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Quarterly report pursuant to Section 13 or 15(d)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.8.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract] Ìý
Schedule Of Subsidiaries
The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, including the following operations as of SeptemberÌý30, 2017:
Name
Ìý
Location
Ìý
Ownership Interest
Ìý
Operation
Ìý
Status of Operations
Northshore
Ìý
Minnesota
Ìý
100.0%
Ìý
Iron Ore
Ìý
Active
United Taconite
Ìý
Minnesota
Ìý
100.0%
Ìý
Iron Ore
Ìý
Active
Tilden1
Ìý
Michigan
Ìý
100.0%
Ìý
Iron Ore
Ìý
Active
Empire1
Ìý
Michigan
Ìý
100.0%
Ìý
Iron Ore
Ìý
Indefinitely Idled
Koolyanobbing
Ìý
Western Australia
Ìý
100.0%
Ìý
Iron Ore
Ìý
Active
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
1ÌýDuring the third quarter of 2017, our ownership interest in Tilden and Empire changed. Refer to the Noncontrolling InterestsÌýsection below for additional information.
Foreign Currency Transaction [Table Text Block]
The following represents the transaction gains and losses resulting from remeasurement for the three and nine months ended SeptemberÌý30, 2017 and 2016:
Ìý
Ìý
(In Millions)
Ìý
Ìý
Three Months Ended
September 30,
Ìý
Nine Months Ended
September 30,
Ìý
Ìý
2017
Ìý
2016
Ìý
2017
Ìý
2016
Remeasurement of short-term intercompany loans
Ìý
$
0.1

Ìý
$
0.2

Ìý
$
16.7

Ìý
$
0.5

Remeasurement of cash and cash equivalents
Ìý
(1.1
)
Ìý
(1.1
)
Ìý
(2.8
)
Ìý
0.3

Other remeasurement
Ìý
(1.4
)
Ìý
0.6

Ìý
(2.7
)
Ìý
(2.0
)
Net impact of transaction gains (losses) resulting from remeasurement
Ìý
$
(2.4
)
Ìý
$
(0.3
)
Ìý
$
11.2

Ìý
$
(1.2
)
Adoption of New Standard [Table Text Block]
The following represents the estimated impact from the adoption of ASU No. 2017-07 for the nine months ended SeptemberÌý30, 2017:
Ìý
Ìý
($ in Millions)
Ìý
Ìý
Nine Months Ended
September 30, 2017
Ìý
Ìý
Ìý
Ìý
Estimate
Financial Statement Line Impacted
Ìý
As Reported
Ìý
Adoption of ASU No. 2017-07
Ìý
As Adjusted
Cost of goods sold and operating expenses
Ìý
$
(1,328.3
)
Ìý
$
1.3

Ìý
$
(1,327.0
)
Selling, general and administrative expenses
Ìý
$
(77.8
)
Ìý
$
(5.8
)
Ìý
$
(83.6
)
Miscellaneous - net
Ìý
$
3.0

Ìý
$
(1.2
)
Ìý
$
1.8

Operating income
Ìý
$
326.2

Ìý
$
(5.7
)
Ìý
$
320.5

Other non-operating income
Ìý
$
2.3

Ìý
$
5.7

Ìý
$
8.0

Net Income (Loss)
Ìý
$
53.2

Ìý
$
—

Ìý
$
53.2