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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Fair Value Of Assets And Liabilities | The following represents the assets and liabilities of the Company measured at fair value at September 30, 2015 and December 31, 2014:
| (In Millions)
| September 30, 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 | $ | 80.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 80.0 |
Derivative assets | — |  |  | — |  |  | 10.4 |  |  | 10.4 |
Total | $ | 80.0 |  |  | $ | — |  |  | $ | 10.4 |  |  | $ | 90.4 |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | — |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | 0.8 |
Total | $ | — |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | 0.8 |
| (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 September 30, 2015 |  | Balance Sheet Location |  | Valuation Technique |  | Unobservable Input |  | Range or Point Estimate per ton (Weighted Average)
Provisional Pricing Arrangements |  | $ | 0.6 |  |  | Other current assets |  | Market Approach |  | Management's Estimate of 62% Fe |  | $56
| $ | 0.8 |  |  | Other current liabilities |  |  |
Customer Supply Agreement |  | $ | 9.8 |  |  | Other current assets |  | Market Approach |  | Hot-Rolled Steel Estimate |  | $470 - $515 ($489)
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 and nine months ended September 30, 2015 and 2014.
| (In Millions)
| Derivative Assets (Level 3)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Beginning balance | $ | 7.7 |  |  | $ | 33.0 |  |  | $ | 63.2 |  |  | $ | 57.7 |
Total gains (losses) |  |  |  |  |  |  |
Included in earnings | 15.0 |  |  | 62.6 |  |  | 28.1 |  |  | 124.6 |
Settlements | (12.3 | ) |  | (41.1 | ) |  | (80.9 | ) |  | (127.8 | )
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 | — |  |  | — |  |  | — |  |  | — |
Ending balance - September 30 | $ | 10.4 |  |  | $ | 54.5 |  |  | $ | 10.4 |  |  | $ | 54.5 |
Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date | $ | 12.2 |  |  | $ | 62.6 |  |  | $ | 22.7 |  |  | $ | 124.6 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
| (In Millions)
| Derivative Liabilities (Level 3)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Beginning balance | $ | (8.0 | ) |  | $ | (20.2 | ) |  | $ | (9.5 | ) |  | $ | (1.0 | )
Total gains (losses) |  |  |  |  |  |  |
Included in earnings | (13.7 | ) |  | 2.3 |  |  | (45.4 | ) |  | (17.9 | )
Settlements | 20.9 |  |  | — |  |  | 54.1 |  |  | 1.0 |
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 | — |  |  | — |  |  | — |  |  | — |
Ending balance - September 30 | $ | (0.8 | ) |  | $ | (17.9 | ) |  | $ | (0.8 | ) |  | $ | (17.9 | )
Total gains (losses) for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date | $ | (0.5 | ) |  | $ | 2.3 |  |  | $ | (0.8 | ) |  | $ | (17.9 | )
Schedule Of Carrying Value And Fair Value Of Financial Instruments | A summary of the carrying amount and fair value of other financial instruments at September 30, 2015 and December 31, 2014 were as follows:
|  |  | (In Millions)
|  |  | September 30, 2015 |  | December 31, 2014
| Classification |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Long-term debt: |  |  |  |  |  |  |  |  |
Senior Notes—$700 million | Level 1 |  | $ | 412.3 |  |  | $ | 115.4 |  |  | $ | 689.5 |  |  | $ | 367.3 |
Senior Notes—$1.3 billion | Level 1 |  | 793.3 |  |  | 242.4 |  |  | 1,279.9 |  |  | 704.0 |
Senior Notes—$400 million | Level 1 |  | 289.9 |  |  | 99.6 |  |  | 393.7 |  |  | 228.1 |
Senior Notes—$500 million | Level 1 |  | 309.9 |  |  | 162.6 |  |  | 477.4 |  |  | 312.0 |
Senior First Lien Notes —$540 million | Level 1 |  | 506.4 |  |  | 477.9 |  |  | — |  |  | — |
Senior Second Lien Notes —$544.2 million | Level 1 |  | 407.4 |  |  | 217.7 |  |  | — |  |  | — |
ABL Facility | Level 2 |  | — |  |  | — |  |  | — |  |  | — |
Fair value adjustment to interest rate hedge | Level 2 |  | 2.4 |  |  | 2.4 |  |  | 2.8 |  |  | 2.8 |
Total long-term debt |  |  | $ | 2,721.6 |  |  | $ | 1,318.0 |  |  | $ | 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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