ÐÇ¿Õ´«Ã½

Annual report pursuant to Section 13 and 15(d)

SUPPLEMENTARY GUARANTOR INFORMATION (Tables)

v3.10.0.1
SUPPLEMENTARY GUARANTOR INFORMATION (Tables)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] Ìý Ìý
Schedule of Supplemental Condensed Consolidating Financial Position
Condensed Consolidating Statement of Financial Position
As of December 31, 2018
(In Millions)
Ìý
ÐÇ¿Õ´«Ã½ Inc.
Ìý
Guarantor Subsidiaries
Ìý
Non-Guarantor Subsidiaries
Ìý
Eliminations
Ìý
Consolidated
ASSETS
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
CURRENT ASSETS
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Cash and cash equivalents
$
819.8

Ìý
$
0.7

Ìý
$
2.7

Ìý
$
—

Ìý
$
823.2

Accounts receivable, net
9.2

Ìý
221.3

Ìý
0.3

Ìý
(4.1
)
Ìý
226.7

Inventories
—

Ìý
87.9

Ìý
—

Ìý
—

Ìý
87.9

Supplies and other inventories
—

Ìý
93.2

Ìý
—

Ìý
—

Ìý
93.2

Derivative assets
0.1

Ìý
91.4

Ìý
—

Ìý
—

Ìý
91.5

Income tax receivable, current
117.3

Ìý
—

Ìý
—

Ìý
—

Ìý
117.3

Current assets of discontinued operations
—

Ìý
—

Ìý
12.4

Ìý
—

Ìý
12.4

Other current assets
10.0

Ìý
16.9

Ìý
0.5

Ìý
—

Ìý
27.4

TOTAL CURRENT ASSETS
956.4

Ìý
511.4

Ìý
15.9

Ìý
(4.1
)
Ìý
1,479.6

PROPERTY, PLANT AND EQUIPMENT, NET
13.3

Ìý
1,221.9

Ìý
50.8

Ìý
—

Ìý
1,286.0

OTHER ASSETS
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Deposits for property, plant and equipment
—

Ìý
68.4

Ìý
14.6

Ìý
—

Ìý
83.0

Income tax receivable, non-current
117.2

Ìý
4.1

Ìý
—

Ìý
—

Ìý
121.3

Deferred income taxes
463.6

Ìý
—

Ìý
1.2

Ìý
—

Ìý
464.8

Investment in subsidiaries
1,262.3

Ìý
50.8

Ìý
—

Ìý
(1,313.1
)
Ìý
—

Long-term intercompany notes
—

Ìý
—

Ìý
121.3

Ìý
(121.3
)
Ìý
—

Other non-current assets
8.0

Ìý
85.4

Ìý
1.5

Ìý
—

Ìý
94.9

TOTAL OTHER ASSETS
1,851.1

Ìý
208.7

Ìý
138.6

Ìý
(1,434.4
)
Ìý
764.0

TOTAL ASSETS
$
2,820.8

Ìý
$
1,942.0

Ìý
$
205.3

Ìý
$
(1,438.5
)
Ìý
$
3,529.6

LIABILITIES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
CURRENT LIABILITIES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Accounts payable
$
5.3

Ìý
$
181.4

Ìý
$
4.2

Ìý
$
(4.1
)
Ìý
$
186.8

Accrued employment costs
28.5

Ìý
45.4

Ìý
0.1

Ìý
—

Ìý
74.0

State and local taxes payable
—

Ìý
35.4

Ìý
0.1

Ìý
—

Ìý
35.5

Accrued interest
38.4

Ìý
—

Ìý
—

Ìý
—

Ìý
38.4

Partnership distribution payable
—

Ìý
43.5

Ìý
—

Ìý
—

Ìý
43.5

Current liabilities of discontinued operations
—

Ìý
—

Ìý
6.7

Ìý
—

Ìý
6.7

Other current liabilities
30.6

Ìý
51.3

Ìý
1.4

Ìý
—

Ìý
83.3

TOTAL CURRENT LIABILITIES
102.8

Ìý
357.0

Ìý
12.5

Ìý
(4.1
)
Ìý
468.2

POSTEMPLOYMENT BENEFIT LIABILITIES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Pensions
58.3

Ìý
390.5

Ìý
(230.4
)
Ìý
—

Ìý
218.4

Other postretirement benefits
6.0

Ìý
23.9

Ìý
0.4

Ìý
—

Ìý
30.3

TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES
64.3

Ìý
414.4

Ìý
(230.0
)
Ìý
—

Ìý
248.7

ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
—

Ìý
152.1

Ìý
19.9

Ìý
—

Ìý
172.0

LONG-TERM DEBT
2,092.9

Ìý
—

Ìý
—

Ìý
—

Ìý
2,092.9

LONG-TERM INTERCOMPANY NOTES
121.3

Ìý
—

Ìý
—

Ìý
(121.3
)
Ìý
—

NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS
—

Ìý
—

Ìý
8.3

Ìý
—

Ìý
8.3

OTHER LIABILITIES
15.3

Ìý
99.5

Ìý
0.5

Ìý
—

Ìý
115.3

TOTAL LIABILITIES
2,396.6

Ìý
1,023.0

Ìý
(188.8
)
Ìý
(125.4
)
Ìý
3,105.4

COMMITMENTS AND CONTINGENCIES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
EQUITY
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
TOTAL EQUITY
424.2

Ìý
919.0

Ìý
394.1

Ìý
(1,313.1
)
Ìý
424.2

TOTAL LIABILITIES AND EQUITY
$
2,820.8

Ìý
$
1,942.0

Ìý
$
205.3

Ìý
$
(1,438.5
)
Ìý
$
3,529.6


Condensed Consolidating Statement of Financial Position
As of December 31, 2017
(In Millions)
Ìý
ÐÇ¿Õ´«Ã½ Inc.
Ìý
Guarantor Subsidiaries
Ìý
Non-Guarantor Subsidiaries
Ìý
Eliminations
Ìý
Consolidated
ASSETS
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
CURRENT ASSETS
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Cash and cash equivalents
$
948.9

Ìý
$
2.1

Ìý
$
27.3

Ìý
$
—

Ìý
$
978.3

Accounts receivable, net
4.5

Ìý
102.9

Ìý
—

Ìý
(0.7
)
Ìý
106.7

Inventories
—

Ìý
138.4

Ìý
—

Ìý
—

Ìý
138.4

Supplies and other inventories
—

Ìý
88.8

Ìý
—

Ìý
—

Ìý
88.8

Derivative assets
—

Ìý
37.9

Ìý
—

Ìý
—

Ìý
37.9

Income tax receivable, current
11.4

Ìý
1.9

Ìý
—

Ìý
—

Ìý
13.3

Loans to and accounts receivables from the Canadian Entities
44.7

Ìý
6.9

Ìý
—

Ìý
—

Ìý
51.6

Current assets of discontinued operations
—

Ìý
—

Ìý
118.5

Ìý
—

Ìý
118.5

Other current assets
5.0

Ìý
5.6

Ìý
0.5

Ìý
—

Ìý
11.1

TOTAL CURRENT ASSETS
1,014.5

Ìý
384.5

Ìý
146.3

Ìý
(0.7
)
Ìý
1,544.6

PROPERTY, PLANT AND EQUIPMENT, NET
17.5

Ìý
965.5

Ìý
50.8

Ìý
—

Ìý
1,033.8

OTHER ASSETS
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Deposits for property, plant and equipment
—

Ìý
8.2

Ìý
9.6

Ìý
—

Ìý
17.8

Income tax receivable, non-current
235.3

Ìý
—

Ìý
—

Ìý
—

Ìý
235.3

Investment in subsidiaries
1,024.3

Ìý
29.9

Ìý
—

Ìý
(1,054.2
)
Ìý
—

Long-term intercompany notes
—

Ìý
—

Ìý
242.0

Ìý
(242.0
)
Ìý
—

Non-current assets of discontinued operations
—

Ìý
—

Ìý
20.3

Ìý
—

Ìý
20.3

Other non-current assets
7.8

Ìý
91.8

Ìý
2.0

Ìý
—

Ìý
101.6

TOTAL OTHER ASSETS
1,267.4

Ìý
129.9

Ìý
273.9

Ìý
(1,296.2
)
Ìý
375.0

TOTAL ASSETS
$
2,299.4

Ìý
$
1,479.9

Ìý
$
471.0

Ìý
$
(1,296.9
)
Ìý
$
2,953.4

LIABILITIES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
CURRENT LIABILITIES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Accounts payable
$
7.1

Ìý
$
92.3

Ìý
$
0.8

Ìý
$
(0.7
)
Ìý
$
99.5

Accrued employment costs
13.7

Ìý
38.9

Ìý
0.1

Ìý
—

Ìý
52.7

State and local taxes payable
—

Ìý
30.0

Ìý
0.2

Ìý
—

Ìý
30.2

Accrued interest
31.4

Ìý
—

Ìý
—

Ìý
—

Ìý
31.4

Contingent claims
55.6

Ìý
—

Ìý
—

Ìý
—

Ìý
55.6

Partnership distribution payable
—

Ìý
44.2

Ìý
—

Ìý
—

Ìý
44.2

Current liabilities of discontinued operations
—

Ìý
—

Ìý
75.0

Ìý
—

Ìý
75.0

Other current liabilities
7.4

Ìý
54.5

Ìý
1.7

Ìý
—

Ìý
63.6

TOTAL CURRENT LIABILITIES
115.2

Ìý
259.9

Ìý
77.8

Ìý
(0.7
)
Ìý
452.2

POSTEMPLOYMENT BENEFIT LIABILITIES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Pensions
59.2

Ìý
403.6

Ìý
(240.0
)
Ìý
—

Ìý
222.8

Other postretirement benefits
7.2

Ìý
27.0

Ìý
0.7

Ìý
—

Ìý
34.9

TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES
66.4

Ìý
430.6

Ìý
(239.3
)
Ìý
—

Ìý
257.7

ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
—

Ìý
140.6

Ìý
27.1

Ìý
—

Ìý
167.7

LONG-TERM DEBT
2,304.2

Ìý
—

Ìý
—

Ìý
—

Ìý
2,304.2

LONG-TERM INTERCOMPANY NOTES
242.0

Ìý
—

Ìý
—

Ìý
(242.0
)
Ìý
—

NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS
—

Ìý
—

Ìý
52.2

Ìý
—

Ìý
52.2

OTHER LIABILITIES
15.7

Ìý
147.2

Ìý
0.6

Ìý
—

Ìý
163.5

TOTAL LIABILITIES
2,743.5

Ìý
978.3

Ìý
(81.6
)
Ìý
(242.7
)
Ìý
3,397.5

COMMITMENTS AND CONTINGENCIES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
EQUITY
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
TOTAL CLIFFS SHAREHOLDERS' EQUITY (DEFICIT)
(444.1
)
Ìý
501.6

Ìý
552.4

Ìý
(1,054.2
)
Ìý
(444.3
)
NONCONTROLLING INTEREST
—

Ìý
—

Ìý
0.2

Ìý
—

Ìý
0.2

TOTAL DEFICIT
(444.1
)
Ìý
501.6

Ìý
552.6

Ìý
(1,054.2
)
Ìý
(444.1
)
TOTAL LIABILITIES AND DEFICIT
$
2,299.4

Ìý
$
1,479.9

Ìý
$
471.0

Ìý
$
(1,296.9
)
Ìý
$
2,953.4

Ìý
Schedule of Supplemental Statements of Condensed Consolidating Operations and Comprehensive Income (Loss)
Condensed Consolidating Statement of Operations and Comprehensive Income
For the Year Ended December 31, 2018
(In Millions)
Ìý
ÐÇ¿Õ´«Ã½ Inc.
Ìý
Guarantor Subsidiaries
Ìý
Non-Guarantor Subsidiaries
Ìý
Eliminations
Ìý
Consolidated
REVENUES FROM PRODUCT SALES AND SERVICES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Product
$
—

Ìý
$
2,172.3

Ìý
$
—

Ìý
$
—

Ìý
$
2,172.3

Freight and venture partners' cost reimbursements
—

Ìý
160.1

Ìý
—

Ìý
—

Ìý
160.1

Ìý
—

Ìý
2,332.4

Ìý
—

Ìý
—

Ìý
2,332.4

COST OF GOODS SOLD AND OPERATING EXPENSES
—

Ìý
(1,522.8
)
Ìý
—

Ìý
—

Ìý
(1,522.8
)
SALES MARGIN
—

Ìý
809.6

Ìý
—

Ìý
—

Ìý
809.6

OTHER OPERATING INCOME (EXPENSE)
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Selling, general and administrative expenses
(86.1
)
Ìý
(30.4
)
Ìý
(0.3
)
Ìý
—

Ìý
(116.8
)
Miscellaneous - net
(0.3
)
Ìý
(23.6
)
Ìý
4.3

Ìý
—

Ìý
(19.6
)
Ìý
(86.4
)
Ìý
(54.0
)
Ìý
4.0

Ìý
—

Ìý
(136.4
)
OPERATING INCOME (LOSS)
(86.4
)
Ìý
755.6

Ìý
4.0

Ìý
—

Ìý
673.2

OTHER INCOME (EXPENSE)
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Interest expense, net
(117.6
)
Ìý
(2.1
)
Ìý
0.8

Ìý
—

Ìý
(118.9
)
Loss on extinguishment of debt
(6.8
)
Ìý
—

Ìý
—

Ìý
—

Ìý
(6.8
)
Other non-operating income (loss)
(3.5
)
Ìý
0.9

Ìý
19.8

Ìý
—

Ìý
17.2

Ìý
(127.9
)
Ìý
(1.2
)
Ìý
20.6

Ìý
—

Ìý
(108.5
)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(214.3
)
Ìý
754.4

Ìý
24.6

Ìý
—

Ìý
564.7

INCOME TAX BENEFIT
474.7

Ìý
—

Ìý
0.5

Ìý
—

Ìý
475.2

EQUITY IN INCOME OF SUBSIDIARIES
858.2

Ìý
25.5

Ìý
—

Ìý
(883.7
)
Ìý
—

INCOME FROM CONTINUING OPERATIONS
1,118.6

Ìý
779.9

Ìý
25.1

Ìý
(883.7
)
Ìý
1,039.9

INCOME FROM DISCONTINUED OPERATIONS, net of tax
9.5

Ìý
12.3

Ìý
66.4

Ìý
—

Ìý
88.2

NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
1,128.1

Ìý
$
792.2

Ìý
$
91.5

Ìý
$
(883.7
)
Ìý
$
1,128.1

OTHER COMPREHENSIVE LOSS
(244.9
)
Ìý
(24.1
)
Ìý
(256.7
)
Ìý
280.8

Ìý
(244.9
)
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
883.2

Ìý
$
768.1

Ìý
$
(165.2
)
Ìý
$
(602.9
)
Ìý
$
883.2

Condensed Consolidating Statement of Operations and Comprehensive Income
For the Year Ended December 31, 2017
(In Millions)
Ìý
ÐÇ¿Õ´«Ã½ Inc.
Ìý
Guarantor Subsidiaries
Ìý
Non-Guarantor Subsidiaries
Ìý
Eliminations
Ìý
Consolidated
REVENUES FROM PRODUCT SALES AND SERVICES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Product
$
—

Ìý
$
1,644.6

Ìý
$
—

Ìý
$
—

Ìý
$
1,644.6

Freight and venture partners' cost reimbursements
—

Ìý
221.4

Ìý
—

Ìý
—

Ìý
221.4

Ìý
—

Ìý
1,866.0

Ìý
—

Ìý
—

Ìý
1,866.0

COST OF GOODS SOLD AND OPERATING EXPENSES
—

Ìý
(1,398.4
)
Ìý
—

Ìý
—

Ìý
(1,398.4
)
SALES MARGIN
—

Ìý
467.6

Ìý
—

Ìý
—

Ìý
467.6

OTHER OPERATING INCOME (EXPENSE)
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Selling, general and administrative expenses
(77.2
)
Ìý
(19.9
)
Ìý
(5.8
)
Ìý
—

Ìý
(102.9
)
Miscellaneous - net
(2.3
)
Ìý
11.0

Ìý
16.8

Ìý
—

Ìý
25.5

Ìý
(79.5
)
Ìý
(8.9
)
Ìý
11.0

Ìý
—

Ìý
(77.4
)
OPERATING INCOME (LOSS)
(79.5
)
Ìý
458.7

Ìý
11.0

Ìý
—

Ìý
390.2

OTHER INCOME (EXPENSE)
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Interest expense, net
(126.8
)
Ìý
(1.0
)
Ìý
1.0

Ìý
—

Ìý
(126.8
)
Loss on extinguishment of debt
(165.4
)
Ìý
—

Ìý
—

Ìý
—

Ìý
(165.4
)
Other non-operating income (expense)
(4.0
)
Ìý
(3.0
)
Ìý
17.2

Ìý
—

Ìý
10.2

Ìý
(296.2
)
Ìý
(4.0
)
Ìý
18.2

Ìý
—

Ìý
(282.0
)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(375.7
)
Ìý
454.7

Ìý
29.2

Ìý
—

Ìý
108.2

INCOME TAX BENEFIT (EXPENSE)
251.4

Ìý
1.3

Ìý
(0.3
)
Ìý
—

Ìý
252.4

EQUITY IN INCOME OF SUBSIDIARIES
512.6

Ìý
11.8

Ìý
—

Ìý
(524.4
)
Ìý
—

INCOME FROM CONTINUING OPERATIONS
388.3

Ìý
467.8

Ìý
28.9

Ìý
(524.4
)
Ìý
360.6

INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax
(21.3
)
Ìý
1.7

Ìý
22.1

Ìý
—

Ìý
2.5

NET INCOME
367.0

Ìý
469.5

Ìý
51.0

Ìý
(524.4
)
Ìý
363.1

INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST
—

Ìý
3.9

Ìý
—

Ìý
—

Ìý
3.9

NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
367.0

Ìý
$
473.4

Ìý
$
51.0

Ìý
$
(524.4
)
Ìý
$
367.0

OTHER COMPREHENSIVE INCOME (LOSS)
(4.0
)
Ìý
12.9

Ìý
(4.8
)
Ìý
(8.1
)
Ìý
(4.0
)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
363.0

Ìý
$
486.3

Ìý
$
46.2

Ìý
$
(532.5
)
Ìý
$
363.0

Condensed Consolidating Statement of Operations and Comprehensive Income
For the Year Ended December 31, 2016
(In Millions)
Ìý
ÐÇ¿Õ´«Ã½ Inc.
Ìý
Guarantor Subsidiaries
Ìý
Non-Guarantor Subsidiaries
Ìý
Eliminations
Ìý
Consolidated
REVENUES FROM PRODUCT SALES AND SERVICES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Product
$
—

Ìý
$
1,379.7

Ìý
$
—

Ìý
$
—

Ìý
$
1,379.7

Freight and venture partners' cost reimbursements
—

Ìý
174.8

Ìý
—

Ìý
—

Ìý
174.8

Ìý
—

Ìý
1,554.5

Ìý
—

Ìý
—

Ìý
1,554.5

COST OF GOODS SOLD AND OPERATING EXPENSES
—

Ìý
(1,274.4
)
Ìý
—

Ìý
—

Ìý
(1,274.4
)
SALES MARGIN
—

Ìý
280.1

Ìý
—

Ìý
—

Ìý
280.1

OTHER OPERATING INCOME (EXPENSE)
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Selling, general and administrative expenses
(94.3
)
Ìý
(18.0
)
Ìý
(3.5
)
Ìý
—

Ìý
(115.8
)
Miscellaneous - net
(5.6
)
Ìý
(12.4
)
Ìý
(15.6
)
Ìý
—

Ìý
(33.6
)
Ìý
(99.9
)
Ìý
(30.4
)
Ìý
(19.1
)
Ìý
—

Ìý
(149.4
)
OPERATING INCOME (LOSS)
(99.9
)
Ìý
249.7

Ìý
(19.1
)
Ìý
—

Ìý
130.7

OTHER INCOME (EXPENSE)
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Interest expense, net
(194.5
)
Ìý
0.1

Ìý
0.5

Ìý
—

Ìý
(193.9
)
Gain on extinguishment/restructuring of debt
166.3

Ìý
—

Ìý
—

Ìý
—

Ìý
166.3

Other non-operating income (expense)
(4.1
)
Ìý
(5.0
)
Ìý
16.4

Ìý
—

Ìý
7.3

Ìý
(32.3
)
Ìý
(4.9
)
Ìý
16.9

Ìý
—

Ìý
(20.3
)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(132.2
)
Ìý
244.8

Ìý
(2.2
)
Ìý
—

Ìý
110.4

INCOME TAX BENEFIT
4.3

Ìý
3.0

Ìý
4.9

Ìý
—

Ìý
12.2

EQUITY IN INCOME OF SUBSIDIARIES
319.1

Ìý
13.7

Ìý
—

Ìý
(332.8
)
Ìý
—

INCOME FROM CONTINUING OPERATIONS
191.2

Ìý
261.5

Ìý
2.7

Ìý
(332.8
)
Ìý
122.6

INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax
(17.1
)
Ìý
2.6

Ìý
91.2

Ìý
—

Ìý
76.7

NET INCOME (LOSS)
174.1

Ìý
264.1

Ìý
93.9

Ìý
(332.8
)
Ìý
199.3

INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST
—

Ìý
(25.2
)
Ìý
—

Ìý
—

Ìý
(25.2
)
NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
174.1

Ìý
$
238.9

Ìý
$
93.9

Ìý
$
(332.8
)
Ìý
$
174.1

OTHER COMPREHENSIVE INCOME (LOSS)
(3.3
)
Ìý
(20.7
)
Ìý
15.4

Ìý
5.3

Ìý
(3.3
)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
170.8

Ìý
$
218.2

Ìý
$
109.3

Ìý
$
(327.5
)
Ìý
$
170.8

Ìý
Schedule of Supplemental Statements of Condensed Consolidating Cash Flows Ìý
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2018
(In Millions)
Ìý
ÐÇ¿Õ´«Ã½ Inc.
Ìý
Guarantor Subsidiaries
Ìý
Non-Guarantor Subsidiaries
Ìý
Eliminations
Ìý
Consolidated
Net cash provided (used) by operating activities
$
(120.7
)
Ìý
$
741.0

Ìý
$
(141.8
)
Ìý
$
—

Ìý
$
478.5

INVESTING ACTIVITIES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Purchase of property, plant and equipment
(1.2
)
Ìý
(207.3
)
Ìý
(0.1
)
Ìý
—

Ìý
(208.6
)
Deposits for property, plant and equipment
—

Ìý
(82.3
)
Ìý
(5.2
)
Ìý
—

Ìý
(87.5
)
Intercompany investing
399.1

Ìý
(7.1
)
Ìý
120.7

Ìý
(512.7
)
Ìý
—

Other investing activities
—

Ìý
3.1

Ìý
19.9

Ìý
—

Ìý
23.0

Net cash provided (used) in investing activities
397.9

Ìý
(293.6
)
Ìý
135.3

Ìý
(512.7
)
Ìý
(273.1
)
FINANCING ACTIVITIES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Repurchase of common shares
(47.5
)
Ìý
—

Ìý
—

Ìý
—

Ìý
(47.5
)
Debt issuance costs
(1.5
)
Ìý
—

Ìý
—

Ìý
—

Ìý
(1.5
)
Repurchase of debt
(234.5
)
Ìý
—

Ìý
—

Ìý
—

Ìý
(234.5
)
Distributions of partnership equity
—

Ìý
(44.2
)
Ìý
—

Ìý
—

Ìý
(44.2
)
Intercompany financing
(120.7
)
Ìý
(402.4
)
Ìý
10.4

Ìý
512.7

Ìý
—

Other financing activities
(2.1
)
Ìý
(2.2
)
Ìý
(43.2
)
Ìý
—

Ìý
(47.5
)
Net cash used by financing activities
(406.3
)
Ìý
(448.8
)
Ìý
(32.8
)
Ìý
512.7

Ìý
(375.2
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
—

Ìý
—

Ìý
(2.3
)
Ìý
—

Ìý
(2.3
)
DECREASE IN CASH AND CASH EQUIVALENTS, INCLUDING CASH CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS
(129.1
)
Ìý
(1.4
)
Ìý
(41.6
)
Ìý
—

Ìý
(172.1
)
LESS: DECREASE IN CASH AND CASH EQUIVALENTS CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS
—

Ìý
—

Ìý
(17.0
)
Ìý
—

Ìý
(17.0
)
NET DECREASE IN CASH AND CASH EQUIVALENTS
(129.1
)
Ìý
(1.4
)
Ìý
(24.6
)
Ìý
—

Ìý
(155.1
)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
948.9

Ìý
2.1

Ìý
27.3

Ìý
—

Ìý
978.3

CASH AND CASH EQUIVALENTS AT END OF YEAR
$
819.8

Ìý
$
0.7

Ìý
$
2.7

Ìý
$
—

Ìý
$
823.2

Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2017
(In Millions)
Ìý
ÐÇ¿Õ´«Ã½ Inc.
Ìý
Guarantor Subsidiaries
Ìý
Non-Guarantor Subsidiaries
Ìý
Eliminations
Ìý
Consolidated
Net cash provided (used) by operating activities
$
(166.8
)
Ìý
$
430.0

Ìý
$
74.9

Ìý
$
—

Ìý
$
338.1

INVESTING ACTIVITIES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Purchase of property, plant and equipment
(3.4
)
Ìý
(79.8
)
Ìý
(51.7
)
Ìý
—

Ìý
(134.9
)
Deposits for property, plant and equipment
—

Ìý
(11.7
)
Ìý
(5.1
)
Ìý
—

Ìý
(16.8
)
Intercompany investing
225.7

Ìý
(7.3
)
Ìý
(45.1
)
Ìý
(173.3
)
Ìý
—

Other investing activities
(7.7
)
Ìý
3.4

Ìý
—

Ìý
—

Ìý
(4.3
)
Net cash provided (used) by investing activities
214.6

Ìý
(95.4
)
Ìý
(101.9
)
Ìý
(173.3
)
Ìý
(156.0
)
FINANCING ACTIVITIES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Net proceeds from issuance of common shares
661.3

Ìý
—

Ìý
—

Ìý
—

Ìý
661.3

Proceeds from issuance of debt
1,771.5

Ìý
—

Ìý
—

Ìý
—

Ìý
1,771.5

Debt issuance costs
(28.6
)
Ìý
—

Ìý
—

Ìý
—

Ìý
(28.6
)
Repurchase of debt
(1,720.7
)
Ìý
—

Ìý
—

Ìý
—

Ìý
(1,720.7
)
Acquisition of noncontrolling interest
(105.0
)
Ìý
—

Ìý
—

Ìý
—

Ìý
(105.0
)
Distributions of partnership equity
—

Ìý
(52.9
)
Ìý
—

Ìý
—

Ìý
(52.9
)
Intercompany financing
45.0

Ìý
(277.6
)
Ìý
59.3

Ìý
173.3

Ìý
—

Other financing activities
(5.8
)
Ìý
(4.5
)
Ìý
(16.4
)
Ìý
—

Ìý
(26.7
)
Net cash provided (used) by financing activities
617.7

Ìý
(335.0
)
Ìý
42.9

Ìý
173.3

Ìý
498.9

EFFECT OF EXCHANGE RATE CHANGES ON CASH
—

Ìý
—

Ìý
3.3

Ìý
—

Ìý
3.3

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, INCLUDING CASH CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS
665.5

Ìý
(0.4
)
Ìý
19.2

Ìý
—

Ìý
684.3

LESS: INCREASE IN CASH AND CASH EQUIVALENTS CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS
—

Ìý
—

Ìý
18.8

Ìý
—

Ìý
18.8

NET INCREASE IN CASH AND CASH EQUIVALENTS
665.5

Ìý
(0.4
)
Ìý
0.4

Ìý
—

Ìý
665.5

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
283.4

Ìý
2.5

Ìý
26.9

Ìý
—

Ìý
312.8

CASH AND CASH EQUIVALENTS AT END OF YEAR
$
948.9

Ìý
$
2.1

Ìý
$
27.3

Ìý
$
—

Ìý
$
978.3

Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2016
(In Millions)
Ìý
ÐÇ¿Õ´«Ã½ Inc.
Ìý
Guarantor Subsidiaries
Ìý
Non-Guarantor Subsidiaries
Ìý
Eliminations
Ìý
Consolidated
Net cash provided (used) by operating activities
$
(275.7
)
Ìý
$
462.9

Ìý
$
115.8

Ìý
$
—

Ìý
$
303.0

INVESTING ACTIVITIES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Purchase of property, plant and equipment
(6.2
)
Ìý
(55.1
)
Ìý
(0.4
)
Ìý
—

Ìý
(61.7
)
Deposits for property, plant and equipment
—

Ìý
(4.9
)
Ìý
(2.5
)
Ìý
—

Ìý
(7.4
)
Intercompany investments
356.6

Ìý
(3.3
)
Ìý
(117.0
)
Ìý
(236.3
)
Ìý
—

Other investing activities
0.4

Ìý
10.8

Ìý
—

Ìý
—

Ìý
11.2

Net cash provided (used) by investing activities
350.8

Ìý
(52.5
)
Ìý
(119.9
)
Ìý
(236.3
)
Ìý
(57.9
)
FINANCING ACTIVITIES
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Net proceeds from issuance of common shares
287.4

Ìý
—

Ìý
—

Ìý
—

Ìý
287.4

Debt issuance costs
(5.2
)
Ìý
—

Ìý
—

Ìý
—

Ìý
(5.2
)
Borrowings under credit facilities
105.0

Ìý
—

Ìý
—

Ìý
—

Ìý
105.0

Repayments on credit facilities
(105.0
)
Ìý
—

Ìý
—

Ìý
—

Ìý
(105.0
)
Repayments on equipment loans
(95.6
)
Ìý
—

Ìý
—

Ìý
—

Ìý
(95.6
)
Repurchase of debt
(305.4
)
Ìý
—

Ìý
—

Ìý
—

Ìý
(305.4
)
Distributions of partnership equity
—

Ìý
(59.9
)
Ìý
—

Ìý
—

Ìý
(59.9
)
Intercompany financing
117.0

Ìý
(339.9
)
Ìý
(13.4
)
Ìý
236.3

Ìý
—

Other financing activities
(0.6
)
Ìý
(9.9
)
Ìý
(17.2
)
Ìý
—

Ìý
(27.7
)
Net cash used by financing activities
(2.4
)
Ìý
(409.7
)
Ìý
(30.6
)
Ìý
236.3

Ìý
(206.4
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH
—

Ìý
—

Ìý
(0.5
)
Ìý
—

Ìý
(0.5
)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, INCLUDING CASH CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS
72.7

Ìý
0.7

Ìý
(35.2
)
Ìý
—

Ìý
38.2

LESS: DECREASE IN CASH AND CASH EQUIVALENTS CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS
—

Ìý
—

Ìý
(35.3
)
Ìý
—

Ìý
(35.3
)
NET INCREASE IN CASH AND CASH EQUIVALENTS
72.7

Ìý
0.7

Ìý
0.1

Ìý
—

Ìý
73.5

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
210.7

Ìý
1.8

Ìý
26.8

Ìý
—

Ìý
239.3

CASH AND CASH EQUIVALENTS AT END OF YEAR
$
283.4

Ìý
$
2.5

Ìý
$
26.9

Ìý
$
—

Ìý
$
312.8