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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended
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Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Basis Of Consolidation | Basis of Consolidation The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned and majority-owned subsidiaries, including the following operations as of June 30, 2015:
Name |  | Location |  | Ownership Interest |  | Operation |  | Status of Operations
Northshore |  | Minnesota |  | 100.0% |  | Iron Ore |  | Active
United Taconite |  | Minnesota |  | 100.0% |  | Iron Ore |  | Active
Tilden |  | Michigan |  | 85.0% |  | Iron Ore |  | Active
Empire |  | Michigan |  | 79.0% |  | Iron Ore |  | Active
Koolyanobbing |  | Western Australia |  | 100.0% |  | Iron Ore |  | Active
Pinnacle |  | West Virginia |  | 100.0% |  | Coal |  | Active - Held for Sale
Oak Grove |  | Alabama |  | 100.0% |  | Coal |  | Active - Held for Sale
Wabush 1 |  | Newfoundland and Labrador/ Quebec, Canada |  | 100.0% |  | Iron Ore |  | Permanent closure
Bloom Lake 1 |  | Quebec, Canada |  | 82.8% |  | Iron Ore |  | Care-and-maintenance
1 As of January 27, 2015 and May 20, 2015, we deconsolidated substantially all of our Canadian operations following the CCAA filing. See NOTE 14 - DISCONTINUED OPERATIONS for further information.
Intercompany transactions and balances are eliminated upon consolidation.
Equity Method Investments | Equity Method Investments Investments in unconsolidated ventures that we have the ability to exercise significant influence over, but not control, are accounted for under the equity method. The following table presents the detail of our investments in unconsolidated ventures and where those investments are classified in the Statements of Unaudited Condensed Consolidated Financial Position as of June 30, 2015 and December 31, 2014.
|  |  |  |  |  |  |  | (In Millions)
Investment |  | Classification |  | Accounting Method |  | Interest Percentage |  | June 30, 2015 |  | December 31, 2014
Hibbing |  | Other non-current assets |  | Equity Method |  | 23% |  | $ | 0.9 |  |  | $ | 3.1 |
Other |  | Other non-current assets |  | Equity Method |  | Various |  | 1.1 |  |  | 1.0 |
|  |  |  |  |  |  |  | $ | 2.0 |  |  | $ | 4.1 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Our financial statements are prepared with the U.S. dollar as the reporting currency. The functional currency of the Company’s Australian subsidiaries is the Australian dollar. The functional currency of all other international subsidiaries is the U.S. dollar. The financial statements of international subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. Where the local currency is the functional currency, translation adjustments are recorded as Accumulated other comprehensive loss. Income taxes generally are not provided for foreign currency translation adjustments. To the extent that monetary assets and liabilities, inclusive of intercompany notes, are recorded in a currency other than the functional currency, these amounts are remeasured each reporting period, with the resulting gain or loss being recorded in the Statements of Unaudited Condensed Consolidated Operations. Transaction gains and losses resulting from remeasurement of short-term intercompany loans are included in Miscellaneous - net in our Statements of Unaudited Condensed Consolidated Operations. For the three and six months ended June 30, 2015, net losses of $0.8 million and gains of $12.7 million, respectively, related to the impact of transaction gains and losses resulting from remeasurement. Of these amounts, for the three months ended June 30, 2015, losses of $0.7 million, resulted from remeasurement of cash and cash equivalents. Additionally, of these amounts for the six months ended June 30, 2015, gains of $12.4 million and $0.7 million, respectively, resulted from remeasurement of short-term intercompany loans and cash and cash equivalents. For the three and six months ended June 30, 2014, net losses of $6.0 million and $17.5 million, respectively, related to the impact of transaction gains and losses resulting from remeasurement. Of these transaction gains and losses, for the three months ended June 30, 2014, losses of $4.2 million and $2.0 million, respectively, and for the six months ended June 30, 2014, losses of $13.0 million and $5.1 million, respectively, resulted from remeasurement of short-term intercompany loans and cash and cash equivalents.
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments and Hedging Activities According to our global hedge policy, the policy allows for hedging not more than 75 percent, but not less than 40 percent for up to 12 months and not less than 10 percent for up to 15 months, of forecasted net currency exposures that are probable to occur. Full hedge compliance under the policy has been waived through December 31, 2015. The waiver was a result of the evaluation of the potential risk of being over hedged and the uncertainty of the 2015 currency exposures. During 2015, we have not entered into any new foreign currency exchange contracts to hedge our foreign currency exposure and we do not expect to enter into any during the remainder of 2015. In the future, we may enter into additional hedging instruments as needed in order to further hedge our exposure to changes in foreign currency exchange rates.
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Issued and Not Effective In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU requires retrospective adoption and will be effective for us beginning in our first quarter of 2016. Early adoption is permitted. We do not expect this adoption to have an impact on our Statements of Unaudited Condensed Consolidated Operations or Statements of Unaudited Condensed Consolidated Cash Flows. The impact of the adoption of the guidance will result in reclassification of the unamortized debt issuance costs on the Statements of Unaudited Condensed Consolidated Financial Position, which were $44.3 million and $25.6 million at June 30, 2015 and December 31, 2014, respectively.

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