| Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] |
The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of Topic 606 were as follows:
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Ìý |
Ìý |
($ in Millions) |
Ìý |
Ìý |
Balance at December 31, 2017 |
Ìý |
Adjustments due to Topic 606 |
Ìý |
Balance at January 1, 2018 |
ASSETS |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
CURRENT ASSETS |
Ìý |
Ìý |
Ìý |
|
|
Ìý |
|
|
Cash and cash equivalents |
Ìý |
$ |
1,007.7 |
|
Ìý |
$ |
— |
|
Ìý |
$ |
1,007.7 |
|
Accounts receivable, net |
Ìý |
140.6 |
|
Ìý |
76.6 |
|
Ìý |
217.2 |
|
Inventories |
Ìý |
183.4 |
|
Ìý |
(51.4 |
) |
Ìý |
132.0 |
|
Supplies and other inventories |
Ìý |
93.9 |
|
Ìý |
— |
|
Ìý |
93.9 |
|
Derivative assets |
Ìý |
39.4 |
|
Ìý |
11.6 |
|
Ìý |
51.0 |
|
Loans to and accounts receivable from the Canadian Entities |
Ìý |
51.6 |
|
Ìý |
— |
|
Ìý |
51.6 |
|
Other current assets |
Ìý |
28.0 |
|
Ìý |
— |
|
Ìý |
28.0 |
|
TOTAL CURRENT ASSETS |
Ìý |
1,544.6 |
|
Ìý |
36.8 |
|
Ìý |
1,581.4 |
|
PROPERTY, PLANT AND EQUIPMENT, NET |
Ìý |
1,051.0 |
|
Ìý |
— |
|
Ìý |
1,051.0 |
|
OTHER ASSETS |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Deposits for property, plant and equipment |
Ìý |
17.8 |
|
Ìý |
— |
|
Ìý |
17.8 |
|
Income tax receivable |
Ìý |
235.3 |
|
Ìý |
— |
|
Ìý |
235.3 |
|
Other non-current assets |
Ìý |
104.7 |
|
Ìý |
— |
|
Ìý |
104.7 |
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TOTAL OTHER ASSETS |
Ìý |
357.8 |
|
Ìý |
— |
|
Ìý |
357.8 |
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TOTAL ASSETS |
Ìý |
$ |
2,953.4 |
|
Ìý |
$ |
36.8 |
|
Ìý |
$ |
2,990.2 |
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Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
LIABILITIES |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
CURRENT LIABILITIES |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Accounts payable |
Ìý |
$ |
127.7 |
|
Ìý |
$ |
1.4 |
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Ìý |
$ |
129.1 |
|
Accrued expenses |
Ìý |
107.1 |
|
Ìý |
— |
|
Ìý |
107.1 |
|
Accrued interest |
Ìý |
31.4 |
|
Ìý |
— |
|
Ìý |
31.4 |
|
Contingent claims |
Ìý |
55.6 |
|
Ìý |
— |
|
Ìý |
55.6 |
|
Partnership distribution payable |
Ìý |
44.2 |
|
Ìý |
— |
|
Ìý |
44.2 |
|
Other current liabilities |
Ìý |
86.2 |
|
Ìý |
1.4 |
|
Ìý |
87.6 |
|
TOTAL CURRENT LIABILITIES |
Ìý |
452.2 |
|
Ìý |
2.8 |
|
Ìý |
455.0 |
|
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES |
Ìý |
257.7 |
|
Ìý |
— |
|
Ìý |
257.7 |
|
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS |
Ìý |
196.5 |
|
Ìý |
— |
|
Ìý |
196.5 |
|
LONG-TERM DEBT |
Ìý |
2,304.2 |
|
Ìý |
— |
|
Ìý |
2,304.2 |
|
OTHER LIABILITIES |
Ìý |
186.9 |
|
Ìý |
— |
|
Ìý |
186.9 |
|
TOTAL LIABILITIES |
Ìý |
3,397.5 |
|
Ìý |
2.8 |
|
Ìý |
3,400.3 |
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EQUITY |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
CLIFFS SHAREHOLDERS' DEFICIT |
Ìý |
(444.3 |
) |
Ìý |
34.0 |
|
Ìý |
(410.3 |
) |
NONCONTROLLING INTEREST |
Ìý |
0.2 |
|
Ìý |
— |
|
Ìý |
0.2 |
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TOTAL DEFICIT |
Ìý |
(444.1 |
) |
Ìý |
34.0 |
|
Ìý |
(410.1 |
) |
TOTAL LIABILITIES AND DEFICIT |
Ìý |
$ |
2,953.4 |
|
Ìý |
$ |
36.8 |
|
Ìý |
$ |
2,990.2 |
|
The impact of adoption on our Statements of Unaudited Condensed Consolidated Operations and Statements of Unaudited Condensed Consolidated Financial Position is as follows:
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Ìý |
Ìý |
($ in Millions) |
Ìý |
Ìý |
Three Months Ended March 31, 2018 |
Ìý |
Ìý |
As Reported |
Ìý |
Balances without Adoption of Topic 606 |
Ìý |
Effect of Change |
REVENUES FROM PRODUCT SALES AND SERVICES |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Product |
Ìý |
$ |
220.7 |
|
Ìý |
$ |
279.1 |
|
Ìý |
$ |
(58.4 |
) |
Freight and venture partners' cost reimbursements |
Ìý |
18.3 |
|
Ìý |
22.4 |
|
Ìý |
(4.1 |
) |
Ìý |
Ìý |
239.0 |
|
Ìý |
301.5 |
|
Ìý |
(62.5 |
) |
COST OF GOODS SOLD AND OPERATING EXPENSES |
Ìý |
(242.6 |
) |
Ìý |
(286.2 |
) |
Ìý |
43.6 |
|
SALES MARGIN |
Ìý |
(3.6 |
) |
Ìý |
15.3 |
|
Ìý |
(18.9 |
) |
OTHER OPERATING EXPENSE |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Selling, general and administrative expenses |
Ìý |
(27.7 |
) |
Ìý |
(27.7 |
) |
Ìý |
— |
|
Miscellaneous – net |
Ìý |
(8.7 |
) |
Ìý |
(8.7 |
) |
Ìý |
— |
|
Ìý |
Ìý |
(36.4 |
) |
Ìý |
(36.4 |
) |
Ìý |
— |
|
OPERATING LOSS |
Ìý |
(40.0 |
) |
Ìý |
(21.1 |
) |
Ìý |
(18.9 |
) |
OTHER INCOME (EXPENSE) |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Interest expense, net |
Ìý |
(33.5 |
) |
Ìý |
(33.5 |
) |
Ìý |
— |
|
Other non-operating income |
Ìý |
4.4 |
|
Ìý |
4.4 |
|
Ìý |
— |
|
Ìý |
Ìý |
(29.1 |
) |
Ìý |
(29.1 |
) |
Ìý |
— |
|
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
Ìý |
(69.1 |
) |
Ìý |
(50.2 |
) |
Ìý |
(18.9 |
) |
INCOME TAX EXPENSE |
Ìý |
(15.7 |
) |
Ìý |
(15.7 |
) |
Ìý |
— |
|
LOSS FROM CONTINUING OPERATIONS |
Ìý |
(84.8 |
) |
Ìý |
(65.9 |
) |
Ìý |
(18.9 |
) |
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX |
Ìý |
0.5 |
|
Ìý |
0.5 |
|
Ìý |
— |
|
NET LOSS |
Ìý |
(84.3 |
) |
Ìý |
(65.4 |
) |
Ìý |
(18.9 |
) |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST |
Ìý |
— |
|
Ìý |
— |
|
Ìý |
— |
|
NET LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
Ìý |
$ |
(84.3 |
) |
Ìý |
$ |
(65.4 |
) |
Ìý |
$ |
(18.9 |
) |
LOSS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS – BASIC |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Continuing operations |
Ìý |
$ |
(0.29 |
) |
Ìý |
$ |
(0.23 |
) |
Ìý |
$ |
(0.06 |
) |
Discontinued operations |
Ìý |
— |
|
Ìý |
— |
|
Ìý |
— |
|
Ìý |
Ìý |
$ |
(0.29 |
) |
Ìý |
$ |
(0.23 |
) |
Ìý |
$ |
(0.06 |
) |
LOSS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS – DILUTED |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Continuing operations |
Ìý |
$ |
(0.29 |
) |
Ìý |
$ |
(0.23 |
) |
Ìý |
$ |
(0.06 |
) |
Discontinued operations |
Ìý |
— |
|
Ìý |
— |
|
Ìý |
— |
|
Ìý |
Ìý |
$ |
(0.29 |
) |
Ìý |
$ |
(0.23 |
) |
Ìý |
$ |
(0.06 |
) |
AVERAGE NUMBER OF SHARES (IN THOUSANDS) |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Basic |
Ìý |
297,266 |
|
Ìý |
297,266 |
|
Ìý |
Ìý |
Diluted |
Ìý |
297,266 |
|
Ìý |
297,266 |
|
Ìý |
Ìý |
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Ìý |
Ìý |
($ in Millions) |
Ìý |
Ìý |
March 31, 2018 |
Ìý |
Ìý |
As Reported |
Ìý |
Balances without Adoption of Topic 606 |
Ìý |
Effect of Change |
ASSETS |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
CURRENT ASSETS |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
|
|
Cash and cash equivalents |
Ìý |
$ |
786.6 |
|
Ìý |
$ |
786.6 |
|
Ìý |
$ |
— |
|
Accounts receivable, net |
Ìý |
47.2 |
|
Ìý |
24.9 |
|
Ìý |
22.3 |
|
Inventories |
Ìý |
324.4 |
|
Ìý |
332.0 |
|
Ìý |
(7.6 |
) |
Supplies and other inventories |
Ìý |
81.7 |
|
Ìý |
81.7 |
|
Ìý |
— |
|
Derivative assets |
Ìý |
93.6 |
|
Ìý |
91.3 |
|
Ìý |
2.3 |
|
Loans to and accounts receivable from the Canadian Entities |
Ìý |
50.4 |
|
Ìý |
50.4 |
|
Ìý |
— |
|
Other current assets |
Ìý |
28.5 |
|
Ìý |
28.5 |
|
Ìý |
— |
|
TOTAL CURRENT ASSETS |
Ìý |
1,412.4 |
|
Ìý |
1,395.4 |
|
Ìý |
17.0 |
|
PROPERTY, PLANT AND EQUIPMENT, NET |
Ìý |
1,047.3 |
|
Ìý |
1,047.3 |
|
Ìý |
— |
|
OTHER ASSETS |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Deposits for property, plant and equipment |
Ìý |
74.1 |
|
Ìý |
74.1 |
|
Ìý |
— |
|
Income tax receivable |
Ìý |
219.9 |
|
Ìý |
219.9 |
|
Ìý |
— |
|
Other non-current assets |
Ìý |
109.2 |
|
Ìý |
109.2 |
|
Ìý |
— |
|
TOTAL OTHER ASSETS |
Ìý |
403.2 |
|
Ìý |
403.2 |
|
Ìý |
— |
|
TOTAL ASSETS |
Ìý |
2,862.9 |
|
Ìý |
2,845.9 |
|
Ìý |
17.0 |
|
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
LIABILITIES |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
CURRENT LIABILITIES |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Accounts payable |
Ìý |
$ |
99.5 |
|
Ìý |
$ |
99.2 |
|
Ìý |
$ |
0.3 |
|
Accrued expenses |
Ìý |
94.4 |
|
Ìý |
94.4 |
|
Ìý |
— |
|
Accrued interest |
Ìý |
28.2 |
|
Ìý |
28.2 |
|
Ìý |
— |
|
Contingent claims |
Ìý |
54.3 |
|
Ìý |
54.3 |
|
Ìý |
— |
|
Partnership distribution payable |
Ìý |
44.2 |
|
Ìý |
44.2 |
|
Ìý |
— |
|
Other current liabilities |
Ìý |
104.3 |
|
Ìý |
104.0 |
|
Ìý |
0.3 |
|
TOTAL CURRENT LIABILITIES |
Ìý |
424.9 |
|
Ìý |
424.3 |
|
Ìý |
0.6 |
|
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES |
Ìý |
251.4 |
|
Ìý |
251.4 |
|
Ìý |
— |
|
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS |
Ìý |
181.2 |
|
Ìý |
181.2 |
|
Ìý |
— |
|
LONG-TERM DEBT |
Ìý |
2,308.2 |
|
Ìý |
2,308.2 |
|
Ìý |
— |
|
OTHER LIABILITIES |
Ìý |
182.0 |
|
Ìý |
182.0 |
|
Ìý |
— |
|
TOTAL LIABILITIES |
Ìý |
3,347.7 |
|
Ìý |
3,347.1 |
|
Ìý |
0.6 |
|
EQUITY |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
CLIFFS SHAREHOLDERS' DEFICIT |
Ìý |
(485.0 |
) |
Ìý |
(501.4 |
) |
Ìý |
16.4 |
|
NONCONTROLLING INTEREST |
Ìý |
0.2 |
|
Ìý |
0.2 |
|
Ìý |
— |
|
TOTAL DEFICIT |
Ìý |
(484.8 |
) |
Ìý |
(501.2 |
) |
Ìý |
16.4 |
|
TOTAL LIABILITIES AND DEFICIT |
Ìý |
$ |
2,862.9 |
|
Ìý |
$ |
2,845.9 |
|
Ìý |
$ |
17.0 |
|
The effect of the retrospective presentation change related to the net periodic cost of our defined benefit pension and other postretirement employee benefits plans on our Statements of Unaudited Condensed Consolidated OperationsÌýwas as follows:
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|
|
Ìý |
Ìý |
($ in Millions) |
Ìý |
Ìý |
Three Months Ended March 31, 2017 |
Ìý |
Ìý |
As Revised |
Ìý |
Previously Reported |
Ìý |
Effect of Change |
Cost of goods sold and operating expenses |
Ìý |
$ |
(365.3 |
) |
Ìý |
$ |
(365.9 |
) |
Ìý |
$ |
0.6 |
|
Selling, general and administrative expenses |
Ìý |
$ |
(27.7 |
) |
Ìý |
$ |
(25.7 |
) |
Ìý |
$ |
(2.0 |
) |
Miscellaneous – net |
Ìý |
$ |
11.5 |
|
Ìý |
$ |
11.9 |
|
Ìý |
$ |
(0.4 |
) |
Operating income |
Ìý |
$ |
80.1 |
|
Ìý |
$ |
81.9 |
|
Ìý |
$ |
(1.8 |
) |
Other non-operating income |
Ìý |
$ |
2.5 |
|
Ìý |
$ |
0.7 |
|
Ìý |
$ |
1.8 |
|
Net Loss |
Ìý |
$ |
(29.8 |
) |
Ìý |
$ |
(29.8 |
) |
Ìý |
$ |
— |
|
|