, Plan Assets
(8.0)
0 
 
Real Estate [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
61.9 
57.5 
50.0 
Defined Benefit Plan, Actual Return on Plan Assets Still Held
5.1 
8.1 
 
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period
(0.1)
0 
 
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets
0 
0 
 
Defined Benefit Plan, Divestitures, Plan Assets
(0.6)
(0.6)
 
Real Estate [Member] |
Other Postretirement Benefit Plan, Defined Benefit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
11.1 
10.0 
 
Structured Credit [Member] |
Other Postretirement Benefit Plan, Defined Benefit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
6.9 
5.8 
 
Hedge Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
40.6 
40.7 
41.5 
Defined Benefit Plan, Actual Return on Plan Assets Still Held
(0.1)
(0.8)
 
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period
0 
0 
 
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets
0 
0 
 
Defined Benefit Plan, Divestitures, Plan Assets
0 
0 
 
Hedge Funds [Member] |
Other Postretirement Benefit Plan, Defined Benefit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
11.2 
11.2 
 
Fair Value, Inputs, Level 3 [Member] |
Other Postretirement Benefit Plan, Defined Benefit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
33.5 
32.5 
32.5 
Defined Benefit Plan, Actual Return on Plan Assets Still Held
1.9 
1.0 
 
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period
0.1 
0.4 
 
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets
0 
0.1 
 
Defined Benefit Plan, Divestitures, Plan Assets
(1.0)
(1.5)
 
Fair Value, Inputs, Level 3 [Member] |
Private Equity Funds [Member] |
Other Postretirement Benefit Plan, Defined Benefit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
4.3 
5.5 
6.2 
Defined Benefit Plan, Actual Return on Plan Assets Still Held
(0.3)
0.3 
 
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period
0.1 
0.4 
 
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets
0 
0.1 
 
Defined Benefit Plan, Divestitures, Plan Assets
(1.0)
(1.5)
 
Fair Value, Inputs, Level 3 [Member] |
Real Estate [Member] |
Other Postretirement Benefit Plan, Defined Benefit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
11.1 
10.0 
8.7 
Defined Benefit Plan, Actual Return on Plan Assets Still Held
1.1 
1.3 
 
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period
0 
0 
 
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets
0 
0 
 
Defined Benefit Plan, Divestitures, Plan Assets
0 
0 
 
Fair Value, Inputs, Level 3 [Member] |
Structured Credit [Member] |
Other Postretirement Benefit Plan, Defined Benefit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
6.9 
5.8 
6.1 
Defined Benefit Plan, Actual Return on Plan Assets Still Held
1.1 
(0.3)
 
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period
0 
0 
 
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets
0 
0 
 
Defined Benefit Plan, Divestitures, Plan Assets
0 
0 
 
Fair Value, Inputs, Level 3 [Member] |
Hedge Funds [Member] |
Other Postretirement Benefit Plan, Defined Benefit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
11.2 
11.2 
11.5 
Defined Benefit Plan, Actual Return on Plan Assets Still Held
0 
(0.3)
 
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period
0 
0 
 
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets
0 
0 
 
Defined Benefit Plan, Divestitures, Plan Assets
$ 0 
$ 0 
 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Annual Contributions To The Pension Plans) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Defined Benefit Plan, Funded Percentage
70.00% 
 
Company contributions
$ 1.1 
$ 3.5 
Expected company contributions, next fiscal year
4.1 
 
Value of VEBA Trust Assets as a Percentage of the Funding Obligation
0.9 
 
Pension Benefits [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Company contributions
1.2 
35.7 
Expected company contributions, next fiscal year
24.5 
 
Direct Payments [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Company contributions
1.1 
3.5 
Expected company contributions, next fiscal year
4.1 
 
Veba Trust [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Company contributions
0 
0 
Expected company contributions, next fiscal year
$ 0 
 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Estimated Net Periodic Benefit Cost) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Estimated net periodic benefit cost
$ 13.3 
 
Pension Benefits [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Defined Benefit Plan, Contributions by Plan Participants
0 
0 
Estimated net periodic benefit cost
18.6 
 
Other Benefits [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Defined Benefit Plan, Contributions by Plan Participants
6.0 
4.0 
Estimated net periodic benefit cost
$ (5.3)
 
PENSION AND OTHER POSTRETIREMENT BENEFITS (Estimated Future Benefit Payments) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Net Company Payments [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
2017
$ 19.1 
2018
19.3 
2019
18.3 
2020
17.5 
2021
16.7 
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
76.6 
Less Medicare Subsidy [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
2017
0.6 
2018
0.7 
2019
0.8 
2020
0.9 
2021
0.9 
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
5.2 
Gross Company Benefits [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
2017
19.7 
2018
20.0 
2019
19.1 
2020
18.4 
2021
17.6 
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
81.8 
Pension Benefits [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
2017
77.3 
2018
64.8 
2019
63.3 
2020
63.0 
2021
62.4 
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter
$ 308.0 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Other Potential Benefit Obligations) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
$ 202.4 
$ 193.4 
$ 188.1 
Pension Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
685.8 
700.6 
749.8 
Defined Benefit Plan, Benefit Obligation
(931.6)
(910.8)
(998.0)
Defined Benefit Plan, Funded Status of Plan
(245.8)
(210.2)
 
Additional shutdown and early retirement benefits
22.1 
 
 
Other Benefits [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
253.0 
250.6 
269.3 
Defined Benefit Plan, Benefit Obligation
(264.6)
(266.0)
(295.8)
Defined Benefit Plan, Funded Status of Plan
(11.6)
(15.4)
 
Additional shutdown and early retirement benefits
$ 2.2 
 
 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS PENSIONS AND OTHER POSTRETIREMENT BENEFITS ( Fair Value of Recurring) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
$ 202.4 
$ 193.4 
$ 188.1 
Hedge Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
40.6 
40.7 
41.5 
Private Equity Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
36.1 
33.1 
31.2 
Real Estate [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
61.9 
57.5 
50.0 
Other Postretirement Benefit Plan, Defined Benefit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
253.0 
250.6 
269.3 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
35.9 
37.9 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
33.5 
32.5 
32.5 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
183.6 
180.2 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Fixed Income Investments [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
197.9 
196.0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Fixed Income Investments [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
35.9 
37.9 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Fixed Income Investments [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Fixed Income Investments [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
162.0 
158.1 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Hedge Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
11.2 
11.2 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Hedge Funds [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Hedge Funds [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
11.2 
11.2 
11.5 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Hedge Funds [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Private Equity Funds [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
4.3 
5.5 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Private Equity Funds [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Private Equity Funds [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
4.3 
5.5 
6.2 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Private Equity Funds [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Structured Credit [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
6.9 
5.8 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Structured Credit [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Structured Credit [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
6.9 
5.8 
6.1 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Structured Credit [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Real Estate [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
11.1 
10.0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Real Estate [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Real Estate [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
11.1 
10.0 
8.7 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Real Estate [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Cash [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0.2 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Cash [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Cash [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
Cash [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0.2 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
U S Small Mid Cap [Member] |
Equity Securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
2.7 
2.8 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
U S Small Mid Cap [Member] |
Equity Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
U S Small Mid Cap [Member] |
Equity Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
U S Small Mid Cap [Member] |
Equity Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
2.7 
2.8 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
International [Member] |
Equity Securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
8.1 
8.2 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
International [Member] |
Equity Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
International [Member] |
Equity Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
International [Member] |
Equity Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
8.1 
8.2 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
U S Large Cap [Member] |
Equity Securities [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
10.6 
11.1 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
U S Large Cap [Member] |
Equity Securities [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
U S Large Cap [Member] |
Equity Securities [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
0 
0 
 
Other Postretirement Benefit Plan, Defined Benefit [Member] |
U S Large Cap [Member] |
Equity Securities [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
$ 10.6 
$ 11.1 
 
STOCK COMPENSATION PLANS (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2016
Agreement
Plan
Dec. 31, 2015
Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Plans
2 
 
 
Allocated Share-based Compensation Expense
$ 14,200,000 
$ 13,900,000 
$ 21,500,000 
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense
0 
0 
7,500,000 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Plan Year Agreements
3 
 
 
Number of performance shares granted
3,571,337 
 
 
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized
14,700,000 
 
 
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition
1 year 9 months 15 days 
 
 
Option Indexed to Issuer's Equity, Strike Price
 
$ 13.83 
 
Common Stock, Shares Authorized
400,000,000 
400,000,000 
 
2015 Equity Plan [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Performance/vesting period
0 years 27 months 0 days 
 
 
2015 Equity Plan [Member] |
Maximum [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Maximum number of shares that may be issued (in shares)
12,900,000 
 
 
Two Thousand Twelve Equity Plan and Amended Equity Plan [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Available for Issuance Proposed to be added to the Plan
5,000,000 
 
 
Directors Plan [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued
85,000 
 
 
2012 Equity Plan [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Performance/vesting period
3 years 0 months 0 days 
 
 
Number of shares granted under the award
900,000 
 
 
Number of performance shares granted
900,000 
 
 
Number of restricted shares granted
400,000 
 
 
Change in Control [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Allocated Share-based Compensation Expense
 
$ 11,700,000 
 
2015 to 2017 Performance Period [Member] |
2012 Equity Plan [Member] |
Minimum [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Payout rate, as a percentage of the original grant
0.00% 
 
 
2015 to 2017 Performance Period [Member] |
2012 Equity Plan [Member] |
Maximum [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Payout rate, as a percentage of the original grant
200.00% 
 
 
Restricted Stock Units (RSUs) [Member] |
2015 Equity Plan [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Performance/vesting period
3 years 0 months 0 days 
 
 
Number of restricted shares granted
3,400,000 
1,500,000 
 
Cliffs Natural Resource Inc. 2015 Employee Stock Purchase Plan [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Common Stock, Shares Authorized
10,000,000 
 
 
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS (Incentive Plan Details) (Details)
0 Months Ended 3 Months Ended 12 Months Ended
Feb. 9, 2015
Dec. 31, 2016
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
Number of performance shares granted
 
 
 
 
 
3,571,337 
 
 
Performance Shares [Member]
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
Number of performance shares granted
410,105 
464,470 
188,510 
80,560 
230,265 
0 
874,575 
1,233,685 
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Estimated Forfeitures
 
82,636 
188,510 
80,560 
230,265 
157,979 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest
 
381,834 
0 
0 
0 
252,126 
 
 
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS (Nonemployee Directors) (Details) (Directors Plan [Member], USD $)
12 Months Ended
Dec. 31, 2016
Directors Plan [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued
$ 85,000 
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS (Incentive Compensation and Other Benefit Plans for Employees and Directors) (Details)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Restricted Equity Grant Shares [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Stock Issued During Period Shares Director Stock Award
135,038 
109,408 
73,635 
Deferred Equity Grant Shares [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Stock Issued During Period Shares Director Stock Award
29,583 
25,248 
0 
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS (Schedule of Compensation Costs) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Sep. 30, 2014
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Selling, General and Administrative Expense
 
 
 
 
 
 
 
 
 
$ 117.8 
$ 110.0 
$ 154.7 
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest
 
 
 
 
 
 
 
 
 
207.0 
313.1 
(19.7)
Income Tax Expense (Benefit)
 
 
 
 
 
 
 
 
 
(12.2)
169.3 
(86.0)
Net Income (Loss) Attributable to Parent
 
 
 
 
 
10.6 
60.2 
(759.8)
(60.3)
174.1 
(749.3)
(7,224.2)
Earnings Per Share, Basic
$ 0.35 
$ (0.12)
$ 0.07 
$ 0.62 
$ (0.39)
$ (0.10)
$ 0.39 
$ (5.04)
 
$ 0.88 
$ (5.14)
$ (47.52)
Earnings Per Share, Diluted
$ 0.34 
$ (0.12)
$ 0.07 
$ 0.62 
$ (0.39)
$ (0.10)
$ 0.39 
$ (4.26)
 
$ 0.87 
$ (5.13)
$ (47.52)
Deferred Compensation, Share-based Payments [Member]
 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Costs and Expenses
 
 
 
 
 
 
 
 
 
2.1 
4.0 
5.6 
Selling, General and Administrative Expense
 
 
 
 
 
 
 
 
 
12.1 
9.9 
15.9 
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest
 
 
 
 
 
 
 
 
 
14.2 
13.9 
21.5 
Income Tax Expense (Benefit)
 
 
 
 
 
 
 
 
 
0 
0 
(7.5)
Net Income (Loss) Attributable to Parent
 
 
 
 
 
 
 
 
 
$ 14.2 
$ 13.9 
$ 14.0 
Earnings Per Share, Basic
 
 
 
 
 
 
 
 
 
$ 0.07 
$ 0.09 
$ 0.09 
Earnings Per Share, Diluted
 
 
 
 
 
 
 
 
 
$ 0.07 
$ 0.09 
$ 0.09 
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS (Outstanding Employee Awards) (Details) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number
7,430,122 
4,442,048 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
$ 5.55 
$ 8.93 
Number of performance shares granted
3,571,337 
 
Fair Value
$ 1.93 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
(331,248)
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value
$ 11.25 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period
(252,015)
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value
$ 5.90 
 
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS (Share Based Compensation Arrangement by Share-based Payment Award) (Details) (USD $)
0 Months Ended 3 Months Ended 12 Months Ended
Feb. 9, 2015
Dec. 31, 2016
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price
 
417,914 
 
 
 
417,914 
 
 
 
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price
 
$ 8.88 
 
 
 
$ 8.88 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value
 
$ 239,640 
 
 
 
$ 239,640 
 
 
 
Option Indexed to Issuer's Equity, Strike Price
 
 
 
 
 
 
$ 13.83 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number
 
7,430,122 
 
 
 
7,430,122 
4,442,048 
 
 
Number of performance shares granted
 
 
 
 
 
3,571,337 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
 
 
 
 
 
(331,248)
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period
 
 
 
 
 
(252,015)
 
 
 
Common Stock, Capital Shares Reserved for Future Issuance
 
7,190,716 
 
 
 
7,190,716 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term
 
 
 
 
 
7 years 5 months 4 days 
 
 
 
Fair Value
 
 
 
 
 
$ 1.93 
 
 
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options
 
166,667 
 
 
 
166,667 
 
 
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price
 
$ 13.83 
 
 
 
$ 13.83 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value
 
$ 0 
 
 
 
$ 0 
 
 
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term
 
 
 
 
 
4 years 10 months 16 days 
 
 
 
Restricted Awards [Member]
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number
 
599,870 
 
 
 
599,870 
607,489 
250,000 
0 
Number of performance shares granted
 
 
 
 
 
0 
412,710 
250,000 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period
 
 
 
 
 
(7,619)
(55,221)
0 
 
Restricted Stock [Member]
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number
 
5,461,783 
 
 
 
5,461,783 
2,338,070 
523,176 
586,084 
Number of performance shares granted
 
 
 
 
 
3,571,337 
2,482,415 
531,030 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
 
 
 
 
 
(271,988)
(477,157)
(423,822)
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period
 
 
 
 
 
(175,636)
(190,364)
(170,116)
 
Performance Shares [Member]
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number
 
1,368,469 
 
 
 
1,368,469 
1,496,489 
1,072,376 
1,040,453 
Number of performance shares granted
410,105 
464,470 
188,510 
80,560 
230,265 
0 
874,575 
1,233,685 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
 
 
 
 
 
(59,260)
(242,920)
(796,624)
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period
 
 
 
 
 
(68,760)
(207,542)
(405,138)
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested or Expected to Vest, Outstanding, Number
 
6,716,979 
 
 
 
6,716,979 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Estimated Forfeitures
 
82,636 
188,510 
80,560 
230,265 
157,979 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Expected to Vest
 
381,834 
0 
0 
0 
252,126 
 
 
 
Directors Retainer and Voluntary Shares [Member]
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number
 
0 
 
 
 
0 
0 
0 
7,329 
Number of performance shares granted
 
 
 
 
 
0 
0 
2,281 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period
 
 
 
 
 
0 
0 
(9,610)
 
January 12, 2015 [Member] |
Restricted Awards [Member]
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
Grant Date Market Price
 
 
 
 
 
$ 7.70 
 
 
 
Employee Plans [Member]
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
Common Stock, Capital Shares Reserved for Future Issuance
 
6,514,038 
 
 
 
6,514,038 
 
 
 
Directors Plan [Member]
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
Common Stock, Capital Shares Reserved for Future Issuance
 
676,678 
 
 
 
676,678 
 
 
 
INCOME TAXES (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Contingency [Line Items]
 
 
 
 
Unrecognized Tax Benefits
$ 30,700,000 
$ 156,200,000 
$ 72,600,000 
$ 71,800,000 
Undistributed Earnings of Foreign Subsidiaries
0 
0 
 
 
Deferred Tax Assets, Operating Loss Carryforwards, State and Local
3,700,000,000 
3,900,000,000 
 
 
Deferred Tax Assets, Operating Loss Carryforwards, Foreign
6,900,000,000 
11,100,000,000 
 
 
Deferred Tax Assets, Tax Credit Carryforwards, Foreign
5,800,000 
5,800,000 
 
 
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax
251,200,000 
218,700,000 
 
 
Valuation Allowance, Deferred Tax Asset, Change in Amount
0 
 
 
 
Impact Of Tax Law Change
149,100,000 
0 
13,000,000 
 
Effective Income Tax Rate, Continuing Operations
35.00% 
35.00% 
35.00% 
 
Current Fiscal Year End Date
--12-31 
 
 
 
Reversal of Valuation Allowance on MRRT credits [Member]
 
 
 
 
Income Tax Contingency [Line Items]
 
 
 
 
Valuation Allowance, Deferred Tax Asset, Change in Amount
33,100,000 
 
 
 
Close of Audits [Domain]
 
 
 
 
Income Tax Contingency [Line Items]
 
 
 
 
Valuation Allowance, Deferred Tax Asset, Change in Amount
39,600,000 
 
 
 
Tax Asset, Current Year Activity [Domain]
 
 
 
 
Income Tax Contingency [Line Items]
 
 
 
 
Valuation Allowance, Deferred Tax Asset, Change in Amount
104,900,000 
 
 
 
Other Noncurrent Assets [Member]
 
 
 
 
Income Tax Contingency [Line Items]
 
 
 
 
Unrecognized Tax Benefits
22,400,000 
134,700,000 
 
 
Other Liabilities [Member]
 
 
 
 
Income Tax Contingency [Line Items]
 
 
 
 
Unrecognized Tax Benefits
8,300,000 
21,500,000 
 
 
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued
800,000 
2,100,000 
 
 
Deferred Tax Asset, Alternative Minimum Tax Credit Not Utilized [Member]
 
 
 
 
Income Tax Contingency [Line Items]
 
 
 
 
Deferred Tax Assets, Operating Loss Carryforwards, Foreign
$ 1,400,000,000 
 
 
 
INCOME TAXES INCOME TAXES (SCHEDULE OF INCOME BEFORE INCOME TAXES) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Tax Contingency [Line Items]
 
 
 
Income (Loss) from Continuing Operations before Income Taxes, Domestic
$ 124.9 
$ 314.2 
$ (447.5)
Income (Loss) from Continuing Operations before Income Taxes, Foreign
82.1 
(1.1)
427.8 
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest
$ 207.0 
$ 313.1 
$ (19.7)
INCOME TAXES INCOME TAXES (Schedule of Components of Income Taxes) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Tax Contingency [Line Items]
 
 
 
Current Federal Tax Expense (Benefit)
$ (11.1)
$ 8.2 
$ (125.2)
Current State and Local Tax Expense (Benefit)
(0.5)
0.3 
(0.6)
Current Foreign Tax Expense (Benefit)
(0.1)
0.9 
11.7 
Current Income Tax Expense (Benefit)
(11.7)
9.4 
(114.1)
Deferred Federal Income Tax Expense (Benefit)
(0.5)
165.8 
20.4 
Deferred State and Local Income Tax Expense (Benefit)
0 
0 
(24.9)
Deferred Foreign Income Tax Expense (Benefit)
0 
(5.9)
32.6 
Deferred Income Tax Expense (Benefit)
0 
159.8 
(1,153.9)
Income Tax Expense (Benefit)
(12.2)
169.3 
(86.0)
Deferred Provision (Benefit) [Member]
 
 
 
Income Tax Contingency [Line Items]
 
 
 
Deferred Income Tax Expense (Benefit)
$ (0.5)
$ 159.9 
$ 28.1 
INCOME TAXES INCOME TAXES (Schedule of Effective Rate Reconciliation) (Details)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2016
Dec. 31, 2015
USD ($)
Dec. 31, 2015
Dec. 31, 2014
USD ($)
Dec. 31, 2014
Income Tax Contingency [Line Items]
 
 
 
 
 
 
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount
$ 72.5 
 
$ 109.6 
 
$ (6.9)
 
Effective Income Tax Rate Reconciliation, Percent
35.00% 
35.00% 
35.00% 
35.00% 
35.00% 
35.00% 
Non-taxable loss (income) related to noncontrolling interests
(8.8)
 
(3.0)
 
(9.4)
 
Non-taxable loss (income) related to noncontrolling interests percent
(4.20%)
(4.20%)
(1.00%)
(1.00%)
47.70% 
47.70% 
Impact Of Tax Law Change
149.1 
 
0 
 
13.0 
 
Impact Of Tax Law Change Percent
72.00% 
72.00% 
0.00% 
0.00% 
(66.00%)
(66.00%)
Income Tax Reconciliation Tax Deduction for percentage depletion in excess of cost depletion
(36.1)
 
(34.9)
 
(87.9)
 
Income Tax Reconciliation Tax Deduction for percentage depletion in excess of cost depletion percent
(17.40%)
(17.40%)
(11.10%)
(11.10%)
446.20% 
446.20% 
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount
(42.7)
 
(53.9)
 
51.4 
 
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent
(20.60%)
(20.60%)
(17.20%)
(17.20%)
(260.90%)
(260.90%)
Income not subject to tax
0 
 
0 
 
(27.7)
 
Income not subject to tax percent
0.00% 
0.00% 
0.00% 
0.00% 
140.60% 
140.60% 
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount
0 
 
0 
 
22.7 
 
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent
0.00% 
0.00% 
0.00% 
0.00% 
(115.20%)
(115.20%)
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount
0.4 
 
0.2 
 
(25.4)
 
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent
0.20% 
0.20% 
0.10% 
0.10% 
128.90% 
128.90% 
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount
0 
 
0 
 
(347.1)
 
Effective Income Tax Rate Reconciliation, Tax Settlement, Percent
0.00% 
0.00% 
0.00% 
0.00% 
1,761.90% 
1,761.90% 
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount
93.9 
 
(104.6)
 
318.3 
 
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent
45.40% 
45.40% 
(33.40%)
(33.40%)
(1,615.70%)
(1,615.70%)
Effective Income Tax Reconciliation, Valuation Allowance Prior Year
(142.6)
 
165.8 
 
15.2 
 
Effective Income Tax Reconciliation, Valuation Allowance Prior Year, Percent
(68.90%)
(68.90%)
52.90% 
52.90% 
(77.20%)
(77.20%)
Tax Adjustments, Settlements, and Unusual Provisions
(11.3)
 
84.1 
 
0 
 
Tax Adjustments Settlements And Unusual Provisions Percent
(5.50%)
(5.50%)
26.90% 
26.90% 
0.00% 
0.00% 
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent
(5.70%)
(1,180,000,000.00%)
1.90% 
590,000,000.00% 
32.10% 
(630,000,000.00%)
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount
(1.4)
 
0.1 
 
4.1 
 
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent
(0.70%)
(0.70%)
0.00% 
0.00% 
(20.90%)
(20.90%)
Income Tax Expense (Benefit)
(12.2)
 
169.3 
 
(86.0)
 
Income Tax Expense Benefit Percent
(5.90%)
(5.90%)
54.10% 
54.10% 
436.50% 
436.50% 
Worthless Stock Deduction, Amount
$ (73.4)
 
$ 0 
 
$ 0 
 
Worthless Stock Deduction, Percent
(35.50%)
(35.50%)
0.00% 
0.00% 
0.00% 
0.00% 
INCOME TAXES INCOME TAXES (Income Taxes for Other than Continuing Operations) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Tax Contingency [Line Items]
 
 
 
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax
$ 0 
$ 0 
$ 37.1 
Other Comprehensive Income Unrealized Gain Loss On Mark To Market Adjustments Arising During Period Tax
0 
0.3 
3.6 
Other Comprehensive Income (Loss), Other Tax
0.5 
5.9 
0.2 
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent
0.5 
6.2 
40.9 
Income Tax Effects Allocated Directly to Equity, Equity Transactions
0 
0 
(4.8)
Discontinued Operation, Tax Effect of Discontinued Operation
$ 0 
$ (6.0)
$ (1,216.0)
INCOME TAXES INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Income Tax Contingency [Line Items]
 
 
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions
$ 114.6 
$ 106.6 
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits
35.2 
36.5 
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax
251.2 
218.7 
Deferred Tax Assets, Deferred Income
44.5 
57.2 
Deferred Tax Assets, Amortization
71.3 
0 
Deferred Tax Assets Development Costs
0 
4.9 
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Asset Retirement Obligations
22.3 
5.3 
Deferred Tax Assets, Operating Loss Carryforwards
2,699.7 
2,791.6 
Deferred Tax Assets, Property, Plant and Equipment
181.2 
189.8 
Deferred Tax Assets, State Taxes
59.2 
59.9 
Deferred Tax Assets Leasing Arrangements
12.9 
18.3 
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other
108.3 
148.9 
Deferred Tax Assets, Gross
3,600.4 
3,637.7 
Deferred Tax Assets, Valuation Allowance
(3,334.8)
(3,372.5)
Deferred Tax Assets, Net of Valuation Allowance
265.6 
265.2 
Deferred Tax Liabilities, Property, Plant and Equipment
(34.0)
(35.5)
Deferred Tax Liabilities Investment In Ventures
(203.1)
(206.6)
Deferred Tax Liabilities, Intangible Assets
(1.0)
(1.5)
Deferred Tax Liabilities, Tax Deferred Income
(3.4)
(2.5)
Deferred Tax Liabilities Other Assets
(24.1)
(19.1)
Deferred Tax Liabilities, Net
(265.6)
(265.2)
Deferred Tax Assets, Net
$ 0 
$ 0 
INCOME TAXES INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities by Location) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Income Tax Contingency [Line Items]
 
 
Deferred Tax Assets, Net
$ 0 
$ 0 
INCOME TAXES INCOME TAXES (Schedule of Unrecognized Tax Benefits Rollforward) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Income Tax Contingency [Line Items]
 
 
 
 
Unrecognized Tax Benefits
$ 30.7 
$ 156.2 
$ 72.6 
$ 71.8 
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions
(61.0)
 
 
 
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions
 
6.7 
0 
 
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions
0.2 
78.5 
5.9 
 
Unrecognized Tax Benefits Increases Decreases Resulting From Currency Translation
0 
0 
(0.2)
 
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities
(64.7)
(1.1)
0 
 
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations
0 
(0.5)
(3.7)
 
Other Increases decreases to unrecognized tax benefits
$ 0 
$ 0 
$ (1.2)
 
LEASE OBLIGATIONS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating Leased Assets [Line Items]
 
 
 
Capital Leased Assets, Gross
$ 29.3 
$ 32.5 
 
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation
13.1 
8.7 
 
Operating lease expense
$ 7.6 
$ 12.0 
$ 17.8 
LEASE OBLIGATIONS (Future Minimum Lease Payments) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Capital Leases
 
2016
$ 22.0 
2017
17.9 
2018
9.9 
2019
9.0 
2020
8.3 
2021 and thereafter
0.7 
Total minimum lease payments
67.8 
Amounts representing interest
12.0 
Present value of net minimum lease payments
55.8 
Operating Leases
 
2016
6.9 
2017
5.6 
2018
3.0 
2019
2.9 
2020
3.0 
2021 and thereafter
0 
Total minimum lease payments
21.4 
Other Current Liabilities [Member]
 
Capital Leases
 
Present value of net minimum lease payments
17.4 
Other Liabilities [Member]
 
Capital Leases
 
Present value of net minimum lease payments
$ 38.4 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
T
Dec. 31, 2015
Site Contingency [Line Items]
 
 
Accrual for Environmental Loss Contingencies, Period Increase (Decrease)
$ 9.2 
$ (45.2)
Proved Developed and Undeveloped Reserves, Net, Period Increase (Decrease)
115,000,000 
 
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current And Noncurrent
206.8 
234.0 
Payments for Environmental Liabilities
2.4 
2.6 
Accrual for Environmental Loss Contingencies
2.8 
3.6 
Mine Reclamation and Closing Liability, current and noncurrent
204.0 
230.4 
Previously Owned Or Operating Facilities [Member] |
LTV Steel Mining Company [Member]
 
 
Site Contingency [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
25.5 
24.1 
Selenium [Domain]
 
 
Site Contingency [Line Items]
 
 
Accrual for Environmental Loss Contingencies, Period Increase (Decrease)
$ 29.6 
 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Summary Of Mine Closure Obligations) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Loss Contingencies [Line Items]
 
 
Environmental
$ 2.8 
$ 3.6 
Mine Reclamation and Closing Liability, current and noncurrent
204.0 
230.4 
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current And Noncurrent
206.8 
234.0 
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current
12.9 
2.8 
Environmental Loss Contingency And Mine Reclamation And Closing Liability Noncurrent
193.9 
231.2 
U.S. Iron Ore [Member] |
Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
187.8 
214.0 
Asia Pacific Iron Ore [Member] |
Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
16.2 
16.4 
LTV Steel Mining Company [Member] |
Previously Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
$ 25.5 
$ 24.1 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Asset Retirement Obligation Disclosure) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Accrual for Environmental Loss Contingencies
$ 2.8 
$ 3.6 
 
Mine Reclamation and Closing Liability, current and noncurrent
204.0 
230.4 
 
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current And Noncurrent
206.8 
234.0 
 
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current
12.9 
2.8 
 
Environmental Loss Contingency And Mine Reclamation And Closing Liability Noncurrent
193.9 
231.2 
 
Asset Retirement Obligation
204.0 
230.4 
165.3 
Asset Retirement Obligation, Accretion Expense
14.0 
7.7 
 
Asset Retirement Obligation, Foreign Currency Translation Gain (Loss)
(0.2)
(1.1)
 
Asset Retirement Obligation, Liabilities Settled
(2.2)
0 
 
Asset Retirement Obligation, Revision of Estimate
(38.0)
58.5 
 
Previously Owned Or Operating Facilities [Member] |
LTV Steel Mining Company [Member]
 
 
 
Mine Reclamation and Closing Liability, current and noncurrent
25.5 
24.1 
 
U.S. Iron Ore [Member] |
Owned Or Operating Facilities [Member]
 
 
 
Mine Reclamation and Closing Liability, current and noncurrent
187.8 
214.0 
 
Asia Pacific Iron Ore [Member] |
Owned Or Operating Facilities [Member]
 
 
 
Mine Reclamation and Closing Liability, current and noncurrent
$ 16.2 
$ 16.4 
 
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Goodwill [Line Items]
 
 
 
Goodwill, Impairment Loss
$ 0 
$ 0 
 
Product
1,913,500,000 
1,832,400,000 
3,095,200,000 
Cost of Sales [Member]
 
 
 
Goodwill [Line Items]
 
 
 
Amortization expense relating to intangible assets
4,800,000 
4,200,000 
8,400,000 
Product Revenues [Member] |
Sales Revenue, Goods, Net [Member]
 
 
 
Goodwill [Line Items]
 
 
 
Product
23,100,000 
23,100,000 
23,100,000 
Permits [Member]
 
 
 
Goodwill [Line Items]
 
 
 
Impairment of Intangible Assets, Finite-lived
0 
 
13,800,000 
Asia Pacific Iron Ore [Member]
 
 
 
Goodwill [Line Items]
 
 
 
Goodwill, Impairment Loss
 
 
73,500,000 
U.S. Iron Ore [Member]
 
 
 
Goodwill [Line Items]
 
 
 
Goodwill
$ 2,000,000 
 
 
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Schedule Of Finite-Lived Intangible Assets By Major Class) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
$ 78.4 
$ 78.4 
Definite lived intangible assets - Accumulated Amortization
(24.6)
(20.2)
Definite lived intangible assets - Net Carrying Amount
53.8 
58.2 
Below-market sales contracts, gross
 
(228.9)
Below-market sales contracts, accumulated amortization
 
205.8 
Below-market sales contracts, net
 
(23.1)
Other Current Liabilities [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Below-market sales contracts, gross
 
(23.1)
Below-market sales contracts, net
0 
(23.1)
Other Liabilities [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Below-market sales contracts, gross
 
(205.8)
Below-market sales contracts, accumulated amortization
 
205.8 
Below-market sales contracts, net
0 
 
Permits [Member] |
Other Assets [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
78.4 
78.4 
Definite lived intangible assets - Accumulated Amortization
(24.6)
(20.2)
Definite lived intangible assets - Net Carrying Amount
$ 53.8 
$ 58.2 
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Estimated Amortization Expense Relating To Intangible Assets) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Estimated amortization expense, intangible assets [Abstract]
 
2016
$ 1.9 
2017
1.9 
2018
2.0 
2019
1.6 
2020
1.0 
Total
$ 8.4 
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Derivative [Line Items]
 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
$ 92,600,000 
$ 5,500,000 
$ 178,300,000 
Accounts receivable, net
128,700,000 
40,200,000 
 
Foreign Exchange Contract [Member] |
Other Nonoperating Income (Expense) [Member]
 
 
 
Derivative [Line Items]
 
 
 
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments
 
 
0 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
0 
(3,600,000)
 
Foreign Exchange Contract [Member] |
Product Revenues [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
0 
(12,600,000)
0 
Customer Supply Agreement [Member] |
Not Designated as Hedging Instrument [Member] |
Product Revenues [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Gain (Loss) on Derivative, Net
41,700,000 
27,100,000 
187,800,000 
Customer Supply Agreement [Member] |
Not Designated as Hedging Instrument [Member] |
Other Current Assets [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative assets
21,300,000 
5,800,000 
 
Provisional Pricing Arrangements [Member] |
Product Revenues [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
49,000,000 
(1,400,000)
(9,500,000)
Provisional Pricing Arrangements [Member] |
Not Designated as Hedging Instrument [Member] |
U S Iron Ore And Asia Pacific Iron Ore [Member] |
Product Revenues [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative, Gain (Loss) on Derivative, Net
49,000,000 
(1,400,000)
(9,500,000)
Provisional Pricing Arrangements [Member] |
Not Designated as Hedging Instrument [Member] |
U S Iron Ore And Asia Pacific Iron Ore [Member] |
Other Current Assets [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative assets
10,300,000 
2,000,000 
 
Provisional Pricing Arrangements [Member] |
Not Designated as Hedging Instrument [Member] |
U S Iron Ore And Asia Pacific Iron Ore [Member] |
Other Current Liabilities [Member]
 
 
 
Derivative [Line Items]
 
 
 
Derivative liabilities
500,000 
3,400,000 
 
$500 Million 3.95% 2018 Senior Notes [Member]
 
 
 
Derivative [Line Items]
 
 
 
Debt Instrument, Face Amount
$ 500,000,000 
$ 500,000,000.0 
 
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) (Not Designated as Hedging Instrument [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
$ 33.1 
$ 7.8 
Derivative liability, fair value
0.5 
4.0 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Commodity Contract [Member] |
Other Current Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability, fair value
1.5 
0 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Commodity Contract [Member] |
Other Current Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability, fair value
0 
0.6 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Customer Supply Agreement [Member] |
Other Current Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
21.3 
5.8 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Provisional Pricing Arrangements [Member] |
Other Current Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
10.3 
2.0 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Provisional Pricing Arrangements [Member] |
Other Current Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability, fair value
$ 0.5 
$ 3.4 
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule Of Derivatives Not Designated As Hedging Instruments) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
$ 92.6 
$ 5.5 
$ 178.3 
Foreign Exchange Contract [Member] |
Product Revenues [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
0 
(12.6)
0 
Foreign Exchange Contract [Member] |
Other Nonoperating Income (Expense) [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
0 
(3.6)
 
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments
 
 
0 
Commodity Contract [Member] |
Other Nonoperating Income (Expense) [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
1.9 
(4.0)
0 
Customer Supply Agreements [Member] |
Product Revenues [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
41.7 
27.1 
187.8 
Provisional Pricing Arrangements [Member] |
Product Revenues [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
$ 49.0 
$ (1.4)
$ (9.5)
DISCONTINUED OPERATIONS (Narrative) (Details) (USD $)
3 Months Ended 12 Months Ended
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Discontinued Operation, Tax Effect of Discontinued Operation
 
$ 0 
$ (6,000,000)
$ (1,216,000,000)
Tangible Asset Impairment Charges
 
0 
0 
537,800,000 
Deconsolidation, Gain (Loss), Amount
 
 
(528,200,000)
 
LOSS FROM DISCONTINUED OPERATIONS, net of tax
 
(19,900,000)
(892,100,000)
(8,368,000,000)
Potential Earn Out from North American Coal sale
 
50,000,000 
 
 
Canadian Entities [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Disposal Group, Including Discontinued Operation, Revenue
 
0 
11,300,000 
563,500,000 
Discontinued Operation, Tax Effect of Discontinued Operation
 
0 
5,800,000 
913,700,000 
Deconsolidation, Gain (Loss), Amount
 
(17,500,000)
(710,900,000)
0 
Disposal Group, including discontinued operations, Impairment of long-lived assets
 
0 
0 
(7,536,800,000)
Cost Method Investments
 
0 
0 
 
Disposal Group, Including Discontinued Operation, Costs of Goods Sold
 
0 
(11,100,000)
(808,400,000)
Eliminations with Continuing Operations
 
0 
0 
(53,600,000)
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)
 
0 
200,000 
(298,500,000)
Disposal Group, Including Discontinued Operation, Operating Expense
 
0 
(33,800,000)
(306,300,000)
Disposal Group, Including Discontinued Operation, Other Expense
 
0 
(1,000,000)
(5,600,000)
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax
 
0 
(34,600,000)
(610,400,000)
LOSS FROM DISCONTINUED OPERATIONS, net of tax
 
(17,500,000)
(739,700,000)
(7,233,500,000)
North American Coal [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Amounts released from escrow
 
10,300,000 
 
 
Disposal Group, Including Discontinued Operation, Revenue
 
0 
392,900,000 
687,100,000 
Discontinued Operations, Amounts Held in Escrow
 
0 
14,900,000 
 
Discontinued Operation, Tax Effect of Discontinued Operation
 
0 
200,000 
302,200,000 
Tangible Asset Impairment Charges
73,400,000 
 
 
 
Disposal Group, Including Discontinued Operation, Costs of Goods Sold
 
0 
(449,200,000)
(822,900,000)
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)
 
0 
(56,300,000)
(135,800,000)
Disposal Group, Including Discontinued Operation, Operating Expense
 
(4,500,000)
(30,400,000)
(20,800,000)
Disposal Group, Including Discontinued Operation, Other Expense
 
0 
(1,800,000)
(3,000,000)
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax
 
(2,400,000)
(79,200,000)
(579,200,000)
LOSS FROM DISCONTINUED OPERATIONS, net of tax
 
(2,400,000)
(152,400,000)
(1,134,500,000)
Bloom Lake Group [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Deconsolidation, Gain (Loss), Amount
818,700,000 
 
 
 
Contingent Liabilities of Deconsolidated Entities
 
0 
(203,100,000)
 
Wabush Group [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Deconsolidation, Gain (Loss), Amount
 
 
134,700,000 
 
Other Current Assets [Member] |
Canadian Entities [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Pre-Petition Financing
 
7,200,000 
 
 
DIP Financing
 
6,800,000 
 
 
Guarantees [Member] |
Bloom Lake Group [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Contingent Liabilities recognized in Consolidated Financials
 
200,000 
96,500,000 
 
Other Current Liabilities [Member] |
Bloom Lake Group [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Contingent Liabilities recognized in Consolidated Financials
 
37,000,000 
35,900,000 
 
Fair Value, Inputs, Level 3 [Member] |
Other Current Assets [Member] |
Canadian Entities [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Loans, Associated Interest and Accounts Receivable recognized in Consolidated Financials at Fair Value
 
48,600,000 
72,900,000 
 
Maximum [Member] |
Other Current Assets [Member] |
Canadian Entities [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
DIP Financing
 
$ 10,000,000 
 
 
DISCONTINUED OPERATIONS PreTax Exit Costs (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2016
Canadian Entities [Member]
Dec. 31, 2015
Canadian Entities [Member]
Dec. 31, 2014
Canadian Entities [Member]
Mar. 31, 2015
Bloom Lake Group [Member]
Dec. 31, 2016
Bloom Lake Group [Member]
Dec. 31, 2015
Bloom Lake Group [Member]
PreTax Exit Costs [Line Items]
 
 
 
 
 
 
 
Investment Impairment of Deconsolidation
 
$ (17.5)
$ (507.8)
 
 
 
 
Contingent Liabilities of Deconsolidated Entities
 
 
 
 
 
0 
(203.1)
Deconsolidation, Gain (Loss), Amount
$ (528.2)
$ (17.5)
$ (710.9)
$ 0 
$ 818.7 
 
 
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Assets and Liabilities - Canadian Entities (Details)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended 3 Months Ended
Dec. 31, 2015
USD ($)
Jun. 30, 2016
CAD ($)
Mar. 31, 2016
CAD ($)
Dec. 31, 2016
Canadian Entities [Member]
USD ($)
Dec. 31, 2015
Canadian Entities [Member]
USD ($)
Dec. 31, 2014
Canadian Entities [Member]
USD ($)
Dec. 31, 2016
Wabush [Member]
USD ($)
Mar. 31, 2015
Bloom Lake Group [Member]
USD ($)
Dec. 31, 2016
Other Current Assets [Member]
Canadian Entities [Member]
USD ($)
Dec. 31, 2016
Other Current Assets [Member]
Fair Value, Inputs, Level 3 [Member]
Canadian Entities [Member]
USD ($)
Dec. 31, 2015
Other Current Assets [Member]
Fair Value, Inputs, Level 3 [Member]
Canadian Entities [Member]
USD ($)
Dec. 31, 2016
Other Current Liabilities [Member]
Bloom Lake Group [Member]
USD ($)
Dec. 31, 2015
Other Current Liabilities [Member]
Bloom Lake Group [Member]
USD ($)
Dec. 31, 2016
Guarantees [Member]
Bloom Lake Group [Member]
USD ($)
Dec. 31, 2015
Guarantees [Member]
Bloom Lake Group [Member]
USD ($)
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debtor-in-Possession Financing, Borrowings Outstanding
 
 
 
 
 
 
$ 0 
 
$ 1.5 
 
 
 
 
 
 
Debtor-in-possession,Repayment
 
 
 
 
 
 
 
 
8.3 
 
 
 
 
 
 
Loans, Associated Interest and Accounts Receivable recognized in Consolidated Financials at Fair Value
 
 
 
 
 
 
 
 
 
48.6 
72.9 
 
 
 
 
Deconsolidation, Gain (Loss), Amount
(528.2)
 
 
(17.5)
(710.9)
0 
 
818.7 
 
 
 
 
 
 
 
Sale amount for Pointe Noire port and rail assets
 
 
66.75 
 
 
 
 
 
 
 
 
 
 
 
 
Sale Amount of the Bloom Lake Mine and Labrador Trough South mineral claims
 
10.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contingent Liabilities recognized in Consolidated Financials
 
 
 
 
 
 
 
 
 
 
 
$ 37.0 
$ 35.9 
$ 0.2 
$ 96.5 
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Assets and Liabilities - North American Coal (Details)
12 Months Ended 12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Jun. 30, 2016
CAD ($)
Mar. 31, 2016
CAD ($)
Dec. 31, 2016
North American Coal [Member]
USD ($)
Dec. 31, 2015
North American Coal [Member]
USD ($)
Dec. 31, 2014
North American Coal [Member]
USD ($)
Dec. 31, 2016
Canadian Entities [Member]
USD ($)
Dec. 31, 2015
Canadian Entities [Member]
USD ($)
Dec. 31, 2014
Canadian Entities [Member]
USD ($)
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Loss Contingency Accrual
 
 
 
 
 
$ 2,100,000 
$ 7,800,000 
 
 
 
 
Cost Method Investments
 
 
 
 
 
 
 
 
0 
0 
 
Disposal Group, Including Discontinued Operation, Other Assets, Current
 
 
 
 
 
0 
14,900,000 
 
 
 
 
Disposal Group, Including Discontinued Operation, Assets
 
 
 
 
 
0 
14,900,000 
 
 
 
 
Disposal Group, Including Discontinued Operation, Accrued Liabilities
 
 
 
 
 
1,100,000 
0 
 
 
 
 
Disposal Group, Including Discontinued Operation, Other Liabilities, Current
 
 
 
 
 
4,900,000 
6,900,000 
 
 
 
 
Disposal Group, Including Discontinued Operation, Liabilities
 
 
 
 
 
6,000,000 
6,900,000 
 
 
 
 
Discontinued Operation, Tax Effect of Discontinued Operation
0 
(6,000,000)
(1,216,000,000)
 
 
0 
200,000 
302,200,000 
0 
5,800,000 
913,700,000 
Sale amount for Pointe Noire port and rail assets
 
 
 
 
66,750,000 
 
 
 
 
 
 
Sale Amount of the Bloom Lake Mine and Labrador Trough South mineral claims
 
 
 
$ 10,500,000 
 
 
 
 
 
 
 
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Income Statement - Canadian Entities (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Deconsolidation, Gain (Loss), Amount
 
$ (528.2)
 
Discontinued Operation, Tax Effect of Discontinued Operation
0 
(6.0)
(1,216.0)
LOSS FROM DISCONTINUED OPERATIONS, net of tax
(19.9)
(892.1)
(8,368.0)
Canadian Entities [Member]
 
 
 
Disposal Group, Including Discontinued Operation, Revenue
0 
11.3 
563.5 
Disposal Group, Including Discontinued Operation, Costs of Goods Sold
0 
11.1 
808.4 
Eliminations with Continuing Operations
0 
0 
(53.6)
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)
0 
0.2 
(298.5)
Disposal Group, Including Discontinued Operation, Operating Expense
0 
33.8 
306.3 
Disposal Group, Including Discontinued Operation, Other Expense
0 
1.0 
5.6 
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax
0 
(34.6)
(610.4)
Deconsolidation, Gain (Loss), Amount
(17.5)
(710.9)
0 
Disposal Group, including discontinued operations, Impairment of long-lived assets
0 
0 
(7,536.8)
Discontinued Operation, Tax Effect of Discontinued Operation
0 
5.8 
913.7 
LOSS FROM DISCONTINUED OPERATIONS, net of tax
$ (17.5)
$ (739.7)
$ (7,233.5)
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Income Statement - North American Coal (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items]
 
 
 
Discontinued Operation, Tax Effect of Discontinued Operation
$ 0 
$ (6.0)
$ (1,216.0)
LOSS FROM DISCONTINUED OPERATIONS, net of tax
(19.9)
(892.1)
(8,368.0)
North American Coal [Member]
 
 
 
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items]
 
 
 
Disposal Group, Including Discontinued Operation, Revenue
0 
392.9 
687.1 
Disposal Group, Including Discontinued Operation, Costs of Goods Sold
0 
(449.2)
(822.9)
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)
0 
(56.3)
(135.8)
Disposal Group, Including Discontinued Operation, Operating Expense
(4.5)
(30.4)
(20.8)
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax
2.1 
9.3 
(419.6)
Disposal Group, Including Discontinued Operation, Other Expense
0 
(1.8)
(3.0)
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax
(2.4)
(79.2)
(579.2)
Impairment of Long-Lived Assets to be Disposed of
0 
(73.4)
(857.5)
Discontinued Operation, Tax Effect of Discontinued Operation
0 
0.2 
302.2 
LOSS FROM DISCONTINUED OPERATIONS, net of tax
$ (2.4)
$ (152.4)
$ (1,134.5)
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Income Statement, Balance Sheet and Cash Flows (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
LOSS FROM DISCONTINUED OPERATIONS, net of tax
$ (19.9)
$ (892.1)
$ (8,368.0)
Income (Loss) from Discontinued Operations, net of tax, including portion attributable to Noncontrolling interest, Canadian Entities and North American Coal
 
 
(8,368.0)
Short-term assets of discontinued operations
 
14.9 
 
Short-term liabilities of discontinued operations
6.0 
6.9 
 
Depreciation, depletion and amortization
115.4 
134.0 
504.0 
Payments to Acquire Property, Plant, and Equipment
69.1 
80.8 
284.1 
Impairment of goodwill and other long-lived assets
0 
76.6 
9,029.9 
North American Coal [Member]
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
LOSS FROM DISCONTINUED OPERATIONS, net of tax
(2.4)
(152.4)
(1,134.5)
Short-term assets of discontinued operations
 
14.9 
 
Short-term liabilities of discontinued operations
6.0 
6.9 
 
Depreciation, depletion and amortization
 
3.2 
106.9 
Payments to Acquire Property, Plant, and Equipment
 
15.9 
29.9 
Impairment of goodwill and other long-lived assets
 
73.4 
857.5 
Eastern Canadian Iron Ore [Member]
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
LOSS FROM DISCONTINUED OPERATIONS, net of tax
(17.5)
(638.7)
(6,952.9)
Short-term assets of discontinued operations
 
0 
 
Short-term liabilities of discontinued operations
0 
0 
 
Depreciation, depletion and amortization
 
0 
135.6 
Payments to Acquire Property, Plant, and Equipment
 
0 
190.3 
Impairment of goodwill and other long-lived assets
 
0 
7,269.2 
Other Canadian Operations [Member]
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
LOSS FROM DISCONTINUED OPERATIONS, net of tax
0 
(101.0)
(280.6)
Short-term assets of discontinued operations
 
0 
 
Short-term liabilities of discontinued operations
0 
0 
 
Depreciation, depletion and amortization
 
0 
0.5 
Payments to Acquire Property, Plant, and Equipment
 
0 
0 
Impairment of goodwill and other long-lived assets
 
0 
267.6 
Canadian Entities [Member]
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
LOSS FROM DISCONTINUED OPERATIONS, net of tax
(17.5)
(739.7)
(7,233.5)
Short-term assets of discontinued operations
 
0 
 
Short-term liabilities of discontinued operations
0 
0 
 
Depreciation, depletion and amortization
 
0 
136.1 
Payments to Acquire Property, Plant, and Equipment
 
0 
190.3 
Impairment of goodwill and other long-lived assets
 
0 
7,536.8 
Discontinued Operations [Member]
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Depreciation, depletion and amortization
 
3.2 
243.0 
Payments to Acquire Property, Plant, and Equipment
 
15.9 
220.2 
Impairment of goodwill and other long-lived assets
 
$ 73.4 
$ 8,394.3 
DISCONTINUED OPERATIONS Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis - Canadian Entities (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Canadian Entities [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Loans to and Accounts Receivables from Bloom Lake Group, Fair Value Disclosure
$ 48.6 
$ 72.9 
Losses on Loans to and Accounts Receivables from the Bloom Lake Group
17.5 
507.8 
Bloom Lake Group [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Contingent Liabilities and Joint and Several Liabilities, Fair Value Disclosure
37.2 
132.4 
Contingent Liabilities of Deconsolidated Entities
0 
(203.1)
Losses on Contingent Liabilities
0 
203.1 
Fair Value, Inputs, Level 1 [Member] |
Canadian Entities [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Loans to and Accounts Receivables from Bloom Lake Group, Fair Value Disclosure
0 
0 
Fair Value, Inputs, Level 1 [Member] |
Bloom Lake Group [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Contingent Liabilities and Joint and Several Liabilities, Fair Value Disclosure
0 
0 
Fair Value, Inputs, Level 2 [Member] |
Canadian Entities [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Loans to and Accounts Receivables from Bloom Lake Group, Fair Value Disclosure
0 
0 
Fair Value, Inputs, Level 2 [Member] |
Bloom Lake Group [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Contingent Liabilities and Joint and Several Liabilities, Fair Value Disclosure
0 
0 
Fair Value, Inputs, Level 3 [Member] |
Bloom Lake Group [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Contingent Liabilities and Joint and Several Liabilities, Fair Value Disclosure
37.2 
132.4 
Other Current Assets [Member] |
Fair Value, Inputs, Level 3 [Member] |
Canadian Entities [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Loans, Associated Interest and Accounts Receivable recognized in Consolidated Financials at Fair Value
$ 48.6 
$ 72.9 
DISCONTINUED OPERATIONS Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis - North American Coal (Details) (USD $)
12 Months Ended 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Mar. 31, 2016
North American Coal [Member]
Mar. 31, 2015
North American Coal [Member]
Mar. 31, 2015
Fair Value, Inputs, Level 1 [Member]
North American Coal [Member]
Mar. 31, 2015
Fair Value, Inputs, Level 2 [Member]
North American Coal [Member]
Mar. 31, 2015
Fair Value, Inputs, Level 3 [Member]
North American Coal [Member]
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
 
 
 
 
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
 
 
 
$ 20,400,000 
$ 0 
$ 0 
$ 20,400,000 
Tangible Asset Impairment Charges
0 
0 
537,800,000 
 
73,400,000 
 
 
 
Assets, Fair Value Disclosure, Nonrecurring
 
 
 
 
20,400,000 
0 
0 
20,400,000 
Impairment Charges
 
 
 
$ 73,400,000 
 
 
 
 
CAPITAL STOCK (Details) (USD $)
In Millions, except Share data, unless otherwise specified
9 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 3 Months Ended
Sep. 30, 2016
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Aug. 10, 2016
Mar. 31, 2016
Mar. 31, 2015
Jan. 26, 2015
Dec. 31, 2015
Preferred Class A [Member]
Sep. 30, 2015
Preferred Class A [Member]
Jun. 30, 2015
Preferred Class A [Member]
Mar. 31, 2015
Preferred Class A [Member]
Dec. 31, 2016
Preferred Class A [Member]
Dec. 31, 2015
Preferred Class A [Member]
Dec. 31, 2014
Preferred Class A [Member]
Nov. 2, 2015
Preferred Class A [Member]
Aug. 3, 2015
Preferred Class A [Member]
May 1, 2015
Preferred Class A [Member]
Feb. 2, 2015
Preferred Class A [Member]
Nov. 3, 2014
Preferred Class A [Member]
Aug. 1, 2014
Preferred Class A [Member]
Feb. 11, 2013
Common Stock [Member]
Dec. 31, 2016
Common Stock [Member]
Dec. 3, 2014
Common Stock [Member]
Sep. 2, 2014
Common Stock [Member]
Jun. 3, 2014
Common Stock [Member]
Mar. 3, 2014
Common Stock [Member]
Dec. 31, 2016
Common Stock [Member]
Minimum [Member]
Dec. 31, 2016
Common Stock [Member]
Maximum [Member]
Nov. 2, 2015
Depositary Shares [Member]
Aug. 3, 2015
Depositary Shares [Member]
May 1, 2015
Depositary Shares [Member]
Feb. 2, 2015
Depositary Shares [Member]
Nov. 3, 2014
Depositary Shares [Member]
Aug. 1, 2014
Depositary Shares [Member]
Dec. 31, 2016
Exchange of Debt for Equity [Member]
Sep. 30, 2016
$500 Million 3.95% 2018 Senior Notes [Member]
Mar. 31, 2016
$500 Million 3.95% 2018 Senior Notes [Member]
Dec. 31, 2016
$500 Million 3.95% 2018 Senior Notes [Member]
Exchange of Debt for Equity [Member]
Mar. 31, 2016
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member]
Dec. 31, 2016
$218.5 Million 8.00% 2020 1.5 Lien Notes [Member]
Exchange of Debt for Equity [Member]
Mar. 31, 2016
$700 Million 4.875% 2021 Senior Notes[Member]
Mar. 31, 2015
$700 Million 4.875% 2021 Senior Notes[Member]
Dec. 31, 2016
$700 Million 4.875% 2021 Senior Notes[Member]
Exchange of Debt for Equity [Member]
Class of Stock [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain on extinguishment/restructuring of debt
 
$ 166.3 
$ 392.9 
$ 16.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 11.3 
$ (19.9)
 
 
 
 
 
 
 
Common Stock, New Shares, Issued
 
44,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depositary Share Interest in a Share of 7% Series A Mandatory Convertible Preferred Stock, Class A
 
0.025 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible Preferred Stock, Common Shares Issued Upon Conversion in Lieu of Dividend
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible Preferred Stock, Shares Issued upon Conversion
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.7037 
 
 
 
 
28.1480 
34.4840 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible Preferred Stock, Shares Issued Upon Conversion per Depositary Share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.9052 
 
 
 
 
0.8621 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Stock, Liquidation Preference Per Share
 
 
 
 
 
 
 
 
$ 1,000 
 
 
 
$ 1,000 
$ 1,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock, Par or Stated Value Per Share
 
$ 0.125 
$ 0.125 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trading Day Window Determining Number of Common Shares Issuable on Conversion
 
20 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends payable, per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 17.5000 
$ 0.44 
$ 17.50 
$ 0.44 
$ 17.5000 
$ 0.44 
 
 
$ 0.150 
$ 0.150 
$ 0.150 
$ 0.150 
 
 
$ 0.44 
$ 17.5000 
$ 0.44 
$ 17.5000 
$ 0.44 
$ 17.5000 
 
 
 
 
 
 
 
 
 
Increase Decrease In Dividends Payable Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
76.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends, Preferred Stock
 
0 
38.4 
51.2 
 
 
 
 
0 
25.6 
0 
12.8 
0 
38.4 
51.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common shares, issued (in shares)
 
238,636,794.0000 
159,546,224.0000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
26,500,000.0000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible Preferred Stock, Common Shares Issued Upon Conversion
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25,200,000.0000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net proceeds from issuance of common shares
287.6 
287.4 
0 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Elimination of Dividend
 
 
 
 
 
 
 
$ 0.15 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Fiscal Year End Date
 
--12-31 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Shares Issued in Debt to Equity Exchange
 
8,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount Exchanged
 
 
 
 
 
512.2 
674.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17.6 
10.0 
 
20.1 
76.3 
208.5 
26.8 
Debt Instrument, Face Amount Received in Debt Exchange of $500M 3.95% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11.4 
 
 
 
 
Debt Instrument, Face Amount Received in Debt Exchange of $500M 4.80% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17.9 
 
 
 
 
Debt instrument, Face Amount Received in Debt Exchange of $700M 4.875% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 30.5 
 
 
 
 
Shares Issued, Price Per Share
 
 
 
 
$ 6.75 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated Other Comprehensive Income (Loss) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax
$ (260.6)
$ (241.4)
$ (291.1)
$ (204.9)
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax
0 
0.1 
(1.0)
6.2 
Accumulated other comprehensive loss
(21.3)
(18.0)
(245.8)
(112.9)
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax
239.3 
220.7 
64.4 
106.7 
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax
0 
2.6 
(18.1)
(20.9)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax
19.8 
(45.2)
91.0 
 
Unrealized net gain (loss) on marketable securities, net of tax
0 
1.7 
(7.2)
 
Unrealized net gain (loss) on foreign currency translation
18.6 
155.6 
(42.3)
 
Other Comprehensive Income (Loss), Net of Tax
(3.8)
223.2 
(137.7)
 
Accumulated Other Comprehensive Income (Loss) [Member]
 
 
 
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(29.8)
(10.0)
(166.2)
 
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
26.5 
237.8 
33.3 
 
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
 
 
 
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(3.3)
1.9 
(28.2)
 
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
0.7 
18.8 
31.0 
 
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
 
 
 
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
18.4 
(26.4)
(42.3)
 
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
0.2 
182.7 
0 
 
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
 
 
 
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(44.8)
9.1 
(97.0)
 
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
25.6 
40.6 
10.8 
 
Accumulated Net Unrealized Investment Gain (Loss) [Member]
 
 
 
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(0.1)
5.4 
1.3 
 
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
$ 0 
$ (4.3)
$ (8.5)
 
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Details of Accumulated Other Comprehensive Income (Loss) Components (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
Other Comprehensive Income (Loss), Foreign Currency Translation, Dissolution of Entity
$ 0.2 
$ 0 
$ 0 
Reclassification out of Accumulated Other Comprehensive Income [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
Marketable Securities, Unrealized Gain (Loss)
0 
(2.6)
(11.4)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax
1.2 
26.9 
45.6 
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax
0 
4.3 
(8.5)
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax
0 
(4.6)
(11.9)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
26.5 
237.8 
35.5 
Accumulated Other Comprehensive Income (Loss) [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(29.8)
(10.0)
(166.2)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
26.5 
237.8 
33.3 
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(3.3)
1.9 
(28.2)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
0.7 
18.8 
31.0 
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
18.4 
(26.4)
(42.3)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
0.2 
182.7 
0 
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(44.8)
9.1 
(97.0)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
25.6 
40.6 
10.8 
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] |
Reclassification out of Accumulated Other Comprehensive Income [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
Amortization of prior service (cost) credit
1.5 
1.4 
1.1 
Defined Benefit Plan, Amortization of Gains (Losses)
27.1 
27.4 
18.5 
Defined Benefit Plan, Curtailments
0 
0.2 
1.4 
Defined Benefit Plan, Effect of Deconsolidation
0 
15.1 
0 
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax
25.6 
41.3 
18.8 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax
0 
(0.7)
(5.8)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax
25.6 
40.6 
13.0 
Accumulated Net Unrealized Investment Gain (Loss) [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax
(0.1)
5.4 
1.3 
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
0 
(4.3)
(8.5)
Accumulated Other-than-Temporary Impairment [Member] |
Reclassification out of Accumulated Other Comprehensive Income [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities
0 
(2.0)
(0.5)
Foreign Currency Translation Adjustment [Member] |
Reclassification out of Accumulated Other Comprehensive Income [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax
0.2 
182.7 
0 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax
0 
182.7 
0 
Realized Gain (Loss) on Marketable Securities and Other than Temporary Impairment [Member] |
Reclassification out of Accumulated Other Comprehensive Income [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
Other Comprehensive Income (Loss), Realized Holding Gain (Loss) on Securities and Impairment on Securities Arising During Period, Tax
0 
0.3 
3.4 
Realized Gain Loss On Derivatives [Member] |
Reclassification out of Accumulated Other Comprehensive Income [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
TaxOnDerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoEarnings
(0.5)
(8.1)
(14.6)
Derivative, Gain (Loss) on Derivative, Net
0.7 
18.8 
31.0 
T-Lock Amortization [Member] |
Realized Gain Loss On Derivatives [Member] |
Reclassification out of Accumulated Other Comprehensive Income [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
1.2 
0 
0 
Australian Hedge Contracts [Member] |
Realized Gain Loss On Derivatives [Member] |
Reclassification out of Accumulated Other Comprehensive Income [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
0 
26.9 
18.9 
Canadian Hedge Contracts [Member] |
Realized Gain Loss On Derivatives [Member] |
Reclassification out of Accumulated Other Comprehensive Income [Member]
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
$ 0 
$ 0 
$ 26.7 
CASH FLOW INFORMATION (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dividends Payable [Line Items]
 
 
 
Income Tax Refunds, Discontinued Operations
 
$ 47.8 
 
Interest Paid, Discontinued Operations
1.4 
4.8 
6.1 
Property, Plant and Equipment, Additions
68.5 
72.2 
65.5 
Capital Expenditure, Discontinued Operations
 
$ 24.5 
$ 170.0 
RELATED PARTIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Segment Reporting Information [Line Items]
 
 
Due from Related Parties, Current
$ 73.8 
$ 15.8 
Due to Related Parties, Current
8.7 
14.5 
U.S. Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Number Of Mines
4 
 
Joint Venture Partners [Member] |
U.S. Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Number Of Mines
2 
 
Empire [Member] |
Arcelor Mittal [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Recorded Distributions of Partners' Equity Amounts
57.5 
51.7 
Paid Distributions of Partners' Equity Amounts
$ 48.8 
$ 40.6 
RELATED PARTIES (Summary Of Other Ownership Interests) (Details)
Dec. 31, 2016
Hibbing [Member] |
Arcelor Mittal [Member]
 
Related Party Transaction [Line Items]
 
Ownership interest, equity method investment
62.30% 
Hibbing [Member] |
U. S. Steel Canada [Member]
 
Related Party Transaction [Line Items]
 
Ownership interest, equity method investment
14.70% 
Empire [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Parent
79.00% 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
21.00% 
Empire [Member] |
Arcelor Mittal [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
21.00% 
Empire [Member] |
U. S. Steel Canada [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
0.00% 
Tilden [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Parent
85.00% 
Tilden [Member] |
Arcelor Mittal [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
0.00% 
Tilden [Member] |
U. S. Steel Canada [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
15.00% 
Investments in Ventures [Member] |
Hibbing [Member]
 
Related Party Transaction [Line Items]
 
Ownership interest, equity method investment
23.00% 
EARNINGS PER SHARE (Earnings Per Share Computation) (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Sep. 30, 2014
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
 
 
 
 
 
 
 
 
 
 
25,300,000 
25,200,000 
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest
$ 100.1 
$ (25.1)
$ 29.9 
$ 114.3 
$ (34.8)
$ 49.9 
$ (38.2)
$ 166.8 
 
$ 219.2 
$ 143.7 
$ 56.4 
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest
(1.7)
2.0 
(16.7)
(8.8)
(2.4)
4.6 
(5.0)
1.9 
 
(25.2)
(8.6)
(25.9)
Income (Loss) from Continuing Operations Attributable to Parent
98.4 
(23.1)
13.2 
105.5 
 
54.5 
(43.2)
168.7 
(37.2)
194.0 
135.1 
30.5 
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent
(19.3)
(2.7)
(0.4)
2.5 
(23.1)
(43.9)
103.4 
(928.5)
 
(19.9)
(884.4)
(7,254.7)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
 
 
 
 
 
10.6 
60.2 
(759.8)
(60.3)
174.1 
(749.3)
(7,224.2)
PREFERRED STOCK DIVIDENDS
 
 
 
 
 
 
 
 
 
0 
(38.4)
(51.2)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
79.1 
(25.8)
12.8 
108.0 
 
(15.0)
60.2 
(772.6)
(60.3)
174.1 
(787.7)
(7,275.4)
Weighted Average Number of Shares:
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
 
 
197,659,000 
153,230,000 
153,098,000 
Employee Stock Plans
 
 
 
 
 
 
 
 
 
2,386,000 
375,000 
0 
Diluted
 
 
 
 
 
 
 
 
 
200,145,000 
153,605,000 
153,098,000 
Earnings (loss) per Common Share Attributable to Cliffs Common Shareholders - Basic:
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
$ 0.43 
$ (0.11)
$ 0.07 
$ 0.61 
$ (0.24)
$ 0.19 
$ (0.28)
$ 1.02 
 
$ 0.98 
$ 0.63 
$ (0.14)
Discontinued operations
$ (0.08)
$ (0.01)
$ 0.00 
$ 0.01 
$ (0.15)
$ (0.29)
$ 0.67 
$ (6.06)
 
$ (0.10)
$ (5.77)
$ (47.38)
Earnings (loss) per Common Share Attributable to Cliffs Common Shareholders - Basic:
$ 0.35 
$ (0.12)
$ 0.07 
$ 0.62 
$ (0.39)
$ (0.10)
$ 0.39 
$ (5.04)
 
$ 0.88 
$ (5.14)
$ (47.52)
Earnings (loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted:
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
$ 0.42 
$ (0.11)
$ 0.07 
$ 0.61 
$ (0.24)
$ 0.19 
$ (0.28)
$ 0.94 
 
$ 0.97 
$ 0.63 
$ (0.14)
Discontinued operations
$ (0.08)
$ (0.01)
$ 0.00 
$ 0.01 
$ (0.15)
$ (0.29)
$ 0.67 
$ (5.20)
 
$ (0.10)
$ (5.76)
$ (47.38)
Earnings (loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted:
$ 0.34 
$ (0.12)
$ 0.07 
$ 0.62 
$ (0.39)
$ (0.10)
$ 0.39 
$ (4.26)
 
$ 0.87 
$ (5.13)
$ (47.52)
Preferred Class A [Member]
 
 
 
 
 
 
 
 
 
 
 
 
PREFERRED STOCK DIVIDENDS
 
 
 
 
$ 0 
$ (25.6)
$ 0 
$ (12.8)
 
$ 0 
$ (38.4)
$ (51.2)
EARNINGS PER SHARE EARNINGS PER SHARE (Narrative Details) (Details)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Dec. 31, 2015
Dec. 31, 2014
Earnings Per Share [Abstract]
 
 
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
 
 
25.3 
25.2 
Antidilutive Incremental Common Shares Excluded and Attributable to Share-based Payment Arrangements
0 
3.0 
 
0.7 
COMMITMENTS AND CONTINGENCIES (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2016
Dec. 31, 2015
Loss Contingencies [Line Items]
 
 
Accrual for Environmental Loss Contingencies
$ 2.8 
$ 3.6 
Michigan Electricity Matters [Member]
 
 
Loss Contingencies [Line Items]
 
 
Loss Contingency Accrual
$ 13.6 
 
SUBSEQUENT EVENTS Narrative (Details)
Dec. 31, 2016
Dec. 31, 2015
Subsequent Event [Line Items]
 
 
Common shares, issued (in shares)
238,636,794 
159,546,224 
Common Stock [Member]
 
 
Subsequent Event [Line Items]
 
 
Convertible Preferred Stock, Common Shares Issued Upon Conversion in Lieu of Dividend
1,300,000 
 
Convertible Preferred Stock, Shares Issued upon Conversion
0.7037 
 
Common shares, issued (in shares)
26,500,000.0000 
 
Convertible Preferred Stock, Common Shares Issued Upon Conversion
25,200,000.0000 
 
Maximum [Member] |
Common Stock [Member]
 
 
Subsequent Event [Line Items]
 
 
Convertible Preferred Stock, Shares Issued upon Conversion
34.4840 
 
Minimum [Member] |
Common Stock [Member]
 
 
Subsequent Event [Line Items]
 
 
Convertible Preferred Stock, Shares Issued upon Conversion
28.1480 
 
QUARTERLY RESULTS OF OPERATIONS (Schedule of Quarterly Financial Information) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Sep. 30, 2014
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
 
 
 
 
 
 
 
 
 
 
25.3 
25.2 
Revenues
$ 754.0 
$ 553.3 
$ 496.2 
$ 305.5 
$ 476.0 
$ 593.2 
$ 498.1 
$ 446.0 
 
$ 2,109.0 
$ 2,013.3 
$ 3,373.2 
SALES MARGIN
181.5 
85.4 
91.5 
30.9 
43.3 
55.1 
57.3 
80.8 
 
389.3 
236.5 
885.7 
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest
100.1 
(25.1)
29.9 
114.3 
(34.8)
49.9 
(38.2)
166.8 
 
219.2 
143.7 
56.4 
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest
(1.7)
2.0 
(16.7)
(8.8)
(2.4)
4.6 
(5.0)
1.9 
 
(25.2)
(8.6)
(25.9)
Income (Loss) from Continuing Operations Attributable to Parent
98.4 
(23.1)
13.2 
105.5 
 
54.5 
(43.2)
168.7 
(37.2)
194.0 
135.1 
30.5 
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent
(19.3)
(2.7)
(0.4)
2.5 
(23.1)
(43.9)
103.4 
(928.5)
 
(19.9)
(884.4)
(7,254.7)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
 
 
 
 
 
10.6 
60.2 
(759.8)
(60.3)
174.1 
(749.3)
(7,224.2)
Dividends, Preferred Stock
 
 
 
 
 
 
 
 
 
0 
38.4 
51.2 
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
79.1 
(25.8)
12.8 
108.0 
 
(15.0)
60.2 
(772.6)
(60.3)
174.1 
(787.7)
(7,275.4)
Continuing operations
$ 0.43 
$ (0.11)
$ 0.07 
$ 0.61 
$ (0.24)
$ 0.19 
$ (0.28)
$ 1.02 
 
$ 0.98 
$ 0.63 
$ (0.14)
Discontinued operations
$ (0.08)
$ (0.01)
$ 0.00 
$ 0.01 
$ (0.15)
$ (0.29)
$ 0.67 
$ (6.06)
 
$ (0.10)
$ (5.77)
$ (47.38)
Earnings Per Share, Basic
$ 0.35 
$ (0.12)
$ 0.07 
$ 0.62 
$ (0.39)
$ (0.10)
$ 0.39 
$ (5.04)
 
$ 0.88 
$ (5.14)
$ (47.52)
Continuing operations
$ 0.42 
$ (0.11)
$ 0.07 
$ 0.61 
$ (0.24)
$ 0.19 
$ (0.28)
$ 0.94 
 
$ 0.97 
$ 0.63 
$ (0.14)
Discontinued operations
$ (0.08)
$ (0.01)
$ 0.00 
$ 0.01 
$ (0.15)
$ (0.29)
$ 0.67 
$ (5.20)
 
$ (0.10)
$ (5.76)
$ (47.38)
Earnings Per Share, Diluted
$ 0.34 
$ (0.12)
$ 0.07 
$ 0.62 
$ (0.39)
$ (0.10)
$ 0.39 
$ (4.26)
 
$ 0.87 
$ (5.13)
$ (47.52)
Antidilutive Incremental Common Shares Excluded and Attributable to Share-based Payment Arrangements
0 
3.0 
 
 
 
 
 
 
 
 
 
0.7 
Preferred Class A [Member]
 
 
 
 
 
 
 
 
 
 
 
 
Dividends, Preferred Stock
 
 
 
 
$ 0 
$ 25.6 
$ 0 
$ 12.8 
 
$ 0 
$ 38.4 
$ 51.2 
Maximum [Member]
 
 
 
 
 
 
 
 
 
 
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
 
 
 
 
 
 
 
 
 
 
25.6 
 
Antidilutive Incremental Common Shares Excluded and Attributable to Share-based Payment Arrangements
 
 
 
 
 
 
 
 
 
 
0.3 
 
QUARTERLY RESULTS OF OPERATIONS (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Mar. 31, 2014
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
Minimum [Member]
Dec. 31, 2015
Maximum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
 
 
 
 
25.3 
25.2 
25.2 
25.6 
Antidilutive Incremental Common Shares Excluded and Attributable to Share-based Payment Arrangements
0 
3.0 
 
 
 
0.7 
0.1 
0.3 
Loss (gain) on sale of North American Coal mines
 
 
$ 155.0 
 
 
 
 
 
Sale Price of CLCC Assets
 
 
174.0 
 
 
 
 
 
Income Tax Expense (Benefit)
 
 
 
(12.2)
169.3 
(86.0)
 
 
Asset Impairment Charges
 
 
 
$ 0 
$ 3.3 
$ 635.5 
 
 
Schedule II - Valuation and Qualifying Accounts (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Valuation Allowance of Deferred Tax Assets [Member]
 
 
 
 
Valuation and Qualifying Accounts Disclosure [Line Items]
 
 
 
 
Valuation Allowances and Reserves, Balance
$ 3,334.8 
$ 3,372.5 
$ 1,152.3 
$ 849.6 
Valuation Allowances and Reserves, Charged to Cost and Expense
(40.6)
54.3 
634.9 
 
Valuation Allowances and Reserves, Charged to Other Accounts
5.1 
2,165.9 
(12.6)
 
Valuation Allowances and Reserves, Reserves of Businesses Acquired
0 
0 
0 
 
Valuation Allowances and Reserves, Deductions
2.2 
0 
319.6 
 
Allowance for Trade Receivables [Member]
 
 
 
 
Valuation and Qualifying Accounts Disclosure [Line Items]
 
 
 
 
Valuation Allowances and Reserves, Balance
0 
7.1 
0 
0 
Valuation Allowances and Reserves, Charged to Cost and Expense
0 
7.1 
0 
 
Valuation Allowances and Reserves, Charged to Other Accounts
(7.1)
0 
0 
 
Valuation Allowances and Reserves, Reserves of Businesses Acquired
0 
0 
0 
 
Valuation Allowances and Reserves, Deductions
$ 0 
$ 0 
$ 0