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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2019
Fair Value Disclosures [Abstract] |
Fair Value, by Balance Sheet Grouping | The following represents the assets and liabilities measured at fair value:
| (In Millions)
| September 30, 2019
| 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 | $ | — |  |  | $ | 272.5 |  |  | $ | — |  |  | $ | 272.5 |
Derivative assets | — |  |  | — |  |  | 72.8 |  |  | 72.8 |
Total | $ | — |  |  | $ | 272.5 |  |  | $ | 72.8 |  |  | $ | 345.3 |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | — |  |  | $ | 2.4 |  |  | $ | 30.2 |  |  | $ | 32.6 |
Total | $ | — |  |  | $ | 2.4 |  |  | $ | 30.2 |  |  | $ | 32.6 |
| (In Millions)
| December 31, 2018
| 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 | $ | 0.8 |  |  | $ | 542.6 |  |  | $ | — |  |  | $ | 543.4 |
Derivative assets | — |  |  | 0.1 |  |  | 91.4 |  |  | 91.5 |
Total | $ | 0.8 |  |  | $ | 542.7 |  |  | $ | 91.4 |  |  | $ | 634.9 |
Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | — |  |  | $ | 3.7 |  |  | $ | — |  |  | $ | 3.7 |
Total | $ | — |  |  | $ | 3.7 |  |  | $ | — |  |  | $ | 3.7 |
Fair Value, Recurring and Nonrecurring, Valuation Techniques | The following table illustrates information about qualitative and 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, 2019 |  | Balance Sheet Location |  | Valuation Technique |  | Unobservable Input |  | Range or Point Estimate (Weighted Average)
| Customer supply agreement |  | $ | 71.2 |  |  | Derivative assets |  | Market Approach |  | Management's Estimate of Hot-Rolled Coil Steel Price per net ton |  | $631 - $700 $(633)
| Provisional pricing arrangements |  | $ | 1.6 |  |  | Derivative assets |  | Market Approach |  | Management's Estimate of Platts 62% Price per dry metric ton for respective contract period |  | $100
| Provisional pricing arrangements |  | $ | 30.2 |  |  | Derivative liabilities |  | Market Approach |  | PPI Estimates |  | 172 - 214 (198)
|  |  | Management's Estimate of Platts 62% Price per dry metric ton for respective contract period |  | $87 - $100 $(96)
|  | Atlantic Basin Pellet Premium per metric ton |  | $59
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation | The following tables reconcile the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
| (In Millions)
| Level 3 Assets
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Beginning balance | $ | 118.1 |  |  | $ | 174.6 |  |  | $ | 91.4 |  |  | $ | 49.5 |
Total gains (losses) included in earnings | (6.5 | ) |  | 139.0 |  |  | 83.1 |  |  | 341.8 |
Settlements | (38.8 | ) |  | (123.0 | ) |  | (101.7 | ) |  | (200.7 | )
Ending balance - September 30 | $ | 72.8 |  |  | $ | 190.6 |  |  | $ | 72.8 |  |  | $ | 190.6 |
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date | $ | (6.5 | ) |  | $ | 15.9 |  |  | $ | 81.8 |  |  | $ | 141.0 |
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,
| 2019 |  | 2018 |  | 2019 |  | 2018
Beginning balance | $ | — |  |  | $ | (3.0 | ) |  | $ | — |  |  | $ | (1.7 | )
Total losses included in earnings | (34.4 | ) |  | (3.1 | ) |  | (39.7 | ) |  | (7.4 | )
Settlements | 4.2 |  |  | 0.4 |  |  | 9.5 |  |  | 3.4 |
Ending balance - September 30 | $ | (30.2 | ) |  | $ | (5.7 | ) |  | $ | (30.2 | ) |  | $ | (5.7 | )
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date | $ | (30.2 | ) |  | $ | (2.7 | ) |  | $ | (30.2 | ) |  | $ | (5.7 | )
Schedule Of Carrying Value And Fair Value Of Financial Instruments | A summary of the carrying value and fair value of other financial instruments were as follows:
|  |  | (In Millions)
|  |  | September 30, 2019 |  | December 31, 2018
| Classification |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Long-term debt: |  |  |  |  |  |  |  |  |
Secured Notes |  |  |  |  |  |  |  |  |
$400 Million 4.875% 2024 Senior Notes | Level 1 |  | $ | 393.2 |  |  | $ | 408.9 |  |  | $ | 392.1 |  |  | $ | 370.2 |
Unsecured Notes |  |  |  |  |  |  |  |  |
$700 Million 4.875% 2021 Senior Notes | Level 1 |  | — |  |  | — |  |  | 123.8 |  |  | 122.3 |
$316.25 Million 1.50% 2025 Convertible Senior Notes | Level 1 |  | 243.8 |  |  | 345.8 |  |  | 235.2 |  |  | 352.4 |
$1.075 Billion 5.75% 2025 Senior Notes | Level 1 |  | 463.7 |  |  | 466.2 |  |  | 1,048.8 |  |  | 962.0 |
$750 Million 5.875% 2027 Senior Notes | Level 1 |  | 715.5 |  |  | 712.2 |  |  | — |  |  | — |
$800 Million 6.25% 2040 Senior Notes | Level 1 |  | 292.9 |  |  | 254.4 |  |  | 292.8 |  |  | 232.8 |
ABL Facility | Level 2 |  | — |  |  | — |  |  | — |  |  | — |
Fair value adjustment to interest rate hedge | Level 2 |  | — |  |  | — |  |  | 0.2 |  |  | 0.2 |
Total long-term debt |  |  | $ | 2,109.1 |  |  | $ | 2,187.5 |  |  | $ | 2,092.9 |  |  | $ | 2,039.9 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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