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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2015
Fair Value Disclosures [Abstract] |
Fair Value Of Assets And Liabilities | The following represents the assets and liabilities of the Company measured at fair value at March 31, 2015 and December 31, 2014:
| (In Millions)
| March 31, 2015
Description | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents | $ | 120.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 120.0 |
Derivative assets | — |  |  | — |  |  | 34.5 |  |  | 34.5 |
Available-for-sale marketable securities | 2.8 |  |  | — |  |  | — |  |  | 2.8 |
Total | $ | 122.8 |  |  | $ | — |  |  | $ | 34.5 |  |  | $ | 157.3 |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | — |  |  | $ | 1.6 |  |  | $ | 16.2 |  |  | $ | 17.8 |
Foreign exchange contracts | — |  |  | 8.7 |  |  | — |  |  | 8.7 |
Total | $ | — |  |  | $ | 10.3 |  |  | $ | 16.2 |  |  | $ | 26.5 |
| (In Millions)
| December 31, 2014
Description | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |
Derivative assets | $ | — |  |  | $ | — |  |  | $ | 63.2 |  |  | $ | 63.2 |
Available-for-sale marketable securities | 4.3 |  |  | — |  |  | — |  |  | 4.3 |
Total | $ | 4.3 |  |  | $ | — |  |  | $ | 63.2 |  |  | $ | 67.5 |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | — |  |  | $ | — |  |  | $ | 9.5 |  |  | $ | 9.5 |
Foreign exchange contracts | — |  |  | 31.5 |  |  | — |  |  | 31.5 |
Total | $ | — |  |  | $ | 31.5 |  |  | $ | 9.5 |  |  | $ | 41.0 |
Fair Value, Recurring and Nonrecurring, Valuation Techniques | The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy:
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
|  | (In Millions) Fair Value at March 31, 2015 |  | Balance Sheet Location |  | Valuation Technique |  | Unobservable Input |  | Range or Point Estimate per ton (Weighted Average)
Provisional Pricing Arrangements |  | $ | 16.2 |  |  | Other current liabilities |  | Market Approach |  | Management's Estimate of 62% Fe |  | $51
Customer Supply Agreement |  | $ | 34.5 |  |  | Other current assets |  | Market Approach |  | Hot-Rolled Steel Estimate |  | $540 - $575 ($563)
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation | The following tables represent a reconciliation of the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2015 and 2014.
| (In Millions)
| Derivative Assets (Level 3)
| Three Months Ended March 31,
| 2015 |  | 2014
Beginning balance | $ | 63.2 |  |  | $ | 57.7 |
Total gains (losses) |  |  |
Included in earnings | 10.1 |  |  | 29.0 |
Settlements | (38.8 | ) |  | (43.4 | )
Transfers into Level 3 | — |  |  | — |
Transfers out of Level 3 | — |  |  | — |
Ending balance - March 31 | $ | 34.5 |  |  | $ | 43.3 |
Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date | $ | 10.1 |  |  | $ | 29.0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
| (In Millions)
| Derivative Liabilities (Level 3)
| Three Months Ended March 31,
| 2015 |  | 2014
Beginning balance | $ | (9.5 | ) |  | $ | (1.0 | )
Total gains (losses) |  |  |
Included in earnings | (16.2 | ) |  | (4.0 | )
Settlements | 9.5 |  |  | 1.0 |
Transfers into Level 3 | — |  |  | — |
Transfers out of Level 3 | — |  |  | — |
Ending balance - March 31 | $ | (16.2 | ) |  | $ | (4.0 | )
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date | $ | (16.2 | ) |  | $ | (4.0 | )
Schedule Of Carrying Value And Fair Value Of Financial Instruments | A summary of the carrying amount and fair value of other financial instruments at March 31, 2015 and December 31, 2014 were as follows:
|  |  | (In Millions)
|  |  | March 31, 2015 |  | December 31, 2014
| Classification |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Long-term debt: |  |  |  |  |  |  |  |  |
Senior notes—$700 million | Level 1 |  | $ | 422.9 |  |  | $ | 220.0 |  |  | $ | 689.5 |  |  | $ | 367.3 |
Senior notes—$1.3 billion | Level 1 |  | 795.1 |  |  | 425.8 |  |  | 1,279.9 |  |  | 704.0 |
Senior notes—$400 million | Level 1 |  | 325.7 |  |  | 190.5 |  |  | 393.7 |  |  | 228.1 |
Senior notes—$500 million | Level 1 |  | 433.8 |  |  | 337.9 |  |  | 477.4 |  |  | 312.0 |
Senior First Lien Notes —$540 million | Level 1 |  | 503.5 |  |  | 507.6 |  |  | — |  |  | — |
Senior Second Lien Notes —$544.2 million | Level 2 |  | 397.2 |  |  | 397.2 |  |  | — |  |  | — |
Asset-Based Revolving Credit Facility | Level 2 |  | — |  |  | — |  |  | — |  |  | — |
Fair value adjustment to interest rate hedge | Level 2 |  | 2.7 |  |  | 2.7 |  |  | 2.8 |  |  | 2.8 |
Total long-term debt |  |  | $ | 2,880.9 |  |  | $ | 2,081.7 |  |  | $ | 2,843.3 |  |  | $ | 1,614.2 |
Fair Value Measurements, Nonrecurring |
|  | (In Millions)
|  | March 31, 2015
Description |  | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |  | Total Gains
Liabilities: |  |  |  |  |  |  |  |  |  |
$544.2 Million 7.75% 2020 Second Lien Notes |  | $ | — |  |  | $ | 397.2 |  |  | $ | — |  |  | $ | 397.2 |  |  | $ | 269.5 |
|  | $ | — |  |  | $ | 397.2 |  |  | $ | — |  |  | $ | 397.2 |  |  | $ | 269.5 |
The $544.2 million 7.75 percent Second Lien Notes issued in the exchange offers were recorded as an extinguishment of debt as the change in debt terms was considered substantial. As such, the newly issued Second Lien Senior Notes were recorded at fair value at the issuance date. In order to determine the fair value of the Second Lien Senior Notes on the date of the exchange, we utilized the median bid ask spread obtained from various investment banks for the exchange date. The bid ask spread is indicative of the fair value of the notes on the exchange date. The 27.0 percent discount equated to a discount of $147.0 million on the issue value of $544.2 million, or an estimated fair value of $397.2 million.
|  | (In Millions)
|  | December 31, 2014
Description |  | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |  | Total Losses
Assets: |  |  |  |  |  |  |  |  |  |
Goodwill impairment - Asia Pacific Iron Ore reporting unit |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 73.5 |
Other long-lived assets - Property, plant and equipment and Mineral rights: |  |  |  |  |  |  |  |  |  |
Asia Pacific Iron Ore reporting unit |  | — |  |  | — |  |  | 72.4 |  |  | 72.4 |  |  | 526.5 |
Other reporting units |  | — |  |  | — |  |  | — |  |  | — |  |  | 11.3 |
Other long-lived assets - Intangibles and other long-term assets: |  |  |  |  |  |  |  |  |  |
Asia Pacific Iron Ore reporting unit |  | — |  |  | — |  |  | 7.0 |  |  | 7.0 |  |  | 24.2 |
Investment in ventures impairment - Global Exploration |  | — |  |  | — |  |  | — |  |  | — |  |  | 9.2 |
|  | $ | — |  |  | $ | — |  |  | $ | 79.4 |  |  | $ | 79.4 |  |  | $ | 644.7 |

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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13476-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
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