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FAIR VALUE MEASUREMENT: (Tables)

3 Months Ended

Mar. 31, 2019

FAIR VALUE MEASUREMENT:

Schedule of carrying amount and estimated fair values of the Company's financial instruments

Consequently, such financial instruments are not included in the following table that provides information about the carrying amounts and estimated fair values of other financial instruments that are not measured at fair value in the condensed consolidated balance sheet as of March 31, 2019 and December 31, 2018 (in millions):

		At March 31, 2019						At December 31, 2018
		Carrying Value			Fair Value			Carrying Value			Fair Value
Liabilities:
Long-term debt level 1		$	5,211.3		$	6,055.4		$	5,210.7		$	5,540.0
Long-term debt level 2			749.6			776.9			749.4			761.7
Total long-term debt		$	5,960.9		$	6,832.3		$	5,960.1		$	6,301.7

Schedule of fair values of assets and liabilities measured at fair value on a recurring basis

Fair values of assets and liabilities measured at fair value on a recurring basis were calculated as follows as of March 31, 2019 and December 31, 2018 (in millions):

		Fair Value at Measurement Date Using:
					Quoted prices in			Significant other			Significant
		Fair Value as			active markets for			observable			unobservable
		of March			identical assets			inputs			inputs
Description		31, 2019			(Level 1)			(Level 2)			(Level 3)
Assets:
Short term investment:
- Trading securities		$	212.7		$	212.7		$	—		$	—
- Available-for-sale debt securities:
Corporate bonds			—			—			—			—
Asset backed securities			0.4			—			0.4			—
Mortgage backed securities			0.4			—			0.4			—
Accounts receivable:
- Embedded derivatives - Not classified as hedges:
Provisionally priced sales:
Copper			308.4			308.4			—			—
Molybdenum			124.1			124.1			—			—
Total		$	646.0		$	645.2		$	0.8		$	—

		Fair Value at Measurement Date Using:
					Quoted prices in			Significant other			Significant
		Fair Value as			active markets for			observable			unobservable
		of December			identical assets			inputs			inputs
Description		31, 2018			(Level 1)			(Level 2)			(Level 3)
Assets:
Short term investment:
- Trading securities		$	213.1		$	213.1		$	—		$	—
- Available-for-sale debt securities:
Corporate bonds			—			—			—			—
Asset backed securities			0.4			—			0.4			—
Mortgage backed securities			0.3			—			0.3			—
Accounts receivable:
- Embedded derivatives - Not classified as hedges:
Provisionally priced sales:
Copper			274.3			274.3			—			—
Molybdenum			107.4			107.4			—			—
Total		$	595.5		$	594.8		$	0.7		$	—

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258

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X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258

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