XML 48 R32.htm IDEA: XBRL DOCUMENT
v3.8.0.1

FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2017
Fair Value Disclosures [Abstract] |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following represents the assets and liabilities of the Company measured at fair value at September 30, 2017 and December 31, 2016:
| (In Millions)
| September 30, 2017
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 | $ | 40.0 |  |  | $ | 37.0 |  |  | $ | — |  |  | $ | 77.0 |
Derivative assets | — |  |  | — |  |  | 89.5 |  |  | 89.5 |
Total | $ | 40.0 |  |  | $ | 37.0 |  |  | $ | 89.5 |  |  | $ | 166.5 |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | — |  |  | $ | — |  |  | $ | 9.3 |  |  | $ | 9.3 |
Total | $ | — |  |  | $ | — |  |  | $ | 9.3 |  |  | $ | 9.3 |
| (In Millions)
| December 31, 2016
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 | $ | 177.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 177.0 |
Derivative assets | — |  |  | 1.5 |  |  | 31.6 |  |  | 33.1 |
Total | $ | 177.0 |  |  | $ | 1.5 |  |  | $ | 31.6 |  |  | $ | 210.1 |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | — |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | 0.5 |
Total | $ | — |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | 0.5 |
Fair Value, Recurring and Nonrecurring, Valuation Techniques | The following table illustrates information about quantitative inputs and assumptions for the assets and 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, 2017 |  | Balance Sheet Location |  | Valuation Technique |  | Unobservable Input |  | Range or Point Estimate (Weighted Average)
Provisional pricing arrangements |  | $ | 4.7 |  |  | Derivative assets |  | Market Approach |  | Management's Estimate of Platts 62% Price per dry metric ton |  | $61 - $74 ($73)
|  |  |  | Market Hot-Rolled Coil Steel Estimate per net ton |  | $580 - $660 ($625)
Provisional pricing arrangements |  | $ | 9.3 |  |  | Derivative liabilities |  | Market Approach |  | Management's Estimate of Platts 62% Price per dry metric ton |  | $61 - $74 ($73)
Customer supply agreements |  | $ | 84.8 |  |  | Derivative assets |  | Market Approach |  | Customer Hot-Rolled Steel Estimate per net ton |  | $558 - $622 ($565)
|  |  |  | Market Hot-Rolled Coil Steel Estimate per net ton |  | $580 - $660 ($625)
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation |
| (In Millions)
| Level 3 Assets
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Beginning balance | $ | 72.5 |  |  | $ | 25.8 |  |  | $ | 31.6 |  |  | $ | 7.8 |
Total gains (losses) |  |  |  |  |  |  |
Included in earnings | 60.6 |  |  | 14.6 |  |  | 156.0 |  |  | 62.6 |
Settlements | (43.6 | ) |  | (12.0 | ) |  | (98.1 | ) |  | (42.0 | )
Ending balance - September 30 | $ | 89.5 |  |  | $ | 28.4 |  |  | $ | 89.5 |  |  | $ | 28.4 |
Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date | $ | 0.1 |  |  | $ | 8.2 |  |  | $ | 53.4 |  |  | $ | 24.7 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
| (In Millions)
| Level 3 Liabilities
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Beginning balance | $ | (20.9 | ) |  | $ | (2.6 | ) |  | $ | (0.5 | ) |  | $ | (3.4 | )
Total gains (losses) |  |  |  |  |  |  |
Included in earnings | (19.3 | ) |  | (2.9 | ) |  | (64.9 | ) |  | (12.8 | )
Settlements | 30.9 |  |  | 2.8 |  |  | 56.1 |  |  | 13.5 |
Ending balance - September 30 | $ | (9.3 | ) |  | $ | (2.7 | ) |  | $ | (9.3 | ) |  | $ | (2.7 | )
Total gains (losses) for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date | $ | 6.0 |  |  | $ | (2.7 | ) |  | $ | (14.8 | ) |  | $ | (2.7 | )
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, 2017 and December 31, 2016 were as follows:
|  |  | (In Millions)
|  |  | September 30, 2017 |  | December 31, 2016
| Classification |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Long-term debt: |  |  |  |  |  |  |  |  |
Secured Notes |  |  |  |  |  |  |  |  |
First Senior Lien Notes —$540 million | Level 1 |  | $ | — |  |  | $ | — |  |  | $ | 506.3 |  |  | $ | 595.0 |
1.5 Senior Lien Notes —$218.5 million | Level 2 |  | — |  |  | — |  |  | 284.2 |  |  | 229.5 |
Second Senior Lien Notes —$544.2 million | Level 1 |  | — |  |  | — |  |  | 339.1 |  |  | 439.7 |
Unsecured Notes |  |  |  |  |  |  |  |  |
Senior Notes—$1.075 billion | Level 1 |  | 1,046.8 |  |  | 1,032.0 |  |  | — |  |  | — |
Senior Notes—$400 million | Level 1 |  | 88.5 |  |  | 88.4 |  |  | 224.5 |  |  | 219.6 |
Senior Notes—$500 million | Level 1 |  | 122.0 |  |  | 116.9 |  |  | 235.9 |  |  | 221.1 |
Senior Notes—$700 million | Level 1 |  | 138.0 |  |  | 132.4 |  |  | 308.2 |  |  | 283.1 |
Senior Notes—$800 million | Level 1 |  | 292.6 |  |  | 249.0 |  |  | 292.5 |  |  | 234.7 |
ABL Facility | Level 2 |  | — |  |  | — |  |  | — |  |  | — |
Fair value adjustment to interest rate hedge | Level 2 |  | 1.5 |  |  | 1.5 |  |  | 1.9 |  |  | 1.9 |
Total long-term debt |  |  | $ | 1,689.4 |  |  | $ | 1,620.2 |  |  | $ | 2,192.6 |  |  | $ | 2,224.6 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Items Measured at Fair Value on a Non-Recurring Basis The following tables present information about the financial assets and liabilities that were measured on a fair value basis at September 30, 2017 and December 31, 2016 for the Canadian Entities. The tables also indicate the fair value hierarchy of the valuation techniques used to determine such fair value.
|  | (In Millions)
|  | September 30, 2017
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 Year-to-Date Gains
Assets: |  |  |  |  |  |  |  |  |  |
Loans to and accounts receivables from the Canadian Entities |  | $ | — |  |  | $ | — |  |  | $ | 51.9 |  |  | $ | 51.9 |  |  | $ | 3.3 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Guarantees |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 31.4 |
|  | (In Millions)
|  | December 31, 2016
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 Year-to-Date Gains (Losses)
Assets: |  |  |  |  |  |  |  |  |  |
Loans to and accounts receivables from the Canadian Entities |  | $ | — |  |  | $ | — |  |  | $ | 48.6 |  |  | $ | 48.6 |  |  | $ | (17.5 | )
Liabilities: |  |  |  |  |  |  |  |  |  |
Guarantees |  | $ | — |  |  | $ | — |  |  | $ | 37.2 |  |  | $ | 37.2 |  |  | $ | 0.4 |

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 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 2 -Subparagraph (bbb) -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 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 3: 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=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
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
- 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 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13476-108611 Reference 2: 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=66048111&loc=d3e19207-110258 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=77997519&loc=d3e13467-108611 Reference 4: 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=75026489&loc=d3e13220-108610 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=75031198&loc=d3e14172-108612 Reference 6: 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=77997519&loc=d3e13433-108611 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
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