Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.8.0.1
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Fair Value, by Balance Sheet Grouping [Table Text Block]
The following represents the assets and liabilities of the Company measured at fair value at September 30, 2017 and December 31, 2016:
 
(In Millions)
 
September 30, 2017
Description
Quoted Prices in Active
Markets for Identical Assets/Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
40.0

 
$
37.0

 
$
—

 
$
77.0

Derivative assets
—

 
—

 
89.5

 
89.5

Total
$
40.0

 
$
37.0

 
$
89.5

 
$
166.5

Liabilities:
 
 
 
 
 
 
 
Derivative liabilities
$
—

 
$
—

 
$
9.3

 
$
9.3

Total
$
—

 
$
—

 
$
9.3

 
$
9.3

 
(In Millions)
 
December 31, 2016
Description
Quoted Prices in Active
Markets for Identical Assets/Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
177.0

 
$
—

 
$
—

 
$
177.0

Derivative assets
—

 
1.5

 
31.6

 
33.1

Total
$
177.0

 
$
1.5

 
$
31.6

 
$
210.1

Liabilities:
 
 
 
 
 
 
 
Derivative liabilities
$
—

 
$
—

 
$
0.5

 
$
0.5

Total
$
—

 
$
—

 
$
0.5

 
$
0.5

Fair Value, Recurring and Nonrecurring, Valuation Techniques
The following table illustrates information about quantitative inputs and assumptions for the assets and liabilities categorized in Level 3 of the fair value hierarchy:
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
 
 
(In Millions)
Fair Value at September 30, 2017
 
Balance Sheet
Location
 
Valuation Technique
 
Unobservable Input
 
Range or Point Estimate
(Weighted Average)
 
Provisional pricing arrangements
 
$
4.7

 
Derivative assets
 
Market Approach
 
Management's
Estimate of Platts 62% Price
per dry metric ton
 
$61 - $74
($73)
 
 
 
 
Market Hot-Rolled Coil Steel Estimate
per net ton
 
$580 - $660
($625)
Provisional pricing arrangements
 
$
9.3

 
Derivative liabilities
 
Market Approach
 
Management's
Estimate of Platts 62% Price
per dry metric ton
 
$61 - $74
($73)
Customer supply agreements
 
$
84.8

 
Derivative assets
 
Market Approach
 
Customer Hot-Rolled Steel Estimate
per net ton
 
$558 - $622
($565)
 
 
 
 
Market Hot-Rolled Coil Steel Estimate
per net ton
 
$580 - $660
($625)
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation
 
(In Millions)
 
Level 3 Assets
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Beginning balance
$
72.5

 
$
25.8

 
$
31.6

 
$
7.8

Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
60.6

 
14.6

 
156.0

 
62.6

Settlements
(43.6
)
 
(12.0
)
 
(98.1
)
 
(42.0
)
Ending balance - September 30
$
89.5

 
$
28.4

 
$
89.5

 
$
28.4

Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
0.1

 
$
8.2

 
$
53.4

 
$
24.7

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
 
(In Millions)
 
Level 3 Liabilities
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Beginning balance
$
(20.9
)
 
$
(2.6
)
 
$
(0.5
)
 
$
(3.4
)
Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
(19.3
)
 
(2.9
)
 
(64.9
)
 
(12.8
)
Settlements
30.9

 
2.8

 
56.1

 
13.5

Ending balance - September 30
$
(9.3
)
 
$
(2.7
)
 
$
(9.3
)
 
$
(2.7
)
Total gains (losses) for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
6.0

 
$
(2.7
)
 
$
(14.8
)
 
$
(2.7
)
Schedule Of Carrying Value And Fair Value Of Financial Instruments
A summary of the carrying amount and fair value of other financial instruments at September 30, 2017 and December 31, 2016 were as follows:
 
 
 
(In Millions)
 
 
 
September 30, 2017
 
December 31, 2016
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Secured Notes
 
 
 
 
 
 
 
 
 
First Senior Lien Notes —$540 million
Level 1
 
$
—

 
$
—

 
$
506.3

 
$
595.0

1.5 Senior Lien Notes —$218.5 million
Level 2
 
—

 
—

 
284.2

 
229.5

Second Senior Lien Notes —$544.2 million
Level 1
 
—

 
—

 
339.1

 
439.7

Unsecured Notes
 
 
 
 
 
 
 
 
 
Senior Notes—$1.075 billion
Level 1
 
1,046.8

 
1,032.0

 
—

 
—

Senior Notes—$400 million
Level 1
 
88.5

 
88.4

 
224.5

 
219.6

Senior Notes—$500 million
Level 1
 
122.0

 
116.9

 
235.9

 
221.1

Senior Notes—$700 million
Level 1
 
138.0

 
132.4

 
308.2

 
283.1

Senior Notes—$800 million
Level 1
 
292.6

 
249.0

 
292.5

 
234.7

ABL Facility
Level 2
 
—

 
—

 
—

 
—

Fair value adjustment to interest rate hedge
Level 2
 
1.5

 
1.5

 
1.9

 
1.9

Total long-term debt
 
 
$
1,689.4

 
$
1,620.2

 
$
2,192.6

 
$
2,224.6

Fair Value Measurements, Nonrecurring [Table Text Block]
Items Measured at Fair Value on a Non-Recurring Basis
The following tables present information about the financial assets and liabilities that were measured on a fair value basis at September 30, 2017 and December 31, 2016 for the Canadian Entities. The tables also indicate the fair value hierarchy of the valuation techniques used to determine such fair value.
 
 
(In Millions)
 
 
September 30, 2017
Description
 
Quoted Prices in Active
Markets for Identical Assets/
Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
 
Total Year-to-Date Gains
Assets:
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivables from the Canadian Entities
 
$
—

 
$
—

 
$
51.9

 
$
51.9

 
$
3.3

Liabilities:
 
 
 
 
 
 
 
 
 
 
Guarantees
 
$
—

 
$
—

 
$
—

 
$
—

 
$
31.4

    
 
 
(In Millions)
 
 
December 31, 2016
Description
 
Quoted Prices in Active
Markets for Identical Assets/
Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
 
Total Year-to-Date Gains (Losses)
Assets:
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivables from the Canadian Entities
 
$
—

 
$
—

 
$
48.6

 
$
48.6

 
$
(17.5
)
Liabilities:
 
 
 
 
 
 
 
 
 
 
Guarantees
 
$
—

 
$
—

 
$
37.2

 
$
37.2

 
$
0.4