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Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.19.3
FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2019
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
SeptemberÌý30, 2019
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
Assets:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Cash equivalents
$
—

Ìý
$
272.5

Ìý
$
—

Ìý
$
272.5

Derivative assets
—

Ìý
—

Ìý
72.8

Ìý
72.8

Total
$
—

Ìý
$
272.5

Ìý
$
72.8

Ìý
$
345.3

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

Ìý
$
2.4

Ìý
$
30.2

Ìý
$
32.6

Total
$
—

Ìý
$
2.4

Ìý
$
30.2

Ìý
$
32.6

Ìý
(In Millions)
Ìý
DecemberÌý31, 2018
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
Assets:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Cash equivalents
$
0.8

Ìý
$
542.6

Ìý
$
—

Ìý
$
543.4

Derivative assets
—

Ìý
0.1

Ìý
91.4

Ìý
91.5

Total
$
0.8

Ìý
$
542.7

Ìý
$
91.4

Ìý
$
634.9

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

Ìý
$
3.7

Ìý
$
—

Ìý
$
3.7

Total
$
—

Ìý
$
3.7

Ìý
$
—

Ìý
$
3.7


Fair Value, Recurring and Nonrecurring, Valuation Techniques
The following table illustrates information about qualitative and quantitative inputs and assumptions for the assets and liabilities categorized in Level 3 of the fair value hierarchy:
Ìý
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
Ìý
Ìý
Ìý
(In Millions)
Fair Value at September 30, 2019
Ìý
Balance Sheet
Location
Ìý
Valuation Technique
Ìý
Unobservable Input
Ìý
Range or Point Estimate
(Weighted Average)
Ìý
Ìý
Customer supply agreement
Ìý
$
71.2

Ìý
Derivative assets
Ìý
Market Approach
Ìý
Management's Estimate of Hot-Rolled Coil Steel Price per net ton
Ìý
$631 - $700
$(633)
Ìý
Provisional pricing arrangements
Ìý
$
1.6

Ìý
Derivative assets
Ìý
Market Approach
Ìý
Management's Estimate of Platts 62% Price per dry metric ton for respective contract period
Ìý
$100
Ìý
Provisional pricing arrangements
Ìý
$
30.2

Ìý
Derivative liabilities
Ìý
Market Approach
Ìý
PPI Estimates
Ìý
172 - 214
(198)
Ìý
Ìý
Ìý
Management's Estimate of Platts 62% Price per dry metric ton for respective contract period
Ìý
$87 - $100
$(96)
Ìý
Ìý
Atlantic Basin Pellet Premium per metric ton
Ìý
$59

Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation
The following tables reconcile 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
September 30,
Ìý
Nine Months Ended
September 30,
Ìý
2019
Ìý
2018
Ìý
2019
Ìý
2018
Beginning balance
$
118.1

Ìý
$
174.6

Ìý
$
91.4

Ìý
$
49.5

Total gains (losses) included in earnings
(6.5
)
Ìý
139.0

Ìý
83.1

Ìý
341.8

Settlements
(38.8
)
Ìý
(123.0
)
Ìý
(101.7
)
Ìý
(200.7
)
Ending balance - September 30
$
72.8

Ìý
$
190.6

Ìý
$
72.8

Ìý
$
190.6

Total gains (losses) for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
(6.5
)
Ìý
$
15.9

Ìý
$
81.8

Ìý
$
141.0


Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Ìý
(In Millions)
Ìý
Level 3 Liabilities
Ìý
Three Months Ended
September 30,
Ìý
Nine Months Ended
September 30,
Ìý
2019
Ìý
2018
Ìý
2019
Ìý
2018
Beginning balance
$
—

Ìý
$
(3.0
)
Ìý
$
—

Ìý
$
(1.7
)
Total losses included in earnings
(34.4
)
Ìý
(3.1
)
Ìý
(39.7
)
Ìý
(7.4
)
Settlements
4.2

Ìý
0.4

Ìý
9.5

Ìý
3.4

Ending balance - September 30
$
(30.2
)
Ìý
$
(5.7
)
Ìý
$
(30.2
)
Ìý
$
(5.7
)
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
(30.2
)
Ìý
$
(2.7
)
Ìý
$
(30.2
)
Ìý
$
(5.7
)

Schedule Of Carrying Value And Fair Value Of Financial Instruments A summary of the carrying value and fair value of other financial instruments were as follows:
Ìý
Ìý
Ìý
(In Millions)
Ìý
Ìý
Ìý
SeptemberÌý30, 2019
Ìý
DecemberÌý31, 2018
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
$
393.2

Ìý
$
408.9

Ìý
$
392.1

Ìý
$
370.2

Unsecured Notes
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
$700 Million 4.875% 2021 Senior Notes
Level 1
Ìý
—

Ìý
—

Ìý
123.8

Ìý
122.3

$316.25 Million 1.50% 2025 Convertible Senior Notes
Level 1
Ìý
243.8

Ìý
345.8

Ìý
235.2

Ìý
352.4

$1.075 Billion 5.75% 2025 Senior Notes
Level 1
Ìý
463.7

Ìý
466.2

Ìý
1,048.8

Ìý
962.0

$750 Million 5.875% 2027 Senior Notes
Level 1
Ìý
715.5

Ìý
712.2

Ìý
—

Ìý
—

$800 Million 6.25% 2040 Senior Notes
Level 1
Ìý
292.9

Ìý
254.4

Ìý
292.8

Ìý
232.8

ABL Facility
Level 2
Ìý
—

Ìý
—

Ìý
—

Ìý
—

Fair value adjustment to interest rate hedge
Level 2
Ìý
—

Ìý
—

Ìý
0.2

Ìý
0.2

Total long-term debt
Ìý
Ìý
$
2,109.1

Ìý
$
2,187.5

Ìý
$
2,092.9

Ìý
$
2,039.9