CLIFFS NATURAL RESOURCES INC., 10-Q filed on 7/28/2016
Quarterly Report
Document and Entity Information
6 Months Ended
Jun. 30, 2016
Jul. 25, 2016
Document and Entity Information [Abstract]
 
 
Entity Registrant Name
CLIFFS NATURAL RESOURCES INC. 
 
Entity Central Index Key
0000764065 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Large Accelerated Filer 
 
Document Type
10-Q 
 
Document Period End Date
Jun. 30, 2016 
 
Document Fiscal Year Focus
2016 
 
Document Fiscal Period Focus
Q2 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
183,870,057 
Trading Symbol
clf 
 
Statements Of Condensed Consolidated Financial Position (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
CURRENT ASSETS
 
 
Cash and cash equivalents
$ 108.2 
$ 285.2 
Accounts receivable, net
61.5 
40.2 
Inventories
391.2 
329.6 
Supplies and other inventories
102.0 
110.4 
Short-term assets of discontinued operations
14.9 
Loans to and accounts receivable from the Canadian Entities
70.2 
72.9 
Insurance coverage receivable
0.8 
93.5 
Other current assets
45.3 
36.0 
TOTAL CURRENT ASSETS
779.2 
982.7 
PROPERTY, PLANT AND EQUIPMENT, NET
993.1 
1,059.0 
OTHER ASSETS
 
 
Other non-current assets
78.7 
93.8 
TOTAL OTHER ASSETS
78.7 
93.8 
TOTAL ASSETS
1,851.0 
2,135.5 
CURRENT LIABILITIES
 
 
Accounts payable
91.9 
106.3 
Accrued expenses
141.1 
156.0 
Short-term liabilities of discontinued operations
4.4 
6.9 
Guarantees
0.2 
96.5 
Insured loss
0.8 
93.5 
Other current liabilities
137.7 
122.5 
TOTAL CURRENT LIABILITIES
376.1 
581.7 
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES
206.4 
221.0 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
217.4 
231.2 
LONG-TERM DEBT
2,489.7 
2,699.4 
OTHER LIABILITIES
240.3 
213.8 
TOTAL LIABILITIES
3,529.9 
3,947.1 
COMMITMENTS AND CONTINGENCIES (SEE NOTE 20)
   
   
CLIFFS SHAREHOLDERS' DEFICIT
 
 
Preferred Stock - no par value, Class A - 3,000,000 shares authorized, 7 % Series A Mandatory Convertible, Class A, no par value and $1,000 per share liquidation preference, Issued and Outstanding - no shares (2015 - 731,223 shares), Class B - 4,000,000 shares authorized
731.3 
Common Shares - par value $0.125 per share, Authorized - 400,000,000 shares (2015 - 400,000,000 shares); Issued - 189,622,349 shares (2015 - 159,546,224 shares); Outstanding - 183,864,626 shares (2015 - 153,591,930 shares)
23.7 
19.8 
Capital in excess of par value of shares
3,037.5 
2,298.9 
Retained deficit
(4,627.4)
(4,748.4)
Cost of 5,757,723 common shares in treasury (2015 - 5,954,294 shares)
(255.5)
(265.0)
Accumulated other comprehensive loss
(9.0)
(18.0)
TOTAL CLIFFS SHAREHOLDERS' DEFICIT
(1,830.7)
(1,981.4)
NONCONTROLLING INTEREST
151.8 
169.8 
TOTAL DEFICIT
(1,678.9)
(1,811.6)
TOTAL LIABILITIES AND DEFICIT
$ 1,851.0 
$ 2,135.5 
Statements Of Condensed Consolidated Financial Position (Parenthetical) (USD $)
Jun. 30, 2016
Dec. 31, 2015
Class of Stock [Line Items]
 
 
Preferred stock, par value
$ 0 
$ 0 
Common Stock, Par or Stated Value Per Share
$ 0.125 
$ 0.125 
Common shares, authorized (in shares)
400,000,000 
400,000,000 
Common shares, issued (in shares)
189,622,349 
159,546,224 
Common shares, outstanding
183,864,626 
153,591,930 
Common shares in treasury
5,757,723 
5,954,294 
Preferred Class A [Member]
 
 
Class of Stock [Line Items]
 
 
Preferred stock, shares authorized (in shares)
3,000,000 
3,000,000 
Cumulative Mandatory Convertible
7.00% 
7.00% 
Preferred Stock, Liquidation Preference Per Share
$ 1,000 
$ 1,000 
Preferred Shares, Issued and Outstanding, Shares
731,223 
Preferred Class B [Member]
 
 
Class of Stock [Line Items]
 
 
Preferred stock, shares authorized (in shares)
4,000,000 
4,000,000 
Statements Of Condensed Consolidated Operations (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
REVENUES FROM PRODUCT SALES AND SERVICES
 
 
 
 
Product
$ 452.8 
$ 454.3 
$ 728.4 
$ 857.4 
Freight and venture partners' cost reimbursements
43.4 
43.8 
73.3 
86.7 
TOTAL REVENUES
496.2 
498.1 
801.7 
944.1 
COST OF GOODS SOLD AND OPERATING EXPENSES
(404.7)
(440.8)
(679.3)
(806.0)
SALES MARGIN
91.5 
57.3 
122.4 
138.1 
OTHER OPERATING INCOME (EXPENSE)
 
 
 
 
Selling, general and administrative expenses
(22.5)
(30.8)
(50.7)
(59.8)
Miscellaneous - net
5.7 
(0.8)
2.7 
19.3 
Other operating expense
(16.8)
(31.6)
(48.0)
(40.5)
OPERATING INCOME
74.7 
25.7 
74.4 
97.6 
OTHER INCOME (EXPENSE)
 
 
 
 
Interest expense, net
(50.7)
(63.6)
(107.5)
(106.5)
Gain on extinguishment/restructuring of debt
3.6 
182.4 
313.7 
Other non-operating income (expense)
0.2 
(2.1)
0.3 
(2.9)
TOTAL OTHER INCOME (EXPENSE)
(46.9)
(65.7)
75.2 
204.3 
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
27.8 
(40.0)
149.6 
301.9 
INCOME TAX BENEFIT (EXPENSE)
2.1 
1.8 
(5.4)
(173.3)
INCOME (LOSS) FROM CONTINUING OPERATIONS
29.9 
(38.2)
144.2 
128.6 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
(0.4)
103.4 
2.1 
(825.1)
NET INCOME (LOSS)
29.5 
65.2 
146.3 
(696.5)
INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST
(16.7)
(5.0)
(25.5)
(3.1)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
12.8 
60.2 
120.8 
(699.6)
PREFERRED STOCK DIVIDENDS
(12.8)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
$ 12.8 
$ 60.2 
$ 120.8 
$ (712.4)
EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - BASIC
 
 
 
 
Continuing operations (in dollars per share)
$ 0.07 
$ (0.28)
$ 0.67 
$ 0.74 
Discontinued operations (in dollars per share)
$ 0.00 
$ 0.67 
$ 0.01 
$ (5.39)
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic (in dollars per share)
$ 0.07 
$ 0.39 
$ 0.68 
$ (4.65)
EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - DILUTED
 
 
 
 
Continuing operations (in dollars per share)
$ 0.07 
$ (0.28)
$ 0.67 
$ 0.70 
Discontinued operations (in dollars per share)
$ 0.00 
$ 0.67 
$ 0.01 
$ (4.62)
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted (in dollars per share)
$ 0.07 
$ 0.39 
$ 0.68 
$ (3.92)
AVERAGE NUMBER OF SHARES (IN THOUSANDS)
 
 
 
 
Basic
182,330 
153,232 
177,003 
153,203 
Diluted
184,557 
153,232 
178,305 
178,685 
CASH DIVIDENDS DECLARED PER DEPOSITARY SHARE (in dollars per share)
$ 0.00 
$ 0.00 
$ 0.00 
$ 0.44 
Statements Of Condensed Consolidated Operations (Parenthetical) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST
$ 0 
$ 0 
$ 0 
$ 7.7 
Statements Of Condensed Consolidated Comprehensive Income (Loss) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
 
 
 
 
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$ 12.8 
$ 60.2 
$ 120.8 
$ (699.6)
OTHER COMPREHENSIVE INCOME (LOSS)
 
 
 
 
Changes in pension and other post-retirement benefits, net of tax
6.5 
0.6 
11.9 
29.4 
Unrealized net gain on marketable securities, net of tax
0.7 
1.5 
Unrealized net gain (loss) on foreign currency translation
(2.7)
0.5 
1.7 
168.5 
Unrealized net gain (loss) on derivative financial instruments, net of tax
0.2 
8.3 
(3.3)
7.5 
OTHER COMPREHENSIVE INCOME
4.0 
10.1 
10.3 
206.9 
OTHER COMPREHENSIVE LOSS (INCOME) ATTRIBUTABLE TO THE NONCONTROLLING INTEREST
(0.7)
(0.8)
(1.3)
10.0 
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$ 16.1 
$ 69.5 
$ 129.8 
$ (482.7)
Statements Of Condensed Consolidated Cash Flows (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
OPERATING ACTIVITIES
 
 
NET INCOME (LOSS)
$ 146.3 
$ (696.5)
Adjustments to reconcile net income (loss) to net cash used by operating activities:
 
 
Depreciation, depletion and amortization
62.1 
63.5 
Impairment of other long-lived assets
76.6 
Deferred income taxes
162.6 
Gain on extinguishment/restructuring of debt
(182.4)
(313.7)
(Gain) loss on deconsolidation, net of cash deconsolidated
(4.1)
641.4 
Other
5.2 
54.3 
Changes in operating assets and liabilities:
 
 
Receivables and other assets
103.6 
136.6 
Inventories
(52.2)
(217.4)
Payables, accrued expenses and other liabilities
(97.8)
(155.6)
Net cash used by operating activities
(19.3)
(248.2)
INVESTING ACTIVITIES
 
 
Purchase of property, plant and equipment
(20.2)
(34.4)
Other investing activities
5.9 
0.4 
Net cash used by investing activities
(14.3)
(34.0)
FINANCING ACTIVITIES
 
 
Repayment of equipment loans
(95.6)
(1.9)
Distributions of partnership equity
(28.1)
(17.1)
Debt issuance costs
(5.2)
(33.6)
Proceeds from first lien notes offering
503.5 
Repurchase of debt
(133.3)
Borrowings under credit facilities
105.0 
309.8 
Repayment under credit facilities
(105.0)
(309.8)
Preferred stock dividends
(25.6)
Other financing activities
(13.6)
(23.6)
Net cash provided (used) by financing activities
(142.5)
268.4 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
(0.9)
(0.9)
DECREASE IN CASH AND CASH EQUIVALENTS
(177.0)
(14.7)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
285.2 
290.9 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$ 108.2 
$ 276.2 
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with SEC rules and regulations and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to present fairly, the financial position, results of operations, comprehensive income and cash flows for the periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates on various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates, actual results may differ significantly due to changed conditions or assumptions. The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of results to be expected for the year ending December 31, 2016 or any other future period. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2015.
As more fully described in the Form 10-K for the year ended December 31, 2015, in January 2015, we announced that the Bloom Lake Group commenced CCAA proceedings (the "Bloom Filing") with the Quebec Superior Court (Commercial Division) in Montreal (the "Montreal Court"). Effective January 27, 2015, following the Bloom Filing, we deconsolidated the Bloom Lake Group and certain other wholly-owned subsidiaries comprising substantially all of our Canadian operations. Additionally, on May 20, 2015, the Wabush Group commenced CCAA proceedings (the "Wabush Filing") in the Montreal Court, which resulted in the deconsolidation of the remaining Wabush Group entities that were not previously deconsolidated. Financial results prior to the respective deconsolidations of the Bloom Lake and Wabush Groups and subsequent expenses directly associated with the Canadian Entities are included in our financial statements and classified within discontinued operations.
Also, for the majority of 2015, we operated two metallurgical coal operations in Alabama and West Virginia. In December 2015, we completed the sale of these two metallurgical coal operations, which marked our exit from the coal business. As of March 31, 2015, management determined that our North American Coal operating segment met the criteria to be classified as held for sale under ASC 205, Presentation of Financial Statements. As such, all presented North American Coal operating segment results are included and classified within discontinued operations in our financial statements.
Refer to NOTE 14 - DISCONTINUED OPERATIONS for further discussion of the Eastern Canadian Iron Ore and North American Coal segment's discontinued operations.
We report our results from continuing operations in two reportable segments: U.S. Iron Ore and Asia Pacific Iron Ore.
Basis of Consolidation
The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned and majority-owned subsidiaries, including the following operations as of June 30, 2016:
Name
 
Location
 
Ownership Interest
 
Operation
 
Status of Operations
Northshore
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
United Taconite
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
Tilden
 
Michigan
 
85.0%
 
Iron Ore
 
Active
Empire
 
Michigan
 
79.0%
 
Iron Ore
 
Active
Koolyanobbing
 
Western Australia
 
100.0%
 
Iron Ore
 
Active

Intercompany transactions and balances are eliminated upon consolidation.
Equity Method Investments
Our 23 percent ownership interest in Hibbing is recorded as an equity method investment. As of June 30, 2016 and December 31, 2015, our investment in Hibbing was $3.7 million and $2.4 million, respectively, classified as Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position.
Foreign Currency
Our financial statements are prepared with the U.S. dollar as the reporting currency. The functional currency of our Australian subsidiaries is the Australian dollar. The functional currency of all other international subsidiaries is the U.S. dollar. The financial statements of international subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. Where the local currency is the functional currency, translation adjustments are recorded as Accumulated other comprehensive loss. Income taxes generally are not provided for foreign currency translation adjustments. To the extent that monetary assets and liabilities, inclusive of intercompany notes, are recorded in a currency other than the functional currency, these amounts are remeasured each reporting period, with the resulting gain or loss being recorded in the Statements of Unaudited Condensed Consolidated Operations. Transaction gains and losses resulting from remeasurement of short-term intercompany loans are included in Miscellaneous - net in our Statements of Unaudited Condensed Consolidated Operations.
For the three and six months ended June 30, 2016, we incurred a net gain of $0.2 million and a net loss of $0.9 million, respectively, from the impact of transaction gains and losses resulting from remeasurement. Of these amounts, for the three months ended June 30, 2016, gains of $0.5 million and losses of $0.2 million and for the six months ended June 30, 2016, gains of $1.5 million and losses of $2.6 million resulted from remeasurement of cash and cash equivalents and remeasurement of certain obligations, respectively.
For the three and six months ended June 30, 2015, net losses of $0.8 million and gains of $12.7 million, respectively, related to the impact of transaction gains and losses resulting from remeasurement. Of these amounts, for the three months ended June 30, 2015, losses of $0.7 million resulted from remeasurement of cash and cash equivalents, respectively. Additionally, of these amounts for the six months ended June 30, 2015, gains of $12.4 million and $0.7 million resulted from remeasurement of short-term intercompany loans and cash and cash equivalents, respectively.
Significant Accounting Policies
A detailed description of our significant accounting policies can be found in the audited financial statements for the fiscal year ended December 31, 2015 included in our Annual Report on Form 10-K filed with the SEC. There have been no material changes in our significant accounting policies and estimates from those disclosed therein.
Recent Accounting Pronouncements
Issued and Not Effective
In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard requires recognition of lease assets and lease liabilities for leases previously classified as operating leases. The guidance is effective for fiscal years beginning after December 15, 2018. We are currently reviewing the guidance and assessing the potential impact on our consolidated financial statements.
In March 2016, the FASB issued ASU No. 2016-09, Stock Compensation - Improvements to Employee Share-Based Payment Accounting.  The new standard is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance is effective for fiscal years beginning after December 15, 2016, and early adoption is permitted. We are currently reviewing the guidance and assessing the potential impact on our consolidated financial statements.
SEGMENT REPORTING
SEGMENT REPORTING
NOTE 2 - SEGMENT REPORTING
Our continuing operations are organized and managed according to geographic location: U.S. Iron Ore and Asia Pacific Iron Ore. The U.S. Iron Ore segment is comprised of our interests in five U.S. mines that provide iron ore to the integrated steel industry. The Asia Pacific Iron Ore segment is located in Western Australia and provides iron ore to the seaborne market for Asian steel producers. There were no intersegment revenues in the first half of 2016 or 2015.
We have historically evaluated segment performance based on sales margin, defined as revenues less cost of goods sold, and operating expenses identifiable to each segment. Additionally, we evaluate segment performance based on the key indicators of EBITDA, defined as net income (loss) before interest, income taxes, depreciation, depletion and amortization, and Adjusted EBITDA, defined as EBITDA excluding certain items such as impacts of discontinued operations, extinguishment/restructuring of debt, severance and contractor termination costs, foreign currency remeasurement, and intersegment corporate allocations of SG&A costs.  These measures allow management and investors to focus on our ability to service our debt, as well as, illustrate how the business and each operating segment is performing.  Additionally, EBITDA and Adjusted EBITDA assist management and investors in their analysis and forecasting as these measures approximate the cash flows associated with operational earnings. 
The following tables present a summary of our reportable segments for the three and six months ended June 30, 2016 and 2015, including a reconciliation of segment sales margin to Income from Continuing Operations Before Income Taxes and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA:
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Revenues from product sales and services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
361.7

 
73
%
 
$
369.7

 
74
%
 
$
547.2

 
68
%
 
$
681.5

 
72
%
Asia Pacific Iron Ore
134.5

 
27
%
 
128.4

 
26
%
 
254.5

 
32
%
 
262.6

 
28
%
Total revenues from product sales and services
$
496.2

 
100
%
 
$
498.1

 
100
%
 
$
801.7

 
100
%
 
$
944.1

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
70.0

 
 
 
$
49.0

 
 
 
$
83.2

 
 
 
$
129.0

 
 
Asia Pacific Iron Ore
21.5

 
 
 
8.3

 
 
 
39.2

 
 
 
9.1

 
 
Sales margin
91.5

 
 
 
57.3

 
 
 
122.4

 
 
 
138.1

 
 
Other operating expense
(16.8
)
 
 
 
(31.6
)
 
 
 
(48.0
)
 
 
 
(40.5
)
 
 
Other income (expense)
(46.9
)
 
 
 
(65.7
)
 
 
 
75.2

 
 
 
204.3

 
 
Income (loss) from continuing operations before income taxes
$
27.8

 
 
 
$
(40.0
)
 
 
 
$
149.6

 
 
 
$
301.9

 
 
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Net Income (Loss)
$
29.5

 
$
65.2

 
$
146.3

 
$
(696.5
)
Less:
 
 
 
 
 
 
 
Interest expense, net
(50.7
)
 
(64.3
)
 
(107.5
)
 
(108.5
)
Income tax benefit (expense)
2.1

 
2.9

 
(5.4
)
 
(172.1
)
Depreciation, depletion and amortization
(26.9
)
 
(30.5
)
 
(62.1
)
 
(63.5
)
EBITDA
$
105.0

 
$
157.1

 
$
321.3

 
$
(352.4
)
Less:
 
 
 
 
 
 
 
Impact of discontinued operations
(0.4
)
 
103.0

 
2.1

 
(821.1
)
Gain on extinguishment/restructuring of debt
3.6

 

 
182.4

 
313.7

Severance and contractor termination costs

 
(10.0
)
 
(0.1
)
 
(11.6
)
Foreign exchange remeasurement
0.2

 
(0.8
)
 
(0.9
)
 
12.7

Adjusted EBITDA
$
101.6

 
$
64.9

 
$
137.8

 
$
153.9

 
 
 
 
 
 
 
 
EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
94.1

 
$
68.8

 
$
135.5

 
$
170.4

Asia Pacific Iron Ore
26.1

 
9.6

 
48.4

 
27.6

Other
(15.2
)
 
78.7

 
137.4

 
(550.4
)
Total EBITDA
$
105.0

 
$
157.1

 
$
321.3

 
$
(352.4
)
 
 
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
97.2

 
$
77.2

 
$
143.3

 
$
182.3

Asia Pacific Iron Ore
26.5

 
17.4

 
49.5

 
23.1

Other
(22.1
)
 
(29.7
)
 
(55.0
)
 
(51.5
)
Total Adjusted EBITDA
$
101.6

 
$
64.9

 
$
137.8

 
$
153.9

 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Depreciation, depletion and amortization:
 
 
 
 
 
 
 
U.S. Iron Ore
$
19.4

 
$
22.0

 
$
46.3

 
$
43.7

Asia Pacific Iron Ore
6.1

 
6.7

 
12.9

 
13.0

Other
1.4

 
1.8

 
2.9

 
3.6

Total depreciation, depletion and amortization
$
26.9

 
$
30.5

 
$
62.1

 
$
60.3

 
 
 
 
 
 
 
 
Capital additions1:
 
 
 
 
 
 
 
U.S. Iron Ore
$
9.2

 
$
11.3

 
$
13.7

 
$
20.8

Asia Pacific Iron Ore

 
1.1

 

 
4.5

Other
2.1

 
3.2

 
4.4

 
3.6

Total capital additions
$
11.3

 
$
15.6

 
$
18.1

 
$
28.9

                                         
1    Includes capital lease additions and non-cash accruals. Refer to NOTE 17 - CASH FLOW INFORMATION.
A summary of assets by segment is as follows:
 
(In Millions)
 
June 30,
2016
 
December 31,
2015
Assets:
 
 
 
U.S. Iron Ore
$
1,510.3

 
$
1,476.4

Asia Pacific Iron Ore
166.4

 
202.5

Total segment assets
1,676.7

 
1,678.9

Corporate
174.3

 
441.7

Assets of Discontinued Operations

 
14.9

Total assets
$
1,851.0

 
$
2,135.5

INVENTORIES
Inventories
NOTE 3 - INVENTORIES
The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position as of June 30, 2016 and December 31, 2015:
 
(In Millions)
 
June 30, 2016
 
December 31, 2015
Segment
Finished Goods
 
Work-in Process
 
Total Inventory
 
Finished Goods
 
Work-in
Process
 
Total
Inventory
U.S. Iron Ore
$
309.9

 
$
26.7

 
$
336.6

 
$
252.3

 
$
11.7

 
$
264.0

Asia Pacific Iron Ore
13.6

 
41.0

 
54.6

 
20.8

 
44.8

 
65.6

Total
$
323.5

 
$
67.7

 
$
391.2

 
$
273.1

 
$
56.5

 
$
329.6

PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT
NOTE 4 - PROPERTY, PLANT AND EQUIPMENT
The following table indicates the value of each of the major classes of our consolidated depreciable assets as of June 30, 2016 and December 31, 2015:
 
(In Millions)
 
June 30,
2016
 
December 31,
2015
Land rights and mineral rights
$
500.5

 
$
500.5

Office and information technology
64.2

 
71.0

Buildings
60.5

 
60.4

Mining equipment
596.8

 
594.0

Processing equipment
519.3

 
516.8

Electric power facilities
49.4

 
46.4

Land improvements
24.8

 
24.8

Asset retirement obligation
67.1

 
87.9

Other
28.0

 
28.2

Construction in-progress
43.3

 
40.3

 
1,953.9

 
1,970.3

Allowance for depreciation and depletion
(960.8
)
 
(911.3
)
 
$
993.1

 
$
1,059.0


We recorded depreciation and depletion expense of $25.7 million and $59.5 million in the Statements of Unaudited Condensed Consolidated Operations for the three and six months ended June 30, 2016, respectively. This compares with depreciation and depletion expense of $29.5 million and $58.2 million for the three and six months ended and June 30, 2015, respectively.
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES
NOTE 5 - DEBT AND CREDIT FACILITIES
The following represents a summary of our long-term debt as of June 30, 2016 and December 31, 2015:
($ in Millions)
 
June 30, 2016
 
Debt Instrument
 
Annual Effective Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Undiscounted Interest/(Unamortized Discounts)
 
Total Debt
 
$700 Million 4.875% 2021 Senior Notes
 
4.89%
 
$
336.2

 
$
(1.3
)
 
$
(0.2
)
 
$
334.7

(1)
$1.3 Billion Senior Notes:
 
 
 
 
 
 
 
 
 
 
 
$500 Million 4.80% 2020 Senior Notes
 
4.83%
 
249.3

 
(0.8
)
 
(0.2
)
 
248.3

(2)
$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
298.4

 
(2.5
)
 
(3.5
)
 
292.4

(3)
$400 Million 5.90% 2020 Senior Notes
 
5.98%
 
225.6

 
(0.7
)
 
(0.6
)
 
224.3

(4)
$500 Million 3.95% 2018 Senior Notes
 
6.15%
 
283.6

 
(0.6
)
 
(0.8
)
 
282.2

(5)
$540 Million 8.25% 2020 First Lien Notes
 
9.97%
 
540.0

 
(9.2
)
 
(29.0
)
 
501.8

 
$218.5 Million 8.00% 2020 1.5 Lien Notes
 
N/A
 
218.5

 

 
74.3

 
292.8

(6)
$544.2 Million 7.75% 2020 Second Lien Notes
 
15.55%
 
430.1

 
(6.6
)
 
(94.9
)
 
328.6

(7)
$550 Million ABL Facility:
 
 
 
 
 
 
 
 
 
 
 
ABL Facility
 
N/A
 
550.0

 
N/A

 
N/A

 

(8)
Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
2.1

 
Total debt
 
 
 
$
3,131.7

 
 
 
 
 
$
2,507.2

 
Less: Current portion
 
 
 
 
 
 
 
 
 
17.5

 
Long-term debt
 
 
 
 
 
 
 
 
 
$
2,489.7

 
($ in Millions)
 
December 31, 2015
 
Debt Instrument
 
Annual Effective Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Unamortized Discounts
 
Total Debt
 
$700 Million 4.875% 2021 Senior Notes
 
4.89%
 
$
412.5

 
$
(1.7
)
 
$
(0.2
)
 
$
410.6

 
$1.3 Billion Senior Notes:
 
 
 
 
 
 
 
 
 
 
 
$500 Million 4.80% 2020 Senior Notes
 
4.83%
 
306.7

 
(1.1
)
 
(0.4
)
 
305.2

 
$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
492.8

 
(4.3
)
 
(5.8
)
 
482.7

 
$400 Million 5.90% 2020 Senior Notes
 
5.98%
 
290.8

 
(1.1
)
 
(0.8
)
 
288.9

 
$500 Million 3.95% 2018 Senior Notes
 
6.30%
 
311.2

 
(0.9
)
 
(1.2
)
 
309.1

 
$540 Million 8.25% 2020 First Lien Notes
 
9.97%
 
540.0

 
(10.5
)
 
(32.1
)
 
497.4

 
$544.2 Million 7.75% 2020 Second Lien Notes
 
15.55%
 
544.2

 
(9.5
)
 
(131.5
)
 
403.2

 
$550 Million ABL Facility:
 
 
 
 
 
 
 
 
 
 
 
ABL Facility
 
N/A
 
550.0

 
N/A

 
N/A

 

(9)
Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
2.3

 
Total debt
 
 
 
$
3,448.2

 
 
 
 
 
$
2,699.4

 

(1)
On March 2, 2016, we exchanged as part of an exchange offer $76.3 million of the 4.875 percent senior notes for $30.5 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $40.9 million, including undiscounted interest payments as of June 30, 2016.
(2)
On March 2, 2016, we exchanged as part of an exchange offer $44.7 million of the 4.80 percent senior notes for $17.9 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $23.9 million, including undiscounted interest payments as of June 30, 2016. Additionally, during the second quarter of 2016 we entered into a debt for equity exchange; see NOTE 15 - CAPITAL STOCK for further discussion of this transaction.
(3)
On March 2, 2016, we exchanged as part of an exchange offer $194.4 million of the 6.25 percent senior notes for $75.8 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $101.5 million, including undiscounted interest payments as of June 30, 2016.
(4)
On March 2, 2016, we exchanged as part of an exchange offer $65.1 million of the 5.90 percent senior notes for $26.0 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $34.9 million, including undiscounted interest payments as of June 30, 2016.
(5)
On March 2, 2016, we exchanged as part of an exchange offer $17.6 million of the 3.95 percent senior notes for $11.4 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $15.3 million, including undiscounted interest payments as of June 30, 2016. Additionally, during the first quarter of 2016 we entered into a debt for equity exchange; see NOTE 15 - CAPITAL STOCK for further discussion of this transaction.
(6)
See the section entitled "$218.5 million 8.00 percent 2020 Senior Secured 1.5 Lien Notes - 2016 Exchange Offers" below for further discussion related to this instrument. As of June 30, 2016, $17.5 million of the undiscounted interest is recorded as current and classified as Other current liabilities in the Statements of Unaudited Condensed Consolidated Financial Position.
(7)
On March 2, 2016, we exchanged as part of an exchange offer $114.1 million of the 7.75 percent senior notes for $57.0 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $76.3 million, including undiscounted interest payments as of June 30, 2016.
(8)
As of June 30, 2016, no loans were drawn under the ABL Facility and we had total availability of $425.6 million as a result of borrowing base limitations. As of June 30, 2016, the principal amount of letter of credit obligations totaled $112.8 million, thereby further reducing available borrowing capacity on our ABL Facility to $312.8 million.
(9)
As of December 31, 2015, no loans were drawn under the ABL Facility and we had total availability of $366.0 million as a result of borrowing base limitations. As of December 31, 2015, the principal amount of letter of credit obligations totaled $186.3 million and commodity hedge obligations totaled $0.5 million, thereby further reducing available borrowing capacity on our ABL Facility to $179.2 million.
$218.5 million 8.00 percent 2020 Senior Secured 1.5 Lien Notes - 2016 Exchange Offers
On March 2, 2016, we entered into an indenture among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee and notes collateral agent, relating to our issuance of $218.5 million aggregate principal amount of 8.00 percent 1.5 Lien Senior Secured Notes due 2020 (the “1.5 Lien Notes”). The 1.5 Lien Notes were issued on March 2, 2016 in exchange offers for certain of our existing senior notes.
The 1.5 Lien Notes bear interest at a rate of 8.00 percent per annum. Interest on the 1.5 Lien Notes is payable semi-annually in arrears on March 31 and September 30 of each year, commencing on September 30, 2016. The 1.5 Lien Notes mature on September 30, 2020 and are secured senior obligations of the Company.
The 1.5 Lien Notes are jointly and severally and fully and unconditionally guaranteed on a senior secured basis by substantially all of our material U.S. subsidiaries and are secured (subject in each case to certain exceptions and permitted liens) on (i) a junior first-priority basis by substantially all of our U.S. assets, other than the ABL collateral (the "Notes Collateral"), which secures the 8.25 percent senior first lien notes due 2020 (the "First Lien Notes") obligations on a senior first-priority basis, the 7.75 percent senior second lien notes due 2020 (the "Second Lien Notes") obligations on a second-priority basis and the ABL Facility obligations on a third-priority basis, and (ii) a junior second-priority basis by our ABL collateral, which secures our ABL obligations on a first-priority basis, the First Lien Notes obligations on a senior second-priority basis and the Second Lien Notes obligations on a third-priority basis.
The terms of the 1.5 Lien Notes are governed by the 1.5 Lien Notes indenture. The 1.5 Lien Notes indenture contains customary covenants that, among other things, limit our ability to incur certain secured indebtedness, create liens on principal property and the capital stock or debt of a subsidiary that owns a principal property, use proceeds of dispositions of collateral, enter into certain sale and leaseback transactions, merge or consolidate with another company and transfer or sell all or substantially all of our assets. Upon the occurrence of a “change of control triggering event,” as defined in the 1.5 Lien Notes indenture, we are required to offer to repurchase the 1.5 Lien Notes at 101 percent of the aggregate principal amount thereof, plus any accrued and unpaid interest, if any, to, but excluding, the repurchase date.
We may redeem any of the 1.5 Lien Notes beginning on September 30, 2017. The initial redemption price is 104 percent of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The redemption price will decline after September 30, 2017 and will be 100 percent of its principal amount, plus accrued interest, beginning on September 30, 2019. We may also redeem some or all of the 1.5 Lien Notes at any time and from time to time prior to September 30, 2017 at a price equal to 100 percent of the principal amount thereof plus a “make-whole” premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, at any time and from time to time on or prior to September 30, 2017, we may redeem in the aggregate up to 35 percent of the original aggregate principal amount of the 1.5 Lien Notes (calculated after giving effect to any issuance of additional 1.5 Lien Notes) with the net cash proceeds from certain equity offerings, at a redemption price of 108 percent, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, so long as at least 65 percent of the original aggregate principal amount of the 1.5 Lien Notes (calculated after giving effect to any issuance of additional 1.5 Lien Notes) issued under the 1.5 Lien Notes indenture remain outstanding after each such redemption.
The 1.5 Lien Notes indenture contains customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to pay or acceleration of certain other indebtedness, certain events of bankruptcy and insolvency and failure to pay certain judgments. An event of default under the 1.5 Lien Notes indenture will allow either the trustee or the holders of at least 25 percent in aggregate principal amount of the then-outstanding 1.5 Lien Notes issued under the 1.5 Lien Notes indenture to accelerate, or in certain cases, will automatically cause the acceleration of, the amounts due under the 1.5 Lien Notes.
We accounted for the 1.5 Lien Notes exchange as a TDR. For an exchange classified as TDR, if the future undiscounted cash flows of the newly issued debt are less than the net carrying value of the original debt, the carrying value of the newly issued debt is adjusted to the future undiscounted cash flow amount, a gain is recorded for the difference and no future interest expense is recorded. All future interest payments on the newly issued debt reduce the carrying value.  Accordingly, we recognized a gain of $174.3 million in the Gain on extinguishment/restructuring of debt in the Statements of Unaudited Condensed Consolidated Operations. As a result, our reported interest expense will be less than the contractual interest payments throughout the term of the 1.5 Lien Notes. Debt issuance costs incurred of $5.2 million related to the notes exchange were expensed and were included in the Gain on extinguishment/restructuring of debt in the Statements of Unaudited Condensed Consolidated Operations as of June 30, 2016.
Letters of Credit
We issued standby letters of credit with certain financial institutions in order to support business obligations including, but not limited to, workers compensation and environmental obligations. As of June 30, 2016 and December 31, 2015, these letter of credit obligations totaled $112.8 million and $186.3 million, respectively.
Debt Maturities
The following represents a summary of our maturities of debt instruments, excluding borrowings on the ABL Facility, based on the principal amounts outstanding at June 30, 2016:
 
(In Millions)
 
Maturities of Debt
2016 (July 1 - December 31)
$

2017

2018
283.6

2019

2020
1,663.5

2021
336.2

2022 and thereafter
298.4

Total maturities of debt
$
2,581.7

FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE MEASUREMENTS
NOTE 6 - FAIR VALUE MEASUREMENTS
We have various financial instruments that require fair value measurements classified as Level 1, Level 2 and Level 3 of the fair value hierarchy. The following discussion represents the assets and liabilities measured at fair value at June 30, 2016 and December 31, 2015.
There were no Level 1 financial assets as of June 30, 2016. Financial assets classified in Level 1 as of December 31, 2015, include money market funds of $30.0 million. The valuation of these instruments is based upon unadjusted quoted prices for identical assets in active markets.
The derivative financial assets classified within Level 3 at June 30, 2016 and December 31, 2015 primarily relate to a freestanding derivative instrument related to certain supply agreements with one of our U.S. Iron Ore customers. The agreements include provisions for supplemental revenue or refunds based on the customer’s annual steel pricing at the time the product is consumed in the customer’s blast furnaces. We account for this provision as a derivative instrument at the time of sale and adjust this provision to fair value as an adjustment to Product revenues each reporting period until the product is consumed and the amounts are settled. The fair value of the instrument is determined using a market approach based on an estimate of the annual realized price of hot-rolled steel at the steelmaker’s facilities, and takes into consideration current market conditions and nonperformance risk.
The Level 3 derivative assets and liabilities also consisted of derivatives related to certain provisional pricing arrangements with our U.S. Iron Ore and Asia Pacific Iron Ore customers at June 30, 2016 and December 31, 2015. These provisional pricing arrangements specify provisional price calculations, where the pricing mechanisms generally are based on market pricing, with the final revenue rate to be based on market inputs at a specified point in time in the future, per the terms of the supply agreements. The difference between the estimated final revenue at the date of sale and the estimated final revenue rate is characterized as a derivative and is required to be accounted for separately once the revenue has been recognized. The derivative instrument is adjusted to fair value through Product revenues each reporting period based upon current market data and forward-looking estimates provided by management until the final revenue rate is determined.
The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy:
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
 
 
(In Millions)
Fair Value at June 30, 2016
 
Balance Sheet Location
 
Valuation Technique
 
Unobservable Input
 
Range or Point Estimate per dry metric ton
(Weighted Average)
 
Provisional Pricing Arrangements
 
$
2.1

 
Other current assets
 
Market Approach
 
Management's
Estimate of 62% Fe
 
$55
 
$
2.6

 
Other current liabilities
 
 
 
Customer Supply Agreement
 
$
23.7

 
Other current assets
 
Market Approach
 
Hot-Rolled Steel Estimate
 
$430 - $530 ($480)

The significant unobservable input used in the fair value measurement of the reporting entity’s provisional pricing arrangements is management’s estimate of 62 percent Fe fines spot price based upon current market data, including historical seasonality and forward-looking estimates determined by management. Significant increases or decreases in this input would result in a significantly higher or lower fair value measurement, respectively.
The significant unobservable input used in the fair value measurement of the reporting entity’s customer supply agreement is the future hot-rolled steel price that is estimated based on projections provided by the customer, current market data, analysts' projections and forward-looking estimates determined by management. Significant increases or decreases in this input would result in a significantly higher or lower fair value measurement, respectively.
We recognize any transfers between levels as of the beginning of the reporting period. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the three and six months ended June 30, 2016 or 2015. The following tables represent a reconciliation of the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2016 and 2015.
 
(In Millions)
 
Derivative Assets (Level 3)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Beginning balance
$
9.0

 
$
34.5

 
$
7.8

 
$
63.2

Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
34.5

 
0.6

 
45.7

 
10.7

Settlements
(17.7
)
 
(27.4
)
 
(27.7
)
 
(66.2
)
Transfers into Level 3

 

 

 

Transfers out of Level 3

 

 

 

Ending balance - June 30
$
25.8

 
$
7.7

 
$
25.8

 
$
7.7

Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
21.6

 
$
0.6

 
$
21.9

 
$
10.7


 
(In Millions)
 
Derivative Liabilities (Level 3)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Beginning balance
$
(6.2
)
 
$
(16.2
)
 
$
(3.4
)
 
$
(9.5
)
Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
(2.8
)
 
1.1

 
(8.4
)
 
(17.3
)
Settlements
6.4

 
7.1

 
9.2

 
18.8

Transfers into Level 3

 

 

 

Transfers out of Level 3

 

 

 

Ending balance - June 30
$
(2.6
)
 
$
(8.0
)
 
$
(2.6
)
 
$
(8.0
)
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
(0.7
)
 
$
(5.8
)
 
$
(2.6
)
 
$
(8.0
)

Gains and losses included in earnings are reported in Product revenues in the Statements of Unaudited Condensed Consolidated Operations for the three and six months ended June 30, 2016 and 2015.
The carrying amount for certain financial instruments (e.g., Accounts receivable, net, Accounts payable and Accrued expenses) approximates fair value and, therefore, has been excluded from the table below. A summary of the carrying amount and fair value of other financial instruments at June 30, 2016 and December 31, 2015 were as follows:
 
 
 
(In Millions)
 
 
 
June 30, 2016
 
December 31, 2015
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Senior Notes—$700 million
Level 1
 
$
334.7

 
$
223.6

 
$
410.6

 
$
69.4

Senior Notes—$1.3 billion
Level 1
 
540.7

 
349.6

 
787.9

 
137.4

Senior Notes—$400 million
Level 1
 
224.3

 
167.0

 
288.9

 
52.8

Senior Notes—$500 million
Level 1
 
282.2

 
268.0

 
309.1

 
87.1

Senior First Lien Notes —$540 million
Level 1
 
501.8

 
548.1

 
497.4

 
414.5

Senior 1.5 Lien Notes —$218.5 million
Level 2
 
292.8

 
197.0

 

 

Senior Second Lien Notes —$544.2 million
Level 1
 
328.6

 
352.7

 
403.2

 
134.7

ABL Facility
Level 2
 

 

 

 

Fair value adjustment to interest rate hedge
Level 2
 
2.1

 
2.1

 
2.3

 
2.3

Total long-term debt
 
 
$
2,507.2

 
$
2,108.1

 
$
2,699.4

 
$
898.2


The fair value of long-term debt was determined using quoted market prices based upon current borrowing rates. The ABL Facility is variable rate interest and approximates fair value. See NOTE 5 - DEBT AND CREDIT FACILITIES for further information.
PENSIONS AND OTHER POSTRETIREMENT BENEFITS
PENSIONS AND OTHER POSTRETIREMENT BENEFITS
NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS
We offer defined benefit pension plans, defined contribution pension plans and other postretirement benefit plans, primarily consisting of retiree healthcare benefits, to most employees in the United States as part of a total compensation and benefits program. We do not have employee retirement benefit obligations at our Asia Pacific Iron Ore operations. The defined benefit pension plans largely are noncontributory and benefits generally are based on employees’ years of service and average earnings for a defined period prior to retirement or a minimum formula.
Historically, we selected a single-weighted discount rate to be used for all pension and other postretirement benefit plans based on the 10th to 90th percentile results. Beginning January 1, 2016, we elected to select a separate discount rate for each plan, based on 40th to 90th percentile results. The discount rates are determined by matching the projected cash flows used to determine the projected benefit obligation and accumulated postretirement benefit obligation to a projected yield curve of 688 Aa graded bonds. These bonds are either noncallable or callable with make-whole provisions. We made this change in order to more precisely measure our service and interest costs, by improving the correlation between projected benefit cash flows and the corresponding spot yield curve rates.  As this change is treated as a change in estimate, the impact is reflected in the first half of the current fiscal year and prospectively, and historical measurements of service and interest cost were not affected.
This change in estimate is anticipated to reduce our current year annual net periodic benefit expense by approximately $8.4 million for our pension plans and by approximately $2.3 million for our other postretirement benefit plans. Accordingly, for the three and six months ended June 30, 2016, total service cost and interest cost for the defined benefit pension plans were $12.0 million and $23.9 million, respectively, a reduction of $2.1 million and $4.2 million, respectively, as a result of implementing the new approach.
For the three and six months ended June 30, 2016, total service cost and interest cost for the other postretirement benefit plans were $2.7 million and $5.4 million, respectively, a reduction of $0.6 million and $1.1 million, respectively, as a result of implementing the new approach.
The following are the components of defined benefit pension and OPEB expense for the three and six months ended June 30, 2016 and 2015:
Defined Benefit Pension Expense
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Service cost
$
4.5

 
$
6.3

 
$
9.0

 
$
12.6

Interest cost
7.5

 
9.5

 
14.9

 
18.9

Expected return on plan assets
(13.7
)
 
(15.0
)
 
(27.4
)
 
(29.9
)
Amortization:
 
 
 
 
 
 
 
Prior service costs
0.5

 
0.6

 
1.1

 
1.2

Net actuarial loss
5.3

 
5.4

 
10.5

 
10.8

    Curtailments/settlements

 
$

 

 
0.3

Net periodic benefit cost to continuing operations
$
4.1

 
$
6.8

 
$
8.1

 
$
13.9


Other Postretirement Benefits Expense
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Service cost
$
0.4

 
$
1.5

 
$
0.9

 
$
3.0

Interest cost
2.3

 
3.2

 
4.5

 
6.5

Expected return on plan assets
(4.3
)
 
(4.6
)
 
(8.5
)
 
(9.2
)
Amortization:
 
 
 
 
 
 
 
Prior service credits
(0.9
)
 
(0.9
)
 
(1.8
)
 
(1.8
)
Net actuarial loss
1.4

 

 
2.8

 
3.1

Net periodic benefit cost to continuing operations
$
(1.1
)
 
$
(0.8
)
 
$
(2.1
)
 
$
1.6


We made pension contributions of $0.3 million for the three and six months ended June 30, 2016, compared to pension contributions of $0.3 million and $4.2 million for the three and six months ended June 30, 2015. OPEB contributions are typically made on an annual basis in the first quarter of each year, but due to plan funding requirements being met, no OPEB contributions were required or made for the three and six months ended June 30, 2016 and June 30, 2015.
STOCK COMPENSATION PLANS
Stock Compensation Plans
NOTE 8 - STOCK COMPENSATION PLANS
Employees’ Plans
During the first quarter of 2016, the Compensation and Organization Committee of the Board of Directors approved grants under the 2015 Equity Plan of 3.4 million restricted share units to certain officers and employees with a grant date of February 23, 2016. The restricted share units granted under this award are subject to continued employment through the vesting date of December 31, 2018.
INCOME TAXES
Income Taxes
NOTE 9 - INCOME TAXES
Our 2016 estimated annual effective tax rate before discrete items is approximately 3.1 percent. The annual effective tax rate differs from the U.S. statutory rate of 35 percent primarily due to deductions for percentage depletion in excess of cost depletion related to U.S. operations and the reversal of valuation allowances in excess of the deferred tax assets generated in the current year. A comparable annual effective tax rate has not been provided for the six months ended 2015 as our loss for the six months ended June 30, 2015 exceeded the anticipated ordinary loss for the full year and, therefore, our tax expense recorded was calculated using actual year-to-date amounts rather than an estimated annual effective tax rate.
For the three and six months ended June 30, 2016, we recorded discrete items that resulted in an income tax expense of $0.6 million and $0.7 million, respectively. These adjustments relate primarily to quarterly interest accrued on reserves for uncertain tax positions. For the three and six months ended June 30, 2015 there were discrete items that resulted in an income tax benefit of $0.3 million and income tax expense of $167.2 million, respectively. These items were largely related to the recording of valuation allowances against existing deferred tax assets as a result of the determination that these would no longer be realizable.
LEASE OBLIGATIONS
LEASE OBLIGATIONS
NOTE 10 - LEASE OBLIGATIONS
We lease certain mining, production and other equipment under operating and capital leases. The leases are for varying lengths, generally at market interest rates and contain purchase and/or renewal options at the end of the terms. Our operating lease expense was $2.2 million and $4.6 million for the three and six months ended June 30, 2016, compared with $2.0 million and $6.3 million for the same period in 2015.
Future minimum payments under capital leases and non-cancellable operating leases at June 30, 2016 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2016 (July 1 - December 31)
$
12.4

 
$
4.6

2017
22.8

 
8.9

2018
18.4

 
7.5

2019
10.2

 
4.9

2020
9.2

 
4.9

2021 and thereafter
9.3

 
5.0

Total minimum lease payments
$
82.3

 
$
35.8

Amounts representing interest
15.4

 
 
Present value of net minimum lease payments
$
66.9

(1) 
 
(1) 
The total is comprised of $18.2 million and $48.7 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at June 30, 2016.
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
NOTE 11 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
We had environmental and mine closure liabilities of $220.0 million and $234.0 million at June 30, 2016 and December 31, 2015, respectively. The following is a summary of the obligations as of June 30, 2016 and December 31, 2015:
 
(In Millions)
 
June 30,
2016
 
December 31,
2015
Environmental
$
3.5

 
$
3.6

Mine closure
 
 
 
LTVSMC
24.8

 
24.1

Operating mines:
 
 
 
U.S. Iron Ore
174.5

 
189.9

Asia Pacific Iron Ore
17.2

 
16.4

Total mine closure
216.5

 
230.4

Total environmental and mine closure obligations
220.0

 
234.0

Less current portion
2.6

 
2.8

Long term environmental and mine closure obligations
$
217.4

 
$
231.2


Mine Closure
The accrued closure obligation for our active mining operations provides for contractual and legal obligations associated with the eventual closure of the mining operations. The accretion of the liability and amortization of the related asset is recognized over the estimated mine lives for each location.
The following represents a rollforward of our asset retirement obligation liability related to our active mining locations for the six months ended June 30, 2016 and for the year ended December 31, 2015:
 
(In Millions)
 
June 30,
2016
 
December 31,
2015
Asset retirement obligation at beginning of period
$
206.3

 
$
142.4

Accretion expense
5.8

 
6.5

Exchange rate changes
0.4

 
(1.1
)
Revision in estimated cash flows
(20.8
)
 
58.5

Asset retirement obligation at end of period
$
191.7

 
$
206.3


The revisions in the estimated cash flows recorded during the six months ended June 30, 2016 relate primarily to revisions of the timing of the estimated cash flows related to one of our U.S. mines. For the year ended December 31, 2015, the revisions in estimated cash flows recorded during the year related primarily to revisions in the timing of the estimated cash flows and the technology associated with required storm water management systems expected to be implemented subsequent to the indefinite idling of the Empire mine.
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES
NOTE 12 - GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES
Goodwill
The carrying amount of goodwill for the six months ended June 30, 2016 and the year ended December 31, 2015 was $2.0 million and related to our U.S. Iron Ore operating segment.
Other Intangible Assets and Liabilities
The following table is a summary of intangible assets and liabilities as of June 30, 2016 and December 31, 2015:
 
 
 
(In Millions)
 
 
 
June 30, 2016
 
December 31, 2015
 
Classification
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
Definite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Permits
Other non-current assets
 
$
78.6

 
$
(22.8
)
 
$
55.8

 
$
78.4

 
$
(20.2
)
 
$
58.2

Total intangible assets
 
 
$
78.6

 
$
(22.8
)
 
$
55.8

 
$
78.4

 
$
(20.2
)
 
$
58.2

Below-market sales contracts
Other current liabilities
 
$
(23.1
)
 
$
7.7

 
$
(15.4
)
 
$
(23.1
)
 
$

 
$
(23.1
)
Below-market sales contracts
Other liabilities
 
(205.8
)
 
205.8

 

 
(205.8
)
 
205.8

 

Total below-market sales contracts
 
 
$
(228.9
)
 
$
213.5

 
$
(15.4
)
 
$
(228.9
)
 
$
205.8

 
$
(23.1
)

Amortization expense relating to intangible assets was $1.2 million and $2.6 million for the three and six months ended June 30, 2016 and is recognized in Cost of goods sold and operating expenses in the Statements of Unaudited Condensed Consolidated Operations. Amortization expense relating to intangible assets was $1.0 million and $2.1 million for the comparable periods in 2015. The estimated amortization expense relating to intangible assets for the remainder of this year and each of the five succeeding years is as follows:

(In Millions)

Amount
Year Ending December 31,

2016 (remaining six months)
$
1.8

2017
4.2

2018
4.2

2019
2.5

2020
2.5

2021
2.5

Total
$
17.7

The below-market sales contract is classified as a liability and recognized over the term of the underlying contract, which expires December 31, 2016. For the three and six months ended June 30, 2016 and 2015, we recognized $7.7 million in Product revenues related to the below-market sales contract. The remaining $15.4 million is estimated to be recognized in Product revenues during the remainder of 2016.
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
NOTE 13 - DERIVATIVE INSTRUMENTS
The following table presents the fair value of our derivative instruments and the classification of each in the Statements of Unaudited Condensed Consolidated Financial Position as of June 30, 2016 and December 31, 2015:
 
(In Millions)
 
Derivative Assets
 
Derivative Liabilities
 
June 30, 2016
 
December 31, 2015
 
June 30, 2016
 
December 31, 2015
Derivative Instrument
Balance Sheet Location
 
Fair
Value
 
Balance
Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
Customer Supply Agreement
Other current assets
 
23.7

 
Other current assets
 
5.8

 
 
 

 
 
 

Provisional Pricing Arrangements
Other current assets
 
2.1

 
Other current assets
 
2.0

 
Other current liabilities
 
2.6

 
Other current liabilities
 
3.4

Commodity Contracts
 
 

 
 
 

 
 
 

 
Other current liabilities
 
0.6

Total derivatives not designated as hedging instruments under ASC 815
 
 
$
25.8

 
 
 
$
7.8

 
 
 
$
2.6

 
 
 
$
4.0


Derivatives Not Designated as Hedging Instruments
Customer Supply Agreements
Most of our U.S. Iron Ore long-term supply agreements are comprised of a base price with annual price adjustment factors. The base price is the primary component of the purchase price for each contract. The indexed price adjustment factors are integral to the iron ore supply contracts and vary based on the agreement, but typically include adjustments based upon changes in specified price indices, including those for industrial commodities, energy and cold rolled steel and changes in the Platts IODEX. The pricing adjustments generally operate in the same manner, with each factor typically comprising a portion of the price adjustment, although the weighting of each factor varies based upon the specific terms of each agreement. In most cases, these adjustment factors have not been finalized at the time our product is sold. In these cases, we historically have estimated the adjustment factors at each reporting period based upon the best third-party information available. The estimates are then adjusted to actual when the information has been finalized. The price adjustment factors have been evaluated to determine if they contain embedded derivatives. The price adjustment factors share the same economic characteristics and risks as the host contract and are integral to the host contract as inflation adjustments; accordingly, they have not been separately valued as derivative instruments. Certain of our term supply agreements contain price collars, which typically limit the percentage increase or decrease in prices for our products during any given year.
A certain supply agreement with one U.S. Iron Ore customer provides for supplemental revenue or refunds to the customer based on the customer’s average annual steel pricing at the time the product is consumed in the customer’s blast furnace. The supplemental pricing is characterized as a freestanding derivative and is required to be accounted for separately once the product is shipped. The derivative instrument, which is finalized based on a future price, is adjusted to fair value as a revenue adjustment each reporting period until the pellets are consumed and the amounts are settled.
We recognized a $19.5 million and $19.9 million net gain in Product revenues in the Statements of Unaudited Condensed Consolidated Operations for the three and six months ended June 30, 2016, related to the supplemental payments. This compares with Product revenues of $0.4 million and $10.5 million for the comparable periods in 2015. Other current assets, representing the fair value of the pricing factors, were $23.7 million and $5.8 million in the June 30, 2016 and December 31, 2015 Statements of Unaudited Condensed Consolidated Financial Position, respectively.
Provisional Pricing Arrangements
Certain of our U.S. Iron Ore and Asia Pacific Iron Ore customer supply agreements specify provisional price calculations, where the pricing mechanisms generally are based on market pricing, with the final revenue rate to be based on market inputs at a specified period in time in the future, per the terms of the supply agreements. U.S. Iron Ore sales revenue is primarily recognized when cash is received.  For U.S. Iron Ore sales, the difference between the provisionally agreed-upon price and the estimated final revenue rate is characterized as a freestanding derivative and must be accounted for separately once the provisional revenue has been recognized.  Asia Pacific Iron Ore sales revenue is initially recorded at the provisionally agreed-upon price with the pricing provision embedded in the receivable.  The pricing provision is an embedded derivative that must be bifurcated and accounted for separately from the receivable.  Subsequently, the derivative instruments for both U.S. Iron Ore and Asia Pacific Iron Ore are adjusted to fair value through Product revenues each reporting period based upon current market data and forward-looking estimates provided by management until the final revenue rate is determined. At June 30, 2016 and December 31, 2015, we recorded $2.1 million and $2.0 million, respectively, as Other current assets in the Statements of Unaudited Condensed Consolidated Financial Position related to our estimate of the final revenue rate with our Asia Pacific Iron Ore customers. At June 30, 2016 and December 31, 2015, we recorded $2.6 million and $3.4 million, respectively, as Other current liabilities in the Statements of Unaudited Condensed Consolidated Financial Position related to our estimate of the final revenue rate with our U.S. Iron Ore and Asia Pacific Iron Ore customers. These amounts represent the difference between the provisional price agreed upon with our customers based on the supply agreement terms and our estimate of the final revenue rate based on the price calculations established in the supply agreements. As a result, we recognized a $1.8 million and $0.3 million net gain in Product revenues in the Statements of Unaudited Condensed Consolidated Operations for the three and six months ended June 30, 2016 related to these arrangements. This compares with a net $8.4 million increase and a net $7.8 million decrease in Product revenues for the comparable periods in 2015.
The following summarizes the effect of our derivatives that are not designated as hedging instruments in the Statements of Unaudited Condensed Consolidated Operations for the three and six months ended June 30, 2016 and 2015:
(In Millions)
Derivatives Not Designated as Hedging Instruments
Location of Gain (Loss) Recognized in
Income on Derivative
Amount of Gain (Loss) Recognized in Income on Derivative
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2016
 
2015
 
2016
 
2015
Customer Supply Agreement
Product revenues
19.5

 
0.4

 
19.9

 
10.5

Provisional Pricing Arrangements
Product revenues
1.8

 
8.4

 
0.3

 
(7.8
)
Foreign Exchange Contracts
Other non-operating income (expense)

 
(3.4
)
 

 
2.5

Commodity Contracts
Cost of goods sold and operating expenses

 
0.2

 

 
(3.4
)
Foreign Exchange Contracts
Product revenues

 
(9.7
)
 

 
(9.7
)
 
 
$
21.3

 
$
(4.1
)
 
$
20.2

 
$
(7.9
)

Refer to NOTE 6 - FAIR VALUE MEASUREMENTS for additional information.
DISCONTINUED OPERATIONS
Discontinued Operations
NOTE 14 - DISCONTINUED OPERATIONS
The information below sets forth selected financial information related to operating results of our businesses classified as discontinued operations which include our former North American Coal and Canadian operations. The chart below provides an asset group breakout for each financial statement line impacted by discontinued operations.
(In Millions)
 
 
 
 
Canadian Operations
 
 
 
 
 
North American Coal
 
Eastern Canadian Iron Ore
Other
Total Canadian Operations
 
Total of Discontinued Operations
Statements of Unaudited Condensed Consolidated Operations
Income (Loss) from Discontinued Operations, net of tax
QTD
June 30, 2016
$
(0.7
)
 
$
0.3

$

$
0.3

 
$
(0.4
)
Income (Loss) from Discontinued Operations, net of tax
QTD
June 30, 2015
$
(31.5
)
 
$
134.9

$

$
134.9

 
$
103.4

Income (Loss) from Discontinued Operations, net of tax
YTD
June 30, 2016
$
(2.0
)
 
$
4.1

$

$
4.1

 
$
2.1

Income (Loss) from Discontinued Operations, net of tax
YTD
June 30, 2015
$
(107.2
)
 
$
(717.8
)
$
(0.1
)
$
(717.9
)
 
$
(825.1
)
 
 
 
 
 
 
 
 
 
Statements of Unaudited Condensed Consolidated Financial Position
Short-term assets of discontinued operations
As of
June 30, 2016
$

 
$

$

$

 
$

Short-term liabilities of discontinued operations
As of
June 30, 2016
$
4.4

 
$

$

$

 
$
4.4

Short-term assets of discontinued operations
As of
December 31, 2015
$
14.9

 
$

$

$

 
$
14.9

Short-term liabilities of discontinued operations
As of
December 31, 2015
$
6.9

 
$

$

$

 
$
6.9

 
 
 
 
 
 
 
 
 
Non-Cash Operating and Investing Activities
Depreciation, depletion and amortization:
YTD
June 30, 2015
$
3.2

 
$

$

$

 
$
3.2

Purchase of property, plant and equipment
YTD
June 30, 2015
$
5.5

 
$

$

$

 
$
5.5

Impairment of other long-lived assets
YTD
June 30, 2015
$
73.4

 
$

$

$

 
$
73.4


North American Coal Operations
Loss on Discontinued Operations
Our previously reported North American Coal operating segment results are classified as discontinued operations for all periods presented. The closing of the sale of our Oak Grove and Pinnacle mines on December 22, 2015, completed a strategic shift in our business.
 
 
(In Millions)
 
 
Three Months Ended June 30,
 
Six Months Ended
June 30,
Loss from Discontinued Operations
 
2016
 
2015
 
2016
 
2015
Revenues from product sales and services
 
$

 
$
142.7

 
$

 
$
259.3

Cost of goods sold and operating expenses
 

 
(167.0
)
 

 
(274.3
)
Sales margin
 

 
(24.3
)
 

 
(15.0
)
Other operating expense
 
(0.8
)
 
(7.1
)
 
(2.0
)
 
(18.3
)
Other expense
 

 
(0.5
)
 

 
(1.0
)
Loss from discontinued operations before income taxes
 
(0.8
)
 
(31.9
)
 
(2.0
)
 
(34.3
)
Impairment of long-lived assets
 

 

 

 
(73.4
)
Income tax benefit (expense)
 
0.1

 
0.4

 

 
0.5

Loss from discontinued operations, net of tax
 
$
(0.7
)
 
$
(31.5
)
 
$
(2.0
)
 
$
(107.2
)

Recorded Assets and Liabilities
 
 
(In Millions)
Assets and Liabilities of Discontinued Operations(1)
 
June 30,
2016
 
December 31,
2015
Other current assets
 
$

 
$
14.9

Total assets of discontinued operations
 
$

 
$
14.9

 
 
 
 
 
Accrued liabilities
 
$
0.3

 
$

Other current liabilities(1)
 
4.1

 
6.9

Total liabilities of discontinued operations
 
$
4.4

 
$
6.9

(1) At June 30, 2016 and December 31, 2015, we had $5.8 million and $7.8 million, respectively, of contingent liabilities associated with our exit from the coal business recorded on our parent company.

Income Taxes
We recognized $0.1 million tax benefit for the three months ended June 30, 2016 and no tax benefit for the six months ended June 30, 2016 in Income (Loss) from Discontinued Operations, net of tax, related to our North American Coal investments. For the three and six months ended June 30, 2015, we recognized a tax benefit of $0.4 million and $0.5 million, respectively, in Income (Loss) from Discontinued Operations, net of tax. This benefit was primarily the result of a loss on our North American Coal investments.
Canadian Operations
Status of CCAA Proceedings
On March 8, 2016, certain of the Canadian Entities completed the sale of their port and rail assets located in Pointe-Noire, Quebec to Societe Ferroviaire et Portuaire de Pointe-Noire S.E.C., an affiliate of Investissement Quebec, for CAD$66.75 million in cash and the assumption of certain liabilities.
On April 11, 2016, certain of the Canadian Entities completed the sale of the Bloom Lake Mine and Labrador Trough South mineral claims located in Quebec, as well as certain rail assets located in Newfoundland & Labrador, to Quebec Iron Ore Inc., an affiliate of Champion Iron Mines Limited, for CAD$10.5 million in cash and the assumption of certain liabilities.
After payment of sale expenses and taxes and repayment of the DIP financing, the net proceeds from these and certain other divestitures by the Canadian Entities are currently being held by the Monitor, on behalf of the Canadian Entities, to fund the costs of the CCAA proceedings and for eventual distribution to creditors of the Canadian Entities pending further order of the Montreal Court.

Gain (Loss) on Discontinued Operations
Our decision to exit Canada represented a strategic shift in our business. For this reason, our previously reported Eastern Canadian Iron Ore and Ferroalloys operating segment results for all periods prior to the respective deconsolidations as well as costs to exit are classified as discontinued operations.
 
 
(In Millions)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June,
Gain (Loss) from Discontinued Operations
 
2016
 
2015
 
2016
 
2015
Revenues from product sales and services
 
$

 
$

 
$

 
$
11.3

Cost of goods sold and operating expenses
 

 

 

 
(11.1
)
Sales margin
 

 

 

 
0.2

Other operating expense
 

 
(0.5
)
 

 
(33.8
)
Other expense
 

 

 

 
(1.0
)
Loss from discontinued operations before income taxes
 

 
(0.5
)
 

 
(34.6
)
Gain (loss) from deconsolidation
 
0.3

 
134.7

 
4.1

 
(684.0
)
Income tax benefit (expense)
 

 
0.7

 

 
0.7

Gain (loss) from discontinued operations, net of tax
 
$
0.3

 
$
134.9

 
$
4.1

 
$
(717.9
)

Canadian Entities gain from deconsolidation totaled $0.3 million and $4.1 million for the three and six months ended June 30, 2016, respectively, which included the following:
 
 
(In Millions)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2016
 
2015
 
2016
 
2015
Investment impairment on deconsolidation1
 
$
0.3

 
$
(4.4
)
 
$
4.1

 
$
(480.4
)
Contingent liabilities
 

 
139.1

 

 
(203.6
)
Total gain (loss) from deconsolidation
 
$
0.3

 
$
134.7

 
$
4.1

 
$
(684.0
)
 
 
 
 
 
 
 
 
 
1 Includes the adjustment to fair value of our remaining interest in the Canadian Entities.

We have no contingent liabilities for the three and six months ended June 30, 2016 compared to $139.1 million and $203.6 million for the three and six months ended June 30, 2015, respectively. As a result of the deconsolidation we recorded accrued expenses for the estimated probable loss related to claims that may be asserted against us, primarily under guarantees of certain debt arrangements and leases for a loss on deconsolidation of $203.6 million, for the six months ended June 30, 2015.
Investments in the Canadian Entities
Cliffs continues to indirectly own a majority of the interest in the Canadian Entities but has deconsolidated those entities because Cliffs no longer has a controlling interest as a result of the Bloom Filing and the Wabush Filing. At the respective date of deconsolidation, January 27, 2015 or May 20, 2015 and subsequently at each reporting period, we adjusted our investment in the Canadian Entities to fair value with a corresponding charge to Income (Loss) from Discontinued Operations, net of tax. As the estimated amount of the Canadian Entities' liabilities exceeded the estimated fair value of the assets available for distribution to its creditors, the fair value of Cliffs’ equity investment is approximately zero.
Amounts Receivable from the Canadian Entities
Prior to the deconsolidations, various Cliffs wholly-owned entities made loans to the Canadian Entities for the purpose of funding its operations and had accounts receivable generated in the ordinary course of business. The loans, corresponding interest and the accounts receivable were considered intercompany transactions and eliminated in our consolidated financial statements. Since the deconsolidations, the loans, associated interest and accounts receivable are considered related party transactions and have been recognized in our consolidated financial statements at their estimated fair value of $70.2 million and $72.9 million in the Statements of Unaudited Condensed Consolidated Financial Position at June 30, 2016 and December 31, 2015, respectively.
Contingent Liabilities
Certain liabilities consisting primarily of equipment loans and environmental obligations of the Canadian Entities were secured through corporate guarantees and standby letters of credit. As of June 30, 2016, we have liabilities of $0.2 million and $38.5 million, respectively, in our consolidated results, classified as Guarantees and Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position. As of December 31, 2015, we had liabilities of $96.5 million and $35.9 million, respectively, in our consolidated results, classified as Guarantees and Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position.
Contingencies
The recorded expenses include an accrual for the estimated probable loss related to claims that may be asserted against us, primarily under guarantees of certain debt arrangements and leases. The beneficiaries of those guarantees may seek damages or other related relief as a result of our exit from Canada. Our probable loss estimate is based on the expectation that claims will be asserted against us and negotiated settlements will be reached, and not on any determination that it is probable we would be found liable were these claims to be litigated. Given the early stage of our exit, the Bloom Filing on January 27, 2015 and the Wabush Filing on May 20, 2015, our estimates involve significant judgment. Our estimates are based on currently available information, an assessment of the validity of certain claims and estimated payments by the Canadian Entities. We are not able to reasonably estimate a range of possible losses in excess of the accrual because there are significant factual and legal issues to be resolved. We believe that it is reasonably possible that future changes to our estimates of loss and the ultimate amount paid on these claims could be material to our results of operations in future periods. Any such losses would be reported in discontinued operations.
Items Measured at Fair Value on a Non-Recurring Basis
The following table presents information about the financial assets and liabilities that were measured on a fair value basis at June 30, 2016 for the Canadian Operations. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value.
 
 
(In Millions)
 
 
June 30, 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 Gains
Assets:
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivables from the Canadian Entities
 
$

 
$

 
$
70.2

 
$
70.2

 
$
4.1

Liabilities:
 
 
 
 
 
 
 
 
 
 
Contingent liabilities
 
$

 
$

 
$
38.7

 
$
38.7

 
$


We determined the fair value and recoverability of our Canadian investments by comparing the estimated fair value of the remaining underlying assets of the Canadian Entities to remaining estimated liabilities. We recorded the contingent liabilities at book value which best approximated fair value.
Outstanding liabilities include accounts payable and other liabilities, forward commitments, unsubordinated related party payables, lease liabilities and other potential claims. Potential claims include an accrual for the estimated probable loss related to claims that may be asserted against the Bloom Lake Group and Wabush Group under certain contracts. Claimants may seek damages or other related relief as a result of the Canadian Entities' exit from Canada. Based on our estimates, the fair value of liabilities exceeds the fair value of assets.
To assess the fair value and recoverability of the amounts receivable from the Canadian Entities, we estimated the fair value of the underlying net assets of the Canadian Entities available for distribution to their creditors in relation to the estimated creditor claims and the priority of those claims.
Our estimates involve significant judgment and are based on currently available information, an assessment of the validity of certain claims and estimated payments made by the Canadian Entities. Our ultimate recovery is subject to the final liquidation value of the Canadian Entities. Further, the final liquidation value and ultimate recovery of the creditors of the Canadian Entities, including Cliffs Natural Resources and various subsidiaries, may impact our estimates of contingent liability exposure described previously.
DIP Financing
In connection with the Wabush Filing on May 20, 2015, the Montreal Court approved an agreement to provide a debtor-in-possession credit facility (the "DIP financing") to the Wabush Group, which provided for borrowings under the facility up to $10.0 million. The DIP financing was secured by a court-ordered charge over the assets of the Wabush Group. As of December 31, 2015, there was $6.8 million drawn and outstanding under the DIP financing funded by Wabush Iron Co. Limited’s parent company, Cliffs Mining Company. During the six months ended June 30, 2016, the Wabush Group made an additional draw of $1.5 million. We subsequently received a repayment of $8.3 million and as a result, there was no outstanding balance due under the DIP financing arrangement from Wabush Iron Co. Limited’s parent company, Cliffs Mining Company as of June 30, 2016.
Income Taxes
We recognized no tax benefit for the three and six months ended June 30, 2016 in Gain (loss) from discontinued operations, net of tax. For the three and six months ended June 30, 2015, we recognized a tax benefit of $0.7 million in Gain (loss) from discontinued operations, net of tax.
CAPITAL STOCK
CAPITAL STOCK
NOTE 15 - CAPITAL STOCK
Preferred Shares Conversion to Common Shares
On January 4, 2016, we announced that our Board of Directors determined the final quarterly dividend of our Preferred Shares would not be paid in cash, but instead, pursuant to the terms of the Preferred Shares, the conversion rate was increased such that holders of the Preferred Shares received additional common shares in lieu of the accrued dividend at the time of the mandatory conversion of the Preferred Shares on February 1, 2016. The number of our common shares in the aggregate issued in lieu of the dividend was 1.3 million. This resulted in an effective conversion rate of 0.9052 common shares, rather than 0.8621 common shares, per depositary share, each representing 1/40th of a Preferred Share. Upon conversion on February 1, 2016, an aggregate of 26.5 million common shares were issued, representing 25.2 million common shares issuable upon conversion and 1.3 million that were issued in lieu of a final cash dividend.
Debt for Equity Exchange
During the second quarter of 2016, we entered into a privately negotiated exchange agreement whereby we issued an aggregate of 1.8 million common shares, representing less than one percent of our outstanding common shares, in exchange for $12.6 million aggregate principal amount of our senior notes due 2020. Accordingly, we recognized a gain of $3.6 million in Gain on extinguishment/restructuring of debt in the Statements of Unaudited Condensed Consolidated Operations as of June 30, 2016. The issuance of the common shares in exchange for our senior notes due 2020 was made in reliance on the exemption from registration provided in Section 3(a)(9) of the Securities Act.
During the first quarter of 2016, we entered into a privately negotiated exchange agreement whereby we issued an aggregate of 1.8 million common shares, representing less than one percent of our outstanding common shares, in exchange for $10.0 million aggregate principal amount of our senior notes due 2018. Accordingly, we recognized a gain of $4.5 million in Gain on extinguishment/restructuring of debt in the Statements of Unaudited Condensed Consolidated Operations as of June 30, 2016. The issuance of the common shares in exchange for our senior notes due 2018 was made in reliance on the exemption from registration provided in Section 3(a)(9) of the Securities Act.
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY
NOTE 16 - SHAREHOLDERS' EQUITY (DEFICIT)
The following table reflects the changes in shareholders' equity (deficit) attributable to both Cliffs and the noncontrolling interests primarily related to Tilden and Empire of which Cliffs owns 85 percent and 79 percent, respectively, for the three and six months ended June 30, 2016 and June 30, 2015:
 
(In Millions)
 
Cliffs
Shareholders’
Equity (Deficit)
 
Noncontrolling
Interest (Deficit)
 
Total Equity (Deficit)
December 31, 2015
$
(1,981.4
)
 
$
169.8

 
$
(1,811.6
)
Comprehensive income
 
 
 
 
 
Net income
120.8

 
25.5

 
146.3

Other comprehensive income
9.0

 
1.3

 
10.3

Total comprehensive income
129.8

 
26.8

 
156.6

Issuance of common shares
14.4

 

 
14.4

Stock and other incentive plans
6.5

 

 
6.5

Distributions of partnership equity

 
(41.4
)
 
(41.4
)
Undistributed losses to noncontrolling interest

 
(3.4
)
 
(3.4
)
June 30, 2016
$
(1,830.7
)
 
$
151.8

 
$
(1,678.9
)
 
(In Millions)
 
Cliffs
Shareholders’
Equity (Deficit)
 
Noncontrolling
Interest (Deficit)
 
Total Equity (Deficit)
December 31, 2014
$
(1,431.3
)
 
$
(303.0
)
 
$
(1,734.3
)
Comprehensive income (loss)
 
 
 
 
 
Net loss
(699.6
)
 
3.1

 
(696.5
)
Other comprehensive income (loss)
216.9

 
(10.0
)
 
206.9

Total comprehensive loss
(482.7
)
 
(6.9
)
 
(489.6
)
Effect of deconsolidation

 
528.2

 
528.2

Stock and other incentive plans
3.0

 

 
3.0

Preferred share dividends
(12.8
)
 

 
(12.8
)
Distributions to noncontrolling interest

 
(34.7
)
 
(34.7
)
June 30, 2015
$
(1,923.8
)
 
$
183.6

 
$
(1,740.2
)
The following table reflects the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for June 30, 2016 and June 30, 2015:
 
(In Millions)
 
Changes in Pension and Other Post-Retirement Benefits, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2015
$
(241.4
)
 
$
0.1

 
$
220.7

 
$
2.6

 
$
(18.0
)
Other comprehensive income (loss) before reclassifications
(1.5
)
 
(0.1
)
 
4.4

 
(3.4
)
 
(0.6
)
Net loss reclassified from accumulated other comprehensive income (loss)
6.3

 

 

 

 
6.3

Balance March 31, 2016
$
(236.6
)
 
$

 
$
225.1

 
$
(0.8
)
 
$
(12.3
)
Other comprehensive income before reclassifications
(0.4
)
 

 
(2.7
)
 
0.1

 
(3.0
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
6.3

 

 

 

 
6.3

Balance June 30, 2016
$
(230.7
)
 
$

 
$
222.4

 
$
(0.7
)
 
$
(9.0
)
 
(In Millions)
 
Changes in Pension and Other Post-Retirement Benefits, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2014
$
(291.1
)
 
$
(1.0
)
 
$
64.4

 
$
(18.1
)
 
$
(245.8
)
Other comprehensive income (loss) before reclassifications
9.3

 
2.8

 
(14.7
)
 
(7.1
)
 
(9.7
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
30.3

 
(2.0
)
 
182.7

 
6.3

 
217.3

Balance March 31, 2015
$
(251.5
)
 
$
(0.2
)
 
$
232.4

 
$
(18.9
)
 
$
(38.2
)
Other comprehensive income (loss) before reclassifications
1.3

 
1.0

 
1.2

 
0.5

 
4.0

Net loss (gain) reclassified from accumulated other comprehensive income (loss)
(1.6
)
 
(0.9
)
 

 
7.8

 
5.3

Balance June 30, 2015
$
(251.8
)
 
$
(0.1
)
 
$
233.6

 
$
(10.6
)
 
$
(28.9
)

The following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ equity for the three and six months ended June 30, 2016:
 
 
(In Millions)
 
 
Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount of (Gain)/Loss Reclassified into Income
 
Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2016
 
2015
 
2016
 
2015
 
Amortization of pension and postretirement benefit liability:
 
 
 
 
 
 
 
 
 
 
Prior service costs (1)
 
$
(0.4
)
 
$
(0.3
)
 
$
(0.7
)
 
$
(0.6
)
 
 
Net actuarial loss (1)
 
6.7

 
5.4

 
13.3

 
13.9

 
 
Settlements/curtailments (1)
 

 

 

 
0.3

 
 
Effect of deconsolidation (2)
 

 
(6.7
)
 

 
15.1

 
Income (Loss) from Discontinued Operations, net of tax
 
 
6.3

 
(1.6
)
 
12.6

 
28.7

 
Total before taxes
 
 

 

 

 

 
Income tax benefit (expense)
 
 
$
6.3

 
$
(1.6
)
 
$
12.6

 
$
28.7

 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on marketable securities:
 
 
 
 
 
 
 
 
 
 
Impairment
 

 
(1.2
)
 

 
(3.2
)
 
Other non-operating income (expense)
 
 

 
0.3

 

 
0.3

 
Income tax benefit (expense)
 
 
$

 
$
(0.9
)
 
$

 
$
(2.9
)
 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on foreign currency translation:
 
 
 
 
 
 
 
 
 
 
Effect of deconsolidation (2)
 
$

 
$

 
$

 
$
182.7

 
Income (Loss) from Discontinued Operations, net of tax
 
 

 

 

 

 
Income tax benefit (expense)
 
 
$

 
$

 
$

 
$
182.7

 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on derivative financial instruments:
 
 
 
 
 
 
 
 
 
 
Australian dollar foreign exchange contracts
 
$

 
$
11.1

 
$

 
$
20.1

 
Product revenues
 
 

 
(3.3
)
 

 
(6.0
)
 
Income tax benefit (expense)
 
 
$

 
$
7.8

 
$

 
$
14.1

 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Total Reclassifications for the Period
 
$
6.3

 
$
5.3

 
$
12.6

 
$
222.6

 
 
                                         
(1) 
These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
(2) 
Represents Canadian accumulated currency translation adjustments that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information.
CASH FLOW INFORMATION
Cash Flow Information
NOTE 17 - CASH FLOW INFORMATION
A reconciliation of capital additions to cash paid for capital expenditures for the six months ended June 30, 2016 and 2015 is as follows:
 
(In Millions)
 
Six Months Ended
June 30,
 
2016
 
2015
Capital additions (1)
$
18.1

 
$
46.8

Cash paid for capital expenditures
20.2

 
34.4

Difference (Non-cash accruals)
$
(2.1
)
 
$
12.4


                                   
(1) 
Includes capital additions of $18.1 million related to continuing operations for the six months ended June 30, 2016. Includes capital additions of $28.9 million and $17.9 million related to continuing operations and discontinued operations, respectively, for the six months ended June 30, 2015.
RELATED PARTIES
RELATED PARTIES
NOTE 18 - RELATED PARTIES
Three of our five U.S. iron ore mines are owned with various joint venture partners that are integrated steel producers or their subsidiaries. We are the manager of each of the mines we co-own and rely on our joint venture partners to make their required capital contributions and to pay for their share of the iron ore pellets that we produce. The joint venture partners are also our customers. The following is a summary of the mine ownership of these iron ore mines at June 30, 2016:
Mine
 
Cliffs Natural Resources
 
ArcelorMittal
 
U.S. Steel Corporation
Empire
 
79.0
%
 
21.0
%
 

Tilden
 
85.0
%
 

 
15.0
%
Hibbing
 
23.0
%
 
62.3
%
 
14.7
%

ArcelorMittal has a unilateral right to put its interest in the Empire mine to us, but has not exercised this right to date. Furthermore, as part of the 2014 extension agreement that was entered into between us and ArcelorMittal, which amended certain terms of the Empire partnership agreement, certain minimum distributions of the partners’ equity amounts are required to be made on a quarterly basis beginning in the first quarter of 2015 and will continue through the first quarter of 2017.  During the three and six months ended June 30, 2016, we recorded distributions of $24.4 million and $41.4 million, respectively, under this agreement of which $17.0 million was paid as of June 30, 2016. In addition, we paid $11.1 million in January 2016 related to 2015 distributions. During the three and six months ended June 30, 2015, we recorded distributions of $31.7 million under this agreement of which $17.1 million was paid as of June 30, 2015.
Product revenues from related parties were as follows:
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Product revenues from related parties
$
241.6

 
$
149.6

 
$
345.0

 
$
260.0

Total product revenues
452.8

 
454.3

 
728.4

 
857.4

Related party product revenue as a percent of total product revenue
53.4
%
 
32.9
%
 
47.4
%
 
30.3
%

Amounts due from related parties recorded in Accounts receivable, net and Other current assets, including trade accounts receivable, a customer supply agreement and provisional pricing arrangements, were $57.9 million and $15.8 million at June 30, 2016 and December 31, 2015, respectively. Amounts due to related parties recorded in Accounts payable, including provisional pricing arrangements, were $25.0 million at June 30, 2016 and amounts including provisional pricing arrangements and liabilities to related parties were $14.5 million at December 31, 2015.
EARNINGS PER SHARE
EARNINGS PER SHARE
NOTE 19 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted earnings (loss) per share:
 
(In Millions, Except Per Share Amounts)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Income (Loss) from Continuing Operations
$
29.9

 
$
(38.2
)
 
$
144.2

 
$
128.6

Income from Continuing Operations Attributable to Noncontrolling Interest
(16.7
)
 
(5.0
)
 
(25.5
)
 
(3.1
)
Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders
$
13.2

 
$
(43.2
)
 
$
118.7

 
$
125.5

Income (Loss) from Discontinued Operations, net of tax
(0.4
)
 
103.4

 
2.1

 
(825.1
)
Net Income (Loss) Attributable to Cliffs Shareholders
$
12.8

 
$
60.2

 
$
120.8

 
$
(699.6
)
Preferred Stock Dividends

 

 

 
(12.8
)
Net Income (Loss) Attributable to Cliffs Common Shareholders
$
12.8

 
$
60.2

 
$
120.8

 
$
(712.4
)
Weighted Average Number of Shares:
 
 
 
 
 
 
 
Basic
182.3

 
153.2

 
177.0

 
153.2

Depositary Shares

 

 

 
25.2

Employee Stock Plans
2.3

 

 
1.3

 
0.3

Diluted
184.6

 
153.2

 
178.3

 
178.7

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic:
 
 
 
 
 
 
 
Continuing operations
$
0.07

 
$
(0.28
)
 
$
0.67

 
$
0.74

Discontinued operations

 
0.67

 
0.01

 
(5.39
)
 
$
0.07

 
$
0.39

 
$
0.68

 
$
(4.65
)
Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted:
 
 
 
 
 
 
 
Continuing operations
$
0.07

 
$
(0.28
)
 
$
0.67

 
$
0.70

Discontinued operations

 
0.67

 
0.01

 
(4.62
)
 
$
0.07

 
$
0.39

 
$
0.68

 
$
(3.92
)
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
NOTE 20 - COMMITMENTS AND CONTINGENCIES
Contingencies
Litigation
We are currently a party to various claims and legal proceedings incidental to our operations. If management believes that a loss arising from these matters is probable and can reasonably be estimated, we record the amount of the loss, or the minimum estimated liability when the loss is estimated using a range, and no point within the range is more probable than another. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Based on currently available information, management believes that the ultimate outcome of these matters, individually and in the aggregate, will not have a material effect on our financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties, and unfavorable rulings could occur. An unfavorable ruling could include monetary damages, additional funding requirements or an injunction. If an unfavorable ruling were to occur, there exists the possibility of a material impact on the financial position and results of operations of the period in which the ruling occurs, or future periods. However, we do not believe that any pending litigation, not covered by insurance, will result in a material liability in relation to our consolidated financial statements. Currently, we have an insurance coverage receivable to cover settlement of the following putative class action and derivative shareholder lawsuits:
Putative Class Action Lawsuits. In May 2014, alleged purchasers of our common shares filed suit in the U.S. District Court for the Northern District of Ohio against us and certain former officers and directors of the Company. The action is captioned Department of the Treasury of the State of New Jersey and Its Division of Investment v. Cliffs Natural Resources Inc., et al., No. 1:14-CV-1031. As amended, the action asserted violations of the federal securities laws based on alleged false or misleading statements or omissions during the period of March 14, 2012 to March 26, 2013, regarding operations at our Bloom Lake mine in Québec, Canada, and the impact of those operations on our finances and outlook, including sustainability of the dividend, and that the alleged misstatements caused our common shares to trade at artificially inflated prices. The parties settled this suit for $84 million and the case was dismissed on June 30, 2016. The settlement amount has been funded by insurance and will have no impact on our Statements of Unaudited Condensed Consolidated Operations and resulted in the reductions of the Insurance coverage receivable and Insured loss in the Statement of Unaudited Condensed Consolidated Financial Position by $84 million.

In June 2014, an alleged purchaser of the depositary shares issued by Cliffs in a public offering in February 2013 filed a putative class action, which is captioned Rosenberg v. Cliffs Natural Resources Inc., et al., No. CV-14-828140 (Cuyahoga County, Ohio, Court of Common Pleas). As amended, the suit asserted claims against us, certain current and former officers and directors of the Company, and several underwriters of the offering, alleging disclosure violations in the offering documents regarding operations at our Bloom Lake mine, the impact of those operations on our finances and outlook, and about the progress of our former exploratory chromite project in Ontario, Canada. The parties settled this suit for $10 million and the case was dismissed on April 14, 2016. The settlement amount has been funded by insurance and will have no impact on our Statements of Unaudited Condensed Consolidated Operations and resulted in the reduction of the Insurance coverage receivable and Insured loss in the Statement of Unaudited Condensed Consolidated Financial Position by $10 million.

Shareholder Derivative Lawsuits. In June and July 2014, alleged shareholders of Cliffs filed three derivative actions in the Cuyahoga County, Ohio, Court of Common Pleas asserting claims against certain current and former officers and directors of the Company. These actions, captioned Black v. Carrabba, et al., No. CV-14-827803, Asmussen v. Carrabba, et al., No. CV-14-829259, and Williams, et al. v. Carrabba, et al., No. CV-14-829499, alleged that the individually named defendants violated their fiduciary duties to the Company by, among other things, disseminating false and misleading information regarding operations at our Bloom Lake mine in Québec, Canada, and the impact of those operations on our finances and outlook, including sustainability of the dividend, failing to maintain internal controls, and failing to appropriately oversee and manage the Company. The complaints asserted additional claims for unjust enrichment, abuse of control, gross mismanagement, overpayment upon departure of certain executives, and waste of corporate assets. The parties settled this suit for $775,000 in attorneys' fees and expenses, which will be funded by insurance, and an agreement to enact or continue various corporate governance related measures. These cases were dismissed on July 7, 2016. A fourth near-identical shareholder derivative case, captioned Mansour v. Carrabba, et al., No. 16-CV-00390, had been filed in the U.S. District Court for the Northern District of Ohio and was voluntarily dismissed by the plaintiff on April 18, 2016. The resolution of these cases will have no impact on our financial position or operations.
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
NOTE 21 - SUBSEQUENT EVENTS
We have evaluated subsequent events through the date of financial issuance.
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
Basis of Consolidation
The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned and majority-owned subsidiaries, including the following operations as of June 30, 2016:
Name
 
Location
 
Ownership Interest
 
Operation
 
Status of Operations
Northshore
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
United Taconite
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
Tilden
 
Michigan
 
85.0%
 
Iron Ore
 
Active
Empire
 
Michigan
 
79.0%
 
Iron Ore
 
Active
Koolyanobbing
 
Western Australia
 
100.0%
 
Iron Ore
 
Active

Intercompany transactions and balances are eliminated upon consolidation.
Equity Method Investments
Our 23 percent ownership interest in Hibbing is recorded as an equity method investment. As of June 30, 2016 and December 31, 2015, our investment in Hibbing was $3.7 million and $2.4 million, respectively, classified as Other liabilities in the Statements of Unaudited Condensed Consolidated Financial Position.
Foreign Currency
Our financial statements are prepared with the U.S. dollar as the reporting currency. The functional currency of our Australian subsidiaries is the Australian dollar. The functional currency of all other international subsidiaries is the U.S. dollar. The financial statements of international subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. Where the local currency is the functional currency, translation adjustments are recorded as Accumulated other comprehensive loss. Income taxes generally are not provided for foreign currency translation adjustments. To the extent that monetary assets and liabilities, inclusive of intercompany notes, are recorded in a currency other than the functional currency, these amounts are remeasured each reporting period, with the resulting gain or loss being recorded in the Statements of Unaudited Condensed Consolidated Operations. Transaction gains and losses resulting from remeasurement of short-term intercompany loans are included in Miscellaneous - net in our Statements of Unaudited Condensed Consolidated Operations.
For the three and six months ended June 30, 2016, we incurred a net gain of $0.2 million and a net loss of $0.9 million, respectively, from the impact of transaction gains and losses resulting from remeasurement. Of these amounts, for the three months ended June 30, 2016, gains of $0.5 million and losses of $0.2 million and for the six months ended June 30, 2016, gains of $1.5 million and losses of $2.6 million resulted from remeasurement of cash and cash equivalents and remeasurement of certain obligations, respectively.
For the three and six months ended June 30, 2015, net losses of $0.8 million and gains of $12.7 million, respectively, related to the impact of transaction gains and losses resulting from remeasurement. Of these amounts, for the three months ended June 30, 2015, losses of $0.7 million resulted from remeasurement of cash and cash equivalents, respectively. Additionally, of these amounts for the six months ended June 30, 2015, gains of $12.4 million and $0.7 million resulted from remeasurement of short-term intercompany loans and cash and cash equivalents, respectively.
Recent Accounting Pronouncements
Issued and Not Effective
In February 2016, the FASB issued ASU No. 2016-02, Leases. The new standard requires recognition of lease assets and lease liabilities for leases previously classified as operating leases. The guidance is effective for fiscal years beginning after December 15, 2018. We are currently reviewing the guidance and assessing the potential impact on our consolidated financial statements.
In March 2016, the FASB issued ASU No. 2016-09, Stock Compensation - Improvements to Employee Share-Based Payment Accounting.  The new standard is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance is effective for fiscal years beginning after December 15, 2016, and early adoption is permitted. We are currently reviewing the guidance and assessing the potential impact on our consolidated financial statements.
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
Schedule Of Subsidiaries
The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned and majority-owned subsidiaries, including the following operations as of June 30, 2016:
Name
 
Location
 
Ownership Interest
 
Operation
 
Status of Operations
Northshore
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
United Taconite
 
Minnesota
 
100.0%
 
Iron Ore
 
Active
Tilden
 
Michigan
 
85.0%
 
Iron Ore
 
Active
Empire
 
Michigan
 
79.0%
 
Iron Ore
 
Active
Koolyanobbing
 
Western Australia
 
100.0%
 
Iron Ore
 
Active
SEGMENT REPORTING (Tables)
The following tables present a summary of our reportable segments for the three and six months ended June 30, 2016 and 2015, including a reconciliation of segment sales margin to Income from Continuing Operations Before Income Taxes and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA:
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Revenues from product sales and services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
361.7

 
73
%
 
$
369.7

 
74
%
 
$
547.2

 
68
%
 
$
681.5

 
72
%
Asia Pacific Iron Ore
134.5

 
27
%
 
128.4

 
26
%
 
254.5

 
32
%
 
262.6

 
28
%
Total revenues from product sales and services
$
496.2

 
100
%
 
$
498.1

 
100
%
 
$
801.7

 
100
%
 
$
944.1

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
70.0

 
 
 
$
49.0

 
 
 
$
83.2

 
 
 
$
129.0

 
 
Asia Pacific Iron Ore
21.5

 
 
 
8.3

 
 
 
39.2

 
 
 
9.1

 
 
Sales margin
91.5

 
 
 
57.3

 
 
 
122.4

 
 
 
138.1

 
 
Other operating expense
(16.8
)
 
 
 
(31.6
)
 
 
 
(48.0
)
 
 
 
(40.5
)
 
 
Other income (expense)
(46.9
)
 
 
 
(65.7
)
 
 
 
75.2

 
 
 
204.3

 
 
Income (loss) from continuing operations before income taxes
$
27.8

 
 
 
$
(40.0
)
 
 
 
$
149.6

 
 
 
$
301.9

 
 
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Net Income (Loss)
$
29.5

 
$
65.2

 
$
146.3

 
$
(696.5
)
Less:
 
 
 
 
 
 
 
Interest expense, net
(50.7
)
 
(64.3
)
 
(107.5
)
 
(108.5
)
Income tax benefit (expense)
2.1

 
2.9

 
(5.4
)
 
(172.1
)
Depreciation, depletion and amortization
(26.9
)
 
(30.5
)
 
(62.1
)
 
(63.5
)
EBITDA
$
105.0

 
$
157.1

 
$
321.3

 
$
(352.4
)
Less:
 
 
 
 
 
 
 
Impact of discontinued operations
(0.4
)
 
103.0

 
2.1

 
(821.1
)
Gain on extinguishment/restructuring of debt
3.6

 

 
182.4

 
313.7

Severance and contractor termination costs

 
(10.0
)
 
(0.1
)
 
(11.6
)
Foreign exchange remeasurement
0.2

 
(0.8
)
 
(0.9
)
 
12.7

Adjusted EBITDA
$
101.6

 
$
64.9

 
$
137.8

 
$
153.9

 
 
 
 
 
 
 
 
EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
94.1

 
$
68.8

 
$
135.5

 
$
170.4

Asia Pacific Iron Ore
26.1

 
9.6

 
48.4

 
27.6

Other
(15.2
)
 
78.7

 
137.4

 
(550.4
)
Total EBITDA
$
105.0

 
$
157.1

 
$
321.3

 
$
(352.4
)
 
 
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
97.2

 
$
77.2

 
$
143.3

 
$
182.3

Asia Pacific Iron Ore
26.5

 
17.4

 
49.5

 
23.1

Other
(22.1
)
 
(29.7
)
 
(55.0
)
 
(51.5
)
Total Adjusted EBITDA
$
101.6

 
$
64.9

 
$
137.8

 
$
153.9

 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Depreciation, depletion and amortization:
 
 
 
 
 
 
 
U.S. Iron Ore
$
19.4

 
$
22.0

 
$
46.3

 
$
43.7

Asia Pacific Iron Ore
6.1

 
6.7

 
12.9

 
13.0

Other
1.4

 
1.8

 
2.9

 
3.6

Total depreciation, depletion and amortization
$
26.9

 
$
30.5

 
$
62.1

 
$
60.3

 
 
 
 
 
 
 
 
Capital additions1:
 
 
 
 
 
 
 
U.S. Iron Ore
$
9.2

 
$
11.3

 
$
13.7

 
$
20.8

Asia Pacific Iron Ore

 
1.1

 

 
4.5

Other
2.1

 
3.2

 
4.4

 
3.6

Total capital additions
$
11.3

 
$
15.6

 
$
18.1

 
$
28.9

                                         
1    Includes capital lease additions and non-cash accruals. Refer to NOTE 17 - CASH FLOW INFORMATION.
A summary of assets by segment is as follows:
 
(In Millions)
 
June 30,
2016
 
December 31,
2015
Assets:
 
 
 
U.S. Iron Ore
$
1,510.3

 
$
1,476.4

Asia Pacific Iron Ore
166.4

 
202.5

Total segment assets
1,676.7

 
1,678.9

Corporate
174.3

 
441.7

Assets of Discontinued Operations

 
14.9

Total assets
$
1,851.0

 
$
2,135.5

INVENTORIES (Tables)
Schedule Of Inventories
The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position as of June 30, 2016 and December 31, 2015:
 
(In Millions)
 
June 30, 2016
 
December 31, 2015
Segment
Finished Goods
 
Work-in Process
 
Total Inventory
 
Finished Goods
 
Work-in
Process
 
Total
Inventory
U.S. Iron Ore
$
309.9

 
$
26.7

 
$
336.6

 
$
252.3

 
$
11.7

 
$
264.0

Asia Pacific Iron Ore
13.6

 
41.0

 
54.6

 
20.8

 
44.8

 
65.6

Total
$
323.5

 
$
67.7

 
$
391.2

 
$
273.1

 
$
56.5

 
$
329.6

PROPERTY, PLANT AND EQUIPMENT (Tables)
Value Of Each Of The Major Classes Of Consolidated Depreciable Assets
The following table indicates the value of each of the major classes of our consolidated depreciable assets as of June 30, 2016 and December 31, 2015:
 
(In Millions)
 
June 30,
2016
 
December 31,
2015
Land rights and mineral rights
$
500.5

 
$
500.5

Office and information technology
64.2

 
71.0

Buildings
60.5

 
60.4

Mining equipment
596.8

 
594.0

Processing equipment
519.3

 
516.8

Electric power facilities
49.4

 
46.4

Land improvements
24.8

 
24.8

Asset retirement obligation
67.1

 
87.9

Other
28.0

 
28.2

Construction in-progress
43.3

 
40.3

 
1,953.9

 
1,970.3

Allowance for depreciation and depletion
(960.8
)
 
(911.3
)
 
$
993.1

 
$
1,059.0

DEBT AND CREDIT FACILITIES (Tables)
The following represents a summary of our long-term debt as of June 30, 2016 and December 31, 2015:
($ in Millions)
 
June 30, 2016
 
Debt Instrument
 
Annual Effective Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Undiscounted Interest/(Unamortized Discounts)
 
Total Debt
 
$700 Million 4.875% 2021 Senior Notes
 
4.89%
 
$
336.2

 
$
(1.3
)
 
$
(0.2
)
 
$
334.7

(1)
$1.3 Billion Senior Notes:
 
 
 
 
 
 
 
 
 
 
 
$500 Million 4.80% 2020 Senior Notes
 
4.83%
 
249.3

 
(0.8
)
 
(0.2
)
 
248.3

(2)
$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
298.4

 
(2.5
)
 
(3.5
)
 
292.4

(3)
$400 Million 5.90% 2020 Senior Notes
 
5.98%
 
225.6

 
(0.7
)
 
(0.6
)
 
224.3

(4)
$500 Million 3.95% 2018 Senior Notes
 
6.15%
 
283.6

 
(0.6
)
 
(0.8
)
 
282.2

(5)
$540 Million 8.25% 2020 First Lien Notes
 
9.97%
 
540.0

 
(9.2
)
 
(29.0
)
 
501.8

 
$218.5 Million 8.00% 2020 1.5 Lien Notes
 
N/A
 
218.5

 

 
74.3

 
292.8

(6)
$544.2 Million 7.75% 2020 Second Lien Notes
 
15.55%
 
430.1

 
(6.6
)
 
(94.9
)
 
328.6

(7)
$550 Million ABL Facility:
 
 
 
 
 
 
 
 
 
 
 
ABL Facility
 
N/A
 
550.0

 
N/A

 
N/A

 

(8)
Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
2.1

 
Total debt
 
 
 
$
3,131.7

 
 
 
 
 
$
2,507.2

 
Less: Current portion
 
 
 
 
 
 
 
 
 
17.5

 
Long-term debt
 
 
 
 
 
 
 
 
 
$
2,489.7

 
($ in Millions)
 
December 31, 2015
 
Debt Instrument
 
Annual Effective Interest Rate
 
Total Principal Amount
 
Debt Issuance Costs
 
Unamortized Discounts
 
Total Debt
 
$700 Million 4.875% 2021 Senior Notes
 
4.89%
 
$
412.5

 
$
(1.7
)
 
$
(0.2
)
 
$
410.6

 
$1.3 Billion Senior Notes:
 
 
 
 
 
 
 
 
 
 
 
$500 Million 4.80% 2020 Senior Notes
 
4.83%
 
306.7

 
(1.1
)
 
(0.4
)
 
305.2

 
$800 Million 6.25% 2040 Senior Notes
 
6.34%
 
492.8

 
(4.3
)
 
(5.8
)
 
482.7

 
$400 Million 5.90% 2020 Senior Notes
 
5.98%
 
290.8

 
(1.1
)
 
(0.8
)
 
288.9

 
$500 Million 3.95% 2018 Senior Notes
 
6.30%
 
311.2

 
(0.9
)
 
(1.2
)
 
309.1

 
$540 Million 8.25% 2020 First Lien Notes
 
9.97%
 
540.0

 
(10.5
)
 
(32.1
)
 
497.4

 
$544.2 Million 7.75% 2020 Second Lien Notes
 
15.55%
 
544.2

 
(9.5
)
 
(131.5
)
 
403.2

 
$550 Million ABL Facility:
 
 
 
 
 
 
 
 
 
 
 
ABL Facility
 
N/A
 
550.0

 
N/A

 
N/A

 

(9)
Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
2.3

 
Total debt
 
 
 
$
3,448.2

 
 
 
 
 
$
2,699.4

 

(1)
On March 2, 2016, we exchanged as part of an exchange offer $76.3 million of the 4.875 percent senior notes for $30.5 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $40.9 million, including undiscounted interest payments as of June 30, 2016.
(2)
On March 2, 2016, we exchanged as part of an exchange offer $44.7 million of the 4.80 percent senior notes for $17.9 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $23.9 million, including undiscounted interest payments as of June 30, 2016. Additionally, during the second quarter of 2016 we entered into a debt for equity exchange; see NOTE 15 - CAPITAL STOCK for further discussion of this transaction.
(3)
On March 2, 2016, we exchanged as part of an exchange offer $194.4 million of the 6.25 percent senior notes for $75.8 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $101.5 million, including undiscounted interest payments as of June 30, 2016.
(4)
On March 2, 2016, we exchanged as part of an exchange offer $65.1 million of the 5.90 percent senior notes for $26.0 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $34.9 million, including undiscounted interest payments as of June 30, 2016.
(5)
On March 2, 2016, we exchanged as part of an exchange offer $17.6 million of the 3.95 percent senior notes for $11.4 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $15.3 million, including undiscounted interest payments as of June 30, 2016. Additionally, during the first quarter of 2016 we entered into a debt for equity exchange; see NOTE 15 - CAPITAL STOCK for further discussion of this transaction.
(6)
See the section entitled "$218.5 million 8.00 percent 2020 Senior Secured 1.5 Lien Notes - 2016 Exchange Offers" below for further discussion related to this instrument. As of June 30, 2016, $17.5 million of the undiscounted interest is recorded as current and classified as Other current liabilities in the Statements of Unaudited Condensed Consolidated Financial Position.
(7)
On March 2, 2016, we exchanged as part of an exchange offer $114.1 million of the 7.75 percent senior notes for $57.0 million of the 8.00 percent 1.5 lien notes that are recorded at a carrying value of $76.3 million, including undiscounted interest payments as of June 30, 2016.
(8)
As of June 30, 2016, no loans were drawn under the ABL Facility and we had total availability of $425.6 million as a result of borrowing base limitations. As of June 30, 2016, the principal amount of letter of credit obligations totaled $112.8 million, thereby further reducing available borrowing capacity on our ABL Facility to $312.8 million.
(9)
As of December 31, 2015, no loans were drawn under the ABL Facility and we had total availability of $366.0 million as a result of borrowing base limitations. As of December 31, 2015, the principal amount of letter of credit obligations totaled $186.3 million and commodity hedge obligations totaled $0.5 million, thereby further reducing available borrowing capacity on our ABL Facility to $179.2 million.
Debt Maturities
The following represents a summary of our maturities of debt instruments, excluding borrowings on the ABL Facility, based on the principal amounts outstanding at June 30, 2016:
 
(In Millions)
 
Maturities of Debt
2016 (July 1 - December 31)
$

2017

2018
283.6

2019

2020
1,663.5

2021
336.2

2022 and thereafter
298.4

Total maturities of debt
$
2,581.7

FAIR VALUE MEASUREMENTS (Tables)
The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy:
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
 
 
(In Millions)
Fair Value at June 30, 2016
 
Balance Sheet Location
 
Valuation Technique
 
Unobservable Input
 
Range or Point Estimate per dry metric ton
(Weighted Average)
 
Provisional Pricing Arrangements
 
$
2.1

 
Other current assets
 
Market Approach
 
Management's
Estimate of 62% Fe
 
$55
 
$
2.6

 
Other current liabilities
 
 
 
Customer Supply Agreement
 
$
23.7

 
Other current assets
 
Market Approach
 
Hot-Rolled Steel Estimate
 
$430 - $530 ($480)
The following tables represent a reconciliation of the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2016 and 2015.
 
(In Millions)
 
Derivative Assets (Level 3)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Beginning balance
$
9.0

 
$
34.5

 
$
7.8

 
$
63.2

Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
34.5

 
0.6

 
45.7

 
10.7

Settlements
(17.7
)
 
(27.4
)
 
(27.7
)
 
(66.2
)
Transfers into Level 3

 

 

 

Transfers out of Level 3

 

 

 

Ending balance - June 30
$
25.8

 
$
7.7

 
$
25.8

 
$
7.7

Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
21.6

 
$
0.6

 
$
21.9

 
$
10.7

 
(In Millions)
 
Derivative Liabilities (Level 3)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Beginning balance
$
(6.2
)
 
$
(16.2
)
 
$
(3.4
)
 
$
(9.5
)
Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
(2.8
)
 
1.1

 
(8.4
)
 
(17.3
)
Settlements
6.4

 
7.1

 
9.2

 
18.8

Transfers into Level 3

 

 

 

Transfers out of Level 3

 

 

 

Ending balance - June 30
$
(2.6
)
 
$
(8.0
)
 
$
(2.6
)
 
$
(8.0
)
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
(0.7
)
 
$
(5.8
)
 
$
(2.6
)
 
$
(8.0
)
A summary of the carrying amount and fair value of other financial instruments at June 30, 2016 and December 31, 2015 were as follows:
 
 
 
(In Millions)
 
 
 
June 30, 2016
 
December 31, 2015
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Senior Notes—$700 million
Level 1
 
$
334.7

 
$
223.6

 
$
410.6

 
$
69.4

Senior Notes—$1.3 billion
Level 1
 
540.7

 
349.6

 
787.9

 
137.4

Senior Notes—$400 million
Level 1
 
224.3

 
167.0

 
288.9

 
52.8

Senior Notes—$500 million
Level 1
 
282.2

 
268.0

 
309.1

 
87.1

Senior First Lien Notes —$540 million
Level 1
 
501.8

 
548.1

 
497.4

 
414.5

Senior 1.5 Lien Notes —$218.5 million
Level 2
 
292.8

 
197.0

 

 

Senior Second Lien Notes —$544.2 million
Level 1
 
328.6

 
352.7

 
403.2

 
134.7

ABL Facility
Level 2
 

 

 

 

Fair value adjustment to interest rate hedge
Level 2
 
2.1

 
2.1

 
2.3

 
2.3

Total long-term debt
 
 
$
2,507.2

 
$
2,108.1

 
$
2,699.4

 
$
898.2

PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables)
Schedule of Net Benefit Costs
The following are the components of defined benefit pension and OPEB expense for the three and six months ended June 30, 2016 and 2015:
Defined Benefit Pension Expense
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Service cost
$
4.5

 
$
6.3

 
$
9.0

 
$
12.6

Interest cost
7.5

 
9.5

 
14.9

 
18.9

Expected return on plan assets
(13.7
)
 
(15.0
)
 
(27.4
)
 
(29.9
)
Amortization:
 
 
 
 
 
 
 
Prior service costs
0.5

 
0.6

 
1.1

 
1.2

Net actuarial loss
5.3

 
5.4

 
10.5

 
10.8

    Curtailments/settlements

 
$

 

 
0.3

Net periodic benefit cost to continuing operations
$
4.1

 
$
6.8

 
$
8.1

 
$
13.9


Other Postretirement Benefits Expense
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Service cost
$
0.4

 
$
1.5

 
$
0.9

 
$
3.0

Interest cost
2.3

 
3.2

 
4.5

 
6.5

Expected return on plan assets
(4.3
)
 
(4.6
)
 
(8.5
)
 
(9.2
)
Amortization:
 
 
 
 
 
 
 
Prior service credits
(0.9
)
 
(0.9
)
 
(1.8
)
 
(1.8
)
Net actuarial loss
1.4

 

 
2.8

 
3.1

Net periodic benefit cost to continuing operations
$
(1.1
)
 
$
(0.8
)
 
$
(2.1
)
 
$
1.6

LEASE OBLIGATIONS (Tables)
Schedule Of Future Minimum Lease Payments For Capital Leases And Operating Leases
Future minimum payments under capital leases and non-cancellable operating leases at June 30, 2016 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2016 (July 1 - December 31)
$
12.4

 
$
4.6

2017
22.8

 
8.9

2018
18.4

 
7.5

2019
10.2

 
4.9

2020
9.2

 
4.9

2021 and thereafter
9.3

 
5.0

Total minimum lease payments
$
82.3

 
$
35.8

Amounts representing interest
15.4

 
 
Present value of net minimum lease payments
$
66.9

(1) 
 
(1) 
The total is comprised of $18.2 million and $48.7 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at June 30, 2016.
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Tables)
The following is a summary of the obligations as of June 30, 2016 and December 31, 2015:
 
(In Millions)
 
June 30,
2016
 
December 31,
2015
Environmental
$
3.5

 
$
3.6

Mine closure
 
 
 
LTVSMC
24.8

 
24.1

Operating mines:
 
 
 
U.S. Iron Ore
174.5

 
189.9

Asia Pacific Iron Ore
17.2

 
16.4

Total mine closure
216.5

 
230.4

Total environmental and mine closure obligations
220.0

 
234.0

Less current portion
2.6

 
2.8

Long term environmental and mine closure obligations
$
217.4

 
$
231.2

The following represents a rollforward of our asset retirement obligation liability related to our active mining locations for the six months ended June 30, 2016 and for the year ended December 31, 2015:
 
(In Millions)
 
June 30,
2016
 
December 31,
2015
Asset retirement obligation at beginning of period
$
206.3

 
$
142.4

Accretion expense
5.8

 
6.5

Exchange rate changes
0.4

 
(1.1
)
Revision in estimated cash flows
(20.8
)
 
58.5

Asset retirement obligation at end of period
$
191.7

 
$
206.3

GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables)
The following table is a summary of intangible assets and liabilities as of June 30, 2016 and December 31, 2015:
 
 
 
(In Millions)
 
 
 
June 30, 2016
 
December 31, 2015
 
Classification
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
Definite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Permits
Other non-current assets
 
$
78.6

 
$
(22.8
)
 
$
55.8

 
$
78.4

 
$
(20.2
)
 
$
58.2

Total intangible assets
 
 
$
78.6

 
$
(22.8
)
 
$
55.8

 
$
78.4

 
$
(20.2
)
 
$
58.2

Below-market sales contracts
Other current liabilities
 
$
(23.1
)
 
$
7.7

 
$
(15.4
)
 
$
(23.1
)
 
$

 
$
(23.1
)
Below-market sales contracts
Other liabilities
 
(205.8
)
 
205.8

 

 
(205.8
)
 
205.8

 

Total below-market sales contracts
 
 
$
(228.9
)
 
$
213.5

 
$
(15.4
)
 
$
(228.9
)
 
$
205.8

 
$
(23.1
)
The estimated amortization expense relating to intangible assets for the remainder of this year and each of the five succeeding years is as follows:

(In Millions)

Amount
Year Ending December 31,

2016 (remaining six months)
$
1.8

2017
4.2

2018
4.2

2019
2.5

2020
2.5

2021
2.5

Total
$
17.7

DERIVATIVE INSTRUMENTS (Tables)
The following table presents the fair value of our derivative instruments and the classification of each in the Statements of Unaudited Condensed Consolidated Financial Position as of June 30, 2016 and December 31, 2015:
 
(In Millions)
 
Derivative Assets
 
Derivative Liabilities
 
June 30, 2016
 
December 31, 2015
 
June 30, 2016
 
December 31, 2015
Derivative Instrument
Balance Sheet Location
 
Fair
Value
 
Balance
Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
Customer Supply Agreement
Other current assets
 
23.7

 
Other current assets
 
5.8

 
 
 

 
 
 

Provisional Pricing Arrangements
Other current assets
 
2.1

 
Other current assets
 
2.0

 
Other current liabilities
 
2.6

 
Other current liabilities
 
3.4

Commodity Contracts
 
 

 
 
 

 
 
 

 
Other current liabilities
 
0.6

Total derivatives not designated as hedging instruments under ASC 815
 
 
$
25.8

 
 
 
$
7.8

 
 
 
$
2.6

 
 
 
$
4.0

The following summarizes the effect of our derivatives that are not designated as hedging instruments in the Statements of Unaudited Condensed Consolidated Operations for the three and six months ended June 30, 2016 and 2015:
(In Millions)
Derivatives Not Designated as Hedging Instruments
Location of Gain (Loss) Recognized in
Income on Derivative
Amount of Gain (Loss) Recognized in Income on Derivative
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2016
 
2015
 
2016
 
2015
Customer Supply Agreement
Product revenues
19.5

 
0.4

 
19.9

 
10.5

Provisional Pricing Arrangements
Product revenues
1.8

 
8.4

 
0.3

 
(7.8
)
Foreign Exchange Contracts
Other non-operating income (expense)

 
(3.4
)
 

 
2.5

Commodity Contracts
Cost of goods sold and operating expenses

 
0.2

 

 
(3.4
)
Foreign Exchange Contracts
Product revenues

 
(9.7
)
 

 
(9.7
)
 
 
$
21.3

 
$
(4.1
)
 
$
20.2

 
$
(7.9
)

DISCONTINUED OPERATIONS (Tables)
The chart below provides an asset group breakout for each financial statement line impacted by discontinued operations.
(In Millions)
 
 
 
 
Canadian Operations
 
 
 
 
 
North American Coal
 
Eastern Canadian Iron Ore
Other
Total Canadian Operations
 
Total of Discontinued Operations
Statements of Unaudited Condensed Consolidated Operations
Income (Loss) from Discontinued Operations, net of tax
QTD
June 30, 2016
$
(0.7
)
 
$
0.3

$

$
0.3

 
$
(0.4
)
Income (Loss) from Discontinued Operations, net of tax
QTD
June 30, 2015
$
(31.5
)
 
$
134.9

$

$
134.9

 
$
103.4

Income (Loss) from Discontinued Operations, net of tax
YTD
June 30, 2016
$
(2.0
)
 
$
4.1

$

$
4.1

 
$
2.1

Income (Loss) from Discontinued Operations, net of tax
YTD
June 30, 2015
$
(107.2
)
 
$
(717.8
)
$
(0.1
)
$
(717.9
)
 
$
(825.1
)
 
 
 
 
 
 
 
 
 
Statements of Unaudited Condensed Consolidated Financial Position
Short-term assets of discontinued operations
As of
June 30, 2016
$

 
$

$

$

 
$

Short-term liabilities of discontinued operations
As of
June 30, 2016
$
4.4

 
$

$

$

 
$
4.4

Short-term assets of discontinued operations
As of
December 31, 2015
$
14.9

 
$

$

$

 
$
14.9

Short-term liabilities of discontinued operations
As of
December 31, 2015
$
6.9

 
$

$

$

 
$
6.9

 
 
 
 
 
 
 
 
 
Non-Cash Operating and Investing Activities
Depreciation, depletion and amortization:
YTD
June 30, 2015
$
3.2

 
$

$

$

 
$
3.2

Purchase of property, plant and equipment
YTD
June 30, 2015
$
5.5

 
$

$

$

 
$
5.5

Impairment of other long-lived assets
YTD
June 30, 2015
$
73.4

 
$

$

$

 
$
73.4

Recorded Assets and Liabilities
 
 
(In Millions)
Assets and Liabilities of Discontinued Operations(1)
 
June 30,
2016
 
December 31,
2015
Other current assets
 
$

 
$
14.9

Total assets of discontinued operations
 
$

 
$
14.9

 
 
 
 
 
Accrued liabilities
 
$
0.3

 
$

Other current liabilities(1)
 
4.1

 
6.9

Total liabilities of discontinued operations
 
$
4.4

 
$
6.9

(1) At June 30, 2016 and December 31, 2015, we had $5.8 million and $7.8 million, respectively, of contingent liabilities associated with our exit from the coal business recorded on our parent company.
 
 
(In Millions)
 
 
Three Months Ended June 30,
 
Six Months Ended
June 30,
Loss from Discontinued Operations
 
2016
 
2015
 
2016
 
2015
Revenues from product sales and services
 
$

 
$
142.7

 
$

 
$
259.3

Cost of goods sold and operating expenses
 

 
(167.0
)
 

 
(274.3
)
Sales margin
 

 
(24.3
)
 

 
(15.0
)
Other operating expense
 
(0.8
)
 
(7.1
)
 
(2.0
)
 
(18.3
)
Other expense
 

 
(0.5
)
 

 
(1.0
)
Loss from discontinued operations before income taxes
 
(0.8
)
 
(31.9
)
 
(2.0
)
 
(34.3
)
Impairment of long-lived assets
 

 

 

 
(73.4
)
Income tax benefit (expense)
 
0.1

 
0.4

 

 
0.5

Loss from discontinued operations, net of tax
 
$
(0.7
)
 
$
(31.5
)
 
$
(2.0
)
 
$
(107.2
)
Loss) on Discontinued Operations
Our decision to exit Canada represented a strategic shift in our business. For this reason, our previously reported Eastern Canadian Iron Ore and Ferroalloys operating segment results for all periods prior to the respective deconsolidations as well as costs to exit are classified as discontinued operations.
 
 
(In Millions)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June,
Gain (Loss) from Discontinued Operations
 
2016
 
2015
 
2016
 
2015
Revenues from product sales and services
 
$

 
$

 
$

 
$
11.3

Cost of goods sold and operating expenses
 

 

 

 
(11.1
)
Sales margin
 

 

 

 
0.2

Other operating expense
 

 
(0.5
)
 

 
(33.8
)
Other expense
 

 

 

 
(1.0
)
Loss from discontinued operations before income taxes
 

 
(0.5
)
 

 
(34.6
)
Gain (loss) from deconsolidation
 
0.3

 
134.7

 
4.1

 
(684.0
)
Income tax benefit (expense)
 

 
0.7

 

 
0.7

Gain (loss) from discontinued operations, net of tax
 
$
0.3

 
$
134.9

 
$
4.1

 
$
(717.9
)
Items Measured at Fair Value on a Non-Recurring Basis
The following table presents information about the financial assets and liabilities that were measured on a fair value basis at June 30, 2016 for the Canadian Operations. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value.
 
 
(In Millions)
 
 
June 30, 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 Gains
Assets:
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivables from the Canadian Entities
 
$

 
$

 
$
70.2

 
$
70.2

 
$
4.1

Liabilities:
 
 
 
 
 
 
 
 
 
 
Contingent liabilities
 
$

 
$

 
$
38.7

 
$
38.7

 
$

Canadian Entities gain from deconsolidation totaled $0.3 million and $4.1 million for the three and six months ended June 30, 2016, respectively, which included the following:
 
 
(In Millions)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2016
 
2015
 
2016
 
2015
Investment impairment on deconsolidation1
 
$
0.3

 
$
(4.4
)
 
$
4.1

 
$
(480.4
)
Contingent liabilities
 

 
139.1

 

 
(203.6
)
Total gain (loss) from deconsolidation
 
$
0.3

 
$
134.7

 
$
4.1

 
$
(684.0
)
 
 
 
 
 
 
 
 
 
1 Includes the adjustment to fair value of our remaining interest in the Canadian Entities.
SHAREHOLDERS' EQUITY Shareholders' Equity (Tables)
The following table reflects the changes in shareholders' equity (deficit) attributable to both Cliffs and the noncontrolling interests primarily related to Tilden and Empire of which Cliffs owns 85 percent and 79 percent, respectively, for the three and six months ended June 30, 2016 and June 30, 2015:
 
(In Millions)
 
Cliffs
Shareholders’
Equity (Deficit)
 
Noncontrolling
Interest (Deficit)
 
Total Equity (Deficit)
December 31, 2015
$
(1,981.4
)
 
$
169.8

 
$
(1,811.6
)
Comprehensive income
 
 
 
 
 
Net income
120.8

 
25.5

 
146.3

Other comprehensive income
9.0

 
1.3

 
10.3

Total comprehensive income
129.8

 
26.8

 
156.6

Issuance of common shares
14.4

 

 
14.4

Stock and other incentive plans
6.5

 

 
6.5

Distributions of partnership equity

 
(41.4
)
 
(41.4
)
Undistributed losses to noncontrolling interest

 
(3.4
)
 
(3.4
)
June 30, 2016
$
(1,830.7
)
 
$
151.8

 
$
(1,678.9
)
 
(In Millions)
 
Cliffs
Shareholders’
Equity (Deficit)
 
Noncontrolling
Interest (Deficit)
 
Total Equity (Deficit)
December 31, 2014
$
(1,431.3
)
 
$
(303.0
)
 
$
(1,734.3
)
Comprehensive income (loss)
 
 
 
 
 
Net loss
(699.6
)
 
3.1

 
(696.5
)
Other comprehensive income (loss)
216.9

 
(10.0
)
 
206.9

Total comprehensive loss
(482.7
)
 
(6.9
)
 
(489.6
)
Effect of deconsolidation

 
528.2

 
528.2

Stock and other incentive plans
3.0

 

 
3.0

Preferred share dividends
(12.8
)
 

 
(12.8
)
Distributions to noncontrolling interest

 
(34.7
)
 
(34.7
)
June 30, 2015
$
(1,923.8
)
 
$
183.6

 
$
(1,740.2
)
The following table reflects the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for June 30, 2016 and June 30, 2015:
 
(In Millions)
 
Changes in Pension and Other Post-Retirement Benefits, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2015
$
(241.4
)
 
$
0.1

 
$
220.7

 
$
2.6

 
$
(18.0
)
Other comprehensive income (loss) before reclassifications
(1.5
)
 
(0.1
)
 
4.4

 
(3.4
)
 
(0.6
)
Net loss reclassified from accumulated other comprehensive income (loss)
6.3

 

 

 

 
6.3

Balance March 31, 2016
$
(236.6
)
 
$

 
$
225.1

 
$
(0.8
)
 
$
(12.3
)
Other comprehensive income before reclassifications
(0.4
)
 

 
(2.7
)
 
0.1

 
(3.0
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
6.3

 

 

 

 
6.3

Balance June 30, 2016
$
(230.7
)
 
$

 
$
222.4

 
$
(0.7
)
 
$
(9.0
)
 
(In Millions)
 
Changes in Pension and Other Post-Retirement Benefits, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2014
$
(291.1
)
 
$
(1.0
)
 
$
64.4

 
$
(18.1
)
 
$
(245.8
)
Other comprehensive income (loss) before reclassifications
9.3

 
2.8

 
(14.7
)
 
(7.1
)
 
(9.7
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
30.3

 
(2.0
)
 
182.7

 
6.3

 
217.3

Balance March 31, 2015
$
(251.5
)
 
$
(0.2
)
 
$
232.4

 
$
(18.9
)
 
$
(38.2
)
Other comprehensive income (loss) before reclassifications
1.3

 
1.0

 
1.2

 
0.5

 
4.0

Net loss (gain) reclassified from accumulated other comprehensive income (loss)
(1.6
)
 
(0.9
)
 

 
7.8

 
5.3

Balance June 30, 2015
$
(251.8
)
 
$
(0.1
)
 
$
233.6

 
$
(10.6
)
 
$
(28.9
)

The following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ equity for the three and six months ended June 30, 2016:
 
 
(In Millions)
 
 
Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount of (Gain)/Loss Reclassified into Income
 
Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
2016
 
2015
 
2016
 
2015
 
Amortization of pension and postretirement benefit liability:
 
 
 
 
 
 
 
 
 
 
Prior service costs (1)
 
$
(0.4
)
 
$
(0.3
)
 
$
(0.7
)
 
$
(0.6
)
 
 
Net actuarial loss (1)
 
6.7

 
5.4

 
13.3

 
13.9

 
 
Settlements/curtailments (1)
 

 

 

 
0.3

 
 
Effect of deconsolidation (2)
 

 
(6.7
)
 

 
15.1

 
Income (Loss) from Discontinued Operations, net of tax
 
 
6.3

 
(1.6
)
 
12.6

 
28.7

 
Total before taxes
 
 

 

 

 

 
Income tax benefit (expense)
 
 
$
6.3

 
$
(1.6
)
 
$
12.6

 
$
28.7

 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on marketable securities:
 
 
 
 
 
 
 
 
 
 
Impairment
 

 
(1.2
)
 

 
(3.2
)
 
Other non-operating income (expense)
 
 

 
0.3

 

 
0.3

 
Income tax benefit (expense)
 
 
$

 
$
(0.9
)
 
$

 
$
(2.9
)
 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on foreign currency translation:
 
 
 
 
 
 
 
 
 
 
Effect of deconsolidation (2)
 
$

 
$

 
$

 
$
182.7

 
Income (Loss) from Discontinued Operations, net of tax
 
 

 

 

 

 
Income tax benefit (expense)
 
 
$

 
$

 
$

 
$
182.7

 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on derivative financial instruments:
 
 
 
 
 
 
 
 
 
 
Australian dollar foreign exchange contracts
 
$

 
$
11.1

 
$

 
$
20.1

 
Product revenues
 
 

 
(3.3
)
 

 
(6.0
)
 
Income tax benefit (expense)
 
 
$

 
$
7.8

 
$

 
$
14.1

 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Total Reclassifications for the Period
 
$
6.3

 
$
5.3

 
$
12.6

 
$
222.6

 
 
                                         
(1) 
These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. See NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
(2) 
Represents Canadian accumulated currency translation adjustments that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information.
CASH FLOW INFORMATION (Tables)
Supplemental Cash Flow Disclosures
A reconciliation of capital additions to cash paid for capital expenditures for the six months ended June 30, 2016 and 2015 is as follows:
 
(In Millions)
 
Six Months Ended
June 30,
 
2016
 
2015
Capital additions (1)
$
18.1

 
$
46.8

Cash paid for capital expenditures
20.2

 
34.4

Difference (Non-cash accruals)
$
(2.1
)
 
$
12.4


                                   
(1) 
Includes capital additions of $18.1 million related to continuing operations for the six months ended June 30, 2016. Includes capital additions of $28.9 million and $17.9 million related to continuing operations and discontinued operations, respectively, for the six months ended June 30, 2015.
RELATED PARTIES (Tables)
The following is a summary of the mine ownership of these iron ore mines at June 30, 2016:
Mine
 
Cliffs Natural Resources
 
ArcelorMittal
 
U.S. Steel Corporation
Empire
 
79.0
%
 
21.0
%
 

Tilden
 
85.0
%
 

 
15.0
%
Hibbing
 
23.0
%
 
62.3
%
 
14.7
%
Product revenues from related parties were as follows:
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Product revenues from related parties
$
241.6

 
$
149.6

 
$
345.0

 
$
260.0

Total product revenues
452.8

 
454.3

 
728.4

 
857.4

Related party product revenue as a percent of total product revenue
53.4
%
 
32.9
%
 
47.4
%
 
30.3
%
EARNINGS PER SHARE (Tables)
Earnings Per Share Computation
The following table summarizes the computation of basic and diluted earnings (loss) per share:
 
(In Millions, Except Per Share Amounts)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Income (Loss) from Continuing Operations
$
29.9

 
$
(38.2
)
 
$
144.2

 
$
128.6

Income from Continuing Operations Attributable to Noncontrolling Interest
(16.7
)
 
(5.0
)
 
(25.5
)
 
(3.1
)
Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders
$
13.2

 
$
(43.2
)
 
$
118.7

 
$
125.5

Income (Loss) from Discontinued Operations, net of tax
(0.4
)
 
103.4

 
2.1

 
(825.1
)
Net Income (Loss) Attributable to Cliffs Shareholders
$
12.8

 
$
60.2

 
$
120.8

 
$
(699.6
)
Preferred Stock Dividends

 

 

 
(12.8
)
Net Income (Loss) Attributable to Cliffs Common Shareholders
$
12.8

 
$
60.2

 
$
120.8

 
$
(712.4
)
Weighted Average Number of Shares:
 
 
 
 
 
 
 
Basic
182.3

 
153.2

 
177.0

 
153.2

Depositary Shares

 

 

 
25.2

Employee Stock Plans
2.3

 

 
1.3

 
0.3

Diluted
184.6

 
153.2

 
178.3

 
178.7

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic:
 
 
 
 
 
 
 
Continuing operations
$
0.07

 
$
(0.28
)
 
$
0.67

 
$
0.74

Discontinued operations

 
0.67

 
0.01

 
(5.39
)
 
$
0.07

 
$
0.39

 
$
0.68

 
$
(4.65
)
Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted:
 
 
 
 
 
 
 
Continuing operations
$
0.07

 
$
(0.28
)
 
$
0.67

 
$
0.70

Discontinued operations

 
0.67

 
0.01

 
(4.62
)
 
$
0.07

 
$
0.39

 
$
0.68

 
$
(3.92
)
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2016
Transaction Gains and Losses Resulting from Remeasurement [Member]
Jun. 30, 2015
Transaction Gains and Losses Resulting from Remeasurement [Member]
Jun. 30, 2016
Transaction Gains and Losses Resulting from Remeasurement [Member]
Jun. 30, 2015
Transaction Gains and Losses Resulting from Remeasurement [Member]
Jun. 30, 2015
Short-term intercompany loan [Member]
Jun. 30, 2016
Cash and Cash Equivalents [Member]
Jun. 30, 2015
Cash and Cash Equivalents [Member]
Jun. 30, 2016
Cash and Cash Equivalents [Member]
Jun. 30, 2015
Cash and Cash Equivalents [Member]
Jun. 30, 2016
Liability [Member]
Jun. 30, 2016
Liability [Member]
Dec. 31, 2015
Low Volatile Metallurgical Coal Mines [Member]
North American Coal [Member]
Facility
Jun. 30, 2016
Hibbing [Member]
Other Noncurrent Liabilities [Member]
Dec. 31, 2015
Hibbing [Member]
Other Noncurrent Liabilities [Member]
Related Party Transaction [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Method Investments
 
 
 
 
 
 
 
 
 
 
 
 
$ 3.7 
$ (2.4)
Number of mines (in number of facilities)
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign Currency Transaction Gain (Loss), before Tax
$ 0.2 
$ (0.8)
$ (0.9)
$ 12.7 
$ 12.4 
$ 0.5 
$ (0.7)
$ 1.5 
$ 0.7 
$ (0.2)
$ (2.6)
 
 
 
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Subsidiaries) (Details)
6 Months Ended
Jun. 30, 2016
Northshore [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Minnesota 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
United Taconite [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Minnesota 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
Tilden [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Michigan 
Noncontrolling Interest, Ownership Percentage by Parent
85.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
Empire [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Michigan 
Noncontrolling Interest, Ownership Percentage by Parent
79.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
Koolyanobbing [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Western Australia 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Investments In Unconsolidated Ventures) (Details) (Hibbing [Member], USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Other Noncurrent Liabilities [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Equity Method Investments
$ 3.7 
$ (2.4)
Other Noncurrent Assets [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Ownership interest, equity method investment
23.00% 
 
SEGMENT REPORTING (Narrative) (Details)
6 Months Ended
Jun. 30, 2016
Facility
U.S. Iron Ore [Member]
 
Segment Reporting Information [Line Items]
 
Number of mines (in number of facilities)
Asia Pacific Iron Ore [Member]
 
Segment Reporting Information [Line Items]
 
Number of mines (in number of facilities)
SEGMENT REPORTING (Schedule Of Segment Reporting Information, By Segment) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Segment Reporting Information [Line Items]
 
 
 
 
Revenues from producet sales and services, percent
100.00% 
100.00% 
100.00% 
100.00% 
Revenues from product sales and services
$ 496.2 
$ 498.1 
$ 801.7 
$ 944.1 
Sales margin
91.5 
57.3 
122.4 
138.1 
Other operating expense
(16.8)
(31.6)
(48.0)
(40.5)
Other income (expense)
(46.9)
(65.7)
75.2 
204.3 
Net Income (Loss)
29.5 
65.2 
146.3 
(696.5)
Interest expense, net
(50.7)
(64.3)
(107.5)
(108.5)
Income tax benefit (expense)
2.1 
2.9 
(5.4)
(172.1)
Gain on extinguishment/restructuring of debt
3.6 
182.4 
313.7 
EBITDA
105.0 
157.1 
321.3 
(352.4)
Adjusted EBITDA
101.6 
64.9 
137.8 
153.9 
Depreciation, depletion and amortization
(26.9)
(30.5)
(62.1)
(63.5)
Total depreciation, depletion and amortization
 
 
62.1 
60.3 
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest
27.8 
(40.0)
149.6 
301.9 
Property, Plant and Equipment, Additions
11.3 1
15.6 1
18.1 1 2
28.9 1
U.S. Iron Ore [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues from producet sales and services, percent
73.00% 
74.00% 
68.00% 
72.00% 
Revenues from product sales and services
361.7 
369.7 
547.2 
681.5 
Sales margin
70.0 
49.0 
83.2 
129.0 
EBITDA
94.1 
68.8 
135.5 
170.4 
Adjusted EBITDA
97.2 
77.2 
143.3 
182.3 
Depreciation, depletion and amortization
(19.4)
(22.0)
(46.3)
(43.7)
Property, Plant and Equipment, Additions
9.2 1
11.3 1
13.7 1
20.8 1
Asia Pacific Iron Ore [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues from producet sales and services, percent
27.00% 
26.00% 
32.00% 
28.00% 
Revenues from product sales and services
134.5 
128.4 
254.5 
262.6 
Sales margin
21.5 
8.3 
39.2 
9.1 
EBITDA
26.1 
9.6 
48.4 
27.6 
Adjusted EBITDA
26.5 
17.4 
49.5 
23.1 
Depreciation, depletion and amortization
(6.1)
(6.7)
(12.9)
(13.0)
Property, Plant and Equipment, Additions
1
1.1 1
1
4.5 1
All Other Segments [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Depreciation, depletion and amortization
(1.4)
(1.8)
(2.9)
(3.6)
Property, Plant and Equipment, Additions
2.1 1
3.2 1
4.4 1
3.6 1
Other Segment [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
EBITDA
(15.2)
78.7 
137.4 
(550.4)
Adjusted EBITDA
(22.1)
(29.7)
(55.0)
(51.5)
EBITDA Calculation [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Depreciation, depletion and amortization
(26.9)
(30.5)
(62.1)
(63.5)
Adjusted EBITDA Calculation [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Impact of discontinued operations
(0.4)
103.0 
2.1 
(821.1)
Severance and contractor termination costs
(10.0)
(0.1)
(11.6)
Foreign exchange remeasurement
$ 0.2 
$ (0.8)
$ (0.9)
$ 12.7 
SEGMENT REPORTING Segment Reporting (Summary of Assets by Segment) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Segment Reporting Information [Line Items]
 
 
Assets
$ 1,851.0 
$ 2,135.5 
U.S. Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
1,510.3 
1,476.4 
Asia Pacific Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
166.4 
202.5 
Total Segment Assets [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
1,676.7 
1,678.9 
Corporate [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
174.3 
441.7 
Discontinued Operations [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets of Discontinued Operations
$ 0 
$ 14.9 
INVENTORIES (Schedule Of Inventories) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Inventory, Net [Abstract]
 
 
Finished Goods
$ 323.5 
$ 273.1 
Work-in Process
67.7 
56.5 
Total Inventory
391.2 
329.6 
U.S. Iron Ore [Member]
 
 
Inventory, Net [Abstract]
 
 
Finished Goods
309.9 
252.3 
Work-in Process
26.7 
11.7 
Total Inventory
336.6 
264.0 
Asia Pacific Iron Ore [Member]
 
 
Inventory, Net [Abstract]
 
 
Finished Goods
13.6 
20.8 
Work-in Process
41.0 
44.8 
Total Inventory
$ 54.6 
$ 65.6 
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Property, Plant and Equipment [Abstract]
 
 
 
 
Depreciation and depletion
$ 25.7 
$ 29.5 
$ 59.5 
$ 58.2 
PROPERTY, PLANT AND EQUIPMENT (Value Of Each Of The Major Classes Of Consolidated Depreciable Assets) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
$ 1,953.9 
$ 1,970.3 
Allowance for depreciation and depletion
(960.8)
(911.3)
Property, plant and equipment, net
993.1 
1,059.0 
Land Rights And Mineral Rights [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
500.5 
500.5 
Office And Information Technology [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
64.2 
71.0 
Buildings [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
60.5 
60.4 
Mining Equipment [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
596.8 
594.0 
Processing Equipment [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
519.3 
516.8 
Electric Power Facilities [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
49.4 
46.4 
Land Improvements [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
24.8 
24.8 
Asset Retirement Obligation [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
67.1 
87.9 
Other [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
28.0 
28.2 
Construction in Progress [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
$ 43.3 
$ 40.3 
DEBT AND CREDIT FACILITIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Line of Credit Facility [Line Items]
 
 
 
 
 
Payments of Debt Issuance Costs
 
 
$ 5.2 
$ 33.6 
 
Letters of credit outstanding
112.8 
 
112.8 
 
186.3 
Gain on extinguishment/restructuring of debt
3.6 
182.4 
313.7 
 
$400 Million 5.90% 2020 Senior Notes [Member]
 
 
 
 
 
Line of Credit Facility [Line Items]
 
 
 
 
 
Stated interest rate
5.90% 
 
5.90% 
 
 
Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member]
 
 
 
 
 
Line of Credit Facility [Line Items]
 
 
 
 
 
Stated interest rate
8.25% 
 
8.25% 
 
 
In the Event of Default Amount that will Accelerate
 
 
0.25 
 
 
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
 
 
 
 
 
Line of Credit Facility [Line Items]
 
 
 
 
 
Stated interest rate
7.75% 
 
7.75% 
 
 
Revolving Credit Facility [Member]
 
 
 
 
 
Line of Credit Facility [Line Items]
 
 
 
 
 
Credit facility, amount outstanding
1
 
1
 
 
Line of Credit Facility, Maximum Borrowing Capacity
425.6 
 
425.6 
 
366.0 
Debt Instrument, Par Value
550.0 
 
550.0 
 
550.0 
Credit facility remaining capacity
312.8 
 
312.8 
 
179.2 
Letters of credit outstanding
112.8 
 
112.8 
 
 
Revolving Credit Facility [Member] |
Minimum [Member]
 
 
 
 
 
Line of Credit Facility [Line Items]
 
 
 
 
 
Base Rate
 
 
0.005 
 
 
Two hundred Eighteen Point Five Million Eight Point Zero Twenty Twenty One Point Five Lien Notes [Member]
 
 
 
 
 
Line of Credit Facility [Line Items]
 
 
 
 
 
Stated interest rate
8.00% 
 
8.00% 
 
 
Repurchase Price of $218.5M 8.00% Notes if Triggering Event Occurs
 
 
1.01 
 
 
Initial Redemption Price
 
 
1.04 
 
 
Debt Instrument, Par Value
218.5 
 
218.5 
 
 
Redemption Price after September 30, 2017
 
 
1.00 
 
 
Redemption Price from time to time and prior to September 30, 2017
 
 
1.00 
 
 
Amount in aggregate that can be redeemed on or prior to September 30, 2017
 
 
0.35 
 
 
Redemption Price of 35 percent or less of Outstanding
 
 
1.08 
 
 
Amount to Remain Outstanding Prior to September 30, 2017
 
 
0.65 
 
 
Exchange of Debt [Member] |
Two hundred Eighteen Point Five Million Eight Point Zero Twenty Twenty One Point Five Lien Notes [Member]
 
 
 
 
 
Line of Credit Facility [Line Items]
 
 
 
 
 
Gain on extinguishment/restructuring of debt
 
 
$ 174.3 
 
 
DEBT AND CREDIT FACILITIES (Schedule Of Long-Term Debt) (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2016
$700 Million 4.875% 2021 Senior Note [Member]
Dec. 31, 2015
$700 Million 4.875% 2021 Senior Note [Member]
Jun. 30, 2016
$500 million 4.80% 2020 Senior Notes [Member]
Dec. 31, 2015
$500 million 4.80% 2020 Senior Notes [Member]
Jun. 30, 2016
$800 Million 6.25% 2040 Senior Notes [Member]
Dec. 31, 2015
$800 Million 6.25% 2040 Senior Notes [Member]
Jun. 30, 2016
$400 Million 5.90% 2020 Senior Notes [Member]
Dec. 31, 2015
$400 Million 5.90% 2020 Senior Notes [Member]
Jun. 30, 2016
$500 Million 3.95% 2018 Senior Notes [Member]
Dec. 31, 2015
$500 Million 3.95% 2018 Senior Notes [Member]
Jun. 30, 2016
Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member]
Dec. 31, 2015
Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member]
Jun. 30, 2016
Two hundred Eighteen Point Five Million Eight Point Zero Twenty Twenty One Point Five Lien Notes [Member]
Jun. 30, 2016
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
Dec. 31, 2015
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
Jun. 30, 2016
Revolving Credit Facility [Member]
Dec. 31, 2015
Revolving Credit Facility [Member]
Dec. 31, 2015
Letter of Credit [Member]
Dec. 31, 2015
Hedge Obligations [Member]
Jun. 30, 2016
Interest Rate Swap [Member]
Dec. 31, 2015
Interest Rate Swap [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stated interest rate
 
 
4.875% 
 
4.80% 
 
6.25% 
 
5.90% 
 
3.95% 
 
8.25% 
 
8.00% 
7.75% 
 
 
 
 
 
 
 
Debt Instrument, Carrying Amount Received in Debt Exchange of $544.2M 7.75% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 76.3 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount Received in Debt Exchange of $544M 7.75% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
57.0 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount Received in Debt Exchange of $500M 3.95% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11.4 
 
 
 
 
 
 
 
 
Debt Instrument, Carrying Amount Received in Debt Exchange of $500M 3.95% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15.3 
 
 
 
 
 
 
 
 
Debt Instrument, Carrying Amount Received in Debt Exchange of $400M 5.90% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
34.9 
 
 
 
 
 
 
 
 
Debt Instrument, Carrying Value Received in Debt Exchange of $800M 6.25% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
101.5 
 
 
 
 
 
 
 
 
Debt Instrument, Carrying Value Received in Debt Exchange of $500M 4.80% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
23.9 
 
 
 
 
 
 
 
 
Debt instrument, Carrying Value Received in Debt Exchange of $700M 4.875% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
40.9 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount Received in Debt Exchange of $400M 5.90% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
26.0 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount Received in Debt Exchange of $800M 6.25% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
75.8 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount Received in Debt Exchange of $500M 4.80% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17.9 
 
 
 
 
 
 
 
 
Debt instrument, Face Amount Received in Debt Exchange of $700M 4.875% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30.5 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount Exchanged
 
 
76.3 
 
44.7 
 
194.4 
 
65.1 
 
17.6 
 
 
 
 
114.1 
 
 
 
 
 
 
 
Total Face Amount
3,131.7 
3,448.2 
336.2 1 2 3 4 5 6 7 8 9
412.5 
249.3 
306.7 
298.4 
492.8 
225.6 
290.8 
283.6 
311.2 
540.0 
540.0 
218.5 
430.1 
544.2 
 
 
 
 
 
 
Debt Instrument, Par Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
218.5 
 
 
550.0 
550.0 
 
 
 
 
Unamortized Debt Issuance Expense
 
 
(1.3)1 2 3 4 5 6 7 8 9
(1.7)
(0.8)
(1.1)
(2.5)
(4.3)
(0.7)
(1.1)
(0.6)
(0.9)
(9.2)
(10.5)
(6.6)
(9.5)
 
 
 
 
 
 
Undiscounted interest
 
 
 
 
 
 
 
 
 
 
 
 
 
 
74.3 
 
 
 
 
 
 
 
 
Credit facility, amount outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
 
186.3 
0.5 
 
 
Line of Credit Facility, Maximum Borrowing Capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
425.6 
366.0 
 
 
 
 
Letters of credit outstanding
112.8 
186.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
112.8 
 
 
 
 
 
Long-term Debt
2,489.7 
2,699.4 
334.7 1 2 3 4 5 6 7 8 9
410.6 
248.3 
305.2 
292.4 
482.7 
224.3 
288.9 
282.2 
309.1 
501.8 
497.4 
292.8 
328.6 
403.2 
 
 
 
 
 
 
Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.1 
2.3 
Debt Instrument, Unamortized Discount
 
 
(0.2)1 2 3 4 5 6 7 8 9
(0.2)
(0.2)
(0.4)
(3.5)
(5.8)
(0.6)
(0.8)
(0.8)
(1.2)
(29.0)
(32.1)
 
(94.9)
(131.5)
 
 
 
 
 
 
Imputed interest rate
 
 
4.89% 1 2 3 4 5 6 7 8 9
4.89% 
4.83% 
4.83% 
6.34% 
6.34% 
5.98% 
5.98% 
6.15% 
6.30% 
9.97% 
9.97% 
 
15.55% 
15.55% 
 
 
 
 
 
 
Credit facility remaining capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
312.8 
179.2 
 
 
 
 
Debt, Long-term and Short-term, Combined Amount
2,507.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt, Current Maturities
$ 17.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES (Schedule of Debt Maturities) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Debt Disclosure [Abstract]
 
2016 (July 1 - December 31)
$ 0 
Debt Maturities 2017
Debt Maturities 2018
283.6 
Debt Maturities 2019
Debt Maturities 2020
1,663.5 
Debt Maturities 2021
336.2 
2022 and thereafter
298.4 
Total maturities of debt
$ 2,581.7 
FAIR VALUE MEASUREMENTS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Jun. 30, 2016
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2015
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets And Liabilities Components [Line Items]
 
 
 
Cash equivalents
 
$ 0 
$ 30.0 
Management Estimate of 62% Fe
62.00% 
 
 
FAIR VALUE MEASUREMENTS (Fair Value Of Assets And Liabilities) (Details) (Fair Value, Inputs, Level 1 [Member], USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Fair Value, Inputs, Level 1 [Member]
 
 
Assets:
 
 
Cash equivalents
$ 0 
$ 30.0 
FAIR VALUE MEASUREMENTS (Schedule Of Quantitative Inputs And Assumptions For Level 3 Assets And Liabilities) (Details) (USD $)
6 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2016
Not Designated as Hedging Instrument [Member]
Dec. 31, 2015
Not Designated as Hedging Instrument [Member]
Jun. 30, 2016
Fair Value, Inputs, Level 3 [Member]
Not Designated as Hedging Instrument [Member]
Managements Estimate Of 62% Fee [Member]
Jun. 30, 2016
Fair Value, Inputs, Level 3 [Member]
Not Designated as Hedging Instrument [Member]
Market Approach Valuation Technique [Member]
Provisional Pricing Arrangements [Member]
Managements Estimate Of 62% Fee [Member]
Jun. 30, 2016
Fair Value, Inputs, Level 3 [Member]
Not Designated as Hedging Instrument [Member]
Market Approach Valuation Technique [Member]
Customer Supply Agreement [Member]
Hot-Rolled Steel Estimate [Member]
Jun. 30, 2016
Fair Value, Inputs, Level 3 [Member]
Not Designated as Hedging Instrument [Member]
Market Approach Valuation Technique [Member]
Customer Supply Agreement [Member]
Hot-Rolled Steel Estimate [Member]
Minimum [Member]
Jun. 30, 2016
Fair Value, Inputs, Level 3 [Member]
Not Designated as Hedging Instrument [Member]
Market Approach Valuation Technique [Member]
Customer Supply Agreement [Member]
Hot-Rolled Steel Estimate [Member]
Maximum [Member]
Jun. 30, 2016
Other Current Assets [Member]
Fair Value, Inputs, Level 3 [Member]
Not Designated as Hedging Instrument [Member]
Market Approach Valuation Technique [Member]
Provisional Pricing Arrangements [Member]
Dec. 31, 2015
Other Current Assets [Member]
Fair Value, Inputs, Level 3 [Member]
Not Designated as Hedging Instrument [Member]
Market Approach Valuation Technique [Member]
Provisional Pricing Arrangements [Member]
Jun. 30, 2016
Other Current Assets [Member]
Fair Value, Inputs, Level 3 [Member]
Not Designated as Hedging Instrument [Member]
Market Approach Valuation Technique [Member]
Customer Supply Agreement [Member]
Dec. 31, 2015
Other Current Assets [Member]
Fair Value, Inputs, Level 3 [Member]
Not Designated as Hedging Instrument [Member]
Market Approach Valuation Technique [Member]
Customer Supply Agreement [Member]
Jun. 30, 2016
Other Current Liabilities [Member]
Fair Value, Inputs, Level 3 [Member]
Not Designated as Hedging Instrument [Member]
Market Approach Valuation Technique [Member]
Provisional Pricing Arrangements [Member]
Dec. 31, 2015
Other Current Liabilities [Member]
Fair Value, Inputs, Level 3 [Member]
Not Designated as Hedging Instrument [Member]
Market Approach Valuation Technique [Member]
Provisional Pricing Arrangements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative asset, fair value
 
$ 25,800,000 
$ 7,800,000 
 
 
 
 
 
$ 2,100,000 
$ 2,000,000 
$ 23,700,000 
$ 5,800,000 
 
 
Derivative liability, fair value
 
2,600,000 
4,000,000 
 
 
 
 
 
 
 
 
 
2,600,000 
3,400,000 
Fair value measurement with unobservable inputs derivative asset range
 
 
 
 
$ 55 
$ 480 
$ 430 
$ 530 
 
 
 
 
 
 
Management Estimate of 62% Fe
62.00% 
 
 
62.00% 
 
 
 
 
 
 
 
 
 
 
FAIR VALUE MEASUREMENTS (Fair Value, Assets and Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
 
 
 
 
Beginning balance - January 1
$ 9.0 
$ 34.5 
$ 7.8 
$ 63.2 
Total gains (losses)
 
 
 
 
Included in earnings
34.5 
0.6 
45.7 
10.7 
Settlements
(17.7)
(27.4)
(27.7)
(66.2)
Transfers into Level 3
Transfers out of Level 3
Ending balance - June 30
25.8 
7.7 
25.8 
7.7 
Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
21.6 
0.6 
21.9 
10.7 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
 
 
 
 
Beginning balance - January 1
(6.2)
(16.2)
(3.4)
(9.5)
Total gains (losses)
 
 
 
 
Included in earnings
(2.8)
1.1 
(8.4)
(17.3)
Settlements
6.4 
7.1 
9.2 
18.8 
Transfers into Level 3
Transfers out of Level 3
Ending balance - June 30
(2.6)
(8.0)
(2.6)
(8.0)
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$ (0.7)
$ (5.8)
$ (2.6)
$ (8.0)
FAIR VALUE MEASUREMENTS (Carrying Value And Fair Value Of Financial Instruments Disclosure) (Details) (USD $)
Jun. 30, 2016
Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
$ 3,131,700,000 
$ 3,448,200,000 
$700 Million 4.875% 2021 Senior Note [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
336,200,000 1 2 3 4 5 6 7 8 9
412,500,000 
$400 Million 5.90% 2020 Senior Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
225,600,000 
290,800,000 
$500 Million 3.95% 2018 Senior Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
283,600,000 
311,200,000 
Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
540,000,000 
540,000,000 
Two hundred Eighteen Point Five Million Eight Point Zero Twenty Twenty One Point Five Lien Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
218,500,000 
 
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
430,100,000 
544,200,000 
Interest Rate Swap [Member]
 
 
Long-term debt:
 
 
Fair Value Adjustment to Interest Rate Hedge
2,100,000 
2,300,000 
Carrying Value [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
2,507,200,000 
2,699,400,000 
Carrying Value [Member] |
Fair Value, Inputs, Level 2 [Member] |
Interest Rate Swap [Member]
 
 
Long-term debt:
 
 
Fair Value Adjustment to Interest Rate Hedge
2,100,000 
2,300,000 
Fair Value [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
2,108,100,000 
898,200,000 
Fair Value [Member] |
Fair Value, Inputs, Level 2 [Member] |
Interest Rate Swap [Member]
 
 
Long-term debt:
 
 
Fair Value Adjustment to Interest Rate Hedge
2,100,000 
2,300,000 
Senior Notes [Member] |
$700 Million 4.875% 2021 Senior Note [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
700,000,000 
700,000,000 
Senior Notes [Member] |
Senior Notes One Point Three Billion [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
1,300,000,000 
1,300,000,000 
Senior Notes [Member] |
$400 Million 5.90% 2020 Senior Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
400,000,000 
400,000,000 
Senior Notes [Member] |
$500 Million 3.95% 2018 Senior Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
500,000,000 
500,000,000 
Senior Notes [Member] |
Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
540,000,000 
 
Senior Notes [Member] |
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Original Face Value
544,200,000 
 
Senior Notes [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$700 Million 4.875% 2021 Senior Note [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
334,700,000 
410,600,000 
Senior Notes [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
Senior Notes One Point Three Billion [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
540,700,000 
787,900,000 
Senior Notes [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$400 Million 5.90% 2020 Senior Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
224,300,000 
288,900,000 
Senior Notes [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$500 Million 3.95% 2018 Senior Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
282,200,000 
309,100,000 
Senior Notes [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
501,800,000 
497,400,000 
Senior Notes [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
328,600,000 
403,200,000 
Senior Notes [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
Revolving Credit Facility [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
 
Senior Notes [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 2 [Member] |
Two hundred Eighteen Point Five Million Eight Point Zero Twenty Twenty One Point Five Lien Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
292,800,000 
Senior Notes [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$700 Million 4.875% 2021 Senior Note [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
223,600,000 
69,400,000 
Senior Notes [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
Senior Notes One Point Three Billion [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
349,600,000 
137,400,000 
Senior Notes [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$400 Million 5.90% 2020 Senior Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
167,000,000 
52,800,000 
Senior Notes [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
$500 Million 3.95% 2018 Senior Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
268,000,000 
87,100,000 
Senior Notes [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
548,100,000 
414,500,000 
Senior Notes [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 1 [Member] |
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
352,700,000 
134,700,000 
Senior Notes [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 2 [Member] |
Two hundred Eighteen Point Five Million Eight Point Zero Twenty Twenty One Point Five Lien Notes [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
197,000,000 
Line of Credit [Member] |
Carrying Value [Member] |
Fair Value, Inputs, Level 2 [Member] |
Revolving Credit Facility [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
Line of Credit [Member] |
Fair Value [Member] |
Fair Value, Inputs, Level 2 [Member] |
Revolving Credit Facility [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
$ 0 
$ 0 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2016
Pension Plans, Defined Benefit [Member]
Jun. 30, 2015
Pension Plans, Defined Benefit [Member]
Jun. 30, 2016
Pension Plans, Defined Benefit [Member]
Jun. 30, 2015
Pension Plans, Defined Benefit [Member]
Jun. 30, 2016
Other Postretirement Benefit Plans, Defined Benefit [Member]
Jun. 30, 2015
Other Postretirement Benefit Plans, Defined Benefit [Member]
Jun. 30, 2016
Other Postretirement Benefit Plans, Defined Benefit [Member]
Jun. 30, 2015
Other Postretirement Benefit Plans, Defined Benefit [Member]
Dec. 31, 2016
Scenario, Forecast [Member]
Pension Plans, Defined Benefit [Member]
Definted Benefit Plan Disclosure [Line Items]
 
 
 
 
 
 
 
 
 
Reduction in net periodic benefit expense
 
 
 
 
 
 
 
 
$ 8.4 
Reduction in other postretirement benefit expense
(2.1)
 
(4.2)
 
(0.6)
 
(1.1)
 
2.3 
Total service and interest costs for other post retirement benefit plans
12.0 
 
23.9 
 
2.7 
 
5.4 
 
 
Pension Contributions
0.3 
0.3 
0.3 
4.2 
 
 
 
 
 
Other Postretirement Benefit Expense
 
 
 
 
$ 0 
$ 0 
$ 0 
$ 0 
 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Estimated Net Periodic Benefit Cost) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Pension Plan [Member]
 
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
Service cost
$ 4.5 
$ 6.3 
$ 9.0 
$ 12.6 
Interest cost
7.5 
9.5 
14.9 
18.9 
Expected return on plan assets
(13.7)
(15.0)
(27.4)
(29.9)
Prior service credits
0.5 
0.6 
1.1 
1.2 
Net actuarial loss
5.3 
5.4 
10.5 
10.8 
Curtailments/settlements
0.3 
Net periodic benefit cost to continuing operations
4.1 
6.8 
8.1 
13.9 
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
Service cost
0.4 
1.5 
0.9 
3.0 
Interest cost
2.3 
3.2 
4.5 
6.5 
Expected return on plan assets
(4.3)
(4.6)
(8.5)
(9.2)
Prior service credits
(0.9)
(0.9)
(1.8)
(1.8)
Net actuarial loss
1.4 
2.8 
3.1 
Net periodic benefit cost to continuing operations
$ (1.1)
$ (0.8)
$ (2.1)
$ 1.6 
STOCK COMPENSATION PLANS (Narrative) (Details) (Restricted Stock Units (RSUs) [Member], 2015 Equity Plan [Member])
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Restricted Stock Units (RSUs) [Member] |
2015 Equity Plan [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Number of restricted shares granted
3.4 
INCOME TAXES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Income Tax Disclosure [Abstract]
 
 
 
 
Effective Income Tax Rate Reconciliation, Percent
 
 
3.10% 
 
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent
 
 
35.00% 
 
Discrete Tax Items
$ 0.6 
$ 0.3 
$ 0.7 
$ 167.2 
LEASE OBLIGATIONS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Leases [Abstract]
 
 
 
 
Operating lease expense
$ 2.2 
$ 2.0 
$ 4.6 
$ 6.3 
LEASE OBLIGATIONS (Future Minimum Lease Payments) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Capital Leases
 
2016 (July 1 - December 31)
$ 12.4 
2017
22.8 
2018
18.4 
2019
10.2 
2020
9.2 
2021 and thereafter
9.3 
Total minimum lease payments
82.3 
Amounts representing interest
15.4 
Present value of net minimum lease payments
66.9 1
Operating Leases
 
2016 (July 1 - December 31)
4.6 
2017
8.9 
2018
7.5 
2019
4.9 
2020
4.9 
2021 and thereafter
5.0 
Total minimum lease payments
35.8 
Other Current Liabilities [Member]
 
Capital Leases
 
Present value of net minimum lease payments
18.2 
Other Liabilities [Member]
 
Capital Leases
 
Present value of net minimum lease payments
$ 48.7 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Summary Of Mine Closure Obligations) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Loss Contingencies [Line Items]
 
 
Environmental
$ 3.5 
$ 3.6 
Environmental Loss Contingency And Mine Reclamation And Closing Liability Current
2.6 
2.8 
Environmental Loss Contingency And Mine Reclamation And Closing Liability Noncurrent
217.4 
231.2 
U.S. Iron Ore [Member] |
Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
174.5 
189.9 
Asia Pacific Iron Ore [Member] |
Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
17.2 
16.4 
North American Coal [Member] |
Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
216.5 
230.4 
Eastern Canadian Iron Ore [Member] |
Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
220.0 
234.0 
LTV Steel Mining Company [Member] |
Previously Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
$ 24.8 
$ 24.1 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Asset Retirement Obligation Disclosure) (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Asset Retirement Obligation [Roll Forward]
 
 
Asset retirement obligation at beginning of period
$ 206.3 
$ 142.4 
Accretion expense
5.8 
6.5 
Exchange rate changes
0.4 
(1.1)
Revision in estimated cash flows
(20.8)
58.5 
Asset retirement obligation at end of period
$ 191.7 
$ 206.3 
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Cost of Sales [Member]
Jun. 30, 2015
Cost of Sales [Member]
Jun. 30, 2016
Cost of Sales [Member]
Jun. 30, 2015
Cost of Sales [Member]
Jun. 30, 2016
Product Revenues [Member]
Sales Revenue, Goods, Net [Member]
Jun. 30, 2015
Product Revenues [Member]
Sales Revenue, Goods, Net [Member]
Jun. 30, 2016
Product Revenues [Member]
Sales Revenue, Goods, Net [Member]
Jun. 30, 2015
Product Revenues [Member]
Sales Revenue, Goods, Net [Member]
Jun. 30, 2016
U.S. Iron Ore [Member]
Dec. 31, 2016
Scenario, Forecast [Member]
Goodwill [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill
 
 
 
 
 
 
 
 
 
 
 
 
$ 2.0 
 
Product
452.8 
454.3 
728.4 
857.4 
 
 
 
 
7.7 
7.7 
7.7 
7.7 
 
 
Amortization expense relating to intangible assets
 
 
 
 
1.2 
1.0 
2.6 
2.1 
 
 
 
 
 
 
Future Below Market Sales Contracts Revenue Year One
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 15.4 
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Schedule Of Finite-Lived Intangible Assets By Major Class) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
$ 78.6 
$ 78.4 
Definite lived intangible assets - Accumulated Amortization
(22.8)
(20.2)
Definite lived intangible assets - Net Carrying Amount
55.8 
58.2 
Permits [Member] |
Other Assets [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
78.6 
78.4 
Definite lived intangible assets - Accumulated Amortization
(22.8)
(20.2)
Definite lived intangible assets - Net Carrying Amount
55.8 
58.2 
Below Market Sales Contracts [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Below Market Lease, Gross
(228.9)
(228.9)
Below Market Lease, Accumulated Amortization
213.5 
205.8 
Below Market Lease, Net
(15.4)
(23.1)
Below Market Sales Contracts [Member] |
Other Current Liabilities [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Below Market Lease, Gross
(23.1)
(23.1)
Below Market Lease, Accumulated Amortization
7.7 
 
Below Market Lease, Net
(15.4)
(23.1)
Below Market Sales Contracts [Member] |
Other Liabilities [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Below Market Lease, Gross
(205.8)
(205.8)
Below Market Lease, Accumulated Amortization
205.8 
205.8 
Below Market Lease, Net
$ 0 
$ 0 
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Estimated Amortization Expense Relating To Intangible Assets) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Estimated amortization expense, intangible assets [Abstract]
 
2016 (remaining six months)
$ 1.8 
2017
4.2 
2018
4.2 
2019
2.5 
2020
2.5 
2021
2.5 
Total
$ 17.7 
DERIVATIVE INSTRUMENTS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Canadian Dollar Foreign Exchange Contracts Hedge De Designated [Member] [Member]
Not Designated as Hedging Instrument [Member]
Jun. 30, 2016
Foreign Exchange Contract [Member]
Other Nonoperating Income (Expense) [Member]
Jun. 30, 2015
Foreign Exchange Contract [Member]
Other Nonoperating Income (Expense) [Member]
Jun. 30, 2016
Foreign Exchange Contract [Member]
Other Nonoperating Income (Expense) [Member]
Jun. 30, 2015
Foreign Exchange Contract [Member]
Other Nonoperating Income (Expense) [Member]
Jun. 30, 2016
Foreign Exchange Contract [Member]
Product Revenues [Member]
Jun. 30, 2015
Foreign Exchange Contract [Member]
Product Revenues [Member]
Jun. 30, 2016
Foreign Exchange Contract [Member]
Product Revenues [Member]
Jun. 30, 2015
Foreign Exchange Contract [Member]
Product Revenues [Member]
Jun. 30, 2016
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Product Revenues [Member]
Jun. 30, 2015
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Product Revenues [Member]
Jun. 30, 2016
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Product Revenues [Member]
Jun. 30, 2015
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Product Revenues [Member]
Jun. 30, 2016
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Derivative Financial Instruments, Assets [Member]
Dec. 31, 2015
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Derivative Financial Instruments, Assets [Member]
Jun. 30, 2016
Provisional Pricing Arrangements [Member]
Product Revenues [Member]
Jun. 30, 2015
Provisional Pricing Arrangements [Member]
Product Revenues [Member]
Jun. 30, 2016
Provisional Pricing Arrangements [Member]
Product Revenues [Member]
Jun. 30, 2015
Provisional Pricing Arrangements [Member]
Product Revenues [Member]
Jun. 30, 2016
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Product Revenues [Member]
Jun. 30, 2015
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Product Revenues [Member]
Jun. 30, 2016
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Product Revenues [Member]
Jun. 30, 2015
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Product Revenues [Member]
Jun. 30, 2016
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Derivative Financial Instruments, Assets [Member]
Dec. 31, 2015
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Derivative Financial Instruments, Assets [Member]
Jun. 30, 2016
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Derivative Financial Instruments, Liabilities [Member]
Dec. 31, 2015
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Notional Amount
 
 
 
 
$ 0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
21.3 
(4.1)
20.2 
(7.9)
 
(3.4)
2.5 
(9.7)
(9.7)
 
 
 
 
 
 
1.8 
8.4 
0.3 
(7.8)
 
 
 
 
 
 
 
 
Amount of gain/(loss) recognized in income on derivative
 
 
 
 
 
 
 
 
 
 
 
 
 
19.5 
0.4 
19.9 
10.5 
 
 
 
 
 
 
1.8 
8.4 
0.3 
(7.8)
 
 
 
 
Derivative assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
23.7 
5.8 
 
 
 
 
 
 
 
 
2.1 
2.0 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 2.6 
$ 3.4 
DERIVATIVE INSTRUMENTS (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) (Not Designated as Hedging Instrument [Member], USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
$ 25.8 
$ 7.8 
Derivative liability, fair value
2.6 
4.0 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Customer Supply Agreement [Member] |
Other Current Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
23.7 
5.8 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Customer Supply Agreement [Member] |
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability, fair value
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Provisional Pricing Arrangements [Member] |
Other Current Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
2.1 
2.0 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Provisional Pricing Arrangements [Member] |
Other Current Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability, fair value
2.6 
3.4 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Commodity Contract [Member] |
Other Current Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Commodity Contract [Member] |
Other Current Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability, fair value
$ 0 
$ 0.6 
DERIVATIVE INSTRUMENTS (Schedule Of Derivatives Not Designated As Hedging Instruments) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
$ 21.3 
$ (4.1)
$ 20.2 
$ (7.9)
Foreign Exchange Contract [Member] |
Product Revenues [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
(9.7)
(9.7)
Foreign Exchange Contract [Member] |
Other Nonoperating Income (Expense) [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
(3.4)
2.5 
Commodity Contract [Member] |
Other Nonoperating Income (Expense) [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
0.2 
(3.4)
Customer Supply Agreements [Member] |
Product Revenues [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
19.5 
0.4 
19.9 
10.5 
Provisional Pricing Arrangements [Member] |
Product Revenues [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
$ 1.8 
$ 8.4 
$ 0.3 
$ (7.8)
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (Narrative) (Details)
6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2015
USD ($)
Jun. 30, 2016
USD ($)
Jun. 30, 2016
CAD ($)
Mar. 8, 2016
CAD ($)
Dec. 31, 2015
USD ($)
Jun. 30, 2016
Canadian Entities [Member]
USD ($)
Jun. 30, 2015
Canadian Entities [Member]
USD ($)
Jun. 30, 2016
Canadian Entities [Member]
USD ($)
Jun. 30, 2015
Canadian Entities [Member]
USD ($)
Jun. 30, 2016
Wabush [Member]
USD ($)
Jun. 30, 2016
North American Coal [Member]
USD ($)
Jun. 30, 2015
North American Coal [Member]
USD ($)
Jun. 30, 2016
North American Coal [Member]
USD ($)
Jun. 30, 2015
North American Coal [Member]
USD ($)
Jun. 30, 2016
Bloom Lake Group [Member]
USD ($)
Jun. 30, 2015
Bloom Lake Group [Member]
USD ($)
Jun. 30, 2016
Other Current Assets [Member]
Canadian Entities [Member]
USD ($)
Dec. 31, 2015
Other Current Assets [Member]
Canadian Entities [Member]
USD ($)
Jun. 30, 2016
Other Liabilities [Member]
Bloom Lake Group [Member]
USD ($)
Dec. 31, 2015
Other Liabilities [Member]
Bloom Lake Group [Member]
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debtor-in-Possession Financing, Amount Arranged
 
 
 
 
 
 
 
 
 
$ 10,000,000 
 
 
 
 
 
 
 
 
 
 
Debtor-in-Possession Financing, Borrowings Outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,500,000 
6,800,000 
 
 
Debtor-in-possession,Repayment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8,300,000 
 
 
 
Discontinued Operation, Tax Effect of Discontinued Operation
 
 
 
 
 
700,000 
700,000 
 
(100,000)
(400,000)
(500,000)
 
 
 
 
 
 
Deconsolidation, Gain (Loss), Amount
528,200,000 
 
 
 
 
300,000 
134,700,000 
4,100,000 
(684,000,000)
 
 
 
 
 
 
 
 
 
 
 
Cost Method Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivable from the Canadian Entities
 
70,200,000 
 
 
72,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contingent Liabilities recognized in Consolidated Financials
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
38,500,000 
35,900,000 
Contingent Liabilities of Deconsolidated Entities
 
 
 
 
 
139,100,000 
 
 
 
 
 
 
 
(203,600,000)
 
 
 
 
Guarantees
 
200,000 
 
 
96,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sale amount for Pointe Noire port and rail assets
 
 
 
66,750,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sale Amount of the Bloom Lake Mine and Labrador Trough South mineral claims
 
 
$ 10,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Income Statement, Balance Sheet and Cash Flows (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
$ (0.4)
$ 2.1 
$ (825.1)
 
Short-term assets of discontinued operations
 
14.9 
Short-term liabilities of discontinued operations
4.4 
4.4 
 
6.9 
Depreciation, depletion and amortization
26.9 
62.1 
63.5 
 
Payments to Acquire Property, Plant, and Equipment
 
20.2 
34.4 
 
North American Coal [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
(0.7)
(2.0)
(107.2)
 
Short-term assets of discontinued operations
 
14.9 
Short-term liabilities of discontinued operations
4.4 
4.4 
 
6.9 
Depreciation, depletion and amortization
 
 
3.2 
 
Payments to Acquire Property, Plant, and Equipment
 
 
5.5 
 
Asset Impairment Charges, Cash Flows
 
 
73.4 
 
Eastern Canadian Iron Ore [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
0.3 
4.1 
(717.8)
 
Short-term assets of discontinued operations
 
Short-term liabilities of discontinued operations
 
Depreciation, depletion and amortization
 
 
 
Payments to Acquire Property, Plant, and Equipment
 
 
 
Asset Impairment Charges, Cash Flows
 
 
 
Other Canadian Operations [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
(0.1)
 
Short-term assets of discontinued operations
 
Short-term liabilities of discontinued operations
 
Depreciation, depletion and amortization
 
 
 
Payments to Acquire Property, Plant, and Equipment
 
 
 
Asset Impairment Charges, Cash Flows
 
 
 
Canadian Entities [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
0.3 
4.1 
(717.9)
 
Short-term assets of discontinued operations
 
Short-term liabilities of discontinued operations
 
Depreciation, depletion and amortization
 
 
 
Payments to Acquire Property, Plant, and Equipment
 
 
 
Asset Impairment Charges, Cash Flows
 
 
 
Discontinued Operations [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Depreciation, depletion and amortization
 
 
3.2 
 
Payments to Acquire Property, Plant, and Equipment
 
 
5.5 
 
Asset Impairment Charges, Cash Flows
 
 
$ 73.4 
 
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Income Statement - North American Coal (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items]
 
 
 
 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
$ (0.4)
$ 103.4 
$ 2.1 
$ (825.1)
North American Coal [Member]
 
 
 
 
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items]
 
 
 
 
Disposal Group, Including Discontinued Operation, Revenue
142.7 
259.3 
Disposal Group, Including Discontinued Operation, Costs of Goods Sold
(167.0)
(274.3)
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)
(24.3)
(15.0)
Disposal Group, Including Discontinued Operation, Operating Expense
(0.8)
(7.1)
(2.0)
(18.3)
Disposal Group, Including Discontinued Operation, Other Expense
(0.5)
(1.0)
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax
(0.8)
(31.9)
(2.0)
(34.3)
Impairment of Long-Lived Assets to be Disposed of
(73.4)
Discontinued Operation, Tax Effect of Discontinued Operation
0.1 
0.4 
0.5 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
$ (0.7)
$ (31.5)
$ (2.0)
$ (107.2)
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Assets and Liabilities - North American Coal (Details) (North American Coal [Member], USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
North American Coal [Member]
 
 
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items]
 
 
Disposal Group, Including Discontinued Operation, Other Assets, Current
$ 0 
$ 14.9 
Assets of Discontinued Operations
14.9 
Disposal Group, Including Discontinued Operation, Accrued Liabilities
0.3 
Disposal Group, Including Discontinued Operation, Other Liabilities, Current
4.1 
6.9 
Disposal Group, Including Discontinued Operation, Liabilities
$ 4.4 
$ 6.9 
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Income Statement - Canadian Entities (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Deconsolidation, Gain (Loss), Amount
 
 
 
$ 528,200,000 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
(400,000)
103,400,000 
2,100,000 
(825,100,000)
Canadian Entities [Member]
 
 
 
 
Disposal Group, Including Discontinued Operation, Revenue
11,300,000 
Disposal Group, Including Discontinued Operation, Costs of Goods Sold
(11,100,000)
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)
200,000 
Disposal Group, Including Discontinued Operation, Operating Expense
(500,000)
(33,800,000)
Disposal Group, Including Discontinued Operation, Other Expense
(1,000,000)
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax
(500,000)
(34,600,000)
Deconsolidation, Gain (Loss), Amount
300,000 
134,700,000 
4,100,000 
(684,000,000)
Discontinued Operation, Tax Effect of Discontinued Operation
700,000 
700,000 
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX
300,000 
134,900,000 
4,100,000 
(717,900,000)
Contingent Liabilities of Deconsolidated Entities
(139,100,000)
 
 
Cost Method Investments
 
 
Bloom Lake Group [Member]
 
 
 
 
Contingent Liabilities of Deconsolidated Entities
 
 
$ 0 
$ 203,600,000 
DISCONTINUED OPERATIONS PreTax Exit Costs (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
PreTax Exit Costs [Line Items]
 
 
 
 
Deconsolidation, Gain (Loss), Amount
 
 
 
$ 528.2 
Canadian Entities [Member]
 
 
 
 
PreTax Exit Costs [Line Items]
 
 
 
 
Investment Impairment of Deconsolidation
0.3 
(4.4)
4.1 
(480.4)
Contingent Liabilities of Deconsolidated Entities
139.1 
 
 
Deconsolidation, Gain (Loss), Amount
0.3 
134.7 
4.1 
(684.0)
Bloom Lake Group [Member]
 
 
 
 
PreTax Exit Costs [Line Items]
 
 
 
 
Contingent Liabilities of Deconsolidated Entities
 
 
$ 0 
$ (203.6)
DISCONTINUED OPERATIONS Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis - Canadian Entities (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2016
Canadian Entities [Member]
Jun. 30, 2015
Canadian Entities [Member]
Jun. 30, 2016
Canadian Entities [Member]
Jun. 30, 2016
Bloom Lake Group [Member]
Jun. 30, 2015
Bloom Lake Group [Member]
Jun. 30, 2016
Fair Value, Inputs, Level 1 [Member]
Canadian Entities [Member]
Jun. 30, 2016
Fair Value, Inputs, Level 1 [Member]
Bloom Lake Group [Member]
Jun. 30, 2016
Fair Value, Inputs, Level 2 [Member]
Canadian Entities [Member]
Jun. 30, 2016
Fair Value, Inputs, Level 2 [Member]
Bloom Lake Group [Member]
Jun. 30, 2016
Fair Value, Inputs, Level 3 [Member]
Bloom Lake Group [Member]
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Loans to and Accounts Receivables from Bloom Lake Group, Fair Value Disclosure
 
 
$ 70.2 
 
$ 70.2 
 
 
$ 0 
 
$ 0 
 
 
Loans to and accounts receivable from the Canadian Entities
70.2 
72.9 
 
 
 
 
 
 
 
 
 
 
Losses on Loans to and Accounts Receivables from the Bloom Lake Group
 
 
 
 
4.1 
 
 
 
 
 
 
 
Contingent Liabilities and Joint and Several Liabilities, Fair Value Disclosure
 
 
 
 
 
38.7 
 
 
 
38.7 
Contingent Liabilities of Deconsolidated Entities
 
 
139.1 
 
(203.6)
 
 
 
 
 
Losses on Contingent Liabilities
 
 
 
 
 
$ 0 
 
 
 
 
 
 
CAPITAL STOCK (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Class of Stock [Line Items]
 
 
 
 
Common Shares Issued in Debt to Equity Exchange
1,800,000 
 
1,800,000 
 
Gain on extinguishment/restructuring of debt
$ 3.6 
$ 0 
$ 182.4 
$ 313.7 
Common Stock [Member]
 
 
 
 
Class of Stock [Line Items]
 
 
 
 
Convertible Preferred Stock, Common Shares Issued Upon Conversion in Lieu of Dividend
1,300,000 
 
1,300,000 
 
Convertible Preferred Stock, Shares Issued upon Conversion
0.9052 
 
0.9052 
 
Common shares, issued (in shares)
26,500,000 
 
26,500,000 
 
Convertible Preferred Stock, Common Shares Issued Upon Conversion
25,200,000 
 
25,200,000 
 
Two hundred Eighteen Point Five Million Eight Point Zero Twenty Twenty One Point Five Lien Notes [Member]
 
 
 
 
Class of Stock [Line Items]
 
 
 
 
Debt Instrument, Face Amount Received in Debt Exchange of $500M 3.95% Notes
11.4 
 
11.4 
 
Debt Instrument, Face Amount Received in Debt Exchange of $500M 4.80% Notes
17.9 
 
17.9 
 
Exchange of Debt for Equity [Member]
 
 
 
 
Class of Stock [Line Items]
 
 
 
 
Gain on extinguishment/restructuring of debt
 
 
3.6 
 
Exchange of Debt for Equity [Member] |
Two hundred Eighteen Point Five Million Eight Point Zero Twenty Twenty One Point Five Lien Notes [Member]
 
 
 
 
Class of Stock [Line Items]
 
 
 
 
Gain on extinguishment/restructuring of debt
 
 
4.5 
 
Two hundred Eighteen Point Five Million Eight Point Zero Twenty Twenty One Point Five Lien Notes [Member] |
Two hundred Eighteen Point Five Million Eight Point Zero Twenty Twenty One Point Five Lien Notes [Member]
 
 
 
 
Class of Stock [Line Items]
 
 
 
 
Debt Instrument, Face Amount Received in Debt Exchange of $500M 3.95% Notes
10.0 
 
10.0 
 
Debt Instrument, Face Amount Received in Debt Exchange of $500M 4.80% Notes
$ 12.6 
 
$ 12.6 
 
Minimum [Member] |
Common Stock [Member]
 
 
 
 
Class of Stock [Line Items]
 
 
 
 
Convertible Preferred Stock, Shares Issued upon Conversion
0.8621 
 
0.8621 
 
SHAREHOLDERS' EQUITY Schedule of Shareholders' Equity (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Dec. 31, 2014
Stockholders' Equity Attributable to Parent
$ (1,830.7)
 
$ (1,830.7)
 
$ (1,981.4)
 
Stockholders' Equity Attributable to Noncontrolling Interest
151.8 
 
151.8 
 
169.8 
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
(1,678.9)
(1,740.2)
(1,678.9)
(1,740.2)
(1,811.6)
(1,734.3)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
12.8 
60.2 
120.8 
(699.6)
 
 
INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST
16.7 
5.0 
25.5 
3.1 
 
 
Net Income (Loss)
29.5 
65.2 
146.3 
(696.5)
 
 
Other Comprehensive Income (Loss), Net of Tax
4.0 
10.1 
10.3 
206.9 
 
 
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
16.1 
69.5 
129.8 
(482.7)
 
 
OTHER COMPREHENSIVE LOSS (INCOME) ATTRIBUTABLE TO THE NONCONTROLLING INTEREST
0.7 
0.8 
1.3 
(10.0)
 
 
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest
 
 
156.6 
(489.6)
 
 
Deconsolidation, Gain (Loss), Amount
 
 
 
528.2 
 
 
Stock and Other Incentive Plans
 
 
6.5 
3.0 
 
 
Preferred share dividends
 
 
 
(12.8)
 
 
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders
 
 
(41.4)
 
 
 
Undistributed Gains To Noncontrolling Interest
 
 
(3.4)
(34.7)
 
 
Cliffs Shareholders Equity [Member]
 
 
 
 
 
 
Stockholders' Equity Attributable to Parent
(1,830.7)
(1,923.8)
(1,830.7)
(1,923.8)
(1,981.4)
(1,431.3)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
 
 
120.8 
(699.6)
 
 
Other comprehensive income (loss)
 
 
9.0 
216.9 
 
 
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
 
 
129.8 
(482.7)
 
 
Deconsolidation, Gain (Loss), Amount
 
 
 
 
 
Stock and Other Incentive Plans
 
 
6.5 
3.0 
 
 
Preferred share dividends
 
 
 
(12.8)
 
 
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders
 
 
 
 
 
Undistributed Gains To Noncontrolling Interest
 
 
 
 
Noncontrolling Interest [Member]
 
 
 
 
 
 
Stockholders' Equity Attributable to Noncontrolling Interest
151.8 
183.6 
151.8 
183.6 
169.8 
(303.0)
INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST
 
 
25.5 
3.1 
 
 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest
 
 
1.3 
(10.0)
 
 
OTHER COMPREHENSIVE LOSS (INCOME) ATTRIBUTABLE TO THE NONCONTROLLING INTEREST
 
 
26.8 
(6.9)
 
 
Deconsolidation, Gain (Loss), Amount
 
 
 
528.2 
 
 
Stock and Other Incentive Plans
 
 
 
 
Preferred share dividends
 
 
 
 
 
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders
 
 
(41.4)
 
 
 
Undistributed Gains To Noncontrolling Interest
 
 
(3.4)
(34.7)
 
 
Common Stock [Member]
 
 
 
 
 
 
Stock Issued During Period, Value, New Issues
 
 
14.4 
 
 
 
Common Stock [Member] |
Cliffs Shareholders Equity [Member]
 
 
 
 
 
 
Stock Issued During Period, Value, New Issues
 
 
14.4 
 
 
 
Common Stock [Member] |
Noncontrolling Interest [Member]
 
 
 
 
 
 
Stock Issued During Period, Value, New Issues
 
 
$ 0 
 
 
 
SHAREHOLDERS' EQUITY Accumulate Other Comprehensive Income (Loss) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2015
Dec. 31, 2014
Jun. 30, 2016
Changes in Pension and Other Post-Retirement Benefits, net of tax [Member]
Mar. 31, 2016
Changes in Pension and Other Post-Retirement Benefits, net of tax [Member]
Jun. 30, 2015
Changes in Pension and Other Post-Retirement Benefits, net of tax [Member]
Mar. 31, 2015
Changes in Pension and Other Post-Retirement Benefits, net of tax [Member]
Jun. 30, 2016
Unrealized Net Gain (Loss) on Securities, net of tax [Member]
Mar. 31, 2016
Unrealized Net Gain (Loss) on Securities, net of tax [Member]
Jun. 30, 2015
Unrealized Net Gain (Loss) on Securities, net of tax [Member]
Mar. 31, 2015
Unrealized Net Gain (Loss) on Securities, net of tax [Member]
Jun. 30, 2016
Unrealized Net Gain (Loss) on Foreign Currency Translation [Member]
Mar. 31, 2016
Unrealized Net Gain (Loss) on Foreign Currency Translation [Member]
Jun. 30, 2015
Unrealized Net Gain (Loss) on Foreign Currency Translation [Member]
Mar. 31, 2015
Unrealized Net Gain (Loss) on Foreign Currency Translation [Member]
Jun. 30, 2016
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax [Member]
Mar. 31, 2016
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax [Member]
Jun. 30, 2015
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax [Member]
Mar. 31, 2015
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax [Member]
Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Member]
Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Member]
Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Member]
Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
$ (1,678.9)
$ (1,811.6)
$ (1,740.2)
$ (1,734.3)
$ (236.6)
$ (241.4)
$ (251.5)
$ (291.1)
$ 0 
$ 0.1 
$ (0.2)
$ (1.0)
$ 225.1 
$ 220.7 
$ 232.4 
$ 64.4 
$ (0.8)
$ 2.6 
$ (18.9)
$ (18.1)
$ (12.3)
$ (18.0)
$ (38.2)
$ (245.8)
Other comprehensive income (loss) before reclassifications
 
 
 
 
(0.4)
(1.5)
1.3 
9.3 
(0.1)
1.0 
2.8 
(2.7)
4.4 
1.2 
(14.7)
0.1 
(3.4)
0.5 
(7.1)
(3.0)
(0.6)
4.0 
(9.7)
Net loss reclassified from accumulated other comprehensive income (loss)
 
 
 
 
6.3 
6.3 
(1.6)
30.3 
(0.9)
(2.0)
182.7 
7.8 
6.3 
6.3 
6.3 
5.3 
217.3 
Ending Balance
$ (1,678.9)
$ (1,811.6)
$ (1,740.2)
$ (1,734.3)
$ (230.7)
$ (236.6)
$ (251.8)
$ (251.5)
$ 0 
$ 0 
$ (0.1)
$ (0.2)
$ 222.4 
$ 225.1 
$ 233.6 
$ 232.4 
$ (0.7)
$ (0.8)
$ (10.6)
$ (18.9)
$ (9.0)
$ (12.3)
$ (28.9)
$ (38.2)
SHAREHOLDERS' EQUITY Details of Accumulated Other Comprehensive Income (Loss) Components (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2016
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2015
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2016
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2015
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2016
Accumulated Defined Benefit Plans Adjustment [Member]
Mar. 31, 2016
Accumulated Defined Benefit Plans Adjustment [Member]
Jun. 30, 2015
Accumulated Defined Benefit Plans Adjustment [Member]
Mar. 31, 2015
Accumulated Defined Benefit Plans Adjustment [Member]
Jun. 30, 2016
Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2015
Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2016
Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2015
Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2016
Accumulated Other-than-Temporary Impairment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2015
Accumulated Other-than-Temporary Impairment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2016
Accumulated Other-than-Temporary Impairment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2015
Accumulated Other-than-Temporary Impairment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2016
Foreign Currency Translation Adjustment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2015
Foreign Currency Translation Adjustment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2016
Foreign Currency Translation Adjustment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2015
Foreign Currency Translation Adjustment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2016
Realized Gain (Loss) on Marketable Securities and Other than Temporary Impairment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2015
Realized Gain (Loss) on Marketable Securities and Other than Temporary Impairment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2016
Realized Gain (Loss) on Marketable Securities and Other than Temporary Impairment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2015
Realized Gain (Loss) on Marketable Securities and Other than Temporary Impairment [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2016
Realized Gain Loss On Derivatives [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2015
Realized Gain Loss On Derivatives [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2016
Realized Gain Loss On Derivatives [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2015
Realized Gain Loss On Derivatives [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2016
Australian Hedge Contracts [Member]
Realized Gain Loss On Derivatives [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2015
Australian Hedge Contracts [Member]
Realized Gain Loss On Derivatives [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2016
Australian Hedge Contracts [Member]
Realized Gain Loss On Derivatives [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Jun. 30, 2015
Australian Hedge Contracts [Member]
Realized Gain Loss On Derivatives [Member]
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prior service credits
 
 
 
 
 
 
 
 
$ (0.4)1
$ (0.3)1
$ (0.7)1
$ (0.6)1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Plan, Amortization of Gains (Losses)
 
 
 
 
 
 
 
 
6.7 1
5.4 1
13.3 1
13.9 1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Curtailments/settlements
 
 
 
 
 
 
 
 
1
1
1
0.3 1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Defined Benefit Plan, Effect of Deconsolidation
 
 
 
 
 
 
 
 
2
(6.7)2
2
15.1 2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax
 
 
 
 
 
 
 
 
6.3 
(1.6)
12.6 
28.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2
2
2
182.7 2
 
 
 
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
6.3 
(1.6)
12.6 
28.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities
 
 
 
 
 
 
 
 
 
 
 
 
(1.2)
(3.2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), Realized Holding Gain (Loss) on Securities and Impairment on Securities Arising During Period, Tax
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.3 
0.3 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), Realized Holding Gain (Loss) on Securities and Impairment on Securities Arising During Period, net of tax
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(0.9)
(2.9)
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
182.7 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion, Net
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11.1 
20.1 
Tax on Derivative Instruments Gain/Loss Reclassified from Accumulated OCI in to Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(3.3)
(6.0)
 
 
 
 
Amount of (gain)/loss recognized in income on derivative
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7.8 
14.1 
 
 
 
 
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
$ 6.3 
$ 5.3 
$ 12.6 
$ 222.6 
$ 6.3 
$ 6.3 
$ (1.6)
$ 30.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SHAREHOLDERS' EQUITY Narrative (Details)
Jun. 30, 2016
Empire [Member]
 
Noncontrolling Interest, Ownership Percentage by Parent
79.00% 
Tilden [Member]
 
Noncontrolling Interest, Ownership Percentage by Parent
85.00% 
CASH FLOW INFORMATION (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Property, Plant and Equipment [Line Items]
 
 
 
 
Capital additions
$ 11.3 1
$ 15.6 1
$ 18.1 1 2
$ 28.9 1
Continuing Operations [Member]
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
Capital additions
 
 
 
28.9 2
Discontinued Operations [Member]
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
Capital additions
 
 
 
$ 17.9 
RELATED PARTIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2016
U.S. Iron Ore [Member]
Facility
Jun. 30, 2016
Joint Venture Partners [Member]
U.S. Iron Ore [Member]
Facility
Jun. 30, 2016
Empire [Member]
Arcelor Mittal [Member]
Jun. 30, 2016
Empire [Member]
Arcelor Mittal [Member]
Jun. 30, 2015
Empire [Member]
Arcelor Mittal [Member]
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
Paid Distributions of Partners' Equity Amounts
 
 
 
 
$ 17.0 
$ 17.0 
$ 17.1 
Recorded Distributions of Partners' Equity Amounts
 
 
 
 
24.4 
41.4 
31.7 
Due from Related Parties, Current
57.9 
15.8 
 
 
 
 
 
Number of mines (in number of facilities)
 
 
 
 
 
Due to Related Parties, Current
$ 25.0 
$ 14.5 
 
 
 
 
 
RELATED PARTIES (Summary Of Other Ownership Interests) (Details)
Jun. 30, 2016
Hibbing [Member] |
Arcelor Mittal [Member]
 
Related Party Transaction [Line Items]
 
Ownership interest, equity method investment
62.30% 
Hibbing [Member] |
U. S. Steel Canada [Member]
 
Related Party Transaction [Line Items]
 
Ownership interest, equity method investment
14.70% 
Empire [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Parent
79.00% 
Empire [Member] |
Arcelor Mittal [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
21.00% 
Empire [Member] |
U. S. Steel Canada [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
0.00% 
Tilden [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Parent
85.00% 
Tilden [Member] |
Arcelor Mittal [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
0.00% 
Tilden [Member] |
U. S. Steel Canada [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
15.00% 
Other Noncurrent Assets [Member] |
Hibbing [Member]
 
Related Party Transaction [Line Items]
 
Ownership interest, equity method investment
23.00% 
EARNINGS PER SHARE (Earnings Per Share Computation) (Details) (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Earnings Per Share [Abstract]
 
 
 
 
Income (Loss) from Continuing Operations
$ 29.9 
$ (38.2)
$ 144.2 
$ 128.6 
Income from Continuing Operations Attributable to Noncontrolling Interest
(16.7)
(5.0)
(25.5)
(3.1)
Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders
13.2 
(43.2)
118.7 
125.5 
Income (Loss) from Discontinued Operations, net of tax
(0.4)
103.4 
2.1 
(825.1)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
12.8 
60.2 
120.8 
(699.6)
Preferred Stock Dividends
(12.8)
Net Income (Loss) Attributable to Cliffs Common Shareholders
$ 12.8 
$ 60.2 
$ 120.8 
$ (712.4)
Weighted Average Number of Shares:
 
 
 
 
Basic
182,330 
153,232 
177,003 
153,203 
Depositary Shares
25,200 
Employee Stock Plans
2,300 
1,300 
300 
Diluted
184,557 
153,232 
178,305 
178,685 
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic:
 
 
 
 
Continuing operations (in dollars per share)
$ 0.07 
$ (0.28)
$ 0.67 
$ 0.74 
Discontinued operations (in dollars per share)
$ 0.00 
$ 0.67 
$ 0.01 
$ (5.39)
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic (in dollars per share)
$ 0.07 
$ 0.39 
$ 0.68 
$ (4.65)
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted:
 
 
 
 
Continuing operations (in dollars per share)
$ 0.07 
$ (0.28)
$ 0.67 
$ 0.70 
Discontinued operations (in dollars per share)
$ 0.00 
$ 0.67 
$ 0.01 
$ (4.62)
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted (in dollars per share)
$ 0.07 
$ 0.39 
$ 0.68 
$ (3.92)
COMMITMENTS AND CONTINGENCIES Narrative (Details) (USD $)
Jun. 30, 2016
Securities Lawsuit [Member]
 
Loss Contingencies [Line Items]
 
Loss Contingency Accrual
$ 84,000,000 
Putative Class Action [Member]
 
Loss Contingencies [Line Items]
 
Loss Contingency Accrual
10,000,000 
Derivative Lawsuits [Member]
 
Loss Contingencies [Line Items]
 
Loss Contingency Accrual
$ 775,000