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Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.20.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2020
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
MarchÌý31, 2020
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
Other current assets:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Commodity contracts
$
—

Ìý
$
1.6

Ìý
$
—

Ìý
$
1.6

Customer supply agreement
—

Ìý
—

Ìý
19.0

Ìý
19.0

Provisional pricing arrangement
—

Ìý
—

Ìý
0.6

Ìý
0.6

ÌýÌýÌýÌýÌýTotal
$
—

Ìý
$
1.6

Ìý
$
19.6

Ìý
$
21.2

Liabilities:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Other current liabilities:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Commodity contracts
$
—

Ìý
$
26.5

Ìý
$
—

Ìý
$
26.5

Foreign exchange contracts
—

Ìý
1.6

Ìý
—

Ìý
1.6

Other non-current liabilities:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Commodity contracts
—

Ìý
3.4

Ìý
—

Ìý
3.4

Foreign exchange contracts
—

Ìý
0.9

Ìý
—

Ìý
0.9

ÌýÌýÌýÌýÌýTotal
$
—

Ìý
$
32.4

Ìý
$
—

Ìý
$
32.4

Ìý
(In Millions)
Ìý
DecemberÌý31, 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 - Commercial paper
$
—

Ìý
$
187.6

Ìý
$
—

Ìý
$
187.6

Other current assets:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Customer supply agreement
—

Ìý
—

Ìý
44.5

Ìý
44.5

Provisional pricing arrangement
—

Ìý
—

Ìý
1.3

Ìý
1.3

Total
$
—

Ìý
$
187.6

Ìý
$
45.8

Ìý
$
233.4

Liabilities:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Other current liabilities:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Commodity contracts
$
—

Ìý
$
3.2

Ìý
$
—

Ìý
$
3.2

Provisional pricing arrangement
—

Ìý
—

Ìý
1.1

Ìý
1.1

Total
$
—

Ìý
$
3.2

Ìý
$
1.1

Ìý
$
4.3


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:
Ìý
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
Ìý
Ìý
Ìý
Fair Value at March 31, 2020
(In Millions)
Ìý
Balance Sheet
Location
Ìý
Valuation Technique
Ìý
Unobservable Input
Ìý
Point Estimate
Ìý
Ìý
Customer supply agreement
Ìý
$
19.0

Ìý
Other current assets
Ìý
Market Approach
Ìý
Management's estimate of hot-rolled coil steel price per net ton
Ìý
$559
Ìý
Provisional pricing arrangements
Ìý
$
0.6

Ìý
Other current assets
Ìý
Market Approach
Ìý
PPI Estimates
Ìý
136.5

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
March 31,
Ìý
2020
Ìý
2019
Beginning balance - January 1
$
45.8

Ìý
$
91.4

Total gains (losses) included in earnings
(26.2
)
Ìý
15.3

Ending balance - March 31
$
19.6

Ìý
$
106.7

Total gains (losses) for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
(25.3
)
Ìý
$
15.3


Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Ìý
(In Millions)
Ìý
Level 3 Liabilities
Ìý
Three Months Ended
March 31,
Ìý
2020
Ìý
2019
Beginning balance - January 1
$
(1.1
)
Ìý
$
—

Total losses included in earnings
(0.6
)
Ìý
(9.8
)
Settlements
1.7

Ìý
—

Ending balance - March 31
$
—

Ìý
$
(9.8
)
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
—

Ìý
$
(9.8
)

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
MarchÌý31, 2020
Ìý
DecemberÌý31, 2019
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
Level 1
Ìý
$
3,455.3

Ìý
$
2,712.8

Ìý
$
2,113.8

Ìý
$
2,237.0

IRBs due 2020 to 2028
Level 1
Ìý
101.8

Ìý
101.4

Ìý
—

Ìý
—

ABL Facility - outstanding balance
Level 2
Ìý
800.0

Ìý
800.0

Ìý
—

Ìý
—

Total long-term debt
Ìý
Ìý
$
4,357.1

Ìý
$
3,614.2

Ìý
$
2,113.8

Ìý
$
2,237.0