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SUPPLEMENTARY GUARANTOR INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Supplemental Condensed Consolidating Financial Position |
Unaudited Condensed Consolidating Statement of Financial Position
As of June 30, 2018
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 798.4 |  |  | $ | 1.6 |  |  | $ | 2.5 |  |  | $ | — |  |  | $ | 802.5 |
Accounts receivable, net | 8.0 |  |  | 148.2 |  |  | 0.1 |  |  | (3.7 | ) |  | 152.6 |
Inventories | — |  |  | 256.4 |  |  | — |  |  | — |  |  | 256.4 |
Supplies and other inventories | — |  |  | 88.6 |  |  | — |  |  | — |  |  | 88.6 |
Derivative assets | 0.1 |  |  | 174.6 |  |  | — |  |  | — |  |  | 174.7 |
Current assets of discontinued operations | — |  |  | — |  |  | 45.3 |  |  | — |  |  | 45.3 |
Other current assets | 15.9 |  |  | 7.7 |  |  | 3.2 |  |  | — |  |  | 26.8 |
TOTAL CURRENT ASSETS | 822.4 |  |  | 677.1 |  |  | 51.1 |  |  | (3.7 | ) |  | 1,546.9 |
PROPERTY, PLANT AND EQUIPMENT, NET | 15.5 |  |  | 966.2 |  |  | 99.6 |  |  | — |  |  | 1,081.3 |
OTHER ASSETS |  |  |  |  |  |  |  |  |
Deposits for property, plant and equipment | — |  |  | 3.8 |  |  | 81.9 |  |  | — |  |  | 85.7 |
Income tax receivable | 219.9 |  |  | — |  |  | — |  |  | — |  |  | 219.9 |
Investment in subsidiaries | 1,299.9 |  |  | 32.8 |  |  | — |  |  | (1,332.7 | ) |  | — |
Long-term intercompany notes | — |  |  | — |  |  | 227.4 |  |  | (227.4 | ) |  | — |
Other non-current assets | 8.7 |  |  | 107.3 |  |  | 1.7 |  |  | — |  |  | 117.7 |
TOTAL OTHER ASSETS | 1,528.5 |  |  | 143.9 |  |  | 311.0 |  |  | (1,560.1 | ) |  | 423.3 |
TOTAL ASSETS | $ | 2,366.4 |  |  | $ | 1,787.2 |  |  | $ | 461.7 |  |  | $ | (1,563.8 | ) |  | $ | 3,051.5 |
LIABILITIES |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Accounts payable | $ | 5.2 |  |  | $ | 88.8 |  |  | $ | 28.7 |  |  | $ | (3.7 | ) |  | $ | 119.0 |
Accrued expenses | 13.6 |  |  | 71.0 |  |  | 0.5 |  |  | — |  |  | 85.1 |
Accrued interest | 43.1 |  |  | — |  |  | — |  |  | — |  |  | 43.1 |
Partnership distribution payable | — |  |  | 44.2 |  |  | — |  |  | — |  |  | 44.2 |
Current liabilities of discontinued operations | — |  |  | — |  |  | 117.3 |  |  | — |  |  | 117.3 |
Other current liabilities | 1.8 |  |  | 62.7 |  |  | 1.7 |  |  | — |  |  | 66.2 |
TOTAL CURRENT LIABILITIES | 63.7 |  |  | 266.7 |  |  | 148.2 |  |  | (3.7 | ) |  | 474.9 |
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES | 65.9 |  |  | 428.4 |  |  | (249.3 | ) |  | — |  |  | 245.0 |
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | — |  |  | 145.3 |  |  | 27.0 |  |  | — |  |  | 172.3 |
LONG-TERM DEBT | 2,297.0 |  |  | — |  |  | — |  |  | — |  |  | 2,297.0 |
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS | — |  |  | — |  |  | 10.3 |  |  | — |  |  | 10.3 |
LONG-TERM INTERCOMPANY NOTES | 227.4 |  |  | — |  |  | — |  |  | (227.4 | ) |  | — |
OTHER LIABILITIES | 18.7 |  |  | 139.0 |  |  | 0.6 |  |  | — |  |  | 158.3 |
TOTAL LIABILITIES | 2,672.7 |  |  | 979.4 |  |  | (63.2 | ) |  | (231.1 | ) |  | 3,357.8 |
EQUITY |  |  |  |  |  |  |  |  |
TOTAL CLIFFS SHAREHOLDERS' DEFICIT | (306.3 | ) |  | 807.8 |  |  | 524.9 |  |  | (1,332.7 | ) |  | (306.3 | )
TOTAL DEFICIT | (306.3 | ) |  | 807.8 |  |  | 524.9 |  |  | (1,332.7 | ) |  | (306.3 | )
TOTAL LIABILITIES AND DEFICIT | $ | 2,366.4 |  |  | $ | 1,787.2 |  |  | $ | 461.7 |  |  | $ | (1,563.8 | ) |  | $ | 3,051.5 |
Unaudited Condensed Consolidating Statement of Financial Position
As of December 31, 2017
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 948.9 |  |  | $ | 2.1 |  |  | $ | 27.3 |  |  | $ | — |  |  | $ | 978.3 |
Accounts receivable, net | 4.5 |  |  | 102.9 |  |  | — |  |  | (0.7 | ) |  | 106.7 |
Inventories | — |  |  | 138.4 |  |  | — |  |  | — |  |  | 138.4 |
Supplies and other inventories | — |  |  | 88.8 |  |  | — |  |  | — |  |  | 88.8 |
Derivative assets | — |  |  | 37.9 |  |  | — |  |  | — |  |  | 37.9 |
Current assets of discontinued operations | — |  |  | — |  |  | 118.5 |  |  | — |  |  | 118.5 |
Loans to and accounts receivable from the Canadian Entities | 44.7 |  |  | 6.9 |  |  | — |  |  | — |  |  | 51.6 |
Other current assets | 16.4 |  |  | 7.5 |  |  | 0.5 |  |  | — |  |  | 24.4 |
TOTAL CURRENT ASSETS | 1,014.5 |  |  | 384.5 |  |  | 146.3 |  |  | (0.7 | ) |  | 1,544.6 |
PROPERTY, PLANT AND EQUIPMENT, NET | 17.5 |  |  | 959.0 |  |  | 57.3 |  |  | — |  |  | 1,033.8 |
OTHER ASSETS |  |  |  |  |  |  |  |  |
Deposits for property, plant and equipment | — |  |  | 1.3 |  |  | 16.5 |  |  | — |  |  | 17.8 |
Income tax receivable | 235.3 |  |  | — |  |  | — |  |  | — |  |  | 235.3 |
Non-current assets of discontinued operations | — |  |  | — |  |  | 20.3 |  |  | — |  |  | 20.3 |
Investment in subsidiaries | 1,024.3 |  |  | 29.9 |  |  | — |  |  | (1,054.2 | ) |  | — |
Long-term intercompany notes | — |  |  | — |  |  | 242.0 |  |  | (242.0 | ) |  | — |
Other non-current assets | 7.8 |  |  | 91.7 |  |  | 2.1 |  |  | — |  |  | 101.6 |
TOTAL OTHER ASSETS | 1,267.4 |  |  | 122.9 |  |  | 280.9 |  |  | (1,296.2 | ) |  | 375.0 |
TOTAL ASSETS | $ | 2,299.4 |  |  | $ | 1,466.4 |  |  | $ | 484.5 |  |  | $ | (1,296.9 | ) |  | $ | 2,953.4 |
LIABILITIES |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Accounts payable | $ | 7.1 |  |  | $ | 89.7 |  |  | $ | 3.4 |  |  | $ | (0.7 | ) |  | $ | 99.5 |
Accrued expenses | 19.0 |  |  | 59.9 |  |  | 0.2 |  |  | — |  |  | 79.1 |
Accrued interest | 31.4 |  |  | — |  |  | — |  |  | — |  |  | 31.4 |
Contingent claims | 55.6 |  |  | — |  |  | — |  |  | — |  |  | 55.6 |
Partnership distribution payable | — |  |  | 44.2 |  |  | — |  |  | — |  |  | 44.2 |
Current liabilities of discontinued operations | — |  |  | — |  |  | 75.0 |  |  | — |  |  | 75.0 |
Other current liabilities | 2.1 |  |  | 63.5 |  |  | 1.8 |  |  | — |  |  | 67.4 |
TOTAL CURRENT LIABILITIES | 115.2 |  |  | 257.3 |  |  | 80.4 |  |  | (0.7 | ) |  | 452.2 |
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES | 66.4 |  |  | 430.6 |  |  | (239.3 | ) |  | — |  |  | 257.7 |
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | — |  |  | 140.6 |  |  | 27.1 |  |  | — |  |  | 167.7 |
LONG-TERM DEBT | 2,304.2 |  |  | — |  |  | — |  |  | — |  |  | 2,304.2 |
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS | — |  |  | — |  |  | 52.2 |  |  | — |  |  | 52.2 |
LONG-TERM INTERCOMPANY NOTES | 242.0 |  |  | — |  |  | — |  |  | (242.0 | ) |  | — |
OTHER LIABILITIES | 15.7 |  |  | 147.2 |  |  | 0.6 |  |  | — |  |  | 163.5 |
TOTAL LIABILITIES | 2,743.5 |  |  | 975.7 |  |  | (79.0 | ) |  | (242.7 | ) |  | 3,397.5 |
EQUITY |  |  |  |  |  |  |  |  |
TOTAL CLIFFS SHAREHOLDERS' DEFICIT | (444.1 | ) |  | 490.7 |  |  | 563.3 |  |  | (1,054.2 | ) |  | (444.3 | )
NONCONTROLLING INTEREST | — |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
TOTAL DEFICIT | (444.1 | ) |  | 490.7 |  |  | 563.5 |  |  | (1,054.2 | ) |  | (444.1 | )
TOTAL LIABILITIES AND DEFICIT | $ | 2,299.4 |  |  | $ | 1,466.4 |  |  | $ | 484.5 |  |  | $ | (1,296.9 | ) |  | $ | 2,953.4 |
Schedule of Supplemental Statements of Condensed Consolidating Operations and Comprehensive Income (Loss) |
Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income
For the Three Months Ended June 30, 2018
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
REVENUES FROM PRODUCT SALES AND SERVICES |  |  |  |  |  |  |  |  |
Product | $ | — |  |  | $ | 672.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 672.0 |
Freight and venture partners' cost reimbursements | — |  |  | 42.3 |  |  | — |  |  | — |  |  | 42.3 |
| — |  |  | 714.3 |  |  | — |  |  | — |  |  | 714.3 |
COST OF GOODS SOLD AND OPERATING EXPENSES | — |  |  | (429.8 | ) |  | — |  |  | — |  |  | (429.8 | )
SALES MARGIN | — |  |  | 284.5 |  |  | — |  |  | — |  |  | 284.5 |
OTHER OPERATING EXPENSE |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (19.7 | ) |  | (5.4 | ) |  | (1.1 | ) |  | — |  |  | (26.2 | )
Miscellaneous – net | (0.2 | ) |  | (3.6 | ) |  | (0.3 | ) |  | — |  |  | (4.1 | )
| (19.9 | ) |  | (9.0 | ) |  | (1.4 | ) |  | — |  |  | (30.3 | )
OPERATING INCOME (LOSS) | (19.9 | ) |  | 275.5 |  |  | (1.4 | ) |  | — |  |  | 254.2 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |  |
Interest expense, net | (30.8 | ) |  | (0.6 | ) |  | 0.2 |  |  | — |  |  | (31.2 | )
Gain on extinguishment of debt | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |
Other non-operating income (expense) | (0.8 | ) |  | 0.2 |  |  | 5.0 |  |  | — |  |  | 4.4 |
| (31.4 | ) |  | (0.4 | ) |  | 5.2 |  |  | — |  |  | (26.6 | )
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (51.3 | ) |  | 275.1 |  |  | 3.8 |  |  | — |  |  | 227.6 |
INCOME TAX BENEFIT (EXPENSE) | 2.1 |  |  | (0.1 | ) |  | (0.2 | ) |  | — |  |  | 1.8 |
EQUITY IN INCOME (LOSS) OF SUBSIDIARIES | 210.4 |  |  | 4.6 |  |  | — |  |  | (215.0 | ) |  | — |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 161.2 |  |  | 279.6 |  |  | 3.6 |  |  | (215.0 | ) |  | 229.4 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX | 3.9 |  |  | (0.3 | ) |  | (67.9 | ) |  | — |  |  | (64.3 | )
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | 165.1 |  |  | $ | 279.3 |  |  | $ | (64.3 | ) |  | $ | (215.0 | ) |  | $ | 165.1 |
OTHER COMPREHENSIVE INCOME | 9.1 |  |  | 6.0 |  |  | 2.2 |  |  | (8.2 | ) |  | 9.1 |
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | 174.2 |  |  | $ | 285.3 |  |  | $ | (62.1 | ) |  | $ | (223.2 | ) |  | $ | 174.2 |
Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
For the Three Months Ended June 30, 2017
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
REVENUES FROM PRODUCT SALES AND SERVICES |  |  |  |  |  |  |  |  |
Product | $ | — |  |  | $ | 417.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 417.0 |
Freight and venture partners' cost reimbursements | — |  |  | 54.3 |  |  | — |  |  | — |  |  | 54.3 |
| — |  |  | 471.3 |  |  | — |  |  | — |  |  | 471.3 |
COST OF GOODS SOLD AND OPERATING EXPENSES | — |  |  | (326.6 | ) |  | — |  |  | — |  |  | (326.6 | )
SALES MARGIN | — |  |  | 144.7 |  |  | — |  |  | — |  |  | 144.7 |
OTHER OPERATING EXPENSE |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (19.7 | ) |  | (5.7 | ) |  | (1.2 | ) |  | — |  |  | (26.6 | )
Miscellaneous – net | (0.8 | ) |  | (3.7 | ) |  | 1.6 |  |  | — |  |  | (2.9 | )
| (20.5 | ) |  | (9.4 | ) |  | 0.4 |  |  | — |  |  | (29.5 | )
OPERATING INCOME (LOSS) | (20.5 | ) |  | 135.3 |  |  | 0.4 |  |  | — |  |  | 115.2 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |  |
Interest expense, net | (30.4 | ) |  | — |  |  | 0.3 |  |  | — |  |  | (30.1 | )
Loss on extinguishment of debt | (4.9 | ) |  | — |  |  | — |  |  | — |  |  | (4.9 | )
Other non-operating income (expense) | (1.0 | ) |  | (0.8 | ) |  | 4.3 |  |  | — |  |  | 2.5 |
| (36.3 | ) |  | (0.8 | ) |  | 4.6 |  |  | — |  |  | (32.5 | )
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (56.8 | ) |  | 134.5 |  |  | 5.0 |  |  | — |  |  | 82.7 |
INCOME TAX BENEFIT (EXPENSE) | 8.0 |  |  | 0.8 |  |  | (7.7 | ) |  | — |  |  | 1.1 |
EQUITY IN INCOME (LOSS) OF SUBSIDIARIES | 129.6 |  |  | 3.4 |  |  | — |  |  | (133.0 | ) |  | — |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 80.8 |  |  | 138.7 |  |  | (2.7 | ) |  | (133.0 | ) |  | 83.8 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX | (49.0 | ) |  | 0.7 |  |  | (5.4 | ) |  | — |  |  | (53.7 | )
NET INCOME (LOSS) | 31.8 |  |  | 139.4 |  |  | (8.1 | ) |  | (133.0 | ) |  | 30.1 |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | — |  |  | 1.7 |  |  | — |  |  | — |  |  | 1.7 |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | 31.8 |  |  | $ | 141.1 |  |  | $ | (8.1 | ) |  | $ | (133.0 | ) |  | $ | 31.8 |
OTHER COMPREHENSIVE INCOME (LOSS) | 5.0 |  |  | 5.7 |  |  | (1.5 | ) |  | (4.3 | ) |  | 4.9 |
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | 36.8 |  |  | $ | 146.8 |  |  | $ | (9.6 | ) |  | $ | (137.3 | ) |  | $ | 36.7 |
Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income
For the Six Months Ended June 30, 2018
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
REVENUES FROM PRODUCT SALES AND SERVICES |  |  |  |  |  |  |  |  |
Product | $ | — |  |  | $ | 841.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 841.2 |
Freight and venture partners' cost reimbursements | — |  |  | 53.1 |  |  | — |  |  | — |  |  | 53.1 |
| — |  |  | 894.3 |  |  | — |  |  | — |  |  | 894.3 |
COST OF GOODS SOLD AND OPERATING EXPENSES | — |  |  | (548.3 | ) |  | — |  |  | — |  |  | (548.3 | )
SALES MARGIN | — |  |  | 346.0 |  |  | — |  |  | — |  |  | 346.0 |
OTHER OPERATING EXPENSE |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (39.8 | ) |  | (9.7 | ) |  | (1.8 | ) |  | — |  |  | (51.3 | )
Miscellaneous – net | (0.4 | ) |  | (8.9 | ) |  | (0.9 | ) |  | — |  |  | (10.2 | )
| (40.2 | ) |  | (18.6 | ) |  | (2.7 | ) |  | — |  |  | (61.5 | )
OPERATING INCOME | (40.2 | ) |  | 327.4 |  |  | (2.7 | ) |  | — |  |  | 284.5 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |  |
Interest expense, net | (62.7 | ) |  | (1.4 | ) |  | 0.5 |  |  | — |  |  | (63.6 | )
Gain on extinguishment of debt | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |
Other non-operating income (expense) | (1.7 | ) |  | 0.7 |  |  | 9.8 |  |  | — |  |  | 8.8 |
| (64.2 | ) |  | (0.7 | ) |  | 10.3 |  |  | — |  |  | (54.6 | )
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (104.4 | ) |  | 326.7 |  |  | 7.6 |  |  | — |  |  | 229.9 |
INCOME TAX EXPENSE | (13.5 | ) |  | (0.2 | ) |  | (0.2 | ) |  | — |  |  | (13.9 | )
EQUITY IN INCOME (LOSS) OF SUBSIDIARIES | 194.7 |  |  | 9.1 |  |  | — |  |  | (203.8 | ) |  | — |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 76.8 |  |  | 335.6 |  |  | 7.4 |  |  | (203.8 | ) |  | 216.0 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX | 4.0 |  |  | (0.1 | ) |  | (139.1 | ) |  | — |  |  | (135.2 | )
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | 80.8 |  |  | $ | 335.5 |  |  | $ | (131.7 | ) |  | $ | (203.8 | ) |  | $ | 80.8 |
OTHER COMPREHENSIVE INCOME | 16.8 |  |  | 11.9 |  |  | 3.0 |  |  | (14.9 | ) |  | 16.8 |
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | 97.6 |  |  | $ | 347.4 |  |  | $ | (128.7 | ) |  | $ | (218.7 | ) |  | $ | 97.6 |
Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
For the Six Months Ended June 30, 2017
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
REVENUES FROM PRODUCT SALES AND SERVICES |  |  |  |  |  |  |  |  |
Product | $ | — |  |  | $ | 664.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 664.3 |
Freight and venture partners' cost reimbursements | — |  |  | 93.2 |  |  | — |  |  | — |  |  | 93.2 |
| — |  |  | 757.5 |  |  | — |  |  | — |  |  | 757.5 |
COST OF GOODS SOLD AND OPERATING EXPENSES | — |  |  | (563.8 | ) |  | — |  |  | — |  |  | (563.8 | )
SALES MARGIN | — |  |  | 193.7 |  |  | — |  |  | — |  |  | 193.7 |
OTHER OPERATING INCOME (EXPENSE) |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (39.2 | ) |  | (10.1 | ) |  | (2.4 | ) |  | — |  |  | (51.7 | )
Miscellaneous – net | (0.9 | ) |  | (9.2 | ) |  | 16.7 |  |  | — |  |  | 6.6 |
| (40.1 | ) |  | (19.3 | ) |  | 14.3 |  |  | — |  |  | (45.1 | )
OPERATING INCOME | (40.1 | ) |  | 174.4 |  |  | 14.3 |  |  | — |  |  | 148.6 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |  |
Interest expense, net | (72.0 | ) |  | — |  |  | 0.5 |  |  | — |  |  | (71.5 | )
Loss on extinguishment of debt | (76.8 | ) |  | — |  |  | — |  |  | — |  |  | (76.8 | )
Other non-operating income (expense) | (2.0 | ) |  | (1.6 | ) |  | 8.6 |  |  | — |  |  | 5.0 |
| (150.8 | ) |  | (1.6 | ) |  | 9.1 |  |  | — |  |  | (143.3 | )
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (190.9 | ) |  | 172.8 |  |  | 23.4 |  |  | — |  |  | 5.3 |
INCOME TAX BENEFIT (EXPENSE) | 0.2 |  |  | — |  |  | (0.2 | ) |  | — |  |  | — |
EQUITY IN INCOME OF SUBSIDIARIES | 243.0 |  |  | 6.6 |  |  | — |  |  | (249.6 | ) |  | — |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 52.3 |  |  | 179.4 |  |  | 23.2 |  |  | (249.6 | ) |  | 5.3 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax | (48.6 | ) |  | 0.9 |  |  | 42.7 |  |  | — |  |  | (5.0 | )
NET INCOME (LOSS) | 3.7 |  |  | 180.3 |  |  | 65.9 |  |  | (249.6 | ) |  | 0.3 |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | — |  |  | 3.4 |  |  | — |  |  | — |  |  | 3.4 |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | 3.7 |  |  | $ | 183.7 |  |  | $ | 65.9 |  |  | $ | (249.6 | ) |  | $ | 3.7 |
OTHER COMPREHENSIVE INCOME (LOSS) | 2.0 |  |  | 16.5 |  |  | (19.3 | ) |  | 2.7 |  |  | 1.9 |
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | 5.7 |  |  | $ | 200.2 |  |  | $ | 46.6 |  |  | $ | (246.9 | ) |  | $ | 5.6 |
Schedule of Supplemental Statements of Condensed Consolidating Cash Flows |
Unaudited Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2018
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided (used) by operating activities | $ | (82.1 | ) |  | $ | 86.8 |  |  | $ | (54.0 | ) |  | $ | — |  |  | $ | (49.3 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (0.3 | ) |  | (24.9 | ) |  | (16.9 | ) |  | — |  |  | (42.1 | )
Deposits for property, plant and equipment | — |  |  | (3.6 | ) |  | (68.7 | ) |  | — |  |  | (72.3 | )
Intercompany investing | (35.2 | ) |  | (5.5 | ) |  | 14.6 |  |  | 26.1 |  |  | — |
Proceeds on sale of assets | — |  |  | 0.4 |  |  | 14.2 |  |  | — |  |  | 14.6 |
Net cash used by investing activities | (35.5 | ) |  | (33.6 | ) |  | (56.8 | ) |  | 26.1 |  |  | (99.8 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Debt issuance costs | (1.5 | ) |  | — |  |  | — |  |  | — |  |  | (1.5 | )
Repurchase of debt | (15.3 | ) |  | — |  |  | — |  |  | — |  |  | (15.3 | )
Intercompany financing | (14.6 | ) |  | (52.7 | ) |  | 93.4 |  |  | (26.1 | ) |  | — |
Other financing activities | (1.5 | ) |  | (1.0 | ) |  | (6.4 | ) |  | — |  |  | (8.9 | )
Net cash used by financing activities | (32.9 | ) |  | (53.7 | ) |  | 87.0 |  |  | (26.1 | ) |  | (25.7 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (1.0 | ) |  | — |  |  | (1.0 | )
DECREASE IN CASH AND CASH EQUIVALENTS, INCLUDING CASH CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS | (150.5 | ) |  | (0.5 | ) |  | (24.8 | ) |  | — |  |  | (175.8 | )
LESS: INCREASE IN CASH AND CASH EQUIVALENTS CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS | — |  |  | — |  |  | — |  |  | — |  |  | — |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (150.5 | ) |  | (0.5 | ) |  | (24.8 | ) |  | — |  |  | (175.8 | )
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 948.9 |  |  | 2.1 |  |  | 27.3 |  |  | — |  |  | 978.3 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 798.4 |  |  | $ | 1.6 |  |  | $ | 2.5 |  |  | $ | — |  |  | $ | 802.5 |
Unaudited Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2017
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided (used) by operating activities | $ | (128.8 | ) |  | $ | 106.3 |  |  | $ | 90.3 |  |  | $ | — |  |  | $ | 67.8 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (0.8 | ) |  | (42.7 | ) |  | (0.8 | ) |  | — |  |  | (44.3 | )
Deposits for property, plant and equipment | — |  |  | (5.1 | ) |  | — |  |  | — |  |  | (5.1 | )
Intercompany investing | 43.5 |  |  | (1.1 | ) |  | (45.0 | ) |  | 2.6 |  |  | — |
Proceeds on sales of assets | — |  |  | 1.1 |  |  | — |  |  | — |  |  | 1.1 |
Net cash provided (used) by investing activities | 42.7 |  |  | (47.8 | ) |  | (45.8 | ) |  | 2.6 |  |  | (48.3 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Net proceeds from issuance of common shares | 661.3 |  |  | — |  |  | — |  |  | — |  |  | 661.3 |
Proceeds from issuance of debt | 500.0 |  |  | — |  |  | — |  |  | — |  |  | 500.0 |
Debt issuance costs | (8.5 | ) |  | — |  |  | — |  |  | — |  |  | (8.5 | )
Repurchase of debt | (1,154.0 | ) |  | — |  |  | — |  |  | — |  |  | (1,154.0 | )
Distributions of partnership equity | — |  |  | (8.7 | ) |  | — |  |  | — |  |  | (8.7 | )
Intercompany financing | 45.0 |  |  | (44.3 | ) |  | 1.9 |  |  | (2.6 | ) |  | — |
Other financing activities | (0.6 | ) |  | (5.0 | ) |  | (8.3 | ) |  | — |  |  | (13.9 | )
Net cash used by financing activities | 43.2 |  |  | (58.0 | ) |  | (6.4 | ) |  | (2.6 | ) |  | (23.8 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | 2.4 |  |  | — |  |  | 2.4 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, INCLUDING CASH CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS | (42.9 | ) |  | 0.5 |  |  | 40.5 |  |  | — |  |  | (1.9 | )
LESS: INCREASE IN CASH AND CASH EQUIVALENTS CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS | — |  |  | — |  |  | 40.5 |  |  | — |  |  | 40.5 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (42.9 | ) |  | 0.5 |  |  | — |  |  | — |  |  | (42.4 | )
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 283.4 |  |  | 2.5 |  |  | 26.9 |  |  | — |  |  | 312.8 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 240.5 |  |  | $ | 3.0 |  |  | $ | 26.9 |  |  | $ | — |  |  | $ | 270.4 |

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