Cleveland-Cliffs Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Fair Value Of Financial Instruments (Tables)

Fair Value Of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2011

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

(In Millions)

December 31, 2011

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

351.2

Derivative assets

157.9

(1)

157.9

International marketable securities

27.1

Foreign exchange contracts

8.0

Total

378.3

8.0

157.9

544.2

Liabilities:

Derivative liabilites

19.5

Foreign exchange contracts

3.5

Total

3.5

19.5

23.0

(1)	Derivative assets includes $83.8 million classifed as Accounts receivable on the Statement of Consolidated Financial Position as of December 31, 2011. Refer to NOTE 3 DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for further information.


	(In Millions)
	December 31, 2010
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	$	1,307.2	$		$		$	1,307.2
Derivative assets						45.6		45.6
U.S. marketable securities		22.0						22.0
International marketable securities		63.9						63.9
Foreign exchange contracts				39.0				39.0

Total	$	1,393.1	$	39.0	$	45.6	$	1,477.7

There were no financial instruments measured at fair value that were in a liability position at December 31, 2010.

Carrying Value And Fair Value Of Financial Instruments Disclosure


	(In Millions)
	December 31, 2011				December 31, 2010
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term receivables:
Customer supplemental payments	$	22.3	$	20.8	$	22.3	$	19.5
ArcelorMittal USA — Receivable		26.5		30.7		32.8		38.9
Other		10.0		10.0		8.1		8.1

Total long-term receivables (1)	$	58.8	$	61.5	$	63.2	$	66.5

Long-term debt:
Term loan — $1.25 billion	$	897.2	$	897.2	$	—	$	—
Senior notes — $700 million		699.3		726.4		—		—
Senior notes — $1.3 billion		1,289.2		1,399.4		990.3		972.5
Senior notes — $400 million		398.0		448.8		397.8		422.8
Senior notes — $325 million		325.0		348.7		325.0		355.6
Customer Borrowings		5.1		5.1		4.0		4.0

Total long-term debt	$	3,613.8	$	3,825.6	$	1,717.1	$	1,754.9

Derivative Assets [Member]

Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation


	(In Millions)
	Derivative Assets (Level 3)
	Year Ended December 31,
	2011			2010
Beginning balance — January 1	$	45.6		$	63.2
Total gains
Included in earnings		403.0			851.7
Included in other comprehensive income		—			—
Settlements		(319.7	)		(707.5	)
Transfers into Level 3		49.0			—
Transfers out of Level 3		(20.0	)		(161.8	)

Ending balance — December 31	$	157.9		$	45.6

Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date	$	403.0		$	120.2

- Definition

This element represents the disclosure related to assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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