ÐÇ¿Õ´«Ã½

Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.7.0.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract] Ìý
Fair Value, by Balance Sheet Grouping [Table Text Block]
The following represents the assets and liabilities of the Company measured at fair value at MarchÌý31, 2017 and DecemberÌý31, 2016:ÌýÌýÌýÌý
Ìý
(In Millions)
Ìý
March 31, 2017
Description
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
Assets:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Cash equivalents
$
90.0

Ìý
$
45.0

Ìý
$
—

Ìý
$
135.0

Derivative assets
—

Ìý
—

Ìý
59.4

Ìý
59.4

Loans to and accounts receivable from the Canadian Entities
—

Ìý
—

Ìý
49.0

Ìý
49.0

Total
$
90.0

Ìý
$
45.0

Ìý
$
108.4

Ìý
$
243.4

Liabilities:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Derivative liabilities
$
—

Ìý
$
—

Ìý
$
9.1

Ìý
$
9.1

Contingent liabilities
—

Ìý
—

Ìý
37.5

Ìý
37.5

Total
$
—

Ìý
$
—

Ìý
$
46.6

Ìý
$
46.6

Ìý
(In Millions)
Ìý
December 31, 2016
Description
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
Assets:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Cash equivalents
$
177.0

Ìý
$
—

Ìý
$
—

Ìý
$
177.0

Derivative assets
—

Ìý
1.5

Ìý
31.6

Ìý
33.1

Loans to and accounts receivable from the Canadian Entities
—

Ìý
—

Ìý
48.6

Ìý
48.6

Total
$
177.0

Ìý
$
1.5

Ìý
$
80.2

Ìý
$
258.7

Liabilities:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Derivative liabilities
$
—

Ìý
$
—

Ìý
$
0.5

Ìý
$
0.5

Contingent liabilities
—

Ìý
—

Ìý
37.2

Ìý
37.2

Total
$
—

Ìý
$
—

Ìý
$
37.7

Ìý
$
37.7

Fair Value, Recurring and Nonrecurring, Valuation Techniques
The following table illustrates information about quantitative inputs and assumptions for the assets and liabilities categorized in Level 3 of the fair value hierarchy:
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
Ìý
Ìý
(In Millions)
Fair Value at March 31, 2017
Ìý
Balance Sheet Location
Ìý
Valuation Technique
Ìý
Unobservable Input
Ìý
Range or Point Estimate per dry metric ton
(Weighted Average)
Ìý
Provisional pricing arrangements
Ìý
$
23.5

Ìý
Other current assets
Ìý
Market Approach
Ìý
Management's
Estimate of Platts 62% Price
Ìý
$79
Ìý
Ìý
Ìý
Ìý
Hot-Rolled Coil Steel Estimate
Ìý
$651
Provisional pricing arrangements
Ìý
$
9.1

Ìý
Other current liabilities
Ìý
Market Approach
Ìý
Management's
Estimate of Platts 62% Price
Ìý
$79
Customer supply agreement
Ìý
$
35.9

Ìý
Other current assets
Ìý
Market Approach
Ìý
Hot-Rolled Coil Steel Estimate
Ìý
$520 - $630 ($575)
Loans to and accounts receivable from the Canadian Entities
Ìý
$
49.0

Ìý
Loans to and accounts receivable from the Canadian Entities
Ìý
*
Ìý
*
Ìý
N/A
Contingent liabilities
Ìý
$
37.5

Ìý
Other liabilities
Ìý
*
Ìý
*
Ìý
N/A
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
* To assess the fair value and recoverability of the amounts receivable from the Canadian Entities, we estimated the fair value of the underlying net assets of the Canadian Entities available for distribution to their creditors in relation to the estimated creditor claims and the priority of those claims. The recorded expenses include an accrual for the estimated probable loss related to claims that may be asserted against us. We are not able to estimate reasonably a range of possible losses in excess of the accrual because there are significant factual and legal issues to be resolved. Our estimates involve significant judgment. Our estimates are based on currently available information, an assessment of the validity of certain claims and estimated payments by the Canadian Entities.
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation
Ìý
(In Millions)
Ìý
Level 3 Assets
Ìý
Three Months Ended
March 31,
Ìý
2017
Ìý
2016
Beginning balance
$
80.2

Ìý
$
80.7

Total gains (losses)
Ìý
Ìý
Ìý
Included in earnings
42.5

Ìý
8.2

Settlements
(14.3
)
Ìý
(10.0
)
Transfers into Level 3
—

Ìý
—

Transfers out of Level 3
—

Ìý
—

Ending balance - March 31
$
108.4

Ìý
$
78.9

Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
33.2

Ìý
$
3.6

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Ìý
(In Millions)
Ìý
Level 3 Liabilities
Ìý
Three Months Ended
March 31,
Ìý
2017
Ìý
2016
Beginning balance
$
(37.7
)
Ìý
$
(135.8
)
Total gains (losses)
Ìý
Ìý
Ìý
Included in earnings
(8.9
)
Ìý
(7.9
)
Settlements
—

Ìý
75.7

Transfers into Level 3
—

Ìý
—

Transfers out of Level 3
—

Ìý
—

Ending balance - March 31
$
(46.6
)
Ìý
$
(68.0
)
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
(9.1
)
Ìý
$
(0.8
)
Schedule Of Carrying Value And Fair Value Of Financial Instruments
A summary of the carrying amount and fair value of other financial instruments at MarchÌý31, 2017 and DecemberÌý31, 2016 were as follows:
Ìý
Ìý
Ìý
(In Millions)
Ìý
Ìý
Ìý
MarchÌý31, 2017
Ìý
DecemberÌý31, 2016
Ìý
Classification
Ìý
Carrying
Value
Ìý
Fair Value
Ìý
Carrying
Value
Ìý
Fair Value
Long-term debt:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Secured Notes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
First Senior Lien Notes —$540 million
Level 1
Ìý
$
508.6

Ìý
$
583.9

Ìý
$
506.3

Ìý
$
595.0

1.5 Senior Lien Notes —$218.5 million
Level 2
Ìý
—

Ìý
—

Ìý
284.2

Ìý
229.5

Second Senior Lien Notes —$544.2 million
Level 1
Ìý
—

Ìý
—

Ìý
339.1

Ìý
439.7

Unsecured Notes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Senior Notes—$500 million
Level 1
Ìý
491.7

Ìý
486.3

Ìý
—

Ìý
—

Senior Notes—$400 million
Level 1
Ìý
88.5

Ìý
88.4

Ìý
224.5

Ìý
219.6

Senior Notes—$1.3 billion
Level 1
Ìý
414.5

Ìý
358.9

Ìý
528.4

Ìý
455.8

Senior Notes—$700 million
Level 1
Ìý
137.9

Ìý
134.3

Ìý
308.2

Ìý
283.1

ABL Facility
Level 2
Ìý
—

Ìý
—

Ìý
—

Ìý
—

Fair value adjustment to interest rate hedge
Level 2
Ìý
1.7

Ìý
1.7

Ìý
1.9

Ìý
1.9

Total long-term debt
Ìý
Ìý
$
1,642.9

Ìý
$
1,653.5

Ìý
$
2,192.6

Ìý
$
2,224.6