SUPPLEMENTARY GUARANTOR INFORMATION (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
Dec. 31, 2016 |
| 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, 2018 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
819.8 |
|
|
$ |
0.7 |
|
|
$ |
2.7 |
|
|
$ |
— |
|
|
$ |
823.2 |
|
Accounts receivable, net |
9.2 |
|
|
221.3 |
|
|
0.3 |
|
|
(4.1 |
) |
|
226.7 |
|
Inventories |
— |
|
|
87.9 |
|
|
— |
|
|
— |
|
|
87.9 |
|
Supplies and other inventories |
— |
|
|
93.2 |
|
|
— |
|
|
— |
|
|
93.2 |
|
Derivative assets |
0.1 |
|
|
91.4 |
|
|
— |
|
|
— |
|
|
91.5 |
|
Income tax receivable, current |
117.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
117.3 |
|
Current assets of discontinued operations |
— |
|
|
— |
|
|
12.4 |
|
|
— |
|
|
12.4 |
|
Other current assets |
10.0 |
|
|
16.9 |
|
|
0.5 |
|
|
— |
|
|
27.4 |
|
TOTAL CURRENT ASSETS |
956.4 |
|
|
511.4 |
|
|
15.9 |
|
|
(4.1 |
) |
|
1,479.6 |
|
PROPERTY, PLANT AND EQUIPMENT, NET |
13.3 |
|
|
1,221.9 |
|
|
50.8 |
|
|
— |
|
|
1,286.0 |
|
OTHER ASSETS |
|
|
|
|
|
|
|
|
|
Deposits for property, plant and equipment |
— |
|
|
68.4 |
|
|
14.6 |
|
|
— |
|
|
83.0 |
|
Income tax receivable, non-current |
117.2 |
|
|
4.1 |
|
|
— |
|
|
— |
|
|
121.3 |
|
Deferred income taxes |
463.6 |
|
|
— |
|
|
1.2 |
|
|
— |
|
|
464.8 |
|
Investment in subsidiaries |
1,262.3 |
|
|
50.8 |
|
|
— |
|
|
(1,313.1 |
) |
|
— |
|
Long-term intercompany notes |
— |
|
|
— |
|
|
121.3 |
|
|
(121.3 |
) |
|
— |
|
Other non-current assets |
8.0 |
|
|
85.4 |
|
|
1.5 |
|
|
— |
|
|
94.9 |
|
TOTAL OTHER ASSETS |
1,851.1 |
|
|
208.7 |
|
|
138.6 |
|
|
(1,434.4 |
) |
|
764.0 |
|
TOTAL ASSETS |
$ |
2,820.8 |
|
|
$ |
1,942.0 |
|
|
$ |
205.3 |
|
|
$ |
(1,438.5 |
) |
|
$ |
3,529.6 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
5.3 |
|
|
$ |
181.4 |
|
|
$ |
4.2 |
|
|
$ |
(4.1 |
) |
|
$ |
186.8 |
|
Accrued employment costs |
28.5 |
|
|
45.4 |
|
|
0.1 |
|
|
— |
|
|
74.0 |
|
State and local taxes payable |
— |
|
|
35.4 |
|
|
0.1 |
|
|
— |
|
|
35.5 |
|
Accrued interest |
38.4 |
|
|
— |
|
|
— |
|
|
— |
|
|
38.4 |
|
Partnership distribution payable |
— |
|
|
43.5 |
|
|
— |
|
|
— |
|
|
43.5 |
|
Current liabilities of discontinued operations |
— |
|
|
— |
|
|
6.7 |
|
|
— |
|
|
6.7 |
|
Other current liabilities |
30.6 |
|
|
51.3 |
|
|
1.4 |
|
|
— |
|
|
83.3 |
|
TOTAL CURRENT LIABILITIES |
102.8 |
|
|
357.0 |
|
|
12.5 |
|
|
(4.1 |
) |
|
468.2 |
|
POSTEMPLOYMENT BENEFIT LIABILITIES |
|
|
|
|
|
|
|
|
|
Pensions |
58.3 |
|
|
390.5 |
|
|
(230.4 |
) |
|
— |
|
|
218.4 |
|
Other postretirement benefits |
6.0 |
|
|
23.9 |
|
|
0.4 |
|
|
— |
|
|
30.3 |
|
TOTAL POSTEMPLOYMENT BENEFIT LIABILITIES |
64.3 |
|
|
414.4 |
|
|
(230.0 |
) |
|
— |
|
|
248.7 |
|
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS |
— |
|
|
152.1 |
|
|
19.9 |
|
|
— |
|
|
172.0 |
|
LONG-TERM DEBT |
2,092.9 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,092.9 |
|
LONG-TERM INTERCOMPANY NOTES |
121.3 |
|
|
— |
|
|
— |
|
|
(121.3 |
) |
|
— |
|
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS |
— |
|
|
— |
|
|
8.3 |
|
|
— |
|
|
8.3 |
|
OTHER LIABILITIES |
15.3 |
|
|
99.5 |
|
|
0.5 |
|
|
— |
|
|
115.3 |
|
TOTAL LIABILITIES |
2,396.6 |
|
|
1,023.0 |
|
|
(188.8 |
) |
|
(125.4 |
) |
|
3,105.4 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
|
TOTAL EQUITY |
424.2 |
|
|
919.0 |
|
|
394.1 |
|
|
(1,313.1 |
) |
|
424.2 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
2,820.8 |
|
|
$ |
1,942.0 |
|
|
$ |
205.3 |
|
|
$ |
(1,438.5 |
) |
|
$ |
3,529.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
$ |
27.3 |
|
|
$ |
— |
|
|
$ |
978.3 |
|
Accounts receivable, net |
4.5 |
|
|
102.9 |
|
|
— |
|
|
(0.7 |
) |
|
106.7 |
|
Inventories |
— |
|
|
138.4 |
|
|
— |
|
|
— |
|
|
138.4 |
|
Supplies and other inventories |
— |
|
|
88.8 |
|
|
— |
|
|
— |
|
|
88.8 |
|
Derivative assets |
— |
|
|
37.9 |
|
|
— |
|
|
— |
|
|
37.9 |
|
Income tax receivable, current |
11.4 |
|
|
1.9 |
|
|
— |
|
|
— |
|
|
13.3 |
|
Loans to and accounts receivables from the Canadian Entities |
44.7 |
|
|
6.9 |
|
|
— |
|
|
— |
|
|
51.6 |
|
Current assets of discontinued operations |
— |
|
|
— |
|
|
118.5 |
|
|
— |
|
|
118.5 |
|
Other current assets |
5.0 |
|
|
5.6 |
|
|
0.5 |
|
|
— |
|
|
11.1 |
|
TOTAL CURRENT ASSETS |
1,014.5 |
|
|
384.5 |
|
|
146.3 |
|
|
(0.7 |
) |
|
1,544.6 |
|
PROPERTY, PLANT AND EQUIPMENT, NET |
17.5 |
|
|
965.5 |
|
|
50.8 |
|
|
— |
|
|
1,033.8 |
|
OTHER ASSETS |
|
|
|
|
|
|
|
|
|
Deposits for property, plant and equipment |
— |
|
|
8.2 |
|
|
9.6 |
|
|
— |
|
|
17.8 |
|
Income tax receivable, non-current |
235.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
235.3 |
|
Investment in subsidiaries |
1,024.3 |
|
|
29.9 |
|
|
— |
|
|
(1,054.2 |
) |
|
— |
|
Long-term intercompany notes |
— |
|
|
— |
|
|
242.0 |
|
|
(242.0 |
) |
|
— |
|
Non-current assets of discontinued operations |
— |
|
|
— |
|
|
20.3 |
|
|
— |
|
|
20.3 |
|
Other non-current assets |
7.8 |
|
|
91.8 |
|
|
2.0 |
|
|
— |
|
|
101.6 |
|
TOTAL OTHER ASSETS |
1,267.4 |
|
|
129.9 |
|
|
273.9 |
|
|
(1,296.2 |
) |
|
375.0 |
|
TOTAL ASSETS |
$ |
2,299.4 |
|
|
$ |
1,479.9 |
|
|
$ |
471.0 |
|
|
$ |
(1,296.9 |
) |
|
$ |
2,953.4 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
7.1 |
|
|
$ |
92.3 |
|
|
$ |
0.8 |
|
|
$ |
(0.7 |
) |
|
$ |
99.5 |
|
Accrued employment costs |
13.7 |
|
|
38.9 |
|
|
0.1 |
|
|
— |
|
|
52.7 |
|
State and local taxes payable |
— |
|
|
30.0 |
|
|
0.2 |
|
|
— |
|
|
30.2 |
|
Accrued interest |
31.4 |
|
|
— |
|
|
— |
|
|
— |
|
|
31.4 |
|
Contingent claims |
55.6 |
|
|
— |
|
|
— |
|
|
— |
|
|
55.6 |
|
Partnership distribution payable |
— |
|
|
44.2 |
|
|
— |
|
|
— |
|
|
44.2 |
|
Current liabilities of discontinued operations |
— |
|
|
— |
|
|
75.0 |
|
|
— |
|
|
75.0 |
|
Other current liabilities |
7.4 |
|
|
54.5 |
|
|
1.7 |
|
|
— |
|
|
63.6 |
|
TOTAL CURRENT LIABILITIES |
115.2 |
|
|
259.9 |
|
|
77.8 |
|
|
(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 |
|
|
27.1 |
|
|
— |
|
|
167.7 |
|
LONG-TERM DEBT |
2,304.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,304.2 |
|
LONG-TERM INTERCOMPANY NOTES |
242.0 |
|
|
— |
|
|
— |
|
|
(242.0 |
) |
|
— |
|
NON-CURRENT LIABILITIES OF DISCONTINUED OPERATIONS |
— |
|
|
— |
|
|
52.2 |
|
|
— |
|
|
52.2 |
|
OTHER LIABILITIES |
15.7 |
|
|
147.2 |
|
|
0.6 |
|
|
— |
|
|
163.5 |
|
TOTAL LIABILITIES |
2,743.5 |
|
|
978.3 |
|
|
(81.6 |
) |
|
(242.7 |
) |
|
3,397.5 |
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
|
TOTAL CLIFFS SHAREHOLDERS' EQUITY (DEFICIT) |
(444.1 |
) |
|
501.6 |
|
|
552.4 |
|
|
(1,054.2 |
) |
|
(444.3 |
) |
NONCONTROLLING INTEREST |
— |
|
|
— |
|
|
0.2 |
|
|
— |
|
|
0.2 |
|
TOTAL DEFICIT |
(444.1 |
) |
|
501.6 |
|
|
552.6 |
|
|
(1,054.2 |
) |
|
(444.1 |
) |
TOTAL LIABILITIES AND DEFICIT |
$ |
2,299.4 |
|
|
$ |
1,479.9 |
|
|
$ |
471.0 |
|
|
$ |
(1,296.9 |
) |
|
$ |
2,953.4 |
|
|
|
| Schedule of Supplemental Statements of Condensed Consolidating Operations and Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Operations and Comprehensive Income |
For the Year Ended December 31, 2018 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
REVENUES FROM PRODUCT SALES AND SERVICES |
|
|
|
|
|
|
|
|
|
Product |
$ |
— |
|
|
$ |
2,172.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,172.3 |
|
Freight and venture partners' cost reimbursements |
— |
|
|
160.1 |
|
|
— |
|
|
— |
|
|
160.1 |
|
|
— |
|
|
2,332.4 |
|
|
— |
|
|
— |
|
|
2,332.4 |
|
COST OF GOODS SOLD AND OPERATING EXPENSES |
— |
|
|
(1,522.8 |
) |
|
— |
|
|
— |
|
|
(1,522.8 |
) |
SALES MARGIN |
— |
|
|
809.6 |
|
|
— |
|
|
— |
|
|
809.6 |
|
OTHER OPERATING INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
(86.1 |
) |
|
(30.4 |
) |
|
(0.3 |
) |
|
— |
|
|
(116.8 |
) |
Miscellaneous - net |
(0.3 |
) |
|
(23.6 |
) |
|
4.3 |
|
|
— |
|
|
(19.6 |
) |
|
(86.4 |
) |
|
(54.0 |
) |
|
4.0 |
|
|
— |
|
|
(136.4 |
) |
OPERATING INCOME (LOSS) |
(86.4 |
) |
|
755.6 |
|
|
4.0 |
|
|
— |
|
|
673.2 |
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
Interest expense, net |
(117.6 |
) |
|
(2.1 |
) |
|
0.8 |
|
|
— |
|
|
(118.9 |
) |
Loss on extinguishment of debt |
(6.8 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(6.8 |
) |
Other non-operating income (loss) |
(3.5 |
) |
|
0.9 |
|
|
19.8 |
|
|
— |
|
|
17.2 |
|
|
(127.9 |
) |
|
(1.2 |
) |
|
20.6 |
|
|
— |
|
|
(108.5 |
) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
(214.3 |
) |
|
754.4 |
|
|
24.6 |
|
|
— |
|
|
564.7 |
|
INCOME TAX BENEFIT |
474.7 |
|
|
— |
|
|
0.5 |
|
|
— |
|
|
475.2 |
|
EQUITY IN INCOME OF SUBSIDIARIES |
858.2 |
|
|
25.5 |
|
|
— |
|
|
(883.7 |
) |
|
— |
|
INCOME FROM CONTINUING OPERATIONS |
1,118.6 |
|
|
779.9 |
|
|
25.1 |
|
|
(883.7 |
) |
|
1,039.9 |
|
INCOME FROM DISCONTINUED OPERATIONS, net of tax |
9.5 |
|
|
12.3 |
|
|
66.4 |
|
|
— |
|
|
88.2 |
|
NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
$ |
1,128.1 |
|
|
$ |
792.2 |
|
|
$ |
91.5 |
|
|
$ |
(883.7 |
) |
|
$ |
1,128.1 |
|
OTHER COMPREHENSIVE LOSS |
(244.9 |
) |
|
(24.1 |
) |
|
(256.7 |
) |
|
280.8 |
|
|
(244.9 |
) |
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
$ |
883.2 |
|
|
$ |
768.1 |
|
|
$ |
(165.2 |
) |
|
$ |
(602.9 |
) |
|
$ |
883.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Operations and Comprehensive Income |
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 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,644.6 |
|
Freight and venture partners' cost reimbursements |
— |
|
|
221.4 |
|
|
— |
|
|
— |
|
|
221.4 |
|
|
— |
|
|
1,866.0 |
|
|
— |
|
|
— |
|
|
1,866.0 |
|
COST OF GOODS SOLD AND OPERATING EXPENSES |
— |
|
|
(1,398.4 |
) |
|
— |
|
|
— |
|
|
(1,398.4 |
) |
SALES MARGIN |
— |
|
|
467.6 |
|
|
— |
|
|
— |
|
|
467.6 |
|
OTHER OPERATING INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
(77.2 |
) |
|
(19.9 |
) |
|
(5.8 |
) |
|
— |
|
|
(102.9 |
) |
Miscellaneous - net |
(2.3 |
) |
|
11.0 |
|
|
16.8 |
|
|
— |
|
|
25.5 |
|
|
(79.5 |
) |
|
(8.9 |
) |
|
11.0 |
|
|
— |
|
|
(77.4 |
) |
OPERATING INCOME (LOSS) |
(79.5 |
) |
|
458.7 |
|
|
11.0 |
|
|
— |
|
|
390.2 |
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
Interest expense, net |
(126.8 |
) |
|
(1.0 |
) |
|
1.0 |
|
|
— |
|
|
(126.8 |
) |
Loss on extinguishment of debt |
(165.4 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(165.4 |
) |
Other non-operating income (expense) |
(4.0 |
) |
|
(3.0 |
) |
|
17.2 |
|
|
— |
|
|
10.2 |
|
|
(296.2 |
) |
|
(4.0 |
) |
|
18.2 |
|
|
— |
|
|
(282.0 |
) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
(375.7 |
) |
|
454.7 |
|
|
29.2 |
|
|
— |
|
|
108.2 |
|
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 |
|
|
467.8 |
|
|
28.9 |
|
|
(524.4 |
) |
|
360.6 |
|
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax |
(21.3 |
) |
|
1.7 |
|
|
22.1 |
|
|
— |
|
|
2.5 |
|
NET INCOME |
367.0 |
|
|
469.5 |
|
|
51.0 |
|
|
(524.4 |
) |
|
363.1 |
|
INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST |
— |
|
|
3.9 |
|
|
— |
|
|
— |
|
|
3.9 |
|
NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
$ |
367.0 |
|
|
$ |
473.4 |
|
|
$ |
51.0 |
|
|
$ |
(524.4 |
) |
|
$ |
367.0 |
|
OTHER COMPREHENSIVE INCOME (LOSS) |
(4.0 |
) |
|
12.9 |
|
|
(4.8 |
) |
|
(8.1 |
) |
|
(4.0 |
) |
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
$ |
363.0 |
|
|
$ |
486.3 |
|
|
$ |
46.2 |
|
|
$ |
(532.5 |
) |
|
$ |
363.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Operations and Comprehensive Income |
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 |
$ |
— |
|
|
$ |
1,379.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,379.7 |
|
Freight and venture partners' cost reimbursements |
— |
|
|
174.8 |
|
|
— |
|
|
— |
|
|
174.8 |
|
|
— |
|
|
1,554.5 |
|
|
— |
|
|
— |
|
|
1,554.5 |
|
COST OF GOODS SOLD AND OPERATING EXPENSES |
— |
|
|
(1,274.4 |
) |
|
— |
|
|
— |
|
|
(1,274.4 |
) |
SALES MARGIN |
— |
|
|
280.1 |
|
|
— |
|
|
— |
|
|
280.1 |
|
OTHER OPERATING INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
(94.3 |
) |
|
(18.0 |
) |
|
(3.5 |
) |
|
— |
|
|
(115.8 |
) |
Miscellaneous - net |
(5.6 |
) |
|
(12.4 |
) |
|
(15.6 |
) |
|
— |
|
|
(33.6 |
) |
|
(99.9 |
) |
|
(30.4 |
) |
|
(19.1 |
) |
|
— |
|
|
(149.4 |
) |
OPERATING INCOME (LOSS) |
(99.9 |
) |
|
249.7 |
|
|
(19.1 |
) |
|
— |
|
|
130.7 |
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
Interest expense, net |
(194.5 |
) |
|
0.1 |
|
|
0.5 |
|
|
— |
|
|
(193.9 |
) |
Gain on extinguishment/restructuring of debt |
166.3 |
|
|
— |
|
|
— |
|
|
— |
|
|
166.3 |
|
Other non-operating income (expense) |
(4.1 |
) |
|
(5.0 |
) |
|
16.4 |
|
|
— |
|
|
7.3 |
|
|
(32.3 |
) |
|
(4.9 |
) |
|
16.9 |
|
|
— |
|
|
(20.3 |
) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
(132.2 |
) |
|
244.8 |
|
|
(2.2 |
) |
|
— |
|
|
110.4 |
|
INCOME TAX BENEFIT |
4.3 |
|
|
3.0 |
|
|
4.9 |
|
|
— |
|
|
12.2 |
|
EQUITY IN INCOME OF SUBSIDIARIES |
319.1 |
|
|
13.7 |
|
|
— |
|
|
(332.8 |
) |
|
— |
|
INCOME FROM CONTINUING OPERATIONS |
191.2 |
|
|
261.5 |
|
|
2.7 |
|
|
(332.8 |
) |
|
122.6 |
|
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax |
(17.1 |
) |
|
2.6 |
|
|
91.2 |
|
|
— |
|
|
76.7 |
|
NET INCOME (LOSS) |
174.1 |
|
|
264.1 |
|
|
93.9 |
|
|
(332.8 |
) |
|
199.3 |
|
INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST |
— |
|
|
(25.2 |
) |
|
— |
|
|
— |
|
|
(25.2 |
) |
NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
$ |
174.1 |
|
|
$ |
238.9 |
|
|
$ |
93.9 |
|
|
$ |
(332.8 |
) |
|
$ |
174.1 |
|
OTHER COMPREHENSIVE INCOME (LOSS) |
(3.3 |
) |
|
(20.7 |
) |
|
15.4 |
|
|
5.3 |
|
|
(3.3 |
) |
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
$ |
170.8 |
|
|
$ |
218.2 |
|
|
$ |
109.3 |
|
|
$ |
(327.5 |
) |
|
$ |
170.8 |
|
|
|
| Schedule of Supplemental Statements of Condensed Consolidating Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidating Statement of Cash Flows |
For the Year Ended December 31, 2018 |
(In Millions) |
|
Cleveland-Cliffs Inc. |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net cash provided (used) by operating activities |
$ |
(120.7 |
) |
|
$ |
741.0 |
|
|
$ |
(141.8 |
) |
|
$ |
— |
|
|
$ |
478.5 |
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
(1.2 |
) |
|
(207.3 |
) |
|
(0.1 |
) |
|
— |
|
|
(208.6 |
) |
Deposits for property, plant and equipment |
— |
|
|
(82.3 |
) |
|
(5.2 |
) |
|
— |
|
|
(87.5 |
) |
Intercompany investing |
399.1 |
|
|
(7.1 |
) |
|
120.7 |
|
|
(512.7 |
) |
|
— |
|
Other investing activities |
— |
|
|
3.1 |
|
|
19.9 |
|
|
— |
|
|
23.0 |
|
Net cash provided (used) in investing activities |
397.9 |
|
|
(293.6 |
) |
|
135.3 |
|
|
(512.7 |
) |
|
(273.1 |
) |
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Repurchase of common shares |
(47.5 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(47.5 |
) |
Debt issuance costs |
(1.5 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1.5 |
) |
Repurchase of debt |
(234.5 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(234.5 |
) |
Distributions of partnership equity |
— |
|
|
(44.2 |
) |
|
— |
|
|
— |
|
|
(44.2 |
) |
Intercompany financing |
(120.7 |
) |
|
(402.4 |
) |
|
10.4 |
|
|
512.7 |
|
|
— |
|
Other financing activities |
(2.1 |
) |
|
(2.2 |
) |
|
(43.2 |
) |
|
— |
|
|
(47.5 |
) |
Net cash used by financing activities |
(406.3 |
) |
|
(448.8 |
) |
|
(32.8 |
) |
|
512.7 |
|
|
(375.2 |
) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH |
— |
|
|
— |
|
|
(2.3 |
) |
|
— |
|
|
(2.3 |
) |
DECREASE IN CASH AND CASH EQUIVALENTS, INCLUDING CASH CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS |
(129.1 |
) |
|
(1.4 |
) |
|
(41.6 |
) |
|
— |
|
|
(172.1 |
) |
LESS: DECREASE IN CASH AND CASH EQUIVALENTS CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS |
— |
|
|
— |
|
|
(17.0 |
) |
|
— |
|
|
(17.0 |
) |
NET DECREASE IN CASH AND CASH EQUIVALENTS |
(129.1 |
) |
|
(1.4 |
) |
|
(24.6 |
) |
|
— |
|
|
(155.1 |
) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
948.9 |
|
|
2.1 |
|
|
27.3 |
|
|
— |
|
|
978.3 |
|
CASH AND CASH EQUIVALENTS AT END OF YEAR |
$ |
819.8 |
|
|
$ |
0.7 |
|
|
$ |
2.7 |
|
|
$ |
— |
|
|
$ |
823.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|
$ |
430.0 |
|
|
$ |
74.9 |
|
|
$ |
— |
|
|
$ |
338.1 |
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
(3.4 |
) |
|
(79.8 |
) |
|
(51.7 |
) |
|
— |
|
|
(134.9 |
) |
Deposits for property, plant and equipment |
— |
|
|
(11.7 |
) |
|
(5.1 |
) |
|
— |
|
|
(16.8 |
) |
Intercompany investing |
225.7 |
|
|
(7.3 |
) |
|
(45.1 |
) |
|
(173.3 |
) |
|
— |
|
Other investing activities |
(7.7 |
) |
|
3.4 |
|
|
— |
|
|
— |
|
|
(4.3 |
) |
Net cash provided (used) by investing activities |
214.6 |
|
|
(95.4 |
) |
|
(101.9 |
) |
|
(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 |
|
|
(277.6 |
) |
|
59.3 |
|
|
173.3 |
|
|
— |
|
Other financing activities |
(5.8 |
) |
|
(4.5 |
) |
|
(16.4 |
) |
|
— |
|
|
(26.7 |
) |
Net cash provided (used) by financing activities |
617.7 |
|
|
(335.0 |
) |
|
42.9 |
|
|
173.3 |
|
|
498.9 |
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH |
— |
|
|
— |
|
|
3.3 |
|
|
— |
|
|
3.3 |
|
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, INCLUDING CASH CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS |
665.5 |
|
|
(0.4 |
) |
|
19.2 |
|
|
— |
|
|
684.3 |
|
LESS: INCREASE IN CASH AND CASH EQUIVALENTS CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS |
— |
|
|
— |
|
|
18.8 |
|
|
— |
|
|
18.8 |
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
665.5 |
|
|
(0.4 |
) |
|
0.4 |
|
|
— |
|
|
665.5 |
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
283.4 |
|
|
2.5 |
|
|
26.9 |
|
|
— |
|
|
312.8 |
|
CASH AND CASH EQUIVALENTS AT END OF YEAR |
$ |
948.9 |
|
|
$ |
2.1 |
|
|
$ |
27.3 |
|
|
$ |
— |
|
|
$ |
978.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|
(55.1 |
) |
|
(0.4 |
) |
|
— |
|
|
(61.7 |
) |
Deposits for property, plant and equipment |
— |
|
|
(4.9 |
) |
|
(2.5 |
) |
|
— |
|
|
(7.4 |
) |
Intercompany investments |
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 on 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, INCLUDING CASH CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS |
72.7 |
|
|
0.7 |
|
|
(35.2 |
) |
|
— |
|
|
38.2 |
|
LESS: DECREASE IN CASH AND CASH EQUIVALENTS CLASSIFIED WITHIN CURRENT ASSETS OF DISCONTINUED OPERATIONS |
— |
|
|
— |
|
|
(35.3 |
) |
|
— |
|
|
(35.3 |
) |
NET INCREASE IN CASH AND CASH EQUIVALENTS |
72.7 |
|
|
0.7 |
|
|
0.1 |
|
|
— |
|
|
73.5 |
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
210.7 |
|
|
1.8 |
|
|
26.8 |
|
|
— |
|
|
239.3 |
|
CASH AND CASH EQUIVALENTS AT END OF YEAR |
$ |
283.4 |
|
|
$ |
2.5 |
|
|
$ |
26.9 |
|
|
$ |
— |
|
|
$ |
312.8 |
|
|