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Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (Tables)

v2.4.1.9
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (Tables)
3 Months Ended
Mar. 31, 2015
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] Ìý
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]
The chart below provides an asset group breakout for each financial statement line impacted by discontinued operations.
Ìý
Ìý
Ìý
Ìý
Canadian Operations
Ìý
Ìý
Ìý
Ìý
Ìý
North American Coal
Ìý
Eastern Canadian Iron Ore
Other
Total Canadian Operations
Ìý
Total of Discontinued Operations
Statements of Unaudited Condensed Consolidated Operations
Loss from Discontinued Operations, net of tax
YTD
March 31, 2015
$
(75.7
)
Ìý
$
(852.7
)
$
(0.1
)
$
(852.8
)
Ìý
$
(928.5
)
Loss from Discontinued Operations, net of tax
YTD
March 31, 2014
$
(46.3
)
Ìý
$
(91.2
)
$
(2.9
)
$
(94.1
)
Ìý
$
(140.4
)
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Statements of Unaudited Condensed Consolidated Financial Position
Short-term assets of discontinued operations
As of
March 31, 2015
$
188.6

Ìý
$
8.6

$
—

$
8.6

Ìý
$
197.2

Long-term assets of discontinued operations
As of
March 31, 2015
$
—

Ìý
$
—

$
—

$
—

Ìý
$
—

Short-term liabilities of discontinued operations
As of
March 31, 2015
$
197.7

Ìý
$
67.3

$
—

$
67.3

Ìý
$
265.0

Long-term liabilities of discontinued operations
As of
March 31, 2015
$
—

Ìý
$
125.2

$
—

$
125.2

Ìý
$
125.2

Short-term assets of discontinued operations
As of
December 31, 2014
$
143.8

Ìý
$
183.5

$
3.3

$
186.8

Ìý
$
330.6

Long-term assets of discontinued operations
As of
December 31, 2014
$
130.4

Ìý
$
256.0

$
13.7

$
269.7

Ìý
$
400.1

Short-term liabilities of discontinued operations
As of
December 31, 2014
$
81.3

Ìý
$
316.3

$
3.0

$
319.3

Ìý
$
400.6

Long-term liabilities of discontinued operations
As of
December 31, 2014
$
125.9

Ìý
$
304.6

$
5.6

$
310.2

Ìý
$
436.1

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Non-Cash Operating and Investing Activities
Depreciation, depletion and amortization:
YTD
March 31, 2015
$
3.2

Ìý
$
—

$
—

$
—

Ìý
$
3.2

Purchase of property, plant and equipment
YTD
March 31, 2015
$
2.5

Ìý
$
—

$
—

$
—

Ìý
$
2.5

Impairment of long-lived assets
YTD
March 31, 2015
$
73.4

Ìý
$
—

$
—

$
—

Ìý
$
73.4

Depreciation, depletion and amortization:
YTD
March 31, 2014
$
29.9

Ìý
$
41.2

$
0.1

$
41.3

Ìý
$
71.2

Purchase of property, plant and equipment
YTD
March 31, 2014
$
10.0

Ìý
$
75.6

$
—

$
75.6

Ìý
$
85.6

Impairment of long-lived assets
YTD
March 31, 2014
$
—

Ìý
$
—

$
—

$
—

Ìý
$
—

North American Coal [Member] Ìý
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] Ìý
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Table Text Block]
Recorded Assets and Liabilities
Ìý
Ìý
(In Millions)
Assets and Liabilities of Discontinued Operations
Ìý
MarchÌý31,
2015
Ìý
DecemberÌý31,
2014
Accounts receivable, net
Ìý
$
42.7

Ìý
$
44.8

Inventories
Ìý
59.7

Ìý
50.3

Supplies and other inventories
Ìý
28.4

Ìý
28.2

Other current assets
Ìý
29.4

Ìý
20.5

Property, plant and equipment, net
Ìý
20.4

Ìý
94.7

Other non-current assets
Ìý
8.0

Ìý
35.7

Total assets of discontinued operations
Ìý
$
188.6

Ìý
$
274.2

Ìý
Ìý
Ìý
Ìý
Ìý
Accounts payable
Ìý
$
23.3

Ìý
$
22.4

Accrued liabilities
Ìý
16.7

Ìý
27.9

Other current liabilities
Ìý
34.7

Ìý
31.0

Pension and postemployment benefit liabilities1
Ìý
56.7

Ìý
55.8

Environmental and mine closure obligations
Ìý
34.4

Ìý
33.9

Other liabilities
Ìý
31.9

Ìý
36.2

Total liabilities of discontinued operations
Ìý
$
197.7

Ìý
$
207.2


1ÌýThis does not include a liability of approximately $330 million, which is the most recent estimate of Pinnacle and Oak Grove’s combined share of the underfunded liability under the UMWA 1974 Pension Plan.
Schedule of Disposal Groups, including Discontinued Operations, Income Statement [Table Text Block]
Loss on Discontinued Operations
Our planned sale of the Oak Grove and Pinnacle mine assets represents a strategic shift in our business. For this reason, our previously reported North American Coal operating segment results for all periods, prior to the March 31, 2015 held for sale determination, are classified as discontinued operations. This includes our CLCC assets, which were sold during the fourth quarter of 2014.
Ìý
Ìý
(In Millions)
Ìý
Ìý
Three Months Ended
March 31,
Loss from Discontinued Operations
Ìý
2015
Ìý
2014
REVENUES FROM PRODUCT SALES AND SERVICES
Ìý
$
116.6

Ìý
$
166.2

COST OF GOODS SOLD AND OPERATING EXPENSES
Ìý
(107.3
)
Ìý
(214.6
)
SALES MARGIN
Ìý
9.3

Ìý
(48.4
)
OTHER OPERATING EXPENSE
Ìý
(11.3
)
Ìý
(4.5
)
OTHER EXPENSE
Ìý
(0.4
)
Ìý
(0.6
)
LOSS FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES
Ìý
(2.4
)
Ìý
(53.5
)
IMPAIRMENT OF LONG-LIVED ASSETS
Ìý
(73.4
)
Ìý
—

INCOME TAX BENEFIT
Ìý
0.1

Ìý
7.2

LOSS FROM DISCONTINUED OPERATIONS, net of tax
Ìý
$
(75.7
)
Ìý
$
(46.3
)
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Table Text Block]
Items Measured at Fair Value on a Non-Recurring Basis
The following table presents information about the impairment charge on non-financial assets that was measured on a fair value basis at MarchÌý31, 2015. The tables also indicate the fair value hierarchy of the valuation techniques used to determine such fair value.
Ìý
Ìý
(In Millions)
Ìý
Ìý
March 31, 2015
Description
Ìý
Quoted Prices in Active
Markets for Identical Assets/
Liabilities
(Level 1)
Ìý
Significant Other Observable Inputs
(Level 2)
Ìý
Significant Unobservable Inputs
(Level 3)
Ìý
Total
Ìý
Total Losses
Assets:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Other long-lived assets - Property, plant and equipment and Mineral rights: North American Coal operating unit
Ìý
$
—

Ìý
$
—

Ìý
$
20.4

Ìý
$
20.4

Ìý
$
(73.4
)
Ìý
Ìý
$
—

Ìý
$
—

Ìý
$
20.4

Ìý
$
20.4

Ìý
$
(73.4
)
Canadian Entities [Member] Ìý
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] Ìý
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Table Text Block]
Recorded Assets and Liabilities
Ìý
Ìý
(In Millions)
Assets and Liabilities of Discontinued Operations
Ìý
March 31,
2015
Accounts receivable, net
Ìý
$
3.0

Income tax receivable
Ìý
1.8

Other non-current assets
Ìý
3.8

Total Assets
Ìý
$
8.6

Ìý
Ìý
Ìý
Accounts payable
Ìý
$
0.5

Accrued expenses
Ìý
51.1

Other liabilities
Ìý
140.9

Total Liabilities
Ìý
$
192.5

Ìý
Ìý
(In Millions)
Assets and Liabilities of Discontinued Operations
Ìý
DecemberÌý31,
2014
Cash and cash equivalents
Ìý
$
19.7

Accounts receivable, net
Ìý
37.9

Inventories
Ìý
16.3

Supplies and other inventories
Ìý
48.5

Income tax receivable
Ìý
20.1

Other current assets
Ìý
44.3

Property, plant and equipment, net
Ìý
249.8

Other non-current assets
Ìý
19.9

Total Assets
Ìý
$
456.5

Ìý
Ìý
Ìý
Accounts payable
Ìý
$
83.6

Accrued expenses
Ìý
200.0

Other current liabilities
Ìý
35.7

Pension and postemployment benefit liabilities
Ìý
79.8

Environmental and mine closure obligations
Ìý
56.5

Other liabilities
Ìý
173.9

Total Liabilities
Ìý
$
629.5

Schedule of Disposal Groups, including Discontinued Operations, Income Statement [Table Text Block]
Loss on Discontinued Operations
Our Canadian exit represents a strategic shift in our business. For this reason, our previously reported Eastern Canadian Iron Ore and Ferroalloys operating segment results for all periods prior to the January 27, 2015 deconsolidation as well as costs to exit are classified as discontinued operations.
Ìý
Ìý
(In Millions)
Ìý
Ìý
Three Months Ended
March 31,
Loss from Discontinued Operations
Ìý
2015
Ìý
2014
REVENUES FROM PRODUCT SALES AND SERVICES
Ìý
$
11.3

Ìý
$
158.3

COST OF GOODS SOLD AND OPERATING EXPENSES
Ìý
(11.1
)
Ìý
(208.0
)
ELIMINATIONS WITH CONTINUING OPERATIONS
Ìý
—

Ìý
(28.7
)
SALES MARGIN
Ìý
0.2

Ìý
(78.4
)
OTHER OPERATING EXPENSE
Ìý
(33.3
)
Ìý
(58.6
)
OTHER EXPENSE
Ìý
(1.0
)
Ìý
(1.4
)
LOSS FROM DISCONTINUED OPERATIONS BEFORE INCOME TAXES
Ìý
(34.1
)
Ìý
(138.4
)
PRETAX EXIT COSTS
Ìý
(818.7
)
Ìý
—

INCOME TAX BENEFIT
Ìý
—

Ìý
44.3

LOSS FROM DISCONTINUED OPERATIONS, net of tax
Ìý
$
(852.8
)
Ìý
$
(94.1
)
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Table Text Block]
Items Measured at Fair Value on a Non-Recurring Basis
The following table presents information about the financial assets and liabilities that was measured on a fair value basis at MarchÌý31, 2015. The tables also indicate the fair value hierarchy of the valuation techniques used to determine such fair value.
Ìý
Ìý
(In Millions)
Ìý
Ìý
March 31, 2015
Description
Ìý
Quoted Prices in Active
Markets for Identical Assets/
Liabilities
(Level 1)
Ìý
Significant Other Observable Inputs
(Level 2)
Ìý
Significant Unobservable Inputs
(Level 3)
Ìý
Total
Ìý
Total Losses
Assets:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Loans to and accounts receivables from the Canadian Entities
Ìý
$
—

Ìý
$
—

Ìý
$
112.1

Ìý
$
112.1

Ìý
$
(476.0
)
Liabilities:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Contingent liabilities and joint and several liabilities
Ìý
$
—

Ìý
$
—

Ìý
$
342.7

Ìý
$
342.7

Ìý
$
(342.7
)
PreTax Exit Costs [Table Text Block]
The first quarter Canadian Entities pretax exit costs totaled $818.7 million and included the following:
Ìý
Ìý
(In Millions)
Ìý
Ìý
Three Months Ended
March 31,
Pretax Exit Costs
Ìý
2015
Investment Impairment on Deconsolidation
Ìý
$
(476.0
)
Contingent Liabilities
Ìý
(342.7
)
Total Pretax Exit Costs
Ìý
$
(818.7
)