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SUPPLEMENTARY GUARANTOR INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2019 | Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract] |  |
Schedule of Supplemental Condensed Consolidating Financial Position |
Condensed Consolidating Statement of Financial Position
As of December 31, 2019
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 349.7 |  |  | $ | 0.1 |  |  | $ | 2.8 |  |  | $ | — |  |  | $ | 352.6 |
Accounts receivable, net | 4.9 |  |  | 93.0 |  |  | 0.3 |  |  | (4.2 | ) |  | 94.0 |
Inventories | — |  |  | 317.4 |  |  | — |  |  | — |  |  | 317.4 |
Derivative assets | — |  |  | 45.8 |  |  | — |  |  | — |  |  | 45.8 |
Income tax receivable, current | 58.6 |  |  | — |  |  | — |  |  | — |  |  | 58.6 |
Other current assets | 9.1 |  |  | 13.0 |  |  | 7.4 |  |  | — |  |  | 29.5 |
Total current assets | 422.3 |  |  | 469.3 |  |  | 10.5 |  |  | (4.2 | ) |  | 897.9 |
Non-current assets: |  |  |  |  |  |  |  |  |
Property, plant and equipment, net | 11.2 |  |  | 1,867.1 |  |  | 50.7 |  |  | — |  |  | 1,929.0 |
Income tax receivable, non-current | 58.6 |  |  | 4.1 |  |  | — |  |  | — |  |  | 62.7 |
Deferred income taxes | 458.3 |  |  | — |  |  | 1.2 |  |  | — |  |  | 459.5 |
Investment in subsidiaries | 1,821.1 |  |  | 47.2 |  |  | — |  |  | (1,868.3 | ) |  | — |
Long-term intercompany notes | — |  |  | — |  |  | 121.3 |  |  | (121.3 | ) |  | — |
Other non-current assets | 15.1 |  |  | 121.4 |  |  | 18.2 |  |  | — |  |  | 154.7 |
TOTAL ASSETS | $ | 2,786.6 |  |  | $ | 2,509.1 |  |  | $ | 201.9 |  |  | $ | (1,993.8 | ) |  | $ | 3,503.8 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 5.7 |  |  | $ | 187.5 |  |  | $ | 4.2 |  |  | $ | (4.2 | ) |  | $ | 193.2 |
Accrued liabilities | 80.7 |  |  | 45.5 |  |  | 0.1 |  |  | — |  |  | 126.3 |
State and local taxes payable | — |  |  | 37.9 |  |  | — |  |  | — |  |  | 37.9 |
Other current liabilities | 6.0 |  |  | 38.6 |  |  | 7.4 |  |  | — |  |  | 52.0 |
Total current liabilities | 92.4 |  |  | 309.5 |  |  | 11.7 |  |  | (4.2 | ) |  | 409.4 |
Non-current liabilities: |  |  |  |  |  |  |  |  |
Long-term debt | 2,113.8 |  |  | — |  |  | — |  |  | — |  |  | 2,113.8 |
Pension and OPEB liabilities | 80.5 |  |  | 496.9 |  |  | (265.9 | ) |  | — |  |  | 311.5 |
Environmental and mine closure obligations | — |  |  | 145.6 |  |  | 19.3 |  |  | — |  |  | 164.9 |
Long-term intercompany notes | 121.3 |  |  | — |  |  | — |  |  | (121.3 | ) |  | — |
Other non-current liabilities | 20.7 |  |  | 120.3 |  |  | 5.3 |  |  | — |  |  | 146.3 |
TOTAL LIABILITIES | 2,428.7 |  |  | 1,072.3 |  |  | (229.6 | ) |  | (125.5 | ) |  | 3,145.9 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
TOTAL EQUITY | 357.9 |  |  | 1,436.8 |  |  | 431.5 |  |  | (1,868.3 | ) |  | 357.9 |
TOTAL LIABILITIES AND EQUITY | $ | 2,786.6 |  |  | $ | 2,509.1 |  |  | $ | 201.9 |  |  | $ | (1,993.8 | ) |  | $ | 3,503.8 |
Condensed Consolidating Statement of Financial Position
As of December 31, 2018
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 819.8 |  |  | $ | 0.7 |  |  | $ | 2.7 |  |  | $ | — |  |  | $ | 823.2 |
Accounts receivable, net | 9.2 |  |  | 221.3 |  |  | 0.3 |  |  | (4.1 | ) |  | 226.7 |
Inventories | — |  |  | 181.1 |  |  | — |  |  | — |  |  | 181.1 |
Derivative assets | 0.1 |  |  | 91.4 |  |  | — |  |  | — |  |  | 91.5 |
Income tax receivable, current | 117.3 |  |  | — |  |  | — |  |  | — |  |  | 117.3 |
Other current assets | 10.0 |  |  | 16.9 |  |  | 12.9 |  |  | — |  |  | 39.8 |
Total current assets | 956.4 |  |  | 511.4 |  |  | 15.9 |  |  | (4.1 | ) |  | 1,479.6 |
Non-current assets: |  |  |  |  |  |  |  |  |
Property, plant and equipment, net | 13.3 |  |  | 1,221.9 |  |  | 50.8 |  |  | — |  |  | 1,286.0 |
Income tax receivable, non-current | 117.2 |  |  | 4.1 |  |  | — |  |  | — |  |  | 121.3 |
Deferred income taxes | 463.6 |  |  | — |  |  | 1.2 |  |  | — |  |  | 464.8 |
Investment in subsidiaries | 1,262.3 |  |  | 50.8 |  |  | — |  |  | (1,313.1 | ) |  | — |
Long-term intercompany notes | — |  |  | — |  |  | 121.3 |  |  | (121.3 | ) |  | — |
Other non-current assets | 8.0 |  |  | 153.8 |  |  | 16.1 |  |  | — |  |  | 177.9 |
TOTAL ASSETS | $ | 2,820.8 |  |  | $ | 1,942.0 |  |  | $ | 205.3 |  |  | $ | (1,438.5 | ) |  | $ | 3,529.6 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 5.3 |  |  | $ | 181.4 |  |  | $ | 4.2 |  |  | $ | (4.1 | ) |  | $ | 186.8 |
Accrued liabilities | 92.7 |  |  | 66.1 |  |  | 0.1 |  |  | — |  |  | 158.9 |
State and local taxes payable | — |  |  | 35.4 |  |  | 0.1 |  |  | — |  |  | 35.5 |
Other current liabilities | 4.8 |  |  | 74.1 |  |  | 8.1 |  |  | — |  |  | 87.0 |
Total current liabilities | 102.8 |  |  | 357.0 |  |  | 12.5 |  |  | (4.1 | ) |  | 468.2 |
Non-current liabilities: |  |  |  |  |  |  |  |  |
Long-term debt | 2,092.9 |  |  | — |  |  | — |  |  | — |  |  | 2,092.9 |
Pension and OPEB liabilities | 64.3 |  |  | 414.4 |  |  | (230.0 | ) |  | — |  |  | 248.7 |
Environmental and mine closure obligations | — |  |  | 152.1 |  |  | 19.9 |  |  | — |  |  | 172.0 |
Long-term intercompany notes | 121.3 |  |  | — |  |  | — |  |  | (121.3 | ) |  | — |
Other non-current liabilities | 15.3 |  |  | 99.5 |  |  | 8.8 |  |  | — |  |  | 123.6 |
TOTAL LIABILITIES | 2,396.6 |  |  | 1,023.0 |  |  | (188.8 | ) |  | (125.4 | ) |  | 3,105.4 |
Commitments and contingencies |  |  |  |  |  |  |  |  |
TOTAL EQUITY | 424.2 |  |  | 919.0 |  |  | 394.1 |  |  | (1,313.1 | ) |  | 424.2 |
TOTAL LIABILITIES AND EQUITY | $ | 2,820.8 |  |  | $ | 1,942.0 |  |  | $ | 205.3 |  |  | $ | (1,438.5 | ) |  | $ | 3,529.6 |
Schedule of Supplemental Statements of Condensed Consolidating Operations and Comprehensive Income (Loss) |
Condensed Consolidating Statement of Operations and Comprehensive Income
For the Year Ended December 31, 2019
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues from product sales and services | $ | — |  |  | $ | 1,989.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,989.9 |
Cost of goods sold and operating expenses | — |  |  | (1,414.2 | ) |  | — |  |  | — |  |  | (1,414.2 | )
Sales margin | — |  |  | 575.7 |  |  | — |  |  | — |  |  | 575.7 |
Other operating income (expense): |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (100.7 | ) |  | (18.3 | ) |  | (0.4 | ) |  | — |  |  | (119.4 | )
Miscellaneous - net | 0.1 |  |  | (26.0 | ) |  | (1.1 | ) |  | — |  |  | (27.0 | )
Total other operating expense | (100.6 | ) |  | (44.3 | ) |  | (1.5 | ) |  | — |  |  | (146.4 | )
Operating income (loss) | (100.6 | ) |  | 531.4 |  |  | (1.5 | ) |  | — |  |  | 429.3 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income (expense), net | (99.4 | ) |  | (2.3 | ) |  | 0.5 |  |  | — |  |  | (101.2 | )
Loss on extinguishment of debt | (18.2 | ) |  | — |  |  | — |  |  | — |  |  | (18.2 | )
Other non-operating income (expense) | (4.0 | ) |  | (12.9 | ) |  | 19.1 |  |  | — |  |  | 2.2 |
Total other income (expense) | (121.6 | ) |  | (15.2 | ) |  | 19.6 |  |  | — |  |  | (117.2 | )
Income (loss) from continuing operations before income taxes | (222.2 | ) |  | 516.2 |  |  | 18.1 |  |  | — |  |  | 312.1 |
Income tax expense | (17.0 | ) |  | (0.4 | ) |  | (0.2 | ) |  | — |  |  | (17.6 | )
Equity in income of subsidiaries | 531.6 |  |  | 18.3 |  |  | — |  |  | (549.9 | ) |  | — |
Income from continuing operations | 292.4 |  |  | 534.1 |  |  | 17.9 |  |  | (549.9 | ) |  | 294.5 |
Income (loss) from discontinued operations, net of tax | 0.4 |  |  | (0.3 | ) |  | (1.8 | ) |  | — |  |  | (1.7 | )
Net income attributable to Cliffs shareholders | $ | 292.8 |  |  | $ | 533.8 |  |  | $ | 16.1 |  |  | $ | (549.9 | ) |  | $ | 292.8 |
Other comprehensive income (loss) | (34.9 | ) |  | (35.8 | ) |  | 16.9 |  |  | 18.9 |  |  | (34.9 | )
Total comprehensive income attributable to Cliffs shareholders | $ | 257.9 |  |  | $ | 498.0 |  |  | $ | 33.0 |  |  | $ | (531.0 | ) |  | $ | 257.9 |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)
For the Year Ended December 31, 2018
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues from product sales and services | $ | — |  |  | $ | 2,332.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,332.4 |
Cost of goods sold and operating expenses | — |  |  | (1,522.8 | ) |  | — |  |  | — |  |  | (1,522.8 | )
Sales margin | — |  |  | 809.6 |  |  | — |  |  | — |  |  | 809.6 |
Other operating income (expense): |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (86.1 | ) |  | (27.1 | ) |  | (0.3 | ) |  | — |  |  | (113.5 | )
Miscellaneous - net | (0.3 | ) |  | (26.9 | ) |  | 4.3 |  |  | — |  |  | (22.9 | )
Total other operating income (expense) | (86.4 | ) |  | (54.0 | ) |  | 4.0 |  |  | — |  |  | (136.4 | )
Operating income (loss) | (86.4 | ) |  | 755.6 |  |  | 4.0 |  |  | — |  |  | 673.2 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income (expense), net | (117.6 | ) |  | (2.1 | ) |  | 0.8 |  |  | — |  |  | (118.9 | )
Loss on extinguishment of debt | (6.8 | ) |  | — |  |  | — |  |  | — |  |  | (6.8 | )
Other non-operating income (expense) | (3.5 | ) |  | 0.9 |  |  | 19.8 |  |  | — |  |  | 17.2 |
Total other income (expense) | (127.9 | ) |  | (1.2 | ) |  | 20.6 |  |  | — |  |  | (108.5 | )
Income (loss) from continuing operations before income taxes | (214.3 | ) |  | 754.4 |  |  | 24.6 |  |  | — |  |  | 564.7 |
Income tax benefit | 474.7 |  |  | — |  |  | 0.5 |  |  | — |  |  | 475.2 |
Equity in income of subsidiaries | 858.2 |  |  | 25.5 |  |  | — |  |  | (883.7 | ) |  | — |
Income from continuing operations | 1,118.6 |  |  | 779.9 |  |  | 25.1 |  |  | (883.7 | ) |  | 1,039.9 |
Income from discontinued operations, net of tax | 9.5 |  |  | 12.3 |  |  | 66.4 |  |  | — |  |  | 88.2 |
Net income attributable to Cliffs shareholders | $ | 1,128.1 |  |  | $ | 792.2 |  |  | $ | 91.5 |  |  | $ | (883.7 | ) |  | $ | 1,128.1 |
Other comprehensive loss | (244.9 | ) |  | (24.1 | ) |  | (256.7 | ) |  | 280.8 |  |  | (244.9 | )
Total comprehensive income (loss) attributable to Cliffs shareholders | $ | 883.2 |  |  | $ | 768.1 |  |  | $ | (165.2 | ) |  | $ | (602.9 | ) |  | $ | 883.2 |
Condensed Consolidating Statement of Operations and Comprehensive Income
For the Year Ended December 31, 2017
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues from product sales and services | $ | — |  |  | $ | 1,866.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,866.0 |
Cost of goods sold and operating expenses | — |  |  | (1,398.4 | ) |  | — |  |  | — |  |  | (1,398.4 | )
Sales margin | — |  |  | 467.6 |  |  | — |  |  | — |  |  | 467.6 |
Other operating income (expense): |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (77.2 | ) |  | (19.9 | ) |  | (5.8 | ) |  | — |  |  | (102.9 | )
Miscellaneous - net | (2.3 | ) |  | 11.0 |  |  | 16.8 |  |  | — |  |  | 25.5 |
Total other operating income (expense) | (79.5 | ) |  | (8.9 | ) |  | 11.0 |  |  | — |  |  | (77.4 | )
Operating income (loss) | (79.5 | ) |  | 458.7 |  |  | 11.0 |  |  | — |  |  | 390.2 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income (expense), net | (126.8 | ) |  | (1.0 | ) |  | 1.0 |  |  | — |  |  | (126.8 | )
Loss on extinguishment of debt | (165.4 | ) |  | — |  |  | — |  |  | — |  |  | (165.4 | )
Other non-operating income (expense) | (4.0 | ) |  | (3.0 | ) |  | 17.2 |  |  | — |  |  | 10.2 |
Total other income (expense) | (296.2 | ) |  | (4.0 | ) |  | 18.2 |  |  | — |  |  | (282.0 | )
Income (loss) from continuing operations before income taxes | (375.7 | ) |  | 454.7 |  |  | 29.2 |  |  | — |  |  | 108.2 |
Income tax benefit (expense) | 251.4 |  |  | 1.3 |  |  | (0.3 | ) |  | — |  |  | 252.4 |
Equity in income of subsidiaries | 512.6 |  |  | 11.8 |  |  | — |  |  | (524.4 | ) |  | — |
Income from continuing operations | 388.3 |  |  | 467.8 |  |  | 28.9 |  |  | (524.4 | ) |  | 360.6 |
Income (loss) from discontinued operations, net of tax | (21.3 | ) |  | 1.7 |  |  | 22.1 |  |  | — |  |  | 2.5 |
Net income | 367.0 |  |  | 469.5 |  |  | 51.0 |  |  | (524.4 | ) |  | 363.1 |
Loss attributable to noncontrolling interest | — |  |  | 3.9 |  |  | — |  |  | — |  |  | 3.9 |
Net income attributable to Cliffs shareholders | $ | 367.0 |  |  | $ | 473.4 |  |  | $ | 51.0 |  |  | $ | (524.4 | ) |  | $ | 367.0 |
Other comprehensive income (loss) | (4.0 | ) |  | 12.9 |  |  | (4.8 | ) |  | (8.1 | ) |  | (4.0 | )
Total comprehensive income attributable to Cliffs shareholders | $ | 363.0 |  |  | $ | 486.3 |  |  | $ | 46.2 |  |  | $ | (532.5 | ) |  | $ | 363.0 |
Schedule of Supplemental Statements of Condensed Consolidating Cash Flows |  |
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2019
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided (used) by operating activities | $ | (50.0 | ) |  | $ | 616.3 |  |  | $ | (3.8 | ) |  | $ | — |  |  | $ | 562.5 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (1.2 | ) |  | (637.8 | ) |  | — |  |  | — |  |  | (639.0 | )
Deposits for property, plant and equipment | — |  |  | (14.0 | ) |  | (3.0 | ) |  | — |  |  | (17.0 | )
Intercompany investing | (63.9 | ) |  | (3.7 | ) |  | (0.1 | ) |  | 67.7 |  |  | — |
Other investing activities | — |  |  | 10.8 |  |  | 0.8 |  |  | — |  |  | 11.6 |
Net cash used by investing activities | (65.1 | ) |  | (644.7 | ) |  | (2.3 | ) |  | 67.7 |  |  | (644.4 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Repurchase of common shares | (252.9 | ) |  | — |  |  | — |  |  | — |  |  | (252.9 | )
Dividends paid | (72.1 | ) |  | — |  |  | — |  |  | — |  |  | (72.1 | )
Proceeds from issuance of debt | 720.9 |  |  | — |  |  | — |  |  | — |  |  | 720.9 |
Debt issuance costs | (6.8 | ) |  | — |  |  | — |  |  | — |  |  | (6.8 | )
Repurchase of debt | (729.3 | ) |  | — |  |  | — |  |  | — |  |  | (729.3 | )
Distributions of partnership equity | — |  |  | (44.2 | ) |  | — |  |  | — |  |  | (44.2 | )
Intercompany financing | 0.1 |  |  | 63.4 |  |  | 4.2 |  |  | (67.7 | ) |  | — |
Other financing activities | (14.9 | ) |  | 8.6 |  |  | (3.4 | ) |  | — |  |  | (9.7 | )
Net cash provided (used) by financing activities | (355.0 | ) |  | 27.8 |  |  | 0.8 |  |  | (67.7 | ) |  | (394.1 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | — |  |  | — |  |  | — |
Decrease in cash and cash equivalents, including cash classified within other current assets related to discontinued operations | (470.1 | ) |  | (0.6 | ) |  | (5.3 | ) |  | — |  |  | (476.0 | )
Less: decrease in cash and cash equivalents from discontinued operations, classified within other current assets | — |  |  | — |  |  | (5.4 | ) |  | — |  |  | (5.4 | )
Net increase (decrease) in cash and cash equivalents | (470.1 | ) |  | (0.6 | ) |  | 0.1 |  |  | — |  |  | (470.6 | )
Cash and cash equivalents at beginning of year | 819.8 |  |  | 0.7 |  |  | 2.7 |  |  | — |  |  | 823.2 |
Cash and cash equivalents at end of year | $ | 349.7 |  |  | $ | 0.1 |  |  | $ | 2.8 |  |  | $ | — |  |  | $ | 352.6 |
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2018
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided (used) by operating activities | $ | (120.7 | ) |  | $ | 741.0 |  |  | $ | (141.8 | ) |  | $ | — |  |  | $ | 478.5 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (1.2 | ) |  | (207.3 | ) |  | (0.1 | ) |  | — |  |  | (208.6 | )
Deposits for property, plant and equipment | — |  |  | (82.3 | ) |  | (5.2 | ) |  | — |  |  | (87.5 | )
Intercompany investing | 399.1 |  |  | (7.1 | ) |  | 120.7 |  |  | (512.7 | ) |  | — |
Other investing activities | — |  |  | 3.1 |  |  | 19.9 |  |  | — |  |  | 23.0 |
Net cash provided (used) by investing activities | 397.9 |  |  | (293.6 | ) |  | 135.3 |  |  | (512.7 | ) |  | (273.1 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Repurchase of common shares | (47.5 | ) |  | — |  |  | — |  |  | — |  |  | (47.5 | )
Debt issuance costs | (1.5 | ) |  | — |  |  | — |  |  | — |  |  | (1.5 | )
Repurchase of debt | (234.5 | ) |  | — |  |  | — |  |  | — |  |  | (234.5 | )
Distributions of partnership equity | — |  |  | (44.2 | ) |  | — |  |  | — |  |  | (44.2 | )
Intercompany financing | (120.7 | ) |  | (402.4 | ) |  | 10.4 |  |  | 512.7 |  |  | — |
Other financing activities | (2.1 | ) |  | (2.2 | ) |  | (43.2 | ) |  | — |  |  | (47.5 | )
Net cash used by financing activities | (406.3 | ) |  | (448.8 | ) |  | (32.8 | ) |  | 512.7 |  |  | (375.2 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | (2.3 | ) |  | — |  |  | (2.3 | )
Decrease in cash and cash equivalents, including cash classified within other current assets related to discontinued operations | (129.1 | ) |  | (1.4 | ) |  | (41.6 | ) |  | — |  |  | (172.1 | )
Less: decrease in cash and cash equivalents from discontinued operations, classified within other current assets | — |  |  | — |  |  | (17.0 | ) |  | — |  |  | (17.0 | )
Net decrease in cash and cash equivalents | (129.1 | ) |  | (1.4 | ) |  | (24.6 | ) |  | — |  |  | (155.1 | )
Cash and cash equivalents at beginning of year | 948.9 |  |  | 2.1 |  |  | 27.3 |  |  | — |  |  | 978.3 |
Cash and cash equivalents at end of year | $ | 819.8 |  |  | $ | 0.7 |  |  | $ | 2.7 |  |  | $ | — |  |  | $ | 823.2 |
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2017
(In Millions)
| Cleveland-Cliffs Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net cash provided (used) by operating activities | $ | (166.8 | ) |  | $ | 430.0 |  |  | $ | 74.9 |  |  | $ | — |  |  | $ | 338.1 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchase of property, plant and equipment | (3.4 | ) |  | (79.8 | ) |  | (51.7 | ) |  | — |  |  | (134.9 | )
Deposits for property, plant and equipment | — |  |  | (11.7 | ) |  | (5.1 | ) |  | — |  |  | (16.8 | )
Intercompany investments | 225.7 |  |  | (7.3 | ) |  | (45.1 | ) |  | (173.3 | ) |  | — |
Other investing activities | (7.7 | ) |  | 3.4 |  |  | — |  |  | — |  |  | (4.3 | )
Net cash provided (used) by investing activities | 214.6 |  |  | (95.4 | ) |  | (101.9 | ) |  | (173.3 | ) |  | (156.0 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Net proceeds from issuance of common shares | 661.3 |  |  | — |  |  | — |  |  | — |  |  | 661.3 |
Proceeds from issuance of debt | 1,771.5 |  |  | — |  |  | — |  |  | — |  |  | 1,771.5 |
Debt issuance costs | (28.6 | ) |  | — |  |  | — |  |  | — |  |  | (28.6 | )
Repurchase of debt | (1,720.7 | ) |  | — |  |  | — |  |  | — |  |  | (1,720.7 | )
Acquisition of noncontrolling interest | (105.0 | ) |  | — |  |  | — |  |  | — |  |  | (105.0 | )
Distributions of partnership equity | — |  |  | (52.9 | ) |  | — |  |  | — |  |  | (52.9 | )
Intercompany financing | 45.0 |  |  | (277.6 | ) |  | 59.3 |  |  | 173.3 |  |  | — |
Other financing activities | (5.8 | ) |  | (4.5 | ) |  | (16.4 | ) |  | — |  |  | (26.7 | )
Net cash provided (used) by financing activities | 617.7 |  |  | (335.0 | ) |  | 42.9 |  |  | 173.3 |  |  | 498.9 |
Effect of exchange rate on cash | — |  |  | — |  |  | 3.3 |  |  | — |  |  | 3.3 |
Increase (decrease) in cash and cash equivalents, including cash classified within other current assets related to discontinued operations | 665.5 |  |  | (0.4 | ) |  | 19.2 |  |  | — |  |  | 684.3 |
Less: increase in cash and cash equivalents from discontinued operations, classified within other current assets | — |  |  | — |  |  | 18.8 |  |  | — |  |  | 18.8 |
Net increase (decrease) in cash and cash equivalents | 665.5 |  |  | (0.4 | ) |  | 0.4 |  |  | — |  |  | 665.5 |
Cash and cash equivalents at beginning of year | 283.4 |  |  | 2.5 |  |  | 26.9 |  |  | — |  |  | 312.8 |
Cash and cash equivalents at end of year | $ | 948.9 |  |  | $ | 2.1 |  |  | $ | 27.3 |  |  | $ | — |  |  | $ | 978.3 |

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