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Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.10.0.1
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2018
Fair Value Disclosures [Abstract] Ìý
Fair Value, by Balance Sheet Grouping
The following represents the assets and liabilities measured at fair value:
Ìý
(In Millions)
Ìý
JuneÌý30, 2018
Description
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
Assets:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Cash equivalents
$
10.5

Ìý
$
546.5

Ìý
$
—

Ìý
$
557.0

Derivative assets
—

Ìý
0.1

Ìý
174.6

Ìý
174.7

Total
$
10.5

Ìý
$
546.6

Ìý
$
174.6

Ìý
$
731.7

Liabilities:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Derivative liabilities
$
—

Ìý
$
0.1

Ìý
$
3.0

Ìý
$
3.1

Total
$
—

Ìý
$
0.1

Ìý
$
3.0

Ìý
$
3.1

Ìý
(In Millions)
Ìý
DecemberÌý31, 2017
Description
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
Assets:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Cash equivalents
$
66.3

Ìý
$
550.6

Ìý
$
—

Ìý
$
616.9

Derivative assets
—

Ìý
—

Ìý
37.9

Ìý
37.9

Total
$
66.3

Ìý
$
550.6

Ìý
$
37.9

Ìý
$
654.8

Liabilities:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Derivative liabilities
$
—

Ìý
$
0.3

Ìý
$
1.7

Ìý
$
2.0

Total
$
—

Ìý
$
0.3

Ìý
$
1.7

Ìý
$
2.0

Fair Value, Recurring and Nonrecurring, Valuation Techniques
The following table illustrates information about quantitative inputs and assumptions for the assets and 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, 2018
Ìý
Balance Sheet
Location
Ìý
Valuation Technique
Ìý
Unobservable Input
Ìý
Range or Point Estimate
(Weighted Average)
Ìý
Customer supply agreement
Ìý
$
169.4

Ìý
Derivative assets
Ìý
Market Approach
Ìý
Management's Estimate of Market Hot-Rolled Coil Steel per net ton
Ìý
$833
Provisional pricing arrangements
Ìý
$
5.2

Ìý
Derivative assets
Ìý
Market Approach
Ìý
Management's
Estimate of Platts 62% Price
per dry metric ton
Ìý
$68 - $69
($68)
Provisional pricing arrangements
Ìý
$
3.0

Ìý
Other Current Liabilities
Ìý
Market Approach
Ìý
Management's
Estimate of Platts 62% Price
per dry metric ton
Ìý
$68 - $69
($68)
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):
Ìý
(In Millions)
Ìý
Level 3 Assets
Ìý
Three Months Ended
June 30,
Ìý
Six Months Ended
June 30,
Ìý
2018
Ìý
2017
Ìý
2018
Ìý
2017
Beginning balance1
$
93.5

Ìý
$
59.2

Ìý
$
49.5

Ìý
$
30.1

Total gains
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Included in earnings
158.6

Ìý
51.0

Ìý
202.8

Ìý
84.6

Settlements
(77.5
)
Ìý
(40.0
)
Ìý
(77.7
)
Ìý
(44.5
)
Ending balance - June 30
$
174.6

Ìý
$
70.2

Ìý
$
174.6

Ìý
$
70.2

Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
80.6

Ìý
$
17.8

Ìý
$
125.1

Ìý
$
51.0

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
1ÌýBeginning balance as of January 1, 2018 includes an $11.6 million adjustment for adoption of Topic 606.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Ìý
(In Millions)
Ìý
Level 3 Liabilities
Ìý
Three Months Ended
June 30,
Ìý
Six Months Ended
June 30,
Ìý
2018
Ìý
2017
Ìý
2018
Ìý
2017
Beginning balance
$
—

Ìý
$
—

Ìý
$
(1.7
)
Ìý
$
—

Total losses
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Included in earnings
(3.7
)
Ìý
(20.2
)
Ìý
(4.3
)
Ìý
(20.2
)
Settlements
0.7

Ìý
—

Ìý
3.0

Ìý
—

Ending balance - June 30
$
(3.0
)
Ìý
$
(20.2
)
Ìý
$
(3.0
)
Ìý
$
(20.2
)
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
(3.0
)
Ìý
$
(20.2
)
Ìý
$
(3.0
)
Ìý
$
(20.2
)
Schedule Of Carrying Value And Fair Value Of Financial Instruments
A summary of the carrying amount and fair value of other financial instruments were as follows:
Ìý
Ìý
Ìý
(In Millions)
Ìý
Ìý
Ìý
JuneÌý30, 2018
Ìý
DecemberÌý31, 2017
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
Secured Notes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$400 Million 4.875% 2024 Senior Notes
Level 1
Ìý
$
391.3

Ìý
$
388.5

Ìý
$
390.3

Ìý
$
398.0

Unsecured Notes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$400 Million 5.90% 2020 Senior Notes
Level 1
Ìý
88.1

Ìý
88.4

Ìý
88.6

Ìý
88.0

$500 Million 4.80% 2020 Senior Notes
Level 1
Ìý
122.0

Ìý
120.5

Ìý
122.0

Ìý
118.8

$700 Million 4.875% 2021 Senior Notes
Level 1
Ìý
124.9

Ìý
124.6

Ìý
138.0

Ìý
130.8

$316.25 Million 1.50% 2025 Convertible Senior Notes
Level 1
Ìý
229.7

Ìý
384.5

Ìý
224.1

Ìý
352.9

$1.075 Billion 5.75% 2025 Senior Notes
Level 1
Ìý
1,047.1

Ìý
1,028.6

Ìý
1,047.2

Ìý
1,029.3

$800 Million 6.25% 2040 Senior Notes
Level 1
Ìý
292.7

Ìý
241.7

Ìý
292.6

Ìý
227.1

ABL Facility
Level 2
Ìý
—

Ìý
—

Ìý
—

Ìý
—

Fair value adjustment to interest rate hedge
Level 2
Ìý
1.2

Ìý
1.2

Ìý
1.4

Ìý
1.4

Total long-term debt
Ìý
Ìý
$
2,297.0

Ìý
$
2,378.0

Ìý
$
2,304.2

Ìý
$
2,346.3