SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)
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9 Months Ended |
Sep. 30, 2020 |
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| Disclosure Text Block [Abstract] |
Ìý
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| Revenues from Product Sales and Services [Table Text Block] |
The following table represents our consolidated Revenues (excluding intercompany revenues) by market:
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(In Millions) |
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2020 |
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2019 |
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2020 |
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2019 |
| Steel and Manufacturing: |
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| Automotive |
$ |
920.0Ìý
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$ |
—Ìý |
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$ |
1,404.0Ìý
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$ |
—Ìý |
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| Infrastructure and manufacturing |
198.8Ìý
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—Ìý |
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446.2Ìý
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—Ìý |
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| Distributors and converters |
142.9Ìý
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—Ìý |
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344.1Ìý
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—Ìý |
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| Total Steel and Manufacturing |
1,261.7Ìý
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—Ìý |
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2,194.3Ìý
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—Ìý |
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| Mining and Pelletizing: |
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Steel producers1
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384.3Ìý
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555.6Ìý |
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903.5Ìý
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1,455.8Ìý |
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| Total revenues |
$ |
1,646.0Ìý
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$ |
555.6Ìý |
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$ |
3,097.8Ìý
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$ |
1,455.8Ìý |
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1 Includes Realization of deferred revenue of $34.6 million for the nine months ended SeptemberÌý30, 2020.
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ÌýÌýÌýÌýThe following table represents our consolidated Revenues (excluding intercompany revenues) by product line:
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(In Millions) |
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2020 |
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2019 |
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2020 |
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2019 |
| Steel and Manufacturing: |
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| Carbon steel |
$ |
821.2Ìý
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$ |
—Ìý |
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$ |
1,391.6Ìý
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$ |
—Ìý |
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| Stainless and electrical steel |
303.2Ìý
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—Ìý |
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585.1Ìý
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—Ìý |
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| Tubular products, components and other |
137.3Ìý
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—Ìý |
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217.6Ìý
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—Ìý |
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| Total Steel and Manufacturing |
1,261.7Ìý
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—Ìý |
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2,194.3Ìý
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—Ìý |
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| Mining and Pelletizing: |
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Iron ore1
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357.1Ìý
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515.0Ìý |
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838.1Ìý
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1,357.8Ìý |
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| Freight |
27.2Ìý
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40.6Ìý |
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65.4Ìý
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98.0Ìý |
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| Total Mining and Pelletizing |
384.3Ìý
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555.6Ìý |
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903.5Ìý
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1,455.8Ìý |
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| Total revenues |
$ |
1,646.0Ìý
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$ |
555.6Ìý |
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$ |
3,097.8Ìý
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$ |
1,455.8Ìý |
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1 Includes Realization of deferred revenue of $34.6 million for the nine months ended SeptemberÌý30, 2020.
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| 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:
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(In Millions) |
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2020 |
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2019 |
| Allowance for credit losses as of January 1 |
$ |
—Ìý
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$ |
—Ìý |
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| Increase in allowance |
5.2Ìý
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—Ìý |
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| Allowance for credit losses as of September 30 |
$ |
5.2Ìý
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$ |
—Ìý |
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| 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:
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(In Millions) |
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September 30,
2020 |
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December 31,
2019 |
| Product inventories |
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| Finished and semi-finished goods |
$ |
940.5Ìý
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$ |
114.1Ìý |
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| Work-in-process |
78.2Ìý
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68.7Ìý |
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| Raw materials |
382.3Ìý
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9.4Ìý |
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| Total product inventories |
1,401.0Ìý
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192.2Ìý |
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| Manufacturing supplies and critical spares |
394.1Ìý
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125.2Ìý |
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| Inventories |
$ |
1,795.1Ìý
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$ |
317.4Ìý |
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| Contract with Customer, Asset and Liability [Table Text Block] |
The table below summarizes our deferred revenue balances:
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(In Millions) |
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Deferred Revenue (Current) |
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Deferred Revenue (Long-Term) |
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2020 |
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2019 |
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2020 |
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2019 |
| Opening balance as of January 1 |
$ |
22.1Ìý
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$ |
21.0Ìý |
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$ |
25.7Ìý
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$ |
38.5Ìý |
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| Net decrease |
(19.8) |
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(2.7) |
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(25.7) |
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(8.5) |
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| Closing balance as of September 30 |
$ |
2.3Ìý
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$ |
18.3Ìý |
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$ |
—Ìý
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$ |
30.0Ìý |
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| 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:
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(In Millions) |
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September 30,
2020 |
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December 31, 2019 |
| Accrued employment costs |
$ |
146.6Ìý
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$ |
61.7Ìý |
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| Accrued interest |
81.8Ìý
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29.0Ìý |
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| Accrued dividends |
1.0Ìý
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17.8Ìý |
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| Other |
50.0Ìý
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17.8Ìý |
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| Accrued liabilities |
$ |
279.4Ìý
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$ |
126.3Ìý |
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| Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] |
A reconciliation of capital additions to cash paid for capital expenditures is as follows:
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(In Millions) |
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Nine Months Ended
September 30, |
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2020 |
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2019 |
| Capital additions |
$ |
333.0Ìý
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$ |
505.6Ìý |
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| Less: |
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| Non-cash accruals |
(88.4) |
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26.1Ìý |
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| Right-of-use assets - finance leases |
42.5Ìý
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29.3Ìý |
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| Grants |
—Ìý
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(10.5) |
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| Cash paid for capital expenditures including deposits |
$ |
378.9Ìý
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$ |
460.7Ìý |
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ÌýÌýÌýÌýCash payments (receipts) for income taxes and interest are as follows:
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(In Millions) |
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Nine Months Ended
September 30, |
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2020 |
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2019 |
| Taxes paid on income |
$ |
3.2Ìý
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$ |
0.1Ìý |
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| Income tax refunds |
(119.3) |
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(117.9) |
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Interest paid on debt obligations net of capitalized interest1
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106.0Ìý
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71.9Ìý |
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1 Capitalized interest was $38.0 million and $16.9 million for the nine months ended SeptemberÌý30, 2020 and 2019, respectively.
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ÌýÌýÌýÌýNon-Cash Investing and Financing Activities
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(In Millions) |
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Nine Months Ended
September 30, |
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2020 |
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2019 |
| Fair value of common shares issued for consideration for business combination |
$ |
617.6Ìý
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$ |
—Ìý |
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| Fair value of equity awards assumed from AK Steel acquisition |
3.9Ìý
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—Ìý |
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