XML 49 R35.htm IDEA: XBRL DOCUMENT
v3.5.0.2

FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2016
Fair Value Disclosures [Abstract] |
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, 2016 |  | Balance Sheet Location |  | Valuation Technique |  | Unobservable Input |  | Range or Point Estimate per dry metric ton (Weighted Average)
Provisional pricing arrangements |  | $ | 0.4 |  |  | Other current assets |  | Market Approach |  | Management's Estimate of 62% Fe |  | $56
| $ | 2.7 |  |  | Other current liabilities |  |  |
Customer supply agreement |  | $ | 28.0 |  |  | Other current assets |  | Market Approach |  | Hot-Rolled Coil Estimate |  | $430 - $530 ($470)
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, 2016 and 2015.
| (In Millions)
| Derivative Assets (Level 3)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
Beginning balance | $ | 25.8 |  |  | $ | 7.7 |  |  | $ | 7.8 |  |  | $ | 63.2 |
Total gains (losses) |  |  |  |  |  |  |
Included in earnings | 14.6 |  |  | 15.0 |  |  | 62.6 |  |  | 28.1 |
Settlements | (12.0 | ) |  | (12.3 | ) |  | (42.0 | ) |  | (80.9 | )
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 | — |  |  | — |  |  | — |  |  | — |
Ending balance - September 30 | $ | 28.4 |  |  | $ | 10.4 |  |  | $ | 28.4 |  |  | $ | 10.4 |
Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date | $ | 8.2 |  |  | $ | 12.2 |  |  | $ | 24.7 |  |  | $ | 22.7 |
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,
| 2016 |  | 2015 |  | 2016 |  | 2015
Beginning balance | $ | (2.6 | ) |  | $ | (8.0 | ) |  | $ | (3.4 | ) |  | $ | (9.5 | )
Total gains (losses) |  |  |  |  |  |  |
Included in earnings | (2.9 | ) |  | (13.7 | ) |  | (12.8 | ) |  | (45.4 | )
Settlements | 2.8 |  |  | 20.9 |  |  | 13.5 |  |  | 54.1 |
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 | — |  |  | — |  |  | — |  |  | — |
Ending balance - September 30 | $ | (2.7 | ) |  | $ | (0.8 | ) |  | $ | (2.7 | ) |  | $ | (0.8 | )
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date | $ | (2.7 | ) |  | $ | (0.5 | ) |  | $ | (2.7 | ) |  | $ | (0.8 | )
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, 2016 and December 31, 2015 were as follows:
|  |  | (In Millions)
|  |  | September 30, 2016 |  | December 31, 2015
| Classification |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Long-term debt: |  |  |  |  |  |  |  |  |
Senior Notes—$700 million | Level 1 |  | $ | 324.3 |  |  | $ | 260.6 |  |  | $ | 410.6 |  |  | $ | 69.4 |
Senior Notes—$1.3 billion | Level 1 |  | 536.4 |  |  | 400.7 |  |  | 787.9 |  |  | 137.4 |
Senior Notes—$400 million | Level 1 |  | 224.4 |  |  | 194.9 |  |  | 288.9 |  |  | 52.8 |
Senior Notes—$500 million | Level 1 |  | — |  |  | — |  |  | 309.1 |  |  | 87.1 |
Senior First Lien Notes —$540 million | Level 1 |  | 504.0 |  |  | 573.2 |  |  | 497.4 |  |  | 414.5 |
Senior 1.5 Lien Notes —$218.5 million | Level 2 |  | 288.5 |  |  | 210.9 |  |  | — |  |  | — |
Senior Second Lien Notes —$544.2 million | Level 1 |  | 333.8 |  |  | 402.8 |  |  | 403.2 |  |  | 134.7 |
ABL Facility | Level 2 |  | — |  |  | — |  |  | — |  |  | — |
Fair value adjustment to interest rate hedge | Level 2 |  | 2.0 |  |  | 2.0 |  |  | 2.3 |  |  | 2.3 |
Total long-term debt |  |  | $ | 2,213.4 |  |  | $ | 2,045.1 |  |  | $ | 2,699.4 |  |  | $ | 898.2 |

X
- 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=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=66048111&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=66048111&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: 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=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration