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Quarterly report pursuant to Section 13 or 15(d)

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)

v3.20.2
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 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
June 30,
Ìý
Six Months Ended
June 30,
Ìý
2020
Ìý
2019
Ìý
2020
Ìý
2019
Steel and Manufacturing:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Automotive
$
363.8

Ìý
$
—

Ìý
$
484.0

Ìý
$
—

Infrastructure and manufacturing
203.4

Ìý
—

Ìý
247.4

Ìý
—

Distributors and converters
147.9

Ìý
—

Ìý
201.2

Ìý
—

Total Steel and Manufacturing
715.1

Ìý
—

Ìý
932.6

Ìý
—

Mining and Pelletizing:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Steel producers1
377.6

Ìý
743.2

Ìý
519.2

Ìý
900.2

Total revenues
$
1,092.7

Ìý
$
743.2

Ìý
$
1,451.8

Ìý
$
900.2

1 Includes Realization of deferred revenue of $34.6 million for the six months ended JuneÌý30, 2020.
The following table represents our consolidated Revenues (excluding intercompany revenues) by product line:
Ìý
(In Millions)
Ìý
Three Months Ended
June 30,
Ìý
Six Months Ended
June 30,
Ìý
2020
Ìý
2019
Ìý
2020
Ìý
2019
Steel and Manufacturing:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Carbon steel
$
431.8

Ìý
$
—

Ìý
$
570.4

Ìý
$
—

Stainless and electrical steel
222.5

Ìý
—

Ìý
281.9

Ìý
—

Tubular products, components and other
60.8

Ìý
—

Ìý
80.3

Ìý
—

Total Steel and Manufacturing
715.1

Ìý
—

Ìý
932.6

Ìý
—

Mining and Pelletizing:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Iron ore1
349.7

Ìý
697.4

Ìý
481.0

Ìý
842.8

Freight
27.9

Ìý
45.8

Ìý
38.2

Ìý
57.4

Total Mining and Pelletizing
377.6

Ìý
743.2

Ìý
519.2

Ìý
900.2

Total revenues
$
1,092.7

Ìý
$
743.2

Ìý
$
1,451.8

Ìý
$
900.2

1 Includes Realization of deferred revenue of $34.6 million for the six months ended JuneÌý30, 2020.
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
2020
Ìý
2019
Allowance for credit losses as of January 1
$
—

Ìý
$
—

Increase in allowance
4.3

Ìý
—

Allowance for credit losses as of June 30
$
4.3

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
JuneÌý30,
2020
Ìý
DecemberÌý31,
2019
Product inventories
Ìý
Ìý
Ìý
Finished and semi-finished goods
$
1,026.4

Ìý
$
114.1

Work-in-process
89.5

Ìý
68.7

Raw materials
438.0

Ìý
9.4

Total product inventories
1,553.9

Ìý
192.2

Manufacturing supplies and critical spares
379.7

Ìý
125.2

Inventories
$
1,933.6

Ìý
$
317.4


Contract with Customer, Asset and Liability [Table Text Block]
The table below summarizes our deferred revenue balances:
Ìý
(In Millions)
Ìý
Deferred Revenue (Current)
Ìý
Deferred Revenue (Long-Term)
Ìý
2020
Ìý
2019
Ìý
2020
Ìý
2019
Opening balance as of January 1
$
22.1

Ìý
$
21.0

Ìý
$
25.7

Ìý
$
38.5

Net decrease
(17.2
)
Ìý
(5.5
)
Ìý
(25.7
)
Ìý
(4.2
)
Closing balance as of June 30
$
4.9

Ìý
$
15.5

Ìý
$
—

Ìý
$
34.3


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
JuneÌý30,
2020
Ìý
DecemberÌý31, 2019
Accrued employment costs
$
153.8

Ìý
$
61.7

Accrued interest
71.5

Ìý
29.0

Accrued dividends
1.1

Ìý
17.8

Other
61.9

Ìý
17.8

Accrued liabilities
$
288.3

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
Six Months Ended
June 30,
Ìý
2020
Ìý
2019
Capital additions
$
230.7

Ìý
$
320.9

Less:
Ìý
Ìý
Ìý
Non-cash accruals
(91.6
)
Ìý
3.6

Right-of-use assets - finance leases
39.4

Ìý
24.8

Grants
—

Ìý
(8.4
)
Cash paid for capital expenditures including deposits
$
282.9

Ìý
$
300.9

Cash payments (receipts) for income taxes and interest are as follows:
Ìý
(In Millions)
Ìý
Six Months Ended
June 30,
Ìý
2020
Ìý
2019
Taxes paid on income
$
0.2

Ìý
$
0.1

Income tax refunds
(60.4
)
Ìý
(117.9
)
Interest paid on debt obligations net of capitalized interest1
63.0

Ìý
53.2

1 Capitalized interest was $23.3 million and $9.9 million for the six months ended JuneÌý30, 2020 and 2019, respectively.
Non-Cash Investing and Financing Activities
Ìý
(In Millions)
Ìý
Six Months Ended
June 30,
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
3.9

Ìý
—