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SUPPLEMENTARY GUARANTOR INFORMATION (Tables) | 9 Months Ended
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Sep. 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 September 30, 2018
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 892.5 |  |  | $ | 1.9 |  |  | $ | 2.7 |  |  | $ | — |  |  | $ | 897.1 |
Accounts receivable, net | 7.8 |  |  | 137.4 |  |  | 0.1 |  |  | (3.9 | ) |  | 141.4 |
Inventories | — |  |  | 187.9 |  |  | — |  |  | — |  |  | 187.9 |
Supplies and other inventories | — |  |  | 88.2 |  |  | — |  |  | — |  |  | 88.2 |
Income tax receivable | 110.1 |  |  | — |  |  | 0.2 |  |  | — |  |  | 110.3 |
Derivative assets | 0.2 |  |  | 190.6 |  |  | — |  |  | — |  |  | 190.8 |
Current assets of discontinued operations | — |  |  | — |  |  | 16.1 |  |  | — |  |  | 16.1 |
Other current assets | 7.9 |  |  | 10.3 |  |  | 0.6 |  |  | — |  |  | 18.8 |
TOTAL CURRENT ASSETS | 1,018.5 |  |  | 616.3 |  |  | 19.7 |  |  | (3.9 | ) |  | 1,650.6 |
PROPERTY, PLANT AND EQUIPMENT, NET | 14.3 |  |  | 1,079.7 |  |  | 50.8 |  |  | — |  |  | 1,144.8 |
OTHER ASSETS |  |  |  |  |  |  |  |  |
Deposits for property, plant and equipment | — |  |  | 80.0 |  |  | 14.6 |  |  | — |  |  | 94.6 |
Income tax receivable | 109.9 |  |  | 3.7 |  |  | — |  |  | — |  |  | 113.6 |
Investment in subsidiaries | 1,325.5 |  |  | 38.3 |  |  | — |  |  | (1,363.8 | ) |  | — |
Long-term intercompany notes | — |  |  | — |  |  | 121.3 |  |  | (121.3 | ) |  | — |
Other non-current assets | 8.5 |  |  | 111.2 |  |  | 1.7 |  |  | — |  |  | 121.4 |
TOTAL OTHER ASSETS | 1,443.9 |  |  | 233.2 |  |  | 137.6 |  |  | (1,485.1 | ) |  | 329.6 |
TOTAL ASSETS | $ | 2,476.7 |  |  | $ | 1,929.2 |  |  | $ | 208.1 |  |  | $ | (1,489.0 | ) |  | $ | 3,125.0 |
LIABILITIES |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Accounts payable | $ | 4.1 |  |  | $ | 136.5 |  |  | $ | 4.1 |  |  | $ | (3.9 | ) |  | $ | 140.8 |
Accrued expenses | 16.7 |  |  | 78.2 |  |  | 0.2 |  |  | — |  |  | 95.1 |
Accrued interest | 26.2 |  |  | — |  |  | — |  |  | — |  |  | 26.2 |
Partnership distribution payable | — |  |  | 43.1 |  |  | — |  |  | — |  |  | 43.1 |
Current liabilities of discontinued operations | 4.0 |  |  | — |  |  | 10.2 |  |  | — |  |  | 14.2 |
Other current liabilities | 1.8 |  |  | 57.7 |  |  | 1.8 |  |  | — |  |  | 61.3 |
TOTAL CURRENT LIABILITIES | 52.8 |  |  | 315.5 |  |  | 16.3 |  |  | (3.9 | ) |  | 380.7 |
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES | 64.3 |  |  | 415.1 |  |  | (254.4 | ) |  | — |  |  | 225.0 |
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS | — |  |  | 147.6 |  |  | 26.8 |  |  | — |  |  | 174.4 |
LONG-TERM DEBT | 2,300.0 |  |  | — |  |  | — |  |  | — |  |  | 2,300.0 |
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS | — |  |  | — |  |  | 9.3 |  |  | — |  |  | 9.3 |
LONG-TERM INTERCOMPANY NOTES | 121.3 |  |  | — |  |  | — |  |  | (121.3 | ) |  | — |
OTHER LIABILITIES | 24.4 |  |  | 96.9 |  |  | 0.5 |  |  | — |  |  | 121.8 |
TOTAL LIABILITIES | 2,562.8 |  |  | 975.1 |  |  | (201.5 | ) |  | (125.2 | ) |  | 3,211.2 |
EQUITY |  |  |  |  |  |  |  |  |
TOTAL CLIFFS SHAREHOLDERS' EQUITY (DEFICIT) | (86.1 | ) |  | 954.1 |  |  | 409.6 |  |  | (1,363.8 | ) |  | (86.2 | )
TOTAL EQUITY (DEFICIT) | (86.1 | ) |  | 954.1 |  |  | 409.6 |  |  | (1,363.8 | ) |  | (86.2 | )
TOTAL LIABILITIES AND EQUITY (DEFICIT) | $ | 2,476.7 |  |  | $ | 1,929.2 |  |  | $ | 208.1 |  |  | $ | (1,489.0 | ) |  | $ | 3,125.0 |
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 |
Income tax receivable | 11.4 |  |  | 1.9 |  |  | — |  |  | — |  |  | 13.3 |
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 | 5.0 |  |  | 5.6 |  |  | 0.5 |  |  | — |  |  | 11.1 |
TOTAL CURRENT ASSETS | 1,014.5 |  |  | 384.5 |  |  | 146.3 |  |  | (0.7 | ) |  | 1,544.6 |
PROPERTY, PLANT AND EQUIPMENT, NET | 17.5 |  |  | 965.5 |  |  | 50.8 |  |  | — |  |  | 1,033.8 |
OTHER ASSETS |  |  |  |  |  |  |  |  |
Deposits for property, plant and equipment | — |  |  | 8.2 |  |  | 9.6 |  |  | — |  |  | 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 |  |  | 91.8 |  |  | 2.0 |  |  | — |  |  | 101.6 |
TOTAL OTHER ASSETS | 1,267.4 |  |  | 129.9 |  |  | 273.9 |  |  | (1,296.2 | ) |  | 375.0 |
TOTAL ASSETS | $ | 2,299.4 |  |  | $ | 1,479.9 |  |  | $ | 471.0 |  |  | $ | (1,296.9 | ) |  | $ | 2,953.4 |
LIABILITIES |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |
Accounts payable | $ | 7.1 |  |  | $ | 92.3 |  |  | $ | 0.8 |  |  | $ | (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 |  |  | 259.9 |  |  | 77.8 |  |  | (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 |  |  | 978.3 |  |  | (81.6 | ) |  | (242.7 | ) |  | 3,397.5 |
EQUITY |  |  |  |  |  |  |  |  |
TOTAL CLIFFS SHAREHOLDERS' EQUITY (DEFICIT) | (444.1 | ) |  | 501.6 |  |  | 552.4 |  |  | (1,054.2 | ) |  | (444.3 | )
NONCONTROLLING INTEREST | — |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.2 |
TOTAL EQUITY (DEFICIT) | (444.1 | ) |  | 501.6 |  |  | 552.6 |  |  | (1,054.2 | ) |  | (444.1 | )
TOTAL LIABILITIES AND EQUITY (DEFICIT) | $ | 2,299.4 |  |  | $ | 1,479.9 |  |  | $ | 471.0 |  |  | $ | (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 September 30, 2018
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
REVENUES FROM PRODUCT SALES AND SERVICES |  |  |  |  |  |  |  |  |
Product | $ | — |  |  | $ | 684.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 684.7 |
Freight and venture partners' cost reimbursements | — |  |  | 57.1 |  |  | — |  |  | — |  |  | 57.1 |
| — |  |  | 741.8 |  |  | — |  |  | — |  |  | 741.8 |
COST OF GOODS SOLD AND OPERATING EXPENSES | — |  |  | (480.2 | ) |  | — |  |  | — |  |  | (480.2 | )
SALES MARGIN | — |  |  | 261.6 |  |  | — |  |  | — |  |  | 261.6 |
OTHER OPERATING EXPENSE |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (23.1 | ) |  | (6.7 | ) |  | (0.3 | ) |  | — |  |  | (30.1 | )
Miscellaneous – net | — |  |  | (5.5 | ) |  | (0.5 | ) |  | — |  |  | (6.0 | )
| (23.1 | ) |  | (12.2 | ) |  | (0.8 | ) |  | — |  |  | (36.1 | )
OPERATING INCOME (LOSS) | (23.1 | ) |  | 249.4 |  |  | (0.8 | ) |  | — |  |  | 225.5 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |  |
Interest expense, net | (29.2 | ) |  | (0.4 | ) |  | 0.1 |  |  | — |  |  | (29.5 | )
Other non-operating income (expense) | (0.9 | ) |  | 0.1 |  |  | 5.1 |  |  | — |  |  | 4.3 |
| (30.1 | ) |  | (0.3 | ) |  | 5.2 |  |  | — |  |  | (25.2 | )
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (53.2 | ) |  | 249.1 |  |  | 4.4 |  |  | — |  |  | 200.3 |
INCOME TAX EXPENSE | (0.3 | ) |  | — |  |  | (0.2 | ) |  | — |  |  | (0.5 | )
EQUITY IN INCOME OF SUBSIDIARIES | 471.0 |  |  | 4.7 |  |  | — |  |  | (475.7 | ) |  | — |
INCOME FROM CONTINUING OPERATIONS | 417.5 |  |  | 253.8 |  |  | 4.2 |  |  | (475.7 | ) |  | 199.8 |
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | 20.3 |  |  | 12.9 |  |  | 204.8 |  |  | — |  |  | 238.0 |
NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | 437.8 |  |  | $ | 266.7 |  |  | $ | 209.0 |  |  | $ | (475.7 | ) |  | $ | 437.8 |
OTHER COMPREHENSIVE INCOME (LOSS) | (221.2 | ) |  | 6.1 |  |  | (230.5 | ) |  | 224.4 |  |  | (221.2 | )
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | 216.6 |  |  | $ | 272.8 |  |  | $ | (21.5 | ) |  | $ | (251.3 | ) |  | $ | 216.6 |
Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
For the Three Months Ended September 30, 2017
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
REVENUES FROM PRODUCT SALES AND SERVICES |  |  |  |  |  |  |  |  |
Product | $ | — |  |  | $ | 530.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 530.7 |
Freight and venture partners' cost reimbursements | — |  |  | 66.0 |  |  | — |  |  | — |  |  | 66.0 |
| — |  |  | 596.7 |  |  | — |  |  | — |  |  | 596.7 |
COST OF GOODS SOLD AND OPERATING EXPENSES | — |  |  | (438.9 | ) |  | — |  |  | — |  |  | (438.9 | )
SALES MARGIN | — |  |  | 157.8 |  |  | — |  |  | — |  |  | 157.8 |
OTHER OPERATING EXPENSE |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (18.7 | ) |  | (4.3 | ) |  | (0.8 | ) |  | — |  |  | (23.8 | )
Miscellaneous – net | (1.4 | ) |  | (4.1 | ) |  | 0.2 |  |  | — |  |  | (5.3 | )
| (20.1 | ) |  | (8.4 | ) |  | (0.6 | ) |  | — |  |  | (29.1 | )
OPERATING INCOME (LOSS) | (20.1 | ) |  | 149.4 |  |  | (0.6 | ) |  | — |  |  | 128.7 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |  |
Interest expense, net | (27.8 | ) |  | — |  |  | 0.2 |  |  | — |  |  | (27.6 | )
Loss on extinguishment of debt | (88.6 | ) |  | — |  |  | — |  |  | — |  |  | (88.6 | )
Other non-operating income (expense) | (1.0 | ) |  | (0.6 | ) |  | 4.2 |  |  | — |  |  | 2.6 |
| (117.4 | ) |  | (0.6 | ) |  | 4.4 |  |  | — |  |  | (113.6 | )
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (137.5 | ) |  | 148.8 |  |  | 3.8 |  |  | — |  |  | 15.1 |
INCOME TAX BENEFIT (EXPENSE) | 7.3 |  |  | — |  |  | (0.1 | ) |  | — |  |  | 7.2 |
EQUITY IN INCOME OF SUBSIDIARIES | 150.5 |  |  | 3.5 |  |  | — |  |  | (154.0 | ) |  | — |
INCOME FROM CONTINUING OPERATIONS | 20.3 |  |  | 152.3 |  |  | 3.7 |  |  | (154.0 | ) |  | 22.3 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX | 33.1 |  |  | 0.2 |  |  | (2.7 | ) |  | — |  |  | 30.6 |
NET INCOME | 53.4 |  |  | 152.5 |  |  | 1.0 |  |  | (154.0 | ) |  | 52.9 |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | — |  |  | 0.5 |  |  | — |  |  | — |  |  | 0.5 |
NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | 53.4 |  |  | $ | 153.0 |  |  | $ | 1.0 |  |  | $ | (154.0 | ) |  | $ | 53.4 |
OTHER COMPREHENSIVE INCOME (LOSS) | 2.3 |  |  | (84.3 | ) |  | 1.8 |  |  | 82.5 |  |  | 2.3 |
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | 55.7 |  |  | $ | 68.7 |  |  | $ | 2.8 |  |  | $ | (71.5 | ) |  | $ | 55.7 |
Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income
For the Nine Months Ended September 30, 2018
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
REVENUES FROM PRODUCT SALES AND SERVICES |  |  |  |  |  |  |  |  |
Product | $ | — |  |  | $ | 1,525.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,525.9 |
Freight and venture partners' cost reimbursements | — |  |  | 110.2 |  |  | — |  |  | — |  |  | 110.2 |
| — |  |  | 1,636.1 |  |  | — |  |  | — |  |  | 1,636.1 |
COST OF GOODS SOLD AND OPERATING EXPENSES | — |  |  | (1,028.5 | ) |  | — |  |  | — |  |  | (1,028.5 | )
SALES MARGIN | — |  |  | 607.6 |  |  | — |  |  | — |  |  | 607.6 |
OTHER OPERATING EXPENSE |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (62.9 | ) |  | (17.8 | ) |  | (0.7 | ) |  | — |  |  | (81.4 | )
Miscellaneous – net | (0.4 | ) |  | (14.4 | ) |  | (1.4 | ) |  | — |  |  | (16.2 | )
| (63.3 | ) |  | (32.2 | ) |  | (2.1 | ) |  | — |  |  | (97.6 | )
OPERATING INCOME (LOSS) | (63.3 | ) |  | 575.4 |  |  | (2.1 | ) |  | — |  |  | 510.0 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |  |
Interest expense, net | (91.9 | ) |  | (1.8 | ) |  | 0.6 |  |  | — |  |  | (93.1 | )
Gain on extinguishment of debt | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |
Other non-operating income (expense) | (2.6 | ) |  | 0.8 |  |  | 14.9 |  |  | — |  |  | 13.1 |
| (94.3 | ) |  | (1.0 | ) |  | 15.5 |  |  | — |  |  | (79.8 | )
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (157.6 | ) |  | 574.4 |  |  | 13.4 |  |  | — |  |  | 430.2 |
INCOME TAX EXPENSE | (13.8 | ) |  | (0.2 | ) |  | (0.4 | ) |  | — |  |  | (14.4 | )
EQUITY IN INCOME OF SUBSIDIARIES | 665.7 |  |  | 13.8 |  |  | — |  |  | (679.5 | ) |  | — |
INCOME FROM CONTINUING OPERATIONS | 494.3 |  |  | 588.0 |  |  | 13.0 |  |  | (679.5 | ) |  | 415.8 |
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX | 24.3 |  |  | 12.8 |  |  | 65.7 |  |  | — |  |  | 102.8 |
NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | 518.6 |  |  | $ | 600.8 |  |  | $ | 78.7 |  |  | $ | (679.5 | ) |  | $ | 518.6 |
OTHER COMPREHENSIVE INCOME (LOSS) | (204.4 | ) |  | 18.0 |  |  | (227.5 | ) |  | 209.5 |  |  | (204.4 | )
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | 314.2 |  |  | $ | 618.8 |  |  | $ | (148.8 | ) |  | $ | (470.0 | ) |  | $ | 314.2 |
Unaudited Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
For the Nine Months Ended September 30, 2017
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
REVENUES FROM PRODUCT SALES AND SERVICES |  |  |  |  |  |  |  |  |
Product | $ | — |  |  | $ | 1,195.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,195.0 |
Freight and venture partners' cost reimbursements | — |  |  | 159.2 |  |  | — |  |  | — |  |  | 159.2 |
| — |  |  | 1,354.2 |  |  | — |  |  | — |  |  | 1,354.2 |
COST OF GOODS SOLD AND OPERATING EXPENSES | — |  |  | (1,002.7 | ) |  | — |  |  | — |  |  | (1,002.7 | )
SALES MARGIN | — |  |  | 351.5 |  |  | — |  |  | — |  |  | 351.5 |
OTHER OPERATING INCOME (EXPENSE) |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (57.9 | ) |  | (14.4 | ) |  | (3.2 | ) |  | — |  |  | (75.5 | )
Miscellaneous – net | (2.3 | ) |  | (13.3 | ) |  | 16.9 |  |  | — |  |  | 1.3 |
| (60.2 | ) |  | (27.7 | ) |  | 13.7 |  |  | — |  |  | (74.2 | )
OPERATING INCOME (LOSS) | (60.2 | ) |  | 323.8 |  |  | 13.7 |  |  | — |  |  | 277.3 |
OTHER INCOME (EXPENSE) |  |  |  |  |  |  |  |  |
Interest expense, net | (99.8 | ) |  | — |  |  | 0.7 |  |  | — |  |  | (99.1 | )
Loss on extinguishment of debt | (165.4 | ) |  | — |  |  | — |  |  | — |  |  | (165.4 | )
Other non-operating income (expense) | (3.0 | ) |  | (2.2 | ) |  | 12.8 |  |  | — |  |  | 7.6 |
| (268.2 | ) |  | (2.2 | ) |  | 13.5 |  |  | — |  |  | (256.9 | )
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (328.4 | ) |  | 321.6 |  |  | 27.2 |  |  | — |  |  | 20.4 |
INCOME TAX BENEFIT (EXPENSE) | 7.5 |  |  | — |  |  | (0.3 | ) |  | — |  |  | 7.2 |
EQUITY IN INCOME OF SUBSIDIARIES | 393.5 |  |  | 10.1 |  |  | — |  |  | (403.6 | ) |  | — |
INCOME FROM CONTINUING OPERATIONS | 72.6 |  |  | 331.7 |  |  | 26.9 |  |  | (403.6 | ) |  | 27.6 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax | (15.5 | ) |  | 1.1 |  |  | 40.0 |  |  | — |  |  | 25.6 |
NET INCOME | 57.1 |  |  | 332.8 |  |  | 66.9 |  |  | (403.6 | ) |  | 53.2 |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | — |  |  | 3.9 |  |  | — |  |  | — |  |  | 3.9 |
NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | 57.1 |  |  | $ | 336.7 |  |  | $ | 66.9 |  |  | $ | (403.6 | ) |  | $ | 57.1 |
OTHER COMPREHENSIVE INCOME (LOSS) | 4.2 |  |  | (67.8 | ) |  | (17.5 | ) |  | 85.3 |  |  | 4.2 |
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS | $ | 61.3 |  |  | $ | 268.9 |  |  | $ | 49.4 |  |  | $ | (318.3 | ) |  | $ | 61.3 |
Schedule of Supplemental Statements of Condensed Consolidating Cash Flows |
Unaudited Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2018
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided (used) by operating activities | $ | (100.6 | ) |  | $ | 425.6 |  |  | $ | (136.3 | ) |  | $ | — |  |  | $ | 188.7 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (1.1 | ) |  | (110.2 | ) |  | (0.1 | ) |  | — |  |  | (111.4 | )
Deposits for property, plant and equipment | — |  |  | (78.1 | ) |  | (5.2 | ) |  | — |  |  | (83.3 | )
Intercompany investing | 185.7 |  |  | (6.3 | ) |  | 120.7 |  |  | (300.1 | ) |  | — |
Proceeds on sale of assets | — |  |  | 0.6 |  |  | 17.9 |  |  | — |  |  | 18.5 |
Other investing activities | — |  |  | 2.5 |  |  | — |  |  | — |  |  | 2.5 |
Net cash provided (used) by investing activities | 184.6 |  |  | (191.5 | ) |  | 133.3 |  |  | (300.1 | ) |  | (173.7 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Debt issuance costs | (1.5 | ) |  | — |  |  | — |  |  | — |  |  | (1.5 | )
Repurchase of debt | (16.3 | ) |  | — |  |  | — |  |  | — |  |  | (16.3 | )
Distributions of partnership equity | — |  |  | (44.2 | ) |  | — |  |  | — |  |  | (44.2 | )
Intercompany financing | (120.7 | ) |  | (188.6 | ) |  | 9.2 |  |  | 300.1 |  |  | — |
Other financing activities | (1.9 | ) |  | (1.5 | ) |  | (42.3 | ) |  | — |  |  | (45.7 | )
Net cash used by financing activities | (140.4 | ) |  | (234.3 | ) |  | (33.1 | ) |  | 300.1 |  |  | (107.7 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | (2.3 | ) |  | — |  |  | (2.3 | )
DECREASE IN CASH AND CASH EQUIVALENTS, INCLUDING CASH CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS | (56.4 | ) |  | (0.2 | ) |  | (38.4 | ) |  | — |  |  | (95.0 | )
LESS: DECREASE IN CASH AND CASH EQUIVALENTS CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS | — |  |  | — |  |  | (13.8 | ) |  | — |  |  | (13.8 | )
NET DECREASE IN CASH AND CASH EQUIVALENTS | (56.4 | ) |  | (0.2 | ) |  | (24.6 | ) |  | — |  |  | (81.2 | )
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 948.9 |  |  | 2.1 |  |  | 27.3 |  |  | — |  |  | 978.3 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 892.5 |  |  | $ | 1.9 |  |  | $ | 2.7 |  |  | $ | — |  |  | $ | 897.1 |
Unaudited Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2017
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided (used) by operating activities | $ | (162.9 | ) |  | $ | 293.9 |  |  | $ | 75.7 |  |  | $ | — |  |  | $ | 206.7 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (1.8 | ) |  | (59.4 | ) |  | (1.5 | ) |  | — |  |  | (62.7 | )
Deposits for property, plant and equipment | — |  |  | (11.3 | ) |  | (4.9 | ) |  | — |  |  | (16.2 | )
Intercompany investing | 160.6 |  |  | (6.5 | ) |  | (45.0 | ) |  | (109.1 | ) |  | — |
Proceeds on sales of assets | — |  |  | 2.2 |  |  | — |  |  | — |  |  | 2.2 |
Other investing activities | (7.7 | ) |  | — |  |  | — |  |  | — |  |  | (7.7 | )
Net cash provided (used) by investing activities | 151.1 |  |  | (75.0 | ) |  | (51.4 | ) |  | (109.1 | ) |  | (84.4 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Net proceeds from issuance of common shares | 661.3 |  |  | — |  |  | — |  |  | — |  |  | 661.3 |
Proceeds from issuance of debt | 1,057.8 |  |  | — |  |  | — |  |  | — |  |  | 1,057.8 |
Debt issuance costs | (12.0 | ) |  | — |  |  | — |  |  | — |  |  | (12.0 | )
Repurchase of debt | (1,720.7 | ) |  | — |  |  | — |  |  | — |  |  | (1,720.7 | )
Acquisition of noncontrolling interest | (105.0 | ) |  | — |  |  | — |  |  | — |  |  | (105.0 | )
Distributions of partnership equity | — |  |  | (53.0 | ) |  | — |  |  | — |  |  | (53.0 | )
Intercompany financing | 45.0 |  |  | (162.2 | ) |  | 8.1 |  |  | 109.1 |  |  | — |
Other financing activities | (0.6 | ) |  | (3.8 | ) |  | (12.6 | ) |  | — |  |  | (17.0 | )
Net cash used by financing activities | (74.2 | ) |  | (219.0 | ) |  | (4.5 | ) |  | 109.1 |  |  | (188.6 | )
EFFECT OF EXCHANGE RATE CHANGES ON CASH | — |  |  | — |  |  | 3.7 |  |  | — |  |  | 3.7 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, INCLUDING CASH CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS | (86.0 | ) |  | (0.1 | ) |  | 23.5 |  |  | — |  |  | (62.6 | )
LESS: INCREASE IN CASH AND CASH EQUIVALENTS CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS | — |  |  | — |  |  | 23.1 |  |  | — |  |  | 23.1 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (86.0 | ) |  | (0.1 | ) |  | 0.4 |  |  | — |  |  | (85.7 | )
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 283.4 |  |  | 2.5 |  |  | 26.9 |  |  | — |  |  | 312.8 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 197.4 |  |  | $ | 2.4 |  |  | $ | 27.3 |  |  | $ | — |  |  | $ | 227.1 |

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