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Annual report pursuant to Section 13 and 15(d)

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

v3.8.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
12 Months Ended
Dec. 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 DecemberÌý31, 2017 and 2016:
Ìý
(In Millions)
Ìý
December 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
$
66.3

Ìý
$
550.6

Ìý
$
—

Ìý
$
616.9

Derivative assets
—

Ìý
—

Ìý
39.4

Ìý
39.4

Total
$
66.3

Ìý
$
550.6

Ìý
$
39.4

Ìý
$
656.3

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

Ìý
$
0.3

Ìý
$
2.4

Ìý
$
2.7

Total
$
—

Ìý
$
0.3

Ìý
$
2.4

Ìý
$
2.7

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

Total
$
177.0

Ìý
$
1.5

Ìý
$
31.6

Ìý
$
210.1

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

Ìý
$
—

Ìý
$
0.5

Ìý
$
0.5

Total
$
—

Ìý
$
—

Ìý
$
0.5

Ìý
$
0.5

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Ìý
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
($ in millions)
Ìý
Fair Value at
December 31, 2017
Ìý
Balance Sheet Location
Ìý
Valuation Technique
Ìý
Unobservable Input
Ìý
Range or Point Estimate
(Weighted Average)
Ìý
Customer Supply Agreement
Ìý
$
37.9

Ìý
Derivative assets
Ìý
Market Approach
Ìý
Management's Estimate of Market Hot-Rolled Coil Steel per net ton
Ìý
$655
Provisional Pricing Arrangements
Ìý
$
1.5

Ìý
Derivative assets
Ìý
Market Approach
Ìý
Management's
Estimate of Platts 62% Price per dry metric ton
Ìý
$72 - $74 ($72)
Provisional Pricing Arrangements
Ìý
$
2.4

Ìý
Other current liabilities
Ìý
Market Approach
Ìý
Management's
Estimate of Platts 62% Price per dry metric ton
Ìý
$72 - $74 ($72)
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation
Ìý
(In Millions)
Ìý
Derivative Assets (Level 3)
Ìý
Derivative Liabilities
(Level 3)
Ìý
Year Ended
December 31,
Ìý
Year Ended
December 31,
Ìý
2017
Ìý
2016
Ìý
2017
Ìý
2016
Beginning balance - January 1
$
31.6

Ìý
$
7.8

Ìý
$
(0.5
)
Ìý
$
(3.4
)
Total gains (losses)
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Included in earnings
195.8

Ìý
103.8

Ìý
(91.1
)
Ìý
(14.1
)
Settlements
(188.0
)
Ìý
(80.0
)
Ìý
89.2

Ìý
17.0

Ending balance - December 31
$
39.4

Ìý
$
31.6

Ìý
$
(2.4
)
Ìý
$
(0.5
)
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) on assets still held at the reporting date
$
39.4

Ìý
$
23.7

Ìý
$
(2.4
)
Ìý
$
(0.5
)
Schedule Of Carrying Value And Fair Value Of Financial Instruments
A summary of the carrying amount and fair value of other financial instruments at DecemberÌý31, 2017 and 2016 is as follows:
Ìý
Ìý
Ìý
(In Millions)
Ìý
Ìý
Ìý
DecemberÌý31, 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
$400 Million 4.875% 2024 Senior Notes
Level 1
Ìý
$
390.3

Ìý
$
398.0

Ìý
$
—

Ìý
$
—

$540 Million 8.25% 2020 First Lien Notes
Level 1
Ìý
—

Ìý
—

Ìý
506.3

Ìý
595.0

$218.5 Million 8.00% 2020 1.5 Lien Notes
Level 2
Ìý
—

Ìý
—

Ìý
284.2

Ìý
229.5

$544.2 Million 7.75% 2020 Second Lien Notes
Level 1
Ìý
—

Ìý
—

Ìý
339.1

Ìý
439.7

Unsecured Notes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$400 Million 5.90% 2020 Senior Notes
Level 1
Ìý
88.6

Ìý
88.0

Ìý
224.5

Ìý
219.6

$500 Million 4.80% 2020 Senior Notes
Level 1
Ìý
122.0

Ìý
118.8

Ìý
235.9

Ìý
221.1

$700 Million 4.875% 2021 Senior Notes
Level 1
Ìý
138.0

Ìý
130.8

Ìý
308.2

Ìý
283.1

$316.25 Million 1.50% 2025 Convertible Senior Notes
Level 1
Ìý
224.1

Ìý
352.9

Ìý
—

Ìý
—

$1.075 Billion 5.75% 2025 Senior Notes
Level 1
Ìý
1,047.2

Ìý
1,029.3

Ìý
—

Ìý
—

$800 Million 6.25% 2040 Senior Notes
Level 1
Ìý
292.6

Ìý
227.1

Ìý
292.5

Ìý
234.7

ABL Facility
Level 2
Ìý
—

Ìý
—

Ìý
—

Ìý
—

Fair Value Adjustment to Interest Rate Hedge
Level 2
Ìý
1.4

Ìý
1.4

Ìý
1.9

Ìý
1.9

Total long-term debt
Ìý
Ìý
$
2,304.2

Ìý
$
2,346.3

Ìý
$
2,192.6

Ìý
$
2,224.6