SUPPLEMENTARY GUARANTOR INFORMATION (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
Dec. 31, 2015 |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
| Schedule of Supplemental Condensed Consolidating Financial Position |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Financial Position |
As of December 31, 2017 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
948.9 |
|
|
$ |
2.1 |
|
|
$ |
56.7 |
|
|
$ |
— |
|
|
$ |
1,007.7 |
|
Accounts receivable, net |
4.5 |
|
|
102.9 |
|
|
33.9 |
|
|
(0.7 |
) |
|
140.6 |
|
Inventories |
— |
|
|
138.4 |
|
|
45.0 |
|
|
— |
|
|
183.4 |
|
Supplies and other inventories |
— |
|
|
88.8 |
|
|
5.1 |
|
|
— |
|
|
93.9 |
|
Derivative assets |
— |
|
|
37.9 |
|
|
1.5 |
|
|
— |
|
|
39.4 |
|
Loans to and accounts receivables from the Canadian Entities |
44.7 |
|
|
6.9 |
|
|
— |
|
|
— |
|
|
51.6 |
|
Other current assets |
16.4 |
|
|
7.5 |
|
|
4.1 |
|
|
— |
|
|
28.0 |
|
TOTAL CURRENT ASSETS |
1,014.5 |
|
|
384.5 |
|
|
146.3 |
|
|
(0.7 |
) |
|
1,544.6 |
|
PROPERTY, PLANT AND EQUIPMENT, NET |
17.5 |
|
|
959.0 |
|
|
74.5 |
|
|
— |
|
|
1,051.0 |
|
INCOME TAX RECEIVABLE |
235.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
235.3 |
|
INVESTMENT IN SUBSIDIARIES |
1,024.3 |
|
|
29.9 |
|
|
— |
|
|
(1,054.2 |
) |
|
— |
|
LONG-TERM INTERCOMPANY NOTES |
— |
|
|
— |
|
|
242.0 |
|
|
(242.0 |
) |
|
— |
|
OTHER NON-CURRENT ASSETS |
7.8 |
|
|
93.0 |
|
|
21.7 |
|
|
— |
|
|
122.5 |
|
TOTAL ASSETS |
$ |
2,299.4 |
|
|
$ |
1,466.4 |
|
|
$ |
484.5 |
|
|
$ |
(1,296.9 |
) |
|
$ |
2,953.4 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
7.1 |
|
|
$ |
89.7 |
|
|
$ |
31.6 |
|
|
$ |
(0.7 |
) |
|
$ |
127.7 |
|
Accrued employment costs |
13.7 |
|
|
38.9 |
|
|
3.5 |
|
|
— |
|
|
56.1 |
|
State and local taxes payable |
— |
|
|
30.0 |
|
|
0.2 |
|
|
— |
|
|
30.2 |
|
Accrued expenses |
5.3 |
|
|
13.2 |
|
|
15.2 |
|
|
— |
|
|
33.7 |
|
Accrued interest |
31.4 |
|
|
— |
|
|
— |
|
|
— |
|
|
31.4 |
|
Accrued royalties |
— |
|
|
7.8 |
|
|
9.5 |
|
|
— |
|
|
17.3 |
|
Contingent claims |
55.6 |
|
|
— |
|
|
— |
|
|
— |
|
|
55.6 |
|
Partnership distribution payable |
— |
|
|
44.2 |
|
|
— |
|
|
— |
|
|
44.2 |
|
Other current liabilities |
2.1 |
|
|
33.5 |
|
|
20.4 |
|
|
— |
|
|
56.0 |
|
TOTAL CURRENT LIABILITIES |
115.2 |
|
|
257.3 |
|
|
80.4 |
|
|
(0.7 |
) |
|
452.2 |
|
POSTEMPLOYMENT BENEFIT LIABILITIES |
|
|
|
|
|
|
|
|
|
Pensions |
59.2 |
|
|
403.6 |
|
|
(240.0 |
) |
|
— |
|
|
222.8 |
|
Other postretirement benefits |
7.2 |
|
|
27.0 |
|
|
0.7 |
|
|
— |
|
|
34.9 |
|
TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES |
66.4 |
|
|
430.6 |
|
|
(239.3 |
) |
|
— |
|
|
257.7 |
|
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS |
— |
|
|
140.6 |
|
|
55.9 |
|
|
— |
|
|
196.5 |
|
LONG-TERM DEBT |
2,304.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,304.2 |
|
LONG-TERM INTERCOMPANY NOTES |
242.0 |
|
|
— |
|
|
— |
|
|
(242.0 |
) |
|
— |
|
OTHER LIABILITIES |
15.7 |
|
|
147.2 |
|
|
24.0 |
|
|
— |
|
|
186.9 |
|
TOTAL LIABILITIES |
2,743.5 |
|
|
975.7 |
|
|
(79.0 |
) |
|
(242.7 |
) |
|
3,397.5 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
|
TOTAL CLIFFS SHAREHOLDERS' DEFICIT |
(444.1 |
) |
|
490.7 |
|
|
563.3 |
|
|
(1,054.2 |
) |
|
(444.3 |
) |
NONCONTROLLING INTEREST |
— |
|
|
— |
|
|
0.2 |
|
|
— |
|
|
0.2 |
|
TOTAL DEFICIT |
(444.1 |
) |
|
490.7 |
|
|
563.5 |
|
|
(1,054.2 |
) |
|
(444.1 |
) |
TOTAL LIABILITIES AND DEFICIT |
$ |
2,299.4 |
|
|
$ |
1,466.4 |
|
|
$ |
484.5 |
|
|
$ |
(1,296.9 |
) |
|
$ |
2,953.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Financial Position |
As of December 31, 2016 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
283.4 |
|
|
$ |
2.5 |
|
|
$ |
37.5 |
|
|
$ |
— |
|
|
$ |
323.4 |
|
Accounts receivable, net |
4.5 |
|
|
59.3 |
|
|
65.7 |
|
|
(0.8 |
) |
|
128.7 |
|
Inventories |
— |
|
|
137.0 |
|
|
41.4 |
|
|
— |
|
|
178.4 |
|
Supplies and other inventories |
— |
|
|
86.4 |
|
|
5.0 |
|
|
— |
|
|
91.4 |
|
Derivative assets |
— |
|
|
31.7 |
|
|
1.4 |
|
|
— |
|
|
33.1 |
|
Loans to and accounts receivables from the Canadian Entities |
41.7 |
|
|
6.9 |
|
|
— |
|
|
— |
|
|
48.6 |
|
Other current assets |
8.6 |
|
|
8.2 |
|
|
4.2 |
|
|
— |
|
|
21.0 |
|
TOTAL CURRENT ASSETS |
338.2 |
|
|
332.0 |
|
|
155.2 |
|
|
(0.8 |
) |
|
824.6 |
|
PROPERTY, PLANT AND EQUIPMENT, NET |
21.4 |
|
|
937.7 |
|
|
25.3 |
|
|
— |
|
|
984.4 |
|
INVESTMENT IN SUBSIDIARIES |
882.4 |
|
|
24.6 |
|
|
— |
|
|
(907.0 |
) |
|
— |
|
LONG-TERM INTERCOMPANY NOTES |
— |
|
|
— |
|
|
197.0 |
|
|
(197.0 |
) |
|
— |
|
OTHER NON-CURRENT ASSETS |
11.0 |
|
|
94.1 |
|
|
9.8 |
|
|
— |
|
|
114.9 |
|
TOTAL ASSETS |
$ |
1,253.0 |
|
|
$ |
1,388.4 |
|
|
$ |
387.3 |
|
|
$ |
(1,104.8 |
) |
|
$ |
1,923.9 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
1.6 |
|
|
$ |
92.6 |
|
|
$ |
14.2 |
|
|
$ |
(0.8 |
) |
|
$ |
107.6 |
|
Accrued employment costs |
15.6 |
|
|
34.6 |
|
|
5.9 |
|
|
— |
|
|
56.1 |
|
State and local taxes payable |
— |
|
|
28.1 |
|
|
0.2 |
|
|
— |
|
|
28.3 |
|
Accrued expenses |
7.6 |
|
|
14.4 |
|
|
19.1 |
|
|
— |
|
|
41.1 |
|
Accrued interest |
40.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
40.2 |
|
Accrued royalties |
— |
|
|
13.0 |
|
|
13.2 |
|
|
— |
|
|
26.2 |
|
Partnership distribution payable |
— |
|
|
8.7 |
|
|
— |
|
|
— |
|
|
8.7 |
|
Other current liabilities |
23.0 |
|
|
35.3 |
|
|
24.6 |
|
|
— |
|
|
82.9 |
|
TOTAL CURRENT LIABILITIES |
88.0 |
|
|
226.7 |
|
|
77.2 |
|
|
(0.8 |
) |
|
391.1 |
|
POSTEMPLOYMENT BENEFIT LIABILITIES |
|
|
|
|
|
|
|
|
|
Pensions |
56.9 |
|
|
397.4 |
|
|
(208.6 |
) |
|
— |
|
|
245.7 |
|
Other postretirement benefits |
7.6 |
|
|
26.5 |
|
|
0.7 |
|
|
— |
|
|
34.8 |
|
TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES |
64.5 |
|
|
423.9 |
|
|
(207.9 |
) |
|
— |
|
|
280.5 |
|
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS |
— |
|
|
153.9 |
|
|
40.0 |
|
|
— |
|
|
193.9 |
|
LONG-TERM DEBT |
2,175.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,175.1 |
|
LONG-TERM INTERCOMPANY NOTES |
197.0 |
|
|
— |
|
|
— |
|
|
(197.0 |
) |
|
— |
|
OTHER LIABILITIES |
58.9 |
|
|
118.8 |
|
|
36.1 |
|
|
— |
|
|
213.8 |
|
TOTAL LIABILITIES |
2,583.5 |
|
|
923.3 |
|
|
(54.6 |
) |
|
(197.8 |
) |
|
3,254.4 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
|
TOTAL CLIFFS SHAREHOLDERS' DEFICIT |
(1,330.5 |
) |
|
331.5 |
|
|
441.7 |
|
|
(907.0 |
) |
|
(1,464.3 |
) |
NONCONTROLLING INTEREST |
— |
|
|
133.6 |
|
|
0.2 |
|
|
— |
|
|
133.8 |
|
TOTAL DEFICIT |
(1,330.5 |
) |
|
465.1 |
|
|
441.9 |
|
|
(907.0 |
) |
|
(1,330.5 |
) |
TOTAL LIABILITIES AND DEFICIT |
$ |
1,253.0 |
|
|
$ |
1,388.4 |
|
|
$ |
387.3 |
|
|
$ |
(1,104.8 |
) |
|
$ |
1,923.9 |
|
|
|
| Schedule of Supplemental Statements of Condensed Consolidating Operations and Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) |
For the Year Ended December 31, 2017 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
REVENUES FROM PRODUCT SALES AND SERVICES |
|
|
|
|
|
|
|
|
|
Product |
$ |
— |
|
|
$ |
1,644.6 |
|
|
$ |
444.6 |
|
|
$ |
— |
|
|
$ |
2,089.2 |
|
Freight and venture partners' cost reimbursements |
— |
|
|
221.4 |
|
|
19.6 |
|
|
— |
|
|
241.0 |
|
|
— |
|
|
1,866.0 |
|
|
464.2 |
|
|
— |
|
|
2,330.2 |
|
COST OF GOODS SOLD AND OPERATING EXPENSES |
— |
|
|
(1,400.6 |
) |
|
(427.9 |
) |
|
— |
|
|
(1,828.5 |
) |
SALES MARGIN |
— |
|
|
465.4 |
|
|
36.3 |
|
|
— |
|
|
501.7 |
|
OTHER OPERATING INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
(81.4 |
) |
|
(24.7 |
) |
|
0.3 |
|
|
— |
|
|
(105.8 |
) |
Miscellaneous - net |
(2.2 |
) |
|
12.3 |
|
|
17.6 |
|
|
— |
|
|
27.7 |
|
|
(83.6 |
) |
|
(12.4 |
) |
|
17.9 |
|
|
— |
|
|
(78.1 |
) |
OPERATING INCOME (LOSS) |
(83.6 |
) |
|
453.0 |
|
|
54.2 |
|
|
— |
|
|
423.6 |
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
Interest expense, net |
(126.8 |
) |
|
(1.0 |
) |
|
(4.2 |
) |
|
— |
|
|
(132.0 |
) |
Loss on extinguishment/restructuring of debt |
(165.4 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(165.4 |
) |
Other non-operating income |
0.1 |
|
|
3.1 |
|
|
— |
|
|
— |
|
|
3.2 |
|
|
(292.1 |
) |
|
2.1 |
|
|
(4.2 |
) |
|
— |
|
|
(294.2 |
) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
(375.7 |
) |
|
455.1 |
|
|
50.0 |
|
|
— |
|
|
129.4 |
|
INCOME TAX BENEFIT (EXPENSE) |
251.4 |
|
|
1.3 |
|
|
(0.3 |
) |
|
— |
|
|
252.4 |
|
EQUITY IN INCOME OF SUBSIDIARIES |
512.6 |
|
|
11.8 |
|
|
— |
|
|
(524.4 |
) |
|
— |
|
INCOME FROM CONTINUING OPERATIONS |
388.3 |
|
|
468.2 |
|
|
49.7 |
|
|
(524.4 |
) |
|
381.8 |
|
LOSS (INCOME) FROM DISCONTINUED OPERATIONS, net of tax |
(21.3 |
) |
|
1.7 |
|
|
0.9 |
|
|
— |
|
|
(18.7 |
) |
NET INCOME |
367.0 |
|
|
469.9 |
|
|
50.6 |
|
|
(524.4 |
) |
|
363.1 |
|
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST |
— |
|
|
3.9 |
|
|
— |
|
|
— |
|
|
3.9 |
|
NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
$ |
367.0 |
|
|
$ |
473.8 |
|
|
$ |
50.6 |
|
|
$ |
(524.4 |
) |
|
$ |
367.0 |
|
OTHER COMPREHENSIVE INCOME (LOSS) |
(4.0 |
) |
|
12.8 |
|
|
(5.2 |
) |
|
(7.6 |
) |
|
(4.0 |
) |
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
$ |
363.0 |
|
|
$ |
486.6 |
|
|
$ |
45.4 |
|
|
$ |
(532.0 |
) |
|
$ |
363.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) |
For the Year Ended December 31, 2016 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
REVENUES FROM PRODUCT SALES AND SERVICES |
|
|
|
|
|
|
|
|
|
Product |
$ |
— |
|
|
$ |
1,379.6 |
|
|
$ |
533.9 |
|
|
$ |
— |
|
|
$ |
1,913.5 |
|
Freight and venture partners' cost reimbursements |
— |
|
|
174.9 |
|
|
20.6 |
|
|
— |
|
|
195.5 |
|
|
— |
|
|
1,554.5 |
|
|
554.5 |
|
|
— |
|
|
2,109.0 |
|
COST OF GOODS SOLD AND OPERATING EXPENSES |
— |
|
|
(1,278.8 |
) |
|
(440.9 |
) |
|
— |
|
|
(1,719.7 |
) |
SALES MARGIN |
— |
|
|
275.7 |
|
|
113.6 |
|
|
— |
|
|
389.3 |
|
OTHER OPERATING INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
(97.9 |
) |
|
(20.8 |
) |
|
0.9 |
|
|
— |
|
|
(117.8 |
) |
Miscellaneous - net |
(5.6 |
) |
|
(10.8 |
) |
|
(14.3 |
) |
|
— |
|
|
(30.7 |
) |
|
(103.5 |
) |
|
(31.6 |
) |
|
(13.4 |
) |
|
— |
|
|
(148.5 |
) |
OPERATING INCOME (LOSS) |
(103.5 |
) |
|
244.1 |
|
|
100.2 |
|
|
— |
|
|
240.8 |
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
Interest expense, net |
(195.0 |
) |
|
0.6 |
|
|
(6.1 |
) |
|
— |
|
|
(200.5 |
) |
Gain on extinguishment/restructuring of debt |
166.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
166.3 |
|
Other non-operating income (expense) |
(0.5 |
) |
|
0.4 |
|
|
0.5 |
|
|
— |
|
|
0.4 |
|
|
(29.2 |
) |
|
1.0 |
|
|
(5.6 |
) |
|
— |
|
|
(33.8 |
) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
(132.7 |
) |
|
245.1 |
|
|
94.6 |
|
|
— |
|
|
207.0 |
|
INCOME TAX BENEFIT |
4.3 |
|
|
3.0 |
|
|
4.9 |
|
|
— |
|
|
12.2 |
|
EQUITY IN INCOME OF SUBSIDIARIES |
319.6 |
|
|
13.7 |
|
|
— |
|
|
(333.3 |
) |
|
— |
|
INCOME FROM CONTINUING OPERATIONS |
191.2 |
|
|
261.8 |
|
|
99.5 |
|
|
(333.3 |
) |
|
219.2 |
|
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax |
(17.1 |
) |
|
2.6 |
|
|
(5.4 |
) |
|
— |
|
|
(19.9 |
) |
NET INCOME |
174.1 |
|
|
264.4 |
|
|
94.1 |
|
|
(333.3 |
) |
|
199.3 |
|
INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST |
— |
|
|
(25.2 |
) |
|
— |
|
|
— |
|
|
(25.2 |
) |
NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
$ |
174.1 |
|
|
$ |
239.2 |
|
|
$ |
94.1 |
|
|
$ |
(333.3 |
) |
|
$ |
174.1 |
|
OTHER COMPREHENSIVE INCOME (LOSS) |
(3.3 |
) |
|
(20.7 |
) |
|
13.8 |
|
|
6.9 |
|
|
(3.3 |
) |
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
$ |
170.8 |
|
|
$ |
218.5 |
|
|
$ |
107.9 |
|
|
$ |
(326.4 |
) |
|
$ |
170.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) |
For the Year Ended December 31, 2015 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
REVENUES FROM PRODUCT SALES AND SERVICES |
|
|
|
|
|
|
|
|
|
Product |
$ |
— |
|
|
$ |
1,368.1 |
|
|
$ |
464.3 |
|
|
$ |
— |
|
|
$ |
1,832.4 |
|
Freight and venture partners' cost reimbursements |
— |
|
|
157.3 |
|
|
23.6 |
|
|
— |
|
|
180.9 |
|
|
— |
|
|
1,525.4 |
|
|
487.9 |
|
|
— |
|
|
2,013.3 |
|
COST OF GOODS SOLD AND OPERATING EXPENSES |
— |
|
|
(1,298.3 |
) |
|
(478.5 |
) |
|
— |
|
|
(1,776.8 |
) |
SALES MARGIN |
— |
|
|
227.1 |
|
|
9.4 |
|
|
— |
|
|
236.5 |
|
OTHER OPERATING INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
(88.5 |
) |
|
(21.2 |
) |
|
(0.3 |
) |
|
— |
|
|
(110.0 |
) |
Miscellaneous - net |
7.7 |
|
|
(3.0 |
) |
|
20.1 |
|
|
— |
|
|
24.8 |
|
|
(80.8 |
) |
|
(24.2 |
) |
|
19.8 |
|
|
— |
|
|
(85.2 |
) |
OPERATING INCOME (LOSS) |
(80.8 |
) |
|
202.9 |
|
|
29.2 |
|
|
— |
|
|
151.3 |
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
Interest expense, net |
(221.4 |
) |
|
(0.1 |
) |
|
(7.0 |
) |
|
— |
|
|
(228.5 |
) |
Gain on extinguishment/restructuring of debt |
392.9 |
|
|
— |
|
|
— |
|
|
— |
|
|
392.9 |
|
Other non-operating income (expense) |
(114.6 |
) |
|
1.2 |
|
|
110.8 |
|
|
— |
|
|
(2.6 |
) |
|
56.9 |
|
|
1.1 |
|
|
103.8 |
|
|
— |
|
|
161.8 |
|
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY LOSS FROM VENTURES |
(23.9 |
) |
|
204.0 |
|
|
133.0 |
|
|
— |
|
|
313.1 |
|
INCOME TAX BENEFIT (EXPENSE) |
(19.1 |
) |
|
(176.3 |
) |
|
26.1 |
|
|
— |
|
|
(169.3 |
) |
EQUITY IN INCOME (LOSS) OF SUBSIDIARIES |
(501.2 |
) |
|
12.9 |
|
|
— |
|
|
488.3 |
|
|
— |
|
EQUITY LOSS FROM VENTURES, net of tax |
— |
|
|
— |
|
|
(0.1 |
) |
|
— |
|
|
(0.1 |
) |
INCOME (LOSS) FROM CONTINUING OPERATIONS |
(544.2 |
) |
|
40.6 |
|
|
159.0 |
|
|
488.3 |
|
|
143.7 |
|
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax |
(205.1 |
) |
|
(762.2 |
) |
|
75.2 |
|
|
— |
|
|
(892.1 |
) |
NET INCOME (LOSS) |
(749.3 |
) |
|
(721.6 |
) |
|
234.2 |
|
|
488.3 |
|
|
(748.4 |
) |
LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTEREST |
— |
|
|
(8.6 |
) |
|
7.7 |
|
|
— |
|
|
(0.9 |
) |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
$ |
(749.3 |
) |
|
$ |
(730.2 |
) |
|
$ |
241.9 |
|
|
$ |
488.3 |
|
|
$ |
(749.3 |
) |
PREFERRED STOCK DIVIDENDS |
(38.4 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(38.4 |
) |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS |
$ |
(787.7 |
) |
|
$ |
(730.2 |
) |
|
$ |
241.9 |
|
|
$ |
488.3 |
|
|
$ |
(787.7 |
) |
OTHER COMPREHENSIVE INCOME |
266.2 |
|
|
20.0 |
|
|
176.4 |
|
|
(196.4 |
) |
|
266.2 |
|
TOTAL COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
$ |
(521.5 |
) |
|
$ |
(710.2 |
) |
|
$ |
418.3 |
|
|
$ |
291.9 |
|
|
$ |
(521.5 |
) |
|
|
| Schedule of Supplemental Statements of Condensed Consolidating Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows |
For the Year Ended December 31, 2017 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net cash provided (used) by operating activities |
$ |
(166.8 |
) |
|
$ |
430.4 |
|
|
$ |
74.5 |
|
|
$ |
— |
|
|
$ |
338.1 |
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
(3.4 |
) |
|
(80.6 |
) |
|
(67.7 |
) |
|
— |
|
|
(151.7 |
) |
Intercompany investing |
225.7 |
|
|
(7.4 |
) |
|
(45.0 |
) |
|
(173.3 |
) |
|
— |
|
Other investing activities |
(7.7 |
) |
|
3.4 |
|
|
— |
|
|
— |
|
|
(4.3 |
) |
Net cash provided (used) in investing activities |
214.6 |
|
|
(84.6 |
) |
|
(112.7 |
) |
|
(173.3 |
) |
|
(156.0 |
) |
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Net proceeds from issuance of common shares |
661.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
661.3 |
|
Proceeds from issuance of debt |
1,771.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,771.5 |
|
Debt issuance costs |
(28.6 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(28.6 |
) |
Repurchase of debt |
(1,720.7 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,720.7 |
) |
Acquisition of noncontrolling interest |
(105.0 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(105.0 |
) |
Distributions of partnership equity |
— |
|
|
(52.9 |
) |
|
— |
|
|
— |
|
|
(52.9 |
) |
Intercompany financing |
45.0 |
|
|
(288.8 |
) |
|
70.5 |
|
|
173.3 |
|
|
— |
|
Other financing activities |
(5.8 |
) |
|
(4.5 |
) |
|
(16.4 |
) |
|
— |
|
|
(26.7 |
) |
Net cash provided (used) by financing activities |
617.7 |
|
|
(346.2 |
) |
|
54.1 |
|
|
173.3 |
|
|
498.9 |
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH |
— |
|
|
— |
|
|
3.3 |
|
|
— |
|
|
3.3 |
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
665.5 |
|
|
(0.4 |
) |
|
19.2 |
|
|
— |
|
|
684.3 |
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
283.4 |
|
|
2.5 |
|
|
37.5 |
|
|
— |
|
|
323.4 |
|
CASH AND CASH EQUIVALENTS AT END OF YEAR |
$ |
948.9 |
|
|
$ |
2.1 |
|
|
$ |
56.7 |
|
|
$ |
— |
|
|
$ |
1,007.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows |
For the Year Ended December 31, 2016 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net cash provided (used) by operating activities |
$ |
(275.7 |
) |
|
$ |
462.9 |
|
|
$ |
115.8 |
|
|
$ |
— |
|
|
$ |
303.0 |
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
(6.2 |
) |
|
(60.0 |
) |
|
(2.9 |
) |
|
— |
|
|
(69.1 |
) |
Intercompany investing |
356.6 |
|
|
(3.3 |
) |
|
(117.0 |
) |
|
(236.3 |
) |
|
— |
|
Other investing activities |
0.4 |
|
|
10.8 |
|
|
— |
|
|
— |
|
|
11.2 |
|
Net cash provided (used) by investing activities |
350.8 |
|
|
(52.5 |
) |
|
(119.9 |
) |
|
(236.3 |
) |
|
(57.9 |
) |
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Net proceeds from issuance of common shares |
287.4 |
|
|
— |
|
|
— |
|
|
— |
|
|
287.4 |
|
Debt issuance costs |
(5.2 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(5.2 |
) |
Borrowings under credit facilities |
105.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
105.0 |
|
Repayments under credit facilities |
(105.0 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(105.0 |
) |
Repayments on equipment loans |
(95.6 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(95.6 |
) |
Repurchase of debt |
(305.4 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(305.4 |
) |
Distributions of partnership equity |
— |
|
|
(59.9 |
) |
|
— |
|
|
— |
|
|
(59.9 |
) |
Intercompany financing |
117.0 |
|
|
(339.9 |
) |
|
(13.4 |
) |
|
236.3 |
|
|
— |
|
Other financing activities |
(0.6 |
) |
|
(9.9 |
) |
|
(17.2 |
) |
|
— |
|
|
(27.7 |
) |
Net cash used by financing activities |
(2.4 |
) |
|
(409.7 |
) |
|
(30.6 |
) |
|
236.3 |
|
|
(206.4 |
) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH |
— |
|
|
— |
|
|
(0.5 |
) |
|
— |
|
|
(0.5 |
) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
72.7 |
|
|
0.7 |
|
|
(35.2 |
) |
|
— |
|
|
38.2 |
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
210.7 |
|
|
1.8 |
|
|
72.7 |
|
|
— |
|
|
285.2 |
|
CASH AND CASH EQUIVALENTS AT END OF YEAR |
$ |
283.4 |
|
|
$ |
2.5 |
|
|
$ |
37.5 |
|
|
$ |
— |
|
|
$ |
323.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows |
For the Year Ended December 31, 2015 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net cash provided (used) by operating activities |
$ |
65.6 |
|
|
$ |
(23.7 |
) |
|
$ |
(4.0 |
) |
|
$ |
— |
|
|
$ |
37.9 |
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
(6.9 |
) |
|
(68.2 |
) |
|
(5.7 |
) |
|
— |
|
|
(80.8 |
) |
Intercompany investments |
(205.8 |
) |
|
(2.9 |
) |
|
(80.0 |
) |
|
288.7 |
|
|
— |
|
Other investing activities |
— |
|
|
(27.6 |
) |
|
5.2 |
|
|
— |
|
|
(22.4 |
) |
Net cash used by investing activities |
(212.7 |
) |
|
(98.7 |
) |
|
(80.5 |
) |
|
288.7 |
|
|
(103.2 |
) |
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
503.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
503.5 |
|
Debt issuance costs |
(33.6 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(33.6 |
) |
Borrowings under credit facilities |
296.8 |
|
|
— |
|
|
13.0 |
|
|
— |
|
|
309.8 |
|
Repayments on credit facilities |
(296.8 |
) |
|
— |
|
|
(13.0 |
) |
|
— |
|
|
(309.8 |
) |
Repayments on equipment loans |
(43.6 |
) |
|
— |
|
|
(1.8 |
) |
|
— |
|
|
(45.4 |
) |
Repurchase of debt |
(225.9 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(225.9 |
) |
Distributions of partnership equity |
— |
|
|
(40.6 |
) |
|
— |
|
|
— |
|
|
(40.6 |
) |
Preferred stock dividends |
(51.2 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(51.2 |
) |
Intercompany financing |
80.0 |
|
|
188.5 |
|
|
20.2 |
|
|
(288.7 |
) |
|
— |
|
Other financing activities |
(5.0 |
) |
|
(25.0 |
) |
|
(15.8 |
) |
|
— |
|
|
(45.8 |
) |
Net cash provided by financing activities |
224.2 |
|
|
122.9 |
|
|
2.6 |
|
|
(288.7 |
) |
|
61.0 |
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH |
— |
|
|
— |
|
|
(1.4 |
) |
|
— |
|
|
(1.4 |
) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
77.1 |
|
|
0.5 |
|
|
(83.3 |
) |
|
— |
|
|
(5.7 |
) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
133.6 |
|
|
1.3 |
|
|
156.0 |
|
|
— |
|
|
290.9 |
|
CASH AND CASH EQUIVALENTS AT END OF YEAR |
$ |
210.7 |
|
|
$ |
1.8 |
|
|
$ |
72.7 |
|
|
$ |
— |
|
|
$ |
285.2 |
|
|