DISCONTINUED OPERATIONS (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] |
Ìý
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| Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] |
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(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 Discontinued Operations |
Statements of Consolidated Operations |
Gain (Loss) from Discontinued Operations, net of tax |
YTD
December 31, 2017 |
$ |
2.6 |
|
Ìý |
$ |
(21.3 |
) |
$ |
— |
|
$ |
(21.3 |
) |
Ìý |
$ |
(18.7 |
) |
Loss from Discontinued Operations, net of tax |
YTD
December 31, 2016 |
$ |
(2.4 |
) |
Ìý |
$ |
(17.5 |
) |
$ |
— |
|
$ |
(17.5 |
) |
Ìý |
$ |
(19.9 |
) |
Loss from Discontinued Operations, net of tax |
YTD
December 31, 2015 |
$ |
(152.4 |
) |
Ìý |
$ |
(638.7 |
) |
$ |
(101.0 |
) |
$ |
(739.7 |
) |
Ìý |
$ |
(892.1 |
) |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Statements of Consolidated Financial Position |
Other current liabilities |
As of
December 31, 2017 |
$ |
3.2 |
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Ìý |
$ |
— |
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$ |
— |
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$ |
— |
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Ìý |
$ |
3.2 |
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Other current liabilities |
As of
December 31, 2016 |
$ |
6.0 |
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Ìý |
$ |
— |
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$ |
— |
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$ |
— |
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Ìý |
$ |
6.0 |
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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 |
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Ìý |
$ |
— |
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$ |
— |
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$ |
— |
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Ìý |
$ |
3.2 |
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Purchase of property, plant and equipment |
YTD
December 31, 2015 |
$ |
15.9 |
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Ìý |
$ |
— |
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$ |
— |
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$ |
— |
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Ìý |
$ |
15.9 |
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Impairment of long-lived assets |
YTD
December 31, 2015 |
$ |
73.4 |
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Ìý |
$ |
— |
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$ |
— |
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$ |
— |
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Ìý |
$ |
73.4 |
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| North American Coal [Member] |
Ìý
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| Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] |
Ìý
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| Schedule of Disposal Groups, including Discontinued Operations, Income Statement [Table Text Block] |
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Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
Year Ended
December 31, |
Loss from Discontinued Operations |
Ìý |
2017 |
Ìý |
2016 |
Ìý |
2015 |
Revenues from product sales and services |
Ìý |
$ |
— |
|
Ìý |
$ |
— |
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Ìý |
$ |
392.9 |
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Cost of goods sold and operating expenses |
Ìý |
— |
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Ìý |
— |
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Ìý |
(449.2 |
) |
Sales margin |
Ìý |
— |
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Ìý |
— |
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Ìý |
(56.3 |
) |
Other operating income (expense) |
Ìý |
0.5 |
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Ìý |
(4.5 |
) |
Ìý |
(30.4 |
) |
Gain on sale of coal mines |
Ìý |
2.1 |
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Ìý |
2.1 |
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Ìý |
9.3 |
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Other expense |
Ìý |
— |
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Ìý |
— |
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Ìý |
(1.8 |
) |
Gain (loss) from discontinued operations before income taxes |
Ìý |
2.6 |
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Ìý |
(2.4 |
) |
Ìý |
(79.2 |
) |
Impairment of long-lived assets |
Ìý |
— |
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Ìý |
— |
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Ìý |
(73.4 |
) |
Income tax benefit |
Ìý |
— |
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Ìý |
— |
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Ìý |
0.2 |
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Gain (loss) from discontinued operations, net of tax |
Ìý |
$ |
2.6 |
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Ìý |
$ |
(2.4 |
) |
Ìý |
$ |
(152.4 |
) |
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| 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, 2017 and 2016 for the North American Coal operations. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value:
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Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
March 31, 2015 |
Description |
Ìý |
Quoted Prices in Active
Markets for Identical Assets/
Liabilities
(Level 1)
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Ìý |
Significant Other Observable Inputs
(Level 2)
|
Ìý |
Significant Unobservable Inputs
(Level 3)
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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 |
$ |
— |
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Ìý |
$ |
— |
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Ìý |
$ |
20.4 |
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Ìý |
$ |
20.4 |
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Ìý |
$ |
73.4 |
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Ìý |
Ìý |
$ |
— |
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Ìý |
$ |
— |
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Ìý |
$ |
20.4 |
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Ìý |
$ |
20.4 |
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Ìý |
$ |
73.4 |
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| Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Table Text Block] |
Recorded Assets and Liabilities
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Ìý |
Ìý |
(In Millions) |
Assets and Liabilities of Discontinued Operations1
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Ìý |
DecemberÌý31,
2017 |
Ìý |
DecemberÌý31,
2016 |
Accrued liabilities |
Ìý |
$ |
— |
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Ìý |
$ |
1.1 |
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Other current liabilities |
Ìý |
3.2 |
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Ìý |
4.9 |
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Total liabilities of discontinued operations |
Ìý |
$ |
3.2 |
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Ìý |
$ |
6.0 |
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Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1 At December 31, 2017, we had no contingent liabilities associated with our exit from the coal business recorded on our parent company compared to $2.1 million at December 31, 2016.
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| Canadian Entities [Member] |
Ìý
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| Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] |
Ìý
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| 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 respective deconsolidations, as well as costs to exit, are classified as discontinued operations.
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Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
Year Ended
December 31,
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Loss from Discontinued Operations |
Ìý |
2017 |
Ìý |
2016 |
Ìý |
2015 |
Revenues from product sales and services |
Ìý |
$ |
— |
|
Ìý |
$ |
— |
|
Ìý |
$ |
11.3 |
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Cost of goods sold and operating expenses |
Ìý |
— |
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Ìý |
— |
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Ìý |
(11.1 |
) |
Sales margin |
Ìý |
— |
|
Ìý |
— |
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Ìý |
0.2 |
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Other operating expense |
Ìý |
— |
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Ìý |
— |
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Ìý |
(33.8 |
) |
Other expense |
Ìý |
— |
|
Ìý |
— |
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Ìý |
(1.0 |
) |
Loss from discontinued operations before income taxes |
Ìý |
— |
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Ìý |
— |
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Ìý |
(34.6 |
) |
Loss from deconsolidation |
Ìý |
(21.3 |
) |
Ìý |
(17.5 |
) |
Ìý |
(710.9 |
) |
Income tax benefit |
Ìý |
— |
|
Ìý |
— |
|
Ìý |
5.8 |
|
Loss from discontinued operations, net of tax |
Ìý |
$ |
(21.3 |
) |
Ìý |
$ |
(17.5 |
) |
Ìý |
$ |
(739.7 |
) |
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| PreTax Exit Costs [Table Text Block] |
Canadian Entities loss from deconsolidation totaled $21.3 million and $17.5 million for the year ended December 31, 2017 and 2016, respectively and included the following:
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Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
Year Ended
December 31,
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Ìý |
Year Ended
December 31,
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Ìý |
Year Ended
December 31, |
Ìý |
Ìý |
2017 |
Ìý |
2016 |
Ìý |
2015 |
Investment impairment on deconsolidation1
|
Ìý |
$ |
3.0 |
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Ìý |
$ |
(17.5 |
) |
Ìý |
$ |
(507.8 |
) |
Guarantees and contingent liabilities |
Ìý |
(24.3 |
) |
Ìý |
— |
|
Ìý |
(203.1 |
) |
Total loss from deconsolidation |
Ìý |
$ |
(21.3 |
) |
Ìý |
$ |
(17.5 |
) |
Ìý |
$ |
(710.9 |
) |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1 Includes the adjustment to fair value of our remaining interest in the Canadian Entities.
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Ìý |
Ìý |
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| 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, 2017 and 2016 for the Canadian Entities. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value:
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Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
DecemberÌý31, 2017 |
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 |
Gains |
Assets: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Loans to and accounts receivables from the Canadian Entities |
Ìý |
$ |
— |
|
Ìý |
$ |
— |
|
Ìý |
$ |
51.6 |
|
Ìý |
$ |
51.6 |
|
Ìý |
$ |
3.0 |
|
Liabilities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Guarantees and contingent liabilities |
Ìý |
$ |
— |
|
Ìý |
$ |
— |
|
Ìý |
$ |
— |
|
Ìý |
$ |
— |
|
Ìý |
$ |
31.4 |
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Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
DecemberÌý31, 2016 |
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 |
Losses |
Assets: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Loans to and accounts receivables from the Canadian Entities |
Ìý |
$ |
— |
|
Ìý |
$ |
— |
|
Ìý |
$ |
48.6 |
|
Ìý |
$ |
48.6 |
|
Ìý |
$ |
17.5 |
|
Liabilities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Guarantees and contingent liabilities |
Ìý |
$ |
— |
|
Ìý |
$ |
— |
|
Ìý |
$ |
37.2 |
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Ìý |
$ |
37.2 |
|
Ìý |
$ |
— |
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