Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-8944 | ||
Entity Registrant Name | CLEVELAND-CLIFFS INC. | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Tax Identification Number | 34-1464672 | ||
Entity Address, Address Line One | 200 Public Square, | ||
Entity Address, City or Town | Cleveland, | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 44114-2315 | ||
City Area Code | 216 | ||
Local Phone Number | 694-5700 | ||
Title of 12(b) Security | Common Shares, par value $0.125 per share | ||
Trading Symbol | CLF | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,839,987,963 | ||
Entity Common Stock, Shares Outstanding | 271,441,006 | ||
Entity Central Index Key | 0000764065 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Documents Incorporated by Reference [Text Block] | Portions of the registrant’s proxy statement for its 2020 annual meeting of shareholders are incorporated by reference into Part III. |
Statements Of Condensed Consoli
Statements Of Condensed Consolidated Financial Position - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 352.6 | $ 823.2 |
Accounts receivable, net | 94 | 226.7 |
Inventories | 317.4 | 181.1 |
Derivative assets | 45.8 | 91.5 |
Income tax receivable, current | 58.6 | 117.3 |
Other current assets | 29.5 | 39.8 |
Total current assets | 897.9 | 1,479.6 |
Non-current assets: | ||
Property, plant and equipment, net | 1,929 | 1,286 |
Income tax receivable, non-current | 62.7 | 121.3 |
Deferred income taxes | 459.5 | 464.8 |
Other non-current assets | 154.7 | 177.9 |
TOTAL ASSETS | 3,503.8 | 3,529.6 |
Current liabilities: | ||
Accounts payable | 193.2 | 186.8 |
Accrued liabilities | 126.3 | 158.9 |
State and local taxes payable | 37.9 | 35.5 |
Other current liabilities | 52 | 87 |
Total current liabilities | 409.4 | 468.2 |
Non-current liabilities: | ||
Long-term debt | 2,113.8 | 2,092.9 |
Pension and OPEB liabilities | 311.5 | 248.7 |
Environmental and mine closure obligations | 164.9 | 172 |
Other non-current liabilities | 146.3 | 123.6 |
TOTAL LIABILITIES | 3,145.9 | 3,105.4 |
Commitments and contingencies (See Note 18) | ||
Equity: | ||
Common Shares - par value $0.125 per share, Authorized - 600,000,000 shares (2018 - 600,000,000 shares); Issued - 301,886,794 shares (2018 - 301,886,794) shares); Outstanding - 270,084,005 shares (2018 - 292,611,569) shares) | 37.7 | 37.7 |
Capital in excess of par value of shares | 3,872.1 | 3,916.7 |
Retained deficit | (2,842.4) | (3,060.2) |
Cost of 31,802,789 common shares in treasury (2018 - 9,275,225 shares) | (390.7) | (186.1) |
Accumulated other comprehensive loss | (318.8) | (283.9) |
TOTAL EQUITY | 357.9 | 424.2 |
TOTAL LIABILITIES AND EQUITY | $ 3,503.8 | $ 3,529.6 |
Statements Of Condensed Conso_2
Statements Of Condensed Consolidated Financial Position (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common shares, par value | $ 0.125 | $ 0.125 |
Common shares, authorized (in shares) | 600,000,000 | 600,000,000 |
Common shares, issued (in shares) | 301,886,794 | 301,886,794 |
Common shares, outstanding (in shares) | 270,084,005 | 292,611,569 |
Common shares in treasury | 31,802,789 | 9,275,225 |
Statements Of Condensed Conso_3
Statements Of Condensed Consolidated Operations - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||||||||||
Revenues from product sales and services | $ 534.1 | $ 555.6 | $ 743.2 | $ 157 | $ 696.3 | $ 741.8 | $ 714.3 | $ 180 | $ 1,989.9 | $ 2,332.4 | $ 1,866 |
Cost of goods sold and operating expenses | (1,414.2) | (1,522.8) | (1,398.4) | ||||||||
Sales margin | 126.9 | 154.9 | 263 | 30.9 | 202 | 261.6 | 284.5 | 61.5 | 575.7 | 809.6 | 467.6 |
Other operating income (expense): | |||||||||||
Selling, general and administrative expenses | (119.4) | (113.5) | (102.9) | ||||||||
Miscellaneous - net | (27) | (22.9) | 25.5 | ||||||||
Total other operating expense | (146.4) | (136.4) | (77.4) | ||||||||
Operating income | 429.3 | 673.2 | 390.2 | ||||||||
Other income (expense): | |||||||||||
Interest expense, net | (101.2) | (118.9) | (126.8) | ||||||||
Loss on extinguishment of debt | (18.2) | (6.8) | (165.4) | ||||||||
Other non-operating income | 2.2 | 17.2 | 10.2 | ||||||||
Total other expense | (117.2) | (108.5) | (282) | ||||||||
Income from continuing operations before income taxes | 312.1 | 564.7 | 108.2 | ||||||||
Income tax benefit (expense) | (17.6) | 475.2 | 252.4 | ||||||||
Income from continuing operations | 294.5 | 1,039.9 | 360.6 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (0.2) | (0.9) | (0.6) | 0 | (14.6) | 238 | (64.3) | (70.9) | (1.7) | 88.2 | 2.5 |
Net income | 292.8 | 1,128.1 | 363.1 | ||||||||
Loss attributable to noncontrolling interest | 0 | 0 | 3.9 | ||||||||
Net income attributable to Cliffs shareholders | $ 63.2 | $ 90.9 | $ 160.8 | $ (22.1) | $ 609.5 | $ 437.8 | $ 165.1 | $ (84.3) | $ 292.8 | $ 1,128.1 | $ 367 |
Earnings (loss) per common share attributable to Cliffs shareholders - basic | |||||||||||
Continuing operations | $ 0.23 | $ 0.34 | $ 0.59 | $ (0.08) | $ 2.11 | $ 0.67 | $ 0.77 | $ (0.05) | $ 1.07 | $ 3.50 | $ 1.27 |
Discontinued operations | 0 | 0 | 0 | 0 | (0.05) | 0.80 | (0.22) | (0.24) | (0.01) | 0.30 | 0.01 |
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic: | 0.23 | 0.34 | 0.59 | (0.08) | 2.06 | 1.47 | 0.55 | (0.29) | 1.06 | 3.80 | 1.28 |
Earnings (loss) per common share attributable to Cliffs shareholders - diluted | |||||||||||
Continuing operations | 0.23 | 0.33 | 0.57 | (0.08) | 2.03 | 0.64 | 0.76 | (0.05) | 1.04 | 3.42 | 1.25 |
Discontinued operations | 0 | 0 | 0 | 0 | (0.05) | 0.77 | (0.21) | (0.24) | (0.01) | 0.29 | 0.01 |
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted: | $ 0.23 | $ 0.33 | $ 0.57 | $ (0.08) | $ 1.98 | $ 1.41 | $ 0.55 | $ (0.29) | $ 1.03 | $ 3.71 | $ 1.26 |
Average number of shares (in thousands) | |||||||||||
Basic | 276,761 | 297,176 | 288,435 | ||||||||
Diluted | 284,480 | 304,141 | 292,961 |
Statements Of Condensed Conso_4
Statements Of Condensed Consolidated Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income attributable to Cliffs shareholders | $ 292.8 | $ 1,128.1 | $ 367 |
Net Income (Loss) Available to Common Stockholders, Basic | 292.8 | 1,128.1 | 367 |
Other comprehensive income (loss): | |||
Changes in pension and OPEB, net of tax | (34.6) | (17.2) | 11.5 |
Changes in foreign currency translation | 0 | (225.4) | (13.9) |
Changes in derivative financial instruments, net of tax | (0.3) | (2.3) | (0.5) |
Other comprehensive loss | (34.9) | (244.9) | (2.9) |
Other comprehensive loss attributable to the noncontrolling interest | 0 | 0 | (1.1) |
Total comprehensive income attributable to Cliffs shareholders | $ 257.9 | $ 883.2 | $ 363 |
Statements Of Condensed Conso_5
Statements Of Condensed Consolidated Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net income | $ 292.8 | $ 1,128.1 | $ 363.1 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 85.1 | 89 | 87.7 |
Deferred income taxes | 16.8 | (460.5) | 0 |
Loss on extinguishment of debt | 18.2 | 6.8 | 165.4 |
Loss (gain) on derivatives | 46.8 | (110.2) | (4.1) |
Gain on foreign currency translation | 0 | (228.1) | 0 |
Other | 65.4 | 20.7 | 45.5 |
Changes in operating assets and liabilities: | |||
Receivables and other assets | 254.5 | 51.7 | (246.3) |
Inventories | (136.3) | 43.5 | (4.2) |
Payables, accrued expenses and other liabilities | (80.8) | (62.5) | (69) |
Net cash provided by operating activities | 562.5 | 478.5 | 338.1 |
INVESTING ACTIVITIES | |||
Purchase of property, plant and equipment | (639) | (208.6) | (134.9) |
Deposits for property, plant and equipment | (17) | (87.5) | (16.8) |
Other investing activities | 11.6 | 23 | (4.3) |
Net cash used by investing activities | (644.4) | (273.1) | (156) |
Payments for Repurchase of Common Stock | 252.9 | 47.5 | 0 |
FINANCING ACTIVITIES | |||
Dividends paid | (72.1) | 0 | 0 |
Net proceeds from issuance of common shares | 0 | 0 | 661.3 |
Proceeds from issuance of debt | 720.9 | 0 | 1,771.5 |
Debt issuance costs | (6.8) | (1.5) | (28.6) |
Repurchase of debt | (729.3) | (234.5) | (1,720.7) |
Acquisition of noncontrolling interest | 0 | 0 | (105) |
Distributions of partnership equity | (44.2) | (44.2) | (52.9) |
Other financing activities | (9.7) | (47.5) | (26.7) |
Net cash provided (used) by financing activities | (394.1) | (375.2) | 498.9 |
Effect of exchange rate changes on cash | 0 | (2.3) | 3.3 |
Increase (decrease) in cash and cash equivalents, including cash classified within other current assets related to discontinued operations | (476) | (172.1) | 684.3 |
Less: increase (decrease) in cash and cash equivalents from discontinued operations, classified within other current assets | (5.4) | (17) | 18.8 |
Net increase (decrease) in cash and cash equivalents | (470.6) | (155.1) | 665.5 |
Cash and cash equivalents at beginning of year | 823.2 | 978.3 | 312.8 |
Cash and cash equivalents at end of year | $ 352.6 | $ 823.2 | $ 978.3 |
Statements of Consolidated Chan
Statements of Consolidated Changes in Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Capital in Excess of Par Value of Shares [Member] | Retained Earnings [Member] | Common Shares in Treasury [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | AOCI Attributable to Noncontrolling Interest [Member] | Noncontrolling Interest [Member] |
Balance, beginning of period (in shares) at Dec. 31, 2016 | 233,100,000 | |||||||
Balance, beginning of period at Dec. 31, 2016 | $ (1,330.5) | $ 29.8 | $ 3,347 | $ (4,574.3) | $ (245.5) | $ (21.3) | $ 133.8 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Comprehensive income (loss) | 360.2 | 367 | (4) | (2.8) | ||||
Issuance of convertible debt | 83.4 | 83.4 | ||||||
Equity offering (in shares) | 63,300,000 | |||||||
Equity offering (value) | 661.3 | $ 7.9 | 653.4 | |||||
Acquisition of noncontrolling interest | (105) | (70.2) | $ (18.9) | (15.9) | ||||
Distributions of partnership equity | (128.8) | (17.3) | $ 5.2 | (116.7) | ||||
Capital contributions by noncontrolling interest to subsidiary | 1.8 | 1.8 | ||||||
Stock and other incentive plans (in shares) | 1,000,000 | |||||||
Stock and other incentive plans | 13.5 | (62.4) | 75.9 | |||||
Balance, end of period (in shares) at Dec. 31, 2017 | 297,400,000 | |||||||
Balance, end of period at Dec. 31, 2017 | (444.1) | $ 37.7 | 3,933.9 | (4,207.3) | (169.6) | (39) | 0.2 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Adoption of accounting standard | 34 | 34 | ||||||
Comprehensive income (loss) | 883.2 | 1,128.1 | (244.9) | 0 | ||||
Capital contributions by noncontrolling interest to subsidiary | (0.2) | (0.2) | ||||||
Stock and other incentive plans (in shares) | 600,000 | |||||||
Stock and other incentive plans | $ 13.8 | (17.2) | 31 | |||||
Common stock repurchases (in shares) | (5,400,000) | (5,400,000) | ||||||
Common stock repurchased (value) | $ (47.5) | (47.5) | ||||||
Common stock dividends 2019 - $0.27 per share (2018 - $0.05 per share) | $ (15) | (15) | ||||||
Balance, end of period (in shares) at Dec. 31, 2018 | 292,611,569 | 292,600,000 | ||||||
Balance, end of period at Dec. 31, 2018 | $ 424.2 | $ 37.7 | 3,916.7 | (3,060.2) | (186.1) | (283.9) | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Comprehensive income (loss) | 257.9 | 292.8 | (34.9) | 0 | ||||
Stock and other incentive plans (in shares) | 1,900,000 | |||||||
Stock and other incentive plans | $ 3.7 | (44.6) | 48.3 | |||||
Common stock repurchases (in shares) | (24,400,000) | (24,400,000) | ||||||
Common stock repurchased (value) | $ (252.9) | (252.9) | ||||||
Common stock dividends 2019 - $0.27 per share (2018 - $0.05 per share) | $ (75) | (75) | ||||||
Balance, end of period (in shares) at Dec. 31, 2019 | 270,084,005 | 270,100,000 | ||||||
Balance, end of period at Dec. 31, 2019 | $ 357.9 | $ 37.7 | $ 3,872.1 | $ (2,842.4) | $ (390.7) | $ (318.8) | $ 0 |
Statements of Consolidated Ch_2
Statements of Consolidated Changes in Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.06 | $ 0.27 | $ 0.05 | $ 0 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Nature of Existing Business Founded in 1847, Cleveland-Cliffs Inc. is the largest and oldest independent iron ore mining company in the United States. We are a major supplier of iron ore pellets to the North American steel industry from our mines and pellet plants located in Michigan and Minnesota. In 2020, we expect to be the sole producer of HBI in the Great Lakes region with the startup of our first production plant in Toledo, Ohio. Our Company’s continuing operations are organized and managed in two operating segments according to our differentiated products. Our Mining and Pelletizing segment is a major supplier of iron ore pellets to the North American steel industry from our mines and pellet plants located in Michigan and Minnesota. Our Metallics segment includes our HBI production plant in Toledo, Ohio, which is currently under construction and expected to be completed during the first half of 2020. During the second quarter of 2019, Northshore mine began supplying DR-grade pellets to our Metallics segment, which will be used as feedstock for the HBI production plant when we begin production in 2020. Unless otherwise noted, discussion of our business and results of operations in this Annual Report on Form 10-K refers to our continuing operations on a stand-alone basis without giving effect to the Merger. Proposed Merger with AK Steel On December 2, 2019, we entered into the Merger Agreement with AK Steel and Merger Sub, pursuant to which, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into AK Steel, with AK Steel surviving the Merger as a wholly owned subsidiary of Cliffs. Pursuant to the Merger Agreement, at the effective time of the Merger, each share of AK Steel common stock issued and outstanding prior to the effective time of the Merger will be converted into, and become exchangeable for, 0.400 of a share of our common stock, par value $0.125 per share. We expect to complete the Merger in the first quarter of 2020. Completion of the Merger is subject to various conditions, such as satisfaction or waiver of certain specified closing conditions, and it is possible that factors outside of our control could result in the Merger being completed at a later time or not at all. The Merger Agreement also contains certain termination rights that may be exercised by either us or AK Steel. We plan to complete the Merger as soon as reasonably practicable following the satisfaction of all applicable conditions. Significant Accounting Policies We consider the following policies to be beneficial in understanding the judgments involved in the preparation of our consolidated financial statements and the uncertainties that could impact our financial condition, results of operations and cash flows. Certain prior period amounts have been reclassified to conform with the current year presentation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves; future realizable cash flow; environmental, reclamation and closure obligations; valuation of long-lived assets, inventory, tax assets and post-employment, post-retirement and other employee benefit liabilities; reserves for contingencies and litigation; and the fair value of derivative instruments. Actual results could differ from estimates. Management reviews its estimates on an ongoing basis. Changes in facts and circumstances may alter such estimates and affect the results of operations and financial position in future periods. Basis of Consolidation The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries, including the following iron ore operations at December 31, 2019 : Name Location Business Segment Status of Operations Northshore Minnesota Mining and Pelletizing Active United Taconite Minnesota Mining and Pelletizing Active Tilden Michigan Mining and Pelletizing Active Empire Michigan Mining and Pelletizing Indefinitely Idled Toledo HBI Ohio Metallics Construction Stage Intercompany transactions and balances are eliminated upon consolidation. Equity Method Investment We have an investment in an unconsolidated joint venture that we have the ability to exercise significant influence over, but not control, and is accounted for under the equity method. Our 23% ownership interest in Hibbing is recorded as an equity method investment. As of December 31, 2019 and 2018 , our investment in Hibbing was $18.0 million and $15.4 million , respectively, classified in Other non-current liabilities in the Statements of Consolidated Financial Position . Our share of equity income is eliminated against consolidated product inventory upon production, and against Cost of goods sold and operating expenses when sold. This effectively reduces the cost of our share of the mining venture's production, reflecting the cost-based nature of our participation in the unconsolidated joint venture. Noncontrolling Interests During 2017, our ownership interest in Empire increased to 100% as we reached an agreement to distribute the noncontrolling interest net assets of $132.7 million to ArcelorMittal USA, in exchange for its interest in Empire. The parties agreed that the net assets were to be distributed in three installments of $44.2 million each, the balance of which was recorded in Other current liabilities in the Statements of Consolidated Financial Position . The final installment was paid in August 2019. Upon payment of the first installment, we assumed ArcelorMittal USA's 21% interest and reflected the ownership percentage change in our consolidated financial statements. During the year ended December 31, 2017 , we accounted for the increase in ownership as an equity transaction, which resulted in a net $12.1 million decrease in equity attributable to Cliffs' shareholders and a $116.7 million decrease in Noncontrolling interest . The net loss attributable to the noncontrolling interest of the Empire mining venture was $3.9 million for the year ended December 31, 2017 . During 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 have 100% ownership of the mine. During the year ended December 31, 2017 , 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 . Cash and Cash Equivalents Cash and cash equivalents include cash on hand and on deposit as well as all short-term securities held for the primary purpose of general liquidity. We consider investments in highly liquid debt instruments with an original maturity of three months or less from the date of acquisition and longer maturities when funds can be withdrawn in three months or less without a significant penalty to be cash equivalents. We routinely monitor and evaluate counterparty credit risk related to the financial institutions in which our short-term investment securities are held. Trade Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the point control transfers and represents the amount of consideration we expect to receive in exchange for transferred goods and do not bear interest. The allowance for doubtful accounts is our best estimate of the expected credit losses over the life of our existing accounts receivable. We establish provisions for expected lifetime losses on accounts receivable at the time a receivable is recorded based on historical experience, customer credit quality and forecasted economic conditions. We regularly review our accounts receivable balances and establish or adjust the allowance as necessary using the specific identification method. Inventories Product Inventories The Mining and Pelletizing segment cost of product inventories is determined using the LIFO method and is stated at the lower of cost or market. The Metallics segment cost of product inventories is determined using the weighted-average method and is stated at the lower of cost or net realizable value. Supplies and Other Inventories Supply inventories include replacement parts, fuel, chemicals and other general supplies, which are expected to be used or consumed in normal operations. Supply inventories also include critical spares. Critical spares are replacement parts for equipment that is critical for the continued operation of the mine or processing facilities. Supply inventories are stated at the lower of cost or net realizable value using average cost, less an allowance for obsolete and surplus items. Refer to NOTE 4 - INVENTORIES for further information. Derivative Financial Instruments and Hedging Activities We are exposed to certain risks related to the ongoing operations of our business, including those caused by changes in commodity prices and energy rates. We have established policies and procedures, including the use of certain derivative instruments, to manage such risks, if deemed necessary. Derivative financial instruments are recognized as either assets or liabilities in the Statements of Consolidated Financial Position and measured at fair value. On the date a qualifying hedging instrument is executed, we designate the hedging instrument as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We formally document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to specific firm commitments or forecasted transactions. We also formally assess, both at the hedge's inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the related hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, we discontinue hedge accounting prospectively and record all future changes in fair value in the period of the instrument's earnings or losses. For derivative instruments that have been designated as cash flow hedges, the changes in fair value are recorded in Accumulated other comprehensive loss . Amounts recorded in Accumulated other comprehensive loss are reclassified to earnings or losses in the period the underlying hedged transaction affects earnings or when the underlying hedged transaction is no longer reasonably possible of occurring. For derivative instruments that have not been designated as cash flow hedges, such as provisional pricing arrangements and supplemental revenue or refunds contained within a customer supply agreement, changes in fair value are recorded in the period of the instrument's earnings or losses. Refer to Revenue Recognition below for discussion of derivatives recorded as a result of pricing terms in our sales contracts. Additionally, refer to NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information. Property, Plant and Equipment Our properties are stated at the lower of cost less accumulated depreciation or fair value. Depreciation of plant and equipment is computed principally by the straight-line method based on estimated useful lives, not to exceed the mine lives. Depreciation continues to be recognized when operations are idled temporarily. Depreciation and depletion is recorded over the following estimated useful lives: Asset Class Basis Life Land rights and mineral rights Units of production Life of mine Office and information technology Straight line 3 to 15 years Buildings Straight line 45 years Mining equipment Straight line/Double declining balance 3 to 20 years Processing equipment Straight line 10 to 45 years Electric power facilities Straight line 10 to 45 years Land improvements Straight line 20 to 45 years Asset retirement obligation Straight line Life of mine Refer to NOTE 5 - PROPERTY, PLANT AND EQUIPMENT for further information. Other Intangible Assets Our mine permits are subject to periodic amortization on a straight line basis over their estimated useful life, which corresponds with the life of mine. Asset Impairment We monitor conditions that may affect the carrying value of our long-lived tangible and intangible assets when events and circumstances indicate that the carrying value of the asset groups may not be recoverable. In order to determine if assets have been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available ("asset group"). An impairment loss exists when projected net undiscounted cash flows are less than the carrying value of the asset group. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying value of the asset group. Fair value can be determined using a market approach, income approach or cost approach. For the years ended December 31, 2019 , 2018 and 2017 , no impairment factors were present that would indicate the carrying value of any of our asset groups may not be recoverable; as a result, no impairment assessments were required. Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures , establishes a three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our own views about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized below: • Level 1 — Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 — Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. Refer to NOTE 7 - FAIR VALUE OF FINANCIAL INSTRUMENTS and NOTE 8 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information. Pensions and Other Postretirement Benefits We offer defined benefit pension plans, defined contribution pension plans and OPEB plans, primarily consisting of retiree healthcare benefits, to most employees as part of a total compensation and benefits program. We recognize the funded or unfunded status of our pension and OPEB obligations on our December 31, 2019 and 2018 Statements of Consolidated Financial Position based on the difference between the market value of plan assets and the actuarial present value of our retirement obligations on that date, on a plan-by-plan basis. If the plan assets exceed the pension and OPEB obligations, the amount of the surplus is recorded as an asset; if the pension and OPEB obligations exceed the plan assets, the amount of the underfunded obligations is recorded as a liability. Year-end balance sheet adjustments to pension and OPEB assets and obligations are recorded as Accumulated other comprehensive loss in the Statements of Consolidated Financial Position . The actuarial estimates of the PBO and APBO incorporate various assumptions including the discount rates, the rates of increases in compensation, healthcare cost trend rates, mortality, retirement timing and employee turnover. The discount rate is determined based on the prevailing year-end rates for high-grade corporate bonds with a duration matching the expected cash flow timing of the benefit payments from the various plans. The remaining assumptions are based on our estimates of future events by incorporating historical trends and future expectations. The amount of net periodic cost that is recorded in the Statements of Consolidated Operations consists of several components including service cost, interest cost, expected return on plan assets, and amortization of previously unrecognized amounts. Service cost represents the value of the benefits earned in the current year by the participants. Interest cost represents the cost associated with the passage of time. Certain items, such as plan amendments, gains and/or losses resulting from differences between actual and assumed results for demographic and economic factors affecting the obligations and assets of the plans, and changes in other assumptions are subject to deferred recognition for income and expense purposes. The expected return on plan assets is determined utilizing the weighted average of expected returns for plan asset investments in various asset categories based on historical performance, adjusted for current trends. Service costs are classified within Cost of goods sold and operating expenses , Selling, general and administrative expenses and Miscellaneous - net while the interest cost, expected return on assets, amortization of prior service costs/credits, net actuarial gain/loss, and other costs are classified within Other non-operating income . Refer to NOTE 8 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information. Asset Retirement Obligations Asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The fair value of the liability is determined as the discounted value of the expected future cash flows. The asset retirement obligation is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized and amortized over the life of the related asset. Reclamation costs are adjusted periodically to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. We review, on an annual basis, unless otherwise deemed necessary, the asset retirement obligation at each mine site in accordance with the provisions of ASC Topic 410, Asset Retirement and Environmental Obligations . We perform an in-depth evaluation of the liability every three years in addition to our routine annual assessments. Future reclamation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing maintenance and monitoring costs. Changes in estimates at inactive mines are reflected in earnings in the period an estimate is revised. Refer to NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS for further information. Environmental Remediation Costs We have a formal policy for environmental protection and restoration. Our mining and exploration activities are subject to various laws and regulations governing protection of the environment. We conduct our operations to protect the public health and environment and believe our operations are in compliance with applicable laws and regulations in all material respects. Our environmental liabilities, including obligations for known environmental remediation exposures at active and closed mining operations and other sites, have been recognized based on the estimated cost of investigation and remediation at each site. If the cost can only be estimated as a range of possible amounts with no point in the range being more likely, the minimum of the range is accrued. Future expenditures are not discounted unless the amount and timing of the cash disbursements reasonably can be estimated. It is possible that additional environmental obligations could be incurred, the extent of which cannot be assessed. Potential insurance recoveries have not been reflected in the determination of the liabilities. Refer to NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS for further information. Revenue Recognition - Pre-Adoption of Topic 606 (2017) Prior to the adoption of Topic 606, revenue was recognized from a sale when persuasive evidence of an arrangement existed, the price was fixed or determinable, the product was delivered in accordance with shipping terms, title and risk of loss were transferred to the customer in accordance with the specified provisions of each supply agreement and collection of the sales price reasonably was assured. Our supply agreements provide that title and risk of loss transfer to the customer either upon loading of the vessel, shipment or when payment is received. Under certain supply agreements, we ship the product to ports on the lower Great Lakes or to the customers’ facilities prior to the transfer of title. Our rationale for shipping iron ore products to certain customers and retaining title until payment is received for these products is to minimize credit risk exposure. Sales were recorded at a sales price specified in the relevant supply agreements resulting in revenue and a receivable at the time of sale. The majority of our contracts have pricing mechanisms that require price estimation at the time of delivery with price finalization at a future period. Upon revenue recognition for provisionally priced sales, a derivative was created for the difference between the sales price used and expected future settlement price. The derivative was adjusted to fair value through Revenues from product sales and services as a revenue adjustment each reporting period based upon current market data and forward-looking estimates determined by management until the final sales price was determined. The principal risks associated with recognition of sales on a provisional basis include Platts 62% price, Atlantic Basin pellet premium and index freight fluctuations between the date initially recorded and the date of final settlement. For revenue recognition, we estimated the future settlement rate; however, if significant changes in inputs occurred between the provisional pricing date and the final settlement date, we were required to either return a portion of the sales proceeds received or bill for the additional sales proceeds due based on the provisional sales price. Revenue Recognition - Post-Adoption of Topic 606 (2018 and 2019) We sell a single product, iron ore pellets, in the North American market. With the adoption of Topic 606 as of January 1, 2018, revenue is recognized generally when iron ore is delivered to our customers. Revenue is measured at the point that control transfers and represents the amount of consideration we expect to receive in exchange for transferring goods. We offer standard payment terms to our customers, generally requiring settlement within 30 days. We enter into supply contracts of varying lengths to provide customers iron ore pellets to use in their blast furnaces. Blast furnaces run continuously with a constant feed of iron ore and once shut down, cannot easily be restarted. As a result, we ship iron ore in large quantities for storage and use by customers at a later date. Customers do not simultaneously receive and consume the benefits of the iron ore. Based on our assessment of the factors that indicate the pattern of satisfaction, we transfer control of the iron ore at a point in time upon shipment or delivery of the product. The customer is able to direct the use of, and obtain substantially all of the benefits from, the product at the time the product is delivered. Most of our customer supply agreements specify a provisional price, which is used for initial billing and cash collection. Revenue recorded in accordance with Topic 606 is calculated using the expected revenue rate at the point when control transfers. The final settlement includes market inputs for a specified period of time, which may vary by customer, but typically include one or more of the following: Platts 62% price, Atlantic Basin pellet premium, Platts international indexed freight rates and changes in specified PPI, including industrial commodities, energy and steel. Changes in the expected revenue rate from the date control transfers through final settlement of contract terms is recorded in accordance with Topic 815. Refer to NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information on how our estimated and final revenue rates are determined. A supply agreement with a customer provides for supplemental revenue or refunds based on the hot-rolled coil steel price in the year the iron ore is consumed in the customer’s blast furnaces. As control transfers prior to consumption, the supplemental revenue is recorded in accordance with Topic 815. Refer to NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information on supplemental revenue or refunds. Included within Revenues from product sales and services is derivative revenue related to Topic 815 of $7.5 million , $422.6 million and $120.6 million for the years ended December 31, 2019 , 2018 and 2017, respectively. As of December 31, 2019 and 2018, under Topic 606, we had finished goods of 1.0 million long tons and 0.8 million long tons, respectively, in transit or stored at ports and customer facilities on the lower Great Lakes to service customers, for which revenue had yet to be recognized. Under the previous accounting standard, we did not recognize revenue and related cost of goods sold until title transferred to the customer, usually when payment was received. As of December 31, 2017, under the previous accounting standard, we had finished goods of 1.5 million long tons stored at ports and customer facilities on the lower Great Lakes to service customers, for which revenue had yet to be recognized. Practical expedients and exemptions We have elected to treat all shipping and handling costs as fulfillment costs because a significant portion of these costs are incurred prior to control transfer. We have various long-term sales contracts with minimum purchase and supply requirement provisions that extend beyond the current reporting period. The portion of our transaction price for these contracts that is allocated entirely to wholly unsatisfied performance obligations is based on market prices that have not yet been determined and therefore is variable in nature. As such, we have not disclosed the value of unsatisfied performance obligations pursuant to the practical expedient. Cost of Goods Sold Cost of goods sold and operating expenses represents all direct and indirect costs and expenses applicable to the sales from our mining operations. In some circumstances, as requested by the customer, we will coordinate and ship our product via vessel directly to the port nearest to the customer's blast furnace. In this type of contract, the customer will pay one amount inclusive of both product and freight. We recognize revenue for both product revenue and the amount reimbursed for the vessel freight to the final port. We separate these revenue types in NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION . Accordingly, the revenue we record for freight is offset by an equal amount included in Cost of goods sold and operating expenses for costs we incur for that freight, resulting in no impact on sales margin. Operating expenses represented the portion of the Tilden mining venture costs prior to our 100% ownership; that is, the costs attributable to the share of the mine’s production owned by the other joint venture partner in the Tilden mine until we acquired the remaining 15% noncontrolling interest during 2017. The mining venture functioned as a captive cost company, supplying product only to its owners effectively for the cost of production. Accordingly, the noncontrolling interests’ revenue amounts were stated at cost of production and were offset by an equal amount included in Cost of goods sold and operating expenses resulting in no sales margin reflected for the noncontrolling partner participant. As we were responsible for product fulfillment under the venture, we acted as a principal in the transaction and, accordingly, recorded revenue under these arrangements on a gross basis. We received management fees or royalties, which were earned as pellets were produced for our joint ownership mines, until we ceased our mine manager duties at Hibbing and until we purchased the remaining interest in Tilden. Repairs and Maintenance Repairs, maintenance and replacement of components are expensed as incurred. The cost of major equipment overhauls is capitalized and depreciated over the estimated useful life, which is the period until the next scheduled overhaul, generally five years. All other planned and unplanned repairs and maintenance costs are expensed when incurred. Share-Based Compensation The fair value of each performance share grant is estimated on the date of grant using a Monte Carlo simulation to forecast relative TSR performance. A correlation matrix of historic and projected stock prices was developed for both the Company and its predetermined peer group of mining and metals companies. The fair value assumes that objective will be achieved. The expected term of the grant represents the time from the grant date to the end of the service period. We estimate the volatility of our common shares and that of the peer group of mining and metals companies using daily price intervals for all companies. The risk-free interest rate is the rate at the grant date on zero-coupon government bonds, with a term commensurate with the remaining performance period. The fair value of the restricted stock units is determined based on the closing price of our common shares on the grant date. Upon vesting of share-based compensation awards, we issue shares from treasury shares before issuing new shares. Forfeitures are recognized when they occur. The fair value of stock options is estimated on the date of grant using a Black-Scholes model using the grant date price of our common shares and option exercise price, and assumptions regarding the option’s expected term, the volatility of our common shares, the risk-free interest rate, and the dividend yield over the option’s expected term. Refer to NOTE 9 - STOCK COMPENSATION PLANS for additional information. Income Taxes Income taxes are based on income for financial reporting purposes, calculated using tax rates by jurisdiction, and reflect a current tax liability or asset for the estimated taxes payable or recoverable on the current year tax return and expected annual changes in deferred taxes. Any interest or penalties on income tax are recognized as a component of Income tax benefit (expense) . We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized within Net income in the period that includes the enactment date. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning stra |
SUPPLEMENTARY FINANCIAL STATEME
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Text Block [Abstract] | |
Supplementary Financial Statement Information | NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION Revenues from Product Sales and Services The following table represents our Revenues from product sales and services contributed by each category of products and services: (In Millions) Year Ended December 31, 2019 2018 2017 Revenue category: Product $ 1,848.1 $ 2,172.3 $ 1,644.6 Freight 141.8 160.1 166.7 Venture partner's cost reimbursements — — 54.7 Total revenues from product sales and services $ 1,989.9 $ 2,332.4 $ 1,866.0 Freight and venture partner's cost reimbursements are included in both Revenues from product sales and services and Cost of goods sold and operating expenses and are offset within Sales margin . There was no allowance for doubtful accounts at December 31, 2019 and 2018 and no bad debt expense for the years ended December 31, 2019 , 2018 and 2017 . Deferred Revenue The table below summarizes our deferred revenue balances: (In Millions) Deferred Revenue (Current) Deferred Revenue (Long-Term) Year Ended Year Ended 2019 2018 2019 2018 Opening balance as of January 1 $ 21.0 $ 23.8 $ 38.5 $ 51.4 Closing balance as of December 31 22.1 21.0 25.7 38.5 Increase (Decrease) $ 1.1 $ (2.8 ) $ (12.8 ) $ (12.9 ) The terms of one of our pellet supply agreements required supplemental payments to be paid by the customer during the period 2009 through 2012. Installment amounts received under this arrangement in excess of sales were classified as Other current liabilities and Other non-current liabilities in the Statements of Consolidated Financial Position upon receipt of payment. Revenue is recognized over the life of the supply agreement, which extends until 2022, in equal annual installments. As of December 31, 2019 and December 31, 2018 , installment amounts received in excess of sales totaled $38.5 million and $51.3 million , respectively, related to this agreement. As of December 31, 2019 , and December 31, 2018 , deferred revenue of $12.8 million was recorded in Other current liabilities and $25.7 million and $38.5 million , respectively, was recorded as long-term in Other non-current liabilities in the Statements of Consolidated Financial Position , related to this agreement. Due to the payment terms and the timing of cash receipts near a period end, cash receipts can exceed deliveries for certain customers. Revenue associated with these transactions totaling $9.3 million and $8.2 million was deferred and included in Other current liabilities in the Statements of Consolidated Financial Position as of December 31, 2019 and December 31, 2018 , respectively. Accrued Liabilities The following table presents the detail of our Accrued liabilities in the Statements of Consolidated Financial Position : (In Millions) December 31, 2019 2018 Accrued employment costs $ 61.7 $ 74.0 Accrued interest 29.0 38.4 Accrued dividends 17.8 15.0 Accrued royalties 8.4 17.3 Other 9.4 14.2 Accrued liabilities $ 126.3 $ 158.9 Cash Flow Information A reconciliation of capital additions to cash paid for capital expenditures is as follows: (In Millions) Year Ended December 31, 2019 2018 2017 Capital additions 1 $ 689.8 $ 394.8 $ 156.0 Less: Non-cash accruals 15.3 93.6 (2.2 ) Right-of-use assets - finance leases 29.3 7.6 6.5 Grants (10.8 ) (2.5 ) — Cash paid for capital expenditures including deposits $ 656.0 $ 296.1 $ 151.7 1 Includes capital additions related to discontinued operations of $0.1 million and $2.8 million for the years ended December 31, 2018 and 2017, respectively. Cash payments (receipts) for interest and income taxes are as follows: (In Millions) 2019 2018 2017 Taxes paid on income $ 0.2 $ 2.9 $ 1.7 Income tax refunds (117.9 ) (11.3 ) (7.8 ) Interest paid on debt obligations net of capitalized interest 1 97.6 105.7 139.0 1 Capitalized interest was $24.8 million and $6.5 million for the years ended December 31, 2019 and 2018, respectively. Non-Cash Financing Activities - Declared Dividends On December 2, 2019, the Board of Directors declared a quarterly cash dividend on our common shares of $0.06 per share. The cash dividend of $16.2 million |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 3 - SEGMENT REPORTING Our Company’s continuing operations are organized and managed in two operating segments according to our differentiated products. Our Mining and Pelletizing segment is a major supplier of iron ore pellets to the North American steel industry from our mines and pellet plants located in Michigan and Minnesota. Our Metallics segment includes our HBI production plant in Toledo, Ohio, which is currently under construction and expected to be completed during the first half of 2020. During the second quarter of 2019, Northshore mine began supplying DR-grade pellets to our Metallics segment, which will be used as feedstock for the HBI production plant. All intersegment sales were eliminated in consolidation. We evaluate performance based on sales margin, defined as revenues less cost of goods sold identifiable to each segment. Additionally, we evaluate performance on a segment basis, as well as a consolidated basis, based on EBITDA and Adjusted EBITDA. These measures are used by management, investors, lenders and other external users of our financial statements to assess our operating performance and to compare operating performance to other companies in the iron ore industry. In addition, management believes EBITDA and Adjusted EBITDA are useful measures to assess the earnings power of the business without the impact of capital structure and can be used to assess our ability to service debt and fund future capital expenditures in the business. The following tables present a summary of our reportable segments including a reconciliation of segment revenues to total Revenues from product sales and services , segment sales margin to total Sales margin and a reconciliation of Net income to EBITDA and Adjusted EBITDA: (In Millions) Year Ended Mining and Pelletizing Metallics Total Operating segment revenues from product sales and services $ 2,069.2 $ — $ 2,069.2 Elimination of intersegment revenues (79.3 ) — (79.3 ) Total revenues from product sales and services $ 1,989.9 $ — $ 1,989.9 Operating segment sales margin $ 600.0 $ — $ 600.0 Elimination of intersegment sales margin (24.3 ) — (24.3 ) Total sales margin $ 575.7 $ — $ 575.7 Revenues from product sales and services of $2,332.4 million and $1,866.0 million , respectively, and sales margin of $809.6 million and $467.6 million , respectively, related to our Mining and Pelletizing segment accounted for all of our consolidated revenues and sales margin for years ended December 31, 2018 and December 31, 2017 . (In Millions) 2019 2018 2017 Net income $ 292.8 $ 1,128.1 $ 363.1 Less: Interest expense, net (101.6 ) (121.3 ) (132.0 ) Income tax benefit (expense) (17.6 ) 460.3 252.4 Depreciation, depletion and amortization (85.1 ) (89.0 ) (87.7 ) Total EBITDA $ 497.1 $ 878.1 $ 330.4 Less: Impact of discontinued operations $ (1.3 ) $ 120.6 $ 22.0 Loss on extinguishment of debt (18.2 ) (6.8 ) (165.4 ) Severance costs (1.7 ) — — Acquisition costs (6.5 ) — — Foreign exchange remeasurement — (0.9 ) 13.9 Impairment of other long-lived assets — (1.1 ) — Total Adjusted EBITDA $ 524.8 $ 766.3 $ 459.9 EBITDA: Mining and Pelletizing $ 648.1 $ 852.9 $ 534.9 Metallics (8.1 ) (3.3 ) (0.4 ) Corporate and Other (including discontinued operations) (142.9 ) 28.5 (204.1 ) Total EBITDA $ 497.1 $ 878.1 $ 330.4 Adjusted EBITDA: Mining and Pelletizing $ 668.3 $ 875.3 $ 559.4 Metallics (8.1 ) (3.3 ) (0.4 ) Corporate (135.4 ) (105.7 ) (99.1 ) Total Adjusted EBITDA $ 524.8 $ 766.3 $ 459.9 The following table summarizes our depreciation, depletion and amortization and capital additions: (In Millions) 2019 2018 2017 Depreciation, depletion and amortization: Mining and Pelletizing $ 79.0 $ 68.2 $ 66.6 Metallics 0.6 — — Corporate 5.5 5.6 6.8 Total depreciation, depletion and amortization $ 85.1 $ 73.8 $ 73.4 Capital additions 1 : Mining and Pelletizing $ 128.1 $ 145.0 $ 136.8 Metallics 558.4 248.1 13.7 Corporate and Other 3.3 1.6 2.7 Total capital additions $ 689.8 $ 394.7 $ 153.2 1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information. A summary of assets by segment is as follows: (In Millions) December 31, 2019 2018 2017 Assets: Mining and Pelletizing $ 1,643.1 $ 1,694.1 $ 1,500.6 Metallics 913.6 265.9 13.4 Total reportable segment assets 2,556.7 1,960.0 1,514.0 Corporate and Other 940.1 1,557.2 1,300.6 Assets of discontinued operations 7.0 12.4 138.8 Total assets $ 3,503.8 $ 3,529.6 $ 2,953.4 Included in the consolidated financial statements are the following amounts relating to geographic location: (In Millions) 2019 2018 2017 Revenues from product sales and services: United States $ 1,505.2 $ 1,847.3 $ 1,504.5 Canada 448.1 395.1 206.2 Other countries 36.6 90.0 155.3 Total revenues from product sales and services $ 1,989.9 $ 2,332.4 $ 1,866.0 Property, plant and equipment, net: United States $ 1,929.0 $ 1,286.0 $ 1,033.8 Concentrations in Revenue In 2019 , 2018 and 2017 , three customers individually accounted for more than 10% of our consolidated product revenue. Total product revenue from those customers represents $1.8 billion , $ 2.1 billion and $ 1.5 billion of our total consolidated product revenue in 2019 , 2018 and 2017 , respectively. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4 - INVENTORIES The following table presents the detail of our Inventories in the Statements of Consolidated Financial Position : (In Millions) December 31, 2019 2018 Product inventories Finished goods $ 114.1 $ 77.8 Work-in-process 68.7 10.1 Total product inventories 182.8 87.9 Supplies and other inventories 134.6 93.2 Inventories $ 317.4 $ 181.1 The excess of current cost over LIFO cost of iron ore inventories was $101.3 million and $95.6 million at December 31, 2019 and 2018 , respectively. As of December 31, 2019 , the product inventory balance for the Mining and Pelletizing segment increased, resulting in a LIFO increment in 2019. The effect of the inventory build was an increase in Inventories of $34.2 million in the Statements of Consolidated Financial Position for the year ended December 31, 2019 . As of December 31, 2018 , the product inventory balance for the Mining and Pelletizing segment declined, resulting in the liquidation of a LIFO layer in 2018. The effect of the inventory reduction was a decrease in Cost of goods sold and operating expenses of $0.2 million in the Statements of Consolidated Operations for the year ended December 31, 2018 . The allowance for obsolete and surplus items in supplies and other inventories was $12.7 million and $12.6 million at December 31, 2019 and 2018 , respectively. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 5 - PROPERTY, PLANT AND EQUIPMENT The following table indicates the carrying value of each of the major classes of our consolidated property, plant and equipment: (In Millions) December 31, 2019 2018 Land rights and mineral rights $ 549.7 $ 549.6 Office and information technology 71.9 70.0 Buildings 157.8 87.2 Mining equipment 581.9 548.5 Processing equipment 791.8 645.8 Electric power facilities 81.9 58.7 Land improvements 32.5 23.8 Asset retirement obligation 1.7 14.8 Other 27.9 25.2 Construction-in-progress 730.3 284.8 3,027.4 2,308.4 Allowance for depreciation and depletion (1,098.4 ) (1,022.4 ) $ 1,929.0 $ 1,286.0 At December 31, 2019 and 2018 , we had deposits for property, plant and equipment of $34.0 million and $83.0 million , respectively, included in Other non-current assets . We recorded depreciation expense of $76.6 million , $65.6 million and $65.8 million in the Statements of Consolidated Operations for the years ended December 31, 2019 , 2018 and 2017 , respectively. We recorded capitalized interest into property, plant and equipment of $24.8 million and $6.5 million during the years ended December 31, 2019 and 2018 , respectively. The net book value of the land rights and mineral rights is as follows : (In Millions) December 31, 2019 2018 Land rights $ 12.4 $ 12.4 Mineral rights: Cost $ 537.3 $ 537.2 Depletion (134.1 ) (126.5 ) Net mineral rights $ 403.2 $ 410.7 We recorded depletion expense of $7.5 million , $7.4 million and $6.8 million in the Statements of Consolidated Operations for the years ended December 31, 2019 , 2018 and 2017 |
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
DEBT AND CREDIT FACILITIES | NOTE 6 - DEBT AND CREDIT FACILITIES The following represents a summary of our long-term debt: (In Millions) December 31, 2019 Debt Instrument Annual Effective Interest Rate Total Principal Amount Debt Issuance Costs Unamortized Discounts Total Debt Senior Secured Notes: $400 Million 4.875% 2024 Senior Notes 5.00% $ 400.0 $ (4.6 ) $ (1.8 ) $ 393.6 Senior Unsecured Notes: $316.25 Million 1.50% 2025 Convertible Senior Notes 6.26% 316.3 (4.6 ) (65.0 ) 246.7 $1.075 Billion 5.75% 2025 Senior Notes 6.01% 473.3 (3.6 ) (5.5 ) 464.2 $750 Million 5.875% 2027 Senior Notes 6.49% 750.0 (6.3 ) (27.3 ) 716.4 $800 Million 6.25% 2040 Senior Notes 6.34% 298.4 (2.2 ) (3.3 ) 292.9 ABL Facility N/A 450.0 N/A N/A — Long-term debt $ 2,113.8 (In Millions) December 31, 2018 Debt Instrument Annual Effective Interest Rate Total Principal Amount Debt Issuance Costs Unamortized Discounts Total Debt Senior Secured Notes: $400 Million 4.875% 2024 Senior Notes 5.00% $ 400.0 $ (5.7 ) $ (2.2 ) $ 392.1 Unsecured Senior Notes: $700 Million 4.875% 2021 Senior Notes 4.89% 124.0 (0.2 ) — 123.8 $316.25 Million 1.50% 2025 Convertible Senior Notes 6.26% 316.3 (5.5 ) (75.6 ) 235.2 $1.075 Billion 5.75% 2025 Senior Notes 6.01% 1,073.3 (9.9 ) (14.6 ) 1,048.8 $800 Million 6.25% 2040 Senior Notes 6.34% 298.4 (2.3 ) (3.3 ) 292.8 ABL Facility N/A 450.0 N/A N/A — Fair Value Adjustment to Interest Rate Hedge 0.2 Long-term debt $ 2,092.9 Outstanding Senior Secured Notes Our Senior Secured Notes bear interest at a rate of 4.875% per annum, which is payable semi-annually in arrears on January 15 and July 15 of each year. The Senior Secured Notes mature on January 15, 2024 and are secured senior obligations of the Company. Our Senior Secured Notes are jointly and severally and fully and unconditionally guaranteed on a senior secured basis by substantially all of our material domestic subsidiaries and are secured (subject in each case to certain exceptions and permitted liens) by (i) a first-priority lien on substantially all of our assets and the assets of the guarantors, and (ii) a second-priority lien on the ABL Collateral (as defined below), which is junior to a first-priority lien for the benefit of the lenders under our ABL Facility. The terms of the Senior Secured Notes contain certain covenants; however, there are no financial covenants. Upon the occurrence of a change of control triggering event, as defined in the indenture, we will be required to offer to purchase the notes of the applicable series at a purchase price equal to 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the date of purchase. The following is a summary of redemption prices for our Senior Secured Notes: Redemption Period Redemption Price 1 Restricted Amount Prior to January 15, 2021 - using proceeds of equity issuance 2 104.875 % Up to 35% of original aggregate principal Prior to January 15, 2021 2 100.000 Prior to January 15, 2021 103.000 Up to 10% of original aggregate principal Beginning on January 15, 2021 102.438 Beginning on January 15, 2022 101.219 Beginning on January 15, 2023 100.000 1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date. 2 Plus a "make-whole" premium. Outstanding Senior Unsecured Notes $750 Million 5.875% 2027 Senior Notes - 2019 Offering On May 13, 2019, 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 $750 million aggregate principal amount of 5.875% 2027 Senior Notes. The 5.875% 2027 Senior Notes were issued at 96.125% of face value. The 5.875% 2027 Senior Notes were issued in a private transaction exempt from the registration requirements of the Securities Act of 1933. Pursuant to the registration rights agreement executed as part of the offering, we agreed to file a registration statement with the SEC with respect to a registered offer to exchange the 5.875% 2027 Senior Notes for publicly registered notes within 365 days of the closing date, with all significant terms and conditions remaining the same. The 5.875% 2027 Senior Notes bear interest at a rate of 5.875% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2019. The 5.875% 2027 Senior Notes mature on June 1, 2027. The 5.875% 2027 Senior Notes are unsecured obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness. The 5.875% 2027 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 5.875% 2027 Senior Notes. The 5.875% 2027 Senior Notes may be redeemed, in whole or in part, at any time at our option not less than 30 days nor more than 60 days after prior notice is sent to the holders of the 5.875% 2027 Senior Notes. The following is a summary of redemption prices for our 5.875% 2027 Senior Notes: Redemption Period Redemption Price 1 Restricted Amount Prior to June 1, 2022 - using proceeds of equity issuance 105.875 % Up to 35% of original aggregate principal Prior to June 1, 2022 2 100.000 Beginning on June 1, 2022 102.938 Beginning on June 1, 2023 101.958 Beginning on June 1, 2024 100.979 Beginning on June 1, 2025 and thereafter 100.000 1 Plus accrued and unpaid interest, if any, up to but excluding the redemption date. 2 Plus a "make-whole" premium. In addition, if a change of control triggering event, as defined in the indenture, occurs with respect to the 5.875% 2027 Senior Notes, we will be required to offer to purchase the notes at a purchase price equal to 101% of the aggregate principal amount, plus accrued and unpaid interest, if any, to, but not including, the date of purchase. The terms of the 5.875% 2027 Senior Notes contain certain customary covenants; however, there are no financial covenants. Debt issuance costs of $6.8 million were incurred related to the offering of the 5.875% 2027 Senior Notes and are included in Long-term debt in the Statements of Consolidated Financial Position . $316.25 Million 1.50% 2025 Convertible Senior Notes The 2025 Convertible Notes bear interest at a rate of 1.50% per year, payable semiannually in arrears on January 15 and July 15 of each year. The 2025 Convertible Notes mature on January 15, 2025. The 2025 Convertible Notes are senior unsecured obligations and rank senior in right of payment to any of our indebtedness that is expressly subordinated in right of payment to the 2025 Convertible Notes; equal in right of payment to any of our unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries. The terms of the 2025 Convertible Notes contain certain customary covenants; however, there are no financial covenants. Holders may convert their 2025 Convertible Notes at their option at any time prior to the close of business on the business day immediately preceding July 15, 2024, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2018, if the last reported sale price of our common shares, par value $0.125 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five-business day period after any five-consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of 2025 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common shares and the conversion rate on each such trading day; (3) if we call the notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date; or (4) upon the occurrence of specified corporate events. On or after July 15, 2024 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2025 Convertible Notes at any time, regardless of the foregoing circumstances. Upon conversion, we will pay or deliver, as the case may be, cash, common shares or a combination of cash and common shares, at our election. Upon the issuance of the 2025 Convertible Notes the initial conversion rate was 122.4365 common shares per $1,000 principal, with a conversion price of $8.17 per common share. The conversion rate is subject to adjustment in some circumstances, including the payment of dividends on common shares, but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, or if we deliver a notice of redemption, we will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2025 Convertible Notes in connection with such a corporate event or notice of redemption, as the case may be. As of December 31, 2019 , the conversion rate was 126.3479 common shares per $1,000 principal amount of 2025 Convertible Notes. We may not redeem the 2025 Convertible Notes prior to January 15, 2022. We may redeem all or any portion of the 2025 Convertible Notes, for cash at our option on or after January 15, 2022 if the last reported sale price of our common shares has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 -consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the 2025 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. It is our current intent to settle conversions through combination settlement. Our ability to settle conversions through combination settlement and cash settlement will be subject to restrictions in the agreement governing our ABL Facility and may be subject to restrictions in agreements governing our future debt. If we undergo a fundamental change as defined in the indenture, holders may require us to repurchase for cash all or any portion of their 2025 Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2025 Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. In accounting for the issuance of the notes, we separated the 2025 Convertible Notes into liability and equity components. The carrying amount of the liability component was calculated by measuring the fair value of similar liabilities that did not have associated convertible features. The carrying amount of the equity component of $85.9 million representing the conversion option was determined by deducting the fair value of the liability component from the par value of the notes. The difference represents the debt discount that is amortized to interest expense over the term of the notes. The equity component is not remeasured as long as it continues to qualify for equity classification. Other Outstanding Unsecured Senior Notes The following represents a summary of our other unsecured senior notes' maturity and interest payable due dates: Debt Instrument Maturity Interest Payable (until maturity) $1.075 Billion 5.75% 2025 Senior Notes March 1, 2025 March 1 and September 1 $800 Million 6.25% 2040 Senior Notes October 1, 2040 April 1 and October 1 The senior notes are unsecured obligations and rank equally in right of payment with all our other existing and future unsecured and unsubordinated indebtedness. There are no subsidiary guarantees of the interest and principal amounts for the 2040 Senior Notes. The 2025 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 2025 Senior Notes. The 2040 Senior Notes may be redeemed any time at our option not less than 30 days nor more than 60 days after prior notice is sent to the holders. The 2040 Senior Notes are redeemable at a redemption price equal to the greater of (1) 100% of the principal amount of the notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semi-annual basis at the treasury rate plus 40 basis points, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. We may redeem the 2025 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 2025 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. In addition, if a change of control triggering event, as defined in the applicable indenture, occurs with respect to the unsecured notes, we will be required to offer to purchase the notes of the applicable series at a purchase price equal to 101% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the date of purchase. The terms of the unsecured notes contain certain customary covenants; however, there are no financial covenants. Debt Extinguishment - 2019 During the year ended December 31, 2019 , we used the net proceeds from the issuance of $750 million aggregate principal amount of 5.875% 2027 Senior Notes, along with cash on hand, to redeem in full all of our outstanding 4.875% 2021 Senior Notes and to fund the repurchase of $600 million aggregate principal amount of our outstanding 5.75% 2025 Senior Notes in a tender offer. The following is a summary of the debt extinguished and the respective loss on extinguishment: (In Millions) Year Ended December 31, 2019 Debt Extinguished (Loss) on Extinguishment 1 Unsecured Notes: $700 Million 4.875% 2021 Senior Notes $ 124.0 $ (5.3 ) $1.075 Billion 5.75% 2025 Senior Notes 600.0 (12.9 ) $ 724.0 $ (18.2 ) 1 This includes premiums paid related to the redemption of our notes of $5.3 million. Debt Extinguishment - 2018 During the year ended December 31, 2018, we redeemed in full all of our outstanding 5.90% 2020 Senior Notes and 4.80% 2020 Senior Notes with cash on hand. Additionally, we purchased certain of our 4.875% 2021 Senior Notes and 5.75% 2025 Senior Notes. The following is a summary of the debt extinguished and the respective gain (loss) on extinguishment: (In Millions) Year Ended Debt Extinguished Gain (Loss) on Extinguishment 1 Unsecured Notes: $400 Million 5.90% 2020 Senior Notes $ 88.9 $ (3.3 ) $500 Million 4.80% 2020 Senior Notes 122.4 (3.7 ) $700 Million 4.875% 2021 Senior Notes 14.4 0.1 $1.075 Billion 5.75% 2025 Senior Notes 1.7 0.1 $ 227.4 $ (6.8 ) 1 This includes premiums paid related to the redemption of our notes of $7.1 million. Debt Extinguishment - 2017 During the year ended December 31, 2017, we issued 63.3 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 the net proceeds from the issuance of $1.075 Billion 5.75% 2025 Senior Notes were used to redeem in full all of our outstanding 8.25% 2020 First Lien Notes, 8.00% 2020 1.5 Lien Notes and 7.75% 2020 Second Lien Notes. Additionally, through tender offers, we purchased certain of our 5.90% 2020 Senior Notes, our 4.80% 2020 Senior Notes and our 4.875% 2021 Senior Notes. The following is a summary of the debt extinguished and the respective gain (loss) on extinguishment: (In Millions) Year Ended Debt Extinguished Gain (Loss) on Extinguishment 1 Secured Notes: $540 Million 8.25% 2020 First Lien Notes $ 540.0 $ (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 $ (165.4 ) 1 This includes premiums paid related to the redemption of our notes of $110.0 million. Debt Maturities The following represents a summary of our debt instrument maturities based on the principal amounts outstanding at December 31, 2019 : (In Millions) Maturities of Debt 2020 $ — 2021 — 2022 — 2023 — 2024 400.0 2025 and thereafter 1,838.0 Total maturities of debt $ 2,238.0 ABL Facility On February 28, 2018, we amended and restated our senior secured asset-based revolving credit facility with various financial institutions. The ABL Facility will mature upon the earlier of February 28, 2023 or 60 days prior to the maturity of certain other material debt and provides for up to $450.0 million in borrowings, including a $248.8 million sublimit for the issuance of letters of credit and a $100.0 million sublimit for swingline loans. Availability under the ABL Facility is limited to an eligible borrowing base, as applicable, determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment. The ABL Facility and certain bank products and hedge obligations are guaranteed by us and certain of our existing wholly-owned U.S. subsidiaries and are required to be guaranteed by certain of our future U.S. subsidiaries. Amounts outstanding under the ABL Facility are secured by (i) a first-priority security interest in the accounts receivable and other rights to payment, inventory, as-extracted collateral, certain investment property, deposit accounts, securities accounts, certain general intangibles and commercial tort claims, certain mobile equipment, commodities accounts and other related assets of ours, the other borrowers and the guarantors, and proceeds and products of each of the foregoing (collectively, the “ABL Collateral”) and (ii) a second-priority security interest in substantially all of our assets and the assets of the other borrowers and the guarantors other than the ABL Collateral. Borrowings under the ABL Facility bear interest, at our option, at a base rate or, if certain conditions are met, a LIBOR rate, in each case plus an applicable margin. The base rate is equal to the greater of the federal funds rate plus 0.5% , the LIBOR rate based on a one-month interest period plus 1% and the floating rate announced by Bank of America Merrill Lynch as its “prime rate" and 1% . The LIBOR rate is a per annum fixed rate equal to LIBOR with respect to the applicable interest period and amount of LIBOR rate loan requested. The ABL Facility contains customary representations and warranties and affirmative and negative covenants including, among others, covenants regarding the maintenance of certain financial ratios if certain conditions are triggered, covenants relating to financial reporting, covenants relating to the payment of dividends on, or purchase or redemption of, our capital stock, covenants relating to the incurrence or prepayment of certain debt, covenants relating to the incurrence of liens or encumbrances, covenants relating to compliance with laws, covenants relating to transactions with affiliates, covenants relating to mergers and sales of all or substantially all of our assets and limitations on changes in the nature of our business. The ABL Facility provides for customary events of default, including, among other things, the event of nonpayment of principal, interest, fees, or other amounts, a representation or warranty proving to have been materially incorrect when made, failure to perform or observe certain covenants within a specified period of time, a cross-default to certain material indebtedness, the bankruptcy or insolvency of the Company and certain of its subsidiaries, monetary judgment defaults of a specified amount, invalidity of any loan documentation, a change of control of the Company, and ERISA defaults resulting in liability of a specified amount. If an event of default exists (beyond any applicable grace or cure period, if any), the administrative agent may and, at the direction of the requisite number of lenders, shall declare all amounts owing under the ABL Facility immediately due and payable, terminate such lenders’ commitments to make loans under the ABL Facility and/or exercise any and all remedies and other rights under the ABL Facility. For certain events of default related to insolvency and receivership, the commitments of the lenders will be automatically terminated and all outstanding loans and other amounts will become immediately due and payable. As of December 31, 2019 and 2018 , we were in compliance with the ABL Facility liquidity requirements and, therefore, the springing financial covenant requiring a minimum fixed charge coverage ratio of 1.0 to 1.0 was not applicable. The following represents a summary of our borrowing capacity under the ABL Facility: (In Millions) December 31, 2019 December 31, 2018 Available borrowing base on ABL Facility 1 $ 395.7 $ 323.7 Letter of credit obligations and other commitments 2 (37.9 ) (55.0 ) Borrowing capacity available 3 $ 357.8 $ 268.7 1 The ABL Facility has a maximum borrowing base of $450 million, determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment. 2 We issued standby letters of credit with certain financial institutions in order to support business obligations including, but not limited to, workers compensation and environmental obligations. 3 As of December 31, 2019 and 2018 we had no loans drawn under the ABL Facility. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 7 - FAIR VALUE OF FINANCIAL INSTRUMENTS The following represents the assets and liabilities measured at fair value: (In Millions) December 31, 2019 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 $ — $ 187.6 $ — $ 187.6 Derivative assets — — 45.8 45.8 Total $ — $ 187.6 $ 45.8 $ 233.4 Liabilities: Derivative liabilities $ — $ 3.2 $ 1.1 $ 4.3 Total $ — $ 3.2 $ 1.1 $ 4.3 (In Millions) December 31, 2018 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 $ 0.8 $ 542.6 $ — $ 543.4 Derivative assets — 0.1 91.4 91.5 Total $ 0.8 $ 542.7 $ 91.4 $ 634.9 Liabilities: Derivative liabilities $ — $ 3.7 $ — $ 3.7 Total $ — $ 3.7 $ — $ 3.7 Financial assets classified in Level 1 included money market funds. The valuation of these instruments is based upon unadjusted quoted prices for identical assets in active markets. The valuation of financial assets and liabilities classified in Level 2 is determined using a market approach based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable. Level 2 assets included commercial paper at December 31, 2019 and commercial paper, certificates of deposit and commodity hedge contracts at December 31, 2018. Level 2 liabilities included commodity hedge contracts at December 31, 2019 and 2018. The Level 3 assets and liabilities consist of a freestanding derivative instrument related to a certain supply agreement and derivative assets and liabilities related to certain provisional pricing arrangements with our customers. The supply agreement included in our Level 3 assets contains provisions for supplemental revenue or refunds based on the hot-rolled coil steel price in the year the iron ore product is consumed in the customer’s blast furnaces. We account for these provisions as derivative instruments at the time of sale and adjust the derivative instruments to fair value through Revenues from product sales and services each reporting period until the product is consumed and the amounts are settled. We had assets of $44.5 million and $89.3 million at December 31, 2019 and 2018 , respectively, related to this supply agreement. The provisional pricing arrangements included in our Level 3 assets/liabilities specify provisional price calculations, where the pricing mechanisms generally are based on market pricing, with the final revenue rate to be based on market inputs at a specified point in time in the future, per the terms of the supply agreements. The difference between the estimated final revenue rate at the date of sale and the estimated final revenue rate at the measurement date is characterized as a derivative and is required to be accounted for separately once the revenue has been recognized. The derivative instruments are adjusted to fair value through Revenues from product sales and services each reporting period based upon current market data and forward-looking estimates provided by management until the final revenue rates are determined. At December 31, 2019 , we had assets of $1.3 million and liabilities of $1.1 million related to provisional pricing arrangements. At December 31, 2018 , we had assets of $2.1 million related to provisional pricing arrangements. The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy: Qualitative/Quantitative Information About Level 3 Fair Value Measurements Fair Value at December 31, 2019 (In Millions) Balance Sheet Location Valuation Technique Unobservable Input Point Estimate Customer supply agreement $44.5 Derivative assets Market Approach Management's estimate of hot-rolled coil steel price per net ton $650 Provisional pricing arrangements $1.3 Derivative assets Market Approach Management's estimate of Platts 62% price per dry metric ton $76 Provisional pricing arrangements $1.1 Other current liabilities Market Approach PPI estimates 197 The significant unobservable input used in the fair value measurement of our customer supply agreement is a forward-looking estimate of the hot-rolled coil steel price determined by management. At December 31, 2019 , the significant unobservable inputs used in the fair value measurement of our provisional pricing arrangements were management's estimate of Platts 62% price based upon current market data and index pricing and estimates for PPI data, including those for industrial commodities, fuel and steel. During the year, significant unobservable inputs used in the fair value measurement of our provisional pricing arrangements also included the Atlantic Basin pellet premium based upon current market data and index pricing, of which includes forward-looking estimates determined by management. Refer to NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information. 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): (In Millions) Derivative Assets (Level 3) Derivative Liabilities (Level 3) Year Ended Year Ended 2019 2018 2019 2018 Beginning balance - January 1 $ 91.4 $ 49.5 $ — $ (1.7 ) Total gains (losses) included in earnings 78.6 428.7 (71.1 ) (6.1 ) Settlements (124.2 ) (386.8 ) 70.0 7.8 Ending balance - December 31 $ 45.8 $ 91.4 $ (1.1 ) $ — Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) on assets still held at the reporting date $ 45.8 $ 91.4 $ (1.1 ) $ — The carrying values of certain financial instruments (e.g. Accounts receivable, net , Accounts payable and Other current liabilities ) approximate fair value and, therefore, have been excluded from the table below. A summary of the carrying value and fair value of other financial instruments were as follows: (In Millions) December 31, 2019 December 31, 2018 Classification Carrying Value Fair Value Carrying Value Fair Value Long-term debt: Secured Notes: $400 Million 4.875% 2024 Senior Notes Level 1 $ 393.6 $ 410.0 $ 392.1 $ 370.2 Unsecured Notes: $700 Million 4.875% 2021 Senior Notes Level 1 — — 123.8 122.3 $316.25 Million 1.50% 2025 Convertible Senior Notes Level 1 246.7 385.0 235.2 352.4 $1.075 Billion 5.75% 2025 Senior Notes Level 1 464.2 473.3 1,048.8 962.0 $750 Million 5.875% 2027 Senior Notes Level 1 716.4 718.5 — — $800 Million 6.25% 2040 Senior Notes Level 1 292.9 250.2 292.8 232.8 ABL Facility Level 2 — — — — Fair Value Adjustment to Interest Rate Hedge Level 2 — — 0.2 0.2 Total long-term debt $ 2,113.8 $ 2,237.0 $ 2,092.9 $ 2,039.9 |
PENSIONS AND OTHER POSTRETIREME
PENSIONS AND OTHER POSTRETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
PENSIONS AND OTHER POSTRETIREMENT BENEFITS | NOTE 8 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS We offer defined benefit pension plans, defined contribution pension plans and OPEB plans, primarily consisting of retiree healthcare benefits, to most employees as part of a total compensation and benefits program. The defined benefit pension plans are noncontributory and benefits generally are based on a minimum formula or employees’ years of service and average earnings for a defined period prior to retirement. We offer retiree medical coverage to hourly retirees of our USW-represented mines. Currently, we have a four-year agreement with the USW which began October 1, 2018 and is effective through September 30, 2022. The 2018 USW agreement established the set fixed monthly medical premiums for participants who retired prior to January 1, 2015. These fixed premiums will expire on December 31, 2020 and revert to increasing premiums based on a cost-sharing formula thereafter. The agreement also provides for an OPEB cap that limits the amount of our contributions toward retiree medical insurance coverage per calendar year for each retiree and spouse of a retiree who retired on or after January 1, 2015. The amount of the annual OPEB cap is based upon the gross plan costs we incurred in 2014. The OPEB cap does not apply to surviving spouses. In lieu of retiree medical coverage, USW-represented employees hired after September 1, 2016 receive a 401(k) contribution of $0.60 per hour worked to a restricted Retiree Health Care Account. In addition, we currently provide various levels of OPEB to some full-time employees who meet certain length of service and age requirements (a portion of which is pursuant to collective bargaining agreements). Most plans require retiree contributions and have deductibles, co-pay requirements and benefit limits. Most bargaining unit plans require retiree contributions and co-pays for medical and prescription drug coverage. There is a cap on our cost for medical coverage under the salaried plans. The annual limit applies to each covered participant and equals $7,000 for coverage prior to age 65, with the retiree’s participation adjusted based on the age at which the retiree’s benefits commence. We do not provide OPEB for most salaried employees hired after January 1, 1993. Retiree healthcare coverage is provided through programs administered by insurance companies whose charges are based on benefits paid. On August 12, 2019, Cliffs Mining Company, our subsidiary, ceased performing manager duties for the Hibbing mine and transitioned those duties to ArcelorMittal USA. In connection with this transition, Cliffs Mining Company and ArcelorMittal USA entered into a transition agreement, pursuant to which the Ore Mining Companies Pension Plan previously sponsored by Cliffs Mining Company is now sponsored by ArcelorMittal Hibbing Management LLC. In connection with the transfer of manager duties for the Hibbing mine, Hibbing employees previously employed by Cliffs Mining Company became employed by an ArcelorMittal USA controlled group entity. All non-Hibbing active and retired participants were transferred to our Salaried Pension Plan. This transition did not have a material impact on our consolidated financial statements in the year ended December 31, 2019. The following table summarizes the annual expense (income) recognized related to the retirement plans: (In Millions) 2019 2018 2017 Defined benefit pension plans $ 22.4 $ 12.7 $ 18.0 Defined contribution pension plans 3.4 3.1 2.9 OPEB plans (2.5 ) (5.9 ) (6.1 ) Total $ 23.3 $ 9.9 $ 14.8 Obligations and Funded Status The following tables and information provide additional disclosures: (In Millions) Pension Benefits Other Benefits Change in benefit obligations: 2019 2018 2019 2018 Benefit obligations — beginning of year $ 905.7 $ 973.1 $ 241.9 $ 265.9 Service cost (excluding expenses) 17.3 18.7 1.7 2.2 Interest cost 34.9 30.3 9.5 8.3 Plan amendments — 2.2 — 12.8 Actuarial (gain) loss 111.8 (57.0 ) 18.9 (29.4 ) Benefits paid (62.2 ) (60.7 ) (25.6 ) (24.4 ) Participant contributions — — 5.8 5.6 Other 13.6 (0.9 ) 2.3 0.9 Benefit obligations — end of year $ 1,021.1 $ 905.7 $ 254.5 $ 241.9 Change in plan assets: Fair value of plan assets — beginning of year $ 687.2 $ 749.8 $ 240.2 $ 262.5 Actual return on plan assets 98.1 (29.6 ) 35.1 (8.2 ) Participant contributions — — 0.5 0.5 Employer contributions 16.4 27.6 2.5 3.0 Benefits paid (62.2 ) (60.7 ) (18.6 ) (17.6 ) Other 9.4 0.1 — — Fair value of plan assets — end of year $ 748.9 $ 687.2 $ 259.7 $ 240.2 Funded status $ (272.2 ) $ (218.5 ) $ 5.2 $ (1.7 ) Amounts recognized in Statements of Financial Position: Non-current assets $ — $ — $ 48.5 $ 32.1 Current liabilities (0.5 ) (0.1 ) (3.5 ) (3.5 ) Non-current liabilities (271.7 ) (218.4 ) (39.8 ) (30.3 ) Total amount recognized $ (272.2 ) $ (218.5 ) $ 5.2 $ (1.7 ) Amounts recognized in accumulated other comprehensive loss: Net actuarial loss $ 382.1 $ 330.1 $ 72.6 $ 82.1 Prior service cost (credit) 7.3 8.5 (7.9 ) (9.9 ) Net amount recognized $ 389.4 $ 338.6 $ 64.7 $ 72.2 (In Millions) 2019 Pension Plans Other Benefits Salaried Hourly SERP Total Salaried Hourly Total Fair value of plan assets $ 293.7 $ 455.2 $ — $ 748.9 $ — $ 259.7 $ 259.7 Benefit obligation (407.2 ) (607.3 ) (6.6 ) (1,021.1 ) (37.7 ) (216.8 ) (254.5 ) Funded status $ (113.5 ) $ (152.1 ) $ (6.6 ) $ (272.2 ) $ (37.7 ) $ 42.9 $ 5.2 (In Millions) 2018 Pension Plans Other Benefits Salaried Hourly Mining SERP Total Salaried Hourly Total Fair value of plan assets $ 249.8 $ 429.4 $ 8.0 $ — $ 687.2 $ — $ 240.2 $ 240.2 Benefit obligation (340.8 ) (548.9 ) (10.7 ) (5.3 ) (905.7 ) (32.9 ) (209.0 ) (241.9 ) Funded status $ (91.0 ) $ (119.5 ) $ (2.7 ) $ (5.3 ) $ (218.5 ) $ (32.9 ) $ 31.2 $ (1.7 ) The accumulated benefit obligation for all defined benefit pension plans was $1,010.0 million and $896.8 million at December 31, 2019 and 2018 , respectively. Components of Net Periodic Benefit Cost (In Millions) Pension Benefits Other Benefits 2019 2018 2017 2019 2018 2017 Service cost $ 17.3 $ 18.7 $ 17.1 $ 1.7 $ 2.2 $ 1.8 Interest cost 34.9 30.3 30.5 9.5 8.3 8.3 Expected return on plan assets (54.6 ) (60.0 ) (54.5 ) (16.8 ) (18.4 ) (17.7 ) Amortization: Prior service costs (credits) 1.2 2.2 2.6 (2.0 ) (3.0 ) (3.0 ) Net actuarial loss 23.5 21.2 22.3 5.1 5.0 4.5 Curtailments 0.1 0.3 — — — — Net periodic benefit cost (credit) $ 22.4 $ 12.7 $ 18.0 $ (2.5 ) $ (5.9 ) $ (6.1 ) Components of Accumulated Other Comprehensive Loss (Income) The following includes details on the significant actuarial losses (gains) impacting the benefit obligation: (In Millions) Pension Benefits Other Benefits 2019 2018 2019 2018 Discount rates $ 105.8 $ (75.7 ) $ 25.5 $ (19.0 ) Demographic losses 12.3 21.7 3.6 2.3 Mortality (6.3 ) (3.0 ) (3.9 ) (0.8 ) Per capita claims — — (9.4 ) (11.9 ) Other — — 3.1 — Actuarial (gain) loss on benefit obligation 111.8 (57.0 ) 18.9 (29.4 ) Actual returns on assets (over) under estimate (43.5 ) 89.6 (18.3 ) 26.6 Amortization of net actuarial loss (23.5 ) (21.2 ) (5.1 ) (5.0 ) Amortization of prior service credits (costs) (1.2 ) (2.2 ) 2.0 3.0 Current year prior service costs — 2.2 — 12.8 Other 7.2 (0.3 ) (5.0 ) 1.5 Total recognized in accumulated other comprehensive loss (income) $ 50.8 $ 11.1 $ (7.5 ) $ 9.5 Assumptions The discount rate for determining PBO is determined individually for each plan as noted in the assumption chart below. The discount rates are determined by matching the projected cash flows used to determine the PBO and APBO to a projected yield curve of 936 Aa graded bonds in the 40 th to 90 th percentiles. These bonds are either noncallable or callable with make-whole provisions. On December 31, 2019, the assumed mortality improvement projection was changed from generational scale MP-2018 to generational scale MP-2019. The healthy mortality assumption was updated to the Pri-2012 mortality tables with blue collar adjustments for the Iron Hourly Pension and Hourly OPEB plans, with white collar adjustments for the Salaried OPEB Plan, and without adjustments for the Salaried Pension Plan. On December 31, 2018, the assumed mortality improvement projection was changed from generational scale MP-2017 to generational scale MP-2018. The healthy mortality assumption was the RP-2014 mortality tables with blue collar adjustments for the Iron Hourly Pension and Hourly OPEB plans, with white collar adjustments for the Salaried OPEB Plan, and without adjustments for the Salaried Pension Plan. The following represents weighted-average assumptions used to determine benefit obligations: Pension Benefits Other Benefits December 31, December 31, 2019 2018 2019 2018 Discount rate: Iron Hourly Pension Plan 3.34 % 4.31 % N/A % N/A % Salaried Pension Plan 3.18 4.21 N/A N/A Ore Mining Pension Plan N/A 4.33 N/A N/A Supplemental Executive Retirement Plan 3.05 4.22 N/A N/A Hourly OPEB Plan N/A N/A 3.28 4.29 Salaried OPEB Plan N/A N/A 3.29 4.27 Interest crediting rate 6.00 6.00 N/A N/A Salaried rate of compensation increase 3.00 3.00 3.00 3.00 Hourly rate of compensation increase 2.00 2.00 N/A N/A The following represents weighted-average assumptions used to determine net benefit cost: Pension Benefits Other Benefits December 31, December 31, 2019 2018 2017 2019 2018 2017 Obligation Discount Rate: Iron Hourly Pension Plan 4.31 % 3.61 % 4.02 % N/A % N/A % N/A % Salaried Pension Plan 4.22 3.52 3.91 N/A N/A N/A Ore Mining Pension Plan N/A 3.61 4.04 N/A N/A N/A Supplemental Executive Retirement Plan 4.21 3.54 3.90 N/A N/A N/A Hourly OPEB Plan N/A N/A N/A 4.29 3.60 4.03 Salaried OPEB Plan N/A N/A N/A 4.28 3.57 3.98 Service Cost Discount Rate: Iron Hourly Pension Plan 4.49 3.76 4.30 N/A N/A N/A Salaried Pension Plan 4.23 3.53 3.93 N/A N/A N/A Ore Mining Pension Plan N/A 3.75 4.27 N/A N/A N/A Supplemental Executive Retirement Plan 4.11 3.43 3.69 N/A N/A N/A Hourly OPEB Plan N/A N/A N/A 4.48 3.73 4.23 Salaried OPEB Plan N/A N/A N/A 4.54 3.76 4.30 Interest Cost Discount Rate: Iron Hourly Pension Plan 3.96 3.21 3.38 N/A N/A N/A Salaried Pension Plan 3.85 3.08 3.21 N/A N/A N/A Ore Mining Pension Plan N/A 3.22 3.41 N/A N/A N/A Supplemental Executive Retirement Plan 3.89 3.16 3.36 N/A N/A N/A Hourly OPEB Plan N/A N/A N/A 3.95 3.10 3.24 Salaried OPEB Plan N/A N/A N/A 3.91 3.15 3.28 Interest crediting rate 6.00 6.00 6.00 N/A N/A N/A Expected return on plan assets 8.25 8.25 8.25 7.00 7.00 7.00 Salaried rate of compensation increase 3.00 3.00 3.00 3.00 3.00 3.00 Hourly rate of compensation increase 2.00 2.00 2.00 N/A N/A N/A The following represents assumed health care cost trend rates: December 31, 2019 2018 Health care cost trend rate assumed for next year 6.50 % 6.75 % Ultimate health care cost trend rate 5.00 5.00 Year that the ultimate rate is reached 2026 2026 Plan Assets Our financial objectives with respect to our pension and VEBA plan assets are to fully fund the actuarial accrued liability for each of the plans, to maximize investment returns within reasonable and prudent levels of risk, and to maintain sufficient liquidity to meet benefit obligations on a timely basis. Our investment objective is to outperform the expected return on assets assumption used in the plans’ actuarial reports over the life of the plans. The expected return on assets takes into account historical returns and estimated future long-term returns based on capital market assumptions applied to the asset allocation strategy. The expected return is net of investment expenses paid by the plans. In addition, investment performance is monitored on a quarterly basis by benchmarking to various indices and metrics for the one-, three- and five-year periods. The asset allocation strategy is determined through a detailed analysis of assets and liabilities by plan, which defines the overall risk that is acceptable with regard to the expected level and variability of portfolio returns, surplus (assets compared to liabilities), contributions and pension expense. The asset allocation review process involves simulating capital market behaviors including global asset class performance, inflation and interest rates in order to evaluate various asset allocation scenarios and determine the asset mix with the highest likelihood of meeting financial objectives. The process includes factoring in the current funded status and likely future funded status levels of the plans by taking into account expected growth or decline in the contributions over time. The asset allocation strategy varies by plan. The following table reflects the actual asset allocations for pension and VEBA plan assets as of December 31, 2019 and 2018 , as well as the 2020 weighted average target asset allocations. Equity investments include securities in large-cap, mid-cap and small-cap companies located in the U.S. and worldwide. Fixed income investments primarily include corporate bonds and government debt securities. Pension Assets VEBA Assets Asset Category 2020 Target Allocation Percentage of Plan Assets at December 31, 2020 Target Allocation Percentage of Plan Assets at December 31, 2019 2018 2019 2018 Equity securities 45.0 % 44.0 % 38.9 % 8.0 % 7.2 % 8.1 % Fixed income 28.0 % 26.1 % 26.0 % 80.0 % 79.8 % 77.0 % Hedge funds 5.0 % 5.4 % 5.4 % 4.0 % 4.8 % 4.7 % Private equity 7.0 % 6.6 % 6.2 % 3.0 % 0.7 % 1.2 % Structured credit 7.5 % 7.0 % 11.4 % 2.0 % 2.1 % 3.5 % Real estate 7.5 % 9.4 % 10.3 % 3.0 % 5.4 % 5.4 % Cash — % 1.5 % 1.8 % — % — % 0.1 % Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Following is a description of the inputs and valuation methodologies used to measure the fair value of our plan assets. Equity Securities Equity securities classified as Level 1 investments include U.S. large-, small- and mid-cap investments and international equities. These investments are comprised of securities listed on an exchange, market or automated quotation system for which quotations are readily available. The valuation of these securities is determined using a market approach and is based upon unadjusted quoted prices for identical assets in active markets. Fixed Income Fixed income securities classified as Level 1 investments include bonds and government debt securities. These investments are comprised of securities listed on an exchange, market or automated quotation system for which quotations are readily available. The valuation of these securities is determined using a market approach and is based upon unadjusted quoted prices for identical assets in active markets. Also included in fixed income is a portfolio of U.S. Treasury STRIPS, which are zero-coupon bearing fixed income securities backed by the full faith and credit of the U.S. government. The securities sell at a discount to par because there are no incremental coupon payments. STRIPS are not issued directly by the Treasury but rather are created by a financial institution, government securities broker or government securities dealer. Liquidity on the issue varies depending on various market conditions; however, in general the STRIPS market is slightly less liquid than that of the U.S. Treasury Bond market. The STRIPS are priced daily through a bond pricing vendor and are classified as Level 2. Hedge Funds Hedge funds are alternative investments comprised of direct or indirect investment in offshore hedge funds with an investment objective to achieve equity-like returns with one half the volatility of equities and moderate correlation. The valuation techniques used to measure fair value attempt to maximize the use of observable inputs and minimize the use of unobservable inputs. Considerable judgment is required to interpret the factors used to develop estimates of fair value. Valuations of the underlying investment funds are obtained and reviewed. The securities that are valued by the funds are interests in the investment funds and not the underlying holdings of such investment funds. Thus, the inputs used to value the investments in each of the underlying funds may differ from the inputs used to value the underlying holdings of such funds. Hedge funds are valued monthly and recorded on a one-month lag. Private Equity Funds Private equity funds are alternative investments that represent direct or indirect investments in partnerships, venture funds or a diversified pool of private investment vehicles (fund of funds). Investment commitments are made in private equity funds based on an asset allocation strategy, and capital calls are made over the life of the funds to fund the commitments. As of December 31, 2019 , remaining commitments total $37.1 million for our pension and OPEB plans. Committed amounts are funded from plan assets when capital calls are made. Investment commitments are not pre-funded in reserve accounts. Private equity investments are valued quarterly and recorded on a one-quarter lag. For alternative investment values reported on a lag, current market information is reviewed for any material changes in values at the reporting date. Capital distributions for the funds do not occur on a regular frequency. Liquidation of these investments would require sale of the partnership interest. Structured Credit Structured credit investments are alternative investments comprised of collateralized debt obligations and other structured credit investments that are priced based on valuations provided by independent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value structured credit investments at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations or other methodologies designed to identify the market value of such securities. Structured credit investments are valued monthly and recorded on a one-month lag. For alternative investment values reported on a lag, current market information is reviewed for any material changes in values at the reporting date. Historically, redemption requests have been considered quarterly, subject to notice of 90 days , although the advisor is currently only requiring notice of 65 days. Real Estate The real estate portfolio for the pension plans is an alternative investment comprised of one fund with strategic categories of real estate investments. All real estate holdings are appraised externally at least annually, and appraisals are conducted by reputable, independent appraisal firms that are members of the Appraisal Institute. All external appraisals are performed in accordance with the Uniform Standards of Professional Appraisal Practices. The property valuations and assumptions about each property are reviewed quarterly by the investment advisor and values are adjusted if there has been a significant change in circumstances relating to the property since the last external appraisal. The fair value of the fund is updated monthly so there is no lag in reported value. Redemption requests are considered on a quarterly basis, subject to notice of 45 days . The real estate fund of funds investment for the Empire-Tilden, Hibbing and United Taconite VEBA plans invests in pooled investment vehicles that in turn invest in commercial real estate properties. Valuations are performed quarterly and financial statements are prepared on a semi-annual basis, with annual audited statements. Asset values for this fund are reported with a one-quarter lag, and current market information is reviewed for any material changes in values at the reporting date. Withdrawals are permitted on the last business day of each quarter subject to a 95-day prior written notice. Pension The fair value of our pension plan assets by asset category is as follows: (In Millions) December 31, 2019 Asset Category Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity securities: U.S. large-cap $ 139.1 $ — $ — $ 139.1 U.S. small/mid-cap 29.3 — — 29.3 International 161.4 — — 161.4 Fixed income 173.0 22.3 — 195.3 Hedge funds — — 40.2 40.2 Private equity — — 49.5 49.5 Structured credit — — 52.3 52.3 Real estate — — 70.4 70.4 Cash 11.4 — — 11.4 Total $ 514.2 $ 22.3 $ 212.4 $ 748.9 (In Millions) December 31, 2018 Asset Category Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity securities: U.S. large-cap $ 112.6 $ — $ — $ 112.6 U.S. small/mid-cap 22.5 — — 22.5 International 132.0 — — 132.0 Fixed income 151.1 27.4 — 178.5 Hedge funds — — 37.2 37.2 Private equity — — 42.6 42.6 Structured credit — — 78.8 78.8 Real estate — — 70.5 70.5 Cash 12.5 — — 12.5 Total $ 430.7 $ 27.4 $ 229.1 $ 687.2 The following represents the fair value measurements of changes in plan assets using significant unobservable inputs (Level 3): (In Millions) Year Ended December 31, 2019 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2019 $ 37.2 $ 42.6 $ 78.8 $ 70.5 $ 229.1 Actual return on plan assets: Relating to assets still held at the reporting date 3.4 (1.0 ) 0.5 (4.2 ) (1.3 ) Relating to assets sold during the period — 1.2 0.8 28.6 30.6 Purchases — 16.5 — — 16.5 Sales — (9.3 ) (26.8 ) (23.8 ) (59.9 ) Other (0.4 ) (0.5 ) (1.0 ) (0.7 ) (2.6 ) Ending balance — December 31, 2019 $ 40.2 $ 49.5 $ 52.3 $ 70.4 $ 212.4 (In Millions) Year Ended December 31, 2018 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2018 $ 37.4 $ 39.8 $ 72.9 $ 65.5 $ 215.6 Actual return on plan assets: Relating to assets still held at the reporting date (0.2 ) 1.4 5.9 5.4 12.5 Relating to assets sold during — 4.0 — — 4.0 Purchases — 5.2 — — 5.2 Sales — (7.8 ) — (0.4 ) (8.2 ) Ending balance — December 31, 2018 $ 37.2 $ 42.6 $ 78.8 $ 70.5 $ 229.1 VEBA Assets for OPEB plans include VEBA trusts pursuant to bargaining agreements that are available to fund retired employees’ life insurance obligations and medical benefits. The fair value of our other benefit plan assets by asset category is as follows: (In Millions) December 31, 2019 Asset Category Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity securities: U.S. large-cap $ 9.3 $ — $ — $ 9.3 U.S. small/mid-cap 2.3 — — 2.3 International 7.0 — — 7.0 Fixed income 166.4 40.9 — 207.3 Hedge funds — — 12.4 12.4 Private equity — — 1.7 1.7 Structured credit — — 5.5 5.5 Real estate — — 14.0 14.0 Cash 0.2 — — 0.2 Total $ 185.2 $ 40.9 $ 33.6 $ 259.7 (In Millions) December 31, 2018 Asset Category Quoted Prices in Active Significant Other Significant Total Equity securities: U.S. large-cap $ 9.7 $ — $ — $ 9.7 U.S. small/mid-cap 2.4 — — 2.4 International 7.3 — — 7.3 Fixed income 146.8 37.8 — 184.6 Hedge funds — — 11.4 11.4 Private equity — — 3.0 3.0 Structured credit — — 8.5 8.5 Real estate — — 13.1 13.1 Cash 0.2 — — 0.2 Total $ 166.4 $ 37.8 $ 36.0 $ 240.2 The following represents the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets: (In Millions) Year Ended December 31, 2019 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2019 $ 11.4 $ 3.0 $ 8.5 $ 13.1 $ 36.0 Actual return on plan assets: Relating to assets still held at the reporting date 1.0 (0.6 ) 0.1 0.9 1.4 Relating to assets sold during the period — — 0.1 — 0.1 Purchases — — — — — Sales — (0.7 ) (3.2 ) — (3.9 ) Ending balance — December 31, 2019 $ 12.4 $ 1.7 $ 5.5 $ 14.0 $ 33.6 (In Millions) Year Ended December 31, 2018 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2018 $ 11.4 $ 3.9 $ 7.9 $ 12.0 $ 35.2 Actual return on plan assets: Relating to assets still held at the reporting date — (0.1 ) 0.6 1.1 1.6 Relating to assets sold during the period — 0.3 — — 0.3 Purchases — — — — — Sales — (1.1 ) — — (1.1 ) Ending balance — December 31, 2018 $ 11.4 $ 3.0 $ 8.5 $ 13.1 $ 36.0 Contributions Annual contributions to the pension plans are made within income tax deductibility restrictions in accordance with statutory regulations. In the event of plan termination, the plan sponsors could be required to fund additional shut down and early retirement obligations that are not included in the pension obligations. Costs for early termination for pensions and OPEB are estimated to be $14.9 million and $3.0 million , respectively. We currently have no intention to shut down, terminate or withdraw from any of our employee benefit plans. (In Millions) Pension Benefits Other Benefits Company Contributions VEBA Direct Payments Total 2018 $ 27.6 $ — $ 3.8 $ 3.8 2019 16.4 — 3.7 3.7 2020 (Expected) 1 20.2 — 3.5 3.5 1 Pursuant to the bargaining agreement, benefits can be paid from VEBA trusts that are at least 70% funded (all VEBA trusts are over 70% funded at December 31, 2019). Funding obligations have been suspended as UTAC's, Tilden's and Empire's share of the value of their respective trust assets have reached 90% of their obligation. VEBA plans are not subject to minimum regulatory funding requirements. Amounts contributed are pursuant to bargaining agreements. Contributions by participants to the OPEB plans were $5.8 million for the year ended December 31, 2019 and $5.6 million for the year ended December 31, 2018 . Estimated Cost for 2020 For 2020 , we estimate net periodic benefit cost (credit) as follows: (In Millions) Defined benefit pension plans $ 16.7 OPEB plans (8.7 ) Total $ 8.0 Estimated Future Benefit Payments (In Millions) Pension Benefits Other Benefits Gross Company Benefits Less Medicare Subsidy Net Benefit Payments 2020 $ 73.6 $ 17.2 $ (0.7 ) $ 16.5 2021 71.1 16.6 (0.8 ) 15.8 2022 70.4 16.3 (0.8 ) 15.5 2023 71.2 16.3 (0.8 ) 15.5 2024 66.9 16.1 (0.9 ) 15.2 2025-2029 318.2 77.3 (4.6 ) 72.7 |
STOCK COMPENSATION PLANS
STOCK COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
STOCK COMPENSATION PLANS | NOTE 9 - STOCK COMPENSATION PLANS At December 31, 2019 , we had outstanding awards under various share-based compensation plans, which are described below. The following table summarizes the share-based compensation expense that we recorded in continuing operations: (In Millions, except per share amounts) 2019 2018 2017 Cost of goods sold and operating expenses $ 2.0 $ 1.7 $ 1.9 Selling, general and administrative expenses 15.6 13.4 16.3 Reduction of operating income from continuing operations before income taxes 17.6 15.1 18.2 Income tax benefit 1 (3.7 ) — — Reduction of net income from continuing operations attributable to Cliffs shareholders $ 13.9 $ 15.1 $ 18.2 Reduction of continuing operations earnings per common share attributable to Cliffs shareholders: Basic $ 0.05 $ 0.05 $ 0.06 Diluted $ 0.05 $ 0.05 $ 0.06 1 No income tax benefit in 2018 and 2017 due to the full valuation allowance. Employees’ Plans The A&R 2015 Equity Plan was approved by our Board of Directors on February 21, 2017 and by our shareholders on April 25, 2017. The A&R 2015 Equity Plan increased the maximum number of shares that may be issued by 15.0 million common shares. Following is a summary of approved grants by the Compensation Committee : Grant Year Vesting Date Plan Issued Under Restricted Stock Units Granted Performance Shares Granted 2019 12/31/2021 A&R 2015 Equity Plan 572,104 572,104 2018 12/31/2020 A&R 2015 Equity Plan 685,599 675,599 2017 12/31/2019 A&R 2015 Equity Plan 532,358 249,106 2017 12/31/2019 Amended 2015 Equity Plan 553,725 553,725 Performance Shares The outstanding performance shares vest over a period of three years and are intended to be paid out in common shares. Performance is measured on the basis of relative TSR for the period and measured against the constituents of the S&P Metals and Mining ETF Index at the beginning of the relevant performance period. The final payout for the outstanding performance period grants will vary from 0% to 200% of the original grant depending on whether and to what extent the Company achieves certain objectives and performance goals as established by the Compensation Committee. Following is a summary of our performance share award agreements outstanding as of December 31, 2019 : Performance Performance Shares Granted Forfeitures to Date Expected to Vest Grant Date Grant Date Fair Value Performance Period 2019 572,104 15,879 556,225 2/19/2019 $ 18.31 1/1/2019 - 12/31/2021 2018 675,599 35,320 640,279 2/21/2018 $ 11.93 1/1/2018 - 12/31/2020 2017 249,106 — 249,106 6/26/2017 $ 10.74 5/31/2017 - 12/31/2019 2017 553,725 63,457 490,268 2/21/2017 $ 19.69 1/1/2017 - 12/31/2019 The performance shares granted on February 21, 2017 were paid at 161.2% of the original grant based on the final performance evaluation versus the performance goals that were established in the grants. The performance shares granted on June 26, 2017 were paid at 200.0% . Restricted Stock Units All of the outstanding restricted stock units are subject to continued employment, are retention based, and are payable in common shares or cash in certain circumstances at a time determined by the Compensation Committee at its discretion. The restricted stock units that were granted in 2017 vested on December 31, 2019. The restricted stock units that were granted in 2019 and 2018 cliff vest in three years on December 31, 2021 and December 31, 2020, respectively. Stock Options The 412,710 stock options that were granted during the first quarter of 2015 vested on December 31, 2017, are exercisable at a strike price of $7.70 and expire on January 12, 2025. The 250,000 stock options that were granted in the fourth quarter of 2014 vested in equal thirds on each of December 31, 2015, 2016 and 2017 and are exercisable at a strike price of $13.83 and expire on November 17, 2021. As of December 31, 2019, 563,230 stock options remain outstanding and are exercisable with a weighted average price of $10.42 . Employee Stock Purchase Plan On March 26, 2015, upon recommendation by the Compensation Committee, our Board of Directors approved and adopted, subject to the approval of Cliffs' shareholders at the 2015 Annual Meeting, the Cliffs Natural Resources Inc. 2015 Employee Stock Purchase Plan. This plan was approved by our shareholders at the 2015 Annual Meeting held May 19, 2015. Ten million common shares have been reserved for issuance under this plan; however, as of December 31, 2019, this program has not been made active and no common shares have been purchased. We sought shareholder approval of this plan for the purpose of qualifying the reserved common shares for special tax treatment under Section 423 of the IRC of 1986, as amended. Nonemployee Directors Our nonemployee directors are entitled to receive restricted share awards under the Directors’ Plan. For 2019, 2018 and 2017, nonemployee directors were granted a specified number of restricted shares, with a value equal to $100,000 . The number of shares is based on the closing price of our common shares on the date of the Annual Meeting. The awards are subject to any deferral election and pursuant to the terms of the Directors’ Plan and an award agreement. On April 23, 2018, our Governance and Nominating Committee of the Board of Directors approved the acceleration of vesting of the restricted share awards granted to the nonemployee directors prior to April 2018, which were generally subject to a vesting period of three years . Effective April 30, 2018 and under the terms of the Directors' Plan, the vesting of these outstanding awards was accelerated. The Governance and Nominating Committee also approved a change to the vesting period for all future awards under the Directors' Plan. The nonemployee director restricted share awards granted on April 25, 2018 and all future awards are subject to a vesting period of one year . For the last three years, grants of restricted and/or deferred shares have been awarded to elected or re-elected nonemployee directors as follows: Year of Grant Restricted Shares Deferred Shares 2019 86,477 23,659 2018 92,718 17,170 2017 93,359 17,289 Other Information Stock option, restricted awards and performance share activity under our long-term equity plans and Directors’ Plans are as follows: 2019 2018 2017 Shares Shares Shares Stock options: Outstanding at beginning of year 563,230 599,870 599,870 Exercised — (36,640 ) — Forfeited/canceled — — — Outstanding at end of year 563,230 563,230 599,870 Restricted awards: Outstanding and restricted at beginning of year 4,804,248 4,776,483 5,461,783 Granted during the year 682,240 795,487 1,196,731 Vested and issued (3,168,195 ) (627,567 ) (1,813,315 ) Forfeited/canceled (60,974 ) (140,155 ) (68,716 ) Outstanding and restricted at end of year 2,257,319 4,804,248 4,776,483 Performance shares: Outstanding at beginning of year 1,424,723 1,848,312 1,368,469 Granted during the year 572,104 675,599 802,831 Vested and issued — (489,953 ) — Forfeited/canceled (60,949 ) (609,235 ) (322,988 ) Outstanding at end of year 1,935,878 1,424,723 1,848,312 Vested or expected to vest as of December 31, 2019 1 4,756,427 Directors’ retainer and voluntary shares: Outstanding at beginning of year — — — Granted during the year 31,075 27,300 25,476 Vested and issued (31,075 ) (27,300 ) (25,476 ) Outstanding at end of year — — — Reserved for future grants or awards at end of year: Employee plans 9,931,740 Directors’ plans 389,692 Total 10,321,432 1 We assume all shares will vest until the date of vesting or forfeiture. A summary of our outstanding share-based award activity for the year ended December 31, 2019 is as follows: Shares Weighted Average Grant Date Fair Value Outstanding, beginning of year 6,792,201 $ 6.90 Granted 1,285,419 $ 14.18 Vested and issued (3,199,270 ) $ 2.20 Forfeited/canceled (121,923 ) $ 12.21 Outstanding, end of year 4,756,427 $ 11.90 The total compensation cost related to outstanding awards not yet recognized is $16.0 million at December 31, 2019 . The weighted average remaining period for the awards outstanding at December 31, 2019 is approximately 1.2 years. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 10 - INCOME TAXES Income from continuing operations before income taxes includes the following components: (In Millions) 2019 2018 2017 United States $ 311.9 $ 565.0 $ 90.7 Foreign 0.2 (0.3 ) 17.5 $ 312.1 $ 564.7 $ 108.2 The components of the income tax provision (benefit) on continuing operations consist of the following: (In Millions) 2019 2018 2017 Current provision (benefit): United States federal $ (0.7 ) $ (0.5 ) $ (252.6 ) United States state & local 0.1 — (0.1 ) Foreign 0.2 0.7 0.3 (0.4 ) 0.2 (252.4 ) Deferred provision (benefit): United States federal 18.0 (475.4 ) — Total income tax provision (benefit) from continuing operations $ 17.6 $ (475.2 ) $ (252.4 ) Reconciliation of our income tax attributable to continuing operations computed at the U.S. federal statutory rate is as follows: (In Millions) 2019 2018 2017 Tax at U.S. statutory rate $ 65.5 21.0 % $ 118.6 21.0 % $ 37.9 35.0 % Increase (decrease) due to: Percentage depletion in excess of cost depletion (49.3 ) (15.8 ) (54.6 ) (9.7 ) (61.6 ) (56.9 ) Impact of tax law change - remeasurement of deferred taxes — — — — 407.5 376.6 Luxembourg legal entity reduction 846.0 271.1 161.7 28.6 — — Valuation allowance release: Tax law change - remeasurement of deferred taxes — — — — (407.5 ) (376.6 ) Current year activity — — (79.6 ) (14.1 ) (469.8 ) (434.2 ) Release of U.S. valuation allowance — — (460.5 ) (81.5 ) — — Repeal of AMT — — — — (235.3 ) (217.5 ) Luxembourg legal entity reduction (846.0 ) (271.1 ) (161.7 ) (28.6 ) — — Impact of foreign operations 0.2 0.1 0.1 — 477.9 441.7 Other items, net 1.2 0.4 0.8 0.2 (1.5 ) (1.4 ) Provision for income tax expense (benefit) and effective income tax rate including discrete items $ 17.6 5.7 % $ (475.2 ) (84.1 )% $ (252.4 ) (233.3 )% The increase in income tax expense from 2018 to 2019 is primarily due to release of the valuation allowance in the U.S. of $460.5 million in 2018. The Luxembourg legal entity reduction relates to initiatives resulting in the dissolution of certain entities and settlement of related financial instruments in the years ended December 31, 2019 and 2018. These 2019 and 2018 net operating loss deferred tax asset reductions resulted in tax expense of $846.0 million and $161.7 million , respectively, which were fully offset by decreases in the respective valuation allowance. In December 2017, a benefit of $235.3 million was recorded as a result of the repeal of AMT in the 2017 U.S. Tax Cuts and Jobs Act. Additionally, the impact of tax law change - remeasurement of deferred taxes for the year ended December 31, 2017 primarily relates to the statutory rate reduction in the U.S. that decreased the deferred tax assets by $334.1 million , which was fully offset by a decrease in the valuation allowance. Also on December 31, 2017, there was a Luxembourg rate reduction that decreased the deferred tax assets by $73.4 million , which was fully offset by a decrease in valuation allowance. The impact of foreign operations relates to income and losses in foreign jurisdictions where the statutory rates, ranging from 0% to 24.94% , differ from the U.S. statutory rate of 21% for the years ended December 31, 2019 and 2018 and 35.0% for the year ended December 31, 2017. The components of income taxes for other than continuing operations consisted of the following: (In Millions) 2019 2018 2017 Other comprehensive income: Postretirement benefit liability $ 11.4 $ 3.6 $ — Unrealized net loss on derivative financial instruments 0.1 0.7 — Total $ 11.5 $ 4.3 $ — Significant components of our deferred tax assets and liabilities are as follows: (In Millions) 2019 2018 Deferred tax assets: Operating loss & other carryforwards $ 794.9 $ 2,118.8 Pension and OPEB liabilities 113.7 102.8 Deferred income 25.2 23.3 Property, plant and equipment and mineral rights 1.4 13.3 State and local 71.0 68.2 Other liabilities 45.1 48.4 Total deferred tax assets before valuation allowance 1,051.3 2,374.8 Deferred tax asset valuation allowance (441.3 ) (1,287.3 ) Net deferred tax assets 610.0 1,087.5 Deferred tax liabilities: Investment in partnerships (136.8 ) (141.2 ) Intercompany notes — (465.7 ) Other assets (13.7 ) (15.8 ) Total deferred tax liabilities (150.5 ) (622.7 ) Net deferred tax assets $ 459.5 $ 464.8 We had gross domestic (including states) and foreign net operating loss carryforwards of $3.5 billion and $1.6 billion , respectively, at December 31, 2019 . We had gross domestic and foreign net operating loss carryforwards of $3.6 billion and $6.6 billion , respectively, at December 31, 2018 . The U.S. federal net operating losses will begin to expire in 2034 and state net operating losses will begin to expire in 2020. The foreign net operating losses can be carried forward indefinitely. We had foreign tax credit carryforwards of $5.8 million at December 31, 2019 and 2018 . The foreign tax credit carryforwards will begin to expire in 2020. We had gross interest expense limitation carryforwards of $55.3 million for the year ended December 31, 2019. This interest expense can be carried forward indefinitely. The changes in the valuation allowance are presented below: (In Millions) 2019 2018 2017 Balance at beginning of year $ 1,287.3 $ 1,983.1 $ 3,095.1 Change in valuation allowance: Included in income tax expense (benefit) (846.0 ) (691.3 ) (1,120.0 ) Change in deferred assets in other comprehensive income — (4.5 ) (9.8 ) Acquisition of noncontrolling interest — — 17.8 Balance at end of year $ 441.3 $ 1,287.3 $ 1,983.1 During 2019, a legal entity reduction initiative was completed in Luxembourg resulting in the dissolution of certain entities and settlement of related financial instruments, triggering the utilization of $1.3 billion of net operating loss deferred tax asset and reversal of the intercompany notes deferred tax liability of $446.5 million . In addition, prior year adjustments in Luxembourg and a statutory rate reduction from 26.01% to 24.94% resulted in a net increase to the operating loss carryforward deferred tax asset of $46.2 million . The total net deferred tax reduction resulted in an expense of $846.0 million which was fully offset by a decrease in the valuation allowance. During 2018, a similar legal entity reduction initiative was completed resulting in the dissolution of certain Luxembourg entities which resulted in a decrease in the net operating loss deferred tax asset of $161.7 million which was fully offset by a decrease in valuation allowance. We continue to maintain a full valuation allowance against the remaining Luxembourg net deferred tax assets of $397.1 million at December 31, 2019. Our losses in Luxembourg in recent periods represent sufficient negative evidence to require a full valuation allowance against the deferred tax assets in that jurisdiction. We intend to maintain a valuation allowance against the deferred tax assets related to these operating losses, until sufficient positive evidence exists to support the realization of such assets. We recorded a $695.8 million net decrease in the valuation allowance in the year ended December 31, 2018. As of December 31, 2018, our U.S. operations emerged from a three-year cumulative loss position. As the significant negative evidence of cumulative losses has been eliminated, we undertook an evaluation of the continuing need for a valuation allowance on the U.S. deferred tax assets, the majority of which relate to the U.S. tax net operating losses. In completing our evaluation of whether a valuation allowance was still needed, we considered all available positive and negative evidence. Positive evidence considered included the emergence from the three-year cumulative loss position, our long-term customer contracts with minimum tonnage requirements, the global scarcity of iron ore pellets, near term forecasts of strong profitability and the recently revised IRC Section 163(j) interest deduction limitation. Negative evidence included the overall size of the deferred tax asset with limited carryforward and no carryback opportunity, the finite nature of the iron ore resources we mine, the uncertainty of steel tariffs that positively impacted our revenue rates in 2018 and the various market signs that the U.S. economy may be nearing the end of the current expansion. We also considered that future realization of the deferred tax assets depends on the existence of sufficient taxable income of the appropriate character during the carryforward period. In considering sources of taxable income, we identified that a portion of the deferred tax assets would be utilized by existing taxable temporary differences reversing in the same periods as existing deductible temporary differences. In addition, we determined that carryback opportunities and tax planning strategies do not exist as potential sources of future taxable income. Lastly, forecasting future taxable income was considered, but is challenging in a cyclical industry such as ours as it relies heavily on the accuracy of key assumptions, particularly about key pricing benchmarks. Because historical information is verifiable and more objective than forecast information and due to the cyclicality of the industry, we developed an estimate of future income based on our historical earnings through the most recent industry cycle. We adjusted historical earnings for certain non-recurring items as well as to reflect the current corporate structure by eliminating the impact of discontinued operations and extinguished debt (“core earnings”). Additionally, we adjusted core earnings to reflect the impact of the recently revised IRC Section 163(j) interest expense deduction limitation as well as permanent tax adjustments. The IRC Section 163(j) limitation will limit our interest expense deduction, particularly in down years in the industry cycle, resulting in higher taxable income. Based on the core earnings analysis, the Company’s average annual book taxable income through the business cycle is in excess of the estimated $109.0 million taxable income that would be required annually to fully utilize the deferred tax assets within the 19 year carryforward period. We ascribed significant weight in our assessment to the core earnings analysis and the resulting projection of taxable income through the industry cycle. Based on the weight of this positive evidence, and after considering the other available positive and negative evidence, we determined that it was appropriate to release all of the valuation allowance related to U.S. federal deferred tax assets at December 31, 2018 as it is more likely than not that the entire amount of the U.S. deferred tax asset will be realized before the end of the carryforward period. The income tax benefit recorded for the reversal of the valuation allowance against the U.S. deferred tax assets was $460.5 million . We also have a valuation allowance recorded against certain state net operating losses and foreign tax credits, which are expected to expire before utilization. At December 31, 2019 and 2018 , we had a valuation allowance recorded against certain state net operating losses of $38.4 million and $38.3 million , respectively. At December 31, 2019 and 2018 , we had a valuation allowance recorded against certain foreign tax credits of approximately $5.8 million . At December 31, 2019 and 2018 , we had no cumulative undistributed earnings of foreign subsidiaries included in consolidated retained earnings. Accordingly, no provision has been made for U.S. deferred taxes related to future repatriation of earnings. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (In Millions) 2019 2018 2017 Unrecognized tax benefits balance as of January 1 $ 29.0 $ 33.5 $ 30.7 Increase (decrease) for tax positions in prior years 0.2 0.1 (2.8 ) Increase for tax positions in current year — 3.6 4.5 Settlements — — 1.0 Lapses in statutes of limitations — (8.2 ) — Other — — 0.1 Unrecognized tax benefits balance as of December 31 $ 29.2 $ 29.0 $ 33.5 At December 31, 2019 and 2018 , we had $29.2 million and $29.0 million , respectively, of unrecognized tax benefits recorded. Of this amount, $4.4 million and $4.2 million , were recorded in Other non-current liabilities for the years ended December 31, 2019 and 2018 , respectively, and $24.8 million was recorded in Other non-current assets for both years in the Statements of Consolidated Financial Position . If the unrecognized tax benefits were recognized, the entire $29.2 million would impact the effective tax rate. We do not expect that the amount of unrecognized benefits will change significantly within the next 12 months. At December 31, 2019 and 2018 , we had $3.7 million and $2.7 million , respectively, of accrued interest and penalties related to the unrecognized tax benefits recorded in Other non-current liabilities in the Statements of Consolidated Financial Position . Tax years 2016 and forward remain subject to examination for the U.S. and tax years 2008 and forward remain subject to examination for Canada. |
ENVIRONMENTAL AND MINE CLOSURE
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | 12 Months Ended |
Dec. 31, 2019 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Loss Contingency And Mine Closure Obligation Disclosure [Text Block] | NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS The following is a summary of our environmental and mine closure obligations: (In Millions) December 31, 2019 2018 Environmental $ 2.0 $ 2.5 Mine closure 1 165.3 172.4 Total environmental and mine closure obligations 167.3 174.9 Less current portion 2.4 2.9 Long-term environmental and mine closure obligations $ 164.9 $ 172.0 1 Includes $22.0 million and $35.0 million related to our active operations as of December 31, 2019 and 2018, respectively, with the remaining balance attributable to inactive operations, including our indefinitely idled Empire mine and a closed mine formerly operating as LTV Steel Mining Company. Environmental Our mining and exploration activities are subject to various laws and regulations governing the protection of the environment. We conduct our operations to protect the public health and environment and believe our operations are in compliance with applicable laws and regulations in all material respects. Our environmental liabilities include obligations for known environmental remediation exposures at various active and closed mining operations and other sites, and have been recognized based on the estimated cost of investigation and remediation at each site. If the cost can only be estimated as a range of possible amounts with no specific amount being more likely, the minimum of the range is accrued. Future expenditures are not discounted unless the amount and timing of the cash disbursements are readily known. Potential insurance recoveries have not been reflected. Additional environmental obligations could be incurred, the extent of which cannot be assessed. Mine Closure The accrued closure obligation for our mining operations provides for contractual and legal obligations associated with the eventual closure of the mining operations. We performed a detailed assessment of our asset retirement obligations related to our active mining locations in accordance with our accounting policy, under which we perform an in-depth evaluation of the liability every three years in addition to routine annual assessments. In 2017, we employed a third-party specialist to assist in the triennial in-depth evaluation. For the assessments performed, we determined the obligations based on detailed estimates adjusted for factors that a market participant would consider (e.g., inflation, overhead and profit) and then discounted the obligation using the current credit-adjusted risk-free interest rate based on the corresponding life of mine. The estimate also incorporates incremental increases in the closure cost estimates and changes in estimates of mine lives. The closure date for each of our active operating mine sites was determined based on the exhaustion date of the remaining iron ore reserves. The closure date and expected timing of the capital requirements to meet our obligations for our indefinitely idled or closed mines, is determined based on the unique circumstances of each property. For indefinitely idled or closed mines, the accretion of the liability is recognized over the anticipated timing of remediation. The amortization of the related asset and accretion of the liability is recognized over the estimated mine lives for our active operations. The following represents a roll forward of our asset retirement obligation liability: (In Millions) December 31, 2019 2018 Asset retirement obligation at beginning of year $ 172.4 $ 168.4 Accretion expense 10.1 9.5 Remediation payments (0.8 ) (1.0 ) Revision in estimated cash flows (16.4 ) (4.5 ) Asset retirement obligation at end of year $ 165.3 $ 172.4 The revision in estimated cash flows during the year ended December 31, 2019 for $16.4 million primarily relates to an extension of the life-of-mine plan for Tilden mine based on the economic reserve analysis performed during 2019. |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The following table presents the fair value of our derivative instruments and the classification of each in the Statements of Consolidated Financial Position : (In Millions) Derivative Assets Derivative Liabilities December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments under ASC 815: Commodity contracts $ — Derivative assets $ 0.1 Other current liabilities $ 3.2 Other current liabilities $ 3.7 Derivatives not designated as hedging instruments under ASC 815: Customer supply agreement Derivative assets 44.5 Derivative assets 89.3 — — Provisional pricing arrangements Derivative assets 1.3 Derivative assets 2.1 Other current liabilities 1.1 — Total derivatives not designated as hedging instruments under ASC 815: $ 45.8 $ 91.4 $ 1.1 $ — Total derivatives $ 45.8 $ 91.5 $ 4.3 $ 3.7 Derivatives Designated as Hedging Instruments - Cash Flow Hedges Commodity Contracts The following table presents our outstanding hedge contracts: (Quantities in Millions) December 31, 2019 December 31, 2018 Notional Amount Unit of Measure Varying Maturity Dates Notional Amount Unit of Measure Varying Maturity Dates Natural gas 20.1 MMBtu January 2020 - December 2021 1.8 MMBtu January 2019 - August 2019 Diesel 0.8 Gallons January 2020 11.0 Gallons January 2019 - December 2019 Derivatives Not Designated as Hedging Instruments Customer Supply Agreement A supply agreement with one customer provides for supplemental revenue or refunds to the customer based on the hot-rolled coil steel price at the time the iron ore product is consumed in the customer’s blast furnace. The supplemental pricing is characterized as a freestanding derivative and is required to be accounted for separately once control transfers to the customer. The derivative instrument, which is finalized based on a future price, is adjusted to fair value through Revenues from product sales and services each reporting period based upon current market data and forward-looking estimates provided by management until the pellets are consumed and the amounts are settled. Provisional Pricing Arrangements Certain of our supply agreements specify provisional price calculations, where the pricing mechanisms generally are based on market pricing, with the final revenue rate based on certain market inputs at a specified period in time in the future, per the terms of the supply agreements. Market inputs are tied to indexed price adjustment factors that are integral to the iron ore supply contracts and vary based on the agreement. The pricing mechanisms typically include adjustments based upon changes in the Platts 62% price, Atlantic Basin pellet premium, Platts international indexed freight rates and changes in specified PPI, including those for industrial commodities, fuel and steel. The pricing adjustments generally operate in the same manner, with each factor typically comprising a portion of the price adjustment, although the weighting of each factor varies based upon the specific terms of each agreement. The price adjustment factors have been evaluated to determine if they qualify as embedded derivatives. The price adjustment factors share the same economic characteristics and risks as the host sales contract and are integral to the host sales contract as inflation adjustments; accordingly, they have not been separately valued as derivative instruments. Revenue is recognized generally upon delivery to our customers. Revenue is measured at the point that control transfers and represents the amount of consideration we expect to receive in exchange for transferring goods. Changes in the expected revenue rate from the date that control transfers through final settlement of contract terms is recorded in accordance with Topic 815 and is characterized as a derivative instrument and accounted for separately. Subsequently, the derivative instruments are adjusted to fair value through Revenues from product sales and services each reporting period based upon current market data and forward-looking estimates provided by management until the final revenue rate is determined. The 2019 and 2018 amounts represent the difference between the amount we expected to receive when revenue was initially measured at the point control transfers and our subsequent estimate of the final revenue rate based on the price calculation established in the supply agreements. The 2017 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. The following summarizes the effect of our derivatives that are not designated as hedging instruments in the Statements of Consolidated Operations : (In Millions) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Year Ended 2019 2018 2017 Customer supply agreements Revenues from product sales and services $ 78.1 $ 425.8 $ 163.3 Provisional pricing arrangements Revenues from product sales and services (70.6 ) (3.2 ) (42.7 ) Commodity contracts Cost of goods sold and operating expenses — — (1.3 ) Total $ 7.5 $ 422.6 $ 119.3 Refer to NOTE 7 - FAIR VALUE OF FINANCIAL INSTRUMENTS for additional information. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 13 - DISCONTINUED OPERATIONS The information below sets forth selected financial information related to operating results of our businesses classified as discontinued operations, which include our former Asia Pacific Iron Ore, North American Coal and Canadian operations. While the reclassification of revenues and expenses related to discontinued operations from prior periods have no impact upon previously reported Net income , the Statements of Consolidated Operations present the revenues and expenses that were reclassified from the specified line items to Income (loss) from discontinued operations, net of tax . The charts below provide an asset group breakout for each financial statement line impacted by discontinued operations. (In Millions) Year Ended December 31, 2019 2018 2017 Income (loss) from discontinued operations, net of tax Asia Pacific Iron Ore $ (1.5 ) 118.3 21.2 Canadian Operations 0.3 (26.5 ) (21.3 ) Other (0.5 ) (3.6 ) 2.6 $ (1.7 ) $ 88.2 $ 2.5 (In Millions) Year Ended December 31, 2019 2018 2017 Net cash provided (used) by operating activities Asia Pacific Iron Ore $ (2.1 ) $ (81.3 ) $ 79.6 Canadian Operations — (14.6 ) — $ (2.1 ) $ (95.9 ) $ 79.6 Net cash provided (used) by investing activities Asia Pacific Iron Ore $ 0.1 $ 19.8 $ (2.8 ) Canadian Operations 0.3 — (7.7 ) Other — — 2.1 $ 0.4 $ 19.8 $ (8.4 ) Asia Pacific Iron Ore Operations Background During 2018, we committed to a course of action leading to the permanent closure of the Asia Pacific Iron Ore mining operations and sold all of the assets of our Asia Pacific Iron Ore business through a series of sales to third parties. As a result of our exit, management determined that our Asia Pacific Iron Ore operating segment met the criteria to be classified as held for sale and a discontinued operation under ASC Topic 205, Presentation of Financial Statements . As such, all current and historical Asia Pacific Iron Ore operating segment results are classified within discontinued operations. Income (Loss) from Discontinued Operations For the reasons described above, our previously related Asia Pacific Iron Ore operating segment results for all periods presented, as well as exit costs, are classified as discontinued operations. (In Millions) Year Ended December 31, Income (Loss) from Discontinued Operations 2019 2018 2017 Revenues from product sales and services $ — $ 129.1 $ 464.2 Cost of goods sold and operating expenses — (230.7 ) (427.9 ) Sales margin — (101.6 ) 36.3 Other operating expense (1.1 ) (3.3 ) (9.9 ) Other expense (0.4 ) (2.3 ) (5.2 ) Gain on foreign currency translation — 228.1 — Impairment of long-lived assets — (2.6 ) — Income (loss) from discontinued operations, net of tax $ (1.5 ) $ 118.3 $ 21.2 Gain on Foreign Currency Translation As a result of the liquidation of the Australian subsidiaries' net assets, the historical changes in foreign currency translation recorded in Accumulated other comprehensive loss in the Statements of Consolidated Financial Position totaling $228.1 million was reclassified and recognized as a gain in Income (loss) from discontinued operations, net of tax in the Statements of Consolidated Operations for the year ended December 31, 2018. Canadian Operations Background During 2015, we announced that the Bloom Lake Group and the Wabush Group commenced restructuring proceedings in Montreal, Quebec under the CCAA to address the immediate liquidity issues and to preserve and protect their assets for the benefit of all stakeholders while restructuring and/or sale options were explored. The Bloom Lake Group and the Wabush Group filed a joint plan of compromise and arrangement that was approved by the required majorities of each unsecured creditor class and was sanctioned by the Court in June 2018. During July 2018, amendments were made to the plan to address the manner in which certain distributions under the plan would be effected and the plan was implemented. Under the terms of the amended plan, all employee claims, all claims by the Bloom Lake Group, the Wabush Group and their respective creditors against us as well as all of our claims against the Bloom Lake Group and the Wabush Group were resolved. Income (Loss) on Discontinued Operations Our Canadian exit represented a strategic shift in our business. For this reason, all current and historical Eastern Canadian Iron Ore and Ferroalloys operating segment results are classified as discontinued operations. Amounts Receivable from the Canadian Entities Prior to the deconsolidations, certain of our wholly-owned subsidiaries 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 in 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. Following the approval of the amended plan, we reversed our outstanding asset of $51.6 million , with a corresponding charge to Income (loss) from discontinued operations, net of tax in the Statements of Consolidated Operations for the year ended December 31, 2018 . Income Tax Expense We have recognized tax expense of $15.9 million for the year ended December 31, 2018 , included in Income (loss) from discontinued operations, net of tax related to a gain on our Canadian investments. This expense is primarily the result of the receipt during 2018 of CCAA estate distributions which were immediately contributed back into the CCAA estate as required by the amended plan. There was no tax expense or benefit recognized for the years ended December 31, 2019 and 2017. Guarantees and Contingent Liabilities During 2018, under the terms of the amended plan, we and certain of our wholly-owned subsidiaries made a cash contribution of C$19.0 million to the Wabush Group pension plans and agreed to contribute into the CCAA estate any remaining distributions or payments we may be entitled to receive as creditors of the Bloom Lake Group and the Wabush Group for distribution to other creditors. The C$19.0 million cash contribution was included in Income (loss) from discontinued operations, net of tax in the Statements of Consolidated Operations for the year ended December 31, 2018 . During 2017, we became aware that it was probable the Monitor would assert a preference claim against the Company and/or certain of its affiliates and we estimated a liability, which included the value of our related-party claims against the Bloom Lake Group and the Wabush Group. Following the approval of the amended plan, we reversed our outstanding liability of $55.6 million , with a corresponding credit to Income (loss) from discontinued operations, net of tax in the Statements of Consolidated Operations for the year ended December 31, 2018 . During 2017, the Wabush Scully Mine was sold as part of the ongoing CCAA proceedings for the Wabush Group. As part of this transaction, the environmental remediation obligations were transferred to the buyer and we were released from certain 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 Consolidated Operations for the year ended December 31, 2017 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
CAPITAL STOCK | NOTE 14 - SHAREHOLDERS' EQUITY Share Repurchase Program In November 2018, we announced that our Board of Directors authorized a program to repurchase outstanding common shares in the open market or in privately negotiated transactions, up to a maximum of $200 million , excluding commissions and fees. In April 2019, we announced that our Board of Directors increased the common share repurchase authorization by an additional $100 million , excluding commissions and fees. During 2019, we repurchased 24.4 million common shares at a cost of $252.9 million in the aggregate, including commissions and fees. During 2018, we repurchased 5.4 million common shares at a cost of approximately $47.5 million in aggregate, including commissions and fees. The share repurchase program was active until December 31, 2019. Dividends The below table summarizes our recent dividend activity: Declaration Date Record Date Payment Date Dividend Declared per Common Share 1 12/2/2019 1/3/2020 1/15/2020 $ 0.06 9/3/2019 10/4/2019 10/15/2019 $ 0.10 5/31/2019 7/5/2019 7/15/2019 $ 0.06 2/19/2019 4/5/2019 4/15/2019 $ 0.05 10/18/2018 1/4/2019 1/15/2019 $ 0.05 1 The dividend declared on September 3, 2019 included a special cash dividend of $0.04 per common share. Common Share Public Offering On February 9, 2017, we issued 63.3 million common shares in an underwritten public offering at a public offering price of $10.75 per common share. We received net proceeds of $661.3 million . The net proceeds from the issuance of our common shares were used to redeem various tranches of our outstanding long-term debt. Refer to NOTE 6 - DEBT AND CREDIT FACILITIES for further information. Preferred Stock We have 3,000,000 Class A preferred shares authorized and 4,000,000 Class B preferred shares authorized; no preferred shares are issued or outstanding. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 15 - ACCUMULATED OTHER COMPREHENSIVE LOSS The components of Accumulated other comprehensive loss within Cliffs shareholders’ equity and related tax effects allocated to each are shown below: (In Millions) Pre-tax Amount Tax Benefit After-tax Amount As of December 31, 2019: Postretirement benefit liability $ (454.1 ) $ 138.4 $ (315.7 ) Unrealized net loss on derivative financial instruments (3.9 ) 0.8 (3.1 ) $ (458.0 ) $ 139.2 $ (318.8 ) As of December 31, 2018: Postretirement benefit liability $ (408.1 ) $ 127.0 $ (281.1 ) Unrealized net loss on derivative financial instruments (3.5 ) 0.7 (2.8 ) $ (411.6 ) $ 127.7 $ (283.9 ) As of December 31, 2017: Postretirement benefit liability $ (387.3 ) $ 123.4 $ (263.9 ) Foreign currency translation adjustments 225.4 — 225.4 Unrealized net loss on derivative financial instruments (0.5 ) — (0.5 ) $ (162.4 ) $ 123.4 $ (39.0 ) The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ equity: (In Millions) Postretirement Benefit Liability, net of tax Foreign Currency Translation Derivative Financial Instruments, net of tax Accumulated Other Comprehensive Loss January 1, 2017 $ (260.6 ) $ 239.3 $ — $ (21.3 ) Other comprehensive loss before reclassifications (29.8 ) (13.9 ) (0.5 ) (44.2 ) Net loss reclassified from accumulated other comprehensive loss 26.5 — — 26.5 December 31, 2017 (263.9 ) 225.4 (0.5 ) (39.0 ) Other comprehensive income (loss) before reclassifications (42.9 ) 2.7 (0.6 ) (40.8 ) Net loss (gain) reclassified from accumulated other comprehensive loss 25.7 (228.1 ) (1.7 ) (204.1 ) December 31, 2018 (281.1 ) — (2.8 ) (283.9 ) Other comprehensive loss before reclassifications (56.7 ) — (2.3 ) (59.0 ) Net loss reclassified from accumulated other comprehensive loss 22.1 — 2.0 24.1 December 31, 2019 $ (315.7 ) $ — $ (3.1 ) $ (318.8 ) The following table reflects the details about Accumulated other comprehensive loss components reclassified from Cliffs shareholders’ equity: (In Millions) Details about Accumulated Other Comprehensive Loss Components Amount of (Gain)/Loss Reclassified into Income, Net of Tax Affected Line Item in the Statement of Consolidated Operations Year Ended Year Ended Year Ended December 31, 2017 Amortization of pension and OPEB liability: Prior service costs 1 $ (0.7 ) $ (0.8 ) $ (0.4 ) Other non-operating income Net actuarial loss 1 28.6 26.2 26.9 Other non-operating income Curtailments 1 0.1 0.3 — Other non-operating income 28.0 25.7 26.5 Total before taxes Income tax expense (5.9 ) — — Income tax benefit (expense) $ 22.1 $ 25.7 $ 26.5 Net of taxes Changes in foreign currency translation: Gain on foreign currency translation 2 $ — $ (228.1 ) $ — Income (loss) from discontinued operations, net of tax $ — $ (228.1 ) $ — Changes in derivative financial instruments: Commodity contracts $ 2.5 $ (1.7 ) $ — Cost of goods sold and operating expenses Income tax expense (0.5 ) — — Income tax benefit (expense) $ 2.0 $ (1.7 ) $ — Net of taxes Total reclassifications for the period $ 24.1 $ (204.1 ) $ 26.5 1 These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See NOTE 8 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information. 2 Represents Australian accumulated currency translation adjustments due to the liquidation of our Australian subsidiaries' net assets. See NOTE 13 - DISCONTINUED OPERATIONS for further information. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | NOTE 16 - RELATED PARTIES Hibbing is a co-owned joint venture with companies that are integrated steel producers or their subsidiaries. In 2018, we tendered our resignation as the mine manager of the Hibbing mine and we transitioned this role to the majority owner in August 2019. The following is a summary of the mine ownership of the co-owned iron ore mine at December 31, 2019 : Mine Cleveland-Cliffs Inc. ArcelorMittal USA U.S. Steel Hibbing 23.0% 62.3% 14.7% Product revenues from related parties were as follows: (In Millions) Year Ended December 31, 2019 2018 2017 Product revenues from related parties $ 915.3 $ 1,234.5 $ 806.7 Total product revenues 1,848.1 2,172.3 1,644.6 Related party product revenue as a percent of total product revenue 49.5 % 56.8 % 49.1 % The following table presents the classification of related party assets and liabilities in the Statements of Consolidated Financial Position : (In Millions) December 31, Balance Sheet Location of Assets (Liabilities) 2019 2018 Accounts receivable, net $ 31.1 $ 176.0 Derivative assets 44.5 89.3 Other current liabilities (2.0 ) (45.3 ) $ 73.6 $ 220.0 Derivative assets A supply agreement with one customer provides for supplemental revenue or refunds to the customer based on the hot-rolled coil steel price 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 12 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information. Other current liabilities During 2017, our ownership interest in Empire increased to 100% as we reached an agreement to distribute the noncontrolling interest net assets of $132.7 million to ArcelorMittal USA, in exchange for its interest in Empire. The net assets were agreed to be distributed in three installments of $44.2 million each, the balance of which was recorded in Other current liabilities in the Statements of Consolidated Financial Position . The final installment was paid in August 2019. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 17 - EARNINGS PER SHARE The following table summarizes the computation of basic and diluted earnings per share: (In Millions, Except Per Share Amounts) Year Ended December 31, 2019 2018 2017 Income from continuing operations $ 294.5 $ 1,039.9 $ 360.6 Loss from continuing operations attributable to — — 3.9 Net income from continuing operations 294.5 1,039.9 364.5 Income (loss) from discontinued operations, net of tax (1.7 ) 88.2 2.5 Net income attributable to Cliffs shareholders $ 292.8 $ 1,128.1 $ 367.0 Weighted average number of shares: Basic 276.8 297.2 288.4 Convertible senior notes 4.4 3.4 — Employee stock plans 3.3 3.5 4.6 Diluted 284.5 304.1 293.0 Earnings (loss) per common share attributable to Continuing operations $ 1.07 $ 3.50 $ 1.27 Discontinued operations (0.01 ) 0.30 0.01 $ 1.06 $ 3.80 $ 1.28 Earnings (loss) per common share attributable to Continuing operations $ 1.04 $ 3.42 $ 1.25 Discontinued operations (0.01 ) 0.29 0.01 $ 1.03 $ 3.71 $ 1.26 There was no |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 18 - COMMITMENTS AND CONTINGENCIES Purchase Commitments In 2017, we began to incur capital commitments related to the construction of our HBI production plant in Toledo, Ohio. We now expect to reach commercial production ahead of schedule, in the first half of 2020. In total, we expect to spend approximately $830 million plus a contingency of up to 20% on the HBI production plant, excluding capitalized interest, through 2020, of which approximately $700 million was paid as of December 31, 2019. As of December 31, 2019, we have contracts and purchase orders in place for approximately $260 million for the HBI production plant. We expect cash capital expenditures for the HBI production plant of approximately $290 million during 2020. Contingencies We are currently the subject of, or party to, various claims and legal proceedings incidental to our current and historical operations. 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 adverse effect on the financial position and results of operations for the period in which the ruling occurs or future periods. However, based on currently available information we do not believe that any pending claims or legal proceedings will result in a material adverse effect in relation to our consolidated financial statements. Environmental Matters We had environmental liabilities of $2.0 million and $2.5 million at December 31, 2019 and 2018 , respectively, including obligations for known environmental remediation exposures at active and closed mining operations and other sites. These amounts have been recognized based on the estimated cost of investigation and remediation at each site, and include site studies, design and implementation of remediation plans, legal and consulting fees, and post-remediation monitoring and related activities. Future expenditures are not discounted unless the amount and timing of the cash disbursements are readily known. Potential insurance recoveries have not been reflected. Additional environmental obligations could be incurred, the extent of which cannot be assessed. The amount of our ultimate liability with respect to these matters may be affected by several uncertainties, primarily the ultimate cost of required remediation and the extent to which other responsible parties contribute. Refer to NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS for further information. Tax Matters The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues based on our estimate of whether, and the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We also recognize tax benefits to the extent that it is more likely than not that our positions will be sustained when challenged by the taxing authorities. To the extent we prevail in matters for which liabilities have been established, or are required to pay amounts in excess of our liabilities, our effective tax rate in a given period could be materially affected. An unfavorable tax settlement would require use of our cash and result in an increase in our effective tax rate in the year of resolution. A favorable tax settlement would be recognized as a reduction in our effective tax rate in the year of resolution. Refer to NOTE 10 - INCOME TAXES for further information. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 19 - SUBSEQUENT EVENTS On February 18, 2020, our Board of Directors declared a quarterly cash dividend on our common shares of $0.06 per share. The cash dividend will be payable on April 15, 2020, to shareholders of record as of the close of business on April 3, 2020. |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS - (UNAUDITED) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | NOTE 20 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The sum of quarterly EPS may not equal EPS for the year due to discrete quarterly calculations. (In Millions, Except Per Share Amounts) 2019 Quarters First Second Third Fourth Year Revenues from product sales and services $ 157.0 $ 743.2 $ 555.6 $ 534.1 $ 1,989.9 Sales margin 30.9 263.0 154.9 126.9 575.7 Net income (loss) from continuing operations attributable to Cliffs shareholders $ (22.1 ) $ 161.4 $ 91.8 $ 63.4 $ 294.5 Loss from discontinued operations, net of tax — (0.6 ) (0.9 ) (0.2 ) (1.7 ) Net income (loss) attributable to Cliffs common shareholders $ (22.1 ) $ 160.8 $ 90.9 $ 63.2 $ 292.8 Earnings (loss) per common share attributable to Continuing operations $ (0.08 ) $ 0.59 $ 0.34 $ 0.23 $ 1.07 Discontinued operations — — — — (0.01 ) $ (0.08 ) $ 0.59 $ 0.34 $ 0.23 $ 1.06 Earnings (loss) per common share attributable to Continuing operations $ (0.08 ) $ 0.57 $ 0.33 $ 0.23 $ 1.04 Discontinued operations — — — — (0.01 ) $ (0.08 ) $ 0.57 $ 0.33 $ 0.23 $ 1.03 The diluted earnings per share calculation for the first quarter of 2019 excludes equity plan awards of 4.2 million and convertible senior notes awards of 7.3 million that were anti-dilutive. (In Millions, Except Per Share Amounts) 2018 Quarters First Second Third Fourth Year Revenues from product sales and services $ 180.0 $ 714.3 $ 741.8 $ 696.3 $ 2,332.4 Sales margin 61.5 284.5 261.6 202.0 809.6 Net income (loss) from continuing operations attributable to Cliffs shareholders $ (13.4 ) $ 229.4 $ 199.8 $ 624.1 $ 1,039.9 Income (loss) from discontinued operations, net of tax (70.9 ) (64.3 ) 238.0 (14.6 ) 88.2 Net income (loss) attributable to Cliffs common shareholders $ (84.3 ) $ 165.1 $ 437.8 $ 609.5 $ 1,128.1 Earnings (loss) per common share attributable to Continuing operations $ (0.05 ) $ 0.77 $ 0.67 $ 2.11 $ 3.50 Discontinued operations (0.24 ) (0.22 ) 0.80 (0.05 ) 0.30 $ (0.29 ) $ 0.55 $ 1.47 $ 2.06 $ 3.80 Earnings (loss) per common share attributable to Continuing operations $ (0.05 ) $ 0.76 $ 0.64 $ 2.03 $ 3.42 Discontinued operations (0.24 ) (0.21 ) 0.77 (0.05 ) 0.29 $ (0.29 ) $ 0.55 $ 1.41 $ 1.98 $ 3.71 Net income (loss) from continuing operations attributable to Cliffs shareholders increased during the three months ended December 31, 2018, relative to the preceding three quarters, due primarily to the release of the deferred tax valuation allowance in the U.S. of $460.5 million . The diluted earnings per share calculation for the first quarter of 2018 excludes equity plan awards of 3.8 million |
SUPPLEMENTARY GUARANTOR INFORMA
SUPPLEMENTARY GUARANTOR INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTARY GUARANTOR INFORMATION | NOTE 21 - SUPPLEMENTARY GUARANTOR INFORMATION The accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X, Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” Certain of our subsidiaries (the "Guarantors") have guaranteed the obligations under the 5.75% 2025 Senior Notes and the 5.875% 2027 Senior Notes issued by Cleveland-Cliffs Inc. See NOTE 6 - DEBT AND CREDIT FACILITIES for further information. The following presents the condensed consolidating financial information for: (i) the Parent Company and the Issuer of the guaranteed obligations (Cleveland-Cliffs Inc.); (ii) the Guarantor subsidiaries, on a combined basis; (iii) the non-guarantor subsidiaries, on a combined basis; (iv) consolidating eliminations; and (v) Cleveland-Cliffs Inc. and subsidiaries on a consolidated basis. Each Guarantor subsidiary is 100% owned by the Parent Company as of December 31, 2019. The condensed consolidating financial information is presented as if the Guarantor structure at December 31, 2019 existed for all years presented. As a result, the Guarantor subsidiaries within the condensed consolidating financial information as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017 include results of subsidiaries that were previously less than wholly-owned and were historically non-guarantors until 100% ownership was obtained. Each of the Guarantor subsidiaries fully and unconditionally guarantees, on a joint and several basis, the obligations of Cleveland-Cliffs Inc. under the 5.75% 2025 Senior Notes and the 5.875% 2027 Senior Notes. The guarantee of a Guarantor subsidiary will be automatically and unconditionally released and discharged, and such Guarantor subsidiary’s obligations under the guarantee and the related indenture governing the 5.75% 2025 Senior Notes and the 5.875% 2027 Senior Notes (the “Indentures”) will be automatically and unconditionally released and discharged, upon: (a) any sale, exchange, transfer or disposition of such Guarantor subsidiary (by merger, consolidation, or the sale of) or the capital stock of such Guarantor subsidiary after which the applicable Guarantor subsidiary is no longer a subsidiary of the Company or the sale of all or substantially all of such Guarantor subsidiary’s assets (other than by lease); (b) designation of any Guarantor subsidiary as an “excluded subsidiary” (as defined in the Indenture); and (c) defeasance or satisfaction and discharge of the Indenture. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements. The accompanying condensed consolidating financial information has been presented on the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for the subsidiaries’ cumulative results of operations, capital contributions and distributions, and other changes in equity. Elimination entries include consolidating and eliminating entries for investments in subsidiaries, and intra-entity activity and balances. Condensed Consolidating Statement of Financial Position As of December 31, 2019 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 349.7 $ 0.1 $ 2.8 $ — $ 352.6 Accounts receivable, net 4.9 93.0 0.3 (4.2 ) 94.0 Inventories — 317.4 — — 317.4 Derivative assets — 45.8 — — 45.8 Income tax receivable, current 58.6 — — — 58.6 Other current assets 9.1 13.0 7.4 — 29.5 Total current assets 422.3 469.3 10.5 (4.2 ) 897.9 Non-current assets: Property, plant and equipment, net 11.2 1,867.1 50.7 — 1,929.0 Income tax receivable, non-current 58.6 4.1 — — 62.7 Deferred income taxes 458.3 — 1.2 — 459.5 Investment in subsidiaries 1,821.1 47.2 — (1,868.3 ) — Long-term intercompany notes — — 121.3 (121.3 ) — Other non-current assets 15.1 121.4 18.2 — 154.7 TOTAL ASSETS $ 2,786.6 $ 2,509.1 $ 201.9 $ (1,993.8 ) $ 3,503.8 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 5.7 $ 187.5 $ 4.2 $ (4.2 ) $ 193.2 Accrued liabilities 80.7 45.5 0.1 — 126.3 State and local taxes payable — 37.9 — — 37.9 Other current liabilities 6.0 38.6 7.4 — 52.0 Total current liabilities 92.4 309.5 11.7 (4.2 ) 409.4 Non-current liabilities: Long-term debt 2,113.8 — — — 2,113.8 Pension and OPEB liabilities 80.5 496.9 (265.9 ) — 311.5 Environmental and mine closure obligations — 145.6 19.3 — 164.9 Long-term intercompany notes 121.3 — — (121.3 ) — Other non-current liabilities 20.7 120.3 5.3 — 146.3 TOTAL LIABILITIES 2,428.7 1,072.3 (229.6 ) (125.5 ) 3,145.9 Commitments and contingencies TOTAL EQUITY 357.9 1,436.8 431.5 (1,868.3 ) 357.9 TOTAL LIABILITIES AND EQUITY $ 2,786.6 $ 2,509.1 $ 201.9 $ (1,993.8 ) $ 3,503.8 Condensed Consolidating Statement of Financial Position As of December 31, 2018 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 819.8 $ 0.7 $ 2.7 $ — $ 823.2 Accounts receivable, net 9.2 221.3 0.3 (4.1 ) 226.7 Inventories — 181.1 — — 181.1 Derivative assets 0.1 91.4 — — 91.5 Income tax receivable, current 117.3 — — — 117.3 Other current assets 10.0 16.9 12.9 — 39.8 Total current assets 956.4 511.4 15.9 (4.1 ) 1,479.6 Non-current assets: Property, plant and equipment, net 13.3 1,221.9 50.8 — 1,286.0 Income tax receivable, non-current 117.2 4.1 — — 121.3 Deferred income taxes 463.6 — 1.2 — 464.8 Investment in subsidiaries 1,262.3 50.8 — (1,313.1 ) — Long-term intercompany notes — — 121.3 (121.3 ) — Other non-current assets 8.0 153.8 16.1 — 177.9 TOTAL ASSETS $ 2,820.8 $ 1,942.0 $ 205.3 $ (1,438.5 ) $ 3,529.6 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 5.3 $ 181.4 $ 4.2 $ (4.1 ) $ 186.8 Accrued liabilities 92.7 66.1 0.1 — 158.9 State and local taxes payable — 35.4 0.1 — 35.5 Other current liabilities 4.8 74.1 8.1 — 87.0 Total current liabilities 102.8 357.0 12.5 (4.1 ) 468.2 Non-current liabilities: Long-term debt 2,092.9 — — — 2,092.9 Pension and OPEB liabilities 64.3 414.4 (230.0 ) — 248.7 Environmental and mine closure obligations — 152.1 19.9 — 172.0 Long-term intercompany notes 121.3 — — (121.3 ) — Other non-current liabilities 15.3 99.5 8.8 — 123.6 TOTAL LIABILITIES 2,396.6 1,023.0 (188.8 ) (125.4 ) 3,105.4 Commitments and contingencies TOTAL EQUITY 424.2 919.0 394.1 (1,313.1 ) 424.2 TOTAL LIABILITIES AND EQUITY $ 2,820.8 $ 1,942.0 $ 205.3 $ (1,438.5 ) $ 3,529.6 Condensed Consolidating Statement of Operations and Comprehensive Income For the Year Ended December 31, 2019 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues from product sales and services $ — $ 1,989.9 $ — $ — $ 1,989.9 Cost of goods sold and operating expenses — (1,414.2 ) — — (1,414.2 ) Sales margin — 575.7 — — 575.7 Other operating income (expense): Selling, general and administrative expenses (100.7 ) (18.3 ) (0.4 ) — (119.4 ) Miscellaneous - net 0.1 (26.0 ) (1.1 ) — (27.0 ) Total other operating expense (100.6 ) (44.3 ) (1.5 ) — (146.4 ) Operating income (loss) (100.6 ) 531.4 (1.5 ) — 429.3 Other income (expense): Interest income (expense), net (99.4 ) (2.3 ) 0.5 — (101.2 ) Loss on extinguishment of debt (18.2 ) — — — (18.2 ) Other non-operating income (expense) (4.0 ) (12.9 ) 19.1 — 2.2 Total other income (expense) (121.6 ) (15.2 ) 19.6 — (117.2 ) Income (loss) from continuing operations before income taxes (222.2 ) 516.2 18.1 — 312.1 Income tax expense (17.0 ) (0.4 ) (0.2 ) — (17.6 ) Equity in income of subsidiaries 531.6 18.3 — (549.9 ) — Income from continuing operations 292.4 534.1 17.9 (549.9 ) 294.5 Income (loss) from discontinued operations, net of tax 0.4 (0.3 ) (1.8 ) — (1.7 ) Net income attributable to Cliffs shareholders $ 292.8 $ 533.8 $ 16.1 $ (549.9 ) $ 292.8 Other comprehensive income (loss) (34.9 ) (35.8 ) 16.9 18.9 (34.9 ) Total comprehensive income attributable to Cliffs shareholders $ 257.9 $ 498.0 $ 33.0 $ (531.0 ) $ 257.9 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) For the Year Ended December 31, 2018 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues from product sales and services $ — $ 2,332.4 $ — $ — $ 2,332.4 Cost of goods sold and operating expenses — (1,522.8 ) — — (1,522.8 ) Sales margin — 809.6 — — 809.6 Other operating income (expense): Selling, general and administrative expenses (86.1 ) (27.1 ) (0.3 ) — (113.5 ) Miscellaneous - net (0.3 ) (26.9 ) 4.3 — (22.9 ) Total other operating income (expense) (86.4 ) (54.0 ) 4.0 — (136.4 ) Operating income (loss) (86.4 ) 755.6 4.0 — 673.2 Other income (expense): Interest income (expense), net (117.6 ) (2.1 ) 0.8 — (118.9 ) Loss on extinguishment of debt (6.8 ) — — — (6.8 ) Other non-operating income (expense) (3.5 ) 0.9 19.8 — 17.2 Total other income (expense) (127.9 ) (1.2 ) 20.6 — (108.5 ) Income (loss) from continuing operations before income taxes (214.3 ) 754.4 24.6 — 564.7 Income tax benefit 474.7 — 0.5 — 475.2 Equity in income of subsidiaries 858.2 25.5 — (883.7 ) — Income from continuing operations 1,118.6 779.9 25.1 (883.7 ) 1,039.9 Income from discontinued operations, net of tax 9.5 12.3 66.4 — 88.2 Net income attributable to Cliffs shareholders $ 1,128.1 $ 792.2 $ 91.5 $ (883.7 ) $ 1,128.1 Other comprehensive loss (244.9 ) (24.1 ) (256.7 ) 280.8 (244.9 ) Total comprehensive income (loss) attributable to Cliffs shareholders $ 883.2 $ 768.1 $ (165.2 ) $ (602.9 ) $ 883.2 Condensed Consolidating Statement of Operations and Comprehensive Income For the Year Ended December 31, 2017 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues from product sales and services $ — $ 1,866.0 $ — $ — $ 1,866.0 Cost of goods sold and operating expenses — (1,398.4 ) — — (1,398.4 ) Sales margin — 467.6 — — 467.6 Other operating income (expense): Selling, general and administrative expenses (77.2 ) (19.9 ) (5.8 ) — (102.9 ) Miscellaneous - net (2.3 ) 11.0 16.8 — 25.5 Total other operating income (expense) (79.5 ) (8.9 ) 11.0 — (77.4 ) Operating income (loss) (79.5 ) 458.7 11.0 — 390.2 Other income (expense): Interest income (expense), net (126.8 ) (1.0 ) 1.0 — (126.8 ) Loss on extinguishment of debt (165.4 ) — — — (165.4 ) Other non-operating income (expense) (4.0 ) (3.0 ) 17.2 — 10.2 Total other income (expense) (296.2 ) (4.0 ) 18.2 — (282.0 ) Income (loss) from continuing operations before income taxes (375.7 ) 454.7 29.2 — 108.2 Income tax benefit (expense) 251.4 1.3 (0.3 ) — 252.4 Equity in income of subsidiaries 512.6 11.8 — (524.4 ) — Income from continuing operations 388.3 467.8 28.9 (524.4 ) 360.6 Income (loss) from discontinued operations, net of tax (21.3 ) 1.7 22.1 — 2.5 Net income 367.0 469.5 51.0 (524.4 ) 363.1 Loss attributable to noncontrolling interest — 3.9 — — 3.9 Net income attributable to Cliffs shareholders $ 367.0 $ 473.4 $ 51.0 $ (524.4 ) $ 367.0 Other comprehensive income (loss) (4.0 ) 12.9 (4.8 ) (8.1 ) (4.0 ) Total comprehensive income attributable to Cliffs shareholders $ 363.0 $ 486.3 $ 46.2 $ (532.5 ) $ 363.0 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2019 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities $ (50.0 ) $ 616.3 $ (3.8 ) $ — $ 562.5 INVESTING ACTIVITIES Purchase of property, plant and equipment (1.2 ) (637.8 ) — — (639.0 ) Deposits for property, plant and equipment — (14.0 ) (3.0 ) — (17.0 ) Intercompany investing (63.9 ) (3.7 ) (0.1 ) 67.7 — Other investing activities — 10.8 0.8 — 11.6 Net cash used by investing activities (65.1 ) (644.7 ) (2.3 ) 67.7 (644.4 ) FINANCING ACTIVITIES Repurchase of common shares (252.9 ) — — — (252.9 ) Dividends paid (72.1 ) — — — (72.1 ) Proceeds from issuance of debt 720.9 — — — 720.9 Debt issuance costs (6.8 ) — — — (6.8 ) Repurchase of debt (729.3 ) — — — (729.3 ) Distributions of partnership equity — (44.2 ) — — (44.2 ) Intercompany financing 0.1 63.4 4.2 (67.7 ) — Other financing activities (14.9 ) 8.6 (3.4 ) — (9.7 ) Net cash provided (used) by financing activities (355.0 ) 27.8 0.8 (67.7 ) (394.1 ) Effect of exchange rate changes on cash — — — — — Decrease in cash and cash equivalents, including cash classified within other current assets related to discontinued operations (470.1 ) (0.6 ) (5.3 ) — (476.0 ) Less: decrease in cash and cash equivalents from discontinued operations, classified within other current assets — — (5.4 ) — (5.4 ) Net increase (decrease) in cash and cash equivalents (470.1 ) (0.6 ) 0.1 — (470.6 ) Cash and cash equivalents at beginning of year 819.8 0.7 2.7 — 823.2 Cash and cash equivalents at end of year $ 349.7 $ 0.1 $ 2.8 $ — $ 352.6 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2018 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities $ (120.7 ) $ 741.0 $ (141.8 ) $ — $ 478.5 INVESTING ACTIVITIES Purchase of property, plant and equipment (1.2 ) (207.3 ) (0.1 ) — (208.6 ) Deposits for property, plant and equipment — (82.3 ) (5.2 ) — (87.5 ) Intercompany investing 399.1 (7.1 ) 120.7 (512.7 ) — Other investing activities — 3.1 19.9 — 23.0 Net cash provided (used) by investing activities 397.9 (293.6 ) 135.3 (512.7 ) (273.1 ) FINANCING ACTIVITIES Repurchase of common shares (47.5 ) — — — (47.5 ) Debt issuance costs (1.5 ) — — — (1.5 ) Repurchase of debt (234.5 ) — — — (234.5 ) Distributions of partnership equity — (44.2 ) — — (44.2 ) Intercompany financing (120.7 ) (402.4 ) 10.4 512.7 — Other financing activities (2.1 ) (2.2 ) (43.2 ) — (47.5 ) Net cash used by financing activities (406.3 ) (448.8 ) (32.8 ) 512.7 (375.2 ) Effect of exchange rate changes on cash — — (2.3 ) — (2.3 ) Decrease in cash and cash equivalents, including cash classified within other current assets related to discontinued operations (129.1 ) (1.4 ) (41.6 ) — (172.1 ) Less: decrease in cash and cash equivalents from discontinued operations, classified within other current assets — — (17.0 ) — (17.0 ) Net decrease in cash and cash equivalents (129.1 ) (1.4 ) (24.6 ) — (155.1 ) Cash and cash equivalents at beginning of year 948.9 2.1 27.3 — 978.3 Cash and cash equivalents at end of year $ 819.8 $ 0.7 $ 2.7 $ — $ 823.2 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2017 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities $ (166.8 ) $ 430.0 $ 74.9 $ — $ 338.1 INVESTING ACTIVITIES Purchase of property, plant and equipment (3.4 ) (79.8 ) (51.7 ) — (134.9 ) Deposits for property, plant and equipment — (11.7 ) (5.1 ) — (16.8 ) Intercompany investments 225.7 (7.3 ) (45.1 ) (173.3 ) — Other investing activities (7.7 ) 3.4 — — (4.3 ) Net cash provided (used) by investing activities 214.6 (95.4 ) (101.9 ) (173.3 ) (156.0 ) FINANCING ACTIVITIES Net proceeds from issuance of common shares 661.3 — — — 661.3 Proceeds from issuance of debt 1,771.5 — — — 1,771.5 Debt issuance costs (28.6 ) — — — (28.6 ) Repurchase of debt (1,720.7 ) — — — (1,720.7 ) Acquisition of noncontrolling interest (105.0 ) — — — (105.0 ) Distributions of partnership equity — (52.9 ) — — (52.9 ) Intercompany financing 45.0 (277.6 ) 59.3 173.3 — Other financing activities (5.8 ) (4.5 ) (16.4 ) — (26.7 ) Net cash provided (used) by financing activities 617.7 (335.0 ) 42.9 173.3 498.9 Effect of exchange rate on cash — — 3.3 — 3.3 Increase (decrease) in cash and cash equivalents, including cash classified within other current assets related to discontinued operations 665.5 (0.4 ) 19.2 — 684.3 Less: increase in cash and cash equivalents from discontinued operations, classified within other current assets — — 18.8 — 18.8 Net increase (decrease) in cash and cash equivalents 665.5 (0.4 ) 0.4 — 665.5 Cash and cash equivalents at beginning of year 283.4 2.5 26.9 — 312.8 Cash and cash equivalents at end of year $ 948.9 $ 2.1 $ 27.3 $ — $ 978.3 |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Nature of Existing Business Founded in 1847, Cleveland-Cliffs Inc. is the largest and oldest independent iron ore mining company in the United States. We are a major supplier of iron ore pellets to the North American steel industry from our mines and pellet plants located in Michigan and Minnesota. In 2020, we expect to be the sole producer of HBI in the Great Lakes region with the startup of our first production plant in Toledo, Ohio. Our Company’s continuing operations are organized and managed in two operating segments according to our differentiated products. Our Mining and Pelletizing segment is a major supplier of iron ore pellets to the North American steel industry from our mines and pellet plants located in Michigan and Minnesota. Our Metallics segment includes our HBI production plant in Toledo, Ohio, which is currently under construction and expected to be completed during the first half of 2020. During the second quarter of 2019, Northshore mine began supplying DR-grade pellets to our Metallics segment, which will be used as feedstock for the HBI production plant when we begin production in 2020. Unless otherwise noted, discussion of our business and results of operations in this Annual Report on Form 10-K refers to our continuing operations on a stand-alone basis without giving effect to the Merger. |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Proposed Merger with AK Steel On December 2, 2019, we entered into the Merger Agreement with AK Steel and Merger Sub, pursuant to which, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into AK Steel, with AK Steel surviving the Merger as a wholly owned subsidiary of Cliffs. Pursuant to the Merger Agreement, at the effective time of the Merger, each share of AK Steel common stock issued and outstanding prior to the effective time of the Merger will be converted into, and become exchangeable for, 0.400 of a share of our common stock, par value $0.125 per share. We expect to complete the Merger in the first quarter of 2020. Completion of the Merger is subject to various conditions, such as satisfaction or waiver of certain specified closing conditions, and it is possible that factors outside of our control could result in the Merger being completed at a later time or not at all. The Merger Agreement also contains certain termination rights that may be exercised by either us or AK Steel. We plan to complete the Merger as soon as reasonably practicable following the satisfaction of all applicable conditions. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves; future realizable cash flow; environmental, reclamation and closure obligations; valuation of long-lived assets, inventory, tax assets and post-employment, post-retirement and other employee benefit liabilities; reserves for contingencies and litigation; and the fair value of derivative instruments. Actual results could differ from estimates. Management reviews its estimates on an ongoing basis. Changes in facts and circumstances may alter such estimates and affect the results of operations and financial position in future periods. |
Basis Of Consolidation | Basis of Consolidation The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries, including the following iron ore operations at December 31, 2019 : Name Location Business Segment Status of Operations Northshore Minnesota Mining and Pelletizing Active United Taconite Minnesota Mining and Pelletizing Active Tilden Michigan Mining and Pelletizing Active Empire Michigan Mining and Pelletizing Indefinitely Idled Toledo HBI Ohio Metallics Construction Stage Intercompany transactions and balances are eliminated upon consolidation. |
Equity Method Investments | Equity Method Investment We have an investment in an unconsolidated joint venture that we have the ability to exercise significant influence over, but not control, and is accounted for under the equity method. Our 23% ownership interest in Hibbing is recorded as an equity method investment. As of December 31, 2019 and 2018 , our investment in Hibbing was $18.0 million and $15.4 million , respectively, classified in Other non-current liabilities in the Statements of Consolidated Financial Position . Our share of equity income is eliminated against consolidated product inventory upon production, and against Cost of goods sold and operating expenses when sold. This effectively reduces the cost of our share of the mining venture's production, reflecting the cost-based nature of our participation in the unconsolidated joint venture. |
Noncontrolling Interests | Noncontrolling Interests During 2017, our ownership interest in Empire increased to 100% as we reached an agreement to distribute the noncontrolling interest net assets of $132.7 million to ArcelorMittal USA, in exchange for its interest in Empire. The parties agreed that the net assets were to be distributed in three installments of $44.2 million each, the balance of which was recorded in Other current liabilities in the Statements of Consolidated Financial Position . The final installment was paid in August 2019. Upon payment of the first installment, we assumed ArcelorMittal USA's 21% interest and reflected the ownership percentage change in our consolidated financial statements. During the year ended December 31, 2017 , we accounted for the increase in ownership as an equity transaction, which resulted in a net $12.1 million decrease in equity attributable to Cliffs' shareholders and a $116.7 million decrease in Noncontrolling interest . The net loss attributable to the noncontrolling interest of the Empire mining venture was $3.9 million for the year ended December 31, 2017 . During 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 have 100% ownership of the mine. During the year ended December 31, 2017 , 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 |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and on deposit as well as all short-term securities held for the primary purpose of general liquidity. We consider investments in highly liquid debt instruments with an original maturity of three months or less from the date of acquisition and longer maturities when funds can be withdrawn in three months or less without a significant penalty to be cash equivalents. We routinely monitor and evaluate counterparty credit risk related to the financial institutions in which our short-term investment securities are held. |
Trade Accounts Receivable and Allowance for Doubtful Accounts | Trade Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at the point control transfers and represents the amount of consideration we expect to receive in exchange for transferred goods and do not bear interest. The allowance for doubtful accounts is our best estimate of the expected credit losses over the life of our existing accounts receivable. We establish provisions for expected lifetime losses on accounts receivable at the time a receivable is recorded based on historical experience, customer credit quality and forecasted economic conditions. We regularly review our accounts receivable balances and establish or adjust the allowance as necessary using the specific identification method. |
Inventories | Inventories Product Inventories The Mining and Pelletizing segment cost of product inventories is determined using the LIFO method and is stated at the lower of cost or market. The Metallics segment cost of product inventories is determined using the weighted-average method and is stated at the lower of cost or net realizable value. Supplies and Other Inventories Supply inventories include replacement parts, fuel, chemicals and other general supplies, which are expected to be used or consumed in normal operations. Supply inventories also include critical spares. Critical spares are replacement parts for equipment that is critical for the continued operation of the mine or processing facilities. Supply inventories are stated at the lower of cost or net realizable value using average cost, less an allowance for obsolete and surplus items. Refer to NOTE 4 - INVENTORIES for further information. |
Derivative Financial Instruments and Hedging Activities | Derivative Financial Instruments and Hedging Activities We are exposed to certain risks related to the ongoing operations of our business, including those caused by changes in commodity prices and energy rates. We have established policies and procedures, including the use of certain derivative instruments, to manage such risks, if deemed necessary. Derivative financial instruments are recognized as either assets or liabilities in the Statements of Consolidated Financial Position and measured at fair value. On the date a qualifying hedging instrument is executed, we designate the hedging instrument as a hedge of the variability of cash flows to be received or paid related to a forecasted transaction (cash flow hedge). We formally document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to specific firm commitments or forecasted transactions. We also formally assess, both at the hedge's inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the related hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, we discontinue hedge accounting prospectively and record all future changes in fair value in the period of the instrument's earnings or losses. For derivative instruments that have been designated as cash flow hedges, the changes in fair value are recorded in Accumulated other comprehensive loss . Amounts recorded in Accumulated other comprehensive loss are reclassified to earnings or losses in the period the underlying hedged transaction affects earnings or when the underlying hedged transaction is no longer reasonably possible of occurring. For derivative instruments that have not been designated as cash flow hedges, such as provisional pricing arrangements and supplemental revenue or refunds contained within a customer supply agreement, changes in fair value are recorded in the period of the instrument's earnings or losses. Refer to Revenue Recognition below for discussion of derivatives recorded as a result of pricing terms in our sales contracts. Additionally, refer to NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information. |
Property, Plant and Equipment | Property, Plant and Equipment Our properties are stated at the lower of cost less accumulated depreciation or fair value. Depreciation of plant and equipment is computed principally by the straight-line method based on estimated useful lives, not to exceed the mine lives. Depreciation continues to be recognized when operations are idled temporarily. Depreciation and depletion is recorded over the following estimated useful lives: Asset Class Basis Life Land rights and mineral rights Units of production Life of mine Office and information technology Straight line 3 to 15 years Buildings Straight line 45 years Mining equipment Straight line/Double declining balance 3 to 20 years Processing equipment Straight line 10 to 45 years Electric power facilities Straight line 10 to 45 years Land improvements Straight line 20 to 45 years Asset retirement obligation Straight line Life of mine Refer to NOTE 5 - PROPERTY, PLANT AND EQUIPMENT for further information. |
Other Intangible Assets | Other Intangible Assets Our mine permits are subject to periodic amortization on a straight line basis over their estimated useful life, which corresponds with the life of mine. |
Asset Impairment | Asset Impairment We monitor conditions that may affect the carrying value of our long-lived tangible and intangible assets when events and circumstances indicate that the carrying value of the asset groups may not be recoverable. In order to determine if assets have been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available ("asset group"). An impairment loss exists when projected net undiscounted cash flows are less than the carrying value of the asset group. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying value of the asset group. Fair value can be determined using a market approach, income approach or cost approach. For the years ended December 31, 2019 , 2018 and 2017 , no impairment factors were present that would indicate the carrying value of any of our asset groups may not be recoverable; as a result, no impairment assessments were required. |
Fair Value Measurements | Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures , establishes a three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our own views about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized below: • Level 1 — Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 — Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. Refer to NOTE 7 - FAIR VALUE OF FINANCIAL INSTRUMENTS and NOTE 8 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information. |
Pension and Other Postretirement Plans | Pensions and Other Postretirement Benefits We offer defined benefit pension plans, defined contribution pension plans and OPEB plans, primarily consisting of retiree healthcare benefits, to most employees as part of a total compensation and benefits program. We recognize the funded or unfunded status of our pension and OPEB obligations on our December 31, 2019 and 2018 Statements of Consolidated Financial Position based on the difference between the market value of plan assets and the actuarial present value of our retirement obligations on that date, on a plan-by-plan basis. If the plan assets exceed the pension and OPEB obligations, the amount of the surplus is recorded as an asset; if the pension and OPEB obligations exceed the plan assets, the amount of the underfunded obligations is recorded as a liability. Year-end balance sheet adjustments to pension and OPEB assets and obligations are recorded as Accumulated other comprehensive loss in the Statements of Consolidated Financial Position . The actuarial estimates of the PBO and APBO incorporate various assumptions including the discount rates, the rates of increases in compensation, healthcare cost trend rates, mortality, retirement timing and employee turnover. The discount rate is determined based on the prevailing year-end rates for high-grade corporate bonds with a duration matching the expected cash flow timing of the benefit payments from the various plans. The remaining assumptions are based on our estimates of future events by incorporating historical trends and future expectations. The amount of net periodic cost that is recorded in the Statements of Consolidated Operations consists of several components including service cost, interest cost, expected return on plan assets, and amortization of previously unrecognized amounts. Service cost represents the value of the benefits earned in the current year by the participants. Interest cost represents the cost associated with the passage of time. Certain items, such as plan amendments, gains and/or losses resulting from differences between actual and assumed results for demographic and economic factors affecting the obligations and assets of the plans, and changes in other assumptions are subject to deferred recognition for income and expense purposes. The expected return on plan assets is determined utilizing the weighted average of expected returns for plan asset investments in various asset categories based on historical performance, adjusted for current trends. Service costs are classified within Cost of goods sold and operating expenses , Selling, general and administrative expenses and Miscellaneous - net while the interest cost, expected return on assets, amortization of prior service costs/credits, net actuarial gain/loss, and other costs are classified within Other non-operating income . Refer to NOTE 8 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information. |
Asset Retirement Obligations | Asset Retirement Obligations Asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The fair value of the liability is determined as the discounted value of the expected future cash flows. The asset retirement obligation is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized and amortized over the life of the related asset. Reclamation costs are adjusted periodically to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. We review, on an annual basis, unless otherwise deemed necessary, the asset retirement obligation at each mine site in accordance with the provisions of ASC Topic 410, Asset Retirement and Environmental Obligations . We perform an in-depth evaluation of the liability every three years in addition to our routine annual assessments. Future reclamation costs for inactive mines are accrued based on management’s best estimate at the end of each period of the costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing maintenance and monitoring costs. Changes in estimates at inactive mines are reflected in earnings in the period an estimate is revised. Refer to NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS for further information. |
Environmental Remediation Costs | Environmental Remediation Costs We have a formal policy for environmental protection and restoration. Our mining and exploration activities are subject to various laws and regulations governing protection of the environment. We conduct our operations to protect the public health and environment and believe our operations are in compliance with applicable laws and regulations in all material respects. Our environmental liabilities, including obligations for known environmental remediation exposures at active and closed mining operations and other sites, have been recognized based on the estimated cost of investigation and remediation at each site. If the cost can only be estimated as a range of possible amounts with no point in the range being more likely, the minimum of the range is accrued. Future expenditures are not discounted unless the amount and timing of the cash disbursements reasonably can be estimated. It is possible that additional environmental obligations could be incurred, the extent of which cannot be assessed. Potential insurance recoveries have not been reflected in the determination of the liabilities. Refer to NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS for further information. |
Revenue Recognition - Pre and Post Adoption of Topic 606 and Deferred Revenue | Revenue Recognition - Pre-Adoption of Topic 606 (2017) Prior to the adoption of Topic 606, revenue was recognized from a sale when persuasive evidence of an arrangement existed, the price was fixed or determinable, the product was delivered in accordance with shipping terms, title and risk of loss were transferred to the customer in accordance with the specified provisions of each supply agreement and collection of the sales price reasonably was assured. Our supply agreements provide that title and risk of loss transfer to the customer either upon loading of the vessel, shipment or when payment is received. Under certain supply agreements, we ship the product to ports on the lower Great Lakes or to the customers’ facilities prior to the transfer of title. Our rationale for shipping iron ore products to certain customers and retaining title until payment is received for these products is to minimize credit risk exposure. Sales were recorded at a sales price specified in the relevant supply agreements resulting in revenue and a receivable at the time of sale. The majority of our contracts have pricing mechanisms that require price estimation at the time of delivery with price finalization at a future period. Upon revenue recognition for provisionally priced sales, a derivative was created for the difference between the sales price used and expected future settlement price. The derivative was adjusted to fair value through Revenues from product sales and services as a revenue adjustment each reporting period based upon current market data and forward-looking estimates determined by management until the final sales price was determined. The principal risks associated with recognition of sales on a provisional basis include Platts 62% price, Atlantic Basin pellet premium and index freight fluctuations between the date initially recorded and the date of final settlement. For revenue recognition, we estimated the future settlement rate; however, if significant changes in inputs occurred between the provisional pricing date and the final settlement date, we were required to either return a portion of the sales proceeds received or bill for the additional sales proceeds due based on the provisional sales price. Revenue Recognition - Post-Adoption of Topic 606 (2018 and 2019) We sell a single product, iron ore pellets, in the North American market. With the adoption of Topic 606 as of January 1, 2018, revenue is recognized generally when iron ore is delivered to our customers. Revenue is measured at the point that control transfers and represents the amount of consideration we expect to receive in exchange for transferring goods. We offer standard payment terms to our customers, generally requiring settlement within 30 days. We enter into supply contracts of varying lengths to provide customers iron ore pellets to use in their blast furnaces. Blast furnaces run continuously with a constant feed of iron ore and once shut down, cannot easily be restarted. As a result, we ship iron ore in large quantities for storage and use by customers at a later date. Customers do not simultaneously receive and consume the benefits of the iron ore. Based on our assessment of the factors that indicate the pattern of satisfaction, we transfer control of the iron ore at a point in time upon shipment or delivery of the product. The customer is able to direct the use of, and obtain substantially all of the benefits from, the product at the time the product is delivered. Most of our customer supply agreements specify a provisional price, which is used for initial billing and cash collection. Revenue recorded in accordance with Topic 606 is calculated using the expected revenue rate at the point when control transfers. The final settlement includes market inputs for a specified period of time, which may vary by customer, but typically include one or more of the following: Platts 62% price, Atlantic Basin pellet premium, Platts international indexed freight rates and changes in specified PPI, including industrial commodities, energy and steel. Changes in the expected revenue rate from the date control transfers through final settlement of contract terms is recorded in accordance with Topic 815. Refer to NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information on how our estimated and final revenue rates are determined. A supply agreement with a customer provides for supplemental revenue or refunds based on the hot-rolled coil steel price in the year the iron ore is consumed in the customer’s blast furnaces. As control transfers prior to consumption, the supplemental revenue is recorded in accordance with Topic 815. Refer to NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information on supplemental revenue or refunds. Included within Revenues from product sales and services is derivative revenue related to Topic 815 of $7.5 million , $422.6 million and $120.6 million for the years ended December 31, 2019 , 2018 and 2017, respectively. As of December 31, 2019 and 2018, under Topic 606, we had finished goods of 1.0 million long tons and 0.8 million long tons, respectively, in transit or stored at ports and customer facilities on the lower Great Lakes to service customers, for which revenue had yet to be recognized. Under the previous accounting standard, we did not recognize revenue and related cost of goods sold until title transferred to the customer, usually when payment was received. As of December 31, 2017, under the previous accounting standard, we had finished goods of 1.5 million long tons stored at ports and customer facilities on the lower Great Lakes to service customers, for which revenue had yet to be recognized. Practical expedients and exemptions We have elected to treat all shipping and handling costs as fulfillment costs because a significant portion of these costs are incurred prior to control transfer. We have various long-term sales contracts with minimum purchase and supply requirement provisions that extend beyond the current reporting period. The portion of our transaction price for these contracts that is allocated entirely to wholly unsatisfied performance obligations is based on market prices that have not yet been determined and therefore is variable in nature. As such, we have not disclosed the value of unsatisfied performance obligations pursuant to the practical expedient. |
Cost of Goods Sold | Cost of Goods Sold Cost of goods sold and operating expenses represents all direct and indirect costs and expenses applicable to the sales from our mining operations. In some circumstances, as requested by the customer, we will coordinate and ship our product via vessel directly to the port nearest to the customer's blast furnace. In this type of contract, the customer will pay one amount inclusive of both product and freight. We recognize revenue for both product revenue and the amount reimbursed for the vessel freight to the final port. We separate these revenue types in NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION . Accordingly, the revenue we record for freight is offset by an equal amount included in Cost of goods sold and operating expenses for costs we incur for that freight, resulting in no impact on sales margin. Operating expenses represented the portion of the Tilden mining venture costs prior to our 100% ownership; that is, the costs attributable to the share of the mine’s production owned by the other joint venture partner in the Tilden mine until we acquired the remaining 15% noncontrolling interest during 2017. The mining venture functioned as a captive cost company, supplying product only to its owners effectively for the cost of production. Accordingly, the noncontrolling interests’ revenue amounts were stated at cost of production and were offset by an equal amount included in Cost of goods sold and operating expenses resulting in no sales margin reflected for the noncontrolling partner participant. As we were responsible for product fulfillment under the venture, we acted as a principal in the transaction and, accordingly, recorded revenue under these arrangements on a gross basis. |
Repairs And Maintenance | Repairs and Maintenance Repairs, maintenance and replacement of components are expensed as incurred. The cost of major equipment overhauls is capitalized and depreciated over the estimated useful life, which is the period until the next scheduled overhaul, generally five years. All other planned and unplanned repairs and maintenance costs are expensed when incurred. |
Share-based Compensation | Share-Based Compensation The fair value of each performance share grant is estimated on the date of grant using a Monte Carlo simulation to forecast relative TSR performance. A correlation matrix of historic and projected stock prices was developed for both the Company and its predetermined peer group of mining and metals companies. The fair value assumes that objective will be achieved. The expected term of the grant represents the time from the grant date to the end of the service period. We estimate the volatility of our common shares and that of the peer group of mining and metals companies using daily price intervals for all companies. The risk-free interest rate is the rate at the grant date on zero-coupon government bonds, with a term commensurate with the remaining performance period. The fair value of the restricted stock units is determined based on the closing price of our common shares on the grant date. Upon vesting of share-based compensation awards, we issue shares from treasury shares before issuing new shares. Forfeitures are recognized when they occur. The fair value of stock options is estimated on the date of grant using a Black-Scholes model using the grant date price of our common shares and option exercise price, and assumptions regarding the option’s expected term, the volatility of our common shares, the risk-free interest rate, and the dividend yield over the option’s expected term. Refer to NOTE 9 - STOCK COMPENSATION PLANS for additional information. |
Income Taxes | Income Taxes Income taxes are based on income for financial reporting purposes, calculated using tax rates by jurisdiction, and reflect a current tax liability or asset for the estimated taxes payable or recoverable on the current year tax return and expected annual changes in deferred taxes. Any interest or penalties on income tax are recognized as a component of Income tax benefit (expense) . We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized within Net income in the period that includes the enactment date. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial results of operations. Accounting for uncertainty in income taxes recognized in the financial statements requires that a tax benefit from an uncertain tax position be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on technical merits. See NOTE 10 - INCOME TAXES for further information. |
Discontinued Operations | Discontinued Operations Asia Pacific Iron Ore Operations During 2018, we committed to a course of action leading to the permanent closure of the Asia Pacific Iron Ore mining operations and sold all of the assets of our Asia Pacific Iron Ore business through a series of sales to third parties. As a result of our exit, management determined that our Asia Pacific Iron Ore operating segment met the criteria to be classified as held for sale and a discontinued operation under ASC Topic 205, Presentation of Financial Statements . As such, all current and historical Asia Pacific Iron Ore operating segment results are classified within discontinued operations. Canadian Operations During 2015, we announced that the Bloom Lake Group and the Wabush Group commenced restructuring proceedings in Montreal, Quebec under the CCAA to address the immediate liquidity issues and to preserve and protect their assets for the benefit of all stakeholders while restructuring and/or sale options were explored. Our Canadian exit represented a strategic shift in our business. For this reason, all Eastern Canadian Iron Ore costs to exit are classified as discontinued operations. Refer to NOTE 13 - DISCONTINUED OPERATIONS for further discussion of the Asia Pacific Iron Ore segment and Eastern Canadian Iron Ore discontinued operations. |
Foreign Currency | Foreign Currency Our financial statements are prepared with the U.S. dollar as the reporting currency and the functional currency of all subsidiaries is the U.S. dollar. In August 2018, management determined that there were significant changes in economic factors related to our Australian subsidiaries. The change in economic factors was a result of the sale and conveyance of substantially all assets and liabilities of our Australian subsidiaries to third parties, representing a significant change in operations. As such, the functional currency for the Australian subsidiaries changed from the Australian dollar to the U.S. dollar and all remaining Australian denominated monetary balances will be remeasured prospectively through the Statements of Consolidated Operations . As a result of the liquidation of the Australian subsidiaries' assets, the historical impact of foreign currency translation recorded in Accumulated other comprehensive loss in the Statements of Consolidated Financial Position of $228.1 million was reclassified and recognized as a gain in Income (loss) from discontinued operations, net of tax in the Statements of Consolidated Operations for the year ended December 31, 2018. Refer to NOTE 13 - DISCONTINUED OPERATIONS for further information regarding our Australian subsidiaries. |
Earnings Per Share | Earnings Per Share We present both basic and diluted earnings per share amounts for continuing operations and discontinued operations. Total basic earnings per share amounts are calculated by dividing Net income attributable to Cliffs shareholders by the weighted average number of common shares outstanding during the period presented. Total diluted earnings per share amounts are calculated by dividing Net income attributable to Cliffs shareholders by the weighted average number of common shares, common share equivalents under stock plans using the treasury-stock method and the calculated common share equivalents in excess of the conversion rate related to our 2025 Convertible Senior Notes using the treasury-stock method. Common share equivalents are excluded from EPS computations in the periods in which they have an anti-dilutive effect. See NOTE 6 - DEBT AND CREDIT FACILITIES and NOTE 17 - EARNINGS PER SHARE for further information. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Issued and Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The new standard requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases except for short-term leases. For lessees, leases are classified as either operating or finance leases. We adopted this standard on its effective date of January 1, 2019 using the optional alternative approach, which requires application of the new guidance at the beginning of the standard's effective date. Adoption of the updated standard did not have a material effect on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) , which introduces a new accounting model, Current Expected Credit Losses ("CECL"). CECL requires earlier recognition of credit losses, while also providing additional transparency about credit risk. CECL utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. We elected to early adopt this standard on December 31, 2019. Adoption of the updated standard did not have a material effect on our consolidated financial statements. On January 1, 2018, we adopted Topic 606 and applied it to all contracts that were not completed using the modified retrospective method. We recognized the cumulative effect of initially applying Topic 606 as an adjustment of $34.0 million to the opening balance of Retained deficit . The comparative period information for the year ended December 31, 2017, has not been retrospectively revised and continues to be reported under the accounting standards in effect for that period. The adoption of Topic 606 increased 2018 Revenues from product sales and services and Net income by $68.1 million and $46.2 million , respectively. Under Topic 606, revenue is generally recognized upon delivery to our customers, which is earlier than under the previous guidance. As an example, for certain iron ore shipments where revenue was previously recognized upon title transfer when payment was received, we now recognize revenue when control transfers, which is generally upon delivery. While we continue to retain title until we receive payment in many cases, we determined upon review of our customer contracts that the preponderance of control indicators pass to our customers' favor when we deliver our products; thus, we generally concluded that control transfers at that point. As a result of the adoption of Topic 606 and vessel deliveries not occurring during the winter months because of the closure of the Soo Locks at Sault Ste. Marie and the Welland Canal, our revenues and net income will be relatively lower than historical levels during the first quarter of each year and relatively higher than historical levels during the remaining three quarters of each year. However, the total amount of revenue recognized during the year should remain substantially the same as under previous accounting standards, assuming revenue rates and volumes are consistent between years. The adoption of Topic 606 did not have an impact on net cash flows in our Statements of Consolidated Cash Flows. |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Depreciation Disclosure [Table Text Block] | Depreciation and depletion is recorded over the following estimated useful lives: Asset Class Basis Life Land rights and mineral rights Units of production Life of mine Office and information technology Straight line 3 to 15 years Buildings Straight line 45 years Mining equipment Straight line/Double declining balance 3 to 20 years Processing equipment Straight line 10 to 45 years Electric power facilities Straight line 10 to 45 years Land improvements Straight line 20 to 45 years Asset retirement obligation Straight line Life of mine The following table indicates the carrying value of each of the major classes of our consolidated property, plant and equipment: (In Millions) December 31, 2019 2018 Land rights and mineral rights $ 549.7 $ 549.6 Office and information technology 71.9 70.0 Buildings 157.8 87.2 Mining equipment 581.9 548.5 Processing equipment 791.8 645.8 Electric power facilities 81.9 58.7 Land improvements 32.5 23.8 Asset retirement obligation 1.7 14.8 Other 27.9 25.2 Construction-in-progress 730.3 284.8 3,027.4 2,308.4 Allowance for depreciation and depletion (1,098.4 ) (1,022.4 ) $ 1,929.0 $ 1,286.0 |
SUPPLEMENTARY FINANCIAL STATE_2
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Text Block [Abstract] | |
Revenues from Product Sales and Services [Table Text Block] | (In Millions) Year Ended December 31, 2019 2018 2017 Revenue category: Product $ 1,848.1 $ 2,172.3 $ 1,644.6 Freight 141.8 160.1 166.7 Venture partner's cost reimbursements — — 54.7 Total revenues from product sales and services $ 1,989.9 $ 2,332.4 $ 1,866.0 Freight and venture partner's cost reimbursements are included in both Revenues from product sales and services and Cost of goods sold and operating expenses and are offset within Sales margin . There was no allowance for doubtful accounts at December 31, 2019 and 2018 and no bad debt expense for the years ended December 31, 2019 , 2018 and 2017 |
Deferred Revenue [Table Text Block] | The table below summarizes our deferred revenue balances: (In Millions) Deferred Revenue (Current) Deferred Revenue (Long-Term) Year Ended Year Ended 2019 2018 2019 2018 Opening balance as of January 1 $ 21.0 $ 23.8 $ 38.5 $ 51.4 Closing balance as of December 31 22.1 21.0 25.7 38.5 Increase (Decrease) $ 1.1 $ (2.8 ) $ (12.8 ) $ (12.9 ) |
Schedule of Accrued Liabilities [Table Text Block] | The following table presents the detail of our Accrued liabilities in the Statements of Consolidated Financial Position : (In Millions) December 31, 2019 2018 Accrued employment costs $ 61.7 $ 74.0 Accrued interest 29.0 38.4 Accrued dividends 17.8 15.0 Accrued royalties 8.4 17.3 Other 9.4 14.2 Accrued liabilities $ 126.3 $ 158.9 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Cash payments (receipts) for interest and income taxes are as follows: (In Millions) 2019 2018 2017 Taxes paid on income $ 0.2 $ 2.9 $ 1.7 Income tax refunds (117.9 ) (11.3 ) (7.8 ) Interest paid on debt obligations net of capitalized interest 1 97.6 105.7 139.0 1 Capitalized interest was $24.8 million and $6.5 million for the years ended December 31, 2019 and 2018, respectively. A reconciliation of capital additions to cash paid for capital expenditures is as follows: (In Millions) Year Ended December 31, 2019 2018 2017 Capital additions 1 $ 689.8 $ 394.8 $ 156.0 Less: Non-cash accruals 15.3 93.6 (2.2 ) Right-of-use assets - finance leases 29.3 7.6 6.5 Grants (10.8 ) (2.5 ) — Cash paid for capital expenditures including deposits $ 656.0 $ 296.1 $ 151.7 1 Includes capital additions related to discontinued operations of $0.1 million and $2.8 million for the years ended December 31, 2018 and 2017, respectively. |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | The following tables present a summary of our reportable segments including a reconciliation of segment revenues to total Revenues from product sales and services , segment sales margin to total Sales margin and a reconciliation of Net income to EBITDA and Adjusted EBITDA: (In Millions) Year Ended Mining and Pelletizing Metallics Total Operating segment revenues from product sales and services $ 2,069.2 $ — $ 2,069.2 Elimination of intersegment revenues (79.3 ) — (79.3 ) Total revenues from product sales and services $ 1,989.9 $ — $ 1,989.9 Operating segment sales margin $ 600.0 $ — $ 600.0 Elimination of intersegment sales margin (24.3 ) — (24.3 ) Total sales margin $ 575.7 $ — $ 575.7 Revenues from product sales and services of $2,332.4 million and $1,866.0 million , respectively, and sales margin of $809.6 million and $467.6 million , respectively, related to our Mining and Pelletizing segment accounted for all of our consolidated revenues and sales margin for years ended December 31, 2018 and December 31, 2017 . (In Millions) 2019 2018 2017 Net income $ 292.8 $ 1,128.1 $ 363.1 Less: Interest expense, net (101.6 ) (121.3 ) (132.0 ) Income tax benefit (expense) (17.6 ) 460.3 252.4 Depreciation, depletion and amortization (85.1 ) (89.0 ) (87.7 ) Total EBITDA $ 497.1 $ 878.1 $ 330.4 Less: Impact of discontinued operations $ (1.3 ) $ 120.6 $ 22.0 Loss on extinguishment of debt (18.2 ) (6.8 ) (165.4 ) Severance costs (1.7 ) — — Acquisition costs (6.5 ) — — Foreign exchange remeasurement — (0.9 ) 13.9 Impairment of other long-lived assets — (1.1 ) — Total Adjusted EBITDA $ 524.8 $ 766.3 $ 459.9 EBITDA: Mining and Pelletizing $ 648.1 $ 852.9 $ 534.9 Metallics (8.1 ) (3.3 ) (0.4 ) Corporate and Other (including discontinued operations) (142.9 ) 28.5 (204.1 ) Total EBITDA $ 497.1 $ 878.1 $ 330.4 Adjusted EBITDA: Mining and Pelletizing $ 668.3 $ 875.3 $ 559.4 Metallics (8.1 ) (3.3 ) (0.4 ) Corporate (135.4 ) (105.7 ) (99.1 ) Total Adjusted EBITDA $ 524.8 $ 766.3 $ 459.9 The following table summarizes our depreciation, depletion and amortization and capital additions: (In Millions) 2019 2018 2017 Depreciation, depletion and amortization: Mining and Pelletizing $ 79.0 $ 68.2 $ 66.6 Metallics 0.6 — — Corporate 5.5 5.6 6.8 Total depreciation, depletion and amortization $ 85.1 $ 73.8 $ 73.4 Capital additions 1 : Mining and Pelletizing $ 128.1 $ 145.0 $ 136.8 Metallics 558.4 248.1 13.7 Corporate and Other 3.3 1.6 2.7 Total capital additions $ 689.8 $ 394.7 $ 153.2 1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information. |
Summary of Assets by Segment | A summary of assets by segment is as follows: (In Millions) December 31, 2019 2018 2017 Assets: Mining and Pelletizing $ 1,643.1 $ 1,694.1 $ 1,500.6 Metallics 913.6 265.9 13.4 Total reportable segment assets 2,556.7 1,960.0 1,514.0 Corporate and Other 940.1 1,557.2 1,300.6 Assets of discontinued operations 7.0 12.4 138.8 Total assets $ 3,503.8 $ 3,529.6 $ 2,953.4 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Included in the consolidated financial statements are the following amounts relating to geographic location: (In Millions) 2019 2018 2017 Revenues from product sales and services: United States $ 1,505.2 $ 1,847.3 $ 1,504.5 Canada 448.1 395.1 206.2 Other countries 36.6 90.0 155.3 Total revenues from product sales and services $ 1,989.9 $ 2,332.4 $ 1,866.0 Property, plant and equipment, net: United States $ 1,929.0 $ 1,286.0 $ 1,033.8 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | The following table presents the detail of our Inventories in the Statements of Consolidated Financial Position : (In Millions) December 31, 2019 2018 Product inventories Finished goods $ 114.1 $ 77.8 Work-in-process 68.7 10.1 Total product inventories 182.8 87.9 Supplies and other inventories 134.6 93.2 Inventories $ 317.4 $ 181.1 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property Plant and Equipment [Table Text Block] | Depreciation and depletion is recorded over the following estimated useful lives: Asset Class Basis Life Land rights and mineral rights Units of production Life of mine Office and information technology Straight line 3 to 15 years Buildings Straight line 45 years Mining equipment Straight line/Double declining balance 3 to 20 years Processing equipment Straight line 10 to 45 years Electric power facilities Straight line 10 to 45 years Land improvements Straight line 20 to 45 years Asset retirement obligation Straight line Life of mine The following table indicates the carrying value of each of the major classes of our consolidated property, plant and equipment: (In Millions) December 31, 2019 2018 Land rights and mineral rights $ 549.7 $ 549.6 Office and information technology 71.9 70.0 Buildings 157.8 87.2 Mining equipment 581.9 548.5 Processing equipment 791.8 645.8 Electric power facilities 81.9 58.7 Land improvements 32.5 23.8 Asset retirement obligation 1.7 14.8 Other 27.9 25.2 Construction-in-progress 730.3 284.8 3,027.4 2,308.4 Allowance for depreciation and depletion (1,098.4 ) (1,022.4 ) $ 1,929.0 $ 1,286.0 |
Book Value of Land and Mineral Rights Disclosure [Table Text Block] | The net book value of the land rights and mineral rights is as follows : (In Millions) December 31, 2019 2018 Land rights $ 12.4 $ 12.4 Mineral rights: Cost $ 537.3 $ 537.2 Depletion (134.1 ) (126.5 ) Net mineral rights $ 403.2 $ 410.7 |
DEBT AND CREDIT FACILITIES (Tab
DEBT AND CREDIT FACILITIES (Tables) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Schedule Of Long-Term Debt | The following represents a summary of our long-term debt: (In Millions) December 31, 2019 Debt Instrument Annual Effective Interest Rate Total Principal Amount Debt Issuance Costs Unamortized Discounts Total Debt Senior Secured Notes: $400 Million 4.875% 2024 Senior Notes 5.00% $ 400.0 $ (4.6 ) $ (1.8 ) $ 393.6 Senior Unsecured Notes: $316.25 Million 1.50% 2025 Convertible Senior Notes 6.26% 316.3 (4.6 ) (65.0 ) 246.7 $1.075 Billion 5.75% 2025 Senior Notes 6.01% 473.3 (3.6 ) (5.5 ) 464.2 $750 Million 5.875% 2027 Senior Notes 6.49% 750.0 (6.3 ) (27.3 ) 716.4 $800 Million 6.25% 2040 Senior Notes 6.34% 298.4 (2.2 ) (3.3 ) 292.9 ABL Facility N/A 450.0 N/A N/A — Long-term debt $ 2,113.8 (In Millions) December 31, 2018 Debt Instrument Annual Effective Interest Rate Total Principal Amount Debt Issuance Costs Unamortized Discounts Total Debt Senior Secured Notes: $400 Million 4.875% 2024 Senior Notes 5.00% $ 400.0 $ (5.7 ) $ (2.2 ) $ 392.1 Unsecured Senior Notes: $700 Million 4.875% 2021 Senior Notes 4.89% 124.0 (0.2 ) — 123.8 $316.25 Million 1.50% 2025 Convertible Senior Notes 6.26% 316.3 (5.5 ) (75.6 ) 235.2 $1.075 Billion 5.75% 2025 Senior Notes 6.01% 1,073.3 (9.9 ) (14.6 ) 1,048.8 $800 Million 6.25% 2040 Senior Notes 6.34% 298.4 (2.3 ) (3.3 ) 292.8 ABL Facility N/A 450.0 N/A N/A — Fair Value Adjustment to Interest Rate Hedge 0.2 Long-term debt $ 2,092.9 | ||
Schedule of Extinguishment of Debt [Table Text Block] | The following is a summary of the debt extinguished and the respective loss on extinguishment: (In Millions) Year Ended December 31, 2019 Debt Extinguished (Loss) on Extinguishment 1 Unsecured Notes: $700 Million 4.875% 2021 Senior Notes $ 124.0 $ (5.3 ) $1.075 Billion 5.75% 2025 Senior Notes 600.0 (12.9 ) $ 724.0 $ (18.2 ) 1 This includes premiums paid related to the redemption of our notes of $5.3 million. | The following is a summary of the debt extinguished and the respective gain (loss) on extinguishment: (In Millions) Year Ended Debt Extinguished Gain (Loss) on Extinguishment 1 Unsecured Notes: $400 Million 5.90% 2020 Senior Notes $ 88.9 $ (3.3 ) $500 Million 4.80% 2020 Senior Notes 122.4 (3.7 ) $700 Million 4.875% 2021 Senior Notes 14.4 0.1 $1.075 Billion 5.75% 2025 Senior Notes 1.7 0.1 $ 227.4 $ (6.8 ) 1 This includes premiums paid related to the redemption of our notes of $7.1 million. | The following is a summary of the debt extinguished and the respective gain (loss) on extinguishment: (In Millions) Year Ended Debt Extinguished Gain (Loss) on Extinguishment 1 Secured Notes: $540 Million 8.25% 2020 First Lien Notes $ 540.0 $ (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 $ (165.4 ) 1 This includes premiums paid related to the redemption of our notes of $110.0 million. |
Schedule of Maturities of Long-term Debt [Table Text Block] | The following represents a summary of our debt instrument maturities based on the principal amounts outstanding at December 31, 2019 : (In Millions) Maturities of Debt 2020 $ — 2021 — 2022 — 2023 — 2024 400.0 2025 and thereafter 1,838.0 Total maturities of debt $ 2,238.0 | ||
Schedule of Line of Credit Facilities [Table Text Block] | The following represents a summary of our borrowing capacity under the ABL Facility: (In Millions) December 31, 2019 December 31, 2018 Available borrowing base on ABL Facility 1 $ 395.7 $ 323.7 Letter of credit obligations and other commitments 2 (37.9 ) (55.0 ) Borrowing capacity available 3 $ 357.8 $ 268.7 1 The ABL Facility has a maximum borrowing base of $450 million, determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment. 2 We issued standby letters of credit with certain financial institutions in order to support business obligations including, but not limited to, workers compensation and environmental obligations. 3 As of December 31, 2019 and 2018 we had no loans drawn under the ABL Facility. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following represents the assets and liabilities measured at fair value: (In Millions) December 31, 2019 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 $ — $ 187.6 $ — $ 187.6 Derivative assets — — 45.8 45.8 Total $ — $ 187.6 $ 45.8 $ 233.4 Liabilities: Derivative liabilities $ — $ 3.2 $ 1.1 $ 4.3 Total $ — $ 3.2 $ 1.1 $ 4.3 (In Millions) December 31, 2018 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 $ 0.8 $ 542.6 $ — $ 543.4 Derivative assets — 0.1 91.4 91.5 Total $ 0.8 $ 542.7 $ 91.4 $ 634.9 Liabilities: Derivative liabilities $ — $ 3.7 $ — $ 3.7 Total $ — $ 3.7 $ — $ 3.7 |
Fair Value, Measurements Inputs and Valuation Techniques | The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy: Qualitative/Quantitative Information About Level 3 Fair Value Measurements Fair Value at December 31, 2019 (In Millions) Balance Sheet Location Valuation Technique Unobservable Input Point Estimate Customer supply agreement $44.5 Derivative assets Market Approach Management's estimate of hot-rolled coil steel price per net ton $650 Provisional pricing arrangements $1.3 Derivative assets Market Approach Management's estimate of Platts 62% price per dry metric ton $76 Provisional pricing arrangements $1.1 Other current liabilities Market Approach PPI estimates 197 |
Fair Value, Assets and Liabilities, Measured On Recurring Basis, Unobservable Input Reconciliation | The following tables represent a reconciliation of the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3): (In Millions) Derivative Assets (Level 3) Derivative Liabilities (Level 3) Year Ended Year Ended 2019 2018 2019 2018 Beginning balance - January 1 $ 91.4 $ 49.5 $ — $ (1.7 ) Total gains (losses) included in earnings 78.6 428.7 (71.1 ) (6.1 ) Settlements (124.2 ) (386.8 ) 70.0 7.8 Ending balance - December 31 $ 45.8 $ 91.4 $ (1.1 ) $ — Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) on assets still held at the reporting date $ 45.8 $ 91.4 $ (1.1 ) $ — |
Schedule Of Carrying Value And Fair Value Of Financial Instruments | A summary of the carrying value and fair value of other financial instruments were as follows: (In Millions) December 31, 2019 December 31, 2018 Classification Carrying Value Fair Value Carrying Value Fair Value Long-term debt: Secured Notes: $400 Million 4.875% 2024 Senior Notes Level 1 $ 393.6 $ 410.0 $ 392.1 $ 370.2 Unsecured Notes: $700 Million 4.875% 2021 Senior Notes Level 1 — — 123.8 122.3 $316.25 Million 1.50% 2025 Convertible Senior Notes Level 1 246.7 385.0 235.2 352.4 $1.075 Billion 5.75% 2025 Senior Notes Level 1 464.2 473.3 1,048.8 962.0 $750 Million 5.875% 2027 Senior Notes Level 1 716.4 718.5 — — $800 Million 6.25% 2040 Senior Notes Level 1 292.9 250.2 292.8 232.8 ABL Facility Level 2 — — — — Fair Value Adjustment to Interest Rate Hedge Level 2 — — 0.2 0.2 Total long-term debt $ 2,113.8 $ 2,237.0 $ 2,092.9 $ 2,039.9 |
PENSIONS AND OTHER POSTRETIRE_2
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |
Annual Costs Related to Retirement Plans | The following table summarizes the annual expense (income) recognized related to the retirement plans: (In Millions) 2019 2018 2017 Defined benefit pension plans $ 22.4 $ 12.7 $ 18.0 Defined contribution pension plans 3.4 3.1 2.9 OPEB plans (2.5 ) (5.9 ) (6.1 ) Total $ 23.3 $ 9.9 $ 14.8 |
Obligations and Funded Status | The following tables and information provide additional disclosures: (In Millions) Pension Benefits Other Benefits Change in benefit obligations: 2019 2018 2019 2018 Benefit obligations — beginning of year $ 905.7 $ 973.1 $ 241.9 $ 265.9 Service cost (excluding expenses) 17.3 18.7 1.7 2.2 Interest cost 34.9 30.3 9.5 8.3 Plan amendments — 2.2 — 12.8 Actuarial (gain) loss 111.8 (57.0 ) 18.9 (29.4 ) Benefits paid (62.2 ) (60.7 ) (25.6 ) (24.4 ) Participant contributions — — 5.8 5.6 Other 13.6 (0.9 ) 2.3 0.9 Benefit obligations — end of year $ 1,021.1 $ 905.7 $ 254.5 $ 241.9 Change in plan assets: Fair value of plan assets — beginning of year $ 687.2 $ 749.8 $ 240.2 $ 262.5 Actual return on plan assets 98.1 (29.6 ) 35.1 (8.2 ) Participant contributions — — 0.5 0.5 Employer contributions 16.4 27.6 2.5 3.0 Benefits paid (62.2 ) (60.7 ) (18.6 ) (17.6 ) Other 9.4 0.1 — — Fair value of plan assets — end of year $ 748.9 $ 687.2 $ 259.7 $ 240.2 Funded status $ (272.2 ) $ (218.5 ) $ 5.2 $ (1.7 ) Amounts recognized in Statements of Financial Position: Non-current assets $ — $ — $ 48.5 $ 32.1 Current liabilities (0.5 ) (0.1 ) (3.5 ) (3.5 ) Non-current liabilities (271.7 ) (218.4 ) (39.8 ) (30.3 ) Total amount recognized $ (272.2 ) $ (218.5 ) $ 5.2 $ (1.7 ) Amounts recognized in accumulated other comprehensive loss: Net actuarial loss $ 382.1 $ 330.1 $ 72.6 $ 82.1 Prior service cost (credit) 7.3 8.5 (7.9 ) (9.9 ) Net amount recognized $ 389.4 $ 338.6 $ 64.7 $ 72.2 |
Schedule of Net Funded Status | (In Millions) 2019 Pension Plans Other Benefits Salaried Hourly SERP Total Salaried Hourly Total Fair value of plan assets $ 293.7 $ 455.2 $ — $ 748.9 $ — $ 259.7 $ 259.7 Benefit obligation (407.2 ) (607.3 ) (6.6 ) (1,021.1 ) (37.7 ) (216.8 ) (254.5 ) Funded status $ (113.5 ) $ (152.1 ) $ (6.6 ) $ (272.2 ) $ (37.7 ) $ 42.9 $ 5.2 (In Millions) 2018 Pension Plans Other Benefits Salaried Hourly Mining SERP Total Salaried Hourly Total Fair value of plan assets $ 249.8 $ 429.4 $ 8.0 $ — $ 687.2 $ — $ 240.2 $ 240.2 Benefit obligation (340.8 ) (548.9 ) (10.7 ) (5.3 ) (905.7 ) (32.9 ) (209.0 ) (241.9 ) Funded status $ (91.0 ) $ (119.5 ) $ (2.7 ) $ (5.3 ) $ (218.5 ) $ (32.9 ) $ 31.2 $ (1.7 ) |
Components Of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost (In Millions) Pension Benefits Other Benefits 2019 2018 2017 2019 2018 2017 Service cost $ 17.3 $ 18.7 $ 17.1 $ 1.7 $ 2.2 $ 1.8 Interest cost 34.9 30.3 30.5 9.5 8.3 8.3 Expected return on plan assets (54.6 ) (60.0 ) (54.5 ) (16.8 ) (18.4 ) (17.7 ) Amortization: Prior service costs (credits) 1.2 2.2 2.6 (2.0 ) (3.0 ) (3.0 ) Net actuarial loss 23.5 21.2 22.3 5.1 5.0 4.5 Curtailments 0.1 0.3 — — — — Net periodic benefit cost (credit) $ 22.4 $ 12.7 $ 18.0 $ (2.5 ) $ (5.9 ) $ (6.1 ) |
Components of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In Millions) Pension Benefits Other Benefits 2019 2018 2019 2018 Discount rates $ 105.8 $ (75.7 ) $ 25.5 $ (19.0 ) Demographic losses 12.3 21.7 3.6 2.3 Mortality (6.3 ) (3.0 ) (3.9 ) (0.8 ) Per capita claims — — (9.4 ) (11.9 ) Other — — 3.1 — Actuarial (gain) loss on benefit obligation 111.8 (57.0 ) 18.9 (29.4 ) Actual returns on assets (over) under estimate (43.5 ) 89.6 (18.3 ) 26.6 Amortization of net actuarial loss (23.5 ) (21.2 ) (5.1 ) (5.0 ) Amortization of prior service credits (costs) (1.2 ) (2.2 ) 2.0 3.0 Current year prior service costs — 2.2 — 12.8 Other 7.2 (0.3 ) (5.0 ) 1.5 Total recognized in accumulated other comprehensive loss (income) $ 50.8 $ 11.1 $ (7.5 ) $ 9.5 |
Weighted-Average Assumptions Used to Determine Benefit Obligations | The following represents weighted-average assumptions used to determine benefit obligations: Pension Benefits Other Benefits December 31, December 31, 2019 2018 2019 2018 Discount rate: Iron Hourly Pension Plan 3.34 % 4.31 % N/A % N/A % Salaried Pension Plan 3.18 4.21 N/A N/A Ore Mining Pension Plan N/A 4.33 N/A N/A Supplemental Executive Retirement Plan 3.05 4.22 N/A N/A Hourly OPEB Plan N/A N/A 3.28 4.29 Salaried OPEB Plan N/A N/A 3.29 4.27 Interest crediting rate 6.00 6.00 N/A N/A Salaried rate of compensation increase 3.00 3.00 3.00 3.00 Hourly rate of compensation increase 2.00 2.00 N/A N/A |
Weighted-Average Assumptions Used To Determine Net Benefit Costs | The following represents weighted-average assumptions used to determine net benefit cost: Pension Benefits Other Benefits December 31, December 31, 2019 2018 2017 2019 2018 2017 Obligation Discount Rate: Iron Hourly Pension Plan 4.31 % 3.61 % 4.02 % N/A % N/A % N/A % Salaried Pension Plan 4.22 3.52 3.91 N/A N/A N/A Ore Mining Pension Plan N/A 3.61 4.04 N/A N/A N/A Supplemental Executive Retirement Plan 4.21 3.54 3.90 N/A N/A N/A Hourly OPEB Plan N/A N/A N/A 4.29 3.60 4.03 Salaried OPEB Plan N/A N/A N/A 4.28 3.57 3.98 Service Cost Discount Rate: Iron Hourly Pension Plan 4.49 3.76 4.30 N/A N/A N/A Salaried Pension Plan 4.23 3.53 3.93 N/A N/A N/A Ore Mining Pension Plan N/A 3.75 4.27 N/A N/A N/A Supplemental Executive Retirement Plan 4.11 3.43 3.69 N/A N/A N/A Hourly OPEB Plan N/A N/A N/A 4.48 3.73 4.23 Salaried OPEB Plan N/A N/A N/A 4.54 3.76 4.30 Interest Cost Discount Rate: Iron Hourly Pension Plan 3.96 3.21 3.38 N/A N/A N/A Salaried Pension Plan 3.85 3.08 3.21 N/A N/A N/A Ore Mining Pension Plan N/A 3.22 3.41 N/A N/A N/A Supplemental Executive Retirement Plan 3.89 3.16 3.36 N/A N/A N/A Hourly OPEB Plan N/A N/A N/A 3.95 3.10 3.24 Salaried OPEB Plan N/A N/A N/A 3.91 3.15 3.28 Interest crediting rate 6.00 6.00 6.00 N/A N/A N/A Expected return on plan assets 8.25 8.25 8.25 7.00 7.00 7.00 Salaried rate of compensation increase 3.00 3.00 3.00 3.00 3.00 3.00 Hourly rate of compensation increase 2.00 2.00 2.00 N/A N/A N/A |
Assumed Health Care Cost Trend Rates | The following represents assumed health care cost trend rates: December 31, 2019 2018 Health care cost trend rate assumed for next year 6.50 % 6.75 % Ultimate health care cost trend rate 5.00 5.00 Year that the ultimate rate is reached 2026 2026 |
Plan Assets and Asset Allocation | The following table reflects the actual asset allocations for pension and VEBA plan assets as of December 31, 2019 and 2018 , as well as the 2020 weighted average target asset allocations. Equity investments include securities in large-cap, mid-cap and small-cap companies located in the U.S. and worldwide. Fixed income investments primarily include corporate bonds and government debt securities. Pension Assets VEBA Assets Asset Category 2020 Target Allocation Percentage of Plan Assets at December 31, 2020 Target Allocation Percentage of Plan Assets at December 31, 2019 2018 2019 2018 Equity securities 45.0 % 44.0 % 38.9 % 8.0 % 7.2 % 8.1 % Fixed income 28.0 % 26.1 % 26.0 % 80.0 % 79.8 % 77.0 % Hedge funds 5.0 % 5.4 % 5.4 % 4.0 % 4.8 % 4.7 % Private equity 7.0 % 6.6 % 6.2 % 3.0 % 0.7 % 1.2 % Structured credit 7.5 % 7.0 % 11.4 % 2.0 % 2.1 % 3.5 % Real estate 7.5 % 9.4 % 10.3 % 3.0 % 5.4 % 5.4 % Cash — % 1.5 % 1.8 % — % — % 0.1 % Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % |
Defined Benefit Plan, Plan Assets, Category [Table Text Block] | The fair value of our pension plan assets by asset category is as follows: (In Millions) December 31, 2019 Asset Category Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity securities: U.S. large-cap $ 139.1 $ — $ — $ 139.1 U.S. small/mid-cap 29.3 — — 29.3 International 161.4 — — 161.4 Fixed income 173.0 22.3 — 195.3 Hedge funds — — 40.2 40.2 Private equity — — 49.5 49.5 Structured credit — — 52.3 52.3 Real estate — — 70.4 70.4 Cash 11.4 — — 11.4 Total $ 514.2 $ 22.3 $ 212.4 $ 748.9 (In Millions) December 31, 2018 Asset Category Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity securities: U.S. large-cap $ 112.6 $ — $ — $ 112.6 U.S. small/mid-cap 22.5 — — 22.5 International 132.0 — — 132.0 Fixed income 151.1 27.4 — 178.5 Hedge funds — — 37.2 37.2 Private equity — — 42.6 42.6 Structured credit — — 78.8 78.8 Real estate — — 70.5 70.5 Cash 12.5 — — 12.5 Total $ 430.7 $ 27.4 $ 229.1 $ 687.2 |
Effect of Fair Value Measurements Using Significant Unobservable Inputs on Changes in Plan Assets | The following represents the fair value measurements of changes in plan assets using significant unobservable inputs (Level 3): (In Millions) Year Ended December 31, 2019 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2019 $ 37.2 $ 42.6 $ 78.8 $ 70.5 $ 229.1 Actual return on plan assets: Relating to assets still held at the reporting date 3.4 (1.0 ) 0.5 (4.2 ) (1.3 ) Relating to assets sold during the period — 1.2 0.8 28.6 30.6 Purchases — 16.5 — — 16.5 Sales — (9.3 ) (26.8 ) (23.8 ) (59.9 ) Other (0.4 ) (0.5 ) (1.0 ) (0.7 ) (2.6 ) Ending balance — December 31, 2019 $ 40.2 $ 49.5 $ 52.3 $ 70.4 $ 212.4 (In Millions) Year Ended December 31, 2018 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2018 $ 37.4 $ 39.8 $ 72.9 $ 65.5 $ 215.6 Actual return on plan assets: Relating to assets still held at the reporting date (0.2 ) 1.4 5.9 5.4 12.5 Relating to assets sold during — 4.0 — — 4.0 Purchases — 5.2 — — 5.2 Sales — (7.8 ) — (0.4 ) (8.2 ) Ending balance — December 31, 2018 $ 37.2 $ 42.6 $ 78.8 $ 70.5 $ 229.1 |
Schedule Of Annual Contributions | (In Millions) Pension Benefits Other Benefits Company Contributions VEBA Direct Payments Total 2018 $ 27.6 $ — $ 3.8 $ 3.8 2019 16.4 — 3.7 3.7 2020 (Expected) 1 20.2 — 3.5 3.5 1 Pursuant to the bargaining agreement, benefits can be paid from VEBA trusts that are at least 70% funded (all VEBA trusts are over 70% funded at December 31, 2019). Funding obligations have been suspended as UTAC's, Tilden's and Empire's share of the value of their respective trust assets have reached 90% of their obligation. |
Estimated Net Periodic Benefit Cost | Estimated Cost for 2020 For 2020 , we estimate net periodic benefit cost (credit) as follows: (In Millions) Defined benefit pension plans $ 16.7 OPEB plans (8.7 ) Total $ 8.0 |
Estimated Future Benefit Payments | Estimated Future Benefit Payments (In Millions) Pension Benefits Other Benefits Gross Company Benefits Less Medicare Subsidy Net Benefit Payments 2020 $ 73.6 $ 17.2 $ (0.7 ) $ 16.5 2021 71.1 16.6 (0.8 ) 15.8 2022 70.4 16.3 (0.8 ) 15.5 2023 71.2 16.3 (0.8 ) 15.5 2024 66.9 16.1 (0.9 ) 15.2 2025-2029 318.2 77.3 (4.6 ) 72.7 |
Veba Trust [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Category [Table Text Block] | The fair value of our other benefit plan assets by asset category is as follows: (In Millions) December 31, 2019 Asset Category Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Equity securities: U.S. large-cap $ 9.3 $ — $ — $ 9.3 U.S. small/mid-cap 2.3 — — 2.3 International 7.0 — — 7.0 Fixed income 166.4 40.9 — 207.3 Hedge funds — — 12.4 12.4 Private equity — — 1.7 1.7 Structured credit — — 5.5 5.5 Real estate — — 14.0 14.0 Cash 0.2 — — 0.2 Total $ 185.2 $ 40.9 $ 33.6 $ 259.7 (In Millions) December 31, 2018 Asset Category Quoted Prices in Active Significant Other Significant Total Equity securities: U.S. large-cap $ 9.7 $ — $ — $ 9.7 U.S. small/mid-cap 2.4 — — 2.4 International 7.3 — — 7.3 Fixed income 146.8 37.8 — 184.6 Hedge funds — — 11.4 11.4 Private equity — — 3.0 3.0 Structured credit — — 8.5 8.5 Real estate — — 13.1 13.1 Cash 0.2 — — 0.2 Total $ 166.4 $ 37.8 $ 36.0 $ 240.2 |
Effect of Fair Value Measurements Using Significant Unobservable Inputs on Changes in Plan Assets | The following represents the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets: (In Millions) Year Ended December 31, 2019 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2019 $ 11.4 $ 3.0 $ 8.5 $ 13.1 $ 36.0 Actual return on plan assets: Relating to assets still held at the reporting date 1.0 (0.6 ) 0.1 0.9 1.4 Relating to assets sold during the period — — 0.1 — 0.1 Purchases — — — — — Sales — (0.7 ) (3.2 ) — (3.9 ) Ending balance — December 31, 2019 $ 12.4 $ 1.7 $ 5.5 $ 14.0 $ 33.6 (In Millions) Year Ended December 31, 2018 Hedge Funds Private Equity Funds Structured Credit Fund Real Estate Total Beginning balance — January 1, 2018 $ 11.4 $ 3.9 $ 7.9 $ 12.0 $ 35.2 Actual return on plan assets: Relating to assets still held at the reporting date — (0.1 ) 0.6 1.1 1.6 Relating to assets sold during the period — 0.3 — — 0.3 Purchases — — — — — Sales — (1.1 ) — — (1.1 ) Ending balance — December 31, 2018 $ 11.4 $ 3.0 $ 8.5 $ 13.1 $ 36.0 |
STOCK COMPENSATION PLANS (Table
STOCK COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Approved Grants Equity Plans [Table Text Block] | A summary of our outstanding share-based award activity for the year ended December 31, 2019 is as follows: Shares Weighted Average Grant Date Fair Value Outstanding, beginning of year 6,792,201 $ 6.90 Granted 1,285,419 $ 14.18 Vested and issued (3,199,270 ) $ 2.20 Forfeited/canceled (121,923 ) $ 12.21 Outstanding, end of year 4,756,427 $ 11.90 |
Stock Incentive Plans Disclosure [Table Text Block] | Following is a summary of our performance share award agreements outstanding as of December 31, 2019 : Performance Performance Shares Granted Forfeitures to Date Expected to Vest Grant Date Grant Date Fair Value Performance Period 2019 572,104 15,879 556,225 2/19/2019 $ 18.31 1/1/2019 - 12/31/2021 2018 675,599 35,320 640,279 2/21/2018 $ 11.93 1/1/2018 - 12/31/2020 2017 249,106 — 249,106 6/26/2017 $ 10.74 5/31/2017 - 12/31/2019 2017 553,725 63,457 490,268 2/21/2017 $ 19.69 1/1/2017 - 12/31/2019 |
Incentive Compensation and Other Benefit Plans for Employees and Directors [Table Text Block] | For the last three years, grants of restricted and/or deferred shares have been awarded to elected or re-elected nonemployee directors as follows: Year of Grant Restricted Shares Deferred Shares 2019 86,477 23,659 2018 92,718 17,170 2017 93,359 17,289 |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | The following table summarizes the share-based compensation expense that we recorded in continuing operations: (In Millions, except per share amounts) 2019 2018 2017 Cost of goods sold and operating expenses $ 2.0 $ 1.7 $ 1.9 Selling, general and administrative expenses 15.6 13.4 16.3 Reduction of operating income from continuing operations before income taxes 17.6 15.1 18.2 Income tax benefit 1 (3.7 ) — — Reduction of net income from continuing operations attributable to Cliffs shareholders $ 13.9 $ 15.1 $ 18.2 Reduction of continuing operations earnings per common share attributable to Cliffs shareholders: Basic $ 0.05 $ 0.05 $ 0.06 Diluted $ 0.05 $ 0.05 $ 0.06 1 No income tax benefit in 2018 and 2017 due to the full valuation allowance. |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Stock option, restricted awards and performance share activity under our long-term equity plans and Directors’ Plans are as follows: 2019 2018 2017 Shares Shares Shares Stock options: Outstanding at beginning of year 563,230 599,870 599,870 Exercised — (36,640 ) — Forfeited/canceled — — — Outstanding at end of year 563,230 563,230 599,870 Restricted awards: Outstanding and restricted at beginning of year 4,804,248 4,776,483 5,461,783 Granted during the year 682,240 795,487 1,196,731 Vested and issued (3,168,195 ) (627,567 ) (1,813,315 ) Forfeited/canceled (60,974 ) (140,155 ) (68,716 ) Outstanding and restricted at end of year 2,257,319 4,804,248 4,776,483 Performance shares: Outstanding at beginning of year 1,424,723 1,848,312 1,368,469 Granted during the year 572,104 675,599 802,831 Vested and issued — (489,953 ) — Forfeited/canceled (60,949 ) (609,235 ) (322,988 ) Outstanding at end of year 1,935,878 1,424,723 1,848,312 Vested or expected to vest as of December 31, 2019 1 4,756,427 Directors’ retainer and voluntary shares: Outstanding at beginning of year — — — Granted during the year 31,075 27,300 25,476 Vested and issued (31,075 ) (27,300 ) (25,476 ) Outstanding at end of year — — — Reserved for future grants or awards at end of year: Employee plans 9,931,740 Directors’ plans 389,692 Total 10,321,432 1 We assume all shares will vest until the date of vesting or forfeiture. Following is a summary of approved grants by the Compensation Committee : Grant Year Vesting Date Plan Issued Under Restricted Stock Units Granted Performance Shares Granted 2019 12/31/2021 A&R 2015 Equity Plan 572,104 572,104 2018 12/31/2020 A&R 2015 Equity Plan 685,599 675,599 2017 12/31/2019 A&R 2015 Equity Plan 532,358 249,106 2017 12/31/2019 Amended 2015 Equity Plan 553,725 553,725 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |
Summary of Valuation Allowance [Table Text Block] | The changes in the valuation allowance are presented below: (In Millions) 2019 2018 2017 Balance at beginning of year $ 1,287.3 $ 1,983.1 $ 3,095.1 Change in valuation allowance: Included in income tax expense (benefit) (846.0 ) (691.3 ) (1,120.0 ) Change in deferred assets in other comprehensive income — (4.5 ) (9.8 ) Acquisition of noncontrolling interest — — 17.8 Balance at end of year $ 441.3 $ 1,287.3 $ 1,983.1 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Income from continuing operations before income taxes includes the following components: (In Millions) 2019 2018 2017 United States $ 311.9 $ 565.0 $ 90.7 Foreign 0.2 (0.3 ) 17.5 $ 312.1 $ 564.7 $ 108.2 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the income tax provision (benefit) on continuing operations consist of the following: (In Millions) 2019 2018 2017 Current provision (benefit): United States federal $ (0.7 ) $ (0.5 ) $ (252.6 ) United States state & local 0.1 — (0.1 ) Foreign 0.2 0.7 0.3 (0.4 ) 0.2 (252.4 ) Deferred provision (benefit): United States federal 18.0 (475.4 ) — Total income tax provision (benefit) from continuing operations $ 17.6 $ (475.2 ) $ (252.4 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Reconciliation of our income tax attributable to continuing operations computed at the U.S. federal statutory rate is as follows: (In Millions) 2019 2018 2017 Tax at U.S. statutory rate $ 65.5 21.0 % $ 118.6 21.0 % $ 37.9 35.0 % Increase (decrease) due to: Percentage depletion in excess of cost depletion (49.3 ) (15.8 ) (54.6 ) (9.7 ) (61.6 ) (56.9 ) Impact of tax law change - remeasurement of deferred taxes — — — — 407.5 376.6 Luxembourg legal entity reduction 846.0 271.1 161.7 28.6 — — Valuation allowance release: Tax law change - remeasurement of deferred taxes — — — — (407.5 ) (376.6 ) Current year activity — — (79.6 ) (14.1 ) (469.8 ) (434.2 ) Release of U.S. valuation allowance — — (460.5 ) (81.5 ) — — Repeal of AMT — — — — (235.3 ) (217.5 ) Luxembourg legal entity reduction (846.0 ) (271.1 ) (161.7 ) (28.6 ) — — Impact of foreign operations 0.2 0.1 0.1 — 477.9 441.7 Other items, net 1.2 0.4 0.8 0.2 (1.5 ) (1.4 ) Provision for income tax expense (benefit) and effective income tax rate including discrete items $ 17.6 5.7 % $ (475.2 ) (84.1 )% $ (252.4 ) (233.3 )% |
Income Taxes Other Than Continuing Operations Disclosure Text Block [Table Text Block] | The components of income taxes for other than continuing operations consisted of the following: (In Millions) 2019 2018 2017 Other comprehensive income: Postretirement benefit liability $ 11.4 $ 3.6 $ — Unrealized net loss on derivative financial instruments 0.1 0.7 — Total $ 11.5 $ 4.3 $ — |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of our deferred tax assets and liabilities are as follows: (In Millions) 2019 2018 Deferred tax assets: Operating loss & other carryforwards $ 794.9 $ 2,118.8 Pension and OPEB liabilities 113.7 102.8 Deferred income 25.2 23.3 Property, plant and equipment and mineral rights 1.4 13.3 State and local 71.0 68.2 Other liabilities 45.1 48.4 Total deferred tax assets before valuation allowance 1,051.3 2,374.8 Deferred tax asset valuation allowance (441.3 ) (1,287.3 ) Net deferred tax assets 610.0 1,087.5 Deferred tax liabilities: Investment in partnerships (136.8 ) (141.2 ) Intercompany notes — (465.7 ) Other assets (13.7 ) (15.8 ) Total deferred tax liabilities (150.5 ) (622.7 ) Net deferred tax assets $ 459.5 $ 464.8 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (In Millions) 2019 2018 2017 Unrecognized tax benefits balance as of January 1 $ 29.0 $ 33.5 $ 30.7 Increase (decrease) for tax positions in prior years 0.2 0.1 (2.8 ) Increase for tax positions in current year — 3.6 4.5 Settlements — — 1.0 Lapses in statutes of limitations — (8.2 ) — Other — — 0.1 Unrecognized tax benefits balance as of December 31 $ 29.2 $ 29.0 $ 33.5 |
ENVIRONMENTAL AND MINE CLOSUR_2
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Environmental Remediation Obligations [Abstract] | |
Schedule of Environmental Loss Contingencies and Asset Retirement Obligations [Table Text Block] | The following is a summary of our environmental and mine closure obligations: (In Millions) December 31, 2019 2018 Environmental $ 2.0 $ 2.5 Mine closure 1 165.3 172.4 Total environmental and mine closure obligations 167.3 174.9 Less current portion 2.4 2.9 Long-term environmental and mine closure obligations $ 164.9 $ 172.0 1 Includes $22.0 million and $35.0 million related to our active operations as of December 31, 2019 and 2018, respectively, with the remaining balance attributable to inactive operations, including our indefinitely idled Empire mine and a closed mine formerly operating as LTV Steel Mining Company. |
Asset Retirement Obligations | The following represents a roll forward of our asset retirement obligation liability: (In Millions) December 31, 2019 2018 Asset retirement obligation at beginning of year $ 172.4 $ 168.4 Accretion expense 10.1 9.5 Remediation payments (0.8 ) (1.0 ) Revision in estimated cash flows (16.4 ) (4.5 ) Asset retirement obligation at end of year $ 165.3 $ 172.4 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value | The following table presents the fair value of our derivative instruments and the classification of each in the Statements of Consolidated Financial Position : (In Millions) Derivative Assets Derivative Liabilities December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Derivative Instrument Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments under ASC 815: Commodity contracts $ — Derivative assets $ 0.1 Other current liabilities $ 3.2 Other current liabilities $ 3.7 Derivatives not designated as hedging instruments under ASC 815: Customer supply agreement Derivative assets 44.5 Derivative assets 89.3 — — Provisional pricing arrangements Derivative assets 1.3 Derivative assets 2.1 Other current liabilities 1.1 — Total derivatives not designated as hedging instruments under ASC 815: $ 45.8 $ 91.4 $ 1.1 $ — Total derivatives $ 45.8 $ 91.5 $ 4.3 $ 3.7 |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The following table presents our outstanding hedge contracts: (Quantities in Millions) December 31, 2019 December 31, 2018 Notional Amount Unit of Measure Varying Maturity Dates Notional Amount Unit of Measure Varying Maturity Dates Natural gas 20.1 MMBtu January 2020 - December 2021 1.8 MMBtu January 2019 - August 2019 Diesel 0.8 Gallons January 2020 11.0 Gallons January 2019 - December 2019 |
Schedule Of Derivatives Not Designated As Hedging Instruments Statements Of Financial Performance Location Table | The following summarizes the effect of our derivatives that are not designated as hedging instruments in the Statements of Consolidated Operations : (In Millions) Derivatives Not Designated as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivative Year Ended 2019 2018 2017 Customer supply agreements Revenues from product sales and services $ 78.1 $ 425.8 $ 163.3 Provisional pricing arrangements Revenues from product sales and services (70.6 ) (3.2 ) (42.7 ) Commodity contracts Cost of goods sold and operating expenses — — (1.3 ) Total $ 7.5 $ 422.6 $ 119.3 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The charts below provide an asset group breakout for each financial statement line impacted by discontinued operations. (In Millions) Year Ended December 31, 2019 2018 2017 Income (loss) from discontinued operations, net of tax Asia Pacific Iron Ore $ (1.5 ) 118.3 21.2 Canadian Operations 0.3 (26.5 ) (21.3 ) Other (0.5 ) (3.6 ) 2.6 $ (1.7 ) $ 88.2 $ 2.5 (In Millions) Year Ended December 31, 2019 2018 2017 Net cash provided (used) by operating activities Asia Pacific Iron Ore $ (2.1 ) $ (81.3 ) $ 79.6 Canadian Operations — (14.6 ) — $ (2.1 ) $ (95.9 ) $ 79.6 Net cash provided (used) by investing activities Asia Pacific Iron Ore $ 0.1 $ 19.8 $ (2.8 ) Canadian Operations 0.3 — (7.7 ) Other — — 2.1 $ 0.4 $ 19.8 $ (8.4 ) |
Asia Pacific Iron Ore [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | (In Millions) Year Ended December 31, Income (Loss) from Discontinued Operations 2019 2018 2017 Revenues from product sales and services $ — $ 129.1 $ 464.2 Cost of goods sold and operating expenses — (230.7 ) (427.9 ) Sales margin — (101.6 ) 36.3 Other operating expense (1.1 ) (3.3 ) (9.9 ) Other expense (0.4 ) (2.3 ) (5.2 ) Gain on foreign currency translation — 228.1 — Impairment of long-lived assets — (2.6 ) — Income (loss) from discontinued operations, net of tax $ (1.5 ) $ 118.3 $ 21.2 |
SHAREHOLDERS' EQUITY SHAREHOLDE
SHAREHOLDERS' EQUITY SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Dividends Declared [Table Text Block] | The below table summarizes our recent dividend activity: Declaration Date Record Date Payment Date Dividend Declared per Common Share 1 12/2/2019 1/3/2020 1/15/2020 $ 0.06 9/3/2019 10/4/2019 10/15/2019 $ 0.10 5/31/2019 7/5/2019 7/15/2019 $ 0.06 2/19/2019 4/5/2019 4/15/2019 $ 0.05 10/18/2018 1/4/2019 1/15/2019 $ 0.05 1 The dividend declared on September 3, 2019 included a special cash dividend of $0.04 per common share. |
ACCUMULATED OTHERCOMPREHENSIVE
ACCUMULATED OTHERCOMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of Accumulated other comprehensive loss within Cliffs shareholders’ equity and related tax effects allocated to each are shown below: (In Millions) Pre-tax Amount Tax Benefit After-tax Amount As of December 31, 2019: Postretirement benefit liability $ (454.1 ) $ 138.4 $ (315.7 ) Unrealized net loss on derivative financial instruments (3.9 ) 0.8 (3.1 ) $ (458.0 ) $ 139.2 $ (318.8 ) As of December 31, 2018: Postretirement benefit liability $ (408.1 ) $ 127.0 $ (281.1 ) Unrealized net loss on derivative financial instruments (3.5 ) 0.7 (2.8 ) $ (411.6 ) $ 127.7 $ (283.9 ) As of December 31, 2017: Postretirement benefit liability $ (387.3 ) $ 123.4 $ (263.9 ) Foreign currency translation adjustments 225.4 — 225.4 Unrealized net loss on derivative financial instruments (0.5 ) — (0.5 ) $ (162.4 ) $ 123.4 $ (39.0 ) The following table reflects the changes in Accumulated other comprehensive loss related to Cliffs shareholders’ equity: (In Millions) Postretirement Benefit Liability, net of tax Foreign Currency Translation Derivative Financial Instruments, net of tax Accumulated Other Comprehensive Loss January 1, 2017 $ (260.6 ) $ 239.3 $ — $ (21.3 ) Other comprehensive loss before reclassifications (29.8 ) (13.9 ) (0.5 ) (44.2 ) Net loss reclassified from accumulated other comprehensive loss 26.5 — — 26.5 December 31, 2017 (263.9 ) 225.4 (0.5 ) (39.0 ) Other comprehensive income (loss) before reclassifications (42.9 ) 2.7 (0.6 ) (40.8 ) Net loss (gain) reclassified from accumulated other comprehensive loss 25.7 (228.1 ) (1.7 ) (204.1 ) December 31, 2018 (281.1 ) — (2.8 ) (283.9 ) Other comprehensive loss before reclassifications (56.7 ) — (2.3 ) (59.0 ) Net loss reclassified from accumulated other comprehensive loss 22.1 — 2.0 24.1 December 31, 2019 $ (315.7 ) $ — $ (3.1 ) $ (318.8 ) |
ACCUMLATED OTHER COMPREHENSIVE INCOME (LOSS) | The following table reflects the details about Accumulated other comprehensive loss components reclassified from Cliffs shareholders’ equity: (In Millions) Details about Accumulated Other Comprehensive Loss Components Amount of (Gain)/Loss Reclassified into Income, Net of Tax Affected Line Item in the Statement of Consolidated Operations Year Ended Year Ended Year Ended December 31, 2017 Amortization of pension and OPEB liability: Prior service costs 1 $ (0.7 ) $ (0.8 ) $ (0.4 ) Other non-operating income Net actuarial loss 1 28.6 26.2 26.9 Other non-operating income Curtailments 1 0.1 0.3 — Other non-operating income 28.0 25.7 26.5 Total before taxes Income tax expense (5.9 ) — — Income tax benefit (expense) $ 22.1 $ 25.7 $ 26.5 Net of taxes Changes in foreign currency translation: Gain on foreign currency translation 2 $ — $ (228.1 ) $ — Income (loss) from discontinued operations, net of tax $ — $ (228.1 ) $ — Changes in derivative financial instruments: Commodity contracts $ 2.5 $ (1.7 ) $ — Cost of goods sold and operating expenses Income tax expense (0.5 ) — — Income tax benefit (expense) $ 2.0 $ (1.7 ) $ — Net of taxes Total reclassifications for the period $ 24.1 $ (204.1 ) $ 26.5 1 These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See NOTE 8 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information. 2 Represents Australian accumulated currency translation adjustments due to the liquidation of our Australian subsidiaries' net assets. See NOTE 13 - DISCONTINUED OPERATIONS for further information. |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Summary Of Other Ownership Interests | The following is a summary of the mine ownership of the co-owned iron ore mine at December 31, 2019 : Mine Cleveland-Cliffs Inc. ArcelorMittal USA U.S. Steel Hibbing 23.0% 62.3% 14.7% |
Summary Of Related Party Transactions Table Disclosure | Product revenues from related parties were as follows: (In Millions) Year Ended December 31, 2019 2018 2017 Product revenues from related parties $ 915.3 $ 1,234.5 $ 806.7 Total product revenues 1,848.1 2,172.3 1,644.6 Related party product revenue as a percent of total product revenue 49.5 % 56.8 % 49.1 % |
Summary of Balance Sheet Presentation [Table Text Block] | The following table presents the classification of related party assets and liabilities in the Statements of Consolidated Financial Position : (In Millions) December 31, Balance Sheet Location of Assets (Liabilities) 2019 2018 Accounts receivable, net $ 31.1 $ 176.0 Derivative assets 44.5 89.3 Other current liabilities (2.0 ) (45.3 ) $ 73.6 $ 220.0 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table summarizes the computation of basic and diluted earnings per share: (In Millions, Except Per Share Amounts) Year Ended December 31, 2019 2018 2017 Income from continuing operations $ 294.5 $ 1,039.9 $ 360.6 Loss from continuing operations attributable to — — 3.9 Net income from continuing operations 294.5 1,039.9 364.5 Income (loss) from discontinued operations, net of tax (1.7 ) 88.2 2.5 Net income attributable to Cliffs shareholders $ 292.8 $ 1,128.1 $ 367.0 Weighted average number of shares: Basic 276.8 297.2 288.4 Convertible senior notes 4.4 3.4 — Employee stock plans 3.3 3.5 4.6 Diluted 284.5 304.1 293.0 Earnings (loss) per common share attributable to Continuing operations $ 1.07 $ 3.50 $ 1.27 Discontinued operations (0.01 ) 0.30 0.01 $ 1.06 $ 3.80 $ 1.28 Earnings (loss) per common share attributable to Continuing operations $ 1.04 $ 3.42 $ 1.25 Discontinued operations (0.01 ) 0.29 0.01 $ 1.03 $ 3.71 $ 1.26 |
QUARTERLY RESULTS OF OPERATIO_2
QUARTERLY RESULTS OF OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The sum of quarterly EPS may not equal EPS for the year due to discrete quarterly calculations. (In Millions, Except Per Share Amounts) 2019 Quarters First Second Third Fourth Year Revenues from product sales and services $ 157.0 $ 743.2 $ 555.6 $ 534.1 $ 1,989.9 Sales margin 30.9 263.0 154.9 126.9 575.7 Net income (loss) from continuing operations attributable to Cliffs shareholders $ (22.1 ) $ 161.4 $ 91.8 $ 63.4 $ 294.5 Loss from discontinued operations, net of tax — (0.6 ) (0.9 ) (0.2 ) (1.7 ) Net income (loss) attributable to Cliffs common shareholders $ (22.1 ) $ 160.8 $ 90.9 $ 63.2 $ 292.8 Earnings (loss) per common share attributable to Continuing operations $ (0.08 ) $ 0.59 $ 0.34 $ 0.23 $ 1.07 Discontinued operations — — — — (0.01 ) $ (0.08 ) $ 0.59 $ 0.34 $ 0.23 $ 1.06 Earnings (loss) per common share attributable to Continuing operations $ (0.08 ) $ 0.57 $ 0.33 $ 0.23 $ 1.04 Discontinued operations — — — — (0.01 ) $ (0.08 ) $ 0.57 $ 0.33 $ 0.23 $ 1.03 The diluted earnings per share calculation for the first quarter of 2019 excludes equity plan awards of 4.2 million and convertible senior notes awards of 7.3 million that were anti-dilutive. (In Millions, Except Per Share Amounts) 2018 Quarters First Second Third Fourth Year Revenues from product sales and services $ 180.0 $ 714.3 $ 741.8 $ 696.3 $ 2,332.4 Sales margin 61.5 284.5 261.6 202.0 809.6 Net income (loss) from continuing operations attributable to Cliffs shareholders $ (13.4 ) $ 229.4 $ 199.8 $ 624.1 $ 1,039.9 Income (loss) from discontinued operations, net of tax (70.9 ) (64.3 ) 238.0 (14.6 ) 88.2 Net income (loss) attributable to Cliffs common shareholders $ (84.3 ) $ 165.1 $ 437.8 $ 609.5 $ 1,128.1 Earnings (loss) per common share attributable to Continuing operations $ (0.05 ) $ 0.77 $ 0.67 $ 2.11 $ 3.50 Discontinued operations (0.24 ) (0.22 ) 0.80 (0.05 ) 0.30 $ (0.29 ) $ 0.55 $ 1.47 $ 2.06 $ 3.80 Earnings (loss) per common share attributable to Continuing operations $ (0.05 ) $ 0.76 $ 0.64 $ 2.03 $ 3.42 Discontinued operations (0.24 ) (0.21 ) 0.77 (0.05 ) 0.29 $ (0.29 ) $ 0.55 $ 1.41 $ 1.98 $ 3.71 Net income (loss) from continuing operations attributable to Cliffs shareholders |
SUPPLEMENTARY GUARANTOR INFOR_2
SUPPLEMENTARY GUARANTOR INFORMATION (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Schedule of Supplemental Condensed Consolidating Financial Position | Condensed Consolidating Statement of Financial Position As of December 31, 2019 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 349.7 $ 0.1 $ 2.8 $ — $ 352.6 Accounts receivable, net 4.9 93.0 0.3 (4.2 ) 94.0 Inventories — 317.4 — — 317.4 Derivative assets — 45.8 — — 45.8 Income tax receivable, current 58.6 — — — 58.6 Other current assets 9.1 13.0 7.4 — 29.5 Total current assets 422.3 469.3 10.5 (4.2 ) 897.9 Non-current assets: Property, plant and equipment, net 11.2 1,867.1 50.7 — 1,929.0 Income tax receivable, non-current 58.6 4.1 — — 62.7 Deferred income taxes 458.3 — 1.2 — 459.5 Investment in subsidiaries 1,821.1 47.2 — (1,868.3 ) — Long-term intercompany notes — — 121.3 (121.3 ) — Other non-current assets 15.1 121.4 18.2 — 154.7 TOTAL ASSETS $ 2,786.6 $ 2,509.1 $ 201.9 $ (1,993.8 ) $ 3,503.8 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 5.7 $ 187.5 $ 4.2 $ (4.2 ) $ 193.2 Accrued liabilities 80.7 45.5 0.1 — 126.3 State and local taxes payable — 37.9 — — 37.9 Other current liabilities 6.0 38.6 7.4 — 52.0 Total current liabilities 92.4 309.5 11.7 (4.2 ) 409.4 Non-current liabilities: Long-term debt 2,113.8 — — — 2,113.8 Pension and OPEB liabilities 80.5 496.9 (265.9 ) — 311.5 Environmental and mine closure obligations — 145.6 19.3 — 164.9 Long-term intercompany notes 121.3 — — (121.3 ) — Other non-current liabilities 20.7 120.3 5.3 — 146.3 TOTAL LIABILITIES 2,428.7 1,072.3 (229.6 ) (125.5 ) 3,145.9 Commitments and contingencies TOTAL EQUITY 357.9 1,436.8 431.5 (1,868.3 ) 357.9 TOTAL LIABILITIES AND EQUITY $ 2,786.6 $ 2,509.1 $ 201.9 $ (1,993.8 ) $ 3,503.8 Condensed Consolidating Statement of Financial Position As of December 31, 2018 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 819.8 $ 0.7 $ 2.7 $ — $ 823.2 Accounts receivable, net 9.2 221.3 0.3 (4.1 ) 226.7 Inventories — 181.1 — — 181.1 Derivative assets 0.1 91.4 — — 91.5 Income tax receivable, current 117.3 — — — 117.3 Other current assets 10.0 16.9 12.9 — 39.8 Total current assets 956.4 511.4 15.9 (4.1 ) 1,479.6 Non-current assets: Property, plant and equipment, net 13.3 1,221.9 50.8 — 1,286.0 Income tax receivable, non-current 117.2 4.1 — — 121.3 Deferred income taxes 463.6 — 1.2 — 464.8 Investment in subsidiaries 1,262.3 50.8 — (1,313.1 ) — Long-term intercompany notes — — 121.3 (121.3 ) — Other non-current assets 8.0 153.8 16.1 — 177.9 TOTAL ASSETS $ 2,820.8 $ 1,942.0 $ 205.3 $ (1,438.5 ) $ 3,529.6 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 5.3 $ 181.4 $ 4.2 $ (4.1 ) $ 186.8 Accrued liabilities 92.7 66.1 0.1 — 158.9 State and local taxes payable — 35.4 0.1 — 35.5 Other current liabilities 4.8 74.1 8.1 — 87.0 Total current liabilities 102.8 357.0 12.5 (4.1 ) 468.2 Non-current liabilities: Long-term debt 2,092.9 — — — 2,092.9 Pension and OPEB liabilities 64.3 414.4 (230.0 ) — 248.7 Environmental and mine closure obligations — 152.1 19.9 — 172.0 Long-term intercompany notes 121.3 — — (121.3 ) — Other non-current liabilities 15.3 99.5 8.8 — 123.6 TOTAL LIABILITIES 2,396.6 1,023.0 (188.8 ) (125.4 ) 3,105.4 Commitments and contingencies TOTAL EQUITY 424.2 919.0 394.1 (1,313.1 ) 424.2 TOTAL LIABILITIES AND EQUITY $ 2,820.8 $ 1,942.0 $ 205.3 $ (1,438.5 ) $ 3,529.6 | |
Schedule of Supplemental Statements of Condensed Consolidating Operations and Comprehensive Income (Loss) | Condensed Consolidating Statement of Operations and Comprehensive Income For the Year Ended December 31, 2019 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues from product sales and services $ — $ 1,989.9 $ — $ — $ 1,989.9 Cost of goods sold and operating expenses — (1,414.2 ) — — (1,414.2 ) Sales margin — 575.7 — — 575.7 Other operating income (expense): Selling, general and administrative expenses (100.7 ) (18.3 ) (0.4 ) — (119.4 ) Miscellaneous - net 0.1 (26.0 ) (1.1 ) — (27.0 ) Total other operating expense (100.6 ) (44.3 ) (1.5 ) — (146.4 ) Operating income (loss) (100.6 ) 531.4 (1.5 ) — 429.3 Other income (expense): Interest income (expense), net (99.4 ) (2.3 ) 0.5 — (101.2 ) Loss on extinguishment of debt (18.2 ) — — — (18.2 ) Other non-operating income (expense) (4.0 ) (12.9 ) 19.1 — 2.2 Total other income (expense) (121.6 ) (15.2 ) 19.6 — (117.2 ) Income (loss) from continuing operations before income taxes (222.2 ) 516.2 18.1 — 312.1 Income tax expense (17.0 ) (0.4 ) (0.2 ) — (17.6 ) Equity in income of subsidiaries 531.6 18.3 — (549.9 ) — Income from continuing operations 292.4 534.1 17.9 (549.9 ) 294.5 Income (loss) from discontinued operations, net of tax 0.4 (0.3 ) (1.8 ) — (1.7 ) Net income attributable to Cliffs shareholders $ 292.8 $ 533.8 $ 16.1 $ (549.9 ) $ 292.8 Other comprehensive income (loss) (34.9 ) (35.8 ) 16.9 18.9 (34.9 ) Total comprehensive income attributable to Cliffs shareholders $ 257.9 $ 498.0 $ 33.0 $ (531.0 ) $ 257.9 Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) For the Year Ended December 31, 2018 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues from product sales and services $ — $ 2,332.4 $ — $ — $ 2,332.4 Cost of goods sold and operating expenses — (1,522.8 ) — — (1,522.8 ) Sales margin — 809.6 — — 809.6 Other operating income (expense): Selling, general and administrative expenses (86.1 ) (27.1 ) (0.3 ) — (113.5 ) Miscellaneous - net (0.3 ) (26.9 ) 4.3 — (22.9 ) Total other operating income (expense) (86.4 ) (54.0 ) 4.0 — (136.4 ) Operating income (loss) (86.4 ) 755.6 4.0 — 673.2 Other income (expense): Interest income (expense), net (117.6 ) (2.1 ) 0.8 — (118.9 ) Loss on extinguishment of debt (6.8 ) — — — (6.8 ) Other non-operating income (expense) (3.5 ) 0.9 19.8 — 17.2 Total other income (expense) (127.9 ) (1.2 ) 20.6 — (108.5 ) Income (loss) from continuing operations before income taxes (214.3 ) 754.4 24.6 — 564.7 Income tax benefit 474.7 — 0.5 — 475.2 Equity in income of subsidiaries 858.2 25.5 — (883.7 ) — Income from continuing operations 1,118.6 779.9 25.1 (883.7 ) 1,039.9 Income from discontinued operations, net of tax 9.5 12.3 66.4 — 88.2 Net income attributable to Cliffs shareholders $ 1,128.1 $ 792.2 $ 91.5 $ (883.7 ) $ 1,128.1 Other comprehensive loss (244.9 ) (24.1 ) (256.7 ) 280.8 (244.9 ) Total comprehensive income (loss) attributable to Cliffs shareholders $ 883.2 $ 768.1 $ (165.2 ) $ (602.9 ) $ 883.2 Condensed Consolidating Statement of Operations and Comprehensive Income For the Year Ended December 31, 2017 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues from product sales and services $ — $ 1,866.0 $ — $ — $ 1,866.0 Cost of goods sold and operating expenses — (1,398.4 ) — — (1,398.4 ) Sales margin — 467.6 — — 467.6 Other operating income (expense): Selling, general and administrative expenses (77.2 ) (19.9 ) (5.8 ) — (102.9 ) Miscellaneous - net (2.3 ) 11.0 16.8 — 25.5 Total other operating income (expense) (79.5 ) (8.9 ) 11.0 — (77.4 ) Operating income (loss) (79.5 ) 458.7 11.0 — 390.2 Other income (expense): Interest income (expense), net (126.8 ) (1.0 ) 1.0 — (126.8 ) Loss on extinguishment of debt (165.4 ) — — — (165.4 ) Other non-operating income (expense) (4.0 ) (3.0 ) 17.2 — 10.2 Total other income (expense) (296.2 ) (4.0 ) 18.2 — (282.0 ) Income (loss) from continuing operations before income taxes (375.7 ) 454.7 29.2 — 108.2 Income tax benefit (expense) 251.4 1.3 (0.3 ) — 252.4 Equity in income of subsidiaries 512.6 11.8 — (524.4 ) — Income from continuing operations 388.3 467.8 28.9 (524.4 ) 360.6 Income (loss) from discontinued operations, net of tax (21.3 ) 1.7 22.1 — 2.5 Net income 367.0 469.5 51.0 (524.4 ) 363.1 Loss attributable to noncontrolling interest — 3.9 — — 3.9 Net income attributable to Cliffs shareholders $ 367.0 $ 473.4 $ 51.0 $ (524.4 ) $ 367.0 Other comprehensive income (loss) (4.0 ) 12.9 (4.8 ) (8.1 ) (4.0 ) Total comprehensive income attributable to Cliffs shareholders $ 363.0 $ 486.3 $ 46.2 $ (532.5 ) $ 363.0 | |
Schedule of Supplemental Statements of Condensed Consolidating Cash Flows | Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2019 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities $ (50.0 ) $ 616.3 $ (3.8 ) $ — $ 562.5 INVESTING ACTIVITIES Purchase of property, plant and equipment (1.2 ) (637.8 ) — — (639.0 ) Deposits for property, plant and equipment — (14.0 ) (3.0 ) — (17.0 ) Intercompany investing (63.9 ) (3.7 ) (0.1 ) 67.7 — Other investing activities — 10.8 0.8 — 11.6 Net cash used by investing activities (65.1 ) (644.7 ) (2.3 ) 67.7 (644.4 ) FINANCING ACTIVITIES Repurchase of common shares (252.9 ) — — — (252.9 ) Dividends paid (72.1 ) — — — (72.1 ) Proceeds from issuance of debt 720.9 — — — 720.9 Debt issuance costs (6.8 ) — — — (6.8 ) Repurchase of debt (729.3 ) — — — (729.3 ) Distributions of partnership equity — (44.2 ) — — (44.2 ) Intercompany financing 0.1 63.4 4.2 (67.7 ) — Other financing activities (14.9 ) 8.6 (3.4 ) — (9.7 ) Net cash provided (used) by financing activities (355.0 ) 27.8 0.8 (67.7 ) (394.1 ) Effect of exchange rate changes on cash — — — — — Decrease in cash and cash equivalents, including cash classified within other current assets related to discontinued operations (470.1 ) (0.6 ) (5.3 ) — (476.0 ) Less: decrease in cash and cash equivalents from discontinued operations, classified within other current assets — — (5.4 ) — (5.4 ) Net increase (decrease) in cash and cash equivalents (470.1 ) (0.6 ) 0.1 — (470.6 ) Cash and cash equivalents at beginning of year 819.8 0.7 2.7 — 823.2 Cash and cash equivalents at end of year $ 349.7 $ 0.1 $ 2.8 $ — $ 352.6 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2018 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities $ (120.7 ) $ 741.0 $ (141.8 ) $ — $ 478.5 INVESTING ACTIVITIES Purchase of property, plant and equipment (1.2 ) (207.3 ) (0.1 ) — (208.6 ) Deposits for property, plant and equipment — (82.3 ) (5.2 ) — (87.5 ) Intercompany investing 399.1 (7.1 ) 120.7 (512.7 ) — Other investing activities — 3.1 19.9 — 23.0 Net cash provided (used) by investing activities 397.9 (293.6 ) 135.3 (512.7 ) (273.1 ) FINANCING ACTIVITIES Repurchase of common shares (47.5 ) — — — (47.5 ) Debt issuance costs (1.5 ) — — — (1.5 ) Repurchase of debt (234.5 ) — — — (234.5 ) Distributions of partnership equity — (44.2 ) — — (44.2 ) Intercompany financing (120.7 ) (402.4 ) 10.4 512.7 — Other financing activities (2.1 ) (2.2 ) (43.2 ) — (47.5 ) Net cash used by financing activities (406.3 ) (448.8 ) (32.8 ) 512.7 (375.2 ) Effect of exchange rate changes on cash — — (2.3 ) — (2.3 ) Decrease in cash and cash equivalents, including cash classified within other current assets related to discontinued operations (129.1 ) (1.4 ) (41.6 ) — (172.1 ) Less: decrease in cash and cash equivalents from discontinued operations, classified within other current assets — — (17.0 ) — (17.0 ) Net decrease in cash and cash equivalents (129.1 ) (1.4 ) (24.6 ) — (155.1 ) Cash and cash equivalents at beginning of year 948.9 2.1 27.3 — 978.3 Cash and cash equivalents at end of year $ 819.8 $ 0.7 $ 2.7 $ — $ 823.2 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2017 (In Millions) Cleveland-Cliffs Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net cash provided (used) by operating activities $ (166.8 ) $ 430.0 $ 74.9 $ — $ 338.1 INVESTING ACTIVITIES Purchase of property, plant and equipment (3.4 ) (79.8 ) (51.7 ) — (134.9 ) Deposits for property, plant and equipment — (11.7 ) (5.1 ) — (16.8 ) Intercompany investments 225.7 (7.3 ) (45.1 ) (173.3 ) — Other investing activities (7.7 ) 3.4 — — (4.3 ) Net cash provided (used) by investing activities 214.6 (95.4 ) (101.9 ) (173.3 ) (156.0 ) FINANCING ACTIVITIES Net proceeds from issuance of common shares 661.3 — — — 661.3 Proceeds from issuance of debt 1,771.5 — — — 1,771.5 Debt issuance costs (28.6 ) — — — (28.6 ) Repurchase of debt (1,720.7 ) — — — (1,720.7 ) Acquisition of noncontrolling interest (105.0 ) — — — (105.0 ) Distributions of partnership equity — (52.9 ) — — (52.9 ) Intercompany financing 45.0 (277.6 ) 59.3 173.3 — Other financing activities (5.8 ) (4.5 ) (16.4 ) — (26.7 ) Net cash provided (used) by financing activities 617.7 (335.0 ) 42.9 173.3 498.9 Effect of exchange rate on cash — — 3.3 — 3.3 Increase (decrease) in cash and cash equivalents, including cash classified within other current assets related to discontinued operations 665.5 (0.4 ) 19.2 — 684.3 Less: increase in cash and cash equivalents from discontinued operations, classified within other current assets — — 18.8 — 18.8 Net increase (decrease) in cash and cash equivalents 665.5 (0.4 ) 0.4 — 665.5 Cash and cash equivalents at beginning of year 283.4 2.5 26.9 — 312.8 Cash and cash equivalents at end of year $ 948.9 $ 2.1 $ 27.3 $ — $ 978.3 |
BASIS OF PRESENTATION AND SIG_4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) T in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019USD ($)T | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($)T | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)unitT | Dec. 31, 2018USD ($)T | Dec. 31, 2017USD ($)T | Jan. 01, 2018USD ($) | Dec. 31, 2016USD ($) | |
Related Party Transaction [Line Items] | |||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 357.9 | $ 424.2 | $ 357.9 | $ 424.2 | $ (444.1) | $ (1,330.5) | |||||||
Number of Reporting Units | unit | 2 | ||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 0 | 0 | (3.9) | ||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net from product sales and services | 7.5 | 422.6 | 119.3 | ||||||||||
Foreign Currency Transaction Gain (Loss), Realized | 0 | 228.1 | 0 | ||||||||||
Revenues | $ 534.1 | $ 555.6 | $ 743.2 | $ 157 | $ 696.3 | $ 741.8 | $ 714.3 | $ 180 | 1,989.9 | 2,332.4 | 1,866 | ||
Net income | $ 292.8 | $ 1,128.1 | $ 363.1 | ||||||||||
Hibbing [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Ownership interest, equity method investment | 23.00% | 23.00% | |||||||||||
Mining and Pelletizing [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Quantity Of Finished Goods at ports | T | 1 | 0.8 | 1 | 0.8 | 1.5 | ||||||||
Revenues | $ 1,989.9 | $ 2,332.4 | $ 1,866 | ||||||||||
Empire [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Distribution of Noncontrolling Interest | 132.7 | ||||||||||||
Stockholders' Equity, Period Increase (Decrease) | (12.1) | ||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (3.9) | ||||||||||||
Acquisition of Noncontrolling Interest | (116.7) | ||||||||||||
Tilden [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Distribution of Noncontrolling Interest | 105 | ||||||||||||
Stockholders' Equity, Period Increase (Decrease) | (89.1) | ||||||||||||
Acquisition of Noncontrolling Interest | $ (15.9) | ||||||||||||
Other Noncurrent Liabilities [Member] | Hibbing [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Equity Method Investments | $ (18) | $ (15.4) | $ (18) | (15.4) | |||||||||
Other Current Liabilities [Member] | Empire [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Noncontrolling Interest Purchase, Installment Amount | $ 44.2 | 44.2 | |||||||||||
Tilden [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | |||||||||||
Increase in Ownership Equity | 15.00% | ||||||||||||
Empire [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | |||||||||||
Increase in Ownership Equity | 21.00% | ||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 34 | ||||||||||||
Revenues | 68.1 | ||||||||||||
Net income | $ 46.2 | ||||||||||||
Sales [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net from product sales and services | $ 120.6 |
BASIS OF PRESENTATION AND SIG_5
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Depreciation Methods and Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 45 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Other Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Other Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 45 years |
Electric Power Facilities [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Electric Power Facilities [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 45 years |
Land Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Land Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 45 years |
SUPPLEMENTARY FINANCIAL STATE_3
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Revenues from Product Sales and Services) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 534.1 | $ 555.6 | $ 743.2 | $ 157 | $ 696.3 | $ 741.8 | $ 714.3 | $ 180 | $ 1,989.9 | $ 2,332.4 | $ 1,866 |
Accounts Receivable, Allowance for Credit Loss | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Product [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,848.1 | 2,172.3 | 1,644.6 | ||||||||
Freight [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 141.8 | 160.1 | 166.7 | ||||||||
Venture partners' cost reimbursements [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 0 | $ 0 | $ 54.7 |
SUPPLEMENTARY FINANCIAL STATE_4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Deferred Revenue) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Contract with Customer, Liability, Revenue Recognized | $ 38.5 | $ 51.3 | |
Other Current Liabilities [Member] | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Contract with Customer, Liability, Current | 22.1 | 21 | $ 23.8 |
Contract With Customer, Liability, Period Increase (Decrease) | 1.1 | (2.8) | |
Contract with Customer, Liability | 12.8 | 12.8 | |
Other Noncurrent Liabilities [Member] | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Deferred Revenue (Long-Term) | 25.7 | 38.5 | $ 51.4 |
Contract With Customer, Liability, Period Increase (Decrease) | (12.8) | (12.9) | |
Take or Pay Contracts [Member] | Other Current Liabilities [Member] | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Contract with Customer, Liability | $ 9.3 | $ 8.2 |
SUPPLEMENTARY FINANCIAL STATE_5
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Accrued Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Text Block [Abstract] | ||
Accrued employment costs | $ 61.7 | $ 74 |
Accrued interest | 29 | 38.4 |
Accrued dividends | 17.8 | 15 |
Accrued royalties | 8.4 | 17.3 |
Other | 9.4 | 14.2 |
Accrued liabilities | $ 126.3 | $ 158.9 |
SUPPLEMENTARY FINANCIAL STATE_6
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Cash Flow Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Text Block [Abstract] | ||||
Capital additions | $ 689.8 | $ 394.8 | $ 156 | |
Non-cash accruals | 15.3 | 93.6 | (2.2) | |
Right-of-use asset - finance leases | 29.3 | 7.6 | 6.5 | |
Grants | (10.8) | (2.5) | 0 | |
Payments To Acquire Property Plant And Equipment Net | 656 | 296.1 | 151.7 | |
Capital expenditure related to discontinued operations | 0 | 0.1 | 2.8 | |
Taxes paid on income | 0.2 | 2.9 | 1.7 | |
Income tax refunds | (117.9) | (11.3) | (7.8) | |
Interest paid on debt obligations net of capitalized interest | 97.6 | 105.7 | 139 | |
Capitalized interest | $ 24.8 | $ 6.5 | $ 0 | |
Common Stock, Dividends, Per Share, Declared | $ 0.06 | $ 0.27 | $ 0.05 | $ 0 |
Dividends Payable | $ 16.2 | $ 16.2 |
SEGMENT REPORTING (Narrative) (
SEGMENT REPORTING (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)unitcustomer | Dec. 31, 2018USD ($)customer | Dec. 31, 2017USD ($)customer | |
Segment Reporting Information [Line Items] | |||||||||||
Number of Reporting Units | unit | 2 | ||||||||||
Revenues | $ 534.1 | $ 555.6 | $ 743.2 | $ 157 | $ 696.3 | $ 741.8 | $ 714.3 | $ 180 | $ 1,989.9 | $ 2,332.4 | $ 1,866 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Customers | customer | 3 | 3 | 3 | ||||||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | ||||||||
Revenues | $ 1,800 | $ 2,100 | $ 1,500 |
SEGMENT REPORTING (Schedule Of
SEGMENT REPORTING (Schedule Of Segment Reporting Information, By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues from product sales and services | $ 534.1 | $ 555.6 | $ 743.2 | $ 157 | $ 696.3 | $ 741.8 | $ 714.3 | $ 180 | $ 1,989.9 | $ 2,332.4 | $ 1,866 |
Sales margin | $ 126.9 | $ 154.9 | $ 263 | $ 30.9 | $ 202 | $ 261.6 | $ 284.5 | $ 61.5 | 575.7 | 809.6 | 467.6 |
Net income | 292.8 | 1,128.1 | 363.1 | ||||||||
Depreciation, depletion and amortization | (85.1) | (89) | (87.7) | ||||||||
EBITDA | 497.1 | 878.1 | 330.4 | ||||||||
Loss on extinguishment of debt | (18.2) | (6.8) | (165.4) | ||||||||
Adjusted EBITDA | 524.8 | 766.3 | 459.9 | ||||||||
Depreciation, Depletion and Amortization excluding Depreciation, Amortization and Depletion expense for Discontinued Operations | 85.1 | 73.8 | 73.4 | ||||||||
Capital Additions | 689.8 | 394.7 | 153.2 | ||||||||
Mining and Pelletizing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from product sales and services | 1,989.9 | 2,332.4 | 1,866 | ||||||||
Sales margin | 575.7 | 809.6 | 467.6 | ||||||||
Depreciation, depletion and amortization | (79) | (68.2) | (66.6) | ||||||||
EBITDA | 648.1 | 852.9 | 534.9 | ||||||||
Adjusted EBITDA | 668.3 | 875.3 | 559.4 | ||||||||
Capital Additions | 128.1 | 145 | 136.8 | ||||||||
Metallics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from product sales and services | 0 | ||||||||||
Sales margin | 0 | ||||||||||
Depreciation, depletion and amortization | (0.6) | 0 | 0 | ||||||||
EBITDA | (8.1) | (3.3) | (0.4) | ||||||||
Adjusted EBITDA | (8.1) | (3.3) | (0.4) | ||||||||
Capital Additions | 558.4 | 248.1 | 13.7 | ||||||||
Corporate and Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation, depletion and amortization | (5.5) | (5.6) | (6.8) | ||||||||
EBITDA | (142.9) | 28.5 | (204.1) | ||||||||
Adjusted EBITDA | (135.4) | (105.7) | (99.1) | ||||||||
Capital Additions | 3.3 | 1.6 | 2.7 | ||||||||
EBITDA Calculation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest expense, net | (101.6) | (121.3) | (132) | ||||||||
Income tax benefit (expense) | (17.6) | 460.3 | 252.4 | ||||||||
Depreciation, depletion and amortization | (85.1) | (89) | (87.7) | ||||||||
Adjusted EBITDA Calculation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Impact of Discontinued Operations | (1.3) | 120.6 | 22 | ||||||||
Loss on extinguishment of debt | (18.2) | (6.8) | (165.4) | ||||||||
Severance Costs | (1.7) | 0 | 0 | ||||||||
Acquisition costs | (6.5) | 0 | 0 | ||||||||
Foreign exchange remeasurement | 0 | (0.9) | 13.9 | ||||||||
Impairment of other long-lived assets | 0 | $ (1.1) | $ 0 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from product sales and services | 2,069.2 | ||||||||||
Sales margin | 600 | ||||||||||
Operating Segments [Member] | Mining and Pelletizing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from product sales and services | 2,069.2 | ||||||||||
Sales margin | 600 | ||||||||||
Operating Segments [Member] | Metallics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from product sales and services | 0 | ||||||||||
Sales margin | 0 | ||||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from product sales and services | (79.3) | ||||||||||
Sales margin | (24.3) | ||||||||||
Intersegment Eliminations [Member] | Mining and Pelletizing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from product sales and services | (79.3) | ||||||||||
Sales margin | (24.3) | ||||||||||
Intersegment Eliminations [Member] | Metallics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues from product sales and services | 0 | ||||||||||
Sales margin | $ 0 |
SEGMENT REPORTING (Summary of A
SEGMENT REPORTING (Summary of Assets by Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | |||
Assets | $ 3,503.8 | $ 3,529.6 | $ 2,953.4 |
Mining and Pelletizing [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 1,643.1 | 1,694.1 | 1,500.6 |
Metallics [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 913.6 | 265.9 | 13.4 |
Total Segment Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,556.7 | 1,960 | 1,514 |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 940.1 | 1,557.2 | 1,300.6 |
Discontinued Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets of discontinued operations | $ 7 | $ 12.4 | $ 138.8 |
SEGMENTS REPORTING (Revenue by
SEGMENTS REPORTING (Revenue by Geographical Location) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 534.1 | $ 555.6 | $ 743.2 | $ 157 | $ 696.3 | $ 741.8 | $ 714.3 | $ 180 | $ 1,989.9 | $ 2,332.4 | $ 1,866 |
Property, plant and equipment, net | 1,929 | 1,286 | 1,929 | 1,286 | |||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,505.2 | 1,847.3 | 1,504.5 | ||||||||
Property, plant and equipment, net | $ 1,929 | $ 1,286 | 1,929 | 1,286 | 1,033.8 | ||||||
Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 448.1 | 395.1 | 206.2 | ||||||||
Other Countries [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 36.6 | $ 90 | $ 155.3 |
INVENTORIES (Narrative) (Detail
INVENTORIES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory [Line Items] | ||
Effect of LIFO Inventory Increment on Financial Position | $ 34.2 | |
Effect of LIFO Inventory Liquidation on Income | $ (0.2) | |
Allowance for Obsolete and Surplus Items | 12.7 | 12.6 |
Mining and Pelletizing [Member] | ||
Inventory [Line Items] | ||
Inventory, LIFO Reserve | $ 101.3 | $ 95.6 |
INVENTORIES (Schedule Of Invent
INVENTORIES (Schedule Of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Finished goods | $ 114.1 | $ 77.8 |
Work-in-process | 68.7 | 10.1 |
Total product inventories | 182.8 | 87.9 |
Supplies and other inventories | 134.6 | 93.2 |
Inventories | $ 317.4 | $ 181.1 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 76.6 | $ 65.6 | $ 65.8 |
Interest capitalized | 24.8 | 6.5 | |
Depletion | 7.5 | 7.4 | $ 6.8 |
Other Noncurrent Assets [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Deposits for Property, Plant and Equipment | $ 34 | $ 83 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Value Of Each Of The Major Classes Of Consolidated Depreciable Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 3,027.4 | $ 2,308.4 |
Allowance for depreciation and depletion | (1,098.4) | (1,022.4) |
Property, plant and equipment, net | 1,929 | 1,286 |
Land Rights And Mineral Rights [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 549.7 | 549.6 |
Office And Information Technology [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 71.9 | 70 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 157.8 | 87.2 |
Mining Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 581.9 | 548.5 |
Processing Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 791.8 | 645.8 |
Electric Power Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 81.9 | 58.7 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 32.5 | 23.8 |
Asset Retirement Obligation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1.7 | 14.8 |
Other Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 27.9 | 25.2 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 730.3 | $ 284.8 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT (Book Value of Land and Mineral Rights Disclosure) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Land Rights | $ 12.4 | $ 12.4 |
Mineral rights: | ||
Mineral Properties, Gross | 537.3 | 537.2 |
Mineral Properties, Accumulated Depletion | (134.1) | (126.5) |
Mineral Properties, Net | $ 403.2 | $ 410.7 |
DEBT AND CREDIT FACILITIES (Nar
DEBT AND CREDIT FACILITIES (Narrative) (Details) $ / shares in Units, shares in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / sharesshares | |
Debt Instrument [Line Items] | |||
Debt Instrument, Par Value | $ 2,238,000,000 | ||
Common shares, par value | $ / shares | $ 0.125 | $ 0.125 | |
Debt Extinguished | $ 724,000,000 | $ 227,400,000 | $ 1,610,700,000 |
Net proceeds from issuance of common shares | $ 0 | 0 | $ 661,300,000 |
$400 Million 4.875% 2024 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | ||
Repurchase price if triggering event occurs | 101.00% | ||
Debt Instrument, Par Value | $ 400,000,000 | 400,000,000 | |
$316.25 Million 1.50% 2025 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||
Debt Instrument, Par Value | $ 316,300,000 | $ 316,300,000 | |
Common shares, par value | $ / shares | $ 0.125 | ||
Debt Instrument, Convertible, Threshold Trading Days | 20 | ||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||
Convertible debt, principal increment | $ 1,000 | ||
Convertible debt, initial conversion price | $ / shares | $ 8.17 | ||
Debt Instrument, Convertible, Conversion Ratio | 126.3479 | 122.4365 | |
Debt Instrument, Redemption Price, Percentage | 100.00% | ||
$316.25 Million 1.50% 2025 Senior Notes [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130.00% | ||
$316.25 Million 1.50% 2025 Senior Notes [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 98.00% | ||
$1.075 Billion 5.75% 2025 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||
Debt Instrument, Par Value | $ 473,300,000 | $ 1,073,300,000 | |
Debt Instrument, Redemption Price, Percentage | 100.00% | ||
Amount in aggregate that can be redeemed on or prior to March 1, 2020 | 0.35 | ||
Redemption Price of 35 percent or less of Outstanding | 1.0575 | ||
Debt Extinguished | $ 600,000,000 | 1,700,000 | |
$750 Million 5.875% 2027 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.875% | ||
Repurchase price if triggering event occurs | 101.00% | ||
Debt Instrument, Par Value | $ 750,000,000 | ||
Debt issuance, discount rate | 96.125% | ||
Debt Issuance Costs, Gross | $ 6,800,000 | ||
$800 Million 6.25% 2040 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ||
Debt Instrument, Par Value | $ 298,400,000 | 298,400,000 | |
Debt Instrument, Redemption Price, Percentage | 100.00% | ||
Basis points | 40 | ||
$800 Million 6.25% 2040 Senior Notes [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Time Period During Which Senior Notes May Be Redeemed at Company's Option, Number of Days From When Prior Notice Sent to Holders | 30 years | ||
$800 Million 6.25% 2040 Senior Notes [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Time Period During Which Senior Notes May Be Redeemed at Company's Option, Number of Days From When Prior Notice Sent to Holders | 60 years | ||
ABL Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Par Value | $ 450,000,000 | $ 450,000,000 | |
Sublimit for Issuers of Letters of Credit for U.S. Tranche | 248,800,000 | ||
Sublimit for U.S. Swingline Loans | $ 100,000,000 | ||
Fixed Charge Coverage Ratio | 1 | ||
Equity [Member] | $316.25 Million 1.50% 2025 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Convertible debt, equity component | $ 85,900,000 | ||
Federal Funds Rate [Member] | ABL Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | ABL Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Prime Rate [Member] | ABL Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Equity offering (in shares) | shares | 63.3 | ||
Common stock, shares issued, price per share | $ / shares | $ 10.75 |
DEBT AND CREDIT FACILITIES (Sch
DEBT AND CREDIT FACILITIES (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Debt Instrument, Par Value | $ 2,238 | |
Fair Value Adjustment to Interest Rate Hedge | $ 0.2 | |
Long-term debt | $ 2,113.8 | $ 2,092.9 |
$400 Million 4.875% 2024 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Imputed interest rate | 5.00% | 5.00% |
Debt Instrument, Par Value | $ 400 | $ 400 |
Unamortized Debt Issuance Expense | (4.6) | (5.7) |
Debt Instrument, Unamortized Discount | (1.8) | (2.2) |
Long-term Debt | $ 393.6 | $ 392.1 |
$316.25 Million 1.50% 2025 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Imputed interest rate | 6.26% | 6.26% |
Debt Instrument, Par Value | $ 316.3 | $ 316.3 |
Unamortized Debt Issuance Expense | (4.6) | (5.5) |
Debt Instrument, Unamortized Discount | (65) | (75.6) |
Long-term Debt | $ 246.7 | $ 235.2 |
$1.075 Billion 5.75% 2025 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Imputed interest rate | 6.01% | 6.01% |
Debt Instrument, Par Value | $ 473.3 | $ 1,073.3 |
Unamortized Debt Issuance Expense | (3.6) | (9.9) |
Debt Instrument, Unamortized Discount | (5.5) | (14.6) |
Long-term Debt | $ 464.2 | $ 1,048.8 |
$750 Million 5.875% 2027 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Imputed interest rate | 6.49% | |
Debt Instrument, Par Value | $ 750 | |
Unamortized Debt Issuance Expense | (6.3) | |
Debt Instrument, Unamortized Discount | (27.3) | |
Long-term Debt | $ 716.4 | |
$800 Million 6.25% 2040 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Imputed interest rate | 6.34% | 6.34% |
Debt Instrument, Par Value | $ 298.4 | $ 298.4 |
Unamortized Debt Issuance Expense | (2.2) | (2.3) |
Debt Instrument, Unamortized Discount | (3.3) | (3.3) |
Long-term Debt | 292.9 | 292.8 |
ABL Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Par Value | 450 | 450 |
Credit facility, amount outstanding | $ 0 | $ 0 |
$700 Million 4.875% 2021 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Imputed interest rate | 4.89% | |
Debt Instrument, Par Value | $ 124 | |
Unamortized Debt Issuance Expense | (0.2) | |
Debt Instrument, Unamortized Discount | 0 | |
Long-term Debt | $ 123.8 |
DEBT AND CREDIT FACILITIES DEBT
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES (Debt Redemption) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
$400 Million 4.875% 2024 Senior Notes [Member] | Debt Instrument, Redemption, Period One, Upon Equity Issuance | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price1 | 104.875% |
Restricted Amount (percent of original aggregate principal) | 35.00% |
$400 Million 4.875% 2024 Senior Notes [Member] | Debt Instrument, Redemption, Period One, Including Premium | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price1 | 100.00% |
$400 Million 4.875% 2024 Senior Notes [Member] | Debt Instrument, Redemption, Period One | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price1 | 103.00% |
Restricted Amount (percent of original aggregate principal) | 10.00% |
$400 Million 4.875% 2024 Senior Notes [Member] | Debt Instrument, Redemption, Period Two | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price1 | 102.438% |
$400 Million 4.875% 2024 Senior Notes [Member] | Debt Instrument, Redemption, Period Three | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price1 | 101.219% |
$400 Million 4.875% 2024 Senior Notes [Member] | Debt Instrument, Redemption, Period Four | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price1 | 100.00% |
$750 Million 5.875% 2027 Senior Notes [Member] | Debt Instrument, Redemption, Period One, Upon Equity Issuance | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price1 | 105.875% |
Restricted Amount (percent of original aggregate principal) | 35.00% |
$750 Million 5.875% 2027 Senior Notes [Member] | Debt Instrument, Redemption, Period One, Including Premium | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price1 | 100.00% |
$750 Million 5.875% 2027 Senior Notes [Member] | Debt Instrument, Redemption, Period Two | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price1 | 102.938% |
$750 Million 5.875% 2027 Senior Notes [Member] | Debt Instrument, Redemption, Period Three | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price1 | 101.958% |
$750 Million 5.875% 2027 Senior Notes [Member] | Debt Instrument, Redemption, Period Four | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price1 | 100.979% |
$750 Million 5.875% 2027 Senior Notes [Member] | Debt Instrument, Redemption, Period Five [Member] | |
Debt Instrument, Redemption [Line Items] | |
Redemption Price1 | 100.00% |
DEBT AND CREDIT FACILITIES (Deb
DEBT AND CREDIT FACILITIES (Debt Extinguishment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Extinguishment of Debt [Line Items] | |||
Debt Extinguished | $ 724 | $ 227.4 | $ 1,610.7 |
Gain (loss) on extinguishment of debt | (18.2) | (6.8) | (165.4) |
Debt redemption premiums paid | (5.3) | (7.1) | (110) |
$700 Million 4.875% 2021 Senior Notes [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Extinguished | 124 | 14.4 | 171 |
Gain (loss) on extinguishment of debt | $ (5.3) | 0.1 | (2.8) |
$1.075 Billion 5.75% 2025 Senior Notes [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||
Debt Extinguished | $ 600 | 1.7 | |
Gain (loss) on extinguishment of debt | $ (12.9) | 0.1 | |
$400 Million 5.90% 2020 Senior Notes | |||
Extinguishment of Debt [Line Items] | |||
Debt Extinguished | 88.9 | 136.7 | |
Gain (loss) on extinguishment of debt | (3.3) | (7.8) | |
$540 Million 8.25% 2020 First Lien Notes | |||
Extinguishment of Debt [Line Items] | |||
Debt Extinguished | 540 | ||
Gain (loss) on extinguishment of debt | (93.5) | ||
$218.5 Million 8.00% 2020 1.5 Lien Notes | |||
Extinguishment of Debt [Line Items] | |||
Debt Extinguished | 218.5 | ||
Gain (loss) on extinguishment of debt | 45.1 | ||
$544.2 Million 7.75% 2020 Second Lien Notes | |||
Extinguishment of Debt [Line Items] | |||
Debt Extinguished | 430.1 | ||
Gain (loss) on extinguishment of debt | (104.5) | ||
$500 Million 4.80% 2020 Senior Notes | |||
Extinguishment of Debt [Line Items] | |||
Debt Extinguished | 122.4 | 114.4 | |
Gain (loss) on extinguishment of debt | $ (3.7) | $ (1.9) | |
$800 Million 6.25% 2040 Senior Notes [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% |
DEBT AND CREDIT FACILITIES (S_2
DEBT AND CREDIT FACILITIES (Schedule of Debt Maturities) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
2020 | $ 0 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 400 |
2025 and thereafter | 1,838 |
Long-term Debt, Maturities, Total | $ 2,238 |
DEBT AND CREDIT FACILITIES DE_2
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES (ABL Facility) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
ABL Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 450 | $ 450 |
Line of Credit Facility, Current Borrowing Capacity | 395.7 | 323.7 |
Credit facility, amount outstanding | 0 | 0 |
Line of Credit Facility, Remaining Borrowing Capacity | 357.8 | 268.7 |
Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility, amount outstanding | $ (37.9) | $ (55) |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 45.8 | $ 91.5 |
Derivative Liability | 4.3 | 3.7 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 45.8 | 91.4 |
Derivative Liability | 1.1 | 0 |
Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 45.8 | 91.4 |
Derivative Liability | 1.1 | 0 |
Valuation, Market Approach [Member] | Not Designated as Hedging Instrument [Member] | Derivative Asset [Member] | Customer Supply Agreements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 44.5 | 89.3 |
Valuation, Market Approach [Member] | Not Designated as Hedging Instrument [Member] | Derivative Asset [Member] | Provisional Pricing Arrangements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1.3 | 2.1 |
Valuation, Market Approach [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | Provisional Pricing Arrangements [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 1.1 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value Of Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash equivalents | $ 187.6 | $ 543.4 |
Derivative Asset | 45.8 | 91.5 |
Total Asset | 233.4 | 634.9 |
Liabilities: | ||
Derivative Liability | 4.3 | 3.7 |
Total Liability | 4.3 | 3.7 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0.8 |
Derivative Asset | 0 | 0 |
Total Asset | 0 | 0.8 |
Liabilities: | ||
Derivative Liability | 0 | 0 |
Total Liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Cash equivalents | 187.6 | 542.6 |
Derivative Asset | 0 | 0.1 |
Total Asset | 187.6 | 542.7 |
Liabilities: | ||
Derivative Liability | 3.2 | 3.7 |
Total Liability | 3.2 | 3.7 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Derivative Asset | 45.8 | 91.4 |
Total Asset | 45.8 | 91.4 |
Liabilities: | ||
Derivative Liability | 1.1 | 0 |
Total Liability | $ 1.1 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule Of Quantitative Inputs And Assumptions For Level 3 Assets And Liabilities) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 45.8 | $ 91.5 |
Derivative Liability | 4.3 | 3.7 |
Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 45.8 | 91.4 |
Derivative Liability | 1.1 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 45.8 | 91.4 |
Derivative Liability | 1.1 | 0 |
Other Current Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Valuation, Market Approach [Member] | Provisional Pricing Arrangements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 1.1 | 0 |
Derivative Asset [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Valuation, Market Approach [Member] | Provisional Pricing Arrangements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1.3 | 2.1 |
Derivative Asset [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Valuation, Market Approach [Member] | Customer Supply Agreements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 44.5 | $ 89.3 |
Managements Estimate Of 62% Fe [Member] | Weighted Average [Member] | Derivative Asset [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Valuation, Market Approach [Member] | Provisional Pricing Arrangements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Measurement With Unobservable Inputs Range | 76 | |
Customer's Hot-Rolled Steel Estimate [Member] | Weighted Average [Member] | Derivative Asset [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Valuation, Market Approach [Member] | Customer Supply Agreements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Measurement With Unobservable Inputs Range | 650 | |
PPI Estimates [Member] | Weighted Average [Member] | Other Current Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Valuation, Market Approach [Member] | Provisional Pricing Arrangements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Measurement With Unobservable Inputs Range | 197 |
FAIR VALUE OF FINANCIAL INSTR_6
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, Assets and Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 4.3 | $ 3.7 |
Derivative Asset | 45.8 | 91.5 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 1.1 | 0 |
Derivative Asset | 45.8 | 91.4 |
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance - January 1 | 91.4 | 49.5 |
Included in earnings | 78.6 | 428.7 |
Settlements | (124.2) | (386.8) |
Ending balance - December 31 | 45.8 | 91.4 |
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) on assets still held at the reporting date | 45.8 | 91.4 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance - January 1 | 0 | (1.7) |
Included in earnings | (71.1) | (6.1) |
Settlements | 70 | 7.8 |
Ending balance - December 31 | (1.1) | 0 |
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) on liabilities still held at the reporting date | $ (1.1) | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_7
FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Value And Fair Value Of Financial Instruments Disclosure) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term debt: | ||
Fair Value Adjustment to Interest Rate Hedge | $ 0.2 | |
Reported Value Measurement [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | $ 2,113.8 | 2,092.9 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Long-term debt: | ||
Fair Value Adjustment to Interest Rate Hedge | 0 | 0.2 |
Estimate of Fair Value Measurement [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 2,237 | 2,039.9 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Long-term debt: | ||
Fair Value Adjustment to Interest Rate Hedge | 0 | 0.2 |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $400 Million 4.875% 2024 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 393.6 | 392.1 |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $700 Million 4.875% 2021 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 0 | 123.8 |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $316.25 Million 1.50% 2025 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 246.7 | 235.2 |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $1.075 Billion 5.75% 2025 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 464.2 | 1,048.8 |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $750 Million 5.875% 2027 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 716.4 | 0 |
Senior Notes [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $800 Million 6.25% 2040 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 292.9 | 292.8 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $400 Million 4.875% 2024 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 410 | 370.2 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $700 Million 4.875% 2021 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 0 | 122.3 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $316.25 Million 1.50% 2025 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 385 | 352.4 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $1.075 Billion 5.75% 2025 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 473.3 | 962 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $750 Million 5.875% 2027 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 718.5 | 0 |
Senior Notes [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | $800 Million 6.25% 2040 Senior Notes [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 250.2 | 232.8 |
Line of Credit [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ABL Facility [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | 0 | 0 |
Line of Credit [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ABL Facility [Member] | ||
Long-term debt: | ||
Long-term Debt, Fair Value | $ 0 | $ 0 |
PENSIONS AND OTHER POSTRETIRE_3
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Narrative) (Details) - USD ($) | Oct. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Labor Agreement, Contract Term | 4 years | ||
401(k) contribution match | $ 0.60 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 1,010,000,000 | $ 896,800,000 | |
Reserve for investment commitments | 37,100,000 | ||
Early Termination Fees for Pension Benefits | 14,900,000 | ||
Early Termination Fees for Other Postretirement Benefits | $ 3,000,000 | ||
Structured Finance [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Redemption request notice period, days | 90 days | ||
Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Redemption request notice period, days | 45 days | ||
Withdrawal request notice period, days | 95 days | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Participant contributions | $ 0 | 0 | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Participant contributions | 5,800,000 | $ 5,600,000 | |
Prior To Age65 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Annual limit on medical coverage for each participant | $ 7,000 |
PENSIONS AND OTHER POSTRETIRE_4
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Annual Expense (Income) Related to Retirement Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plans | $ 22.4 | $ 12.7 | $ 18 |
Defined contribution pension plans | 3.4 | 3.1 | 2.9 |
Total | 23.3 | 9.9 | 14.8 |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plans | $ (2.5) | $ (5.9) | $ (6.1) |
PENSIONS AND OTHER POSTRETIRE_5
PENSIONS AND OTHER POSTRETIREMENT BENEFITS PENSION AND OTHER POSTRETIREMENT BENEFITS (Obligations and Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer contributions | $ 3.7 | $ 3.8 | |
Non-current liabilities | (311.5) | (248.7) | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations - beginning of year | 905.7 | 973.1 | |
Service cost (excluding expense) | 17.3 | 18.7 | $ 17.1 |
Interest cost | 34.9 | 30.3 | 30.5 |
Plan Amendments | 0 | 2.2 | |
Actuarial (gain) loss | 111.8 | (57) | |
Benefits paid | (62.2) | (60.7) | |
Participant contributions | 0 | 0 | |
Other | 13.6 | (0.9) | |
Benefit obligations - end of year | 1,021.1 | 905.7 | 973.1 |
Fair value of plan assets — beginning of year | 687.2 | 749.8 | |
Actual return on plan assets | 98.1 | (29.6) | |
Participant contributions | 0 | 0 | |
Employer contributions | 16.4 | 27.6 | |
Benefits paid | (62.2) | (60.7) | |
Other | 9.4 | 0.1 | |
Fair value of plan assets — end of year | 748.9 | 687.2 | 749.8 |
Funded (Unfunded) Status | (272.2) | (218.5) | |
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 | |
Current liabilities | (0.5) | (0.1) | |
Non-current liabilities | (271.7) | (218.4) | |
Total amount recognized | (272.2) | (218.5) | |
Net actuarial loss | 382.1 | 330.1 | |
Prior service cost (credit) | 7.3 | 8.5 | |
Net amount recognized | 389.4 | 338.6 | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligations - beginning of year | 241.9 | 265.9 | |
Service cost (excluding expense) | 1.7 | 2.2 | 1.8 |
Interest cost | 9.5 | 8.3 | 8.3 |
Plan Amendments | 0 | 12.8 | |
Actuarial (gain) loss | 18.9 | (29.4) | |
Benefits paid | (25.6) | (24.4) | |
Participant contributions | 5.8 | 5.6 | |
Other | 2.3 | 0.9 | |
Benefit obligations - end of year | 254.5 | 241.9 | 265.9 |
Fair value of plan assets — beginning of year | 240.2 | 262.5 | |
Actual return on plan assets | 35.1 | (8.2) | |
Participant contributions | 0.5 | 0.5 | |
Employer contributions | 2.5 | 3 | |
Benefits paid | (18.6) | (17.6) | |
Other | 0 | 0 | |
Fair value of plan assets — end of year | 259.7 | 240.2 | $ 262.5 |
Funded (Unfunded) Status | 5.2 | (1.7) | |
Assets for Plan Benefits, Defined Benefit Plan | 48.5 | 32.1 | |
Current liabilities | (3.5) | (3.5) | |
Non-current liabilities | (39.8) | (30.3) | |
Total amount recognized | 5.2 | (1.7) | |
Net actuarial loss | 72.6 | 82.1 | |
Prior service cost (credit) | (7.9) | (9.9) | |
Net amount recognized | $ 64.7 | $ 72.2 |
PENSIONS AND OTHER POSTRETIRE_6
PENSIONS AND OTHER POSTRETIREMENT BENEFITS PENSION AND OTHER POSTRETIREMENT BENEFITS (Schedule of Net Funded Status) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 748.9 | $ 687.2 | $ 749.8 |
Defined Benefit Plan, Benefit Obligation | (1,021.1) | (905.7) | (973.1) |
Funded (Unfunded) Status | (272.2) | (218.5) | |
Pension Plan [Member] | Salaried [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 293.7 | 249.8 | |
Defined Benefit Plan, Benefit Obligation | (407.2) | (340.8) | |
Funded (Unfunded) Status | (113.5) | (91) | |
Pension Plan [Member] | Iron Hourly [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 455.2 | 429.4 | |
Defined Benefit Plan, Benefit Obligation | (607.3) | (548.9) | |
Funded (Unfunded) Status | (152.1) | (119.5) | |
Pension Plan [Member] | Ore Mining [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 8 | ||
Defined Benefit Plan, Benefit Obligation | (10.7) | ||
Funded (Unfunded) Status | (2.7) | ||
Pension Plan [Member] | SERP [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation | (6.6) | (5.3) | |
Funded (Unfunded) Status | (6.6) | (5.3) | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 259.7 | 240.2 | 262.5 |
Defined Benefit Plan, Benefit Obligation | (254.5) | (241.9) | $ (265.9) |
Funded (Unfunded) Status | 5.2 | (1.7) | |
Other Postretirement Benefits Plan [Member] | Salaried [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation | (37.7) | (32.9) | |
Funded (Unfunded) Status | (37.7) | (32.9) | |
Other Postretirement Benefits Plan [Member] | Iron Hourly [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 259.7 | 240.2 | |
Defined Benefit Plan, Benefit Obligation | (216.8) | (209) | |
Funded (Unfunded) Status | $ 42.9 | $ 31.2 |
PENSIONS AND OTHER POSTRETIRE_7
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 17.3 | $ 18.7 | $ 17.1 |
Interest cost | 34.9 | 30.3 | 30.5 |
Expected return on plan assets | (54.6) | (60) | (54.5) |
Amortization: | |||
Amortization of prior service cost (credit) | 1.2 | 2.2 | 2.6 |
Net actuarial loss | 23.5 | 21.2 | 22.3 |
Curtailments | 0.1 | 0.3 | 0 |
Net periodic benefit cost (credit) | 22.4 | 12.7 | 18 |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1.7 | 2.2 | 1.8 |
Interest cost | 9.5 | 8.3 | 8.3 |
Expected return on plan assets | (16.8) | (18.4) | (17.7) |
Amortization: | |||
Amortization of prior service cost (credit) | (2) | (3) | (3) |
Net actuarial loss | 5.1 | 5 | 4.5 |
Curtailments | 0 | 0 | 0 |
Net periodic benefit cost (credit) | $ (2.5) | $ (5.9) | $ (6.1) |
PENSIONS AND OTHER POSTRETIRE_8
PENSIONS AND OTHER POSTRETIREMENT BENEFITS PENSION AND POST RETIREMENT BENEFITS (Components of Accumulated Other Comprehensive Loss (Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, (Gain) Loss Arising During Period, before Tax | $ 50.8 | $ 11.1 |
Actual returns on assets (over) under estimate | (43.5) | 89.6 |
Amortization of net actuarial loss | (23.5) | (21.2) |
Amortization of prior service credit (cost) | (1.2) | (2.2) |
Current year prior service cost | 0 | 2.2 |
Other | 7.2 | (0.3) |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, (Gain) Loss Arising During Period, before Tax | (7.5) | 9.5 |
Actual returns on assets (over) under estimate | (18.3) | 26.6 |
Amortization of net actuarial loss | (5.1) | (5) |
Amortization of prior service credit (cost) | 2 | 3 |
Current year prior service cost | 0 | 12.8 |
Other | (5) | 1.5 |
Change in Assumptions for Defined Benefit Plans, Discount Rates [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, (Gain) Loss Arising During Period, before Tax | 105.8 | (75.7) |
Change in Assumptions for Defined Benefit Plans, Discount Rates [Member] | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, (Gain) Loss Arising During Period, before Tax | 25.5 | (19) |
Change in Assumptions for Defined Benefit Plans, Demographic [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, (Gain) Loss Arising During Period, before Tax | 12.3 | 21.7 |
Change in Assumptions for Defined Benefit Plans, Demographic [Member] | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, (Gain) Loss Arising During Period, before Tax | 3.6 | 2.3 |
Changes in Assumptions for Defined Benefit Plans, Mortality [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, (Gain) Loss Arising During Period, before Tax | (6.3) | (3) |
Changes in Assumptions for Defined Benefit Plans, Mortality [Member] | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, (Gain) Loss Arising During Period, before Tax | (3.9) | (0.8) |
Changes in Assumptions for Defined Benefit Plans, Per Capita Claims [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, (Gain) Loss Arising During Period, before Tax | 0 | 0 |
Changes in Assumptions for Defined Benefit Plans, Per Capita Claims [Member] | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, (Gain) Loss Arising During Period, before Tax | (9.4) | (11.9) |
Changes in Assumptions for Defined Benefit Plans, Other Actuarial (Gain) Loss [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, (Gain) Loss Arising During Period, before Tax | 0 | 0 |
Changes in Assumptions for Defined Benefit Plans, Other Actuarial (Gain) Loss [Member] | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, (Gain) Loss Arising During Period, before Tax | 3.1 | 0 |
Changes in Assumptions for Defined Benefit Plans, Actuarial (Gain) Loss [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, (Gain) Loss Arising During Period, before Tax | 111.8 | (57) |
Changes in Assumptions for Defined Benefit Plans, Actuarial (Gain) Loss [Member] | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, (Gain) Loss Arising During Period, before Tax | $ 18.9 | $ (29.4) |
PENSIONS AND OTHER POSTRETIRE_9
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Weighted-Average Assumptions Used to Determine Benefit Obligations) (Details) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest crediting rate | 6.00% | 6.00% | 6.00% |
Salary [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Rate of compensation increase | 3.00% | 3.00% | |
Salary [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Rate of compensation increase | 3.00% | 3.00% | |
Hourly [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Rate of compensation increase | 2.00% | 2.00% | |
Iron Hourly [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.34% | 4.31% | |
Salaried [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.18% | 4.21% | |
Salaried [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.29% | 4.27% | |
Ore Mining [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.33% | ||
SERP [Domain] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.05% | 4.22% | |
Hourly [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.28% | 4.29% |
PENSIONS AND OTHER POSTRETIR_10
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Weighted-Average Assumptions Used to Determine Net Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest crediting rate | 6.00% | 6.00% | 6.00% |
Expected return on plan assets | 8.25% | 8.25% | 8.25% |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected return on plan assets | 7.00% | 7.00% | 7.00% |
Iron Hourly [Member] | Pension Plan [Member] | Obligation [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.31% | 3.61% | 4.02% |
Iron Hourly [Member] | Pension Plan [Member] | Service Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.49% | 3.76% | 4.30% |
Iron Hourly [Member] | Pension Plan [Member] | Interest Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.96% | 3.21% | 3.38% |
Salaried [Member] | Pension Plan [Member] | Obligation [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.22% | 3.52% | 3.91% |
Salaried [Member] | Pension Plan [Member] | Service Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.23% | 3.53% | 3.93% |
Salaried [Member] | Pension Plan [Member] | Interest Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.85% | 3.08% | 3.21% |
Ore Mining [Domain] | Pension Plan [Member] | Obligation [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.61% | 4.04% | |
Ore Mining [Domain] | Pension Plan [Member] | Service Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.75% | 4.27% | |
Ore Mining [Domain] | Pension Plan [Member] | Interest Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.22% | 3.41% | |
SERP [Domain] | Pension Plan [Member] | Obligation [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.21% | 3.54% | 3.90% |
SERP [Domain] | Pension Plan [Member] | Service Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.11% | 3.43% | 3.69% |
SERP [Domain] | Pension Plan [Member] | Interest Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.89% | 3.16% | 3.36% |
Hourly [Member] | Other Postretirement Benefits Plan [Member] | Obligation [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.29% | 3.60% | 4.03% |
Hourly [Member] | Other Postretirement Benefits Plan [Member] | Service Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.48% | 3.73% | 4.23% |
Hourly [Member] | Other Postretirement Benefits Plan [Member] | Interest Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.95% | 3.10% | 3.24% |
Salary [Member] | Other Postretirement Benefits Plan [Member] | Obligation [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.28% | 3.57% | 3.98% |
Salary [Member] | Other Postretirement Benefits Plan [Member] | Service Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 4.54% | 3.76% | 4.30% |
Salary [Member] | Other Postretirement Benefits Plan [Member] | Interest Cost [Domain] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate | 3.91% | 3.15% | 3.28% |
Hourly [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Rate of compensation increase | 2.00% | 2.00% | 2.00% |
Salary [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Salary [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
PENSIONS AND OTHER POSTRETIR_11
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Assumed Health Care Cost Trend Rates) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Postemployment Benefits [Abstract] | ||
Health care cost trend rate assumed for next year | 6.50% | 6.75% |
Ultimate health care cost trend rate | 5.00% | 5.00% |
PENSIONS AND OTHER POSTRETIR_12
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Target Allocation and Actual Asset Allocations for Pension and VEBA Plan Assets) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 100.00% | 100.00% |
Target Allocation, Percentage, Next Fiscal Year | 100.00% | |
Pension Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 44.00% | 38.90% |
Target Allocation, Percentage, Next Fiscal Year | 45.00% | |
Pension Plan [Member] | Fixed Income Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 26.10% | 26.00% |
Target Allocation, Percentage, Next Fiscal Year | 28.00% | |
Pension Plan [Member] | Hedge Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 5.40% | 5.40% |
Target Allocation, Percentage, Next Fiscal Year | 5.00% | |
Pension Plan [Member] | Private Equity Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 6.60% | 6.20% |
Target Allocation, Percentage, Next Fiscal Year | 7.00% | |
Pension Plan [Member] | Structured Finance [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 7.00% | 11.40% |
Target Allocation, Percentage, Next Fiscal Year | 7.50% | |
Pension Plan [Member] | Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 9.40% | 10.30% |
Target Allocation, Percentage, Next Fiscal Year | 7.50% | |
Pension Plan [Member] | Cash [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 1.50% | 1.80% |
Target Allocation, Percentage, Next Fiscal Year | 0.00% | |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 100.00% | 100.00% |
Target Allocation, Percentage, Next Fiscal Year | 100.00% | |
Other Postretirement Benefits Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 7.20% | 8.10% |
Target Allocation, Percentage, Next Fiscal Year | 8.00% | |
Other Postretirement Benefits Plan [Member] | Fixed Income Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 79.80% | 77.00% |
Target Allocation, Percentage, Next Fiscal Year | 80.00% | |
Other Postretirement Benefits Plan [Member] | Hedge Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 4.80% | 4.70% |
Target Allocation, Percentage, Next Fiscal Year | 4.00% | |
Other Postretirement Benefits Plan [Member] | Private Equity Funds [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 0.70% | 1.20% |
Target Allocation, Percentage, Next Fiscal Year | 3.00% | |
Other Postretirement Benefits Plan [Member] | Structured Finance [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 2.10% | 3.50% |
Target Allocation, Percentage, Next Fiscal Year | 2.00% | |
Other Postretirement Benefits Plan [Member] | Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 5.40% | 5.40% |
Target Allocation, Percentage, Next Fiscal Year | 3.00% | |
Other Postretirement Benefits Plan [Member] | Cash [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Percentage of Plan Assets | 0.00% | 0.10% |
Target Allocation, Percentage, Next Fiscal Year | 0.00% |
PENSIONS AND OTHER POSTRETIR_13
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Fair Values of Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 748.9 | $ 687.2 | $ 749.8 |
U.S. large-cap | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 139.1 | 112.6 | |
U.S. small/mid-cap | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 29.3 | 22.5 | |
International | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 161.4 | 132 | |
Fixed Income Investments [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 195.3 | 178.5 | |
Hedge Funds [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 40.2 | 37.2 | |
Private Equity Funds [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 49.5 | 42.6 | |
Structured Credit [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 52.3 | 78.8 | |
Real Estate [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 70.4 | 70.5 | |
Cash [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 11.4 | 12.5 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 514.2 | 430.7 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | U.S. large-cap | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 139.1 | 112.6 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | U.S. small/mid-cap | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 29.3 | 22.5 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | International | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 161.4 | 132 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fixed Income Investments [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 173 | 151.1 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Hedge Funds [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Private Equity Funds [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Structured Credit [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Real Estate [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Cash [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 11.4 | 12.5 | |
Fair Value, Inputs, Level 2 [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 22.3 | 27.4 | |
Fair Value, Inputs, Level 2 [Member] | U.S. large-cap | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | U.S. small/mid-cap | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | International | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Investments [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 22.3 | 27.4 | |
Fair Value, Inputs, Level 2 [Member] | Hedge Funds [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Private Equity Funds [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Structured Credit [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Real Estate [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 212.4 | 229.1 | 215.6 |
Significant Unobservable Inputs (Level 3) [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 212.4 | 229.1 | |
Significant Unobservable Inputs (Level 3) [Member] | U.S. large-cap | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | U.S. small/mid-cap | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | International | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Investments [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 40.2 | 37.2 | 37.4 |
Significant Unobservable Inputs (Level 3) [Member] | Hedge Funds [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 40.2 | 37.2 | |
Significant Unobservable Inputs (Level 3) [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 49.5 | 42.6 | 39.8 |
Significant Unobservable Inputs (Level 3) [Member] | Private Equity Funds [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 49.5 | 42.6 | |
Significant Unobservable Inputs (Level 3) [Member] | Structured Credit [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 52.3 | 78.8 | |
Significant Unobservable Inputs (Level 3) [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 70.4 | 70.5 | $ 65.5 |
Significant Unobservable Inputs (Level 3) [Member] | Real Estate [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 70.4 | 70.5 | |
Significant Unobservable Inputs (Level 3) [Member] | Cash [Member] | Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
PENSIONS AND POSTRETIREMENT BEN
PENSIONS AND POSTRETIREMENT BENEFITS (Fair Value Measurements Using Significant Unobservable Inputs (Level 3) on Changes in Pension Plan Assets) (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | $ 229.1 | $ 215.6 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | (1.3) | 12.5 |
Relating to assets sold during the period | 30.6 | 4 |
Purchases | 16.5 | 5.2 |
Sales | (59.9) | (8.2) |
Other | (2.6) | |
Fair value of plan assets — end of year | 212.4 | 229.1 |
Hedge Funds [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 37.2 | 37.4 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 3.4 | (0.2) |
Relating to assets sold during the period | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Other | (0.4) | |
Fair value of plan assets — end of year | 40.2 | 37.2 |
Private Equity Funds [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 42.6 | 39.8 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | (1) | 1.4 |
Relating to assets sold during the period | 1.2 | 4 |
Purchases | 16.5 | 5.2 |
Sales | (9.3) | (7.8) |
Other | (0.5) | |
Fair value of plan assets — end of year | 49.5 | 42.6 |
Structured Finance [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 78.8 | 72.9 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 0.5 | 5.9 |
Relating to assets sold during the period | 0.8 | 0 |
Purchases | 0 | 0 |
Sales | (26.8) | 0 |
Other | (1) | |
Fair value of plan assets — end of year | 52.3 | 78.8 |
Real Estate [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 70.5 | 65.5 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | (4.2) | 5.4 |
Relating to assets sold during the period | 28.6 | 0 |
Purchases | 0 | 0 |
Sales | (23.8) | (0.4) |
Other | (0.7) | |
Fair value of plan assets — end of year | $ 70.4 | $ 70.5 |
PENSIONS AND OTHER POSTRETIR_14
PENSIONS AND OTHER POSTRETIREMENT BENEFITS - VEBA (Fair Values of Other Benefit Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 212.4 | $ 229.1 | $ 215.6 |
Significant Unobservable Inputs (Level 3) [Member] | Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 40.2 | 37.2 | 37.4 |
Significant Unobservable Inputs (Level 3) [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 49.5 | 42.6 | 39.8 |
Significant Unobservable Inputs (Level 3) [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 70.4 | 70.5 | 65.5 |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 259.7 | 240.2 | 262.5 |
Other Postretirement Benefits Plan [Member] | U.S. large-cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 9.3 | 9.7 | |
Other Postretirement Benefits Plan [Member] | U.S. small/mid-cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2.3 | 2.4 | |
Other Postretirement Benefits Plan [Member] | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 7 | 7.3 | |
Other Postretirement Benefits Plan [Member] | Fixed Income Investments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 207.3 | 184.6 | |
Other Postretirement Benefits Plan [Member] | Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 12.4 | 11.4 | |
Other Postretirement Benefits Plan [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1.7 | 3 | |
Other Postretirement Benefits Plan [Member] | Structured Credit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 5.5 | 8.5 | |
Other Postretirement Benefits Plan [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 14 | 13.1 | |
Other Postretirement Benefits Plan [Member] | Cash [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0.2 | 0.2 | |
Other Postretirement Benefits Plan [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 185.2 | 166.4 | |
Other Postretirement Benefits Plan [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | U.S. large-cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 9.3 | 9.7 | |
Other Postretirement Benefits Plan [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | U.S. small/mid-cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2.3 | 2.4 | |
Other Postretirement Benefits Plan [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 7 | 7.3 | |
Other Postretirement Benefits Plan [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Fixed Income Investments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 166.4 | 146.8 | |
Other Postretirement Benefits Plan [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Structured Credit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Cash [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0.2 | 0.2 | |
Other Postretirement Benefits Plan [Member] | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 40.9 | 37.8 | |
Other Postretirement Benefits Plan [Member] | Significant Other Observable Inputs (Level 2) | U.S. large-cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Significant Other Observable Inputs (Level 2) | U.S. small/mid-cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Significant Other Observable Inputs (Level 2) | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Significant Other Observable Inputs (Level 2) | Fixed Income Investments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 40.9 | 37.8 | |
Other Postretirement Benefits Plan [Member] | Significant Other Observable Inputs (Level 2) | Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Significant Other Observable Inputs (Level 2) | Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Significant Other Observable Inputs (Level 2) | Structured Credit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Significant Other Observable Inputs (Level 2) | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Significant Other Observable Inputs (Level 2) | Cash [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 33.6 | 36 | 35.2 |
Other Postretirement Benefits Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. large-cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. small/mid-cap | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | International | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Investments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Other Postretirement Benefits Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Hedge Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 12.4 | 11.4 | 11.4 |
Other Postretirement Benefits Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1.7 | 3 | 3.9 |
Other Postretirement Benefits Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Structured Credit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 5.5 | 8.5 | 7.9 |
Other Postretirement Benefits Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 14 | 13.1 | $ 12 |
Other Postretirement Benefits Plan [Member] | Significant Unobservable Inputs (Level 3) [Member] | Cash [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFITS - VEBA (Effect of Fair Value Measurements Using Significant Unobservable Inputs (Level 3) on Changes in Other Benefit Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | $ 240.2 | $ 262.5 |
Actual return on plan assets: | ||
Fair value of plan assets — end of year | 259.7 | 240.2 |
Other Postretirement Benefits Plan [Member] | Hedge Funds [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 11.4 | |
Actual return on plan assets: | ||
Fair value of plan assets — end of year | 12.4 | 11.4 |
Other Postretirement Benefits Plan [Member] | Private Equity Funds [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 3 | |
Actual return on plan assets: | ||
Fair value of plan assets — end of year | 1.7 | 3 |
Other Postretirement Benefits Plan [Member] | Structured Credit [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 8.5 | |
Actual return on plan assets: | ||
Fair value of plan assets — end of year | 5.5 | 8.5 |
Other Postretirement Benefits Plan [Member] | Real Estate [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 13.1 | |
Actual return on plan assets: | ||
Fair value of plan assets — end of year | 14 | 13.1 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 229.1 | 215.6 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | (1.3) | 12.5 |
Relating to assets sold during the period | 30.6 | 4 |
Purchases | 16.5 | 5.2 |
Sales | (59.9) | (8.2) |
Fair value of plan assets — end of year | 212.4 | 229.1 |
Significant Unobservable Inputs (Level 3) [Member] | Hedge Funds [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 37.2 | 37.4 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 3.4 | (0.2) |
Relating to assets sold during the period | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Fair value of plan assets — end of year | 40.2 | 37.2 |
Significant Unobservable Inputs (Level 3) [Member] | Private Equity Funds [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 42.6 | 39.8 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | (1) | 1.4 |
Relating to assets sold during the period | 1.2 | 4 |
Purchases | 16.5 | 5.2 |
Sales | (9.3) | (7.8) |
Fair value of plan assets — end of year | 49.5 | 42.6 |
Significant Unobservable Inputs (Level 3) [Member] | Real Estate [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 70.5 | 65.5 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | (4.2) | 5.4 |
Relating to assets sold during the period | 28.6 | 0 |
Purchases | 0 | 0 |
Sales | (23.8) | (0.4) |
Fair value of plan assets — end of year | 70.4 | 70.5 |
Significant Unobservable Inputs (Level 3) [Member] | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 36 | 35.2 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 1.4 | 1.6 |
Relating to assets sold during the period | 0.1 | 0.3 |
Purchases | 0 | 0 |
Sales | (3.9) | (1.1) |
Fair value of plan assets — end of year | 33.6 | 36 |
Significant Unobservable Inputs (Level 3) [Member] | Other Postretirement Benefits Plan [Member] | Hedge Funds [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 11.4 | 11.4 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 1 | 0 |
Relating to assets sold during the period | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Fair value of plan assets — end of year | 12.4 | 11.4 |
Significant Unobservable Inputs (Level 3) [Member] | Other Postretirement Benefits Plan [Member] | Private Equity Funds [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 3 | 3.9 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | (0.6) | (0.1) |
Relating to assets sold during the period | 0 | 0.3 |
Purchases | 0 | 0 |
Sales | (0.7) | (1.1) |
Fair value of plan assets — end of year | 1.7 | 3 |
Significant Unobservable Inputs (Level 3) [Member] | Other Postretirement Benefits Plan [Member] | Structured Credit [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 8.5 | 7.9 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 0.1 | 0.6 |
Relating to assets sold during the period | 0.1 | 0 |
Purchases | 0 | 0 |
Sales | (3.2) | 0 |
Fair value of plan assets — end of year | 5.5 | 8.5 |
Significant Unobservable Inputs (Level 3) [Member] | Other Postretirement Benefits Plan [Member] | Real Estate [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets — beginning of year | 13.1 | 12 |
Actual return on plan assets: | ||
Relating to assets still held at the reporting date | 0.9 | 1.1 |
Relating to assets sold during the period | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Fair value of plan assets — end of year | $ 14 | $ 13.1 |
PENSIONS AND OTHER POSTRETIR_15
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Contributions) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Employer contributions | $ 3.7 | $ 3.8 |
Expected employer contributions, next fiscal year | $ 3.5 | |
Defined Benefit Plan, Funded Percentage | 70.00% | |
Value of VEBA Trust Assets as a Percentage of the Funding Obligation | 0.9 | |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Employer contributions | $ 16.4 | 27.6 |
Expected employer contributions, next fiscal year | 20.2 | |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Employer contributions | 2.5 | 3 |
Direct Payments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Employer contributions | 3.7 | 3.8 |
Expected employer contributions, next fiscal year | 3.5 | |
Veba Trust [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Employer contributions | 0 | $ 0 |
Expected employer contributions, next fiscal year | $ 0 |
PENSIONS AND OTHER POSTRETIR_16
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Estimated Net Periodic Benefit Cost) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Estimated net periodic benefit cost | $ 8 |
Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Estimated net periodic benefit cost | 16.7 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Estimated net periodic benefit cost | $ (8.7) |
PENSION AND OTHER POSTRETIREM_2
PENSION AND OTHER POSTRETIREMENT BENEFITS (Estimated Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | $ 73.6 |
2021 | 71.1 |
2022 | 70.4 |
2023 | 71.2 |
2024 | 66.9 |
2025 | 318.2 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | 16.5 |
Medicare Subsidy - 2020 | (0.7) |
2021 | 15.8 |
Medicare Subsidy - 2021 | (0.8) |
2022 | 15.5 |
Medicare Subsidy - 2022 | (0.8) |
2023 | 15.5 |
Medicare Subsidy - 2023 | (0.8) |
2024 | 15.2 |
Medicare Subsidy - 2024 | (0.9) |
2025 | 72.7 |
Medicare Subsidy - 2025 | (4.6) |
Gross Company Benefits [Member] | Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | 17.2 |
2021 | 16.6 |
2022 | 16.3 |
2023 | 16.3 |
2024 | 16.1 |
2025 | $ 77.3 |
STOCK COMPENSATION PLANS (Narra
STOCK COMPENSATION PLANS (Narrative) (Details) - USD ($) | Apr. 25, 2018 | Apr. 23, 2018 | Jun. 26, 2017 | Feb. 21, 2017 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grant Date Market Price | $ 7.70 | $ 13.83 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 412,710 | 250,000 | |||||||
Share-based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 563,230 | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price | $ 10.42 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 16,000,000 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 2 months 12 days | ||||||||
Directors Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance/vesting period | 1 year | 3 years | |||||||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 100,000 | $ 100,000 | $ 100,000 | ||||||
A&R 2015 Equity Plan [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Maximum number of shares that may be issued (in shares) | 15,000,000 | ||||||||
Performance Shares [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance/vesting period | 3 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | 161.20% | |||||||
Performance Shares [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||||||||
Performance Shares [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance/vesting period | 3 years | ||||||||
Cliffs Natural Resource Inc. 2015 Employee Stock Purchase Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Maximum number of shares that may be issued (in shares) | 10,000,000,000,000 |
STOCK COMPENSATION PLANS (Sched
STOCK COMPENSATION PLANS (Schedule of Compensation Costs) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ (3.7) | $ 0 | $ 0 | ||||||||
Share-based Payment Arrangement, Expense, after Tax | $ 13.9 | $ 15.1 | $ 18.2 | ||||||||
Earnings (loss) per common share attributable to Cliffs common shareholders - basic: | $ 0.23 | $ 0.34 | $ 0.59 | $ (0.08) | $ 2.06 | $ 1.47 | $ 0.55 | $ (0.29) | $ 1.06 | $ 3.80 | $ 1.28 |
Earnings (loss) per common share attributable to Cliffs common shareholders - diluted: | $ 0.23 | $ 0.33 | $ 0.57 | $ (0.08) | $ 1.98 | $ 1.41 | $ 0.55 | $ (0.29) | 1.03 | 3.71 | 1.26 |
Share-based Payment Arrangement [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Earnings (loss) per common share attributable to Cliffs common shareholders - basic: | 0.05 | 0.05 | 0.06 | ||||||||
Earnings (loss) per common share attributable to Cliffs common shareholders - diluted: | $ 0.05 | $ 0.05 | $ 0.06 | ||||||||
Cost of goods sold and operating expenses [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Costs and Expenses | $ 2 | $ 1.7 | $ 1.9 | ||||||||
Selling, General and Administrative Expenses [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Costs and Expenses | 15.6 | 13.4 | 16.3 | ||||||||
Operating Income (Loss) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Costs and Expenses | $ 17.6 | $ 15.1 | $ 18.2 |
STOCK COMPENSATION PLANS (Appro
STOCK COMPENSATION PLANS (Approved Grants) (Details) - shares | Feb. 19, 2019 | Feb. 21, 2018 | Jun. 26, 2017 | Feb. 21, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 1,285,419 | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 572,104 | 675,599 | 249,106 | 553,725 | 572,104 | 675,599 | 802,831 |
A&R 2015 Equity Plan [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 572,104 | 675,599 | 249,106 | ||||
A&R 2015 Equity Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 572,104 | 685,599 | 532,358 | ||||
Amended 2015 Equity Plan [Domain] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 553,725 | ||||||
Amended 2015 Equity Plan [Domain] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 553,725 |
STOCK COMPENSATION PLANS (Perfo
STOCK COMPENSATION PLANS (Performance Shares) (Details) - $ / shares | Feb. 19, 2019 | Feb. 21, 2018 | Jun. 26, 2017 | Feb. 21, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 1,285,419 | ||||||
Forfeitures to Date | 121,923 | ||||||
Fair Value | $ 14.18 | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares granted | 572,104 | 675,599 | 249,106 | 553,725 | 572,104 | 675,599 | 802,831 |
Forfeitures to Date | 15,879 | 35,320 | 0 | 63,457 | 60,949 | 609,235 | 322,988 |
Expected to Vest | 556,225 | 640,279 | 249,106 | 490,268 | |||
Fair Value | $ 18.31 | $ 11.93 | $ 10.74 | $ 19.69 |
STOCK COMPENSATION PLANS (Nonem
STOCK COMPENSATION PLANS (Nonemployee Directors) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares granted | 1,285,419 | ||
Share-based Payment Arrangement, Nonemployee [Member] | Director [Member] | Directors Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares granted | 86,477 | 92,718 | 93,359 |
Share-based Payment Arrangement, Nonemployee [Member] | Director [Member] | Deferred Compensation, Share-based Payments [Member] | Directors Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares granted | 23,659 | 17,170 | 17,289 |
STOCK COMPENSATION PLANS (Other
STOCK COMPENSATION PLANS (Other Information by Award Type) (Details) - shares | Feb. 19, 2019 | Feb. 21, 2018 | Jun. 26, 2017 | Feb. 21, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||||||
Granted during the year | 1,285,419 | ||||||
Vested and issued | (3,199,270) | ||||||
Forfeited/canceled | (121,923) | ||||||
Vested or expected to vest shares | 4,756,427 | 6,792,201 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 10,321,432 | ||||||
Share-based Payment Arrangement, Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||||
Outstanding at beginning of year | 563,230 | 599,870 | 599,870 | ||||
Exercised | 0 | 36,640 | 0 | ||||
Forfeited/canceled | 0 | 0 | 0 | ||||
Outstanding at end of year | 563,230 | 563,230 | 599,870 | ||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||||||
Outstanding at beginning of year | 4,804,248 | 4,776,483 | 5,461,783 | ||||
Granted during the year | 682,240 | 795,487 | 1,196,731 | ||||
Vested and issued | (3,168,195) | (627,567) | (1,813,315) | ||||
Forfeited/canceled | (60,974) | (140,155) | (68,716) | ||||
Outstanding at end of year | 2,257,319 | 4,804,248 | 4,776,483 | ||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||||||
Outstanding at beginning of year | 1,424,723 | 1,848,312 | 1,368,469 | ||||
Granted during the year | 572,104 | 675,599 | 249,106 | 553,725 | 572,104 | 675,599 | 802,831 |
Vested and issued | 0 | (489,953) | 0 | ||||
Forfeited/canceled | (15,879) | (35,320) | 0 | (63,457) | (60,949) | (609,235) | (322,988) |
Outstanding at end of year | 1,935,878 | 1,424,723 | 1,848,312 | ||||
Vested or expected to vest shares | 4,756,427 | ||||||
Directors Retainer and Voluntary Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||||||
Outstanding at beginning of year | 0 | 0 | 0 | ||||
Granted during the year | 31,075 | 27,300 | 25,476 | ||||
Vested and issued | (31,075) | (27,300) | (25,476) | ||||
Outstanding at end of year | 0 | 0 | 0 | ||||
Employee Plans [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 9,931,740 | ||||||
Directors Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 389,692 |
STOCK COMPENSATION PLANS (Summa
STOCK COMPENSATION PLANS (Summary of Outstanding Share-based Award Activity) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement Award, Outstanding [Roll Forward] | ||
Outstanding at beginning of year | 6,792,201 | |
Number of shares granted | 1,285,419 | |
Vested and issued | (3,199,270) | |
Forfeited/canceled | (121,923) | |
Outstanding at end of year | 4,756,427 | 6,792,201 |
Outstanding shares, weighted average grant date fair value | $ 11.90 | $ 6.90 |
Granted shares, weighted average grant date fair value | 14.18 | |
Vested and issued shares, weighted average grant date fair value | 2.20 | |
Forfeited/canceled shares, weighted average grant date fair value | $ 12.21 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 0.10% | 0.00% | 441.70% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 3,500 | $ 3,600 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 1,600 | 6,600 | ||
Deferred Tax Assets, Valuation Allowance | 441.3 | 1,287.3 | $ 1,983.1 | $ 3,095.1 |
Deferred Tax Asset, Interest Carryforward | 55.3 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (695.8) | |||
Estimated Taxable Income to Fully Utilize Deferred Tax Assets | 109 | |||
Undistributed Earnings of Foreign Subsidiaries | 0 | 0 | ||
Unrecognized Tax Benefits | 29.2 | $ 29 | 33.5 | $ 30.7 |
Cumulative Loss Position, Period | 3 years | |||
valuation allowance reversal [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 0 | $ (460.5) | 0 | |
Dissolution of entities [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (846) | (161.7) | 0 | |
Tax Law Change [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 0 | 0 | (407.5) | |
Foreign tax credit carryforward [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | 5.8 | 5.8 | ||
State and Local Jurisdiction [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | 38.4 | 38.3 | ||
United States [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (460.5) | |||
United States [Member] | Tax Law Change [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (334.1) | |||
LUXEMBOURG | ||||
Income Tax Contingency [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 397.1 | |||
LUXEMBOURG | Dissolution of entities [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (1,300) | (161.7) | ||
LUXEMBOURG | Tax Law Change [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (73.4) | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 46.2 | |||
Other Noncurrent Assets [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | 24.8 | 24.8 | ||
Other Liabilities [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | 4.4 | 4.2 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 3.7 | $ 2.7 | ||
Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 0.00% | |||
Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 24.94% | |||
Maximum [Member] | LUXEMBOURG | ||||
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 24.94% | 26.01% | ||
Intercompany notes [Member] | LUXEMBOURG | ||||
Income Tax Contingency [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 446.5 |
INCOME TAXES (SCHEDULE OF INCOM
INCOME TAXES (SCHEDULE OF INCOME BEFORE INCOME TAXES) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 311.9 | $ 565 | $ 90.7 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 0.2 | (0.3) | 17.5 |
Income from continuing operations before income taxes | $ 312.1 | $ 564.7 | $ 108.2 |
INCOME TAXES (Schedule of Compo
INCOME TAXES (Schedule of Components of Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||
Current Federal Tax Expense (Benefit) | $ (0.7) | $ (0.5) | $ (252.6) |
Current State and Local Tax Expense (Benefit) | 0.1 | 0 | (0.1) |
Current Foreign Tax Expense (Benefit) | 0.2 | 0.7 | 0.3 |
Current Income Tax Expense (Benefit) | (0.4) | 0.2 | (252.4) |
Deferred Federal Income Tax Expense (Benefit) | 18 | (475.4) | 0 |
Income Tax Expense (Benefit) | $ 17.6 | $ (475.2) | $ (252.4) |
INCOME TAXES (Schedule of Effec
INCOME TAXES (Schedule of Effective Rate Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 65.5 | $ 118.6 | $ 37.9 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% |
Income Tax Reconciliation Tax Deduction for percentage depletion in excess of cost depletion | $ (49.3) | $ (54.6) | $ (61.6) |
Income Tax Reconciliation Tax Deduction for percentage depletion in excess of cost depletion percent | (15.80%) | (9.70%) | (56.90%) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 0 | $ 0 | $ 407.5 |
Impact Of Tax Law Change Percent | 0.00% | 0.00% | 376.60% |
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | $ 846 | $ 161.7 | $ 0 |
Effective Income Tax Rate Reconciliation, Disposition of Business, Percent | 271.10% | 28.60% | 0.00% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | $ 0.2 | $ 0.1 | $ 477.9 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 0.10% | 0.00% | 441.70% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 1.2 | $ 0.8 | $ (1.5) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.40% | 0.20% | (1.40%) |
Income Tax Expense (Benefit) | $ 17.6 | $ (475.2) | $ (252.4) |
Effective Income Tax Rate Reconciliation, Percent | 5.70% | (84.10%) | (233.30%) |
Tax Law Change [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 0 | $ 0 | $ (407.5) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 0.00% | 0.00% | (376.60%) |
Current year activity [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 0 | $ (79.6) | $ (469.8) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 0.00% | (14.10%) | (434.20%) |
valuation allowance reversal [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 0 | $ (460.5) | $ 0 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 0.00% | (81.50%) | 0.00% |
Repeal of AMT [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 0 | $ 0 | $ (235.3) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 0.00% | 0.00% | (217.50%) |
Dissolution of entities [Member] | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (846) | $ (161.7) | $ 0 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (271.10%) | (28.60%) | 0.00% |
INCOME TAXES (Income Taxes for
INCOME TAXES (Income Taxes for Other than Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 11.4 | $ 3.6 | $ 0 |
Other Comprehensive Income Unrealized Gain Loss On Mark To Market Adjustments Arising During Period Tax | 0.1 | 0.7 | 0 |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | $ 11.5 | $ 4.3 | $ 0 |
INCOME TAXES (Schedule of Defer
INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Contingency [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 794.9 | $ 2,118.8 | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 113.7 | 102.8 | ||
Deferred Tax Assets, Deferred Income | 25.2 | 23.3 | ||
Deferred Tax Assets, Property, Plant and Equipment | 1.4 | 13.3 | ||
Deferred Tax Assets, State Taxes | 71 | 68.2 | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | 45.1 | 48.4 | ||
Deferred Tax Assets, Gross | 1,051.3 | 2,374.8 | ||
Deferred Tax Assets, Valuation Allowance | (441.3) | (1,287.3) | $ (1,983.1) | $ (3,095.1) |
Deferred Tax Assets, Net of Valuation Allowance | 610 | 1,087.5 | ||
Deferred Tax Liabilities Investment In Ventures | (136.8) | (141.2) | ||
Deferred Tax Liabilities, Intercompany Notes | 0 | (465.7) | ||
Deferred Tax Liabilities Other Assets | (13.7) | (15.8) | ||
Deferred Tax Liabilities, Net | (150.5) | (622.7) | ||
Deferred Tax Assets, Net | $ 459.5 | $ 464.8 |
INCOME TAXES Income Taxes (Sche
INCOME TAXES Income Taxes (Schedule of Valuation Allowance) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation Allowance [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | $ 441.3 | $ 1,287.3 | $ 1,983.1 | $ 3,095.1 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (695.8) | |||
Included in income tax expense (benefit) [Member] | ||||
Valuation Allowance [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (846) | (691.3) | (1,120) | |
Change in deferred assets in other comprehensive income [Member] | ||||
Valuation Allowance [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 0 | (4.5) | (9.8) | |
Acquisition of noncontrolling interest [Member] | ||||
Valuation Allowance [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 0 | $ 0 | $ 17.8 |
INCOME TAXES (Schedule of Unrec
INCOME TAXES (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits | $ 29.2 | $ 29 | $ 33.5 | $ 30.7 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0.2 | 0.1 | ||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (2.8) | |||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 0 | 3.6 | 4.5 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | |||
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities | 0 | 1 | ||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0 | (8.2) | 0 | |
Other Increases decreases to unrecognized tax benefits | $ 0 | $ 0 | $ 0.1 |
ENVIRONMENTAL AND MINE CLOSUR_3
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Site Contingency [Line Items] | ||
Asset Retirement Obligation, Revision of Estimate | $ (16.4) | $ (4.5) |
ENVIRONMENTAL AND MINE CLOSUR_4
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Summary Of Mine Closure Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loss Contingencies [Line Items] | |||
Environmental | $ 2 | $ 2.5 | |
Asset Retirement Obligation | 165.3 | 172.4 | $ 168.4 |
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current And Noncurrent | 167.3 | 174.9 | |
Accrued Reclamation Costs, Current | 2.4 | 2.9 | |
Environmental and mine closure obligations | 164.9 | 172 | |
Mining and Pelletizing [Member] | Operating Segments [Member] | |||
Loss Contingencies [Line Items] | |||
Asset Retirement Obligation | $ 22 | $ 35 |
ENVIRONMENTAL AND MINE CLOSUR_5
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Asset Retirement Obligation Disclosure) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligation [Roll Forward] | ||
Asset Retirement Obligation at Beginning of Year | $ 172.4 | $ 168.4 |
Asset Retirement Obligation, Accretion Expense | 10.1 | 9.5 |
Asset Retirement Obligation, Liabilities Settled | (0.8) | (1) |
Asset Retirement Obligation, Revision of Estimate | (16.4) | (4.5) |
Asset Retirement Obligation at End of Year | $ 165.3 | $ 172.4 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 45.8 | $ 91.5 |
Derivative Liability | 4.3 | 3.7 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 45.8 | 91.4 |
Derivative Liability | 1.1 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 0 | 0.1 |
Derivative Liability | 3.2 | 3.7 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 45.8 | 91.4 |
Derivative Liability | 1.1 | 0 |
Valuation, Market Approach [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Derivative Asset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 0 | 0.1 |
Valuation, Market Approach [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 3.2 | 3.7 |
Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Customer Supply Agreements [Member] | Derivative Asset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 44.5 | 89.3 |
Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Provisional Pricing Arrangements [Member] | Derivative Asset [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 1.3 | 2.1 |
Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Provisional Pricing Arrangements [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 1.1 | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule of Outstanding Hedge Contracts) (Details) - Designated as Hedging Instrument [Member] gal in Millions, MMBtu in Millions | Dec. 31, 2019galMMBtu | Dec. 31, 2018galMMBtu |
Natural Gas [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Nonmonetary Notional Amount | MMBtu | 20.1 | 1.8 |
Energy Related Derivative [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Nonmonetary Notional Amount | gal | 0.8 | 11 |
DERIVATIVE INSTRUMENTS AND HE_5
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule Of Derivatives Not Designated As Hedging Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 7.5 | $ 422.6 | $ 119.3 |
Product Revenues [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 120.6 | ||
Customer Supply Agreements [Member] | Product Revenues [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 78.1 | 425.8 | 163.3 |
Provisional Pricing Arrangements [Member] | Product Revenues [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (70.6) | (3.2) | (42.7) |
Commodity Contract [Member] | Cost of goods sold and operating expenses [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 0 | $ 0 | $ (1.3) |
DISCONTINUED OPERATIONS (Narrat
DISCONTINUED OPERATIONS (Narrative) (Details) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2017USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations, net of tax | $ (1.7) | $ 88.2 | $ 2.5 | |
Canadian Entities [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loans to and accounts receivables from the Canadian Entities | 51.6 | |||
Income tax benefit (expense) | 0 | 15.9 | 0 | |
Cash Contribution | $ 19 | |||
Contingent claims | (55.6) | |||
Income (loss) from discontinued operations, net of tax | 0.3 | (26.5) | (21.3) | |
Asia Pacific Iron Ore [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on foreign currency translation | 0 | 228.1 | 0 | |
Income (loss) from discontinued operations, net of tax | $ (1.5) | $ 118.3 | 21.2 | |
Wabush Scully Mine Sale [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations, net of tax | $ 31.4 |
DISCONTINUED OPERATIONS Schedul
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Income Statement, Balance Sheet and Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (loss) from discontinued operations, net of tax | $ (1.7) | $ 88.2 | $ 2.5 |
Net cash provided (used) by operating activities | 562.5 | 478.5 | 338.1 |
Net cash provided (used) by investing activities | (644.4) | (273.1) | (156) |
Asia Pacific Iron Ore [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (loss) from discontinued operations, net of tax | (1.5) | 118.3 | 21.2 |
Canadian Entities [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (loss) from discontinued operations, net of tax | 0.3 | (26.5) | (21.3) |
Other [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (loss) from discontinued operations, net of tax | (0.5) | (3.6) | 2.6 |
Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net cash provided (used) by operating activities | (2.1) | (95.9) | 79.6 |
Net cash provided (used) by investing activities | 0.4 | 19.8 | (8.4) |
Discontinued Operations [Member] | Asia Pacific Iron Ore [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net cash provided (used) by operating activities | (2.1) | (81.3) | 79.6 |
Net cash provided (used) by investing activities | 0.1 | 19.8 | (2.8) |
Discontinued Operations [Member] | Canadian Entities [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net cash provided (used) by operating activities | 0 | (14.6) | 0 |
Net cash provided (used) by investing activities | 0.3 | 0 | (7.7) |
Discontinued Operations [Member] | Other [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net cash provided (used) by investing activities | $ 0 | $ 0 | $ 2.1 |
DISCONTINUED OPERATIONS DISCONT
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Income Statement - Asia Pacific Iron Ore (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income (loss) from discontinued operations, net of tax | $ (1.7) | $ 88.2 | $ 2.5 |
Asia Pacific Iron Ore [Member] | |||
Revenues from product sales and services | 0 | 129.1 | 464.2 |
Cost of goods sold and operating expenses | 0 | (230.7) | (427.9) |
Sales margin | 0 | (101.6) | 36.3 |
Other operating expense | (1.1) | (3.3) | (9.9) |
Other expense | (0.4) | (2.3) | (5.2) |
Gain on foreign currency translation | 0 | 228.1 | 0 |
Impairment of long-lived assets | 0 | (2.6) | 0 |
Income (loss) from discontinued operations, net of tax | $ (1.5) | $ 118.3 | $ 21.2 |
SHAREHOLDERS' EQUITY (Narrative
SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 24, 2019 | Nov. 26, 2018 | |
Class of Stock [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 100 | $ 200 | |||
Stock Repurchased During Period, Shares | 24,400,000 | 5,400,000 | |||
Payments for Repurchase of Common Stock | $ 252.9 | $ 47.5 | $ 0 | ||
Net proceeds from issuance of common shares | $ 0 | $ 0 | $ 661.3 | ||
Preferred Class A [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Shares Issued | 0 | ||||
Preferred Stock, Shares Outstanding | 0 | ||||
Preferred Stock, Shares Authorized | 3,000,000 | ||||
Preferred Class B [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, Shares Issued | 0 | ||||
Preferred Stock, Shares Outstanding | 0 | ||||
Preferred Stock, Shares Authorized | 4,000,000 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock Repurchased During Period, Shares | 24,400,000 | 5,400,000 | |||
Common Stock, New Shares, Issued | 63,300,000 | ||||
Common stock, shares issued, price per share | $ 10.75 |
SHAREHOLDERS' EQUITY SHAREHOL_2
SHAREHOLDERS' EQUITY SHAREHOLDERS' EQUITY (Dividends Declared) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends Payable [Line Items] | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.06 | $ 0.27 | $ 0.05 | $ 0 | |||
Common stock dividends paid, per share | 0.10 | $ 0.06 | $ 0.05 | $ 0.05 | |||
Special Dividend [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Common stock dividends paid, per share | $ 0.04 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated Other Comprehensive Income (Loss) and Related Tax Effects (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Before Taxes | $ (458) | $ (411.6) | $ (162.4) | |
Accumulated Other Comprehensive Income (Loss), Tax | 139.2 | 127.7 | 123.4 | |
Accumulated other comprehensive income (loss) | (318.8) | (283.9) | (39) | $ (21.3) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Before Taxes | (454.1) | (408.1) | (387.3) | |
Accumulated Other Comprehensive Income (Loss), Tax | 138.4 | 127 | 123.4 | |
Accumulated other comprehensive income (loss) | (315.7) | (281.1) | (263.9) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Before Taxes | (3.9) | (3.5) | (0.5) | |
Accumulated Other Comprehensive Income (Loss), Tax | 0.8 | 0.7 | 0 | |
Accumulated other comprehensive income (loss) | $ (3.1) | $ (2.8) | (0.5) | |
Foreign Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Before Taxes | 225.4 | |||
Accumulated Other Comprehensive Income (Loss), Tax | 0 | |||
Accumulated other comprehensive income (loss) | $ 225.4 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated Other Comprehensive Income (Loss) Changes in Equity (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $ (315.7) | $ (281.1) | $ (263.9) | $ (260.6) |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 0 | 0 | 225.4 | 239.3 |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (3.1) | (2.8) | (0.5) | 0 |
Accumulated other comprehensive loss | (318.8) | (283.9) | (39) | $ (21.3) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (59) | (40.8) | (44.2) | |
Net loss (gain) reclassified from accumulated other comprehensive loss | 24.1 | (204.1) | 26.5 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (315.7) | (281.1) | (263.9) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (56.7) | (42.9) | (29.8) | |
Net loss (gain) reclassified from accumulated other comprehensive loss | 22.1 | 25.7 | 26.5 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | 225.4 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 2.7 | (13.9) | |
Net loss (gain) reclassified from accumulated other comprehensive loss | 0 | (228.1) | 0 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive loss | (3.1) | (2.8) | (0.5) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (2.3) | (0.6) | (0.5) | |
Net loss (gain) reclassified from accumulated other comprehensive loss | $ 2 | $ (1.7) | $ 0 |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Details of Accumulated Other Comprehensive Income (Loss) Components (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Total reclassifications for the period | $ 24.1 | $ (204.1) | $ 26.5 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Amortization of prior service (cost) credit | (0.7) | (0.8) | (0.4) |
Defined Benefit Plan, Amortization of Gain (Loss) | 28.6 | 26.2 | 26.9 |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 0.1 | 0.3 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 28 | 25.7 | 26.5 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | (5.9) | 0 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 22.1 | 25.7 | 26.5 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 0 | (228.1) | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 0 | (228.1) | 0 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2.5 | (1.7) | 0 |
TaxOnDerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoEarnings | (0.5) | 0 | 0 |
Derivative, Gain (Loss) on Derivative, Net | 2 | (1.7) | 0 |
Total reclassifications for the period | $ 24.1 | $ (204.1) | $ 26.5 |
RELATED PARTIES (Narrative) (De
RELATED PARTIES (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019installment | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||
Empire [Member] | |||
Segment Reporting Information [Line Items] | |||
Distribution of Noncontrolling Interest | $ 132.7 | ||
Noncontrolling Interest Purchase, Number Of Installment Payments | installment | 3 | ||
Other Current Liabilities [Member] | Empire [Member] | |||
Segment Reporting Information [Line Items] | |||
Noncontrolling Interest Purchase, Installment Amount | $ 44.2 | ||
Empire [Member] | |||
Segment Reporting Information [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
RELATED PARTIES (Summary Of Oth
RELATED PARTIES (Summary Of Other Ownership Interests) (Details) - Hibbing [Member] | Dec. 31, 2019 |
Related Party Transaction [Line Items] | |
Ownership interest, equity method investment | 23.00% |
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% |
RELATED PARTIES (Summary Of Rel
RELATED PARTIES (Summary Of Related Party Transactions Table Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||||||||||
Revenues | $ 534.1 | $ 555.6 | $ 743.2 | $ 157 | $ 696.3 | $ 741.8 | $ 714.3 | $ 180 | $ 1,989.9 | $ 2,332.4 | $ 1,866 |
Product [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Product revenues from related parties | 915.3 | 1,234.5 | 806.7 | ||||||||
Revenues | $ 1,848.1 | $ 2,172.3 | $ 1,644.6 | ||||||||
Related party product revenue as a percent of total product revenue | 49.50% | 56.80% | 49.10% |
RELATED PARTIES (Summary of Bal
RELATED PARTIES (Summary of Balance Sheet Presentation) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Related Party Transaction, Due from (to) Related Party | $ 73.6 | $ 220 |
Trade Accounts Receivable [Member] | ||
Related Party Transaction [Line Items] | ||
Due from Related Parties, Current | 31.1 | 176 |
Derivative Asset [Member] | ||
Related Party Transaction [Line Items] | ||
Due from Related Parties, Current | 44.5 | 89.3 |
Other Current Liabilities [Member] | ||
Related Party Transaction [Line Items] | ||
Due from Related Parties, Current | $ 2 | $ 45.3 |
EARNINGS PER SHARE (Earnings Pe
EARNINGS PER SHARE (Earnings Per Share Computation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Income from continuing operations | $ 294.5 | $ 1,039.9 | $ 360.6 | ||||||||
Net Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 0 | 0 | (3.9) | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 63.4 | $ 91.8 | $ 161.4 | $ (22.1) | $ 624.1 | $ 199.8 | $ 229.4 | $ (13.4) | 294.5 | 1,039.9 | 364.5 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (0.2) | (0.9) | (0.6) | 0 | (14.6) | 238 | (64.3) | (70.9) | (1.7) | 88.2 | 2.5 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 63.2 | $ 90.9 | $ 160.8 | $ (22.1) | $ 609.5 | $ 437.8 | $ 165.1 | $ (84.3) | $ 292.8 | $ 1,128.1 | $ 367 |
Weighted average number of shares: | |||||||||||
Basic | 276,761 | 297,176 | 288,435 | ||||||||
Convertible senior notes | 4,400 | 3,400 | 0 | ||||||||
Employee stock plans | 3,300 | 3,500 | 4,600 | ||||||||
Diluted | 284,480 | 304,141 | 292,961 | ||||||||
Earnings (loss) per common share attributable to Cliffs common shareholders - basic: | |||||||||||
Continuing operations | $ 0.23 | $ 0.34 | $ 0.59 | $ (0.08) | $ 2.11 | $ 0.67 | $ 0.77 | $ (0.05) | $ 1.07 | $ 3.50 | $ 1.27 |
Discontinued operations | 0 | 0 | 0 | 0 | (0.05) | 0.80 | (0.22) | (0.24) | (0.01) | 0.30 | 0.01 |
Earnings (loss) per common share attributable to Cliffs common shareholders - basic | 0.23 | 0.34 | 0.59 | (0.08) | 2.06 | 1.47 | 0.55 | (0.29) | 1.06 | 3.80 | 1.28 |
Earnings (loss) per common share attributable to Cliffs common shareholders - diluted: | |||||||||||
Continuing operations | 0.23 | 0.33 | 0.57 | (0.08) | 2.03 | 0.64 | 0.76 | (0.05) | 1.04 | 3.42 | 1.25 |
Discontinued operations | 0 | 0 | 0 | 0 | (0.05) | 0.77 | (0.21) | (0.24) | (0.01) | 0.29 | 0.01 |
Earnings (loss) per common share attributable to Cliffs common shareholders - diluted | $ 0.23 | $ 0.33 | $ 0.57 | $ (0.08) | $ 1.98 | $ 1.41 | $ 0.55 | $ (0.29) | $ 1.03 | $ 3.71 | $ 1.26 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Estimated Project Capital Expenditures | $ 830 | |
Project Spend Contingency Percentage | 20.00% | |
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | $ 290 | |
Accrual for Environmental Loss Contingencies | 2 | $ 2.5 |
Capital Addition Purchase Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Unrecorded Unconditional Purchase Obligation | $ 260 |
SUBSEQUENT EVENTS SUBSEQUENT EV
SUBSEQUENT EVENTS SUBSEQUENT EVENTS (Details) - $ / shares | Feb. 18, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.06 | $ 0.27 | $ 0.05 | $ 0 | |
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.06 |
QUARTERLY RESULTS OF OPERATIO_3
QUARTERLY RESULTS OF OPERATIONS (Schedule of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from product sales and services | $ 534.1 | $ 555.6 | $ 743.2 | $ 157 | $ 696.3 | $ 741.8 | $ 714.3 | $ 180 | $ 1,989.9 | $ 2,332.4 | $ 1,866 |
Sales margin | 126.9 | 154.9 | 263 | 30.9 | 202 | 261.6 | 284.5 | 61.5 | 575.7 | 809.6 | 467.6 |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 63.4 | 91.8 | 161.4 | (22.1) | 624.1 | 199.8 | 229.4 | (13.4) | 294.5 | 1,039.9 | 364.5 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (0.2) | (0.9) | (0.6) | 0 | (14.6) | 238 | (64.3) | (70.9) | (1.7) | 88.2 | 2.5 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 63.2 | $ 90.9 | $ 160.8 | $ (22.1) | $ 609.5 | $ 437.8 | $ 165.1 | $ (84.3) | $ 292.8 | $ 1,128.1 | $ 367 |
Earnings (loss) per common share attributable to Cliffs common shareholders - basic: | |||||||||||
Continuing operations | $ 0.23 | $ 0.34 | $ 0.59 | $ (0.08) | $ 2.11 | $ 0.67 | $ 0.77 | $ (0.05) | $ 1.07 | $ 3.50 | $ 1.27 |
Discontinued operations | 0 | 0 | 0 | 0 | (0.05) | 0.80 | (0.22) | (0.24) | (0.01) | 0.30 | 0.01 |
Earnings (loss) per common share attributable to Cliffs common shareholders - basic | 0.23 | 0.34 | 0.59 | (0.08) | 2.06 | 1.47 | 0.55 | (0.29) | 1.06 | 3.80 | 1.28 |
Earnings (loss) per common share attributable to Cliffs common shareholders - diluted: | |||||||||||
Continuing operations | 0.23 | 0.33 | 0.57 | (0.08) | 2.03 | 0.64 | 0.76 | (0.05) | 1.04 | 3.42 | 1.25 |
Discontinued operations | 0 | 0 | 0 | 0 | (0.05) | 0.77 | (0.21) | (0.24) | (0.01) | 0.29 | 0.01 |
Earnings (loss) per common share attributable to Cliffs common shareholders - diluted | $ 0.23 | $ 0.33 | $ 0.57 | $ (0.08) | $ 1.98 | $ 1.41 | $ 0.55 | $ (0.29) | $ 1.03 | $ 3.71 | $ 1.26 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (695.8) | ||||||||||
Share-based Payment Arrangement [Member] | |||||||||||
Earnings (loss) per common share attributable to Cliffs common shareholders - diluted: | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4.2 | 3.8 | |||||||||
Convertible Debt Securities [Member] | |||||||||||
Earnings (loss) per common share attributable to Cliffs common shareholders - diluted: | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7.3 | ||||||||||
United States [Member] | |||||||||||
Revenues from product sales and services | $ 1,505.2 | 1,847.3 | $ 1,504.5 | ||||||||
Earnings (loss) per common share attributable to Cliffs common shareholders - diluted: | |||||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (460.5) |
SUPPLEMENTARY GUARANTOR INFOR_3
SUPPLEMENTARY GUARANTOR INFORMATION (Supplementary Statements of Condensed Consolidating Financial Position) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||||
Cash and cash equivalents | $ 352.6 | $ 823.2 | $ 978.3 | $ 312.8 |
Accounts receivable, net | 94 | 226.7 | ||
Inventories | 317.4 | 181.1 | ||
Derivative assets | 45.8 | 91.5 | ||
Income tax receivable, current | 58.6 | 117.3 | ||
Other current assets | 29.5 | 39.8 | ||
Total current assets | 897.9 | 1,479.6 | ||
Non-Current Assets: | ||||
Property, plant and equipment, net | 1,929 | 1,286 | ||
Income tax receivable, non-current | 62.7 | 121.3 | ||
Deferred income taxes | 459.5 | 464.8 | ||
Investment in subsidiaries | 0 | 0 | ||
Long-term intercompany notes | 0 | 0 | ||
Other non-current assets | 154.7 | 177.9 | ||
TOTAL ASSETS | 3,503.8 | 3,529.6 | 2,953.4 | |
Current liabilities: | ||||
Accounts payable | 193.2 | 186.8 | ||
Accrued liabilities | 126.3 | 158.9 | ||
State and local taxes payable | 37.9 | 35.5 | ||
Other current liabilities | 52 | 87 | ||
Total current liabilities | 409.4 | 468.2 | ||
Non-current liabilities: | ||||
Long-term debt | 2,113.8 | 2,092.9 | ||
Pension and OPEB liabilities | 311.5 | 248.7 | ||
Environmental and mine closure obligations | 164.9 | 172 | ||
LONG-TERM INTERCOMPANY NOTES | 0 | 0 | ||
Other non-current liabilities | 146.3 | 123.6 | ||
TOTAL LIABILITIES | 3,145.9 | 3,105.4 | ||
Equity: | ||||
TOTAL EQUITY | 357.9 | 424.2 | (444.1) | (1,330.5) |
TOTAL LIABILITIES AND EQUITY | 3,503.8 | 3,529.6 | ||
Consolidation, Eliminations [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | (4.2) | (4.1) | ||
Inventories | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Income tax receivable, current | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | (4.2) | (4.1) | ||
Non-Current Assets: | ||||
Property, plant and equipment, net | 0 | 0 | ||
Income tax receivable, non-current | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Investment in subsidiaries | (1,868.3) | (1,313.1) | ||
Long-term intercompany notes | (121.3) | (121.3) | ||
Other non-current assets | 0 | 0 | ||
TOTAL ASSETS | (1,993.8) | (1,438.5) | ||
Current liabilities: | ||||
Accounts payable | (4.2) | (4.1) | ||
Accrued liabilities | 0 | 0 | ||
State and local taxes payable | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (4.2) | (4.1) | ||
Non-current liabilities: | ||||
Long-term debt | 0 | 0 | ||
Pension and OPEB liabilities | 0 | 0 | ||
Environmental and mine closure obligations | 0 | 0 | ||
LONG-TERM INTERCOMPANY NOTES | (121.3) | (121.3) | ||
Other non-current liabilities | 0 | 0 | ||
TOTAL LIABILITIES | (125.5) | (125.4) | ||
Equity: | ||||
TOTAL EQUITY | (1,868.3) | (1,313.1) | ||
TOTAL LIABILITIES AND EQUITY | (1,993.8) | (1,438.5) | ||
Parent [Member] | Reportable Legal Entities [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 349.7 | 819.8 | 948.9 | 283.4 |
Accounts receivable, net | 4.9 | 9.2 | ||
Inventories | 0 | 0 | ||
Derivative assets | 0 | 0.1 | ||
Income tax receivable, current | 58.6 | 117.3 | ||
Other current assets | 9.1 | 10 | ||
Total current assets | 422.3 | 956.4 | ||
Non-Current Assets: | ||||
Property, plant and equipment, net | 11.2 | 13.3 | ||
Income tax receivable, non-current | 58.6 | 117.2 | ||
Deferred income taxes | 458.3 | 463.6 | ||
Investment in subsidiaries | 1,821.1 | 1,262.3 | ||
Long-term intercompany notes | 0 | 0 | ||
Other non-current assets | 15.1 | 8 | ||
TOTAL ASSETS | 2,786.6 | 2,820.8 | ||
Current liabilities: | ||||
Accounts payable | 5.7 | 5.3 | ||
Accrued liabilities | 80.7 | 92.7 | ||
State and local taxes payable | 0 | 0 | ||
Other current liabilities | 6 | 4.8 | ||
Total current liabilities | 92.4 | 102.8 | ||
Non-current liabilities: | ||||
Long-term debt | 2,113.8 | 2,092.9 | ||
Pension and OPEB liabilities | 80.5 | 64.3 | ||
Environmental and mine closure obligations | 0 | 0 | ||
LONG-TERM INTERCOMPANY NOTES | 121.3 | 121.3 | ||
Other non-current liabilities | 20.7 | 15.3 | ||
TOTAL LIABILITIES | 2,428.7 | 2,396.6 | ||
Equity: | ||||
TOTAL EQUITY | 357.9 | 424.2 | ||
TOTAL LIABILITIES AND EQUITY | 2,786.6 | 2,820.8 | ||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0.1 | 0.7 | 2.1 | 2.5 |
Accounts receivable, net | 93 | 221.3 | ||
Inventories | 317.4 | 181.1 | ||
Derivative assets | 45.8 | 91.4 | ||
Income tax receivable, current | 0 | 0 | ||
Other current assets | 13 | 16.9 | ||
Total current assets | 469.3 | 511.4 | ||
Non-Current Assets: | ||||
Property, plant and equipment, net | 1,867.1 | 1,221.9 | ||
Income tax receivable, non-current | 4.1 | 4.1 | ||
Deferred income taxes | 0 | 0 | ||
Investment in subsidiaries | 47.2 | 50.8 | ||
Long-term intercompany notes | 0 | 0 | ||
Other non-current assets | 121.4 | 153.8 | ||
TOTAL ASSETS | 2,509.1 | 1,942 | ||
Current liabilities: | ||||
Accounts payable | 187.5 | 181.4 | ||
Accrued liabilities | 45.5 | 66.1 | ||
State and local taxes payable | 37.9 | 35.4 | ||
Other current liabilities | 38.6 | 74.1 | ||
Total current liabilities | 309.5 | 357 | ||
Non-current liabilities: | ||||
Long-term debt | 0 | 0 | ||
Pension and OPEB liabilities | 496.9 | 414.4 | ||
Environmental and mine closure obligations | 145.6 | 152.1 | ||
LONG-TERM INTERCOMPANY NOTES | 0 | 0 | ||
Other non-current liabilities | 120.3 | 99.5 | ||
TOTAL LIABILITIES | 1,072.3 | 1,023 | ||
Equity: | ||||
TOTAL EQUITY | 1,436.8 | 919 | ||
TOTAL LIABILITIES AND EQUITY | 2,509.1 | 1,942 | ||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 2.8 | 2.7 | $ 27.3 | $ 26.9 |
Accounts receivable, net | 0.3 | 0.3 | ||
Inventories | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Income tax receivable, current | 0 | 0 | ||
Other current assets | 7.4 | 12.9 | ||
Total current assets | 10.5 | 15.9 | ||
Non-Current Assets: | ||||
Property, plant and equipment, net | 50.7 | 50.8 | ||
Income tax receivable, non-current | 0 | 0 | ||
Deferred income taxes | 1.2 | 1.2 | ||
Investment in subsidiaries | 0 | 0 | ||
Long-term intercompany notes | 121.3 | 121.3 | ||
Other non-current assets | 18.2 | 16.1 | ||
TOTAL ASSETS | 201.9 | 205.3 | ||
Current liabilities: | ||||
Accounts payable | 4.2 | 4.2 | ||
Accrued liabilities | 0.1 | 0.1 | ||
State and local taxes payable | 0 | 0.1 | ||
Other current liabilities | 7.4 | 8.1 | ||
Total current liabilities | 11.7 | 12.5 | ||
Non-current liabilities: | ||||
Long-term debt | 0 | 0 | ||
Pension and OPEB liabilities | (265.9) | (230) | ||
Environmental and mine closure obligations | 19.3 | 19.9 | ||
LONG-TERM INTERCOMPANY NOTES | 0 | 0 | ||
Other non-current liabilities | 5.3 | 8.8 | ||
TOTAL LIABILITIES | (229.6) | (188.8) | ||
Equity: | ||||
TOTAL EQUITY | 431.5 | 394.1 | ||
TOTAL LIABILITIES AND EQUITY | $ 201.9 | $ 205.3 |
SUPPLEMENTARY GUARANTOR INFOR_4
SUPPLEMENTARY GUARANTOR INFORMATION (Supplementary Statements of Condensed Consolidating Operations and Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from product sales and services | $ 534.1 | $ 555.6 | $ 743.2 | $ 157 | $ 696.3 | $ 741.8 | $ 714.3 | $ 180 | $ 1,989.9 | $ 2,332.4 | $ 1,866 |
Cost of goods sold and operating expenses | (1,414.2) | (1,522.8) | (1,398.4) | ||||||||
Sales margin | $ 126.9 | $ 154.9 | $ 263 | $ 30.9 | $ 202 | $ 261.6 | $ 284.5 | $ 61.5 | 575.7 | 809.6 | 467.6 |
Other operating income (expense): | |||||||||||
Selling, general and administrative expenses | (119.4) | (113.5) | (102.9) | ||||||||
Miscellaneous - net | (27) | (22.9) | 25.5 | ||||||||
Total other operating expense | (146.4) | (136.4) | (77.4) | ||||||||
Operating income (loss) | 429.3 | 673.2 | 390.2 | ||||||||
Other income (expense): | |||||||||||
Interest income (expense), net | (101.2) | (118.9) | (126.8) | ||||||||
Loss on extinguishment of debt | (18.2) | (6.8) | (165.4) | ||||||||
Other non-operating income | 2.2 | 17.2 | 10.2 | ||||||||
Total other expense | (117.2) | (108.5) | (282) | ||||||||
Income (loss) from continuing operations before income taxes | 312.1 | 564.7 | 108.2 | ||||||||
Income tax benefit (expense) | (17.6) | 475.2 | 252.4 | ||||||||
Equity in income of subsidiaries | 0 | 0 | 0 | ||||||||
Income from continuing operations | 294.5 | 1,039.9 | 360.6 | ||||||||
Income (loss) from discontinued operations, net of tax | (1.7) | 88.2 | 2.5 | ||||||||
Net income | 292.8 | 1,128.1 | 363.1 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | (3.9) | ||||||||
Net income attributable to Cliffs shareholders | 292.8 | 1,128.1 | 367 | ||||||||
Other comprehensive income (loss) | (34.9) | (244.9) | (4) | ||||||||
Total comprehensive income (loss) attributable to Cliffs shareholders | 257.9 | 883.2 | 363 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Revenues from product sales and services | 0 | 0 | 0 | ||||||||
Cost of goods sold and operating expenses | 0 | 0 | 0 | ||||||||
Sales margin | 0 | 0 | 0 | ||||||||
Other operating income (expense): | |||||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | ||||||||
Miscellaneous - net | 0 | 0 | 0 | ||||||||
Total other operating expense | 0 | 0 | 0 | ||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||
Other income (expense): | |||||||||||
Interest income (expense), net | 0 | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | 0 | 0 | ||||||||
Other non-operating income | 0 | 0 | 0 | ||||||||
Total other expense | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations before income taxes | 0 | 0 | 0 | ||||||||
Income tax benefit (expense) | 0 | 0 | 0 | ||||||||
Equity in income of subsidiaries | (549.9) | (883.7) | (524.4) | ||||||||
Income from continuing operations | (549.9) | (883.7) | (524.4) | ||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income | (524.4) | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ||||||||||
Net income attributable to Cliffs shareholders | (549.9) | (883.7) | (524.4) | ||||||||
Other comprehensive income (loss) | 18.9 | 280.8 | (8.1) | ||||||||
Total comprehensive income (loss) attributable to Cliffs shareholders | (531) | (602.9) | (532.5) | ||||||||
Parent [Member] | Reportable Legal Entities [Member] | |||||||||||
Revenues from product sales and services | 0 | 0 | 0 | ||||||||
Cost of goods sold and operating expenses | 0 | 0 | 0 | ||||||||
Sales margin | 0 | 0 | 0 | ||||||||
Other operating income (expense): | |||||||||||
Selling, general and administrative expenses | (100.7) | (86.1) | (77.2) | ||||||||
Miscellaneous - net | 0.1 | (0.3) | (2.3) | ||||||||
Total other operating expense | (100.6) | (86.4) | (79.5) | ||||||||
Operating income (loss) | (100.6) | (86.4) | (79.5) | ||||||||
Other income (expense): | |||||||||||
Interest income (expense), net | (99.4) | (117.6) | (126.8) | ||||||||
Loss on extinguishment of debt | (18.2) | (6.8) | (165.4) | ||||||||
Other non-operating income | (4) | (3.5) | (4) | ||||||||
Total other expense | (121.6) | (127.9) | (296.2) | ||||||||
Income (loss) from continuing operations before income taxes | (222.2) | (214.3) | (375.7) | ||||||||
Income tax benefit (expense) | (17) | 474.7 | 251.4 | ||||||||
Equity in income of subsidiaries | 531.6 | 858.2 | 512.6 | ||||||||
Income from continuing operations | 292.4 | 1,118.6 | 388.3 | ||||||||
Income (loss) from discontinued operations, net of tax | 0.4 | 9.5 | (21.3) | ||||||||
Net income | 367 | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ||||||||||
Net income attributable to Cliffs shareholders | 292.8 | 1,128.1 | 367 | ||||||||
Other comprehensive income (loss) | (34.9) | (244.9) | (4) | ||||||||
Total comprehensive income (loss) attributable to Cliffs shareholders | 257.9 | 883.2 | 363 | ||||||||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||
Revenues from product sales and services | 1,989.9 | 2,332.4 | 1,866 | ||||||||
Cost of goods sold and operating expenses | (1,414.2) | (1,522.8) | (1,398.4) | ||||||||
Sales margin | 575.7 | 809.6 | 467.6 | ||||||||
Other operating income (expense): | |||||||||||
Selling, general and administrative expenses | (18.3) | (27.1) | (19.9) | ||||||||
Miscellaneous - net | (26) | (26.9) | 11 | ||||||||
Total other operating expense | (44.3) | (54) | (8.9) | ||||||||
Operating income (loss) | 531.4 | 755.6 | 458.7 | ||||||||
Other income (expense): | |||||||||||
Interest income (expense), net | (2.3) | (2.1) | (1) | ||||||||
Loss on extinguishment of debt | 0 | 0 | 0 | ||||||||
Other non-operating income | (12.9) | 0.9 | (3) | ||||||||
Total other expense | (15.2) | (1.2) | (4) | ||||||||
Income (loss) from continuing operations before income taxes | 516.2 | 754.4 | 454.7 | ||||||||
Income tax benefit (expense) | (0.4) | 0 | 1.3 | ||||||||
Equity in income of subsidiaries | 18.3 | 25.5 | 11.8 | ||||||||
Income from continuing operations | 534.1 | 779.9 | 467.8 | ||||||||
Income (loss) from discontinued operations, net of tax | (0.3) | 12.3 | 1.7 | ||||||||
Net income | 469.5 | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (3.9) | ||||||||||
Net income attributable to Cliffs shareholders | 533.8 | 792.2 | 473.4 | ||||||||
Other comprehensive income (loss) | (35.8) | (24.1) | 12.9 | ||||||||
Total comprehensive income (loss) attributable to Cliffs shareholders | 498 | 768.1 | 486.3 | ||||||||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||
Revenues from product sales and services | 0 | 0 | 0 | ||||||||
Cost of goods sold and operating expenses | 0 | 0 | 0 | ||||||||
Sales margin | 0 | 0 | 0 | ||||||||
Other operating income (expense): | |||||||||||
Selling, general and administrative expenses | (0.4) | (0.3) | (5.8) | ||||||||
Miscellaneous - net | (1.1) | 4.3 | 16.8 | ||||||||
Total other operating expense | (1.5) | 4 | 11 | ||||||||
Operating income (loss) | (1.5) | 4 | 11 | ||||||||
Other income (expense): | |||||||||||
Interest income (expense), net | 0.5 | 0.8 | 1 | ||||||||
Loss on extinguishment of debt | 0 | 0 | 0 | ||||||||
Other non-operating income | 19.1 | 19.8 | 17.2 | ||||||||
Total other expense | 19.6 | 20.6 | 18.2 | ||||||||
Income (loss) from continuing operations before income taxes | 18.1 | 24.6 | 29.2 | ||||||||
Income tax benefit (expense) | (0.2) | 0.5 | (0.3) | ||||||||
Equity in income of subsidiaries | 0 | 0 | 0 | ||||||||
Income from continuing operations | 17.9 | 25.1 | 28.9 | ||||||||
Income (loss) from discontinued operations, net of tax | (1.8) | 66.4 | 22.1 | ||||||||
Net income | 51 | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | ||||||||||
Net income attributable to Cliffs shareholders | 16.1 | 91.5 | 51 | ||||||||
Other comprehensive income (loss) | 16.9 | (256.7) | (4.8) | ||||||||
Total comprehensive income (loss) attributable to Cliffs shareholders | $ 33 | $ (165.2) | $ 46.2 |
SUPPLEMENTARY GUARANTOR INFOR_5
SUPPLEMENTARY GUARANTOR INFORMATION (Supplementary Statements of Condensed Consolidating Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net cash provided (used) by operating activities | $ 562.5 | $ 478.5 | $ 338.1 | |
INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment | (639) | (208.6) | (134.9) | |
Deposits for property, plant and equipment | 17 | 87.5 | 16.8 | |
Intercompany investing | 0 | 0 | 0 | |
Other investing activities | 11.6 | 23 | (4.3) | |
Net cash provided (used) by investing activities | (644.4) | (273.1) | (156) | |
FINANCING ACTIVITIES | ||||
Repurchase of common shares | (252.9) | (47.5) | 0 | |
Dividends paid | (72.1) | 0 | 0 | |
Net proceeds from issuance of common shares | 0 | 0 | 661.3 | |
Proceeds from issuance of debt | 720.9 | 0 | 1,771.5 | |
Debt issuance costs | (6.8) | (1.5) | (28.6) | |
Repurchase of debt | (729.3) | (234.5) | (1,720.7) | |
Acquisition of noncontrolling interest | 0 | 0 | (105) | |
Distributions of partnership equity | (44.2) | (44.2) | (52.9) | |
Intercompany financing | 0 | 0 | 0 | |
Other financing activities | (9.7) | (47.5) | (26.7) | |
Net cash provided (used) by financing activities | (394.1) | (375.2) | 498.9 | |
Effect of exchange rate changes on cash | 0 | (2.3) | 3.3 | |
Increase (Decrease) in Cash and Cash Equivalents, Including Cash Classified Within Current Assets of Discontinued Operations | (476) | (172.1) | 684.3 | |
Less: increase (decrease) in cash and cash equivalents from discontinued operations, classified within other current assets | (5.4) | (17) | 18.8 | |
Net increase (decrease) in cash and cash equivalents | (470.6) | (155.1) | 665.5 | |
Cash and cash equivalents | 352.6 | 823.2 | 978.3 | $ 312.8 |
Consolidation, Eliminations [Member] | ||||
Net cash provided (used) by operating activities | 0 | 0 | 0 | |
INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment | 0 | 0 | 0 | |
Deposits for property, plant and equipment | 0 | 0 | 0 | |
Intercompany investing | 67.7 | (512.7) | (173.3) | |
Other investing activities | 0 | 0 | 0 | |
Net cash provided (used) by investing activities | 67.7 | (512.7) | (173.3) | |
FINANCING ACTIVITIES | ||||
Repurchase of common shares | 0 | 0 | ||
Dividends paid | 0 | |||
Net proceeds from issuance of common shares | 0 | |||
Proceeds from issuance of debt | 0 | 0 | ||
Debt issuance costs | 0 | 0 | 0 | |
Repurchase of debt | 0 | 0 | 0 | |
Acquisition of noncontrolling interest | 0 | |||
Distributions of partnership equity | 0 | 0 | 0 | |
Intercompany financing | (67.7) | 512.7 | 173.3 | |
Other financing activities | 0 | 0 | 0 | |
Net cash provided (used) by financing activities | (67.7) | 512.7 | 173.3 | |
Effect of exchange rate changes on cash | 0 | 0 | 0 | |
Increase (Decrease) in Cash and Cash Equivalents, Including Cash Classified Within Current Assets of Discontinued Operations | 0 | 0 | 0 | |
Less: increase (decrease) in cash and cash equivalents from discontinued operations, classified within other current assets | 0 | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Parent [Member] | Reportable Legal Entities [Member] | ||||
Net cash provided (used) by operating activities | (50) | (120.7) | (166.8) | |
INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment | (1.2) | (1.2) | (3.4) | |
Deposits for property, plant and equipment | 0 | 0 | 0 | |
Intercompany investing | (63.9) | 399.1 | 225.7 | |
Other investing activities | 0 | 0 | (7.7) | |
Net cash provided (used) by investing activities | (65.1) | 397.9 | 214.6 | |
FINANCING ACTIVITIES | ||||
Repurchase of common shares | (252.9) | (47.5) | ||
Dividends paid | (72.1) | |||
Net proceeds from issuance of common shares | 661.3 | |||
Proceeds from issuance of debt | 720.9 | 1,771.5 | ||
Debt issuance costs | (6.8) | (1.5) | (28.6) | |
Repurchase of debt | (729.3) | (234.5) | (1,720.7) | |
Acquisition of noncontrolling interest | (105) | |||
Distributions of partnership equity | 0 | 0 | 0 | |
Intercompany financing | 0.1 | (120.7) | 45 | |
Other financing activities | (14.9) | (2.1) | (5.8) | |
Net cash provided (used) by financing activities | (355) | (406.3) | 617.7 | |
Effect of exchange rate changes on cash | 0 | 0 | 0 | |
Increase (Decrease) in Cash and Cash Equivalents, Including Cash Classified Within Current Assets of Discontinued Operations | (470.1) | (129.1) | 665.5 | |
Less: increase (decrease) in cash and cash equivalents from discontinued operations, classified within other current assets | 0 | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | (470.1) | (129.1) | 665.5 | |
Cash and cash equivalents | 349.7 | 819.8 | 948.9 | 283.4 |
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Net cash provided (used) by operating activities | 616.3 | 741 | 430 | |
INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment | (637.8) | (207.3) | (79.8) | |
Deposits for property, plant and equipment | 14 | 82.3 | 11.7 | |
Intercompany investing | (3.7) | (7.1) | (7.3) | |
Other investing activities | 10.8 | 3.1 | 3.4 | |
Net cash provided (used) by investing activities | (644.7) | (293.6) | (95.4) | |
FINANCING ACTIVITIES | ||||
Repurchase of common shares | 0 | 0 | ||
Dividends paid | 0 | |||
Net proceeds from issuance of common shares | 0 | |||
Proceeds from issuance of debt | 0 | 0 | ||
Debt issuance costs | 0 | 0 | 0 | |
Repurchase of debt | 0 | 0 | 0 | |
Acquisition of noncontrolling interest | 0 | |||
Distributions of partnership equity | (44.2) | (44.2) | (52.9) | |
Intercompany financing | 63.4 | (402.4) | (277.6) | |
Other financing activities | 8.6 | (2.2) | (4.5) | |
Net cash provided (used) by financing activities | 27.8 | (448.8) | (335) | |
Effect of exchange rate changes on cash | 0 | 0 | 0 | |
Increase (Decrease) in Cash and Cash Equivalents, Including Cash Classified Within Current Assets of Discontinued Operations | (0.6) | (1.4) | (0.4) | |
Less: increase (decrease) in cash and cash equivalents from discontinued operations, classified within other current assets | 0 | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | (0.6) | (1.4) | (0.4) | |
Cash and cash equivalents | 0.1 | 0.7 | 2.1 | 2.5 |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Net cash provided (used) by operating activities | (3.8) | (141.8) | 74.9 | |
INVESTING ACTIVITIES | ||||
Purchase of property, plant and equipment | 0 | (0.1) | (51.7) | |
Deposits for property, plant and equipment | 3 | 5.2 | 5.1 | |
Intercompany investing | (0.1) | 120.7 | (45.1) | |
Other investing activities | 0.8 | 19.9 | 0 | |
Net cash provided (used) by investing activities | (2.3) | 135.3 | (101.9) | |
FINANCING ACTIVITIES | ||||
Repurchase of common shares | 0 | 0 | ||
Dividends paid | 0 | |||
Net proceeds from issuance of common shares | 0 | |||
Proceeds from issuance of debt | 0 | 0 | ||
Debt issuance costs | 0 | 0 | 0 | |
Repurchase of debt | 0 | 0 | 0 | |
Acquisition of noncontrolling interest | 0 | |||
Distributions of partnership equity | 0 | 0 | 0 | |
Intercompany financing | 4.2 | 10.4 | 59.3 | |
Other financing activities | (3.4) | (43.2) | (16.4) | |
Net cash provided (used) by financing activities | 0.8 | (32.8) | 42.9 | |
Effect of exchange rate changes on cash | 0 | (2.3) | 3.3 | |
Increase (Decrease) in Cash and Cash Equivalents, Including Cash Classified Within Current Assets of Discontinued Operations | (5.3) | (41.6) | 19.2 | |
Less: increase (decrease) in cash and cash equivalents from discontinued operations, classified within other current assets | (5.4) | (17) | 18.8 | |
Net increase (decrease) in cash and cash equivalents | 0.1 | (24.6) | 0.4 | |
Cash and cash equivalents | $ 2.8 | $ 2.7 | $ 27.3 | $ 26.9 |
SUPPLEMENTARY GUARANTOR INFOR_6
SUPPLEMENTARY GUARANTOR INFORMATION (Narrative) (Details) | Dec. 31, 2019 |
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |