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DISCONTINUED OPERATIONS | 12 Months Ended
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Dec. 31, 2019
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | NOTE 13 - DISCONTINUED OPERATIONS The information below sets forth selected financial information related to operating results of our businesses classified as discontinued operations, which include our former Asia Pacific Iron Ore, North American Coal and Canadian operations. While the reclassification of revenues and expenses related to discontinued operations from prior periods have no impact upon previously reported Net income, the Statements of Consolidated Operations present the revenues and expenses that were reclassified from the specified line items to Income (loss) from discontinued operations, net of tax. The charts below provide an asset group breakout for each financial statement line impacted by discontinued operations.
|  | (In Millions)
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Income (loss) from discontinued operations, net of tax |  |  |  |  |  |
Asia Pacific Iron Ore |  | $ | (1.5 | ) |  | 118.3 |  |  | 21.2 |
Canadian Operations |  | 0.3 |  |  | (26.5 | ) |  | (21.3 | )
Other |  | (0.5 | ) |  | (3.6 | ) |  | 2.6 |
|  | $ | (1.7 | ) |  | $ | 88.2 |  |  | $ | 2.5 |
|  | (In Millions)
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Net cash provided (used) by operating activities |  |  |  |  |  |
Asia Pacific Iron Ore |  | $ | (2.1 | ) |  | $ | (81.3 | ) |  | $ | 79.6 |
Canadian Operations |  | — |  |  | (14.6 | ) |  | — |
|  | $ | (2.1 | ) |  | $ | (95.9 | ) |  | $ | 79.6 |
Net cash provided (used) by investing activities |  |  |  |  |  |
Asia Pacific Iron Ore |  | $ | 0.1 |  |  | $ | 19.8 |  |  | $ | (2.8 | )
Canadian Operations |  | 0.3 |  |  | — |  |  | (7.7 | )
Other |  | — |  |  | — |  |  | 2.1 |
|  | $ | 0.4 |  |  | $ | 19.8 |  |  | $ | (8.4 | )
Asia Pacific Iron Ore Operations Background During 2018, we committed to a course of action leading to the permanent closure of the Asia Pacific Iron Ore mining operations and sold all of the assets of our Asia Pacific Iron Ore business through a series of sales to third parties. As a result of our exit, management determined that our Asia Pacific Iron Ore operating segment met the criteria to be classified as held for sale and a discontinued operation under ASC Topic 205, Presentation of Financial Statements. As such, all current and historical Asia Pacific Iron Ore operating segment results are classified within discontinued operations. Income (Loss) from Discontinued Operations For the reasons described above, our previously related Asia Pacific Iron Ore operating segment results for all periods presented, as well as exit costs, are classified as discontinued operations.
|  | (In Millions)
|  | Year Ended December 31,
Income (Loss) from Discontinued Operations |  | 2019 |  | 2018 |  | 2017
Revenues from product sales and services |  | $ | — |  |  | $ | 129.1 |  |  | $ | 464.2 |
Cost of goods sold and operating expenses |  | — |  |  | (230.7 | ) |  | (427.9 | )
Sales margin |  | — |  |  | (101.6 | ) |  | 36.3 |
Other operating expense |  | (1.1 | ) |  | (3.3 | ) |  | (9.9 | )
Other expense |  | (0.4 | ) |  | (2.3 | ) |  | (5.2 | )
Gain on foreign currency translation |  | — |  |  | 228.1 |  |  | — |
Impairment of long-lived assets |  | — |  |  | (2.6 | ) |  | — |
Income (loss) from discontinued operations, net of tax |  | $ | (1.5 | ) |  | $ | 118.3 |  |  | $ | 21.2 |
Gain on Foreign Currency Translation As a result of the liquidation of the Australian subsidiaries' net assets, the historical changes in foreign currency translation recorded in Accumulated other comprehensive loss in the Statements of Consolidated Financial Position totaling $228.1 million was reclassified and recognized as a gain in Income (loss) from discontinued operations, net of tax in the Statements of Consolidated Operations for the year ended December 31, 2018. Canadian Operations Background During 2015, we announced that the Bloom Lake Group and the Wabush Group commenced restructuring proceedings in Montreal, Quebec under the CCAA to address the immediate liquidity issues and to preserve and protect their assets for the benefit of all stakeholders while restructuring and/or sale options were explored. The Bloom Lake Group and the Wabush Group filed a joint plan of compromise and arrangement that was approved by the required majorities of each unsecured creditor class and was sanctioned by the Court in June 2018. During July 2018, amendments were made to the plan to address the manner in which certain distributions under the plan would be effected and the plan was implemented. Under the terms of the amended plan, all employee claims, all claims by the Bloom Lake Group, the Wabush Group and their respective creditors against us as well as all of our claims against the Bloom Lake Group and the Wabush Group were resolved. Income (Loss) on Discontinued Operations Our Canadian exit represented a strategic shift in our business. For this reason, all current and historical Eastern Canadian Iron Ore and Ferroalloys operating segment results are classified as discontinued operations. Amounts Receivable from the Canadian Entities Prior to the deconsolidations, certain of our wholly-owned subsidiaries made loans to the Canadian Entities for the purpose of funding their operations and had accounts receivable generated in the ordinary course of business. The loans, corresponding interest and the accounts receivable were considered intercompany transactions and eliminated in our consolidated financial statements. Since the deconsolidations, the loans, associated interest and accounts receivable are considered related party transactions and have been recognized in our consolidated financial statements at their estimated fair value. Following the approval of the amended plan, we reversed our outstanding asset of $51.6 million, with a corresponding charge to Income (loss) from discontinued operations, net of tax in the Statements of Consolidated Operations for the year ended December 31, 2018. Income Tax Expense We have recognized tax expense of $15.9 million for the year ended December 31, 2018, included in Income (loss) from discontinued operations, net of tax related to a gain on our Canadian investments. This expense is primarily the result of the receipt during 2018 of CCAA estate distributions which were immediately contributed back into the CCAA estate as required by the amended plan. There was no tax expense or benefit recognized for the years ended December 31, 2019 and 2017. Guarantees and Contingent Liabilities During 2018, under the terms of the amended plan, we and certain of our wholly-owned subsidiaries made a cash contribution of C$19.0 million to the Wabush Group pension plans and agreed to contribute into the CCAA estate any remaining distributions or payments we may be entitled to receive as creditors of the Bloom Lake Group and the Wabush Group for distribution to other creditors. The C$19.0 million cash contribution was included in Income (loss) from discontinued operations, net of tax in the Statements of Consolidated Operations for the year ended December 31, 2018. During 2017, we became aware that it was probable the Monitor would assert a preference claim against the Company and/or certain of its affiliates and we estimated a liability, which included the value of our related-party claims against the Bloom Lake Group and the Wabush Group. Following the approval of the amended plan, we reversed our outstanding liability of $55.6 million, with a corresponding credit to Income (loss) from discontinued operations, net of tax in the Statements of Consolidated Operations for the year ended December 31, 2018. During 2017, the Wabush Scully Mine was sold as part of the ongoing CCAA proceedings for the Wabush Group. As part of this transaction, the environmental remediation obligations were transferred to the buyer and we were released from certain guarantees which resulted in a net gain of $31.4 million included in Income (loss) from discontinued operations, net of tax in the Statements of Consolidated Operations for the year ended December 31, 2017.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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