DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (Tables)
|
3 Months Ended |
Mar. 31, 2016 |
|---|
| Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] |
Ìý
|
| Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures |
The chart below provides an asset group breakout for each financial statement line impacted by discontinued operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 of Discontinued Operations |
Statements of Unaudited Condensed Consolidated Operations |
Income (Loss) from Discontinued Operations, net of tax |
YTD
March, 2016 |
$ |
(1.3 |
) |
Ìý |
$ |
3.8 |
|
$ |
— |
|
$ |
3.8 |
|
Ìý |
$ |
2.5 |
|
Income (Loss) from Discontinued Operations, net of tax |
YTD
March 31, 2015 |
$ |
(75.7 |
) |
Ìý |
$ |
(852.7 |
) |
$ |
(0.1 |
) |
$ |
(852.8 |
) |
Ìý |
$ |
(928.5 |
) |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Statements of Unaudited Condensed Consolidated Financial Position |
Short-term assets of discontinued operations |
As of
March 31, 2016
|
$ |
0.5 |
|
Ìý |
$ |
— |
|
$ |
— |
|
$ |
— |
|
Ìý |
$ |
0.5 |
|
Short-term liabilities of discontinued operations |
As of
March 31, 2016 |
$ |
4.3 |
|
Ìý |
$ |
— |
|
$ |
— |
|
$ |
— |
|
Ìý |
$ |
4.3 |
|
Short-term assets of discontinued operations |
As of
December 31, 2015
|
$ |
14.9 |
|
Ìý |
$ |
— |
|
$ |
— |
|
$ |
— |
|
Ìý |
$ |
14.9 |
|
Short-term liabilities of discontinued operations |
As of
December 31, 2015 |
$ |
6.9 |
|
Ìý |
$ |
— |
|
$ |
— |
|
$ |
— |
|
Ìý |
$ |
6.9 |
|
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Non-Cash Operating and Investing Activities |
Depreciation, depletion and amortization: |
YTD
March 31, 2015 |
$ |
3.2 |
|
Ìý |
$ |
— |
|
$ |
— |
|
$ |
— |
|
Ìý |
$ |
3.2 |
|
Purchase of property, plant and equipment |
YTD
March 31, 2015 |
$ |
2.5 |
|
Ìý |
$ |
— |
|
$ |
— |
|
$ |
— |
|
Ìý |
$ |
2.5 |
|
Impairment of long-lived assets |
YTD
March 31, 2015 |
$ |
73.4 |
|
Ìý |
$ |
— |
|
$ |
— |
|
$ |
— |
|
Ìý |
$ |
73.4 |
|
|
| North American Coal [Member] |
Ìý
|
| Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] |
Ìý
|
| Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities |
Recorded Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
Ìý |
Ìý |
(In Millions) |
Assets and Liabilities of Discontinued Operations(1)
|
Ìý |
MarchÌý31,
2016 |
Ìý |
DecemberÌý31,
2015 |
Other current assets |
Ìý |
$ |
0.5 |
|
Ìý |
$ |
14.9 |
|
Total assets of discontinued operations |
Ìý |
$ |
0.5 |
|
Ìý |
$ |
14.9 |
|
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Accrued liabilities |
Ìý |
$ |
0.1 |
|
Ìý |
$ |
— |
|
Other current liabilities(1)
|
Ìý |
4.2 |
|
Ìý |
6.9 |
|
Total liabilities of discontinued operations |
Ìý |
$ |
4.3 |
|
Ìý |
$ |
6.9 |
|
(1)ÌýAt March 31, 2016 and December 31, 2015,Ìýwe had $6.8 million andÌý$7.8 million, respectively,Ìýof contingent liabilities associated with our exit from the coal business recorded on our parent company.
|
|
| Schedule of Disposal Groups, including Discontinued Operations, Income Statement |
|
|
|
|
|
|
|
|
|
|
Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
Three Months Ended
March 31, |
Loss from Discontinued Operations |
Ìý |
2016 |
Ìý |
2015 |
Revenues from product sales and services |
Ìý |
$ |
— |
|
Ìý |
$ |
116.6 |
|
Cost of goods sold and operating expenses |
Ìý |
— |
|
Ìý |
(107.3 |
) |
Sales margin |
Ìý |
— |
|
Ìý |
9.3 |
|
Other operating expense |
Ìý |
(1.2 |
) |
Ìý |
(11.3 |
) |
Other expense |
Ìý |
— |
|
Ìý |
(0.4 |
) |
Loss from discontinued operations before income taxes |
Ìý |
(1.2 |
) |
Ìý |
(2.4 |
) |
Impairment of long-lived assets |
Ìý |
— |
|
Ìý |
(73.4 |
) |
Income tax benefit (expense) |
Ìý |
(0.1 |
) |
Ìý |
0.1 |
|
Loss from discontinued operations, net of tax |
Ìý |
$ |
(1.3 |
) |
Ìý |
$ |
(75.7 |
) |
|
| Canadian Entities [Member] |
Ìý
|
| Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items] |
Ìý
|
| Schedule of Disposal Groups, including Discontinued Operations, Income Statement |
Loss) on Discontinued Operations
Our decision to exit Canada represented 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.
|
|
|
|
|
|
|
|
|
|
Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
Three Months Ended
March 31,
|
Gain (Loss) from Discontinued Operations |
Ìý |
2016 |
Ìý |
2015 |
Revenues from product sales and services |
Ìý |
$ |
— |
|
Ìý |
$ |
11.3 |
|
Cost of goods sold and operating expenses |
Ìý |
— |
|
Ìý |
(11.1 |
) |
Sales margin |
Ìý |
— |
|
Ìý |
0.2 |
|
Other operating expense |
Ìý |
— |
|
Ìý |
(33.3 |
) |
Other expense |
Ìý |
— |
|
Ìý |
(1.0 |
) |
Loss from discontinued operations before income taxes |
Ìý |
— |
|
Ìý |
(34.1 |
) |
Gain (loss) from deconsolidation |
Ìý |
3.8 |
|
Ìý |
(818.7 |
) |
Gain (loss) from discontinued operations, net of tax |
Ìý |
$ |
3.8 |
|
Ìý |
$ |
(852.8 |
) |
|
| Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis |
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 MarchÌý31, 2016 for the Canadian Operations. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
March 31, 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 |
Total Gains |
Assets: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Loans to and accounts receivables from the Canadian Entities |
Ìý |
$ |
— |
|
Ìý |
$ |
— |
|
Ìý |
$ |
69.9 |
|
Ìý |
$ |
69.9 |
|
Ìý |
$ |
3.8 |
|
Liabilities: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Contingent liabilities |
Ìý |
$ |
— |
|
Ìý |
$ |
— |
|
Ìý |
$ |
61.8 |
|
Ìý |
$ |
61.8 |
|
Ìý |
$ |
— |
|
|
| PreTax Exit Costs |
Canadian Entities gain from deconsolidation totaled $3.8 million for the three months ended March 31, 2016 and loss from deconsolidation totaled $818.7 million for the three months ended March 31, 2015, which included the following:
|
|
|
|
|
|
|
|
|
|
Ìý |
Ìý |
(In Millions) |
Ìý |
Ìý |
Three Months Ended
March 31,
|
Ìý |
Ìý |
2016 |
Ìý |
2015 |
Investment impairment on deconsolidation1
|
Ìý |
$ |
3.8 |
|
Ìý |
$ |
(476.0 |
) |
Contingent liabilities |
Ìý |
— |
|
Ìý |
(342.7 |
) |
Total gain (loss) from deconsolidation |
Ìý |
$ |
3.8 |
|
Ìý |
$ |
(818.7 |
) |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1 Includes the adjustment to fair value of our remaining interest in the Canadian Entities.
|
|