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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2020
Fair Value Disclosures [Abstract] |
Fair Value, by Balance Sheet Grouping | The following represents the assets and liabilities measured at fair value:
| (In Millions)
| March 31, 2020
| Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Assets: |  |  |  |  |  |  |
Other current assets: |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | 1.6 |
Customer supply agreement | — |  |  | — |  |  | 19.0 |  |  | 19.0 |
Provisional pricing arrangement | — |  |  | — |  |  | 0.6 |  |  | 0.6 |
Total | $ | — |  |  | $ | 1.6 |  |  | $ | 19.6 |  |  | $ | 21.2 |
Liabilities: |  |  |  |  |  |  |
Other current liabilities: |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | 26.5 |  |  | $ | — |  |  | $ | 26.5 |
Foreign exchange contracts | — |  |  | 1.6 |  |  | — |  |  | 1.6 |
Other non-current liabilities: |  |  |  |  |  |  |
Commodity contracts | — |  |  | 3.4 |  |  | — |  |  | 3.4 |
Foreign exchange contracts | — |  |  | 0.9 |  |  | — |  |  | 0.9 |
Total | $ | — |  |  | $ | 32.4 |  |  | $ | — |  |  | $ | 32.4 |
| (In Millions)
| December 31, 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 - Commercial paper | $ | — |  |  | $ | 187.6 |  |  | $ | — |  |  | $ | 187.6 |
Other current assets: |  |  |  |  |  |  |
Customer supply agreement | — |  |  | — |  |  | 44.5 |  |  | 44.5 |
Provisional pricing arrangement | — |  |  | — |  |  | 1.3 |  |  | 1.3 |
Total | $ | — |  |  | $ | 187.6 |  |  | $ | 45.8 |  |  | $ | 233.4 |
Liabilities: |  |  |  |  |  |  |
Other current liabilities: |  |  |  |  |  |  |
Commodity contracts | $ | — |  |  | $ | 3.2 |  |  | $ | — |  |  | $ | 3.2 |
Provisional pricing arrangement | — |  |  | — |  |  | 1.1 |  |  | 1.1 |
Total | $ | — |  |  | $ | 3.2 |  |  | $ | 1.1 |  |  | $ | 4.3 |
Fair Value, Recurring and Nonrecurring, Valuation Techniques | The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy:
| Qualitative/Quantitative Information About Level 3 Fair Value Measurements
|  |  | Fair Value at March 31, 2020 (In Millions) |  | Balance Sheet Location |  | Valuation Technique |  | Unobservable Input |  | Point Estimate
| Customer supply agreement |  | $ | 19.0 |  |  | Other current assets |  | Market Approach |  | Management's estimate of hot-rolled coil steel price per net ton |  | $559
| Provisional pricing arrangements |  | $ | 0.6 |  |  | Other current assets |  | Market Approach |  | PPI Estimates |  | 136.5
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation | The following tables represent a reconciliation of 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 March 31,
| 2020 |  | 2019
Beginning balance - January 1 | $ | 45.8 |  |  | $ | 91.4 |
Total gains (losses) included in earnings | (26.2 | ) |  | 15.3 |
Ending balance - March 31 | $ | 19.6 |  |  | $ | 106.7 |
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date | $ | (25.3 | ) |  | $ | 15.3 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
| (In Millions)
| Level 3 Liabilities
| Three Months Ended March 31,
| 2020 |  | 2019
Beginning balance - January 1 | $ | (1.1 | ) |  | $ | — |
Total losses included in earnings | (0.6 | ) |  | (9.8 | )
Settlements | 1.7 |  |  | — |
Ending balance - March 31 | $ | — |  |  | $ | (9.8 | )
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date | $ | — |  |  | $ | (9.8 | )
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)
|  |  | March 31, 2020 |  | December 31, 2019
| Classification |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Long-term debt: |  |  |  |  |  |  |  |  |
Senior Notes | Level 1 |  | $ | 3,455.3 |  |  | $ | 2,712.8 |  |  | $ | 2,113.8 |  |  | $ | 2,237.0 |
IRBs due 2020 to 2028 | Level 1 |  | 101.8 |  |  | 101.4 |  |  | — |  |  | — |
ABL Facility - outstanding balance | Level 2 |  | 800.0 |  |  | 800.0 |  |  | — |  |  | — |
Total long-term debt |  |  | $ | 4,357.1 |  |  | $ | 3,614.2 |  |  | $ | 2,113.8 |  |  | $ | 2,237.0 |

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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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