CLEVELAND-CLIFFS INC., 10-Q filed on 10/23/2017
Quarterly Report
Document and Entity Information
9 Months Ended
Sep. 30, 2017
Oct. 20, 2017
Document and Entity Information [Abstract]
 
 
Entity Registrant Name
CLEVELAND-CLIFFS INC. 
 
Entity Central Index Key
0000764065 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Large Accelerated Filer 
 
Document Type
10-Q 
 
Document Period End Date
Sep. 30, 2017 
 
Document Fiscal Year Focus
2017 
 
Document Fiscal Period Focus
Q3 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
296,510,023 
Trading Symbol
clf 
 
Statements Of Condensed Consolidated Financial Position (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
CURRENT ASSETS
 
 
Cash and cash equivalents
$ 260.8 
$ 323.4 
Accounts receivable, net
63.9 
128.7 
Inventories
207.7 
178.4 
Supplies and other inventories
92.5 
91.4 
Derivative Asset, Current
89.5 
33.1 
Loans to and accounts receivable from the Canadian Entities
51.9 
48.6 
Other current assets
24.8 
21.0 
TOTAL CURRENT ASSETS
791.1 
824.6 
PROPERTY, PLANT AND EQUIPMENT, NET
993.8 
984.4 
OTHER ASSETS
 
 
OTHER NON-CURRENT ASSETS
138.4 
114.9 
TOTAL ASSETS
1,923.3 
1,923.9 
CURRENT LIABILITIES
 
 
Accounts payable
102.0 
107.6 
Accrued expenses
109.4 
123.3 
Interest Payable, Current
21.7 
40.2 
Contingent claims
50.0 
Derivative Liability, Current
9.3 
0.5 
Other current liabilities
125.1 
119.5 
TOTAL CURRENT LIABILITIES
417.5 
391.1 
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES
254.3 
280.5 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
205.4 
193.9 
LONG-TERM DEBT
1,689.4 
2,175.1 
OTHER LIABILITIES
189.8 
213.8 
TOTAL LIABILITIES
2,756.4 
3,254.4 
COMMITMENTS AND CONTINGENCIES (REFER TO NOTE 18)
   
   
CLIFFS SHAREHOLDERS' DEFICIT
 
 
Common Shares - par value $0.125 per share, Authorized - 600,000,000 shares (2016 - 400,000,000 shares); Issued - 301,886,794 shares (2016 - 238,636,794 shares); Outstanding - 296,503,284 shares (2016 - 233,074,091 shares)
37.7 
29.8 
Capital in excess of par value of shares
3,913.2 
3,347.0 
Retained deficit
(4,517.2)
(4,574.3)
Cost of 5,383,510 common shares in treasury (2016 - 5,562,703 shares)
(236.2)
(245.5)
Accumulated other comprehensive loss
(30.8)
(21.3)
TOTAL CLIFFS SHAREHOLDERS' DEFICIT
(833.3)
(1,464.3)
NONCONTROLLING INTEREST
0.2 
133.8 
TOTAL DEFICIT
(833.1)
(1,330.5)
TOTAL LIABILITIES AND DEFICIT
$ 1,923.3 
$ 1,923.9 
Statements Of Condensed Consolidated Financial Position (Parenthetical) (USD $)
Sep. 30, 2017
Dec. 31, 2016
Class of Stock [Line Items]
 
 
Preferred stock, par value
$ 0 
$ 0.000 
Common Stock, Par or Stated Value Per Share
$ 0.125 
$ 0.125 
Common shares, authorized (in shares)
600,000,000 
400,000,000 
Common shares, issued (in shares)
301,886,794 
238,636,794 
Common shares, outstanding
296,503,284 
233,074,091 
Common shares in treasury
5,383,510 
5,562,703 
Preferred Class A [Member]
 
 
Class of Stock [Line Items]
 
 
Preferred stock, shares authorized (in shares)
3,000,000 
3,000,000 
Cumulative Mandatory Convertible
7.00% 
7.00% 
Preferred Stock, Liquidation Preference Per Share
$ 1,000 
$ 1,000 
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 Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
REVENUES FROM PRODUCT SALES AND SERVICES
 
 
 
 
Product
$ 627.5 
$ 508.6 
$ 1,552.3 
$ 1,237.0 
Freight and venture partners' cost reimbursements
70.9 
44.7 
177.0 
118.0 
TOTAL REVENUES
698.4 
553.3 
1,729.3 
1,355.0 
COST OF GOODS SOLD AND OPERATING EXPENSES
(538.2)
(467.9)
(1,328.3)
(1,147.2)
SALES MARGIN
160.2 
85.4 
401.0 
207.8 
OTHER OPERATING INCOME (EXPENSE)
 
 
 
 
Selling, general and administrative expenses
(24.6)
(31.1)
(77.8)
(81.8)
Miscellaneous - net
(5.9)
(19.6)
3.0 
(16.9)
Other operating expense
(30.5)
(50.7)
(74.8)
(98.7)
OPERATING INCOME
129.7 
34.7 
326.2 
109.1 
OTHER INCOME (EXPENSE)
 
 
 
 
Interest expense, net
(28.9)
(48.7)
(103.1)
(156.2)
Gain (loss) on extinguishment/restructuring of debt
(88.6)
(18.3)
(165.4)
164.1 
Other non-operating income
0.8 
0.1 
2.3 
0.4 
TOTAL OTHER INCOME (EXPENSE)
(116.7)
(66.9)
(266.2)
8.3 
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
13.0 
(32.2)
60.0 
117.4 
INCOME TAX BENEFIT
7.6 
7.1 
6.8 
1.7 
INCOME (LOSS) FROM CONTINUING OPERATIONS
20.6 
(25.1)
66.8 
119.1 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
32.3 
(2.7)
(13.6)
(0.6)
NET INCOME (LOSS)
52.9 
(27.8)
53.2 
118.5 
LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTEREST
0.5 
2.0 
3.9 
(23.5)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$ 53.4 
$ (25.8)
$ 57.1 
$ 95.0 
EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - BASIC
 
 
 
 
Continuing operations (in dollars per share)
$ 0.07 
$ (0.11)
$ 0.25 
$ 0.51 
Discontinued operations (in dollars per share)
$ 0.11 
$ (0.01)
$ (0.05)
$ 0.00 
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic (in dollars per share)
$ 0.18 
$ (0.12)
$ 0.20 
$ 0.51 
EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - DILUTED
 
 
 
 
Continuing operations (in dollars per share)
$ 0.07 
$ (0.11)
$ 0.24 
$ 0.51 
Discontinued operations (in dollars per share)
$ 0.11 
$ (0.01)
$ (0.05)
$ 0.00 
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted (in dollars per share)
$ 0.18 
$ (0.12)
$ 0.19 
$ 0.51 
AVERAGE NUMBER OF SHARES (IN THOUSANDS)
 
 
 
 
Basic
296.1 
206.3 
285.8 
186.5 
Diluted
301.1 
206.3 
290.5 
188.5 
Statements Of Condensed Consolidated Comprehensive Income (Loss) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
 
 
 
 
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$ 53.4 
$ (25.8)
$ 57.1 
$ 95.0 
OTHER COMPREHENSIVE INCOME (LOSS)
 
 
 
 
Changes in pension and other post-retirement benefits, net of tax
7.5 
7.1 
18.9 
19.0 
Unrealized net gain (loss) on foreign currency translation
0.5 
0.9 
(13.6)
2.6 
Unrealized net gain (loss) on derivative financial instruments, net of tax
0.7 
(2.6)
OTHER COMPREHENSIVE INCOME
8.0 
8.7 
5.3 
19.0 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest
5.7 
0.9 
1.1 
2.2 
Other comprehensive income (loss)
$ 55.7 
$ (18.0)
$ 61.3 
$ 111.8 
Statements Of Condensed Consolidated Cash Flows (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
OPERATING ACTIVITIES
 
 
NET INCOME (LOSS)
$ 53.2 
$ 118.5 
Adjustments to reconcile net income to net cash provided (used) by operating activities:
 
 
Depreciation, depletion and amortization
66.3 
88.9 
(Gain) loss on extinguishment/restructuring of debt
165.4 
(164.1)
(Gain) loss on deconsolidation, net of cash deconsolidated
16.3 
(3.2)
Unrealized Gain (Loss) on Derivatives and Commodity Contracts
(47.5)
(22.6)
Other
19.0 
31.6 
Changes in operating assets and liabilities:
 
 
Receivables and other assets
68.9 
137.5 
Inventories
(26.1)
21.6 
Payables, accrued expenses and other liabilities
(108.8)
(136.1)
Net cash provided by operating activities
206.7 
72.1 
INVESTING ACTIVITIES
 
 
Purchase of property, plant and equipment
(78.9)
(45.8)
Other investing activities
(5.5)
6.3 
Net cash used by investing activities
(84.4)
(39.5)
FINANCING ACTIVITIES
 
 
Payments for Repurchase of Redeemable Noncontrolling Interest
(105.0)
Proceeds from issuance of senior notes
1,057.8 
Debt issuance costs
(12.0)
(5.2)
Net proceeds from issuance of common shares
661.3 
287.6 
Repurchase of debt
(1,720.7)
(301.0)
Distributions of partnership equity
(53.0)
(52.5)
Repayment of equipment loans
(95.6)
Borrowings under credit facilities
105.0 
Repayment under credit facilities
(105.0)
Other financing activities
(17.0)
(19.3)
Net cash used by financing activities
(188.6)
(186.0)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
3.7 
0.4 
DECREASE IN CASH AND CASH EQUIVALENTS
(62.6)
(153.0)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
323.4 
285.2 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$ 260.8 
$ 132.2 
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with SEC rules and regulations and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations, comprehensive income (loss) and cash flows for the periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates on various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates, actual results may differ significantly due to changed conditions or assumptions. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of results to be expected for the year ending December 31, 2017 or any other future period. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2016.
We report our results from continuing operations in two reportable segments: U.S. Iron Ore and Asia Pacific Iron Ore.
Basis of Consolidation
The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, including the following operations as of September 30, 2017:
Name
 
Location
 
Ownership Interest
 
Operation
 
Status of Operations
Northshore
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
United Taconite
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
Tilden1
 
Michigan
 
100.0%
 
Iron Ore
 
Active
Empire1
 
Michigan
 
100.0%
 
Iron Ore
 
Indefinitely Idled
Koolyanobbing
 
Western Australia
 
100.0%
 
Iron Ore
 
Active
 
 
 
 
 
 
 
 
 
1 During the third quarter of 2017, our ownership interest in Tilden and Empire changed. Refer to the Noncontrolling Interests section below for additional information.

Intercompany transactions and balances are eliminated upon consolidation.
Equity Method Investments
Our 23% ownership interest in Hibbing is recorded as an equity method investment. As of September 30, 2017 and December 31, 2016, our investment in Hibbing was $6.1 million and $8.7 million, respectively, classified as Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position.
Noncontrolling Interests
During the third quarter of 2017, our ownership interest in Empire increased to 100% as we reached an agreement to distribute the noncontrolling interest net assets for $132.7 million to ArcelorMittal, in exchange for its interest in Empire. The net assets were agreed to be distributed in three installments of approximately $44.2 million, the first of which was paid upon the execution of the agreement and the remaining distributions are due in August 2018 and August 2019. Upon payment of the first installment, we assumed ArcelorMittal's 21% interest and have reflected this ownership percentage change in our unaudited condensed consolidated financial statements as of and for the period ended September 30, 2017. We accounted for the increase in ownership as an equity transaction, which resulted in a $16.0 million decrease in equity attributable to Cliffs' shareholders and a $116.7 million decrease in Noncontrolling interest.
During the third quarter of 2017, we also acquired the remaining 15% equity interest in Tilden owned by U.S. Steel for $105.0 million. With the closing of this transaction, we now have 100% ownership of the mine. We accounted for the increase in ownership as an equity transaction, which resulted in an $89.1 million decrease in equity attributable to Cliffs' shareholders and a $15.9 million decrease in Noncontrolling interest.
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 our Australian 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. 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, including short-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 Unaudited Condensed Consolidated Operations. Transaction gains and losses resulting from remeasurement of short-term intercompany loans are included in Miscellaneous - net in the Statements of Unaudited Condensed Consolidated Operations.
The following represents the transaction gains and losses resulting from remeasurement for the three and nine months ended September 30, 2017 and 2016:
 
 
(In Millions)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2017
 
2016
 
2017
 
2016
Remeasurement of short-term intercompany loans
 
$
0.1

 
$
0.2

 
$
16.7

 
$
0.5

Remeasurement of cash and cash equivalents
 
(1.1
)
 
(1.1
)
 
(2.8
)
 
0.3

Other remeasurement
 
(1.4
)
 
0.6

 
(2.7
)
 
(2.0
)
Net impact of transaction gains (losses) resulting from remeasurement
 
$
(2.4
)
 
$
(0.3
)
 
$
11.2

 
$
(1.2
)

Significant Accounting Policies
A detailed description of our significant accounting policies can be found in the audited financial statements for the fiscal year ended December 31, 2016 included in our Annual Report on Form 10-K filed with the SEC. There have been no material changes in our significant accounting policies and estimates from those disclosed therein.
Recent Accounting Pronouncements
Issued and Not Effective
In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.  The new standard simplifies hedge accounting through changes to both designation and measurement requirements.  For hedges that qualify as highly effective, the new standard eliminates the requirement to separately measure and record hedge ineffectiveness resulting in better alignment between the presentation of the effects of the hedging instrument and the hedged item in the financial statements.  ASU No. 2017-12 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; the ASU allows for early adoption in any interim period after issuance of the update.  We are currently assessing the impact this ASU will have on the consolidated financial statements.
In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The new standard requires the service cost component of pension and other postretirement benefit expenses to be included in the same line item as other compensation costs arising from services rendered by employees, with the other components of net benefit cost to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The guidance is effective for fiscal years beginning after December 15, 2017. The adoption of ASU No. 2017-07 in the first quarter of 2018 will impact the Statements of Unaudited Condensed Consolidated Operations by changing our classification of the components of pension and OPEB costs; however, it will not impact our Net Income (Loss). The following represents the estimated impact from the adoption of ASU No. 2017-07 for the nine months ended September 30, 2017:
 
 
($ in Millions)
 
 
Nine Months Ended
September 30, 2017
 
 
 
 
Estimate
Financial Statement Line Impacted
 
As Reported
 
Adoption of ASU No. 2017-07
 
As Adjusted
Cost of goods sold and operating expenses
 
$
(1,328.3
)
 
$
1.3

 
$
(1,327.0
)
Selling, general and administrative expenses
 
$
(77.8
)
 
$
(5.8
)
 
$
(83.6
)
Miscellaneous - net
 
$
3.0

 
$
(1.2
)
 
$
1.8

Operating income
 
$
326.2

 
$
(5.7
)
 
$
320.5

Other non-operating income
 
$
2.3

 
$
5.7

 
$
8.0

Net Income (Loss)
 
$
53.2

 
$

 
$
53.2


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 except for short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. We plan to adopt the standard on its effective date of January 1, 2019. The new standard must be adopted using a modified retrospective approach and requires application of the new guidance at the beginning of the earliest comparative period presented. We are currently finalizing our implementation plan, compiling an inventory of existing leases and evaluating the effect the updated standard will have on our consolidated financial statements and related disclosures.
In May 2014, the FASB issued ASU No. 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. 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. We plan to adopt the standard on its effective date of January 1, 2018 using the modified retrospective transition method. As of September 30, 2017, we have completed the evaluation of the new standard and the related review and assessment of substantially all existing contracts with our customers. We determined that revenue will generally be recognized upon delivery for our U.S. Iron Ore customers, which is earlier than under the current guidance. Current guidance requires us to recognize revenue when title transfers which is generally the point at which we receive payment. However, the total amount of revenue recognized during the year should remain substantially the same as under current GAAP. We do not anticipate any significant changes in the timing and pattern of revenue recognition for our Asia Pacific Iron Ore contracts. Based on our analysis to date, we anticipate 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 revenues in the first nine months of 2017 or 2016.
We evaluate segment performance based on sales margin, defined as revenues less cost of goods sold and operating expenses identifiable to each segment. Additionally, we evaluate performance on a segment basis, as well as a consolidated basis, based on EBITDA and Adjusted EBITDA. These measures allow management and investors to focus on our ability to service our debt as well as illustrate how the business and each operating segment are 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 three and nine months ended September 30, 2017 and 2016, including a reconciliation of segment sales margin to Income from Continuing Operations Before Income Taxes and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA:
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Revenues from product sales and services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
596.7

 
85
%
 
$
428.3

 
77
%
 
$
1,354.2

 
78
%
 
$
975.5

 
72
%
Asia Pacific Iron Ore
101.7

 
15
%
 
125.0

 
23
%
 
375.1

 
22
%
 
379.5

 
28
%
Total revenues from product sales and services
$
698.4

 
100
%
 
$
553.3

 
100
%
 
$
1,729.3

 
100
%
 
$
1,355.0

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
157.2

 
 
 
$
66.5

 
 
 
$
349.8

 
 
 
$
149.7

 
 
Asia Pacific Iron Ore
3.0

 
 
 
18.9

 
 
 
51.2

 
 
 
58.1

 
 
Sales margin
160.2

 
 
 
85.4

 
 
 
401.0

 
 
 
207.8

 
 
Other operating expense
(30.5
)
 
 
 
(50.7
)
 
 
 
(74.8
)
 
 
 
(98.7
)
 
 
Other income (expense)
(116.7
)
 
 
 
(66.9
)
 
 
 
(266.2
)
 
 
 
8.3

 
 
Income (loss) from continuing operations before income taxes
$
13.0

 
 
 
$
(32.2
)
 
 
 
$
60.0

 
 
 
$
117.4

 
 
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Net Income (Loss)
$
52.9

 
$
(27.8
)
 
$
53.2

 
$
118.5

Less:
 
 
 
 
 
 
 
Interest expense, net
(28.9
)
 
(48.7
)
 
(103.1
)
 
(156.2
)
Income tax benefit
7.6

 
7.1

 
6.8

 
1.7

Depreciation, depletion and amortization
(21.5
)
 
(26.8
)
 
(66.3
)
 
(88.9
)
EBITDA
$
95.7

 
$
40.6

 
$
215.8

 
$
361.9

Less:
 
 
 
 
 
 
 
Gain (loss) on extinguishment/restructuring of debt
$
(88.6
)
 
$
(18.3
)
 
$
(165.4
)
 
$
164.1

Foreign exchange remeasurement
(2.4
)
 
(0.3
)
 
11.2

 
(1.2
)
Impact of discontinued operations
32.3

 
(2.7
)
 
(13.6
)
 
(0.6
)
Severance and contractor termination costs

 

 

 
(0.1
)
Adjusted EBITDA
$
154.4

 
$
61.9

 
$
383.6

 
$
199.7

 
 
 
 
 
 
 
 
EBITDA
 
 
 
 
 
 
 
U.S. Iron Ore
$
168.9

 
$
61.1

 
$
381.8

 
$
196.6

Asia Pacific Iron Ore
2.3

 
21.2

 
54.9

 
69.6

Other
(75.5
)
 
(41.7
)
 
(220.9
)
 
95.7

Total EBITDA
$
95.7

 
$
40.6

 
$
215.8

 
$
361.9

 
 
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
174.2

 
$
65.3

 
$
399.8

 
$
208.6

Asia Pacific Iron Ore
4.9

 
23.7

 
61.7

 
73.2

Other
(24.7
)
 
(27.1
)
 
(77.9
)
 
(82.1
)
Total Adjusted EBITDA
$
154.4

 
$
61.9

 
$
383.6

 
$
199.7

 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Depreciation, depletion and amortization:
 
 
 
 
 
 
 
U.S. Iron Ore
$
16.5

 
$
18.8

 
$
49.6

 
$
65.1

Asia Pacific Iron Ore
3.3

 
6.3

 
11.3

 
19.2

Other
1.7

 
1.7

 
5.4

 
4.6

Total depreciation, depletion and amortization
$
21.5

 
$
26.8

 
$
66.3

 
$
88.9

 
 
 
 
 
 
 
 
Capital additions:
 
 
 
 
 
 
 
U.S. Iron Ore
$
19.2

 
$
25.8

 
$
70.9

 
$
39.5

Asia Pacific Iron Ore
0.8

 
0.2

 
1.6

 
0.2

Other
7.1

 
0.4

 
7.1

 
4.8

Total capital additions1
$
27.1

 
$
26.4

 
$
79.6

 
$
44.5

 
 
 
 
 
 
 
 
1 Includes cash paid for capital additions of $78.9 million and $45.8 million and an increase in non-cash accruals of $0.7 million and a decrease in non-cash accruals of $1.3 million for the nine months ended September 30, 2017 and 2016, respectively.

A summary of assets by segment is as follows:
 
(In Millions)
 
September 30,
2017
 
December 31,
2016
Assets:
 
 
 
U.S. Iron Ore
$
1,467.2

 
$
1,372.5

Asia Pacific Iron Ore
139.4

 
155.1

Total segment assets
1,606.6

 
1,527.6

Corporate
316.7

 
396.3

Total assets
$
1,923.3

 
$
1,923.9

INVENTORIES
Inventories
NOTE 3 - INVENTORIES
The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2017 and December 31, 2016:
 
(In Millions)
 
September 30, 2017
 
December 31, 2016
Segment
Finished Goods
 
Work-in Process
 
Total Inventory
 
Finished Goods
 
Work-in Process
 
Total
Inventory
U.S. Iron Ore
$
151.3

 
$
18.6

 
$
169.9

 
$
124.4

 
$
12.6

 
$
137.0

Asia Pacific Iron Ore
29.4

 
8.4

 
37.8

 
23.6

 
17.8

 
41.4

Total
$
180.7

 
$
27.0

 
$
207.7

 
$
148.0

 
$
30.4

 
$
178.4

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 September 30, 2017 and December 31, 2016:
 
(In Millions)
 
September 30,
2017
 
December 31,
2016
Land rights and mineral rights
$
500.7

 
$
500.5

Office and information technology
66.2

 
65.1

Buildings
80.0

 
67.9

Mining equipment
585.4

 
592.2

Processing equipment
607.9

 
552.0

Electric power facilities
57.0

 
49.4

Land improvements
23.7

 
23.5

Asset retirement obligation
19.6

 
19.8

Other
30.4

 
28.1

Construction in-progress
35.4

 
42.8

 
2,006.3

 
1,941.3

Allowance for depreciation and depletion
(1,012.5
)
 
(956.9
)
 
$
993.8

 
$
984.4


We recorded depreciation and depletion expense of $21.0 million and $64.8 million in the Statements of Unaudited Condensed Consolidated Operations for the three and nine months ended September 30, 2017, respectively. This compares with depreciation and depletion expense of $25.6 million and $85.1 million for the three and nine months ended September 30, 2016, respectively.
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 September 30, 2017 and December 31, 2016:
(In Millions)
September 30, 2017
Debt Instrument
 
Annual Effective
Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Unamortized Discounts
 
Total Debt
Unsecured Notes
 
 
 
 
 
 
 
 
 
 
$400 Million 5.90% 2020 Senior Notes
 
5.98%
 
$
88.9

 
$
(0.2
)
 
$
(0.2
)
 
$
88.5

$500 Million 4.80% 2020 Senior Notes
 
4.83%
 
122.4

 
(0.3
)
 
(0.1
)
 
122.0

$700 Million 4.875% 2021 Senior Notes
 
4.89%
 
138.4

 
(0.3
)
 
(0.1
)
 
138.0

$1.075 Billion 5.75% 2025 Senior Notes
 
5.75%
 
1,075.0

 
(11.2
)
 
(17.0
)
 
1,046.8

$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
298.4

 
(2.4
)
 
(3.4
)
 
292.6

ABL Facility
 
N/A
 
550.0

 
N/A

 
N/A

 

Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
1.5

Long-term debt
 
 
 
 
 
 
 
 
 
$
1,689.4

(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


$1.075 Billion 5.75% 2025 Senior Notes - 2017 Offering
On February 27, 2017, we entered into an indenture among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee, relating to the issuance of $500 million aggregate principal amount of 5.75% Senior Notes due 2025. On August 7, 2017, we issued an additional $575 million aggregate principal amount of our 5.75% Senior Notes due 2025 (together referred to as the "5.75% Senior Notes"). The 5.75% Senior Notes were issued in private transactions exempt from the registration requirements of the Securities Act. Pursuant to the registration rights agreement executed as part of this offering, we agreed to file a registration statement with the SEC with respect to a registered offer to exchange the 5.75% Senior Notes for publicly registered notes within 365 days of the closing date, with all significant terms and conditions remaining the same.
The 5.75% Senior Notes bear interest at a rate of 5.75% per annum, which is payable semi-annually in arrears on March 1 and September 1 of each year, commencing on September 1, 2017. The 5.75% Senior Notes mature on March 1, 2025.
The 5.75% Senior Notes are general unsecured senior obligations and rank equally in right of payment with all of our existing and future senior unsecured indebtedness and rank senior in right of payment to all of our existing and future subordinated indebtedness. The 5.75% Senior Notes are effectively subordinated to our existing or future secured indebtedness to the extent of the value of the assets securing such indebtedness. The 5.75% Senior Notes are guaranteed on a senior unsecured basis by our material direct and indirect wholly-owned domestic subsidiaries and, therefore, are structurally senior to any of our existing and future indebtedness that is not guaranteed by such guarantors and are structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries that do not guarantee the 5.75% Senior Notes.
The terms of the 5.75% Senior Notes are governed by an indenture, which contains customary covenants that, among other things, limit our and our subsidiaries' ability to create liens on property that secure indebtedness, enter into sale and leaseback transactions and merge, consolidate or amalgamate with another company. Upon the occurrence of a “change of control triggering event,” as defined in the indenture, we are required to offer to repurchase the 5.75% Senior Notes at 101% of the aggregate principal amount thereof, plus any accrued and unpaid interest, if any, to, but excluding, the repurchase date.
We may redeem the 5.75% Senior Notes, in whole or in part, on or after March 1, 2020, at the redemption prices set forth in the indenture, plus accrued and unpaid interest, if any, to, but not including, the date of redemption, and prior to March 1, 2020, at a redemption price equal to 100% of the principal amount thereof plus a “make-whole” premium set forth in the indenture, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. We may also redeem up to 35% of the aggregate principal amount of the 5.75% Senior Notes on or prior to March 1, 2020 at a redemption price equal to 105.75% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of redemption with the net cash proceeds of one or more equity offerings.
The 5.75% Senior Notes indenture contains 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 indenture will allow either the trustee or the holders of at least 25% in aggregate principal amount of the then-outstanding notes issued under the indenture to accelerate, or in certain cases, will automatically cause the acceleration of, the amounts due under the 5.75% Senior Notes. Debt issuance costs of $12.0 million were incurred related to the offering of the 5.75% Senior Notes, $11.2 million of which is included in Long-term debt in the Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2017.
Debt Extinguishment
The following is a summary of the debt extinguished during the nine months ended September 30, 2017 and the respective gain (loss) on extinguishment for the three and nine months ended September 30, 2017:
(In Millions)
 
 
 
 
Gain (Loss) on Extinguishment1
 
 
Debt Extinguished
 
Three Months Ended
September 30, 2017
 
Nine Months Ended
September 30, 2017
Secured Notes
 
 
 
 
 
 
$540 Million 8.25% 2020 First Lien Notes
 
$
540.0

 
$
(88.6
)
 
$
(93.5
)
$218.5 Million 8.00% 2020 1.5 Lien Notes
 
218.5

 

 
45.1

$544.2 Million 7.75% 2020 Second Lien Notes
 
430.1

 

 
(104.5
)
Unsecured Notes
 
 
 
 
 
 
$400 Million 5.90% 2020 Senior Notes
 
136.7

 

 
(7.8
)
$500 Million 4.80% 2020 Senior Notes
 
114.4

 

 
(1.9
)
$700 Million 4.875% 2021 Senior Notes
 
171.0

 

 
(2.8
)
 
 
$
1,610.7

 
$
(88.6
)
 
$
(165.4
)
 
 
 
 
 
 
 
1 This includes premiums paid related to the redemption of our notes of $62.4 million and $110.0 million for the three and nine months ended September 30, 2017, respectively.

Debt Maturities
The following represents a summary of our maturities of debt instruments, excluding borrowings under the ABL Facility, based on the principal amounts outstanding at September 30, 2017:
 
(In Millions)
 
Maturities of Debt
2017 (October 1 - December 31)
$

2018

2019

2020
211.3

2021
138.4

2022

2023 and thereafter
1,373.4

Total maturities of debt
$
1,723.1


ABL Facility
As of September 30, 2017 and December 31, 2016, no loans were drawn under the ABL Facility and we had total availability of $254.2 million and $333.0 million, respectively, as a result of borrowing base limitations. As of September 30, 2017 and December 31, 2016, the principal amount of letter of credit obligations totaled $45.0 million and $106.0 million, respectively, to support business obligations primarily related to workers compensation and environmental obligations, thereby further reducing available borrowing capacity on our ABL Facility to $209.2 million and $227.0 million, respectively.
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE MEASUREMENTS
NOTE 6 - FAIR VALUE MEASUREMENTS
The following represents the assets and liabilities of the Company measured at fair value at September 30, 2017 and December 31, 2016:
 
(In Millions)
 
September 30, 2017
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
$
40.0

 
$
37.0

 
$

 
$
77.0

Derivative assets

 

 
89.5

 
89.5

Total
$
40.0

 
$
37.0

 
$
89.5

 
$
166.5

Liabilities:
 
 
 
 
 
 
 
Derivative liabilities
$

 
$

 
$
9.3

 
$
9.3

Total
$

 
$

 
$
9.3

 
$
9.3

 
(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


Financial assets classified in Level 1 as of September 30, 2017 and December 31, 2016 include money market funds of $40.0 million and $177.0 million, respectively. The valuation of these instruments is based upon unadjusted quoted prices for identical assets in active markets.
The valuation of financial assets and liabilities classified in Level 2 is determined using a market approach based upon quoted prices for similar assets and liabilities in active markets or other inputs that are observable. Level 2 assets included $37.0 million of commercial paper at September 30, 2017 and $1.5 million of commodity hedge contracts at December 31, 2016.
The Level 3 assets include derivative assets that consist of freestanding derivative instruments related to certain supply agreements with one of our U.S Iron Ore customers and certain provisional pricing arrangements with our U.S. Iron Ore and Asia Pacific Iron Ore customers.
The supply agreements included in our Level 3 assets/liabilities include provisions for supplemental revenue or refunds based on the customer’s annual steel pricing or the average annual daily market price for hot-rolled coil steel at the time the product is consumed in the customer’s blast furnaces. We account for these provisions as derivative instruments at the time of sale and adjust these provisions 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 instruments are determined using a market approach with one supply agreement based on an estimate of the annual realized price of hot-rolled coil steel at the steelmaker’s facilities and the other supply agreement based on the estimate of the average annual daily market price for hot-rolled coil steel. Both estimates take into consideration current market conditions and nonperformance risk. We had assets of $84.8 million and $21.3 million at September 30, 2017 and December 31, 2016, respectively, related to supply agreements.
The provisional pricing arrangements included in our Level 3 assets/liabilities specify provisional price calculations, where the pricing mechanisms generally are based on market pricing, with the final revenue rate to be based on market inputs at a specified point in time in the future, per the terms of the supply agreements. The difference between the estimated final revenue at the date of sale and the estimated final revenue rate at the measurement date is characterized as a derivative and is required to be accounted for separately once the revenue has been recognized. The derivative 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. We had assets of $4.7 million and $10.3 million at September 30, 2017 and December 31, 2016, respectively, related to provisional pricing arrangements. In addition, we had liabilities of $9.3 million and $0.5 million related to provisional pricing arrangements at September 30, 2017 and December 31, 2016, respectively.
The following table illustrates information about quantitative inputs and assumptions for the assets and liabilities categorized in Level 3 of the fair value hierarchy:
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
 
 
(In Millions)
Fair Value at September 30, 2017
 
Balance Sheet
Location
 
Valuation Technique
 
Unobservable Input
 
Range or Point Estimate
(Weighted Average)
 
Provisional pricing arrangements
 
$
4.7

 
Derivative assets
 
Market Approach
 
Management's
Estimate of Platts 62% Price
per dry metric ton
 
$61 - $74
($73)
 
 
 
 
Market Hot-Rolled Coil Steel Estimate
per net ton
 
$580 - $660
($625)
Provisional pricing arrangements
 
$
9.3

 
Derivative liabilities
 
Market Approach
 
Management's
Estimate of Platts 62% Price
per dry metric ton
 
$61 - $74
($73)
Customer supply agreements
 
$
84.8

 
Derivative assets
 
Market Approach
 
Customer Hot-Rolled Steel Estimate
per net ton
 
$558 - $622
($565)
 
 
 
 
Market Hot-Rolled Coil Steel Estimate
per net ton
 
$580 - $660
($625)

The significant unobservable inputs used in the fair value measurement of our provisional pricing arrangements are management’s estimates of Platts 62% Price based upon current market data, index pricing and the average annual daily steel market price for hot-rolled coil steel, each of which includes 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 inputs used in the fair value measurement of our customer supply agreements are the customer's future hot-rolled coil steel price that is estimated based on projections provided by the customer, analysts' projections and estimates determined by management, and the average annual daily market price for hot-rolled coil steel, 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.
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 and no transfers into or out of Level 3 of the fair value hierarchy during the three and nine months ended September 30, 2017 and 2016. 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 three and nine months ended September 30, 2017 and 2016.
 
(In Millions)
 
Level 3 Assets
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Beginning balance
$
72.5

 
$
25.8

 
$
31.6

 
$
7.8

Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
60.6

 
14.6

 
156.0

 
62.6

Settlements
(43.6
)
 
(12.0
)
 
(98.1
)
 
(42.0
)
Ending balance - September 30
$
89.5

 
$
28.4

 
$
89.5

 
$
28.4

Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
0.1

 
$
8.2

 
$
53.4

 
$
24.7


 
(In Millions)
 
Level 3 Liabilities
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Beginning balance
$
(20.9
)
 
$
(2.6
)
 
$
(0.5
)
 
$
(3.4
)
Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
(19.3
)
 
(2.9
)
 
(64.9
)
 
(12.8
)
Settlements
30.9

 
2.8

 
56.1

 
13.5

Ending balance - September 30
$
(9.3
)
 
$
(2.7
)
 
$
(9.3
)
 
$
(2.7
)
Total gains (losses) for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
6.0

 
$
(2.7
)
 
$
(14.8
)
 
$
(2.7
)

Gains and losses from derivative assets and liabilities are included in earnings and are reported in Product revenues for the three and nine months ended September 30, 2017 and 2016.
The carrying amount of certain financial instruments (e.g., Accounts receivable, net, Accounts payable and Accrued expenses) approximates fair value and, therefore, has been excluded from the table below. A summary of the carrying amount and fair value of other financial instruments at September 30, 2017 and December 31, 2016 were as follows:
 
 
 
(In Millions)
 
 
 
September 30, 2017
 
December 31, 2016
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Secured Notes
 
 
 
 
 
 
 
 
 
First Senior Lien Notes —$540 million
Level 1
 
$

 
$

 
$
506.3

 
$
595.0

1.5 Senior Lien Notes —$218.5 million
Level 2
 

 

 
284.2

 
229.5

Second Senior Lien Notes —$544.2 million
Level 1
 

 

 
339.1

 
439.7

Unsecured Notes
 
 
 
 
 
 
 
 
 
Senior Notes—$1.075 billion
Level 1
 
1,046.8

 
1,032.0

 

 

Senior Notes—$400 million
Level 1
 
88.5

 
88.4

 
224.5

 
219.6

Senior Notes—$500 million
Level 1
 
122.0

 
116.9

 
235.9

 
221.1

Senior Notes—$700 million
Level 1
 
138.0

 
132.4

 
308.2

 
283.1

Senior Notes—$800 million
Level 1
 
292.6

 
249.0

 
292.5

 
234.7

ABL Facility
Level 2
 

 

 

 

Fair value adjustment to interest rate hedge
Level 2
 
1.5

 
1.5

 
1.9

 
1.9

Total long-term debt
 
 
$
1,689.4

 
$
1,620.2

 
$
2,192.6

 
$
2,224.6


The fair value of long-term debt was determined using quoted market prices based upon current borrowing rates.
Items Measured at Fair Value on a Non-Recurring Basis
The following tables present information about the financial assets and liabilities that were measured on a fair value basis at September 30, 2017 and December 31, 2016 for the Canadian Entities. The tables also indicate the fair value hierarchy of the valuation techniques used to determine such fair value.
 
 
(In Millions)
 
 
September 30, 2017
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 Year-to-Date Gains
Assets:
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivables from the Canadian Entities
 
$

 
$

 
$
51.9

 
$
51.9

 
$
3.3

Liabilities:
 
 
 
 
 
 
 
 
 
 
Guarantees
 
$

 
$

 
$

 
$

 
$
31.4

    
 
 
(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 Year-to-Date Gains (Losses)
Assets:
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivables from the Canadian Entities
 
$

 
$

 
$
48.6

 
$
48.6

 
$
(17.5
)
Liabilities:
 
 
 
 
 
 
 
 
 
 
Guarantees
 
$

 
$

 
$
37.2

 
$
37.2

 
$
0.4


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 Canadian denominated guarantees at book value, which best approximated fair value, and adjusted the carrying balance on a quarterly basis based on the change in foreign exchange rates.
We previously recorded liabilities of $37.2 million related to guarantees for certain environmental obligations of the Canadian Entities, classified as Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position as of December 31, 2016. During the three months ended September 30, 2017, the Wabush Scully Mine was sold as part of the ongoing CCAA proceedings. As part of the transaction, we were required to fund the buyer's financial assurance shortfall of $7.7 million in order to complete the conveyance of the environmental remediation obligations to the buyer, which released us from our guarantees, and along with other current period activity, resulted in a net gain of $31.4 million included in Income (Loss) from Discontinued Operations, net of tax in the Statements of Unaudited Condensed Consolidated Operations.
To assess the fair value and recoverability of the accounts 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. These underlying amounts are denominated primarily in Canadian dollars and are remeasured on a quarterly basis.
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 liability exposure described previously.
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 OPEB plans, primarily consisting of retiree healthcare benefits, to most employees in the United States 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 a minimum formula or employees’ years of service and average earnings for a defined period prior to retirement.
The following are the components of defined benefit pension and OPEB costs and credits for the three and nine months ended September 30, 2017 and 2016:
Defined Benefit Pension Costs
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Service cost
$
3.4

 
$
4.2

 
$
12.9

 
$
13.2

Interest cost
7.9

 
7.8

 
22.9

 
22.7

Expected return on plan assets
(13.8
)
 
(13.6
)
 
(40.9
)
 
(41.0
)
Amortization:
 
 
 
 
 
 
 
Prior service costs
0.6

 
0.5

 
1.9

 
1.6

Net actuarial loss
6.1

 
5.4

 
16.7

 
15.9

Net periodic benefit cost
$
4.2

 
$
4.3

 
$
13.5

 
$
12.4


Other Postretirement Benefits Credits
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Service cost
$
0.3

 
$
0.4

 
$
1.3

 
$
1.3

Interest cost
1.9

 
2.3

 
6.2

 
6.8

Expected return on plan assets
(4.4
)
 
(4.3
)
 
(13.3
)
 
(12.8
)
Amortization:
 
 
 
 
 
 
 
Prior service credits
(0.8
)
 
(0.9
)
 
(2.3
)
 
(2.8
)
Net actuarial loss
0.9

 
1.7

 
3.4

 
4.5

Net periodic benefit credit
$
(2.1
)
 
$
(0.8
)
 
$
(4.7
)
 
$
(3.0
)

Based on funding requirements, we made pension contributions of $19.7 million and $22.0 million for the three and nine months ended September 30, 2017, respectively, compared to pension contributions of $0.5 million and $0.7 million for the three and nine months ended September 30, 2016, respectively. OPEB contributions are typically made on an annual basis in the first quarter of each year, but due to plan funding requirements being met, no OPEB contributions were required or made for the three and nine months ended September 30, 2017 and September 30, 2016.
STOCK COMPENSATION PLANS
Stock Compensation Plans
NOTE 8 - STOCK COMPENSATION PLANS
Employees’ Plans
On June 26, 2017, the Compensation and Organization Committee of the Board of Directors approved a grant under the A&R 2015 Equity Plan to the Chief Executive Officer for the performance period commencing June 1, 2017 and ending December 31, 2019. Shares granted under the awards consisted of 0.5 million restricted share units and 0.2 million performance shares.
On February 21, 2017, the Compensation and Organization Committee of the Board of Directors approved grants under the 2015 Equity Plan to certain officers and employees for the 2017 to 2019 performance period. Shares granted under the awards consisted of 0.6 million restricted share units and 0.6 million performance shares.
Restricted share units granted during 2017 are subject to continued employment, are retention based, will vest December 31, 2019, and are payable in common shares at a time determined by the Compensation and Organization Committee at its discretion.
Performance shares are subject to continued employment, and each performance share, if earned, entitles the holder to receive common shares within a range between a threshold and maximum number of our common shares, with the actual number of common shares earned dependent upon whether the Company achieves certain objectives and performance goals as established by the Compensation and Organization Committee. The performance share grants vest over the performance period. The performance awards granted have a performance condition that is measured on the basis of relative TSR for the period of January 1, 2017 to December 31, 2019 and the period of June 1, 2017 to December 31, 2019, for the February 21, 2017 and the June 26, 2017 grants, respectively, and measured against the constituents of the S&P Metals and Mining ETF Index and the SPDR S&P Metals and Mining ETF Index, respectively, at the beginning of the relevant performance period. The final payout will vary from zero to 200% of the original grant.
Determination of Fair Value
The fair value of each performance share grant is estimated on the date of grant using a Monte Carlo simulation to forecast relative TSR performance. A correlation matrix of historic and projected stock prices was developed for both the Company and our predetermined peer group of mining and metals companies. The fair value assumes that 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 plan 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.
The following assumptions were utilized to estimate the fair value for the 2017 performance share grants:
Grant Date
 
Grant Date Market Price
 
Average Expected Term (Years)
 
Expected Volatility
 
Risk-Free Interest Rate
 
Dividend Yield
 
Fair Value
 
Fair Value (Percent of Grant Date Market Price)
February 21, 2017
 
$
11.67

 
2.86
 
92.1%
 
1.51%
 
—%
 
$
19.69

 
168.72%
June 26, 2017
 
$
6.64

 
2.51
 
92.8%
 
1.45%
 
—%
 
$
10.74

 
161.75%
INCOME TAXES
Income Taxes
NOTE 9 - INCOME TAXES
Our 2017 estimated annual effective tax rate before discrete items is approximately negative 1.7%. The annual effective tax rate differs from the U.S. statutory rate of 35% primarily due to the deductions for percentage depletion in excess of cost depletion related to U.S. operations and the reversal of valuation allowance from operations in the current year. The 2016 estimated annual effective tax rate before discrete items at September 30, 2016 was 0.4%.
For the three and nine months ended September 30, 2017, we recorded discrete items that resulted in an income tax benefit of $5.9 million and $5.8 million respectively. These items relate primarily to the monetization of unused AMT credits upon the filing of the 2016 U.S. federal income tax return and adjustments to reserves for uncertain tax positions. For the three and nine months ended September 30, 2016, there were discrete items that resulted in an income tax benefit of $2.9 million and $2.2 million, respectively. These items related primarily to prior year adjustments due to a change in estimate of the 2015 net operating loss and corresponding reversal of valuation allowance and quarterly interest accrued on reserves for uncertain tax positions.
LEASE OBLIGATIONS
LEASE OBLIGATIONS
NOTE 10 - LEASE OBLIGATIONS
We lease certain mining, production and other equipment under operating and capital leases. The capital 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 $1.8 million and $5.3 million for the three and nine months ended September 30, 2017, respectively, compared with $2.2 million and $6.8 million for the comparable periods in 2016.
Future minimum payments under capital leases and non-cancellable operating leases at September 30, 2017 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2017 (October 1 - December 31)
$
6.1

 
$
1.8

2018
19.3

 
5.9

2019
10.7

 
2.9

2020
9.7

 
2.9

2021
9.0

 
3.0

2022 and thereafter
0.7

 

Total minimum lease payments
$
55.5

 
$
16.5

Amounts representing interest
9.0

 
 
Present value of net minimum lease payments1
$
46.5

 
 
 
 
 
 
1 The total is comprised of $17.0 million and $29.5 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at September 30, 2017.
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
We had environmental and mine closure liabilities of $216.2 million and $206.8 million at September 30, 2017 and December 31, 2016, respectively. The following is a summary of the obligations as of September 30, 2017 and December 31, 2016:
 
(In Millions)
 
September 30,
2017
 
December 31,
2016
Environmental
$
2.9

 
$
2.8

Mine closure
 
 
 
U.S. Iron Ore1
195.0

 
187.8

Asia Pacific Iron Ore
18.3

 
16.2

Total mine closure
213.3

 
204.0

Total environmental and mine closure obligations
216.2

 
206.8

Less current portion
10.8

 
12.9

Long-term environmental and mine closure obligations
$
205.4

 
$
193.9

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

Mine Closure
The accrued closure obligation for our active mining operations provides for contractual and legal obligations associated with the eventual closure of the mining operations. The 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 nine months ended September 30, 2017 and for the year ended December 31, 2016:
 
(In Millions)
 
September 30,
2017
 
December 31,
2016
Asset retirement obligation at beginning of period
$
204.0

 
$
230.4

Accretion expense
11.1

 
14.0

Remediation payments
(3.2
)
 
(2.2
)
Exchange rate changes
1.4

 
(0.2
)
Revision in estimated cash flows

 
(38.0
)
Asset retirement obligation at end of period
$
213.3

 
$
204.0


For the year ended December 31, 2016, the revisions in estimated cash flows recorded during the year related 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 by $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.
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES
NOTE 12 - GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
The carrying amount of goodwill as of September 30, 2017 and December 31, 2016 was $2.0 million and related to our U.S. Iron Ore operating segment.
Other Intangible Assets
The following table is a summary of definite-lived intangible assets as of September 30, 2017 and December 31, 2016:
 
 
 
(In Millions)
 
 
 
September 30, 2017
 
December 31, 2016
 
Classification
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
Permits
Other non-current assets
 
$
78.9

 
$
(26.1
)
 
$
52.8

 
$
78.4

 
$
(24.6
)
 
$
53.8


Amortization expense relating to other intangible assets was $0.5 million and $1.5 million for the three and nine months ended September 30, 2017, respectively, and is recognized in Cost of goods sold and operating expenses in the Statements of Unaudited Condensed Consolidated Operations. Amortization expense relating to other intangible assets was $1.2 million and $3.8 million for the comparable periods in 2016. Amortization expense of other intangible assets is expected to continue to be immaterial going forward.
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
NOTE 13 - DERIVATIVE INSTRUMENTS
The following table presents the fair value of our derivative instruments and the classification of each in the Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2017 and December 31, 2016:
 
 
(In Millions)
 
 
Derivative Assets
 
Derivative Liabilities
 
 
September 30, 2017
 
December 31, 2016
 
September 30, 2017
 
December 31, 2016
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
 
Derivative assets
 
$
84.8

 
Derivative assets
 
$
21.3

 
 
 
$

 
 
 
$

Provisional pricing arrangements
 
Derivative assets
 
4.7

 
Derivative assets
 
10.3

 
Derivative liabilities
 
9.3

 
Derivative liabilities
 
0.5

Commodity contracts
 
 
 

 
Derivative assets
 
1.5

 
 
 

 
 
 

Total derivatives not designated as hedging instruments under ASC 815
 
 
 
$
89.5

 
 
 
$
33.1

 
 
 
$
9.3

 
 
 
$
0.5


Derivatives Not Designated as Hedging Instruments
Customer Supply Agreements
Certain supply agreements with one U.S. Iron Ore customer provide for supplemental revenue or refunds to the customer based on the customer’s average annual steel pricing or based on the average annual daily steel market price for hot-rolled coil steel at the time the product is consumed in the customer’s blast furnace. The supplemental pricing is characterized as a freestanding derivative 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 a $54.4 million and $123.6 million net gain in Product revenues in the Statements of Unaudited Condensed Consolidated Operations for the three and nine months ended September 30, 2017, respectively, related to the supplemental payments. This compares with a net gain in Product revenues of $7.1 million and $26.8 million, for the comparable periods in 2016. Derivative assets, representing the fair value of the supplemental revenue, were $84.8 million and $21.3 million as of September 30, 2017 and December 31, 2016 in the Statements of Unaudited Condensed 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 certain market inputs at a specified period in time in the future, per the terms of the supply agreements. Market inputs are tied to indexed price adjustment factors that are integral to the iron ore supply contracts and vary based on the agreement. The pricing mechanisms typically include adjustments based upon changes in the Platts 62% Price, along with pellet premiums, published Platts international indexed freight rates and changes in specified Producer Price Indices, including those for industrial commodities, fuel and steel. The pricing adjustments generally operate in the same manner, with each factor typically comprising a portion of the price adjustment, although the weighting of each factor varies based upon the specific terms of each agreement.
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 September 30, 2017, we recorded $4.7 million as Derivative assets and $9.3 million as Derivative liabilities related to our estimate of the final revenue rate with our U.S. Iron Ore and Asia Pacific Iron Ore customers in the Statements of Unaudited Condensed Consolidated Financial Position. At December 31, 2016, we recorded $10.3 million as Derivative assets and $0.5 million as Derivative liabilities related to our estimate of the final revenue rate with our U.S. Iron Ore and Asia Pacific Iron Ore customers in the Statements of Unaudited Condensed Consolidated Financial Position. 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. As a result, we recognized a net decrease of $13.1 million and $32.9 million in Product revenues in the Statements of Unaudited Condensed Consolidated Operations for the three and nine months ended September 30, 2017, respectively, related to these arrangements. This compares with a net increase of $4.5 million and $22.9 million in Product revenues for the comparable periods in 2016, respectively.
The following summarizes the effect of our derivatives that are not designated as hedging instruments in the Statements of Unaudited Condensed Consolidated Operations for the three and nine months ended September 30, 2017 and 2016:
(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
 
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
 
 
2017
 
2016
 
2017
 
2016
Customer Supply Agreements
 
Product revenues
 
$
54.3

 
$
7.1

 
$
123.9

 
$
26.8

Provisional Pricing Arrangements
 
Product revenues
 
(13.1
)
 
4.5

 
(32.9
)
 
22.9

Commodity Contracts
 
Cost of goods sold and operating expenses
 

 

 
(1.3
)
 

Total
 
 
 
$
41.2

 
$
11.6

 
$
89.7

 
$
49.7


Refer to NOTE 6 - FAIR VALUE MEASUREMENTS for additional information.
CAPITAL STOCK
CAPITAL STOCK
NOTE 14 - CAPITAL STOCK
Common Share Public Offering
On February 9, 2017, we issued 63.25 million common shares in an underwritten public offering. We received net proceeds of $661.3 million at a public offering price of $10.75 per common share. The net proceeds from the issuance of our common shares and our issuance of $500 million aggregate principal amount of 5.75% Senior Notes were used to redeem in full all of our outstanding 8.00% 1.5 Lien Notes due 2020 and 7.75% Second Lien Notes due 2020. The aggregate principal amount outstanding of debt redeemed was $648.6 million. Additionally, through tender offers, we purchased $422.2 million in aggregate principal amount of debt, excluding unamortized discounts and deferred charges, of our 5.90% Senior Notes due 2020, our 4.80% Senior Notes due 2020 and our 4.875% Senior Notes due 2021. During the second quarter of 2017, we redeemed $35.6 million aggregate principal amount of the 8.25% First Lien Notes due 2020 with the remaining net proceeds from our common share offering.
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY
NOTE 15 - SHAREHOLDERS' DEFICIT
The following table reflects the changes in shareholders' deficit attributable to both Cliffs and the noncontrolling interests, primarily related to Tilden and Empire. Cliffs owns 100% of both mines as of September 30, 2017 and 85% and 79%, respectively, as of September 30, 2016:
 
(In Millions)
 
Cliffs
Shareholders’
Equity (Deficit)
 
Noncontrolling
Interest (Deficit)
 
Total Equity
(Deficit)
December 31, 2016
$
(1,464.3
)
 
$
133.8

 
$
(1,330.5
)
Comprehensive loss
 
 
 
 
 
Net income (loss)
57.1

 
(3.9
)
 
53.2

Other comprehensive income
4.2

 
1.1

 
5.3

Total comprehensive income (loss)
61.3

 
(2.8
)
 
58.5

Issuance of common shares
661.3

 

 
661.3

Stock and other incentive plans
13.5

 

 
13.5

Acquisition of noncontrolling interest
(89.1
)
 
(15.9
)
 
(105.0
)
Distribution of partnership equity
(16.0
)
 
(116.7
)
 
(132.7
)
Distributions to noncontrolling interest

 
1.8

 
1.8

September 30, 2017
$
(833.3
)
 
$
0.2

 
$
(833.1
)
 
(In Millions)
 
Cliffs
Shareholders’
Equity (Deficit)
 
Noncontrolling
Interest (Deficit)
 
Total Equity
(Deficit)
December 31, 2015
$
(1,981.4
)
 
$
169.8

 
$
(1,811.6
)
Comprehensive income
 
 
 
 
 
Net income
95.0

 
23.5

 
118.5

Other comprehensive income
16.8

 
2.2

 
19.0

Total comprehensive income
111.8

 
25.7

 
137.5

Issuance of common shares
315.2

 

 
315.2

Stock and other incentive plans
10.1

 

 
10.1

Distributions of partnership equity

 
(48.8
)
 
(48.8
)
Distributions to noncontrolling interest

 
(2.9
)
 
(2.9
)
September 30, 2016
$
(1,544.3
)
 
$
143.8

 
$
(1,400.5
)

The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ deficit for September 30, 2017 and September 30, 2016:
 
(In Millions)
 
Changes in Pension and Other Post-Retirement Benefits,
net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Accumulated Other Comprehensive Loss
December 31, 2016
$
(260.6
)
 
$
239.3

 
$
(21.3
)
Other comprehensive income (loss) before reclassifications
3.3

 
(12.7
)
 
(9.4
)
Net loss reclassified from accumulated other comprehensive loss
6.4

 

 
6.4

March 31, 2017
$
(250.9
)
 
$
226.6

 
$
(24.3
)
Other comprehensive loss before reclassifications
(0.1
)
 
(1.5
)
 
(1.6
)
Net loss reclassified from accumulated other comprehensive loss
6.5

 

 
6.5

June 30, 2017
$
(244.5
)
 
$
225.1

 
$
(19.4
)
Other comprehensive income (loss) before reclassifications
(18.7
)
 
0.5

 
(18.2
)
Net loss reclassified from accumulated other comprehensive loss
6.8

 

 
6.8

September 30, 2017
$
(256.4
)
 
$
225.6

 
$
(30.8
)
 
(In Millions)
 
Changes in Pension and Other Post-Retirement Benefits, 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 Loss
December 31, 2015
$
(241.4
)
 
$
0.1

 
$
220.7

 
$
2.6

 
$
(18.0
)
Other comprehensive income (loss) before reclassifications
(1.5
)
 
(0.1
)
 
4.4

 
(3.4
)
 
(0.6
)
Net loss reclassified from accumulated other comprehensive loss
6.3

 

 

 

 
6.3

March 31, 2016
$
(236.6
)
 
$

 
$
225.1

 
$
(0.8
)
 
$
(12.3
)
Other comprehensive income (loss) before reclassifications
(0.4
)
 

 
(2.7
)
 
0.1

 
(3.0
)
Net loss reclassified from accumulated other comprehensive loss
6.3

 

 

 

 
6.3

June 30, 2016
$
(230.7
)
 
$

 
$
222.4

 
$
(0.7
)
 
$
(9.0
)
Other comprehensive income (loss) before reclassifications
(0.5
)
 

 
0.9

 

 
0.4

Net loss reclassified from accumulated other comprehensive income (loss)
6.7

 

 

 
0.7

 
7.4

September 30, 2016
$
(224.5
)
 
$

 
$
223.3

 
$

 
$
(1.2
)

The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ deficit for the three and nine months ended September 30, 2017 and 2016:
 
 
(In Millions)
 
 
Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount of (Gain)/Loss Reclassified into Income
 
Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2017
 
2016
 
2017
 
2016
 
Amortization of pension and postretirement benefit liability:
 
 
 
 
 
 
 
 
 
 
Prior service credits1
 
$
(0.2
)
 
$
(0.4
)
 
$
(0.4
)
 
$
(1.2
)
 
 
Net actuarial loss1
 
7.0

 
7.1

 
20.1

 
20.4

 
 
Total before taxes
 
6.8

 
6.7

 
19.7

 
19.2

 
 
 
 

 

 

 

 
Income tax benefit
 
 
$
6.8

 
$
6.7

 
$
19.7

 
$
19.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on derivative financial instruments:
 
 
 
 
 
 
 
 
 
 
Treasury lock
 
$

 
$
1.2

 
$

 
$
1.2

 
Gain (loss) on extinguishment/restructuring of debt
 
 

 
(0.5
)
 

 
(0.5
)
 
Income tax benefit
 
 
$

 
$
0.7

 
$

 
$
0.7

 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Total reclassifications for the period, net of tax
 
$
6.8

 
$
7.4

 
$
19.7

 
$
19.9

 
 
 
 
 
 
 
 
 
 
 
 
 
1 These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (credit). Refer to NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
RELATED PARTIES
RELATED PARTIES
NOTE 16 - RELATED PARTIES
One of our four operating U.S. iron ore mines is a co-owned joint venture with companies that are integrated steel producers or their subsidiaries. We are the manager of such co-owned mine 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 of the joint venture partners is also our customer. The following is a summary of the mine ownership of the co-owned iron ore mine at September 30, 2017:
Mine
 
Cleveland-Cliffs Inc.
 
ArcelorMittal
 
U.S. Steel
Hibbing
 
23.0
%
 
62.3
%
 
14.7
%

During the third quarter of 2017, our ownership interest in Empire increased to 100% as we reached an agreement to distribute the noncontrolling interest net assets for $132.7 million to ArcelorMittal, in exchange for its interest in Empire. The net assets were agreed to be distributed in three installments of approximately $44.2 million, the first of which was paid upon the execution of the agreement and the remaining distributions are due in August 2018 and August 2019. The remaining two outstanding installments, each for $44.2 million, are reflected in Other current liabilities and Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2017. We accounted for the increase in ownership as an equity transaction, which resulted in a $16.0 million decrease in equity attributable to Cliffs' shareholders and a $116.7 million decrease in Noncontrolling interest.
As part of a 2014 extension agreement between us and ArcelorMittal, which amended certain terms of the Empire partnership agreement, distributions of the partners' equity amounts were required to be made on a quarterly basis beginning in the first quarter of 2015. These equity distributions were made through the termination of the partnership agreement on December 31, 2016. We paid $8.7 million in January 2017 related to 2016 distributions. During the three and nine months ended September 30, 2016, we recorded distributions of $7.4 million and $48.8 million, respectively, under this agreement of which $41.4 million was paid as of September 30, 2016. In addition, we paid $11.1 million in January 2016 related to 2015 distributions.
During the third quarter of 2017, we acquired U.S. Steel's 15% equity interest in Tilden for $105.0 million. With the closing of this transaction, we now have 100% ownership of Tilden. We accounted for the increase in ownership as an equity transaction, which resulted in an $89.1 million decrease in equity attributable to Cliffs' shareholders and a $15.9 million decrease in Noncontrolling interest.
Product revenues from related parties were as follows:
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Product revenues from related parties
$
265.5

 
$
223.4

 
$
602.4

 
$
568.4

Total product revenues
$
627.5

 
$
508.6

 
$
1,552.3

 
$
1,237.0

Related party product revenue as a percent of total product revenue
42.3
%
 
43.9
%
 
38.8
%
 
45.9
%

The following table presents the classification of related party assets and liabilities in the Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2017 and December 31, 2016:
 
(In Millions)
 
Balance Sheet
Location
 
September 30, 2017
 
December 31, 2016
Amounts due from related parties
Accounts receivable, net
 
$
4.5

 
$
46.9

Amounts due from related parties
Other current assets
 
3.4

 

Customer supply agreements and provisional pricing agreements
Derivative assets
 
88.5

 
26.8

Amounts due to related parties
Other current liabilities
 
(45.3
)
 
(8.7
)
Amounts due to related parties
Derivative liabilities
 
(5.4
)
 

Amounts due to related parties
Other liabilities
 
(44.2
)
 

Net amounts due from related parties
 
 
$
1.5

 
$
65.0


Certain supply agreements with one U.S. Iron Ore customer provide for supplemental revenue or refunds to the customer based on the customer’s average annual steel pricing or based on the average annual daily market price for hot-rolled coil steel at the time the product is consumed in the customer’s blast furnace. The supplemental pricing is characterized as a freestanding derivative. Refer to NOTE 13 - DERIVATIVE INSTRUMENTS for further information.
EARNINGS PER SHARE
EARNINGS PER SHARE
NOTE 17 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted earnings (loss) per share:
 
(In Millions, Except Per Share Amounts)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Income (Loss) from Continuing Operations
$
20.6

 
$
(25.1
)
 
$
66.8

 
$
119.1

Loss (Income) from Continuing Operations Attributable to Noncontrolling Interest
0.5

 
2.0

 
3.9

 
(23.5
)
Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders
$
21.1

 
$
(23.1
)
 
$
70.7

 
$
95.6

Income (Loss) from Discontinued Operations, net of tax
32.3

 
(2.7
)
 
(13.6
)
 
(0.6
)
Net Income (Loss) Attributable to Cliffs Shareholders
$
53.4

 
$
(25.8
)
 
$
57.1

 
$
95.0

Weighted Average Number of Shares:
 
 
 
 
 
 
 
Basic
296.1

 
206.3

 
285.8

 
186.5

Employee Stock Plans
5.0

 

 
4.7

 
2.0

Diluted
301.1

 
206.3

 
290.5

 
188.5

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic:
 
 
 
 
 
 
 
Continuing operations
$
0.07

 
$
(0.11
)
 
$
0.25

 
$
0.51

Discontinued operations
0.11

 
(0.01
)
 
(0.05
)
 

 
$
0.18

 
$
(0.12
)
 
$
0.20

 
$
0.51

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted:
 
 
 
 
 
 
 
Continuing operations
$
0.07

 
$
(0.11
)
 
$
0.24

 
$
0.51

Discontinued operations
0.11

 
(0.01
)
 
(0.05
)
 

 
$
0.18

 
$
(0.12
)
 
$
0.19

 
$
0.51


The diluted earnings per share calculation excludes 3.0 million shares for the three months ended September 30, 2016 related to equity plan awards that would have been anti-dilutive.
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
NOTE 18 - COMMITMENTS AND CONTINGENCIES
Contingencies
We are currently the subject of, or party to, various claims and legal proceedings incidental to our operations. If management believes that a loss arising from these matters is probable and can reasonably be estimated, we record the amount of the loss or the minimum estimated liability when the loss is estimated using a range, and no point within the range is more probable than another. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Based on currently available information, management believes that the ultimate outcome of these matters, individually and in the aggregate, will not have a material effect on our financial position, results of operations or cash flows. However, these claims and legal proceedings are subject to inherent uncertainties and unfavorable rulings could occur. An unfavorable ruling could include monetary damages, additional funding requirements or an injunction. If an unfavorable ruling were to occur, there exists the possibility of a material impact on the financial position and results of operations for the period in which the ruling occurs or future periods. However, we do not believe that any pending claims or legal proceedings will result in a material liability in relation to our consolidated financial statements.
Currently, we have recorded a liability in the Statements of Unaudited Condensed Consolidated Financial Position related to the following legal matters:
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 $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.  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. On January 27, 2017, Tilden, Empire and other appellants filed a motion to terminate further abeyance of briefing so that cost allocation issues could be heard earlier at the Court of Appeals than revenue requirement issues still pending at FERC, which motion was granted on April 4, 2017. 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. As of September 30, 2017, $13.6 million is included in our Statements of Unaudited Condensed Consolidated Financial Position as part of Accrued expenses.
CCAA Proceedings
In January 2015, the Bloom Lake Group commenced CCAA proceedings. 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 CCAA proceedings which resulted in the deconsolidation of the remaining Wabush Group entities that were not previously deconsolidated. 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 or divestiture of each of their businesses and operations.
Prior to the deconsolidations, various Cliffs wholly-owned entities made loans to the Canadian Entities for the purpose of funding their 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 from our consolidated financial statements. 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 $51.9 million and $48.6 million classified as Loans to and accounts receivable from the Canadian Entities in the Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2017 and December 31, 2016, respectively.
During the three months ended June 30, 2017, we became aware that it was probable the Monitor will assert a preference claim of the CCAA estate against the Company. Given that it is probable the claim will be asserted by the Monitor, we have recorded an estimated liability approximately equal to the value of the Company’s related-party claims against the CCAA estate of $50.0 million, classified as Contingent claims in the Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2017 and included within Income (Loss) from Discontinued Operations, net of tax in the Statements of Unaudited Condensed Consolidated Operations for the nine months ended September 30, 2017. Should the Monitor proceed to assert the claim, we believe the Monitor will demand an amount in excess of the value of Cliffs’ related-party claims against the estate. Thus, it is possible that a change in the estimated liability may occur in the future. Cliffs denies it is liable for any amount and will vigorously defend such claim.
We previously recorded liabilities of $37.2 million related to guarantees for certain environmental obligations of the Canadian Entities, classified as Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position as of December 31, 2016. During the three months ended September 30, 2017, the Wabush Scully Mine was sold as part of the ongoing CCAA proceedings. As part of the sale, the environmental remediation obligations were conveyed to the buyer and we were released from our guarantees, which resulted in a net gain of $31.4 million included in Income (Loss) from Discontinued Operations, net of tax in the Statements of Unaudited Condensed Consolidated Operations.
As of September 30, 2017, substantially all of the 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 payment of sale expenses, taxes and repayment of the DIP financing, the net proceeds from the liquidation of assets and certain other divestitures by the Canadian Entities are currently being held by the Monitor, on behalf of the Canadian Entities, to fund the costs of the CCAA proceedings and for eventual distribution to creditors of the Canadian Entities pending further order of the Montreal Court.
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
NOTE 19 - SUBSEQUENT EVENTS
We have evaluated subsequent events through the date of financial issuance.
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
Basis of Consolidation
The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, including the following operations as of September 30, 2017:
Name
 
Location
 
Ownership Interest
 
Operation
 
Status of Operations
Northshore
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
United Taconite
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
Tilden1
 
Michigan
 
100.0%
 
Iron Ore
 
Active
Empire1
 
Michigan
 
100.0%
 
Iron Ore
 
Indefinitely Idled
Koolyanobbing
 
Western Australia
 
100.0%
 
Iron Ore
 
Active
 
 
 
 
 
 
 
 
 
1 During the third quarter of 2017, our ownership interest in Tilden and Empire changed. Refer to the Noncontrolling Interests section below for additional information.

Intercompany transactions and balances are eliminated upon consolidation.
Equity Method Investments
Our 23% ownership interest in Hibbing is recorded as an equity method investment. As of September 30, 2017 and December 31, 2016, our investment in Hibbing was $6.1 million and $8.7 million, respectively, classified as Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position.
Noncontrolling Interests
During the third quarter of 2017, our ownership interest in Empire increased to 100% as we reached an agreement to distribute the noncontrolling interest net assets for $132.7 million to ArcelorMittal, in exchange for its interest in Empire. The net assets were agreed to be distributed in three installments of approximately $44.2 million, the first of which was paid upon the execution of the agreement and the remaining distributions are due in August 2018 and August 2019. Upon payment of the first installment, we assumed ArcelorMittal's 21% interest and have reflected this ownership percentage change in our unaudited condensed consolidated financial statements as of and for the period ended September 30, 2017. We accounted for the increase in ownership as an equity transaction, which resulted in a $16.0 million decrease in equity attributable to Cliffs' shareholders and a $116.7 million decrease in Noncontrolling interest.
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 our Australian 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. 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, including short-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 Unaudited Condensed Consolidated Operations. Transaction gains and losses resulting from remeasurement of short-term intercompany loans are included in Miscellaneous - net in the Statements of Unaudited Condensed Consolidated Operations.
The following represents the transaction gains and losses resulting from remeasurement for the three and nine months ended September 30, 2017 and 2016:
 
 
(In Millions)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2017
 
2016
 
2017
 
2016
Remeasurement of short-term intercompany loans
 
$
0.1

 
$
0.2

 
$
16.7

 
$
0.5

Remeasurement of cash and cash equivalents
 
(1.1
)
 
(1.1
)
 
(2.8
)
 
0.3

Other remeasurement
 
(1.4
)
 
0.6

 
(2.7
)
 
(2.0
)
Net impact of transaction gains (losses) resulting from remeasurement
 
$
(2.4
)
 
$
(0.3
)
 
$
11.2

 
$
(1.2
)
Significant Accounting Policies
A detailed description of our significant accounting policies can be found in the audited financial statements for the fiscal year ended December 31, 2016 included in our Annual Report on Form 10-K filed with the SEC. There have been no material changes in our significant accounting policies and estimates from those disclosed therein.
Recent Accounting Pronouncements
Issued and Not Effective
In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.  The new standard simplifies hedge accounting through changes to both designation and measurement requirements.  For hedges that qualify as highly effective, the new standard eliminates the requirement to separately measure and record hedge ineffectiveness resulting in better alignment between the presentation of the effects of the hedging instrument and the hedged item in the financial statements.  ASU No. 2017-12 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years; the ASU allows for early adoption in any interim period after issuance of the update.  We are currently assessing the impact this ASU will have on the consolidated financial statements.
In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The new standard requires the service cost component of pension and other postretirement benefit expenses to be included in the same line item as other compensation costs arising from services rendered by employees, with the other components of net benefit cost to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The guidance is effective for fiscal years beginning after December 15, 2017. The adoption of ASU No. 2017-07 in the first quarter of 2018 will impact the Statements of Unaudited Condensed Consolidated Operations by changing our classification of the components of pension and OPEB costs; however, it will not impact our Net Income (Loss). The following represents the estimated impact from the adoption of ASU No. 2017-07 for the nine months ended September 30, 2017:
 
 
($ in Millions)
 
 
Nine Months Ended
September 30, 2017
 
 
 
 
Estimate
Financial Statement Line Impacted
 
As Reported
 
Adoption of ASU No. 2017-07
 
As Adjusted
Cost of goods sold and operating expenses
 
$
(1,328.3
)
 
$
1.3

 
$
(1,327.0
)
Selling, general and administrative expenses
 
$
(77.8
)
 
$
(5.8
)
 
$
(83.6
)
Miscellaneous - net
 
$
3.0

 
$
(1.2
)
 
$
1.8

Operating income
 
$
326.2

 
$
(5.7
)
 
$
320.5

Other non-operating income
 
$
2.3

 
$
5.7

 
$
8.0

Net Income (Loss)
 
$
53.2

 
$

 
$
53.2


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 except for short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. We plan to adopt the standard on its effective date of January 1, 2019. The new standard must be adopted using a modified retrospective approach and requires application of the new guidance at the beginning of the earliest comparative period presented. We are currently finalizing our implementation plan, compiling an inventory of existing leases and evaluating the effect the updated standard will have on our consolidated financial statements and related disclosures.
In May 2014, the FASB issued ASU No. 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. 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. We plan to adopt the standard on its effective date of January 1, 2018 using the modified retrospective transition method. As of September 30, 2017, we have completed the evaluation of the new standard and the related review and assessment of substantially all existing contracts with our customers. We determined that revenue will generally be recognized upon delivery for our U.S. Iron Ore customers, which is earlier than under the current guidance. Current guidance requires us to recognize revenue when title transfers which is generally the point at which we receive payment. However, the total amount of revenue recognized during the year should remain substantially the same as under current GAAP. We do not anticipate any significant changes in the timing and pattern of revenue recognition for our Asia Pacific Iron Ore contracts. Based on our analysis to date, we anticipate 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)
The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, including the following operations as of September 30, 2017:
Name
 
Location
 
Ownership Interest
 
Operation
 
Status of Operations
Northshore
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
United Taconite
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
Tilden1
 
Michigan
 
100.0%
 
Iron Ore
 
Active
Empire1
 
Michigan
 
100.0%
 
Iron Ore
 
Indefinitely Idled
Koolyanobbing
 
Western Australia
 
100.0%
 
Iron Ore
 
Active
 
 
 
 
 
 
 
 
 
1 During the third quarter of 2017, our ownership interest in Tilden and Empire changed. Refer to the Noncontrolling Interests section below for additional information.
The following represents the transaction gains and losses resulting from remeasurement for the three and nine months ended September 30, 2017 and 2016:
 
 
(In Millions)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2017
 
2016
 
2017
 
2016
Remeasurement of short-term intercompany loans
 
$
0.1

 
$
0.2

 
$
16.7

 
$
0.5

Remeasurement of cash and cash equivalents
 
(1.1
)
 
(1.1
)
 
(2.8
)
 
0.3

Other remeasurement
 
(1.4
)
 
0.6

 
(2.7
)
 
(2.0
)
Net impact of transaction gains (losses) resulting from remeasurement
 
$
(2.4
)
 
$
(0.3
)
 
$
11.2

 
$
(1.2
)
The following represents the estimated impact from the adoption of ASU No. 2017-07 for the nine months ended September 30, 2017:
 
 
($ in Millions)
 
 
Nine Months Ended
September 30, 2017
 
 
 
 
Estimate
Financial Statement Line Impacted
 
As Reported
 
Adoption of ASU No. 2017-07
 
As Adjusted
Cost of goods sold and operating expenses
 
$
(1,328.3
)
 
$
1.3

 
$
(1,327.0
)
Selling, general and administrative expenses
 
$
(77.8
)
 
$
(5.8
)
 
$
(83.6
)
Miscellaneous - net
 
$
3.0

 
$
(1.2
)
 
$
1.8

Operating income
 
$
326.2

 
$
(5.7
)
 
$
320.5

Other non-operating income
 
$
2.3

 
$
5.7

 
$
8.0

Net Income (Loss)
 
$
53.2

 
$

 
$
53.2

SEGMENT REPORTING (Tables)
The following tables present a summary of our reportable segments for the three and nine months ended September 30, 2017 and 2016, including a reconciliation of segment sales margin to Income from Continuing Operations Before Income Taxes and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA:
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Revenues from product sales and services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
596.7

 
85
%
 
$
428.3

 
77
%
 
$
1,354.2

 
78
%
 
$
975.5

 
72
%
Asia Pacific Iron Ore
101.7

 
15
%
 
125.0

 
23
%
 
375.1

 
22
%
 
379.5

 
28
%
Total revenues from product sales and services
$
698.4

 
100
%
 
$
553.3

 
100
%
 
$
1,729.3

 
100
%
 
$
1,355.0

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
157.2

 
 
 
$
66.5

 
 
 
$
349.8

 
 
 
$
149.7

 
 
Asia Pacific Iron Ore
3.0

 
 
 
18.9

 
 
 
51.2

 
 
 
58.1

 
 
Sales margin
160.2

 
 
 
85.4

 
 
 
401.0

 
 
 
207.8

 
 
Other operating expense
(30.5
)
 
 
 
(50.7
)
 
 
 
(74.8
)
 
 
 
(98.7
)
 
 
Other income (expense)
(116.7
)
 
 
 
(66.9
)
 
 
 
(266.2
)
 
 
 
8.3

 
 
Income (loss) from continuing operations before income taxes
$
13.0

 
 
 
$
(32.2
)
 
 
 
$
60.0

 
 
 
$
117.4

 
 
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Net Income (Loss)
$
52.9

 
$
(27.8
)
 
$
53.2

 
$
118.5

Less:
 
 
 
 
 
 
 
Interest expense, net
(28.9
)
 
(48.7
)
 
(103.1
)
 
(156.2
)
Income tax benefit
7.6

 
7.1

 
6.8

 
1.7

Depreciation, depletion and amortization
(21.5
)
 
(26.8
)
 
(66.3
)
 
(88.9
)
EBITDA
$
95.7

 
$
40.6

 
$
215.8

 
$
361.9

Less:
 
 
 
 
 
 
 
Gain (loss) on extinguishment/restructuring of debt
$
(88.6
)
 
$
(18.3
)
 
$
(165.4
)
 
$
164.1

Foreign exchange remeasurement
(2.4
)
 
(0.3
)
 
11.2

 
(1.2
)
Impact of discontinued operations
32.3

 
(2.7
)
 
(13.6
)
 
(0.6
)
Severance and contractor termination costs

 

 

 
(0.1
)
Adjusted EBITDA
$
154.4

 
$
61.9

 
$
383.6

 
$
199.7

 
 
 
 
 
 
 
 
EBITDA
 
 
 
 
 
 
 
U.S. Iron Ore
$
168.9

 
$
61.1

 
$
381.8

 
$
196.6

Asia Pacific Iron Ore
2.3

 
21.2

 
54.9

 
69.6

Other
(75.5
)
 
(41.7
)
 
(220.9
)
 
95.7

Total EBITDA
$
95.7

 
$
40.6

 
$
215.8

 
$
361.9

 
 
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
174.2

 
$
65.3

 
$
399.8

 
$
208.6

Asia Pacific Iron Ore
4.9

 
23.7

 
61.7

 
73.2

Other
(24.7
)
 
(27.1
)
 
(77.9
)
 
(82.1
)
Total Adjusted EBITDA
$
154.4

 
$
61.9

 
$
383.6

 
$
199.7

 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Depreciation, depletion and amortization:
 
 
 
 
 
 
 
U.S. Iron Ore
$
16.5

 
$
18.8

 
$
49.6

 
$
65.1

Asia Pacific Iron Ore
3.3

 
6.3

 
11.3

 
19.2

Other
1.7

 
1.7

 
5.4

 
4.6

Total depreciation, depletion and amortization
$
21.5

 
$
26.8

 
$
66.3

 
$
88.9

 
 
 
 
 
 
 
 
Capital additions:
 
 
 
 
 
 
 
U.S. Iron Ore
$
19.2

 
$
25.8

 
$
70.9

 
$
39.5

Asia Pacific Iron Ore
0.8

 
0.2

 
1.6

 
0.2

Other
7.1

 
0.4

 
7.1

 
4.8

Total capital additions1
$
27.1

 
$
26.4

 
$
79.6

 
$
44.5

 
 
 
 
 
 
 
 
1 Includes cash paid for capital additions of $78.9 million and $45.8 million and an increase in non-cash accruals of $0.7 million and a decrease in non-cash accruals of $1.3 million for the nine months ended September 30, 2017 and 2016, respectively.
A summary of assets by segment is as follows:
 
(In Millions)
 
September 30,
2017
 
December 31,
2016
Assets:
 
 
 
U.S. Iron Ore
$
1,467.2

 
$
1,372.5

Asia Pacific Iron Ore
139.4

 
155.1

Total segment assets
1,606.6

 
1,527.6

Corporate
316.7

 
396.3

Total assets
$
1,923.3

 
$
1,923.9

INVENTORIES (Tables)
Schedule Of Inventories
The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2017 and December 31, 2016:
 
(In Millions)
 
September 30, 2017
 
December 31, 2016
Segment
Finished Goods
 
Work-in Process
 
Total Inventory
 
Finished Goods
 
Work-in Process
 
Total
Inventory
U.S. Iron Ore
$
151.3

 
$
18.6

 
$
169.9

 
$
124.4

 
$
12.6

 
$
137.0

Asia Pacific Iron Ore
29.4

 
8.4

 
37.8

 
23.6

 
17.8

 
41.4

Total
$
180.7

 
$
27.0

 
$
207.7

 
$
148.0

 
$
30.4

 
$
178.4

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 September 30, 2017 and December 31, 2016:
 
(In Millions)
 
September 30,
2017
 
December 31,
2016
Land rights and mineral rights
$
500.7

 
$
500.5

Office and information technology
66.2

 
65.1

Buildings
80.0

 
67.9

Mining equipment
585.4

 
592.2

Processing equipment
607.9

 
552.0

Electric power facilities
57.0

 
49.4

Land improvements
23.7

 
23.5

Asset retirement obligation
19.6

 
19.8

Other
30.4

 
28.1

Construction in-progress
35.4

 
42.8

 
2,006.3

 
1,941.3

Allowance for depreciation and depletion
(1,012.5
)
 
(956.9
)
 
$
993.8

 
$
984.4

DEBT AND CREDIT FACILITIES (Tables)
The following represents a summary of our long-term debt as of September 30, 2017 and December 31, 2016:
(In Millions)
September 30, 2017
Debt Instrument
 
Annual Effective
Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Unamortized Discounts
 
Total Debt
Unsecured Notes
 
 
 
 
 
 
 
 
 
 
$400 Million 5.90% 2020 Senior Notes
 
5.98%
 
$
88.9

 
$
(0.2
)
 
$
(0.2
)
 
$
88.5

$500 Million 4.80% 2020 Senior Notes
 
4.83%
 
122.4

 
(0.3
)
 
(0.1
)
 
122.0

$700 Million 4.875% 2021 Senior Notes
 
4.89%
 
138.4

 
(0.3
)
 
(0.1
)
 
138.0

$1.075 Billion 5.75% 2025 Senior Notes
 
5.75%
 
1,075.0

 
(11.2
)
 
(17.0
)
 
1,046.8

$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
298.4

 
(2.4
)
 
(3.4
)
 
292.6

ABL Facility
 
N/A
 
550.0

 
N/A

 
N/A

 

Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
1.5

Long-term debt
 
 
 
 
 
 
 
 
 
$
1,689.4

(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


The following is a summary of the debt extinguished during the nine months ended September 30, 2017 and the respective gain (loss) on extinguishment for the three and nine months ended September 30, 2017:
(In Millions)
 
 
 
 
Gain (Loss) on Extinguishment1
 
 
Debt Extinguished
 
Three Months Ended
September 30, 2017
 
Nine Months Ended
September 30, 2017
Secured Notes
 
 
 
 
 
 
$540 Million 8.25% 2020 First Lien Notes
 
$
540.0

 
$
(88.6
)
 
$
(93.5
)
$218.5 Million 8.00% 2020 1.5 Lien Notes
 
218.5

 

 
45.1

$544.2 Million 7.75% 2020 Second Lien Notes
 
430.1

 

 
(104.5
)
Unsecured Notes
 
 
 
 
 
 
$400 Million 5.90% 2020 Senior Notes
 
136.7

 

 
(7.8
)
$500 Million 4.80% 2020 Senior Notes
 
114.4

 

 
(1.9
)
$700 Million 4.875% 2021 Senior Notes
 
171.0

 

 
(2.8
)
 
 
$
1,610.7

 
$
(88.6
)
 
$
(165.4
)
 
 
 
 
 
 
 
1 This includes premiums paid related to the redemption of our notes of $62.4 million and $110.0 million for the three and nine months ended September 30, 2017, respectively.
Debt Maturities
The following represents a summary of our maturities of debt instruments, excluding borrowings under the ABL Facility, based on the principal amounts outstanding at September 30, 2017:
 
(In Millions)
 
Maturities of Debt
2017 (October 1 - December 31)
$

2018

2019

2020
211.3

2021
138.4

2022

2023 and thereafter
1,373.4

Total maturities of debt
$
1,723.1

FAIR VALUE MEASUREMENTS (Tables)
The following represents the assets and liabilities of the Company measured at fair value at September 30, 2017 and December 31, 2016:
 
(In Millions)
 
September 30, 2017
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
$
40.0

 
$
37.0

 
$

 
$
77.0

Derivative assets

 

 
89.5

 
89.5

Total
$
40.0

 
$
37.0

 
$
89.5

 
$
166.5

Liabilities:
 
 
 
 
 
 
 
Derivative liabilities
$

 
$

 
$
9.3

 
$
9.3

Total
$

 
$

 
$
9.3

 
$
9.3

 
(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

The following table illustrates information about quantitative inputs and assumptions for the assets and liabilities categorized in Level 3 of the fair value hierarchy:
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
 
 
(In Millions)
Fair Value at September 30, 2017
 
Balance Sheet
Location
 
Valuation Technique
 
Unobservable Input
 
Range or Point Estimate
(Weighted Average)
 
Provisional pricing arrangements
 
$
4.7

 
Derivative assets
 
Market Approach
 
Management's
Estimate of Platts 62% Price
per dry metric ton
 
$61 - $74
($73)
 
 
 
 
Market Hot-Rolled Coil Steel Estimate
per net ton
 
$580 - $660
($625)
Provisional pricing arrangements
 
$
9.3

 
Derivative liabilities
 
Market Approach
 
Management's
Estimate of Platts 62% Price
per dry metric ton
 
$61 - $74
($73)
Customer supply agreements
 
$
84.8

 
Derivative assets
 
Market Approach
 
Customer Hot-Rolled Steel Estimate
per net ton
 
$558 - $622
($565)
 
 
 
 
Market Hot-Rolled Coil Steel Estimate
per net ton
 
$580 - $660
($625)
 
(In Millions)
 
Level 3 Assets
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Beginning balance
$
72.5

 
$
25.8

 
$
31.6

 
$
7.8

Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
60.6

 
14.6

 
156.0

 
62.6

Settlements
(43.6
)
 
(12.0
)
 
(98.1
)
 
(42.0
)
Ending balance - September 30
$
89.5

 
$
28.4

 
$
89.5

 
$
28.4

Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
0.1

 
$
8.2

 
$
53.4

 
$
24.7

 
(In Millions)
 
Level 3 Liabilities
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Beginning balance
$
(20.9
)
 
$
(2.6
)
 
$
(0.5
)
 
$
(3.4
)
Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
(19.3
)
 
(2.9
)
 
(64.9
)
 
(12.8
)
Settlements
30.9

 
2.8

 
56.1

 
13.5

Ending balance - September 30
$
(9.3
)
 
$
(2.7
)
 
$
(9.3
)
 
$
(2.7
)
Total gains (losses) for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
6.0

 
$
(2.7
)
 
$
(14.8
)
 
$
(2.7
)
A summary of the carrying amount and fair value of other financial instruments at September 30, 2017 and December 31, 2016 were as follows:
 
 
 
(In Millions)
 
 
 
September 30, 2017
 
December 31, 2016
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Secured Notes
 
 
 
 
 
 
 
 
 
First Senior Lien Notes —$540 million
Level 1
 
$

 
$

 
$
506.3

 
$
595.0

1.5 Senior Lien Notes —$218.5 million
Level 2
 

 

 
284.2

 
229.5

Second Senior Lien Notes —$544.2 million
Level 1
 

 

 
339.1

 
439.7

Unsecured Notes
 
 
 
 
 
 
 
 
 
Senior Notes—$1.075 billion
Level 1
 
1,046.8

 
1,032.0

 

 

Senior Notes—$400 million
Level 1
 
88.5

 
88.4

 
224.5

 
219.6

Senior Notes—$500 million
Level 1
 
122.0

 
116.9

 
235.9

 
221.1

Senior Notes—$700 million
Level 1
 
138.0

 
132.4

 
308.2

 
283.1

Senior Notes—$800 million
Level 1
 
292.6

 
249.0

 
292.5

 
234.7

ABL Facility
Level 2
 

 

 

 

Fair value adjustment to interest rate hedge
Level 2
 
1.5

 
1.5

 
1.9

 
1.9

Total long-term debt
 
 
$
1,689.4

 
$
1,620.2

 
$
2,192.6

 
$
2,224.6

Items Measured at Fair Value on a Non-Recurring Basis
The following tables present information about the financial assets and liabilities that were measured on a fair value basis at September 30, 2017 and December 31, 2016 for the Canadian Entities. The tables also indicate the fair value hierarchy of the valuation techniques used to determine such fair value.
 
 
(In Millions)
 
 
September 30, 2017
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 Year-to-Date Gains
Assets:
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivables from the Canadian Entities
 
$

 
$

 
$
51.9

 
$
51.9

 
$
3.3

Liabilities:
 
 
 
 
 
 
 
 
 
 
Guarantees
 
$

 
$

 
$

 
$

 
$
31.4

    
 
 
(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 Year-to-Date Gains (Losses)
Assets:
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivables from the Canadian Entities
 
$

 
$

 
$
48.6

 
$
48.6

 
$
(17.5
)
Liabilities:
 
 
 
 
 
 
 
 
 
 
Guarantees
 
$

 
$

 
$
37.2

 
$
37.2

 
$
0.4

PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables)
Schedule of Net Benefit Costs
The following are the components of defined benefit pension and OPEB costs and credits for the three and nine months ended September 30, 2017 and 2016:
Defined Benefit Pension Costs
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Service cost
$
3.4

 
$
4.2

 
$
12.9

 
$
13.2

Interest cost
7.9

 
7.8

 
22.9

 
22.7

Expected return on plan assets
(13.8
)
 
(13.6
)
 
(40.9
)
 
(41.0
)
Amortization:
 
 
 
 
 
 
 
Prior service costs
0.6

 
0.5

 
1.9

 
1.6

Net actuarial loss
6.1

 
5.4

 
16.7

 
15.9

Net periodic benefit cost
$
4.2

 
$
4.3

 
$
13.5

 
$
12.4


Other Postretirement Benefits Credits
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Service cost
$
0.3

 
$
0.4

 
$
1.3

 
$
1.3

Interest cost
1.9

 
2.3

 
6.2

 
6.8

Expected return on plan assets
(4.4
)
 
(4.3
)
 
(13.3
)
 
(12.8
)
Amortization:
 
 
 
 
 
 
 
Prior service credits
(0.8
)
 
(0.9
)
 
(2.3
)
 
(2.8
)
Net actuarial loss
0.9

 
1.7

 
3.4

 
4.5

Net periodic benefit credit
$
(2.1
)
 
$
(0.8
)
 
$
(4.7
)
 
$
(3.0
)
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS (Tables)
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block]
The following assumptions were utilized to estimate the fair value for the 2017 performance share grants:
Grant Date
 
Grant Date Market Price
 
Average Expected Term (Years)
 
Expected Volatility
 
Risk-Free Interest Rate
 
Dividend Yield
 
Fair Value
 
Fair Value (Percent of Grant Date Market Price)
February 21, 2017
 
$
11.67

 
2.86
 
92.1%
 
1.51%
 
—%
 
$
19.69

 
168.72%
June 26, 2017
 
$
6.64

 
2.51
 
92.8%
 
1.45%
 
—%
 
$
10.74

 
161.75%
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 September 30, 2017 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2017 (October 1 - December 31)
$
6.1

 
$
1.8

2018
19.3

 
5.9

2019
10.7

 
2.9

2020
9.7

 
2.9

2021
9.0

 
3.0

2022 and thereafter
0.7

 

Total minimum lease payments
$
55.5

 
$
16.5

Amounts representing interest
9.0

 
 
Present value of net minimum lease payments1
$
46.5

 
 
 
 
 
 
1 The total is comprised of $17.0 million and $29.5 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at September 30, 2017.
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Tables)
The following is a summary of the obligations as of September 30, 2017 and December 31, 2016:
 
(In Millions)
 
September 30,
2017
 
December 31,
2016
Environmental
$
2.9

 
$
2.8

Mine closure
 
 
 
U.S. Iron Ore1
195.0

 
187.8

Asia Pacific Iron Ore
18.3

 
16.2

Total mine closure
213.3

 
204.0

Total environmental and mine closure obligations
216.2

 
206.8

Less current portion
10.8

 
12.9

Long-term environmental and mine closure obligations
$
205.4

 
$
193.9

 
 
 
 
1 U.S. Iron Ore includes our active operating mines, our indefinitely idled Empire mine and a closed mine formerly operating as LTVSMC.
The following represents a roll forward of our asset retirement obligation liability for the nine months ended September 30, 2017 and for the year ended December 31, 2016:
 
(In Millions)
 
September 30,
2017
 
December 31,
2016
Asset retirement obligation at beginning of period
$
204.0

 
$
230.4

Accretion expense
11.1

 
14.0

Remediation payments
(3.2
)
 
(2.2
)
Exchange rate changes
1.4

 
(0.2
)
Revision in estimated cash flows

 
(38.0
)
Asset retirement obligation at end of period
$
213.3

 
$
204.0

GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables)
Schedule Of Finite-Lived Intangible Assets By Major Class
The following table is a summary of definite-lived intangible assets as of September 30, 2017 and December 31, 2016:
 
 
 
(In Millions)
 
 
 
September 30, 2017
 
December 31, 2016
 
Classification
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
Permits
Other non-current assets
 
$
78.9

 
$
(26.1
)
 
$
52.8

 
$
78.4

 
$
(24.6
)
 
$
53.8

DERIVATIVE INSTRUMENTS (Tables)
The following table presents the fair value of our derivative instruments and the classification of each in the Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2017 and December 31, 2016:
 
 
(In Millions)
 
 
Derivative Assets
 
Derivative Liabilities
 
 
September 30, 2017
 
December 31, 2016
 
September 30, 2017
 
December 31, 2016
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
 
Derivative assets
 
$
84.8

 
Derivative assets
 
$
21.3

 
 
 
$

 
 
 
$

Provisional pricing arrangements
 
Derivative assets
 
4.7

 
Derivative assets
 
10.3

 
Derivative liabilities
 
9.3

 
Derivative liabilities
 
0.5

Commodity contracts
 
 
 

 
Derivative assets
 
1.5

 
 
 

 
 
 

Total derivatives not designated as hedging instruments under ASC 815
 
 
 
$
89.5

 
 
 
$
33.1

 
 
 
$
9.3

 
 
 
$
0.5

The following summarizes the effect of our derivatives that are not designated as hedging instruments in the Statements of Unaudited Condensed Consolidated Operations for the three and nine months ended September 30, 2017 and 2016:
(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
 
 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
 
 
2017
 
2016
 
2017
 
2016
Customer Supply Agreements
 
Product revenues
 
$
54.3

 
$
7.1

 
$
123.9

 
$
26.8

Provisional Pricing Arrangements
 
Product revenues
 
(13.1
)
 
4.5

 
(32.9
)
 
22.9

Commodity Contracts
 
Cost of goods sold and operating expenses
 

 

 
(1.3
)
 

Total
 
 
 
$
41.2

 
$
11.6

 
$
89.7

 
$
49.7

SHAREHOLDERS' EQUITY Shareholders' Equity (Tables)
The following table reflects the changes in shareholders' deficit attributable to both Cliffs and the noncontrolling interests, primarily related to Tilden and Empire. Cliffs owns 100% of both mines as of September 30, 2017 and 85% and 79%, respectively, as of September 30, 2016:
 
(In Millions)
 
Cliffs
Shareholders’
Equity (Deficit)
 
Noncontrolling
Interest (Deficit)
 
Total Equity
(Deficit)
December 31, 2016
$
(1,464.3
)
 
$
133.8

 
$
(1,330.5
)
Comprehensive loss
 
 
 
 
 
Net income (loss)
57.1

 
(3.9
)
 
53.2

Other comprehensive income
4.2

 
1.1

 
5.3

Total comprehensive income (loss)
61.3

 
(2.8
)
 
58.5

Issuance of common shares
661.3

 

 
661.3

Stock and other incentive plans
13.5

 

 
13.5

Acquisition of noncontrolling interest
(89.1
)
 
(15.9
)
 
(105.0
)
Distribution of partnership equity
(16.0
)
 
(116.7
)
 
(132.7
)
Distributions to noncontrolling interest

 
1.8

 
1.8

September 30, 2017
$
(833.3
)
 
$
0.2

 
$
(833.1
)
 
(In Millions)
 
Cliffs
Shareholders’
Equity (Deficit)
 
Noncontrolling
Interest (Deficit)
 
Total Equity
(Deficit)
December 31, 2015
$
(1,981.4
)
 
$
169.8

 
$
(1,811.6
)
Comprehensive income
 
 
 
 
 
Net income
95.0

 
23.5

 
118.5

Other comprehensive income
16.8

 
2.2

 
19.0

Total comprehensive income
111.8

 
25.7

 
137.5

Issuance of common shares
315.2

 

 
315.2

Stock and other incentive plans
10.1

 

 
10.1

Distributions of partnership equity

 
(48.8
)
 
(48.8
)
Distributions to noncontrolling interest

 
(2.9
)
 
(2.9
)
September 30, 2016
$
(1,544.3
)
 
$
143.8

 
$
(1,400.5
)
The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ deficit for September 30, 2017 and September 30, 2016:
 
(In Millions)
 
Changes in Pension and Other Post-Retirement Benefits,
net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Accumulated Other Comprehensive Loss
December 31, 2016
$
(260.6
)
 
$
239.3

 
$
(21.3
)
Other comprehensive income (loss) before reclassifications
3.3

 
(12.7
)
 
(9.4
)
Net loss reclassified from accumulated other comprehensive loss
6.4

 

 
6.4

March 31, 2017
$
(250.9
)
 
$
226.6

 
$
(24.3
)
Other comprehensive loss before reclassifications
(0.1
)
 
(1.5
)
 
(1.6
)
Net loss reclassified from accumulated other comprehensive loss
6.5

 

 
6.5

June 30, 2017
$
(244.5
)
 
$
225.1

 
$
(19.4
)
Other comprehensive income (loss) before reclassifications
(18.7
)
 
0.5

 
(18.2
)
Net loss reclassified from accumulated other comprehensive loss
6.8

 

 
6.8

September 30, 2017
$
(256.4
)
 
$
225.6

 
$
(30.8
)
 
(In Millions)
 
Changes in Pension and Other Post-Retirement Benefits, 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 Loss
December 31, 2015
$
(241.4
)
 
$
0.1

 
$
220.7

 
$
2.6

 
$
(18.0
)
Other comprehensive income (loss) before reclassifications
(1.5
)
 
(0.1
)
 
4.4

 
(3.4
)
 
(0.6
)
Net loss reclassified from accumulated other comprehensive loss
6.3

 

 

 

 
6.3

March 31, 2016
$
(236.6
)
 
$

 
$
225.1

 
$
(0.8
)
 
$
(12.3
)
Other comprehensive income (loss) before reclassifications
(0.4
)
 

 
(2.7
)
 
0.1

 
(3.0
)
Net loss reclassified from accumulated other comprehensive loss
6.3

 

 

 

 
6.3

June 30, 2016
$
(230.7
)
 
$

 
$
222.4

 
$
(0.7
)
 
$
(9.0
)
Other comprehensive income (loss) before reclassifications
(0.5
)
 

 
0.9

 

 
0.4

Net loss reclassified from accumulated other comprehensive income (loss)
6.7

 

 

 
0.7

 
7.4

September 30, 2016
$
(224.5
)
 
$

 
$
223.3

 
$

 
$
(1.2
)

The following table reflects the details about Accumulated other comprehensive loss components related to Cliffs shareholders’ deficit for the three and nine months ended September 30, 2017 and 2016:
 
 
(In Millions)
 
 
Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount of (Gain)/Loss Reclassified into Income
 
Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2017
 
2016
 
2017
 
2016
 
Amortization of pension and postretirement benefit liability:
 
 
 
 
 
 
 
 
 
 
Prior service credits1
 
$
(0.2
)
 
$
(0.4
)
 
$
(0.4
)
 
$
(1.2
)
 
 
Net actuarial loss1
 
7.0

 
7.1

 
20.1

 
20.4

 
 
Total before taxes
 
6.8

 
6.7

 
19.7

 
19.2

 
 
 
 

 

 

 

 
Income tax benefit
 
 
$
6.8

 
$
6.7

 
$
19.7

 
$
19.2

 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on derivative financial instruments:
 
 
 
 
 
 
 
 
 
 
Treasury lock
 
$

 
$
1.2

 
$

 
$
1.2

 
Gain (loss) on extinguishment/restructuring of debt
 
 

 
(0.5
)
 

 
(0.5
)
 
Income tax benefit
 
 
$

 
$
0.7

 
$

 
$
0.7

 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Total reclassifications for the period, net of tax
 
$
6.8

 
$
7.4

 
$
19.7

 
$
19.9

 
 
 
 
 
 
 
 
 
 
 
 
 
1 These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (credit). Refer to NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
RELATED PARTIES (Tables)
The following is a summary of the mine ownership of the co-owned iron ore mine at September 30, 2017:
Mine
 
Cleveland-Cliffs Inc.
 
ArcelorMittal
 
U.S. Steel
Hibbing
 
23.0
%
 
62.3
%
 
14.7
%
Product revenues from related parties were as follows:
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Product revenues from related parties
$
265.5

 
$
223.4

 
$
602.4

 
$
568.4

Total product revenues
$
627.5

 
$
508.6

 
$
1,552.3

 
$
1,237.0

Related party product revenue as a percent of total product revenue
42.3
%
 
43.9
%
 
38.8
%
 
45.9
%
The following table presents the classification of related party assets and liabilities in the Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2017 and December 31, 2016:
 
(In Millions)
 
Balance Sheet
Location
 
September 30, 2017
 
December 31, 2016
Amounts due from related parties
Accounts receivable, net
 
$
4.5

 
$
46.9

Amounts due from related parties
Other current assets
 
3.4

 

Customer supply agreements and provisional pricing agreements
Derivative assets
 
88.5

 
26.8

Amounts due to related parties
Other current liabilities
 
(45.3
)
 
(8.7
)
Amounts due to related parties
Derivative liabilities
 
(5.4
)
 

Amounts due to related parties
Other liabilities
 
(44.2
)
 

Net amounts due from related parties
 
 
$
1.5

 
$
65.0

EARNINGS PER SHARE (Tables)
Earnings Per Share Computation
The following table summarizes the computation of basic and diluted earnings (loss) per share:
 
(In Millions, Except Per Share Amounts)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Income (Loss) from Continuing Operations
$
20.6

 
$
(25.1
)
 
$
66.8

 
$
119.1

Loss (Income) from Continuing Operations Attributable to Noncontrolling Interest
0.5

 
2.0

 
3.9

 
(23.5
)
Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders
$
21.1

 
$
(23.1
)
 
$
70.7

 
$
95.6

Income (Loss) from Discontinued Operations, net of tax
32.3

 
(2.7
)
 
(13.6
)
 
(0.6
)
Net Income (Loss) Attributable to Cliffs Shareholders
$
53.4

 
$
(25.8
)
 
$
57.1

 
$
95.0

Weighted Average Number of Shares:
 
 
 
 
 
 
 
Basic
296.1

 
206.3

 
285.8

 
186.5

Employee Stock Plans
5.0

 

 
4.7

 
2.0

Diluted
301.1

 
206.3

 
290.5

 
188.5

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic:
 
 
 
 
 
 
 
Continuing operations
$
0.07

 
$
(0.11
)
 
$
0.25

 
$
0.51

Discontinued operations
0.11

 
(0.01
)
 
(0.05
)
 

 
$
0.18

 
$
(0.12
)
 
$
0.20

 
$
0.51

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted:
 
 
 
 
 
 
 
Continuing operations
$
0.07

 
$
(0.11
)
 
$
0.24

 
$
0.51

Discontinued operations
0.11

 
(0.01
)
 
(0.05
)
 

 
$
0.18

 
$
(0.12
)
 
$
0.19

 
$
0.51

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2017
Dec. 31, 2016
Empire [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Increase in Ownership Equity
21.00% 
 
 
Purchase of Noncontrolling Interest
$ 132.7 
 
 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
100.00% 
79.00% 
Noncontrolling Interest Purchase, Installment Amount
44.2 
 
 
Stockholders' Equity, Period Increase (Decrease)
16.0 
 
 
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests
116.7 
(132.7)
 
Tilden [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Increase in Ownership Equity
15.00% 
 
 
Purchase of Noncontrolling Interest
105.0 
 
 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
100.00% 
85.00% 
Stockholders' Equity, Period Increase (Decrease)
89.1 
 
 
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests
15.9 
(105.0)
 
Other Noncurrent Liabilities [Member] |
Empire [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Noncontrolling Interest Purchase, Installment Amount
44.2 
 
 
Hibbing [Member] |
Other Noncurrent Assets [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Ownership interest, equity method investment
23.00% 
23.00% 
23.00% 
Hibbing [Member] |
Other Noncurrent Liabilities [Member]
 
 
 
Related Party Transaction [Line Items]
 
 
 
Equity Method Investments
$ 6.1 
$ 6.1 
$ 8.7 
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Subsidiaries) (Details)
9 Months Ended
Sep. 30, 2017
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
100.00% 
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
100.00% 
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 BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Foreign Currency Translation) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Foreign Currency Transaction Gain (Loss), before Tax
$ (2.4)
$ (0.3)
$ 11.2 
$ (1.2)
Short-term intercompany loan [Member]
 
 
 
 
Foreign Currency Transaction Gain (Loss), before Tax
0.1 
0.2 
16.7 
0.5 
Cash and Cash Equivalents [Member]
 
 
 
 
Foreign Currency Transaction Gain (Loss), before Tax
(1.1)
(1.1)
(2.8)
0.3 
Other Remeasurement
 
 
 
 
Foreign Currency Transaction Gain (Loss), before Tax
$ (1.4)
$ 0.6 
$ (2.7)
$ (2.0)
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Adoption of New Standard) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Cost of Goods and Services Sold
$ (538.2)
$ (467.9)
$ (1,328.3)
$ (1,147.2)
Selling, General and Administrative Expense
(24.6)
(31.1)
(77.8)
(81.8)
Miscellaneous - net
(5.9)
(19.6)
3.0 
(16.9)
Operating Income (Loss)
129.7 
34.7 
326.2 
109.1 
Other non-operating income
0.8 
0.1 
2.3 
0.4 
NET INCOME (LOSS)
52.9 
(27.8)
53.2 
118.5 
Estimated post adjustment [Member]
 
 
 
 
Cost of Goods and Services Sold
 
 
(1,327.0)
 
Selling, General and Administrative Expense
 
 
(83.6)
 
Miscellaneous - net
 
 
1.8 
 
Operating Income (Loss)
 
 
320.5 
 
Other non-operating income
 
 
8.0 
 
NET INCOME (LOSS)
 
 
53.2 
 
Estimated Adjustment [Member]
 
 
 
 
Cost of Goods and Services Sold
 
 
1.3 
 
Selling, General and Administrative Expense
 
 
(5.8)
 
Miscellaneous - net
 
 
(1.2)
 
Operating Income (Loss)
 
 
(5.7)
 
Other non-operating income
 
 
5.7 
 
NET INCOME (LOSS)
 
 
$ 0 
 
SEGMENT REPORTING (Schedule Of Segment Reporting Information, By Segment) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Segment Reporting Information [Line Items]
 
 
 
 
Revenues from producet sales and services, percent
100.00% 
100.00% 
100.00% 
100.00% 
Revenues from product sales and services
$ 698.4 
$ 553.3 
$ 1,729.3 
$ 1,355.0 
Sales margin
160.2 
85.4 
401.0 
207.8 
Other operating expense
(30.5)
(50.7)
(74.8)
(98.7)
Other income (expense)
(116.7)
(66.9)
(266.2)
8.3 
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest
13.0 
(32.2)
60.0 
117.4 
Net Income (Loss)
52.9 
(27.8)
53.2 
118.5 
Interest expense, net
(28.9)
(48.7)
(103.1)
(156.2)
Income Tax Expense (Benefit)
(7.6)
(7.1)
(6.8)
(1.7)
Depreciation, depletion and amortization
21.5 
26.8 
66.3 
88.9 
EBITDA
95.7 
40.6 
215.8 
361.9 
Gain (loss) on extinguishment/restructuring of debt
(88.6)
(18.3)
(165.4)
164.1 
Adjusted EBITDA
154.4 
61.9 
383.6 
199.7 
Property, Plant and Equipment, Additions
27.1 
26.4 
79.6 
44.5 
Payments To Acquire Property Plant And Equipment Net
 
 
78.9 
45.8 
Capital Expenditures Incurred but Not yet Paid
 
 
0.7 
(1.3)
Foreign Currency Transaction Gain (Loss), before Tax
(2.4)
(0.3)
11.2 
(1.2)
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
32.3 
(2.7)
(13.6)
(0.6)
U.S. Iron Ore [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues from producet sales and services, percent
85.00% 
77.00% 
78.00% 
72.00% 
Revenues from product sales and services
596.7 
428.3 
1,354.2 
975.5 
Sales margin
157.2 
66.5 
349.8 
149.7 
Depreciation, depletion and amortization
16.5 
18.8 
49.6 
65.1 
EBITDA
168.9 
61.1 
381.8 
196.6 
Adjusted EBITDA
174.2 
65.3 
399.8 
208.6 
Property, Plant and Equipment, Additions
19.2 
25.8 
70.9 
39.5 
Asia Pacific Iron Ore [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues from producet sales and services, percent
15.00% 
23.00% 
22.00% 
28.00% 
Revenues from product sales and services
101.7 
125.0 
375.1 
379.5 
Sales margin
3.0 
18.9 
51.2 
58.1 
Depreciation, depletion and amortization
3.3 
6.3 
11.3 
19.2 
EBITDA
2.3 
21.2 
54.9 
69.6 
Adjusted EBITDA
4.9 
23.7 
61.7 
73.2 
Property, Plant and Equipment, Additions
0.8 
0.2 
1.6 
0.2 
All Other Segments [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Depreciation, depletion and amortization
1.7 
1.7 
5.4 
4.6 
EBITDA
(75.5)
(41.7)
(220.9)
95.7 
Adjusted EBITDA
(24.7)
(27.1)
(77.9)
(82.1)
Property, Plant and Equipment, Additions
7.1 
0.4 
7.1 
4.8 
EBITDA Calculation [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Depreciation, depletion and amortization
21.5 
26.8 
66.3 
88.9 
Adjusted EBITDA Calculation [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Severance and contractor termination costs
$ 0 
$ 0 
$ 0 
$ (0.1)
SEGMENT REPORTING Segment Reporting (Summary of Assets by Segment) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Segment Reporting Information [Line Items]
 
 
Assets
$ 1,923.3 
$ 1,923.9 
U.S. Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
1,467.2 
1,372.5 
Asia Pacific Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
139.4 
155.1 
Total Segment Assets [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
1,606.6 
1,527.6 
Corporate [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
$ 316.7 
$ 396.3 
INVENTORIES (Schedule Of Inventories) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Inventory, Net [Abstract]
 
 
Finished Goods
$ 180.7 
$ 148.0 
Work-in Process
27.0 
30.4 
Total Inventory
207.7 
178.4 
U.S. Iron Ore [Member]
 
 
Inventory, Net [Abstract]
 
 
Finished Goods
151.3 
124.4 
Work-in Process
18.6 
12.6 
Total Inventory
169.9 
137.0 
Asia Pacific Iron Ore [Member]
 
 
Inventory, Net [Abstract]
 
 
Finished Goods
29.4 
23.6 
Work-in Process
8.4 
17.8 
Total Inventory
$ 37.8 
$ 41.4 
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Property, Plant and Equipment [Abstract]
 
 
 
 
Depreciation and depletion
$ 21.0 
$ 25.6 
$ 64.8 
$ 85.1 
PROPERTY, PLANT AND EQUIPMENT (Value Of Each Of The Major Classes Of Consolidated Depreciable Assets) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
$ 2,006.3 
$ 1,941.3 
Allowance for depreciation and depletion
(1,012.5)
(956.9)
Property, plant and equipment, net
993.8 
984.4 
Land Rights And Mineral Rights [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
500.7 
500.5 
Office And Information Technology [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
66.2 
65.1 
Buildings [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
80.0 
67.9 
Mining Equipment [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
585.4 
592.2 
Processing Equipment [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
607.9 
552.0 
Electric Power Facilities [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
57.0 
49.4 
Land Improvements [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
23.7 
23.5 
Asset Retirement Obligation [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
19.6 
19.8 
Other [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
30.4 
28.1 
Construction in Progress [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
$ 35.4 
$ 42.8 
DEBT AND CREDIT FACILITIES (Narrative) (Details) (USD $)
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
$1,075 Million 5.75% 2025 Senior Notes [Member]
Mar. 31, 2017
$1,075 Million 5.75% 2025 Senior Notes [Member]
Sep. 30, 2017
$1,075 Million 5.75% 2025 Senior Notes [Member]
Sep. 30, 2017
Revolving Credit Facility [Member]
Dec. 31, 2016
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
Proceeds from Issuance of Debt
 
 
 
 
$ 575,000,000 
$ 500,000,000 
 
 
 
Payments of Debt Issuance Costs
 
 
12,000,000 
5,200,000 
 
 
 
 
 
Credit facility, amount outstanding
 
 
 
 
 
 
 
Line of Credit Facility, Maximum Borrowing Capacity
 
 
 
 
 
 
 
254,200,000 
333,000,000 
Debt Instrument, Interest Rate, Effective Percentage
 
 
 
 
5.75% 
 
5.75% 
 
 
Note Redemption Price, Percent of Principal Amount to be Redeemed
 
 
 
 
100.00% 
 
100.00% 
 
 
Amount in aggregate that can be redeemed on or prior to March 1, 2020
 
 
 
 
 
 
0.3500 
 
 
Repurchase price if triggering event occurs
 
 
 
 
 
 
1.01 
 
 
Letters of credit outstanding
 
 
 
 
 
 
 
45,000,000 
106,000,000 
Credit facility remaining capacity
 
 
 
 
 
 
 
209,200,000 
227,000,000 
Redemption Price of 35 percent or less of Outstanding
 
 
 
 
 
 
1.0575 
 
 
In the Event of Default Amount that will Accelerate
 
 
 
 
 
 
0.25 
 
 
Gain (loss) on extinguishment/restructuring of debt
(88,600,000)
(18,300,000)
(165,400,000)
164,100,000 
 
 
 
 
 
Debt redemption premiums paid
62,400,000 
 
110,000,000 
 
 
 
 
 
 
Unamortized Debt Issuance Expense
 
 
 
 
$ 11,200,000 
 
$ 11,200,000 
 
 
DEBT AND CREDIT FACILITIES (Schedule Of Long-Term Debt) (Details) (USD $)
Sep. 30, 2017
Dec. 31, 2016
Debt Instrument [Line Items]
 
 
Long-term Debt
 
$ 2,192,600,000 
Long-term Debt, Current Maturities
 
17,500,000 
Long-term Debt, Excluding Current Maturities
1,689,400,000 
2,175,100,000 
$540 Million 8.25% 2020 Lien Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Effective Percentage
 
9.97% 
Debt Instrument, Par Value
 
540,000,000 
Unamortized Debt Issuance Expense
 
(8,000,000)
Debt Instrument, Unamortized Discount
 
25,700,000 
Long-term Debt
 
506,300,000 
$218.5 Million 8.00% 2020 Lien Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Par Value
 
218,500,000 
Unamortized Debt Issuance Expense
 
Debt Instrument, Unamortized Discount
 
65,700,000 
Long-term Debt
 
284,200,000 
$544 Million 7.75% 2020 Lien Notes[Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Effective Percentage
 
15.55% 
Debt Instrument, Par Value
 
430,100,000 
Unamortized Debt Issuance Expense
 
(5,800,000)
Debt Instrument, Unamortized Discount
 
85,200,000 
Long-term Debt
 
339,100,000 
$400 Million 5.90% 2020 Senior Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Effective Percentage
5.98% 
5.98% 
Debt Instrument, Par Value
88,900,000 
225,600,000 
Unamortized Debt Issuance Expense
(200,000)
(600,000)
Debt Instrument, Unamortized Discount
200,000 
500,000 
Long-term Debt
88,500,000 
224,500,000 
$500 million 4.80% 2020 Senior Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Effective Percentage
4.83% 
4.83% 
Debt Instrument, Par Value
122,400,000 
236,800,000 
Unamortized Debt Issuance Expense
(300,000)
(700,000)
Debt Instrument, Unamortized Discount
100,000 
200,000 
Long-term Debt
122,000,000 
235,900,000 
$700 Million 4.875% 2021 Senior Note [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Effective Percentage
4.89% 
4.89% 
Debt Instrument, Par Value
138,400,000 
309,400,000 
Unamortized Debt Issuance Expense
(300,000)
(1,000,000)
Debt Instrument, Unamortized Discount
100,000 
200,000 
Long-term Debt
138,000,000 
308,200,000 
$1,075 Million 5.75% 2025 Senior Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Effective Percentage
5.75% 
 
Debt Instrument, Par Value
1,075,000,000 
 
Unamortized Debt Issuance Expense
(11,200,000)
 
Debt Instrument, Unamortized Discount
17,000,000 
 
Long-term Debt
1,046,800,000 
 
$800 Million 6.25% 2040 Senior Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Interest Rate, Effective Percentage
6.34% 
6.34% 
Debt Instrument, Par Value
298,400,000 
298,400,000 
Unamortized Debt Issuance Expense
(2,400,000)
(2,500,000)
Debt Instrument, Unamortized Discount
3,400,000 
3,400,000 
Long-term Debt
292,600,000 
292,500,000 
Revolving Credit Facility [Member]
 
 
Debt Instrument [Line Items]
 
 
Debt Instrument, Par Value
550,000,000 
550,000,000 
Credit facility, amount outstanding
Interest Rate Swap [Member]
 
 
Debt Instrument [Line Items]
 
 
Fair Value Adjustment to Interest Rate Hedge
$ 1,500,000 
$ 1,900,000 
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES (Debt Restructuring) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
$540 Million 8.25% 2020 Lien Notes [Member]
Mar. 31, 2017
$540 Million 8.25% 2020 Lien Notes [Member]
Sep. 30, 2017
$540 Million 8.25% 2020 Lien Notes [Member]
Sep. 30, 2017
$218.5 Million 8.00% 2020 Lien Notes [Member]
Sep. 30, 2017
$218.5 Million 8.00% 2020 Lien Notes [Member]
Sep. 30, 2017
$544 Million 7.75% 2020 Lien Notes[Member]
Sep. 30, 2017
$544 Million 7.75% 2020 Lien Notes[Member]
Sep. 30, 2017
$400 Million 5.90% 2020 Senior Notes [Member]
Sep. 30, 2017
$400 Million 5.90% 2020 Senior Notes [Member]
Sep. 30, 2017
$500 million 4.80% 2020 Senior Notes [Member]
Sep. 30, 2017
$500 million 4.80% 2020 Senior Notes [Member]
Sep. 30, 2017
$700 Million 4.875% 2021 Senior Note [Member]
Sep. 30, 2017
$700 Million 4.875% 2021 Senior Note [Member]
Extinguishment of Debt [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Extinguishment of Debt, Amount
 
 
$ 1,610.7 
 
 
$ 35.6 
$ 540.0 
 
$ 218.5 
 
$ 430.1 
 
$ 136.7 
 
$ 114.4 
 
$ 171.0 
Gain (loss) on extinguishment/restructuring of debt
$ (88.6)
$ (18.3)
$ (165.4)
$ 164.1 
$ (88.6)
 
$ (93.5)
$ 0 
$ 45.1 
$ 0 
$ (104.5)
$ 0 
$ (7.8)
$ 0 
$ (1.9)
$ 0 
$ (2.8)
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES (Schedule of Debt Maturities) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Debt Disclosure [Abstract]
 
2017 (October 1 - December 31)
$ 0 
Debt Maturities 2018
Debt Maturities 2019
Debt Maturities 2020
211.3 
Debt Maturities 2021
138.4 
Debt Maturities 2022
2023 and thereafter
1,373.4 
Total maturities of debt
$ 1,723.1 
FAIR VALUE MEASUREMENTS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Fair Value, Assets And Liabilities Components [Line Items]
 
 
 
 
 
Loans Receivable, Fair Value Disclosure
$ 7.7 
 
$ 7.7 
 
 
Contingent Liabilities recognized in Consolidated Financials
 
 
37.2 
Cash equivalents
77.0 
 
77.0 
 
177.0 
Management Estimate of 62% Fe
 
 
62.00% 
 
 
Derivative Asset
89.5 
 
89.5 
 
33.1 
Derivative Asset, Current
89.5 
 
89.5 
 
33.1 
Derivative Liability, Current
9.3 
 
9.3 
 
0.5 
Derivative Liability
9.3 
 
9.3 
 
0.5 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
32.3 
(2.7)
(13.6)
(0.6)
 
Fair Value, Inputs, Level 1 [Member]
 
 
 
 
 
Fair Value, Assets And Liabilities Components [Line Items]
 
 
 
 
 
Cash equivalents
40.0 
 
40.0 
 
177.0 
Derivative Asset
 
 
Derivative Liability
 
 
Fair Value, Inputs, Level 2 [Member]
 
 
 
 
 
Fair Value, Assets And Liabilities Components [Line Items]
 
 
 
 
 
Cash equivalents
37.0 
 
37.0 
 
Derivative Asset
 
 
1.5 
Derivative Liability
 
 
Fair Value, Inputs, Level 3 [Member]
 
 
 
 
 
Fair Value, Assets And Liabilities Components [Line Items]
 
 
 
 
 
Contingent Liabilities recognized in Consolidated Financials
 
 
 
Cash equivalents
 
 
Derivative Asset
89.5 
 
89.5 
 
31.6 
Derivative Liability
9.3 
 
9.3 
 
0.5 
Not Designated as Hedging Instrument [Member]
 
 
 
 
 
Fair Value, Assets And Liabilities Components [Line Items]
 
 
 
 
 
Derivative Asset
89.5 
 
89.5 
 
33.1 
Derivative Liability
9.3 
 
9.3 
 
0.5 
Derivative Financial Instruments, Assets [Member] |
Not Designated as Hedging Instrument [Member] |
Customer Supply Agreement [Member]
 
 
 
 
 
Fair Value, Assets And Liabilities Components [Line Items]
 
 
 
 
 
Derivative Asset, Current
84.8 
 
84.8 
 
21.3 
U S Iron Ore And Asia Pacific Iron Ore [Member] |
Derivative Financial Instruments, Assets [Member] |
Not Designated as Hedging Instrument [Member] |
Provisional Pricing Arrangements [Member]
 
 
 
 
 
Fair Value, Assets And Liabilities Components [Line Items]
 
 
 
 
 
Derivative Asset, Current
$ 4.7 
 
$ 4.7 
 
$ 10.3 
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Fair Value of Assets and Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Cash equivalents
$ 77.0 
$ 177.0 
Derivative Asset
89.5 
33.1 
Total Asset
166.5 
210.1 
Derivative Liability
9.3 
0.5 
Total Liability
9.3 
0.5 
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Cash equivalents
40.0 
177.0 
Derivative Asset
Total Asset
40.0 
177.0 
Derivative Liability
Total Liability
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Cash equivalents
37.0 
Derivative Asset
1.5 
Total Asset
37.0 
1.5 
Derivative Liability
Total Liability
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Cash equivalents
Derivative Asset
89.5 
31.6 
Total Asset
89.5 
31.6 
Derivative Liability
9.3 
0.5 
Total Liability
$ 9.3 
$ 0.5 
FAIR VALUE MEASUREMENTS (Schedule Of Quantitative Inputs And Assumptions For Level 3 Assets And Liabilities) (Details) (USD $)
9 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Liability
$ 9,300,000 
$ 500,000 
Derivative Asset
89,500,000 
33,100,000 
Management Estimate of 62% Fe
62.00% 
 
Not Designated as Hedging Instrument [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Liability
9,300,000 
500,000 
Derivative Asset
89,500,000 
33,100,000 
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Liability
9,300,000 
500,000 
Derivative Asset
89,500,000 
31,600,000 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Managements Estimate Of 62% Fee [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Management Estimate of 62% Fe
62.00% 
 
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% Fee [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fair value measurement with unobservable inputs derivative asset range
73 
 
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% Fee [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
61 
 
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% Fee [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
74 
 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Provisional Pricing Arrangements [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
625 
 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Provisional Pricing Arrangements [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
580 
 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Provisional Pricing Arrangements [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
660 
 
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
625 
 
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
580 
 
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
660 
 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Customer Supply Agreement [Member] |
Customer's 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
565 
 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Customer Supply Agreement [Member] |
Customer's 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
558 
 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Customer Supply Agreement [Member] |
Customer's 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
622 
 
Other Current Assets [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Commodity Contract [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Asset
1,500,000 
Other Current Liabilities [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Commodity Contract [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative Liability
$ 0 
$ 0 
FAIR VALUE MEASUREMENTS (Fair Value, Assets and Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Fair Value Disclosures [Abstract]
 
 
 
 
Document Fiscal Year Focus
 
 
2017 
 
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
 
 
 
 
Beginning balance
$ 72.5 
$ 25.8 
$ 31.6 
$ 7.8 
Total gains (losses)
 
 
 
 
Included in earnings
60.6 
14.6 
156.0 
62.6 
Settlements
(43.6)
(12.0)
(98.1)
(42.0)
Ending balance - September 30
89.5 
28.4 
89.5 
28.4 
Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
0.1 
8.2 
53.4 
24.7 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
 
 
 
 
Beginning balance
(20.9)
(2.6)
(0.5)
(3.4)
Total gains (losses)
 
 
 
 
Included in earnings
(19.3)
(2.9)
(64.9)
(12.8)
Settlements
30.9 
2.8 
56.1 
13.5 
Ending balance - September 30
(9.3)
(2.7)
(9.3)
(2.7)
Total gains (losses) for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$ 6.0 
$ (2.7)
$ (14.8)
$ (2.7)
FAIR VALUE MEASUREMENTS (Carrying Value And Fair Value Of Financial Instruments Disclosure) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Interest Rate Swap [Member]
 
 
Long-term debt:
 
 
Fair Value Adjustment to Interest Rate Hedge
$ 1.5 
$ 1.9 
Carrying Value [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
1,689.4 
2,192.6 
Carrying Value [Member] |
Fair Value, Inputs, Level 2 [Member] |
Interest Rate Swap [Member]
 
 
Long-term debt:
 
 
Fair Value Adjustment to Interest Rate Hedge
1.5 
1.9 
Fair Value [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
1,620.2 
2,224.6 
Fair Value [Member] |
Fair Value, Inputs, Level 2 [Member] |
Interest Rate Swap [Member]
 
 
Long-term debt:
 
 
Fair Value Adjustment to Interest Rate Hedge
1.5 
1.9 
Senior Notes [Member] |
$540 Million 8.25% 2020 Lien Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
540.0 
540.0 
Senior Notes [Member] |
$218.5 Million 8.00% 2020 Lien Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
218.5 
Senior Notes [Member] |
$544 Million 7.75% 2020 Lien Notes[Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
544.2 
Senior Notes [Member] |
$1,075 Million 5.75% 2025 Senior Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
1,075.0 
Senior Notes [Member] |
$400 Million 5.90% 2020 Senior Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
400.0 
400.0 
Senior Notes [Member] |
$500 million 4.80% 2020 Senior Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
500.0 
500.0 
Senior Notes [Member] |
$700 Million 4.875% 2021 Senior Note [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
700.0 
700.0 
Senior Notes [Member] |
$800 Million 6.25% 2040 Senior Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
800.0 
800.0 
Senior Notes [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$540 Million 8.25% 2020 Lien Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
506.3 
Senior Notes [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$544 Million 7.75% 2020 Lien Notes[Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
339.1 
Senior Notes [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$1,075 Million 5.75% 2025 Senior Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
1,046.8 
Senior Notes [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$400 Million 5.90% 2020 Senior Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
88.5 
224.5 
Senior Notes [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$500 million 4.80% 2020 Senior Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
122.0 
235.9 
Senior Notes [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$700 Million 4.875% 2021 Senior Note [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
138.0 
308.2 
Senior Notes [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$800 Million 6.25% 2040 Senior Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
292.6 
292.5 
Senior Notes [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 2 [Member] |
$218.5 Million 8.00% 2020 Lien Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
284.2 
Senior Notes [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$540 Million 8.25% 2020 Lien Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
595.0 
Senior Notes [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$544 Million 7.75% 2020 Lien Notes[Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
439.7 
Senior Notes [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$1,075 Million 5.75% 2025 Senior Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
1,032.0 
Senior Notes [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$400 Million 5.90% 2020 Senior Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
88.4 
219.6 
Senior Notes [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$500 million 4.80% 2020 Senior Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
116.9 
221.1 
Senior Notes [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$700 Million 4.875% 2021 Senior Note [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
132.4 
283.1 
Senior Notes [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$800 Million 6.25% 2040 Senior Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
249.0 
234.7 
Senior Notes [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 2 [Member] |
$218.5 Million 8.00% 2020 Lien Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
229.5 
Line of Credit [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 2 [Member] |
Revolving Credit Facility [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
Line of Credit [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 2 [Member] |
Revolving Credit Facility [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
$ 0 
$ 0 
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS (Fair Value Measurements, Nonrecurring) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 12 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Loans to and accounts receivable from the Canadian Entities
$ 51.9 
$ 48.6 
Fair Value, Asset, Measured on a Nonrecurring Basis, Gain (Loss) Included in Earnings
3.3 
(17.5)
Contingent Liabilities recognized in Consolidated Financials
37.2 
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings
 
0.4 
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Loans to and accounts receivable from the Canadian Entities
 
48.6 
Contingent Liabilities recognized in Consolidated Financials
$ 0 
 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Pension Plans, Defined Benefit [Member]
 
 
 
 
Definted Benefit Plan Disclosure [Line Items]
 
 
 
 
Payment for Pension Benefits
$ 19.7 
$ 0.5 
$ 22.0 
$ 0.7 
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
 
 
Definted Benefit Plan Disclosure [Line Items]
 
 
 
 
OPEB Contributions
$ 0 
$ 0 
$ 0 
$ 0 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Estimated Net Periodic Benefit Cost) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Pension Plan [Member]
 
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
Service cost
$ 3.4 
$ 4.2 
$ 12.9 
$ 13.2 
Interest cost
7.9 
7.8 
22.9 
22.7 
Expected return on plan assets
(13.8)
(13.6)
(40.9)
(41.0)
Prior service credits
0.6 
0.5 
1.9 
1.6 
Net actuarial loss
6.1 
5.4 
16.7 
15.9 
Net periodic benefit credit
4.2 
4.3 
13.5 
12.4 
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
Service cost
0.3 
0.4 
1.3 
1.3 
Interest cost
1.9 
2.3 
6.2 
6.8 
Expected return on plan assets
(4.4)
(4.3)
(13.3)
(12.8)
Prior service credits
(0.8)
(0.9)
(2.3)
(2.8)
Net actuarial loss
0.9 
1.7 
3.4 
4.5 
Net periodic benefit credit
$ (2.1)
$ (0.8)
$ (4.7)
$ (3.0)
STOCK COMPENSATION PLANS (Narrative) (Details)
In Millions, unless otherwise specified
3 Months Ended
Jun. 30, 2017
Restricted Stock Units (RSUs) [Member]
A&R 2015 Equity Plan [Member]
Mar. 31, 2017
Restricted Stock Units (RSUs) [Member]
2015 Equity Plan [Member]
Jun. 30, 2017
Performance Shares [Member]
A&R 2015 Equity Plan [Member]
Mar. 31, 2017
Performance Shares [Member]
2015 Equity Plan [Member]
Sep. 30, 2017
2017 to 2019 Performance Period [Member]
Minimum [Member]
2015 Equity Plan [Member]
Sep. 30, 2017
2017 to 2019 Performance Period [Member]
Maximum [Member]
2015 Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
Number of restricted shares granted
0.5 
0.6 
0.2 
0.6 
 
 
Share Based Goods And Nonemployee Services Transaction Valuation Method Payout Rate
 
 
 
 
0.00% 
200.00% 
STOCK COMPENSATION PLANS STOCK COMPENSATION PLANS (Assumptions Utilized to Estimate Fair Value for Performance Share Grants) (Details)
3 Months Ended
Jun. 30, 2017
Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Grant Date Market Price
$ 6.64 
$ 11.67 
Average Expected Term
2 years 6 months 2 days 
2 years 10 months 9 days 
Expected Volatility
92.80% 
92.10% 
Risk-Free Interest Rate
1.45% 
1.51% 
Dividend Yield
0.00% 
0.00% 
Fair Value
$ 10.74 
$ 19.69 
Fair Value (Percent of Grant Date Market Price)
161.75% 
168.72% 
INCOME TAXES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Tax Disclosure [Abstract]
 
 
 
 
Effective Income Tax Rate Reconciliation, Percent
 
 
(1.70%)
0.40% 
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent
 
 
35.00% 
 
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount
$ 5.9 
$ 2.9 
$ 5.8 
$ 2.2 
LEASE OBLIGATIONS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Leases [Abstract]
 
 
 
 
Operating lease expense
$ 1.8 
$ 2.2 
$ 5.3 
$ 6.8 
LEASE OBLIGATIONS (Future Minimum Lease Payments) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Capital Leases
 
2017 (October 1 - December 31)
$ 6.1 
2018
19.3 
2019
10.7 
2020
9.7 
2021
9.0 
2022 and thereafter
0.7 
Total minimum lease payments
55.5 
Amounts representing interest
9.0 
Present value of net minimum lease payments
46.5 
Operating Leases
 
2017 (October 1 - December 31)
1.8 
2018
5.9 
2019
2.9 
2020
2.9 
2021
3.0 
2022 and thereafter
Total minimum lease payments
16.5 
Other Current Liabilities [Member]
 
Capital Leases
 
Present value of net minimum lease payments
17.0 
Other Noncurrent Liabilities [Member]
 
Capital Leases
 
Present value of net minimum lease payments
$ 29.5 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
T
Dec. 31, 2016
Selenium [Domain]
Sep. 30, 2017
Eastern Canadian Iron Ore [Member]
Owned Or Operating Facilities [Member]
Dec. 31, 2016
Eastern Canadian Iron Ore [Member]
Owned Or Operating Facilities [Member]
Accrual for Environmental Loss Contingencies, Period Increase (Decrease)
$ 9.2 
$ 29.6 
 
 
Reserve increase (decrease), tons
115,000,000 
 
 
 
Mine Reclamation and Closing Liability, current and noncurrent
 
 
$ 216.2 
$ 206.8 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Summary Of Mine Closure Obligations) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Loss Contingencies [Line Items]
 
 
Environmental
$ 2.9 
$ 2.8 
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current
10.8 
12.9 
Environmental Loss Contingency And Mine Reclamation And Closing Liability Noncurrent
205.4 
193.9 
U.S. Iron Ore [Member] |
Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
195.0 
187.8 
Asia Pacific Iron Ore [Member] |
Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
18.3 
16.2 
North American Coal [Member] |
Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
213.3 
204.0 
Eastern Canadian Iron Ore [Member] |
Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
$ 216.2 
$ 206.8 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Asset Retirement Obligation Disclosure) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 12 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Asset Retirement Obligation [Roll Forward]
 
 
Asset retirement obligation at beginning of period
$ 204.0 
$ 230.4 
Accretion expense
11.1 
14.0 
Asset Retirement Obligation, Liabilities Settled
(3.2)
(2.2)
Exchange rate changes
1.4 
(0.2)
Revision in estimated cash flows
 
(38.0)
Asset retirement obligation at end of period
$ 213.3 
$ 204.0 
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Cost of Sales [Member]
Sep. 30, 2016
Cost of Sales [Member]
Sep. 30, 2017
Cost of Sales [Member]
Sep. 30, 2016
Cost of Sales [Member]
Sep. 30, 2017
U.S. Iron Ore [Member]
Dec. 31, 2016
U.S. Iron Ore [Member]
Goodwill [Line Items]
 
 
 
 
 
 
Goodwill
 
 
 
 
$ 2.0 
$ 2.0 
Amortization expense relating to intangible assets
$ 0.5 
$ 1.2 
$ 1.5 
$ 3.8 
 
 
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Schedule Of Finite-Lived Intangible Assets By Major Class) (Details) (Permits [Member], Other Assets [Member], USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Permits [Member] |
Other Assets [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
$ 78.9 
$ 78.4 
Definite lived intangible assets - Accumulated Amortization
(26.1)
(24.6)
Definite lived intangible assets - Net Carrying Amount
$ 52.8 
$ 53.8 
DERIVATIVE INSTRUMENTS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Sep. 30, 2017
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Product Revenues [Member]
Sep. 30, 2016
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Product Revenues [Member]
Sep. 30, 2017
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Product Revenues [Member]
Sep. 30, 2016
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Product Revenues [Member]
Sep. 30, 2017
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Derivative Financial Instruments, Assets [Member]
Dec. 31, 2016
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Derivative Financial Instruments, Assets [Member]
Sep. 30, 2017
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Product Revenues [Member]
Sep. 30, 2016
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Product Revenues [Member]
Sep. 30, 2017
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Product Revenues [Member]
Sep. 30, 2016
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Product Revenues [Member]
Sep. 30, 2017
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Derivative Financial Instruments, Assets [Member]
Dec. 31, 2016
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Derivative Financial Instruments, Assets [Member]
Sep. 30, 2017
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Derivative Financial Instruments, Liabilities [Member]
Dec. 31, 2016
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of gain/(loss) recognized in income on derivative
 
 
$ 54.4 
$ 7.1 
$ 123.6 
$ 26.8 
 
 
$ 13.1 
$ 4.5 
$ 32.9 
$ 22.9 
 
 
 
 
Derivative Asset, Current
89.5 
33.1 
 
 
 
 
84.8 
21.3 
 
 
 
 
4.7 
10.3 
 
 
Derivative Liability, Current
$ 9.3 
$ 0.5 
 
 
 
 
 
 
 
 
 
 
 
 
$ 9.3 
$ 0.5 
DERIVATIVE INSTRUMENTS (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2017
Dec. 31, 2016
Derivatives, Fair Value [Line Items]
 
 
Derivative Asset, Current
$ 89.5 
$ 33.1 
Derivative Liability, Current
9.3 
0.5 
Derivative Asset
89.5 
33.1 
Derivative Liability
9.3 
0.5 
Not Designated as Hedging Instrument [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Asset
89.5 
33.1 
Derivative Liability
9.3 
0.5 
Not Designated as Hedging Instrument [Member] |
Customer Supply Agreement [Member] |
Derivative Financial Instruments, Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Asset, Current
84.8 
21.3 
Fair Value, Inputs, Level 3 [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Asset
89.5 
31.6 
Derivative Liability
9.3 
0.5 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Customer Supply Agreement [Member] |
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Liability
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Commodity Contract [Member] |
Other Current Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Asset
1.5 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Commodity Contract [Member] |
Other Current Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Liability
U S Iron Ore And Asia Pacific Iron Ore [Member] |
Not Designated as Hedging Instrument [Member] |
Provisional Pricing Arrangements [Member] |
Derivative Financial Instruments, Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Asset, Current
4.7 
10.3 
U S Iron Ore And Asia Pacific Iron Ore [Member] |
Not Designated as Hedging Instrument [Member] |
Provisional Pricing Arrangements [Member] |
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative Liability, Current
$ 9.3 
$ 0.5 
DERIVATIVE INSTRUMENTS (Schedule Of Derivatives Not Designated As Hedging Instruments) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
$ 41.2 
$ 11.6 
$ 89.7 
$ 49.7 
Customer Supply Agreements [Member] |
Product Revenues [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
54.3 
7.1 
123.9 
26.8 
Provisional Pricing Arrangements [Member] |
Product Revenues [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
(13.1)
4.5 
(32.9)
22.9 
Commodity Contract [Member] |
Other Nonoperating Income (Expense) [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
$ 0 
$ 0 
$ (1.3)
$ 0 
CAPITAL STOCK (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Feb. 9, 2017
Sep. 30, 2017
$1,075 Million 5.75% 2025 Senior Notes [Member]
Mar. 31, 2017
$1,075 Million 5.75% 2025 Senior Notes [Member]
Sep. 30, 2017
Secured Debt [Member]
Sep. 30, 2017
Unsecured Debt [Member]
Mar. 31, 2017
$540 Million 8.25% 2020 Lien Notes [Member]
Sep. 30, 2017
$540 Million 8.25% 2020 Lien Notes [Member]
Class of Stock [Line Items]
 
 
 
 
 
 
 
 
 
Common Stock, Shares, Issued
63.25 
 
 
 
 
 
 
 
 
Net proceeds from issuance of common shares
$ 661.3 
$ 287.6 
 
 
 
 
 
 
 
Shares Issued, Price Per Share
 
 
$ 10.75 
 
 
 
 
 
 
Proceeds from Issuance of Debt
 
 
 
575.0 
500.0 
 
 
 
 
Extinguishment of Debt, Amount
$ 1,610.7 
 
 
 
 
$ 648.6 
$ 422.2 
$ 35.6 
$ 540.0 
SHAREHOLDERS' EQUITY Narrative (Details)
Sep. 30, 2017
Dec. 31, 2016
Empire [Member]
 
 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
79.00% 
Tilden [Member]
 
 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
85.00% 
SHAREHOLDERS' EQUITY Schedule of Shareholders' Equity (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Dec. 31, 2015
Stockholders' Equity Attributable to Parent
$ (833.3)
 
$ (833.3)
 
$ (1,464.3)
 
Stockholders' Equity Attributable to Noncontrolling Interest
0.2 
 
0.2 
 
133.8 
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
(833.1)
(1,400.5)
(833.1)
(1,400.5)
(1,330.5)
(1,811.6)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
53.4 
(25.8)
57.1 
95.0 
 
 
Net Income (Loss) Attributable to Noncontrolling Interest
(0.5)
(2.0)
(3.9)
23.5 
 
 
Net Income (Loss)
52.9 
(27.8)
53.2 
118.5 
 
 
Other comprehensive income (loss)
55.7 
(18.0)
61.3 
111.8 
 
 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest
5.7 
0.9 
1.1 
2.2 
 
 
Other Comprehensive Income (Loss), Net of Tax
8.0 
8.7 
5.3 
19.0 
 
 
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest
 
 
58.5 
137.5 
 
 
Stock and Other Incentive Plans
 
 
13.5 
10.1 
 
 
Distributions to partnership equity
 
 
 
(48.8)
 
 
Distributions to noncontrolling interest
 
 
1.8 
(2.9)
 
 
Cliffs Shareholders Equity [Member]
 
 
 
 
 
 
Stockholders' Equity Attributable to Parent
(833.3)
(1,544.3)
(833.3)
(1,544.3)
(1,464.3)
(1,981.4)
Net Income (Loss) Available to Common Stockholders, Basic
 
 
57.1 
95.0 
 
 
Other comprehensive income (loss)
 
 
4.2 
16.8 
 
 
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
 
 
61.3 
111.8 
 
 
Stock and Other Incentive Plans
 
 
13.5 
10.1 
 
 
Distributions to partnership equity
 
 
 
 
 
Distributions to noncontrolling interest
 
 
 
 
Noncontrolling Interest [Member]
 
 
 
 
 
 
Stockholders' Equity Attributable to Noncontrolling Interest
0.2 
143.8 
0.2 
143.8 
133.8 
169.8 
Net Income (Loss) Attributable to Noncontrolling Interest
 
 
(3.9)
23.5 
 
 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest
 
 
1.1 
2.2 
 
 
OTHER COMPREHENSIVE LOSS (INCOME) ATTRIBUTABLE TO THE NONCONTROLLING INTEREST
 
 
(2.8)
25.7 
 
 
Stock and Other Incentive Plans
 
 
 
 
Distributions to partnership equity
 
 
 
(48.8)
 
 
Distributions to noncontrolling interest
 
 
1.8 
(2.9)
 
 
Common Stock [Member]
 
 
 
 
 
 
Stock Issued During Period, Value, New Issues
 
 
661.3 
315.2 
 
 
Common Stock [Member] |
Cliffs Shareholders Equity [Member]
 
 
 
 
 
 
Stock Issued During Period, Value, New Issues
 
 
661.3 
315.2 
 
 
Common Stock [Member] |
Noncontrolling Interest [Member]
 
 
 
 
 
 
Stock Issued During Period, Value, New Issues
 
 
 
 
Tilden [Member]
 
 
 
 
 
 
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests
15.9 
 
(105.0)
 
 
 
Tilden [Member] |
Cliffs Shareholders Equity [Member]
 
 
 
 
 
 
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests
 
 
(89.1)
 
 
 
Tilden [Member] |
Noncontrolling Interest [Member]
 
 
 
 
 
 
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests
 
 
(15.9)
 
 
 
Empire [Member]
 
 
 
 
 
 
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests
116.7 
 
(132.7)
 
 
 
Empire [Member] |
Cliffs Shareholders Equity [Member]
 
 
 
 
 
 
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests
 
 
(16.0)
 
 
 
Empire [Member] |
Noncontrolling Interest [Member]
 
 
 
 
 
 
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests
 
 
$ (116.7)
 
 
 
SHAREHOLDERS' EQUITY Accumulate Other Comprehensive Income (Loss) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Sep. 30, 2016
Dec. 31, 2015
Sep. 30, 2017
Changes in Pension and Other Post-Retirement Benefits, net of tax [Member]
Jun. 30, 2017
Changes in Pension and Other Post-Retirement Benefits, net of tax [Member]
Mar. 31, 2017
Changes in Pension and Other Post-Retirement Benefits, net of tax [Member]
Sep. 30, 2016
Changes in Pension and Other Post-Retirement Benefits, net of tax [Member]
Jun. 30, 2016
Changes in Pension and Other Post-Retirement Benefits, net of tax [Member]
Mar. 31, 2016
Changes in Pension and Other Post-Retirement Benefits, net of tax [Member]
Sep. 30, 2016
Unrealized Net Gain (Loss) on Securities, net of tax [Member]
Jun. 30, 2016
Unrealized Net Gain (Loss) on Securities, net of tax [Member]
Mar. 31, 2016
Unrealized Net Gain (Loss) on Securities, net of tax [Member]
Sep. 30, 2017
Unrealized Net Gain (Loss) on Foreign Currency Translation [Member]
Jun. 30, 2017
Unrealized Net Gain (Loss) on Foreign Currency Translation [Member]
Mar. 31, 2017
Unrealized Net Gain (Loss) on Foreign Currency Translation [Member]
Sep. 30, 2016
Unrealized Net Gain (Loss) on Foreign Currency Translation [Member]
Jun. 30, 2016
Unrealized Net Gain (Loss) on Foreign Currency Translation [Member]
Mar. 31, 2016
Unrealized Net Gain (Loss) on Foreign Currency Translation [Member]
Sep. 30, 2016
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax [Member]
Jun. 30, 2016
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax [Member]
Mar. 31, 2016
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax [Member]
Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Member]
Jun. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Member]
Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Member]
Sep. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Member]
Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Member]
Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
$ (833.1)
$ (1,330.5)
$ (1,400.5)
$ (1,811.6)
$ (244.5)
$ (250.9)
$ (260.6)
$ (230.7)
$ (236.6)
$ (241.4)
$ 0 
$ 0 
$ 0.1 
$ 225.1 
$ 226.6 
$ 239.3 
$ 222.4 
$ 225.1 
$ 220.7 
$ (0.7)
$ (0.8)
$ 2.6 
$ (19.4)
$ (24.3)
$ (21.3)
$ (9.0)
$ (12.3)
$ (18.0)
Other comprehensive income (loss) before reclassifications
 
 
 
 
(18.7)
(0.1)
3.3 
(0.5)
(0.4)
(1.5)
(0.1)
0.5 
(1.5)
(12.7)
0.9 
(2.7)
4.4 
0.1 
(3.4)
(18.2)
(1.6)
(9.4)
0.4 
(3.0)
(0.6)
Net loss reclassified from accumulated other comprehensive income (loss)
 
 
 
 
6.8 
6.5 
6.4 
6.7 
6.3 
6.3 
0.7 
6.8 
6.5 
6.4 
7.4 
6.3 
6.3 
Ending Balance
$ (833.1)
$ (1,330.5)
$ (1,400.5)
$ (1,811.6)
$ (256.4)
$ (244.5)
$ (250.9)
$ (224.5)
$ (230.7)
$ (236.6)
$ 0 
$ 0 
$ 0 
$ 225.6 
$ 225.1 
$ 226.6 
$ 223.3 
$ 222.4 
$ 225.1 
$ 0 
$ (0.7)
$ (0.8)
$ (30.8)
$ (19.4)
$ (24.3)
$ (1.2)
$ (9.0)
$ (12.3)
SHAREHOLDERS' EQUITY Details of Accumulated Other Comprehensive Income (Loss) Components (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2017
Reclassification out of Accumulated Other Comprehensive Income [Member]
Sep. 30, 2016
Reclassification out of Accumulated Other Comprehensive Income [Member]
Sep. 30, 2017
Reclassification out of Accumulated Other Comprehensive Income [Member]
Sep. 30, 2016
Reclassification out of Accumulated Other Comprehensive Income [Member]
Sep. 30, 2017
Realized Gain Loss On Derivatives [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Sep. 30, 2016
Realized Gain Loss On Derivatives [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Sep. 30, 2017
Realized Gain Loss On Derivatives [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Sep. 30, 2016
Realized Gain Loss On Derivatives [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Sep. 30, 2017
Accumulated Defined Benefit Plans Adjustment [Member]
Jun. 30, 2017
Accumulated Defined Benefit Plans Adjustment [Member]
Mar. 31, 2017
Accumulated Defined Benefit Plans Adjustment [Member]
Sep. 30, 2016
Accumulated Defined Benefit Plans Adjustment [Member]
Jun. 30, 2016
Accumulated Defined Benefit Plans Adjustment [Member]
Mar. 31, 2016
Accumulated Defined Benefit Plans Adjustment [Member]
Sep. 30, 2017
Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Sep. 30, 2016
Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Sep. 30, 2017
Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Sep. 30, 2016
Accumulated Defined Benefit Plans Adjustment [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 
$ 1.2 
$ 0 
$ 1.2 
 
 
 
 
 
 
 
 
 
 
TaxOnDerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoEarnings
 
 
 
 
(0.5)
(0.5)
 
 
 
 
 
 
 
 
 
 
Prior service credits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(0.2)
(0.4)
(0.4)
(1.2)
Defined Benefit Plan, Amortization of Gain (Loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7.0 
7.1 
20.1 
20.4 
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.8 
6.7 
19.7 
19.2 
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of (gain)/loss recognized in income on derivative
 
 
 
 
0.7 
0.7 
 
 
 
 
 
 
 
 
 
 
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
6.8 
7.4 
19.7 
19.9 
 
 
 
 
6.8 
6.5 
6.4 
6.7 
6.3 
6.3 
 
 
 
 
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 6.8 
$ 6.7 
$ 19.7 
$ 19.2 
RELATED PARTIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2017
U.S. Iron Ore [Member]
Facility
Sep. 30, 2017
Joint Venture Partners [Member]
U.S. Iron Ore [Member]
Facility
Sep. 30, 2017
Tilden [Member]
Sep. 30, 2017
Tilden [Member]
Dec. 31, 2016
Tilden [Member]
Sep. 30, 2017
Empire [Member]
Sep. 30, 2017
Empire [Member]
Dec. 31, 2016
Empire [Member]
Sep. 30, 2017
Empire [Member]
Other Current Liabilities [Member]
Sep. 30, 2017
Empire [Member]
Other Noncurrent Liabilities [Member]
Sep. 30, 2016
Empire [Member]
Arcelor Mittal [Member]
Sep. 30, 2016
Empire [Member]
Arcelor Mittal [Member]
Mar. 31, 2017
Empire [Member]
Arcelor Mittal [Member]
Mar. 31, 2016
Empire [Member]
Arcelor Mittal [Member]
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of mines (in number of facilities)
 
 
 
 
 
 
 
 
 
 
 
 
Subsequent Paid Distributions of Partners' Equity Amounts
 
 
 
 
 
 
 
 
 
 
 
 
$ 8.7 
$ 11.1 
Recorded Distributions of Partners' Equity Amounts
 
 
 
 
 
 
 
 
 
 
7.4 
48.8 
 
 
Paid Distributions of Partners' Equity Amounts
 
 
 
 
 
 
 
 
 
 
41.4 
41.4 
 
 
Increase in Ownership Equity
 
 
15.00% 
 
 
21.00% 
 
 
 
 
 
 
 
 
Purchase of Noncontrolling Interest
 
 
105.0 
 
 
132.7 
 
 
 
 
 
 
 
 
Noncontrolling Interest Purchase, Installment Amount
 
 
 
 
 
44.2 
 
 
44.2 
44.2 
 
 
 
 
Stockholders' Equity, Period Increase (Decrease)
 
 
89.1 
 
 
16.0 
 
 
 
 
 
 
 
 
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests
 
 
$ 15.9 
$ (105.0)
 
$ 116.7 
$ (132.7)
 
 
 
 
 
 
 
Noncontrolling Interest, Ownership Percentage by Parent
 
 
100.00% 
100.00% 
85.00% 
100.00% 
100.00% 
79.00% 
 
 
 
 
 
 
RELATED PARTIES (Summary Of Other Ownership Interests) (Details) (Hibbing [Member])
Sep. 30, 2017
Dec. 31, 2016
Arcelor Mittal [Member]
 
 
Related Party Transaction [Line Items]
 
 
Ownership interest, equity method investment
62.30% 
 
U. S. Steel Canada [Member]
 
 
Related Party Transaction [Line Items]
 
 
Ownership interest, equity method investment
14.70% 
 
Other Noncurrent Assets [Member]
 
 
Related Party Transaction [Line Items]
 
 
Ownership interest, equity method investment
23.00% 
23.00% 
EARNINGS PER SHARE EARNINGS PER SHARE (Narrative) (Details)
In Millions, unless otherwise specified
3 Months Ended
Sep. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
3.0 
EARNINGS PER SHARE (Earnings Per Share Computation) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Earnings Per Share [Abstract]
 
 
 
 
Income (Loss) from Continuing Operations
$ 20.6 
$ (25.1)
$ 66.8 
$ 119.1 
Net Income (Loss) Attributable to Noncontrolling Interest
(0.5)
(2.0)
(3.9)
23.5 
Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders
21.1 
(23.1)
70.7 
95.6 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
32.3 
(2.7)
(13.6)
(0.6)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$ 53.4 
$ (25.8)
$ 57.1 
$ 95.0 
Weighted Average Number of Shares:
 
 
 
 
Basic
296.1 
206.3 
285.8 
186.5 
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements
5.0 
4.7 
2.0 
Diluted
301.1 
206.3 
290.5 
188.5 
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic:
 
 
 
 
Continuing operations (in dollars per share)
$ 0.07 
$ (0.11)
$ 0.25 
$ 0.51 
Discontinued operations (in dollars per share)
$ 0.11 
$ (0.01)
$ (0.05)
$ 0.00 
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic (in dollars per share)
$ 0.18 
$ (0.12)
$ 0.20 
$ 0.51 
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted:
 
 
 
 
Continuing operations (in dollars per share)
$ 0.07 
$ (0.11)
$ 0.24 
$ 0.51 
Discontinued operations (in dollars per share)
$ 0.11 
$ (0.01)
$ (0.05)
$ 0.00 
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted (in dollars per share)
$ 0.18 
$ (0.12)
$ 0.19 
$ 0.51 
COMMITMENTS AND CONTINGENCIES Narrative (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Loss Contingencies [Line Items]
 
 
 
 
 
Loans to and accounts receivable from the Canadian Entities
$ 51.9 
 
$ 51.9 
 
$ 48.6 
Contingent claims
50.0 
 
50.0 
 
Contingent Liabilities recognized in Consolidated Financials
 
 
37.2 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
32.3 
(2.7)
(13.6)
(0.6)
 
Wabush Scully Mine Sale [Member]
 
 
 
 
 
Loss Contingencies [Line Items]
 
 
 
 
 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
31.4 
 
 
 
 
Michigan Electricity Matters [Member]
 
 
 
 
 
Loss Contingencies [Line Items]
 
 
 
 
 
Loss Contingency Accrual
13.6 
 
13.6 
 
 
Fair Value, Inputs, Level 3 [Member]
 
 
 
 
 
Loss Contingencies [Line Items]
 
 
 
 
 
Loans to and accounts receivable from the Canadian Entities
 
 
 
 
48.6 
Contingent Liabilities recognized in Consolidated Financials
$ 0 
 
$ 0