XML 57 R31.htm IDEA: XBRL DOCUMENT
v3.20.1

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020
Disclosure Text Block [Abstract] |  |
Revenues from Product Sales and Services [Table Text Block] | The following table represents our consolidated Revenues (excluding intercompany revenues) by market:
| (In Millions)
| Three Months Ended March 31,
| 2020 |  | 2019
Steel and Manufacturing: |  |  |
Automotive | $ | 120.2 |  |  | $ | — |
Infrastructure and manufacturing | 44.0 |  |  | — |
Distributors and converters | 53.3 |  |  | — |
Total Steel and Manufacturing | 217.5 |  |  | — |
Mining and Pelletizing: |  |  |
Steel producers 1 | 141.6 |  |  | 157.0 |
Total revenues | $ | 359.1 |  |  | $ | 157.0 |
1 Includes Realization of deferred revenue of $34.6 million for the three months ended March 31, 2020. The following table represents our consolidated Revenues (excluding intercompany revenues) by product line:
| (In Millions)
| Three Months Ended March 31,
| 2020 |  | 2019
Steel and Manufacturing: |  |  |
Carbon steel | $ | 138.6 |  |  | $ | — |
Stainless and electrical steel | 59.4 |  |  | — |
Tubular products, components and other | 19.5 |  |  | — |
Total Steel and Manufacturing | 217.5 |  |  | — |
Mining and Pelletizing: |  |  |
Iron ore 1 | 131.3 |  |  | 145.4 |
Freight | 10.3 |  |  | 11.6 |
Total Mining and Pelletizing | 141.6 |  |  | 157.0 |
Total revenues | $ | 359.1 |  |  | $ | 157.0 |
1 Includes Realization of deferred revenue of $34.6 million for the three months ended March 31, 2020. | [1]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following is a roll forward of our allowance for credit losses associated with Accounts receivable, net:
| (In Millions)
| March 31, 2020 |  | March 31, 2019
Allowance for credit losses at beginning of period | $ | — |  |  | $ | — |
Increase in allowance | 1.2 |  |  | — |
Allowance for credit losses at end of period | $ | 1.2 |  |  | $ | — |
Schedule of Inventory, Current [Table Text Block] | The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position:
| (In Millions)
| March 31, 2020 |  | December 31, 2019
Product inventories |  |  |
Finished and semi-finished goods | $ | 1,358.9 |  |  | $ | 114.1 |
Work-in-process | 88.0 |  |  | 68.7 |
Raw materials | 343.0 |  |  | 9.4 |
Total product inventories | 1,789.9 |  |  | 192.2 |
Manufacturing supplies and critical spares | 358.9 |  |  | 125.2 |
Inventories | $ | 2,148.8 |  |  | $ | 317.4 |
Schedule of Accrued Liabilities [Table Text Block] | The following table presents the detail of our Accrued liabilities in the Statements of Unaudited Condensed Consolidated Financial Position:
| (In Millions)
| March 31, 2020 |  | December 31, 2019
Accrued employment costs | $ | 158.3 |  |  | $ | 61.7 |
Accrued interest | 47.1 |  |  | 29.0 |
Accrued dividends | 24.9 |  |  | 17.8 |
Other | 69.5 |  |  | 17.8 |
Accrued liabilities | $ | 299.8 |  |  | $ | 126.3 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | A reconciliation of capital additions to cash paid for capital expenditures is as follows:
| (In Millions)
| Three Months Ended March 31,
| 2020 |  | 2019
Capital additions | $ | 157.7 |  |  | $ | 129.3 |
Less: |  |  |
Non-cash accruals | (10.3 | ) |  | (11.5 | )
Right-of-use assets - finance leases | 29.9 |  |  | 15.1 |
Grants | — |  |  | (8.4 | )
Cash paid for capital expenditures including deposits | $ | 138.1 |  |  | $ | 134.1 |
Cash payments (receipts) for income taxes and interest are as follows:
| (In Millions)
| Three Months Ended March 31,
| 2020 |  | 2019
Taxes paid on income | $ | 0.1 |  |  | $ | 0.1 |
Income tax refunds | (60.4 | ) |  | — |
Interest paid on debt obligations net of capitalized interest 1 | 29.7 |  |  | 39.2 |
1 Capitalized interest was $9.7 million and $4.0 million for the three months ended March 31, 2020 and 2019, respectively. Non-Cash Investing and Financing Activities
| (In Millions)
| Three Months Ended March 31,
| 2020 |  | 2019
Fair value of common shares issued for consideration for business combination | $ | 617.6 |  |  | $ | — |
Fair value of equity awards assumed from AK Steel acquisition | 4.3 |  |  | — |
Dividends declared | 24.0 |  |  | 14.5 |
[1] | 1 Includes Realization of deferred revenue of $34.6 million for the three months ended March 31, 2020.

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=118956577&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accrued liabilities. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of supplemental cash flow information for the periods presented. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(c)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
Name: | us-gaap_ScheduleOfInventoryCurrentTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration