ÐÇ¿Õ´«Ã½

Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.5.0.2
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2016
Fair Value Disclosures [Abstract] 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
Ìý
Ìý
(In Millions)
Fair Value at June 30, 2016
Ìý
Balance Sheet Location
Ìý
Valuation Technique
Ìý
Unobservable Input
Ìý
Range or Point Estimate per dry metric ton
(Weighted Average)
Ìý
Provisional Pricing Arrangements
Ìý
$
2.1

Ìý
Other current assets
Ìý
Market Approach
Ìý
Management's
Estimate of 62% Fe
Ìý
$55
Ìý
$
2.6

Ìý
Other current liabilities
Ìý
Ìý
Ìý
Customer Supply Agreement
Ìý
$
23.7

Ìý
Other current assets
Ìý
Market Approach
Ìý
Hot-Rolled Steel Estimate
Ìý
$430 - $530 ($480)
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation
The following tables represent a reconciliation of the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended JuneÌý30, 2016 and 2015.
Ìý
(In Millions)
Ìý
Derivative Assets (Level 3)
Ìý
Three Months Ended
June 30,
Ìý
Six Months Ended
June 30,
Ìý
2016
Ìý
2015
Ìý
2016
Ìý
2015
Beginning balance
$
9.0

Ìý
$
34.5

Ìý
$
7.8

Ìý
$
63.2

Total gains (losses)
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Included in earnings
34.5

Ìý
0.6

Ìý
45.7

Ìý
10.7

Settlements
(17.7
)
Ìý
(27.4
)
Ìý
(27.7
)
Ìý
(66.2
)
Transfers into Level 3
—

Ìý
—

Ìý
—

Ìý
—

Transfers out of Level 3
—

Ìý
—

Ìý
—

Ìý
—

Ending balance - June 30
$
25.8

Ìý
$
7.7

Ìý
$
25.8

Ìý
$
7.7

Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
21.6

Ìý
$
0.6

Ìý
$
21.9

Ìý
$
10.7

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Ìý
(In Millions)
Ìý
Derivative Liabilities (Level 3)
Ìý
Three Months Ended
June 30,
Ìý
Six Months Ended
June 30,
Ìý
2016
Ìý
2015
Ìý
2016
Ìý
2015
Beginning balance
$
(6.2
)
Ìý
$
(16.2
)
Ìý
$
(3.4
)
Ìý
$
(9.5
)
Total gains (losses)
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Included in earnings
(2.8
)
Ìý
1.1

Ìý
(8.4
)
Ìý
(17.3
)
Settlements
6.4

Ìý
7.1

Ìý
9.2

Ìý
18.8

Transfers into Level 3
—

Ìý
—

Ìý
—

Ìý
—

Transfers out of Level 3
—

Ìý
—

Ìý
—

Ìý
—

Ending balance - June 30
$
(2.6
)
Ìý
$
(8.0
)
Ìý
$
(2.6
)
Ìý
$
(8.0
)
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
(0.7
)
Ìý
$
(5.8
)
Ìý
$
(2.6
)
Ìý
$
(8.0
)
Schedule Of Carrying Value And Fair Value Of Financial Instruments
A summary of the carrying amount and fair value of other financial instruments at JuneÌý30, 2016 and DecemberÌý31, 2015 were as follows:
Ìý
Ìý
Ìý
(In Millions)
Ìý
Ìý
Ìý
JuneÌý30, 2016
Ìý
DecemberÌý31, 2015
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
Senior Notes—$700 million
Level 1
Ìý
$
334.7

Ìý
$
223.6

Ìý
$
410.6

Ìý
$
69.4

Senior Notes—$1.3 billion
Level 1
Ìý
540.7

Ìý
349.6

Ìý
787.9

Ìý
137.4

Senior Notes—$400 million
Level 1
Ìý
224.3

Ìý
167.0

Ìý
288.9

Ìý
52.8

Senior Notes—$500 million
Level 1
Ìý
282.2

Ìý
268.0

Ìý
309.1

Ìý
87.1

Senior First Lien Notes —$540 million
Level 1
Ìý
501.8

Ìý
548.1

Ìý
497.4

Ìý
414.5

Senior 1.5 Lien Notes —$218.5 million
Level 2
Ìý
292.8

Ìý
197.0

Ìý
—

Ìý
—

Senior Second Lien Notes —$544.2 million
Level 1
Ìý
328.6

Ìý
352.7

Ìý
403.2

Ìý
134.7

ABL Facility
Level 2
Ìý
—

Ìý
—

Ìý
—

Ìý
—

Fair value adjustment to interest rate hedge
Level 2
Ìý
2.1

Ìý
2.1

Ìý
2.3

Ìý
2.3

Total long-term debt
Ìý
Ìý
$
2,507.2

Ìý
$
2,108.1

Ìý
$
2,699.4

Ìý
$
898.2