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Quarterly report pursuant to Section 13 or 15(d)

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)

v3.20.1
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2020
Disclosure Text Block [Abstract] Ìý
Revenues from Product Sales and Services [Table Text Block]
The following table represents our consolidated Revenues (excluding intercompany revenues) by market:
Ìý
(In Millions)
Ìý
Three Months Ended
March 31,
Ìý
2020
Ìý
2019
Steel and Manufacturing:
Ìý
Ìý
Ìý
Automotive
$
120.2

Ìý
$
—

Infrastructure and manufacturing
44.0

Ìý
—

Distributors and converters
53.3

Ìý
—

Total Steel and Manufacturing
217.5

Ìý
—

Mining and Pelletizing:
Ìý
Ìý
Ìý
Steel producers1
141.6

Ìý
157.0

Total revenues
$
359.1

Ìý
$
157.0

1 Includes Realization of deferred revenue of $34.6 million for the three months ended March 31, 2020.
The following table represents our consolidated Revenues (excluding intercompany revenues) by product line:
Ìý
(In Millions)
Ìý
Three Months Ended
March 31,
Ìý
2020
Ìý
2019
Steel and Manufacturing:
Ìý
Ìý
Ìý
Carbon steel
$
138.6

Ìý
$
—

Stainless and electrical steel
59.4

Ìý
—

Tubular products, components and other
19.5

Ìý
—

Total Steel and Manufacturing
217.5

Ìý
—

Mining and Pelletizing:
Ìý
Ìý
Ìý
Iron ore1
131.3

Ìý
145.4

Freight
10.3

Ìý
11.6

Total Mining and Pelletizing
141.6

Ìý
157.0

Total revenues
$
359.1

Ìý
$
157.0

1 Includes Realization of deferred revenue of $34.6 million for the three months ended March 31, 2020.

[1]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
The following is a roll forward of our allowance for credit losses associated with Accounts receivable, net:
Ìý
(In Millions)
Ìý
MarchÌý31,
2020
Ìý
March 31,
2019
Allowance for credit losses at beginning of period
$
—

Ìý
$
—

Increase in allowance
1.2

Ìý
—

Allowance for credit losses at end of period
$
1.2

Ìý
$
—


Schedule of Inventory, Current [Table Text Block]
The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position:
Ìý
(In Millions)
Ìý
MarchÌý31,
2020
Ìý
DecemberÌý31,
2019
Product inventories
Ìý
Ìý
Ìý
Finished and semi-finished goods
$
1,358.9

Ìý
$
114.1

Work-in-process
88.0

Ìý
68.7

Raw materials
343.0

Ìý
9.4

Total product inventories
1,789.9

Ìý
192.2

Manufacturing supplies and critical spares
358.9

Ìý
125.2

Inventories
$
2,148.8

Ìý
$
317.4


Schedule of Accrued Liabilities [Table Text Block]
The following table presents the detail of our Accrued liabilities in the Statements of Unaudited Condensed Consolidated Financial Position:
Ìý
(In Millions)
Ìý
MarchÌý31,
2020
Ìý
DecemberÌý31, 2019
Accrued employment costs
$
158.3

Ìý
$
61.7

Accrued interest
47.1

Ìý
29.0

Accrued dividends
24.9

Ìý
17.8

Other
69.5

Ìý
17.8

Accrued liabilities
$
299.8

Ìý
$
126.3


Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]
A reconciliation of capital additions to cash paid for capital expenditures is as follows:
Ìý
(In Millions)
Ìý
Three Months Ended
March 31,
Ìý
2020
Ìý
2019
Capital additions
$
157.7

Ìý
$
129.3

Less:
Ìý
Ìý
Ìý
Non-cash accruals
(10.3
)
Ìý
(11.5
)
Right-of-use assets - finance leases
29.9

Ìý
15.1

Grants
—

Ìý
(8.4
)
Cash paid for capital expenditures including deposits
$
138.1

Ìý
$
134.1

Cash payments (receipts) for income taxes and interest are as follows:
Ìý
(In Millions)
Ìý
Three Months Ended
March 31,
Ìý
2020
Ìý
2019
Taxes paid on income
$
0.1

Ìý
$
0.1

Income tax refunds
(60.4
)
Ìý
—

Interest paid on debt obligations net of capitalized interest1
29.7

Ìý
39.2

1 Capitalized interest was $9.7 million and $4.0 million for the three months ended March 31, 2020 and 2019, respectively.
Non-Cash Investing and Financing Activities
Ìý
(In Millions)
Ìý
Three Months Ended
March 31,
Ìý
2020
Ìý
2019
Fair value of common shares issued for consideration for business combination
$
617.6

Ìý
$
—

Fair value of equity awards assumed from AK Steel acquisition
4.3

Ìý
—

Dividends declared
24.0

Ìý
14.5


[1]
1 Includes Realization of deferred revenue of $34.6 million for the three months ended March 31, 2020.