DISCONTINUED OPERATIONS (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
| Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] |
Ìý
|
Ìý
|
| Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
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 Consolidated Operations |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Loss from Discontinued Operations, net of tax |
YTD
December 31, 2015 |
$ |
(152.4 |
) |
Ìý |
$ |
(638.7 |
) |
$ |
(101.0 |
) |
$ |
(739.7 |
) |
Ìý |
$ |
(892.1 |
) |
Loss from Discontinued Operations, net of tax |
YTD
December 31, 2014 |
$ |
(1,134.5 |
) |
Ìý |
$ |
(6,952.9 |
) |
$ |
(280.6 |
) |
$ |
(7,233.5 |
) |
Ìý |
$ |
(8,368.0 |
) |
Loss from Discontinued Operations, net of tax (1)
|
YTD
December 31, 2013 |
$ |
(9.3 |
) |
Ìý |
$ |
(370.4 |
) |
$ |
(139.4 |
) |
$ |
(509.8 |
) |
Ìý |
$ |
(519.1 |
) |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Statements of Consolidated Financial Position |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Short-term assets of discontinued operations |
As of
December 31, 2015 |
$ |
14.9 |
|
Ìý |
$ |
— |
|
$ |
— |
|
$ |
— |
|
Ìý |
$ |
14.9 |
|
Long-term assets of discontinued operations |
As of
December 31, 2015 |
$ |
— |
|
Ìý |
$ |
— |
|
$ |
— |
|
$ |
— |
|
Ìý |
$ |
— |
|
Short-term liabilities of discontinued operations |
As of
December 31, 2015 |
$ |
6.9 |
|
Ìý |
$ |
— |
|
$ |
— |
|
$ |
— |
|
Ìý |
$ |
6.9 |
|
Long-term liabilities of discontinued operations |
As of
December 31, 2015 |
$ |
— |
|
Ìý |
$ |
— |
|
$ |
— |
|
$ |
— |
|
Ìý |
$ |
— |
|
Short-term assets of discontinued operations |
As of
December 31, 2014 |
$ |
140.1 |
|
Ìý |
$ |
183.5 |
|
$ |
3.3 |
|
$ |
186.8 |
|
Ìý |
$ |
326.9 |
|
Long-term assets of discontinued operations |
As of
December 31, 2014 |
$ |
113.3 |
|
Ìý |
$ |
256.0 |
|
$ |
13.7 |
|
$ |
269.7 |
|
Ìý |
$ |
383.0 |
|
Short-term liabilities of discontinued operations |
As of
December 31, 2014 |
$ |
80.1 |
|
Ìý |
$ |
316.3 |
|
$ |
3.0 |
|
$ |
319.3 |
|
Ìý |
$ |
399.4 |
|
Long-term liabilities of discontinued operations |
As of
December 31, 2014 |
$ |
117.3 |
|
Ìý |
$ |
304.6 |
|
$ |
5.6 |
|
$ |
310.2 |
|
Ìý |
$ |
427.5 |
|
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Non-Cash Operating and Investing Activities |
Depreciation, depletion and amortization: |
YTD
December 31, 2015 |
$ |
3.2 |
|
Ìý |
$ |
— |
|
$ |
— |
|
$ |
— |
|
Ìý |
$ |
3.2 |
|
Purchase of property, plant and equipment |
YTD
December 31, 2015 |
$ |
15.9 |
|
Ìý |
$ |
— |
|
$ |
— |
|
$ |
— |
|
Ìý |
$ |
15.9 |
|
Impairment of goodwill and other long-lived assets |
YTD
December 31, 2015 |
$ |
73.4 |
|
Ìý |
$ |
— |
|
$ |
— |
|
$ |
— |
|
Ìý |
$ |
73.4 |
|
Depreciation, depletion and amortization: |
YTD
December 31, 2014 |
$ |
106.9 |
|
Ìý |
$ |
135.6 |
|
$ |
0.5 |
|
$ |
136.1 |
|
Ìý |
$ |
243.0 |
|
Purchase of property, plant and equipment |
YTD
December 31, 2014 |
$ |
29.9 |
|
Ìý |
$ |
190.3 |
|
$ |
— |
|
$ |
190.3 |
|
Ìý |
$ |
220.2 |
|
Impairment of goodwill and other long-lived assets |
YTD
December 31, 2014 |
$ |
857.5 |
|
Ìý |
$ |
7,269.2 |
|
$ |
267.6 |
|
$ |
7,536.8 |
|
Ìý |
$ |
8,394.3 |
|
Depreciation, depletion and amortization: |
YTD
December 31, 2013 |
$ |
128.9 |
|
Ìý |
$ |
178.6 |
|
$ |
1.0 |
|
$ |
179.6 |
|
Ìý |
$ |
308.5 |
|
Purchase of property, plant and equipment |
YTD
December 31, 2013 |
$ |
64.1 |
|
Ìý |
$ |
718.3 |
|
$ |
1.0 |
|
$ |
719.3 |
|
Ìý |
$ |
783.4 |
|
Impairment of goodwill and other long-lived assets |
YTD
December 31, 2013 |
$ |
— |
|
Ìý |
$ |
154.6 |
|
$ |
81.8 |
|
$ |
236.4 |
|
Ìý |
$ |
236.4 |
|
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
|
(1)Ìý |
Loss from Discontinued Operations, net of tax during the year end December 31, 2013 also includes an additional income tax benefit of $2.0 million resulting from the actual tax gain from the Sale of Sonoma as included in the 2012 tax return, which was filed during the year ended December 31, 2013. During the fourth quarter of 2012, we sold our 45 percent economic interest in Sonoma. The Sonoma operations previously were included in Other within our reportable segments.
|
|
Ìý
|
| North American Coal [Member] |
Ìý
|
Ìý
|
| Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] |
Ìý
|
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 (1)
|
Ìý |
December 31,
2015 |
Ìý |
December 31,
2014 |
Accounts receivable, net |
Ìý |
$ |
— |
|
Ìý |
$ |
44.8 |
|
Inventories |
Ìý |
— |
|
Ìý |
50.3 |
|
Supplies and other inventories |
Ìý |
— |
|
Ìý |
28.2 |
|
Other current assets |
Ìý |
14.9 |
|
Ìý |
16.8 |
|
Property, plant and equipment, net |
Ìý |
— |
|
Ìý |
94.7 |
|
Other non-current assets |
Ìý |
— |
|
Ìý |
18.6 |
|
Total assets of discontinued operations |
Ìý |
$ |
14.9 |
|
Ìý |
$ |
253.4 |
|
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Accounts payable |
Ìý |
$ |
— |
|
Ìý |
$ |
22.4 |
|
Accrued liabilities |
Ìý |
— |
|
Ìý |
27.9 |
|
Other current liabilities |
Ìý |
6.9 |
|
Ìý |
29.8 |
|
Pension and postemployment benefit liabilities |
Ìý |
— |
|
Ìý |
47.1 |
|
Environmental and mine closure obligations |
Ìý |
— |
|
Ìý |
33.9 |
|
Other liabilities |
Ìý |
— |
|
Ìý |
36.3 |
|
Total liabilities of discontinued operations |
Ìý |
$ |
6.9 |
|
Ìý |
$ |
197.4 |
|
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
|
(1)Ìý |
At December 31, 2015, we also recorded $7.8 million of contingent liabilities associated with our exit from the coal business. These contingent liabilities are recorded on our parent company.
|
|
Ìý
|
| 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 represented a strategic shift in our business. For that 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. On December 22, 2015, we completed the sale of the Oak Grove and Pinnacle mines, which marked our exit from the coal business. Historic results also include our CLCC assets, which were sold during the fourth quarter of 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
Twelve Months Ended
December 31, |
Loss from Discontinued Operations |
Ìý |
2015 |
Ìý |
2014 |
Ìý |
2013 |
Revenues from product sales and services |
Ìý |
$ |
392.9 |
|
Ìý |
$ |
687.1 |
|
Ìý |
$ |
821.9 |
|
Cost of goods sold and operating expenses |
Ìý |
(449.2 |
) |
Ìý |
(822.9 |
) |
Ìý |
(836.4 |
) |
Sales margin |
Ìý |
(56.3 |
) |
Ìý |
(135.8 |
) |
Ìý |
(14.5 |
) |
Other operating (expense)/income |
Ìý |
(30.4 |
) |
Ìý |
(20.8 |
) |
Ìý |
13.8 |
|
Gain (loss) on sale of coal mines |
Ìý |
9.3 |
|
Ìý |
(419.6 |
) |
Ìý |
— |
|
Other expense |
Ìý |
(1.8 |
) |
Ìý |
(3.0 |
) |
Ìý |
(2.4 |
) |
Loss from discontinued operations before income taxes |
Ìý |
(79.2 |
) |
Ìý |
(579.2 |
) |
Ìý |
(3.1 |
) |
Impairment of long-lived assets |
Ìý |
(73.4 |
) |
Ìý |
(857.5 |
) |
Ìý |
— |
|
Income tax benefit (expense) |
Ìý |
0.2 |
|
Ìý |
302.2 |
|
Ìý |
(6.2 |
) |
Loss from discontinued operations, net of tax |
Ìý |
$ |
(152.4 |
) |
Ìý |
$ |
(1,134.5 |
) |
Ìý |
$ |
(9.3 |
) |
|
Ìý
|
| 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 for the North American Coal operations. There were no financial and non-financial assets and liabilities that were measured on a non-recurring fair value basis at DecemberÌý31, 2015 for the North American Coal operations. The table also indicates 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 |
|
|
Ìý
|
| Canadian Entities [Member] |
Ìý
|
Ìý
|
| Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] |
Ìý
|
Ìý
|
| Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Table Text Block] |
Ìý
|
Recorded Assets and Liabilities
|
|
|
|
|
|
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 |
|
|
| 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 were measured on a fair value basis at DecemberÌý31, 2015 for the Canadian Operations. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
December 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 |
$ |
72.9 |
|
Ìý |
$ |
72.9 |
|
Ìý |
$ |
507.8 |
|
Liabilities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Guarantees and contingent liabilities |
Ìý |
$ |
— |
|
Ìý |
$ |
— |
|
Ìý |
$ |
132.4 |
|
Ìý |
$ |
132.4 |
|
Ìý |
$ |
203.1 |
|
|
Ìý
|
| PreTax Exit Costs [Table Text Block] |
Canadian Entities loss from deconsolidation totaled $710.9 million for the twelve months ended December 31, 2015 and included the following:
|
|
|
|
|
|
|
Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
Ìý |
Twelve Months Ended
December 31,
|
Ìý |
Ìý |
Ìý |
2015 |
Investment impairment on deconsolidation (1)
|
Ìý |
Ìý |
$ |
(507.8 |
) |
Guarantees and contingent liabilities |
Ìý |
Ìý |
(203.1 |
) |
Total loss from deconsolidation |
Ìý |
Ìý |
$ |
(710.9 |
) |
Ìý |
Ìý |
Ìý |
Ìý |
(1) Includes the adjustment to fair value of our remaining interest in the Canadian Entities.
|
|
Ìý
|