CLIFFS NATURAL RESOURCES INC., 10-Q filed on 10/29/2015
Quarterly Report
Document and Entity Information
9 Months Ended
Sep. 30, 2015
Oct. 26, 2015
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
Sep. 30, 2015 
 
Document Fiscal Year Focus
2015 
 
Document Fiscal Period Focus
Q3 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
153,422,672 
Trading Symbol
clf 
 
Statements Of Condensed Consolidated Operations (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
REVENUES FROM PRODUCT SALES AND SERVICES
 
 
 
 
Product
$ 542.5 
$ 901.9 
$ 1,399.9 
$ 2,161.7 
Freight and venture partners' cost reimbursements
50.7 
77.8 
137.4 
181.2 
TOTAL REVENUES
593.2 
979.7 
1,537.3 
2,342.9 
COST OF GOODS SOLD AND OPERATING EXPENSES
(538.1)
(723.5)
(1,344.1)
(1,713.2)
SALES MARGIN
55.1 
256.2 
193.2 
629.7 
OTHER OPERATING INCOME (EXPENSE)
 
 
 
 
Selling, general and administrative expenses
(22.4)
(49.7)
(82.2)
(131.1)
Impairment of goodwill and other long-lived assets
0 
(377.0)
(3.3)
(378.6)
Miscellaneous - net
(3.5)
27.7 
19.1 
15.7 
Other operating expense
(25.9)
(399.0)
(66.4)
(494.0)
OPERATING INCOME (EXPENSE)
29.2 
(142.8)
126.8 
135.7 
OTHER INCOME (EXPENSE)
 
 
 
 
Interest expense, net
(61.7)
(45.8)
(168.2)
(128.3)
Gain on extinguishment of debt
79.2 
0 
392.9 
0 
Other non-operating income (expense)
(0.1)
7.7 
(3.0)
10.1 
TOTAL OTHER INCOME (EXPENSE)
17.4 
(38.1)
221.7 
(118.2)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY LOSS FROM VENTURES
46.6 
(180.9)
348.5 
17.5 
INCOME TAX BENEFIT (EXPENSE)
3.4 
(84.1)
(169.9)
(121.3)
EQUITY LOSS FROM VENTURES, NET OF TAX
(0.1)
(9.2)
(0.1)
(9.8)
INCOME (LOSS) FROM CONTINUING OPERATIONS
49.9 
(274.2)
178.5 
(113.6)
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX
(43.9)
(6,613.0)
(869.0)
(6,829.8)
NET INCOME (LOSS)
6.0 
(6,887.2)
(690.5)
(6,943.4)
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST (Three Months Ended September 30, 2015 - No loss related to Discontinued Operations, Nine Months Ended September 30, 2015 - Loss of $7.7 million related to Discontinued Operations, Three and Nine Months Ended September 30, 2014 - Loss of $1,010.1 million and $1,026.8 million, respectively, related to Discontinued Operations)
4.6 
1,007.6 
1.5 
1,004.4 
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
10.6 
(5,879.6)
(689.0)
(5,939.0)
PREFERRED STOCK DIVIDENDS
(25.6)
(12.8)
(38.4)
(38.4)
NET LOSS ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
$ (15.0)
$ (5,892.4)
$ (727.4)
$ (5,977.4)
Earnings (Loss) Per Common Share Attributable to Cliffs Shareholders - Basic
 
 
 
 
Continuing operations
$ 0.19 
$ (1.89)
$ 0.87 
$ (1.14)
Discontinued operations
$ (0.29)
$ (36.60)
$ (5.62)
$ (37.91)
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic:
$ (0.10)
$ (38.49)
$ (4.75)
$ (39.05)
Earnings (Loss) Per Common Share Attributable to Cliffs Shareholders - Diluted
 
 
 
 
Continuing operations
$ 0.19 
$ (1.89)
$ 0.87 
$ (1.14)
Discontinued operations
$ (0.29)
$ (36.60)
$ (5.62)
$ (37.91)
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted:
$ (0.10)
$ (38.49)
$ (4.75)
$ (39.05)
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
 
 
 
 
Basic
153,237 
153,108 
153,213 
153,085 
Diluted
153,237 
153,108 
153,213 
153,085 
CASH DIVIDENDS DECLARED PER DEPOSITARY SHARE
$ 0.88 
$ 0.44 
$ 1.32 
$ 1.32 
CASH DIVIDENDS DECLARED PER COMMON SHARE
$ 0.00 
$ 0.15 
$ 0.00 
$ 0.45 
Statements Of Condensed Consolidated Operations Income Statement (Parenthetical) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST
$ 0 
$ 1,010.1 
$ 7.7 
$ 1,026.8 
Statements Of Condensed Consolidated Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
 
 
 
 
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$ 10.6 
$ (5,879.6)
$ (689.0)
$ (5,939.0)
OTHER COMPREHENSIVE INCOME (LOSS)
 
 
 
 
Changes in pension and other post-retirement benefits, net of tax
6.6 
11.6 
36.0 
18.2 
Unrealized net gain (loss) on marketable securities, net of tax
0.1 
(5.8)
1.6 
(5.6)
Unrealized net gain (loss) on foreign currency translation
(11.4)
(65.9)
157.1 
(5.7)
Unrealized net gain (loss) on derivative financial instruments, net of tax
9.2 
(20.6)
16.7 
6.2 
OTHER COMPREHENSIVE INCOME (LOSS)
4.5 
(80.7)
211.4 
13.1 
OTHER COMPREHENSIVE LOSS (INCOME) ATTRIBUTABLE TO THE NONCONTROLLING INTEREST
(0.7)
(0.5)
9.3 
(1.6)
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$ 14.4 
$ (5,960.8)
$ (468.3)
$ (5,927.5)
Statements Of Condensed Consolidated Financial Position (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
CURRENT ASSETS
 
 
Cash and cash equivalents
$ 270.2 
$ 271.3 
Accounts receivable, net
53.4 
122.7 
Inventories
351.7 
260.1 
Supplies and other inventories
118.0 
118.6 
Income tax receivable
3.1 
217.6 
Short-term assets of discontinued operations
141.4 
330.6 
Other current assets
138.1 
128.0 
TOTAL CURRENT ASSETS
1,075.9 
1,448.9 
PROPERTY, PLANT AND EQUIPMENT, NET
1,052.6 
1,070.5 
OTHER ASSETS
 
 
Long-term assets of discontinued operations
0 
400.1 
Other Non-Current Assets
143.0 
244.5 
TOTAL OTHER ASSETS
143.0 
644.6 
TOTAL ASSETS
2,271.5 
3,164.0 
CURRENT LIABILITIES
 
 
Accounts payable
102.3 
166.1 
Accrued expenses
149.8 
201.7 
Short-term liabilities of discontinued operations
182.2 
400.6 
Other current liabilities
235.6 
190.2 
TOTAL CURRENT LIABILITIES
669.9 
958.6 
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES
209.1 
259.7 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
211.9 
165.6 
LONG-TERM DEBT
2,721.6 
2,843.3 
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS
0 
436.1 
OTHER LIABILITIES
218.5 
235.0 
TOTAL LIABILITIES
4,031.0 
4,898.3 
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 - 731,223 shares (2014 - 731,223) Class B - 4,000,000 shares authorized
731.3 
731.3 
Common Shares - par value $0.125 per share, Authorized - 400,000,000 shares (2014 - 400,000,000 shares); Issued - 159,546,224 shares (2014 - 159,546,224 shares); Outstanding - 153,404,664 shares (2014 - 153,246,754 shares)
19.8 
19.8 
Capital in excess of par value of shares
2,307.6 
2,309.8 
Retained deficit
(4,688.1)
(3,960.7)
Cost of 6,141,560 common shares in treasury (2014 - 6,299,470 shares)
(277.5)
(285.7)
Accumulated other comprehensive loss
(25.1)
(245.8)
TOTAL CLIFFS SHAREHOLDERS' DEFICIT
(1,932.0)
(1,431.3)
NONCONTROLLING INTEREST (DEFICIT)
172.5 
(303.0)
TOTAL DEFICIT
(1,759.5)
(1,734.3)
TOTAL LIABILITIES AND DEFICIT
$ 2,271.5 
$ 3,164.0 
Statements Of Condensed Consolidated Financial Position (Parenthetical) (USD $)
Sep. 30, 2015
Dec. 31, 2014
Class of Stock [Line Items]
 
 
Preferred stock, par value
$ 0 
$ 0.000 
Common shares, par value
$ 0.125 
$ 0.125 
Common shares, authorized (in shares)
400,000,000 
400,000,000 
Common shares, issued (in shares)
159,546,224 
159,546,224 
Common shares, outstanding
153,404,664 
153,246,754 
Common shares in treasury
6,141,560 
6,299,470 
Preferred Class A [Member]
 
 
Class of Stock [Line Items]
 
 
Preferred Stock, Liquidation Preference Per Share
$ 1,000 
$ 1,000 
Cumulative Mandatory Convertible
7.00% 
7.00% 
Preferred stock, shares authorized (in shares)
3,000,000 
3,000,000 
Preferred Shares, Issued and Outstanding, Shares
731,223 
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 Cash Flows (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES
 
 
NET INCOME (LOSS)
$ (690.5)
$ (6,943.4)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:
 
 
Depreciation, depletion and amortization
99.1 
430.4 
Impairment of goodwill and long-lived assets
76.6 
7,773.1 
Deferred income taxes
160.0 
(1,080.7)
Gain on extinguishment of debt
(392.9)
0 
Loss on deconsolidation, net of cash deconsolidated
654.8 
0 
Other
52.7 
(22.6)
Changes in operating assets and liabilities:
 
 
Receivables and other assets
293.1 
98.9 
Product inventories
(76.2)
(129.2)
Payables, accrued expenses and other current liabilities
(236.2)
(22.5)
Net cash provided (used) by operating activities
(59.5)
104.0 
INVESTING ACTIVITIES
 
 
Purchase of property, plant and equipment
(57.9)
(233.2)
Other investing activities
0.7 
25.3 
Net cash used by investing activities
(57.2)
(207.9)
FINANCING ACTIVITIES
 
 
Proceeds from first lien notes offering
503.5 
0 
Debt issuance costs
(33.6)
(2.1)
Repurchase of debt
(225.9)
0 
Borrowings under credit facilities
309.8 
918.5 
Repayment under credit facilities
(309.8)
(705.1)
Distributions of partnership equity
(31.7)
0 
Repayment of equipment loans
(36.9)
(15.7)
Common stock dividends
0 
(69.5)
Preferred stock dividends
(38.4)
(38.4)
Other financing activities
(38.8)
(70.3)
Net cash provided by financing activities
98.2 
17.4 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
(2.2)
(5.0)
DECREASE IN CASH AND CASH EQUIVALENTS
(20.7)
(91.5)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
290.9 
335.5 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$ 270.2 
$ 244.0 
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BUSINESS SUMMARY 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 nine months ended September 30, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015 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, 2014.
As more fully described in NOTE 14 - DISCONTINUED OPERATIONS, in January 2015, we announced that the Bloom Lake Group commenced restructuring proceedings in Montreal, Quebec under the CCAA. At that time, we had recently suspended Bloom Lake operations and for several months had been exploring options to sell certain of our Canadian assets, among other initiatives. Effective January 27, 2015, following the CCAA filing of the Bloom Lake Group, 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 restructuring proceedings in Montreal, Quebec under the CCAA which resulted in the deconsolidation of the remaining Wabush Group entities that were not previously deconsolidated. The Wabush Group was no longer generating revenues and was not able to meet its obligations as they came due. As a result of this action, the CCAA protections granted to the Bloom Lake Group were extended to include the Wabush Group to facilitate the reorganization of each of their businesses and operations. 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.
Additionally, as we continue to re-focus our strategy on strengthening our U.S. Iron Ore operations, management determined that our North American Coal operating segment as of the period ended March 31, 2015 met the criteria to be classified as held for sale under ASC 205 - Presentation of Financial Statements. As such, all current and historical North American Coal operating segment results are included in our financial statements and classified within discontinued operations.
We now 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 September 30, 2015:
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
Pinnacle
 
West Virginia
 
100.0%
 
Coal
 
Active - Held for Sale
Oak Grove
 
Alabama
 
100.0%
 
Coal
 
Active - Held for Sale
Wabush1
 
Newfoundland and Labrador/ Quebec, Canada
 
100.0%
 
Iron Ore
 
Permanent closure
Bloom Lake1
 
Quebec, Canada
 
82.8%
 
Iron Ore
 
Care-and-maintenance
1 As of January 27, 2015 and May 20, 2015, we deconsolidated substantially all of our Canadian operations following the CCAA filing. See NOTE 14 - DISCONTINUED OPERATIONS for further information.

Intercompany transactions and balances are eliminated upon consolidation.
Equity Method Investments
Investments in unconsolidated ventures that we have the ability to exercise significant influence over, but not control, are accounted for under the equity method. The following table presents the detail of our investments in unconsolidated ventures and where those investments are classified in the Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2015 and December 31, 2014.
 
 
 
 
 
 
 
 
(In Millions)
Investment
 
Classification
 
Accounting
Method
 
Interest
Percentage
 
September 30,
2015
 
December 31,
2014
Hibbing
 
Other non-current assets
 
Equity Method
 
23%
 
$
2.1

 
$
3.1

Other
 
Other non-current assets
 
Equity Method
 
Various
 
1.1

 
1.0

 
 
 
 
 
 
 
 
$
3.2

 
$
4.1


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 nine months ended September 30, 2015, net gains of $2.4 million and $15.2 million, respectively, related to the impact of transaction gains and losses resulting from remeasurement. Of these amounts, for the three months ended September 30, 2015, gains of $0.1 million and $1.3 million, respectively, and for the nine months ended September 30, 2015, gains of $11.1 million and $2.0 million, respectively, resulted from remeasurement of short-term intercompany loans and cash and cash equivalents. For the three and nine months ended September 30, 2014, net gains of $25.8 million and $8.4 million, respectively, related to the impact of transaction gains and losses resulting from remeasurement. Of these transaction gains and losses, for the three months ended September 30, 2014, gains of $17.7 million and $9.6 million, respectively, and for the nine months ended September 30, 2014, gains of $4.7 million and $4.5 million, respectively, resulted from remeasurement of short-term intercompany loans and cash and cash equivalents.
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, 2014 included in our Annual Report on Form 10-K filed with the SEC. The significant accounting policies requiring updates have been included within the disclosures below.
Derivative Financial Instruments and Hedging Activities
According to our global hedge policy, the policy allows for hedging not more than 75 percent, but not less than 40 percent for up to 12 months and not less than 10 percent for up to 15 months, of forecasted net currency exposures that are probable to occur. Full hedge compliance under the policy has been waived through December 31, 2015. The waiver was a result of the evaluation of the potential risk of being over hedged and the uncertainty of the 2015 currency exposures. During 2015, we have not entered into any new foreign currency exchange contracts to hedge our foreign currency exposure and we do not expect to enter into any during the remainder of 2015. In the future, we may enter into additional hedging instruments as needed in order to further hedge our exposure to changes in foreign currency exchange rates.
Recent Accounting Pronouncements
Issued and Not Effective
In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory, which specifies that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The new standard does not apply to inventory that is measured using LIFO; therefore, it is not applicable to our U.S. Iron Ore inventory values, but does apply to our Asia Pacific Iron Ore inventories which are valued using the average cost method. The update is effective for financial statement periods beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in ASU 2015-11 should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We do not expect the adoption of this pronouncement to have an impact on our financial statements and related disclosures.    
In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU requires retrospective adoption and will be effective for us beginning in our first quarter of 2016. Early adoption is permitted. We do not expect this adoption to have an impact on our Statements of Unaudited Condensed Consolidated Operations or Statements of Unaudited Condensed Consolidated Cash Flows.  The impact of the adoption of the guidance will result in reclassification of the unamortized debt issuance costs on the Statements of Unaudited Condensed Consolidated Financial Position, which were $40.1 million and $25.6 million at September 30, 2015 and December 31, 2014, respectively.
In May 2014, the FASB issued ASU 2014-09, Revenues from Contracts with Customers. The new revenue guidance broadly replaces the revenue guidance provided throughout the Codification.  The core principle of the revenue guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  To achieve that core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation.  The new revenue guidance also requires the capitalization of certain contract acquisition costs.  Reporting entities must prepare new disclosures providing qualitative and quantitative information on the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.  New disclosures also include qualitative and quantitative information on significant judgments, changes in judgments, and contract acquisition assets. At issuance, ASU 2014-09 was effective starting in 2017 for calendar-year public entities, and interim periods within that year. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date, which defers the adoption of ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are still evaluating the impact of the updated guidance on the Statements of Unaudited Condensed Consolidated Financial Position, Statements of Unaudited Condensed Consolidated Operations or Statements of Unaudited Condensed Consolidated Cash Flows.
SEGMENT REPORTING
SEGMENT REPORTING
NOTE 2 - SEGMENT REPORTING
Our continuing operations are organized and managed according to product category and 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 product revenues in the first nine months of 2015 or 2014.
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, beginning in the third quarter of 2014, concurrent with the change in control on July 29, 2014, management began to evaluate segment performance based on 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 impairment of goodwill and other long-lived assets, impacts of discontinued operations, extinguishment of debt, severance and contractor termination costs, foreign currency remeasurement, and intersegment corporate allocations of selling, general and administrative costs. Management uses and believes that investors benefit from referring to these measures in evaluating operating and financial results, as well as in planning, forecasting and analyzing future periods as these financial measures approximate the cash flows associated with the operational earnings.
The following tables present a summary of our reportable segments for the three and nine months ended September 30, 2015 and 2014, including a reconciliation of segment sales margin to Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA:
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Revenues from product sales and services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
471.0

 
79
%
 
$
767.4

 
78
%
 
$
1,152.5

 
75
%
 
$
1,643.3

 
70
%
Asia Pacific Iron Ore
122.2

 
21
%
 
212.3

 
22
%
 
384.8

 
25
%
 
699.6

 
30
%
Total revenues from product sales and services
$
593.2

 
100
%
 
$
979.7

 
100
%
 
$
1,537.3

 
100
%
 
$
2,342.9

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
48.7

 
 
 
$
219.5

 
 
 
$
177.7

 
 
 
$
461.7

 
 
Asia Pacific Iron Ore
6.4

 
 
 
9.1

 
 
 
15.5

 
 
 
111.4

 
 
Eliminations with discontinued operations
—

 
 
 
27.6

 
 
 
—

 
 
 
56.6

 
 
Sales margin
55.1

 
 
 
256.2

 
 
 
193.2

 
 
 
629.7

 
 
Other operating expense
(25.9
)
 
 
 
(399.0
)
 
 
 
(66.4
)
 
 
 
(494.0
)
 
 
Other income (expense)
17.4

 
 
 
(38.1
)
 
 
 
221.7

 
 
 
(118.2
)
 
 
Income (loss) from continuing operations before income taxes and equity loss from ventures
$
46.6

 
 
 
$
(180.9
)
 
 
 
$
348.5

 
 
 
$
17.5

 
 
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Net Income (Loss)
$
6.0

 
$
(6,887.2
)
 
$
(690.5
)
 
$
(6,943.4
)
Less:
 
 
 
 
 
 
 
Interest expense, net
(62.3
)
 
(47.4
)
 
(170.7
)
 
(134.9
)
Income tax benefit (expense)
4.8

 
921.4

 
(167.3
)
 
1,012.3

Depreciation, depletion and amortization
(35.6
)
 
(144.0
)
 
(99.1
)
 
(430.4
)
EBITDA
$
99.1

 
$
(7,617.2
)
 
$
(253.4
)
 
$
(7,390.4
)
Less:
 
 
 
 
 
 
 
Impairment of goodwill and other long-lived assets
$
—


$
(377.0
)

$
(3.3
)

$
(378.6
)
Impact of discontinued operations
(44.8
)
 
(7,543.0
)
 
(865.9
)
 
(7,737.1
)
Gain on extinguishment of debt
79.2

 
—

 
392.9

 
—

Severance and contractor termination costs
2.2

 
(2.6
)
 
(9.3
)
 
(19.3
)
Foreign exchange remeasurement
2.4

 
25.8

 
15.2

 
8.4

Adjusted EBITDA
$
60.1

 
$
279.6

 
$
217.0

 
$
736.2

 
 
 
 
 
 
 
 
EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
69.2

 
$
241.9

 
$
239.6

 
$
538.2

Asia Pacific Iron Ore
11.1

 
(302.2
)
 
38.7

 
(150.8
)
Other
18.8

 
(7,556.9
)
 
(531.7
)
 
(7,777.8
)
Total EBITDA
$
99.1

 
$
(7,617.2
)
 
$
(253.4
)
 
$
(7,390.4
)
 
 
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
72.3

 
$
249.5

 
$
254.6

 
$
559.1

Asia Pacific Iron Ore
9.7

 
49.7

 
32.8

 
225.5

Other
(21.9
)
 
(19.6
)
 
(70.4
)
 
(48.4
)
Total Adjusted EBITDA
$
60.1

 
$
279.6

 
$
217.0

 
$
736.2

 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Depreciation, depletion and amortization:
 
 
 
 
 
 
 
U.S. Iron Ore
$
27.9

 
$
25.9

 
$
71.6

 
$
81.2

Asia Pacific Iron Ore
6.1

 
42.2

 
19.1

 
123.6

Other
1.6

 
2.0

 
5.2

 
5.9

Total depreciation, depletion and amortization
$
35.6

 
$
70.1

 
$
95.9

 
$
210.7

 
 
 
 
 
 
 
 
Capital additions1:
 
 
 
 
 
 
 
U.S. Iron Ore
$
15.0

 
$
8.5

 
$
35.8

 
$
37.4

Asia Pacific Iron Ore
0.3

 
3.1

 
4.8

 
8.3

Other
2.4

 
0.5

 
6.0

 
3.3

Total capital additions
$
17.7

 
$
12.1

 
$
46.6

 
$
49.0

                                         
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)
 
September 30,
2015
 
December 31,
2014
Assets:
 
 
 
U.S. Iron Ore
$
1,498.3

 
$
1,464.9

Asia Pacific Iron Ore
210.5

 
274.6

Other
26.3

 
147.0

Total segment assets
1,735.1

 
1,886.5

Corporate
395.0

 
546.8

Assets of Discontinued Operations
141.4

 
730.7

Total assets
$
2,271.5

 
$
3,164.0

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 September 30, 2015 and December 31, 2014:
 
(In Millions)
 
September 30, 2015
 
December 31, 2014
Segment
Finished Goods
 
Work-in Process
 
Total Inventory
 
Finished Goods
 
Work-in
Process
 
Total
Inventory
U.S. Iron Ore
$
260.3

 
$
23.3

 
$
283.6

 
$
132.1

 
$
13.5

 
$
145.6

Asia Pacific Iron Ore
18.5

 
49.6

 
68.1

 
26.4

 
88.1

 
114.5

Total
$
278.8

 
$
72.9

 
$
351.7

 
$
158.5

 
$
101.6

 
$
260.1


Asia Pacific Iron Ore had long-term work-in-process stockpiles of $12.0 million classified as Other non-current assets in the Statements of Unaudited Condensed Consolidated Financial Position at September 30, 2015. There were no long-term work-in-process stockpiles as of December 31, 2014.
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 September 30, 2015 and December 31, 2014:
 
(In Millions)
 
September 30,
2015
 
December 31,
2014
Land rights and mineral rights
$
500.6

 
$
500.5

Office and information technology
68.5

 
73.7

Buildings
60.1

 
59.8

Mining equipment
583.8

 
585.1

Processing equipment
514.4

 
510.2

Electric power facilities
46.4

 
46.8

Land improvements
24.8

 
24.7

Other
99.8

 
55.0

Construction in-progress
34.5

 
14.4

 
1,932.9

 
1,870.2

Allowance for depreciation and depletion
(880.3
)
 
(799.7
)
 
$
1,052.6

 
$
1,070.5


We recorded depreciation and depletion expense related to our continuing operations of $34.6 million and $92.8 million in the Statements of Unaudited Condensed Consolidated Operations for the three and nine months ended September 30, 2015, respectively. This compares with depreciation and depletion expense related to our continuing operations of $67.7 million and $203.8 million for the three and nine months ended September 30, 2014, respectively.
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES
NOTE 5 - DEBT AND CREDIT FACILITIES
The following represents a summary of our long-term debt as of September 30, 2015 and December 31, 2014:
($ in Millions)
 
September 30, 2015
 
Debt Instrument
 
Type
 
Annual Effective Interest Rate
 
Final Maturity
 
Total Face Amount
 
Total Debt
 
$700 Million 4.875% 2021 Senior Notes
 
Fixed
 
4.89%
 
2021
 
$
412.5

 
$
412.3

(1)
$1.3 Billion Senior Notes:
 
 
 
 
 
 
 
 
 
 
 
$500 Million 4.80% 2020 Senior Notes
 
Fixed
 
4.83%
 
2020
 
306.7

 
306.3

(2)
$800 Million 6.25% 2040 Senior Notes
 
Fixed
 
6.34%
 
2040
 
492.8

 
487.0

(3)
$400 Million 5.90% 2020 Senior Notes
 
Fixed
 
5.98%
 
2020
 
290.8

 
289.9

(4)
$500 Million 3.95% 2018 Senior Notes
 
Fixed
 
6.36%
 
2018
 
311.2

 
309.9

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

 
506.4

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

 
407.4

(7)
$550 Million ABL Facility:
 
 
 
 
 
 
 
 
 
 
 
ABL Facility
 
Variable
 
N/A
 
2020
 
550.0

 
—

(8)
Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
2.4

 
Long-term debt
 
 
 
 
 
 
 
$
3,448.2

 
$
2,721.6

 
($ in Millions)
 
December 31, 2014
 
Debt Instrument
 
Type
 
Annual Effective Interest Rate
 
Final Maturity
 
Total Face Amount
 
Total Debt
 
$700 Million 4.875% 2021 Senior Notes
 
Fixed
 
4.88%
 
2021
 
$
690.0

 
$
689.5

(1)
$1.3 Billion Senior Notes:
 
 
 
 
 
 
 
 
 
 
 
$500 Million 4.80% 2020 Senior Notes
 
Fixed
 
4.83%
 
2020
 
490.0

 
489.4

(2)
$800 Million 6.25% 2040 Senior Notes
 
Fixed
 
6.34%
 
2040
 
800.0

 
790.5

(3)
$400 Million 5.90% 2020 Senior Notes
 
Fixed
 
5.98%
 
2020
 
395.0

 
393.7

(4)
$500 Million 3.95% 2018 Senior Notes
 
Fixed
 
5.17%
 
2018
 
480.0

 
477.4

(5)
$1.125 Billion Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Agreement
 
Variable
 
2.94%
 
2017
 
1,125.0

 
—

(9)
Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
2.8

 
Long-term debt
 
 
 
 
 
 
 
$
3,980.0

 
$
2,843.3

 

(1)
During the third quarter of 2015, we purchased $10.7 million of outstanding 4.875 percent senior notes that were trading at 50.0 percent of par which resulted in a gain on extinguishment of $5.3 million. In addition, during the first quarter of 2015, we purchased $58.3 million of outstanding 4.875 percent senior notes that were trading at 52.0 percent of par, which resulted in a gain on extinguishment of $20.0 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $208.5 million of the 4.875 percent senior notes for $170.3 million of the 7.75 percent second lien notes at a discount of $46.0 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $83.1 million, net of amounts expensed for unamortized original issue discount and deferred origination fees.
As of September 30, 2015, the $700.0 million 4.875 percent senior notes were recorded at a par value of $412.5 million less unamortized discounts of $0.2 million, based on an imputed interest rate of 4.89 percent. As of December 31, 2014, the $700.0 million 4.875 percent senior notes were recorded at a par value of $690.0 million less unamortized discounts of $0.5 million based on an imputed interest rate of 4.88 percent.
(2)
During the third quarter of 2015, we purchased $1.8 million of outstanding 4.80 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $0.9 million. In addition, during the first quarter of 2015, we purchased $43.8 million of outstanding 4.80 percent senior notes that were trading at 54.3 percent of par, which resulted in a gain on extinguishment of $15.6 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $137.8 million of the 4.80 percent senior notes for $112.9 million of the 7.75 percent second lien notes at a discount of $30.5 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $54.6 million, net of amounts expensed for unamortized original issue discount and deferred origination fees.
As of September 30, 2015, the $500.0 million 4.80 percent senior notes were recorded at a par value of $306.7 million less unamortized discounts of $0.4 million, based on an imputed interest rate of 4.83 percent. As of December 31, 2014, the $500.0 million 4.80 percent senior notes were recorded at a par value of $490.0 million less unamortized discounts of $0.6 million based on an imputed interest rate of 4.83 percent.
(3)
During the first quarter of 2015, we purchased $45.9 million of outstanding 6.25 percent senior notes that were trading at 52.5 percent of par, which resulted in a gain on extinguishment of $15.0 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $261.3 million of the 6.25 percent senior notes for $203.5 million of the 7.75 percent second lien notes at a discount of $55.0 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $107.3 million, net of amounts expensed for unamortized original issue discount and deferred origination fees.
As of September 30, 2015, the $800 million 6.25 percent senior notes were recorded at a par value of $492.8 million less unamortized discounts of $5.8 million, based on an imputed interest rate of 6.34 percent. As of December 31, 2014, the $800 million 6.25 percent senior notes were recorded at a par value of $800.0 million less unamortized discounts of $9.5 million based on an imputed interest rate of 6.34 percent.
(4)
During the third quarter of 2015, we purchased $36.0 million of outstanding 5.90 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $18.0 million. In addition, during the first quarter of 2015, we purchased $1.3 million of outstanding 5.90 percent senior notes that were trading at 58.0 percent of par, which resulted in a gain on extinguishment of $0.3 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $67.0 million of the 5.90 percent senior notes for $57.5 million of the 7.75 percent second lien notes at a discount of $15.5 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $24.5 million, net of amounts expensed for unamortized original issue discount and deferred origination fees.
As of September 30, 2015, the $400.0 million 5.90 percent senior notes were recorded at a par value of $290.8 million less unamortized discounts of $0.9 million, based on an imputed interest rate of 5.98 percent. As of December 31, 2014, the $400.0 million 5.90 percent senior notes were recorded at a par value of $395.0 million less unamortized discounts of $1.3 million based on an imputed interest rate of 5.98 percent.
(5)
During the third quarter, on August 28, 2015, we purchased for cash as part of a tender offer, $124.8 million of the 3.95 percent senior notes for $68.6 million, resulting in a gain on extinguishment of $54.9 million, net of amounts expensed for reacquisition costs, unamortized original issue discount and deferred origination fees. In addition, during the first quarter of 2015, we purchased $44.0 million of outstanding 3.95 percent senior notes that were trading at 77.5 percent of par, which resulted in a gain on the extinguishment of debt of $7.1 million.
As of September 30, 2015, the $500.0 million 3.95 percent senior notes were recorded at a par value of $311.2 million less unamortized discounts of $1.3 million, based on an imputed interest rate of 6.36 percent. As of December 31, 2014, the $500.0 million 3.95 percent senior notes were recorded at a par value of $480.0 million less unamortized discounts of $2.6 million based on an imputed interest rate of 5.17 percent.
(6)
As of September 30, 2015, the $540.0 million 8.25 percent first lien notes were recorded at a par value of $540.0 million less unamortized discounts of $33.6 million, based on an imputed interest rate of 9.97 percent.
(7)
As of September 30, 2015, the $544.2 million 7.75 percent second lien notes were recorded at a par value of $544.2 million less unamortized discounts of $136.8 million, based on an imputed interest rate of 15.55 percent. See NOTE 6 - FAIR VALUE MEASUREMENTS for further discussion of unamortized discount as a result of the exchange offers.
(8)
As of September 30, 2015, no loans were drawn under the ABL Facility and we had total availability of $442.9 million as a result of borrowing base limitations. As of September 30, 2015, the principal amount of letter of credit obligations totaled $187.3 million, thereby further reducing available borrowing capacity on our ABL Facility to $255.6 million.
(9)
As of December 31, 2014, we had no revolving loans drawn under the revolving credit agreement which had $1.125 billion availability. As of December 31, 2014, the principal amount of letter of credit obligations totaled $149.5 million, thereby reducing available borrowing capacity on the revolving credit agreement to $975.5 million.
Revolving Credit Facility
As of March 30, 2015, we eliminated the revolving credit agreement which was last amended on January 22, 2015 (Amendment No. 6). The revolving credit agreement was replaced with our ABL Facility.
As of December 31, 2014, we were in compliance with all applicable financial covenants related to the revolving credit agreement.
ABL Facility
On March 30, 2015, we entered into a new senior secured asset-based revolving credit facility with various financial institutions. The ABL Facility will mature upon the earlier of March 30, 2020 or 60 days prior to the maturity of the New First Lien Notes (as defined below) and certain other material debt, and provides for up to $550.0 million in borrowings, comprised of (i) a $450.0 million U.S. tranche, including a $250.0 million sublimit for the issuance of letters of credit and a $100.0 million sublimit for U.S. swingline loans, and (ii) a $100.0 million Australian tranche, including a $50.0 million sublimit for the issuance of letters of credit and a $20.0 million sublimit for Australian swingline loans. Availability under both the U.S. tranche and Australian tranche of the ABL Facility is limited to an eligible U.S. borrowing base and Australian borrowing base, as applicable, determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
The ABL Facility and certain bank products and hedge obligations are guaranteed by us and certain of our existing wholly-owned U.S. and Australian subsidiaries and are required to be guaranteed by certain of our future U.S. and Australian subsidiaries; provided, however, that the obligations of any U.S. entity will not be guaranteed by any Australian entity. Amounts outstanding under the ABL Facility will be secured by (i) a first-priority security interest in the ABL Collateral (as defined herein), including, in the case of the Australian tranche only, ABL Collateral owned by a borrower or guarantor that is organized under the laws of Australia, and (ii) a third-priority security interest in the Notes Collateral (as defined herein). The priority of the security interests in the ABL Collateral and the Notes Collateral of the lenders under the ABL Facility and the holders of the First Lien Notes are set forth in intercreditor provisions contained in an ABL intercreditor agreement.
The ABL Collateral generally consists of the following assets: accounts receivable and other rights to payment, inventory, as-extracted collateral, investment property, certain general intangibles and commercial tort claims, certain mobile equipment, commodities accounts, deposit accounts, securities accounts and other related assets and proceeds and products of each of the foregoing.
Borrowings under the ABL Facility bear interest, at our option, at a base rate, an Australian base rate or, if certain conditions are met, a LIBOR rate, in each case plus an applicable margin. The base rate is equal to the greater of the federal funds rate plus ½ of 1 percent, the LIBOR rate based on a one-month interest period plus 1 percent and the floating rate announced by BAML as its “prime rate.” The Australian base rate is equal to the LIBOR rate as of 11:00 a.m. on the first business day of each month for a one-month period. The LIBOR rate is a per annum fixed rate equal to LIBOR with respect to the applicable interest period and amount of LIBOR rate loan requested.
The ABL Facility contains customary representations and warranties and affirmative and negative covenants including, among others, covenants regarding the maintenance of certain financial ratios if certain conditions are triggered, covenants relating to financial reporting, covenants relating to the payment of dividends on, or purchase or redemption of our capital stock, covenants relating to the incurrence or prepayment of certain debt, covenants relating to the incurrence of liens or encumbrances, compliance with laws, transactions with affiliates, mergers and sales of all or substantially all of our assets and limitations on changes in the nature of our business.
The ABL Facility provides for customary events of default, including, among other things, the event of nonpayment of principal, interest, fees, or other amounts, a representation or warranty proving to have been materially incorrect when made, failure to perform or observe certain covenants within a specified period of time, a cross-default to certain material indebtedness, the bankruptcy or insolvency of the Company and certain of its subsidiaries, monetary judgment defaults of a specified amount, invalidity of any loan documentation, a change of control of the Company, and ERISA defaults resulting in liability of a specified amount. In the event of a default by us (beyond any applicable grace or cure period, if any), the administrative agent may and, at the direction of the requisite number of lenders, shall declare all amounts owing under the ABL Facility immediately due and payable, terminate such lenders’ commitments to make loans under the ABL Facility and/or exercise any and all remedies and other rights under the ABL Facility. For certain defaults related to insolvency and receivership, the commitments of the lenders will be automatically terminated and all outstanding loans and other amounts will become immediately due and payable.
As of September 30, 2015, we were in compliance with the ABL Facility liquidity requirements and, therefore, the springing financial covenant requiring a minimum fixed charge coverage ratio of 1.0 to 1.0 was not applicable.
$540 Million 8.25 percent 2020 Senior Secured First Lien Notes - 2015 Offering

On March 30, 2015, 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 $540 million aggregate principal amount of 8.25 percent Senior First Lien Notes due 2020 (the "First Lien Notes"). The First Lien Notes were sold on March 30, 2015 in a private transaction exempt from the registration requirements of the Securities Act.
The First Lien Notes bear interest at a rate of 8.25 percent per annum. Interest on the First Liens Notes is payable semi-annually in arrears on March 31 and September 30 of each year, commencing on September 30, 2015. The First Lien Notes mature on March 31, 2020 and are secured senior obligations of the Company.
The First 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) by (i) a first-priority lien on substantially all of our U.S. assets, other than the ABL Collateral (the "Notes Collateral"), and (ii) a second-priority lien on the U.S. ABL Collateral, which is junior to a first-priority lien for the benefit of the lenders under the ABL Facility. The First Lien Notes and guarantees are general senior obligations of the Company and the applicable guarantor; are effectively senior to all of our unsecured indebtedness, to the extent of the value of the collateral; together with other obligations secured equally and ratably with the First Lien Notes, are effectively (i) senior to our existing and future ABL obligations, to the extent and value of the Notes Collateral and (ii) senior to our obligations under the Second Lien Notes, to the extent and value of the collateral; are effectively subordinated to (i) our existing and future ABL obligations, to the extent and value of the ABL Collateral, and (ii) any existing or future indebtedness that is secured by liens on assets that do not constitute a part of the collateral, to the extent of the value of such assets; will rank equally in right of payment with all existing and future senior indebtedness, and any guarantees thereof; will rank equally in priority as to the Notes Collateral with any future debt secured equally and ratably with the First Lien Notes incurred after March 30, 2015; rank senior in right of payment to all existing and future subordinated indebtedness; and structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries that do not guarantee the First Lien Notes. The relative priority of the liens securing our First Lien Notes obligations and Second Lien Notes obligations compared to the liens securing our obligations under the ABL Facility and certain other matters relating to the administration of security interests are set forth in intercreditor agreements.
The terms of the First Lien Notes are governed by the First Lien Notes indenture. The First Lien Notes indenture contains customary covenants that, among other things, limit our ability to incur 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 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 indenture, we are required to offer to repurchase the First 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 First Lien Notes beginning on March 31, 2018. The initial redemption price is 108.25 percent of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The redemption price will decline after 2018 and will be 100 percent of their principal amount, plus accrued interest, beginning on June 30, 2019. We may also redeem some or all of the First Lien Notes at any time and from time to time prior to March 31, 2018 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 March 31, 2018, we may redeem in the aggregate up to 35 percent of the original aggregate principal amount of the First Lien Notes (calculated after giving effect to any issuance of additional First Lien Notes) with the net cash proceeds of certain equity offerings, at a redemption price of 108.25 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 First Lien Notes (calculated after giving effect to any issuance of additional First Lien Notes) issued under the First Lien Notes indenture remain outstanding after each such redemption.
The First 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 First Lien indenture will allow either the trustee or the holders of at least 25 percent in aggregate principal amount of the then-outstanding First Lien Notes issued under such indenture to accelerate, or in certain cases, will automatically cause the acceleration of the amounts due under the First Lien Notes.
$544 Million 7.75 percent Senior Secured Second Lien Notes - 2015 Offering
On March 30, 2015, we also entered into an indenture among the Company, the guarantors and U.S. Bank National Association, as trustee and notes collateral agent, relating to our issuance of $544.2 million aggregate principal amount of 7.75 percent second lien senior secured notes due 2020 (the "Second Lien Notes"). The Second Lien Notes were issued on March 30, 2015 in exchange offers for certain of our existing senior notes.
The Second Lien Notes bear interest at a rate of 7.75 percent per annum. Interest on the Second Lien Notes is payable semi-annually in arrears on March 31 and September 30 of each year, commencing on September 30, 2015. The Second Lien Notes mature on March 31, 2020 and are secured senior obligations of the Company.
The Second Lien Notes have substantially similar terms to those of the First Lien Notes except with respect to their priority security interest in the collateral. The Second 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) by (i) a second-priority lien (junior to the First Lien Notes) on substantially all of our U.S. assets, other than the ABL Collateral, and (ii) a third-priority lien (junior to the ABL Facility and the First Lien Notes) on the U.S. ABL Collateral.
The Company may redeem any of the Second Lien Notes beginning on March 31, 2017. The initial redemption price is 103.875 percent of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The redemption price will decline each year after March 31, 2017 and will be 100 percent of their principal amount, plus accrued interest, beginning on March 31, 2019. The Company may also redeem some or all of the Second Lien Notes at any time and from time to time prior to March 31, 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 March 31, 2017, the Company may redeem in the aggregate up to 35 percent of the original aggregate principal amount of the Second Lien Notes (calculated after giving effect to any issuance of additional Second Lien Notes) with the net cash proceeds of certain equity offerings, at a redemption price of 107.75 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 Second Lien Notes (calculated after giving effect to any issuance of additional Second Lien Notes) issued under the Second Lien Notes Indenture remain outstanding after each such redemption.    
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 September 30, 2015 and December 31, 2014, these letter of credit obligations totaled $187.3 million and $149.5 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 September 30, 2015:
 
(In Millions)
 
Maturities of Debt
2015 (October 1 - December 31)
$
—

2016
—

2017
—

2018
311.2

2019
—

2020
1,681.7

2021 and thereafter
905.3

Total maturities of debt
$
2,898.2

FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS
NOTE 6 - FAIR VALUE MEASUREMENTS
The following represents the assets and liabilities of the Company measured at fair value at September 30, 2015 and December 31, 2014:
 
(In Millions)
 
September 30, 2015
Description
Quoted Prices in Active
Markets for Identical Assets/Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
80.0

 
$
—

 
$
—

 
$
80.0

Derivative assets
—

 
—

 
10.4

 
10.4

Total
$
80.0

 
$
—

 
$
10.4

 
$
90.4

Liabilities:

 

 

 

Derivative liabilities
$
—

 
$
—

 
$
0.8

 
$
0.8

Total
$
—

 
$
—

 
$
0.8

 
$
0.8

 
(In Millions)
 
December 31, 2014
Description
Quoted Prices in Active
Markets for Identical
Assets/Liabilities (Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Derivative assets
$
—

 
$
—

 
$
63.2

 
$
63.2

Available-for-sale marketable securities
4.3

 
—

 
—

 
4.3

Total
$
4.3

 
$
—

 
$
63.2

 
$
67.5

Liabilities:

 

 

 

Derivative liabilities
$
—

 
$
—

 
$
9.5

 
$
9.5

Foreign exchange contracts
—

 
31.5

 
—

 
31.5

Total
$
—

 
$
31.5

 
$
9.5

 
$
41.0

Financial assets classified in Level 1 at September 30, 2015 includes money market funds. Financial assets classified in Level 1 at December 31, 2014 include available-for-sale marketable securities. The valuation of these instruments is based upon unadjusted quoted prices for identical assets in active markets.
The valuation of financial assets and liabilities classified in Level 2 is determined using a market approach based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable. Level 2 securities primarily include derivative financial instruments valued using financial models that use as their basis readily observable market parameters. At December 31, 2014, such derivative financial instruments included our existing foreign currency exchange contracts. The fair value of the foreign currency exchange contracts is based on forward market prices and represents the estimated amount we would receive or pay to terminate these agreements at the reporting date, taking into account creditworthiness, nonperformance risk and liquidity risks associated with current market conditions.
The derivative financial assets classified within Level 3 at September 30, 2015 and December 31, 2014 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 September 30, 2015 and December 31, 2014. 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 September 30, 2015
 
Balance Sheet Location
 
Valuation Technique
 
Unobservable Input
 
Range or Point Estimate per ton
(Weighted Average)
 
Provisional Pricing Arrangements
 
$
0.6

 
Other current assets
 
Market Approach
 
Management's
Estimate of 62% Fe
 
$56
 
$
0.8

 
Other current liabilities
 
 
 
Customer Supply Agreement
 
$
9.8

 
Other current assets
 
Market Approach
 
Hot-Rolled Steel Estimate
 
$470 - $515 ($489)

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 nine months ended September 30, 2015 or 2014. 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 nine months ended September 30, 2015 and 2014.
 
(In Millions)
 
Derivative Assets (Level 3)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Beginning balance
$
7.7

 
$
33.0

 
$
63.2

 
$
57.7

Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
15.0

 
62.6

 
28.1

 
124.6

Settlements
(12.3
)
 
(41.1
)
 
(80.9
)
 
(127.8
)
Transfers into Level 3
—

 
—

 
—

 
—

Transfers out of Level 3
—

 
—

 
—

 
—

Ending balance - September 30
$
10.4

 
$
54.5

 
$
10.4

 
$
54.5

Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
12.2

 
$
62.6

 
$
22.7

 
$
124.6


 
(In Millions)
 
Derivative Liabilities (Level 3)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Beginning balance
$
(8.0
)
 
$
(20.2
)
 
$
(9.5
)
 
$
(1.0
)
Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
(13.7
)
 
2.3

 
(45.4
)
 
(17.9
)
Settlements
20.9

 
—

 
54.1

 
1.0

Transfers into Level 3
—

 
—

 
—

 
—

Transfers out of Level 3
—

 
—

 
—

 
—

Ending balance - September 30
$
(0.8
)
 
$
(17.9
)
 
$
(0.8
)
 
$
(17.9
)
Total gains (losses) for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
(0.5
)
 
$
2.3

 
$
(0.8
)
 
$
(17.9
)

Gains and losses included in earnings are reported in Product revenues in the Statements of Unaudited Condensed Consolidated Operations for the three and nine months ended September 30, 2015 and 2014.
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 September 30, 2015 and December 31, 2014 were as follows:
 
 
 
(In Millions)
 
 
 
September 30, 2015
 
December 31, 2014
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Senior Notes—$700 million
Level 1
 
$
412.3

 
$
115.4

 
$
689.5

 
$
367.3

Senior Notes—$1.3 billion
Level 1
 
793.3

 
242.4

 
1,279.9

 
704.0

Senior Notes—$400 million
Level 1
 
289.9

 
99.6

 
393.7

 
228.1

Senior Notes—$500 million
Level 1
 
309.9

 
162.6

 
477.4

 
312.0

Senior First Lien Notes —$540 million
Level 1
 
506.4

 
477.9

 
—

 
—

Senior Second Lien Notes —$544.2 million
Level 1
 
407.4

 
217.7

 
—

 
—

ABL Facility
Level 2
 
—

 
—

 
—

 
—

Fair value adjustment to interest rate hedge
Level 2
 
2.4

 
2.4

 
2.8

 
2.8

Total long-term debt
 
 
$
2,721.6

 
$
1,318.0

 
$
2,843.3

 
$
1,614.2


The fair value of long-term debt was determined using quoted market prices based upon current borrowing rates. The asset based revolving credit facility is variable rate interest and approximates fair value. See NOTE 5 - DEBT AND CREDIT FACILITIES for further information.
Items Measured at Fair Value on a Non-Recurring Basis
The following tables present information about the financial and non-financial assets and liabilities that were measured on a fair value basis at March 31, 2015 and December 31, 2014. There were no financial and non-financial assets and liabilities that were measured on a non-recurring fair value basis at September 30, 2015. The tables also indicate the fair value hierarchy of the valuation techniques used to determine such fair value.
 
 
(In Millions)
 
 
March 31, 2015
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
Liabilities:
 
 
 
 
 
 
 
 
 
 
$544.2 Million 7.75% 2020 Second Lien Notes
 
$
—

 
$
397.2

 
$
—

 
$
397.2

 
$
269.5

 
 
$
—

 
$
397.2

 
$
—

 
$
397.2

 
$
269.5

The $544.2 million 7.75 percent Second Lien Notes issued in the exchange offers were recorded as an extinguishment of debt as the change in debt terms was considered substantial. As such, the newly issued Second Lien Senior Notes were recorded at fair value at the issuance date. In order to determine the fair value of the Second Lien Senior Notes on the date of the exchange, we utilized the median bid ask spread obtained from various investment banks for the exchange date. The bid ask spread is indicative of the fair value of the notes on the exchange date. The 27.0 percent discount equated to a discount of $147.0 million on the issue value of $544.2 million, or an estimated fair value of $397.2 million.
 
 
(In Millions)
 
 
December 31, 2014
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 Losses
Assets:
 
 
 
 
 
 
 
 
 
 
Goodwill impairment -
Asia Pacific Iron Ore reporting unit
 
$
—

 
$
—

 
$
—

 
$
—

 
$
73.5

Other long-lived assets -
Property, plant and equipment
    and Mineral rights:
 
 
 
 
 
 
 
 
 
 
Asia Pacific Iron Ore reporting unit
 
—

 
—

 
72.4

 
72.4

 
526.5

Other reporting units
 
—

 
—

 
—

 
—

 
11.3

Other long-lived assets -
Intangibles and other long-term assets:
 
 
 
 
 
 
 
 
 
 
Asia Pacific Iron Ore reporting unit
 
—

 
—

 
7.0

 
7.0

 
24.2

Investment in ventures
impairment - Global Exploration
 
—

 
—

 
—

 
—

 
9.2

 
 
$
—

 
$
—

 
$
79.4

 
$
79.4

 
$
644.7


Financial Assets
During the third quarter of 2014, an impairment charge of $9.2 million to investment in ventures was recorded within our Global Exploration operating segment as a decision was made to abandon the investment during the period.
Non-Financial Assets
During the third and fourth quarter of 2014, we identified factors that indicated the carrying values of the asset groups in the chart above may not be recoverable primarily due to long-term price forecasts as part of management’s long-range planning process. Updated estimates of long-term prices for all products, specifically the Platts 62 percent Fe fines spot price were lower than prior estimates. This especially affects the Asia Pacific Iron Ore business segment because their contracts correlate heavily to world market spot pricing, which were updated based upon current market conditions, macro-economic factors influencing the balance of supply and demand for our products and expectations for future cost and capital expenditure requirements. Additionally, our CEO, Lourenco Goncalves, was appointed by the Board of Directors in early August 2014 and was subsequently identified as the CODM in accordance with ASC 280, Segment Reporting. Our CODM views Asia Pacific Iron Ore as a non-core asset and has communicated plans to evaluate the business unit for a change in strategy including possible divestiture. These factors, among other considerations utilized in the individual impairment assessments, indicate that the carrying value of the respective asset groups in the chart above and Asia Pacific Iron Ore goodwill may not be recoverable.
During the third quarter of 2014, a goodwill impairment charge of $73.5 million was recorded for our Asia Pacific Iron Ore reporting units within our Asia Pacific Iron Ore operating segment. Based on our review of the fair value hierarchy, the inputs used in these fair value measurements were considered Level 3 inputs.
We also recorded impairment charges to property, plant and equipment, mineral rights, intangible assets and other long-term assets during the second half of 2014 related to our Asia Pacific Iron Ore operating segment, along with impairments charged to reporting units within our Other reportable segments. A detailed break out of the impairment charges is shown in the chart above. The recorded impairment charges reduce the related assets to their estimated fair value as we determined that the future cash flows associated with these operations were not sufficient to support the recoverability of the carrying value of these assets. Fair value was determined based on management's best estimate within a range of fair values, which is considered a Level 3 input, and resulted in an asset impairment charge of $562.0 million. The Level 3 inputs used to determine fair value included models developed and market inputs obtained by management which provided a range of fair value estimates of property, plant and equipment. Management’s models include internally developed long-term future cash flow estimates, capital expenditure and cost estimates, market inputs to determine long-term pricing assumptions, discount rates, and foreign exchange rates.
PENSIONS AND OTHER POSTRETIREMENT BENEFITS
PENSIONS AND OTHER POSTRETIREMENT BENEFITS
NOTE 7 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS
The following are the components of defined benefit pension and OPEB expense for the three and nine months ended September 30, 2015 and 2014:
Defined Benefit Pension Expense
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Service cost
$
3.1

 
$
4.7

 
$
15.7

 
$
18.2

Interest cost
9.0

 
9.6

 
27.9

 
29.8

Expected return on plan assets
(14.5
)
 
(14.1
)
 
(44.4
)
 
(43.1
)
Amortization:
 
 
 
 
 
 
 
Prior service costs
0.5

 
0.7

 
1.7

 
1.9

Net actuarial loss
4.5

 
3.3

 
15.3

 
10.4

    Curtailments/settlements
(0.1
)
 
$
1.7

 
0.2

 
2.9

Net periodic benefit cost to continuing operations
$
2.5

 
$
5.9

 
$
16.4

 
$
20.1


Other Postretirement Benefits Expense
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Service cost
$
(1.6
)
 
$
(1.9
)
 
$
1.4

 
$
1.4

Interest cost
2.1

 
2.2

 
8.6

 
9.0

Expected return on plan assets
(4.5
)
 
(4.2
)
 
(13.7
)
 
(12.8
)
Amortization:
 
 
 
 
 
 
 
Prior service costs
0.6

 
0.6

 
(1.2
)
 
(1.2
)
Net actuarial loss
1.1

 
1.0

 
4.2

 
3.5

Net periodic benefit cost to continuing operations
$
(2.3
)
 
$
(2.3
)
 
$
(0.7
)
 
$
(0.1
)

We made pension contributions of $23.9 million and $34.1 million for the three and nine months ended September 30, 2015, compared to pension contributions of $31.8 million and $41.2 million for the three and nine months ended September 30, 2014. 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 nine months ended September 30, 2015 and September 30, 2014.
STOCK COMPENSATION PLANS
STOCK COMPENSATION PLANS
NOTE 8 - STOCK COMPENSATION PLANS
Employees’ Plans
The 2015 Equity Plan was approved by our Board of Directors on March 26, 2015 and by our shareholders on May 19, 2015. The 2015 Equity Plan replaced the 2012 Amended Equity Plan. The maximum number of shares that may be issued under the 2015 Equity Plan is 12.9 million common shares. No additional grants were issued from the 2012 Amended Equity Plan after the date of approval of the 2015 Equity Plan; however, all awards previously granted under the 2012 Amended Equity Plan and the 2012 Equity Plan will continue in full force and effect in accordance with the terms of outstanding awards.
During the third quarter of 2015, the Compensation and Organization Committee of the Board of Directors (the "Committee") approved grants under the 2015 Equity Plan of 1.5 million restricted share units to certain officers and employees with a grant date of September 10, 2015. The restricted share units granted under this award are subject to continued employment through the vesting date of December 15, 2017.
During the first quarter of 2015, the Committee approved grants under the 2012 Amended Equity Plan to certain officers and employees for the 2015 to 2017 performance period. Shares granted under the awards consisted of 0.9 million performance shares, 0.9 million restricted share units and 0.4 million stock options.
The outstanding performance share or unit grants vest over a period of three years and are intended to be paid out in common shares or cash in certain circumstances. Performance is measured on the basis of relative TSR for the period and measured against the constituents of the S&P Metals and Mining ETF Index on the last day of trading of the relevant performance period. The final payouts for the outstanding performance period grants will vary from zero to 200 percent of the original grant depending on whether and to what extent the Company achieves certain objectives and performance goals as established by the Committee.
The restricted share units that were granted during the first quarter of 2015 are subject to continued employment, are retention based, will vest in equal thirds on each of December 31, 2015, December 31, 2016 and December 31, 2017, and are payable in common shares or cash in certain circumstances at a time determined by the Committee at its discretion.
The stock options that were granted during the first quarter of 2015 vest on December 31, 2017, subject to continued employment through the vesting date, are exercisable at a strike price of $7.70 after the vesting date and expire on January 12, 2025.
Determination of Fair Value
The fair value of each performance share grant is estimated on the date of grant using a Monte Carlo simulation to forecast relative TSR performance. A correlation matrix of historic and projected stock prices was developed for both the Company and our predetermined peer group of mining and metals companies. The fair value assumes that performance goals will be achieved.
The expected term of the grant represents the time from the grant date to the end of the service period for each of the three plan-year agreements. We estimate the volatility of our common shares and that of the peer group of mining and metals companies using daily price intervals for all companies. The risk-free interest rate is the rate at the grant date on zero-coupon government bonds, with a term commensurate with the remaining life of the performance period.
The following assumptions were utilized to estimate the fair value for the first quarter of 2015 performance share grants:
Grant Date
 
Grant Date Market Price
 
Average Expected Term (Years)
 
Expected Volatility
 
Risk-Free Interest Rate
 
Dividend Yield
 
Fair Value
 
Fair Value (Percent of Grant Date Market Price)
January 12, 2015
 
$
7.70

 
2.97
 
58.3%
 
0.91%
 
—%
 
$
11.56

 
150.13%
February 9, 2015
 
$
6.57

 
2.89
 
58.3%
 
0.87%
 
—%
 
$
9.86

 
150.13%

The fair value of each stock option grant is estimated on the date of grant using a Black-Scholes valuation model. The expected term of the option grant is determined using the simplified method. We estimate the volatility of our common shares using historical stock prices with consistent frequency over the most recent historical period equal to the option’s expected term. The risk-free interest rate is the rate at the grant date on zero-coupon government bonds, with a term commensurate with the expected term.
The following assumptions were utilized to estimate the fair value for the first quarter of 2015 stock option grants:
    
Grant Date
 
Grant Date Market Price
 
Average Expected Term (Years)
 
Expected Volatility
 
Risk-Free Interest Rate
 
Dividend Yield
 
Fair Value
January 12, 2015
 
$
7.70

 
6.47
 
75.3%
 
1.60%
 
—%
 
$
5.23


The fair value of the restricted share units is determined based on the closing price of our common shares on the grant date. The restricted share units granted under the 2015 Equity Plan vest over 27 months. The restricted share units granted under either the 2012 Equity Plan or the 2012 Amended Equity Plan generally vest over a period of three years.
INCOME TAXES
Income Taxes
NOTE 9 - INCOME TAXES
Our 2015 estimated annual effective tax rate before discrete items is approximately 2.1 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 related to the utilization of net operating losses. A comparable annual effective tax rate has not been provided for the nine months ended 2014 as our loss for the nine months ended September 30, 2014 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.
There were discrete items booked in the first nine months of 2015 of approximately $162.6 million. These adjustments relate primarily to the placement of a valuation allowance against U.S. deferred tax assets that were recognized in prior years. There were discrete items booked in the first nine months of 2014 of approximately $35.0 million. These items were largely related to the recording of valuation allowances against existing deferred tax assets as a result of the determination that they would no longer be realizable, the repeal of the Australian Minerals Resources Rent Tax and the finalization of certain domestic and foreign tax returns.
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 related to continuing operations was $3.2 million and $9.5 million for the three and nine months ended September 30, 2015, respectively, compared with $4.4 million and $13.9 million for the same respective periods in 2014.
Future minimum payments under capital leases and non-cancellable operating leases at September 30, 2015 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2015 (October 1 - December 31)
$
5.9

 
$
2.6

2016
23.2

 
7.6

2017
21.3

 
7.0

2018
17.2

 
6.4

2019
9.5

 
4.8

2020 and thereafter
17.5

 
9.9

Total minimum lease payments
$
94.6

 
$
38.3

Amounts representing interest
19.5

 
 
Present value of net minimum lease payments
$
75.1

(1) 
 
                                         
(1) 
The total is comprised of $16.9 million and $58.2 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at September 30, 2015.
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 $215.3 million and $170.8 million at September 30, 2015 and December 31, 2014, respectively. The following is a summary of the obligations as of September 30, 2015 and December 31, 2014:
 
(In Millions)
 
September 30,
2015
 
December 31,
2014
Environmental
$
4.3

 
$
5.5

Mine closure
 
 
 
LTVSMC
23.9

 
22.9

Operating mines:
 
 
 
U.S. Iron Ore
171.5

 
120.9

Asia Pacific Iron Ore
15.6

 
21.5

Total mine closure
211.0

 
165.3

Total environmental and mine closure obligations
215.3

 
170.8

Less current portion
3.4

 
5.2

Long term environmental and mine closure obligations
$
211.9

 
$
165.6


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 nine months ended September 30, 2015 and for the year ended December 31, 2014:
 
(In Millions)
 
September 30,
2015
 
December 31,
2014 (1)
Asset retirement obligation at beginning of period
$
142.4

 
$
177.6

Accretion expense
4.5

 
5.7

Exchange rate changes
(1.7
)
 
(2.4
)
Revision in estimated cash flows
41.9

 
(38.5
)
Asset retirement obligation at end of period
$
187.1

 
$
142.4


(1) Represents a 12-month rollforward of our asset retirement obligation at December 31, 2014.

The revision in the asset retirement costs recorded during the nine months ended September 30, 2015 relates primarily to revisions of the timing of the estimated cash flows associated with required storm water management systems expected to be implemented subsequent to the closure of one of our U.S. Iron Ore mines.
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 following table summarizes changes in the carrying amount of goodwill allocated by operating segment for the nine months ended September 30, 2015 and the year ended December 31, 2014:
 
(In Millions)
 
September 30, 2015
 
December 31, 2014 (1)
 
U.S. Iron Ore
 
Asia Pacific
Iron Ore
 
Total
 
U.S. Iron Ore
 
Asia Pacific Iron Ore
 
Total
Beginning Balance
$
2.0

 
$
—

 
$
2.0

 
$
2.0

 
$
72.5

 
$
74.5

Impairment
—

 
—

 
—

 
—

 
(73.5
)
 
(73.5
)
Impact of foreign currency translation
—

 
—

 
—

 
—

 
1.0

 
1.0

Ending Balance
$
2.0

 
$
—

 
$
2.0

 
$
2.0

 
$
—

 
$
2.0

Accumulated goodwill impairment loss
$
—

 
$
(73.5
)
 
$
(73.5
)
 
$
—

 
$
(73.5
)
 
$
(73.5
)
(1) Represents a 12-month rollforward of our goodwill at December 31, 2014.

Other Intangible Assets and Liabilities
The following table is a summary of intangible assets and liabilities as of September 30, 2015 and December 31, 2014:
 
 
 
(In Millions)
 
 
 
September 30, 2015
 
December 31, 2014
 
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
 
$
78.2

 
$
(19.3
)
 
$
58.9

 
$
79.2

 
$
(16.5
)
 
$
62.7

Total intangible assets
 
 
$
78.2

 
$
(19.3
)
 
$
58.9

 
$
79.2

 
$
(16.5
)
 
$
62.7

Below-market sales contracts
Other current liabilities
 
$
(23.0
)
 
$
—

 
$
(23.0
)
 
$
(23.0
)
 
$
—

 
$
(23.0
)
Below-market sales contracts
Other liabilities
 
(205.9
)
 
198.1

 
(7.8
)
 
(205.9
)
 
182.8

 
(23.1
)
Total below-market sales contracts
 
 
$
(228.9
)
 
$
198.1

 
$
(30.8
)
 
$
(228.9
)
 
$
182.8

 
$
(46.1
)

Amortization expense relating to intangible assets was $0.9 million and $3.1 million for the three and nine months ended September 30, 2015 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 $2.3 million and $6.9 million for the comparable periods in 2014. 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,

2015 (remaining three months)
$
0.9

2016
3.7

2017
4.2

2018
4.1

2019
3.0

2020
2.5

Total
$
18.4

The below-market sales contract is classified as a liability and recognized over the term of the underlying contract, which has a remaining life of approximately one year and expires December 31, 2016. For the three and nine months ended September 30, 2015, we recognized $7.7 million and $15.4 million, respectively, in Product revenues related to the below-market sales contracts. For the three and nine months ended September 30, 2014, we recognized $7.7 million and $15.4 million, respectively, in Product revenues related to the below-market sales contracts. The following amounts are estimated to be recognized in Product revenues for the remainder of this year and the succeeding fiscal year:
 
(In Millions)
 
Year Ending December 31,
2015 (remaining three months)
$
7.7

2016
23.1

Total
$
30.8

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
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 September 30, 2015 and December 31, 2014:
 
(In Millions)
 
Derivative Assets
 
Derivative Liabilities
 
September 30, 2015
 
December 31, 2014
 
September 30, 2015
 
December 31, 2014
Derivative Instrument
Balance Sheet Location
 
Fair
Value
 
Balance
Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
Derivatives designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign Exchange Contracts
 
 
$
—

 
 
 
$
—

 
 
 
$
—

 
Other current liabilities
 
$
21.6

Total derivatives designated as hedging instruments under ASC 815
 
 
$
—

 
 
 
$
—

 
 
 
$
—

 
 
 
$
21.6

Derivatives not designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign Exchange Contracts
 
 
$
—

 
 
 
$
—

 
 
 
$
—

 
Other current liabilities
 
$
9.9

Customer Supply Agreement
Other current assets
 
9.8

 
Other current assets
 
63.2

 
 
 
—

 
 
 
—

Provisional Pricing Arrangements
Other current assets
 
0.6

 
 
 
—

 
Other current liabilities
 
0.8

 
Other current liabilities
 
9.5

Total derivatives not designated as hedging instruments under ASC 815
 
 
$
10.4

 
 
 
$
63.2

 
 
 
$
0.8

 
 
 
$
19.4

Total derivatives
 
 
$
10.4

 
 
 
$
63.2

 
 
 
$
0.8

 
 
 
$
41.0


Derivatives Designated as Hedging Instruments
Cash Flow Hedges
Australian Dollar Foreign Exchange Contracts
We are subject to changes in foreign currency exchange rates as a result of our operations in Australia. With respect to Australia, foreign exchange risk arises from our exposure to fluctuations in foreign currency exchange rates because the functional currency of our Asia Pacific operations is the Australian dollar. Our Asia Pacific operations receive funds in U.S. currency for their iron ore sales.
We were using foreign currency exchange contracts to hedge our foreign currency exposure for a portion of our U.S. dollar sales receipts in our Australian functional currency entities. For our Australian operations, U.S. dollars are converted to Australian dollars at the currency exchange rate in effect during the period the transaction occurred. The primary objective for the use of these instruments was to reduce exposure to changes in currency exchange rates and to protect against undue adverse movement in these exchange rates. These instruments qualify for hedge accounting treatment and are tested for effectiveness at inception and at least once each reporting period. If and when any of our hedge contracts are determined not to be highly effective as hedges, the underlying hedged transaction is no longer likely to occur, or the derivative is terminated, hedge accounting is discontinued. Due to the uncertainty of 2015 hedge exposures, we have suspended entering into new foreign exchange rate contracts. As discussed in NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES, we have waived compliance with our current derivative financial instruments and hedging activities policy through December 31, 2015.
As of September 30, 2015, we had no outstanding Australian foreign currency exchange contracts in the form of forward contracts for which we elected hedge accounting. Our one remaining outstanding Australian foreign exchange rate contract matured in September 2015. This compares with outstanding Australian foreign currency exchange contracts with a notional amount of $220.0 million as of December 31, 2014.
Changes in fair value of highly effective hedges are recorded as a component of Accumulated other comprehensive loss in the Statements of Unaudited Condensed Consolidated Financial Position. Any ineffectiveness is recognized immediately in income. As of September 30, 2015 and 2014, there was no material ineffectiveness recorded for foreign exchange contracts that were classified as cash flow hedges. However, certain Australian hedge contracts were de-designated during the first quarter of 2015 and no longer qualified for hedge accounting treatment. All of these de-designated hedges were settled and were no longer outstanding by March 31, 2015. The de-designated hedges are discussed within the Derivatives Not Designated as Hedging Instruments section of this footnote. Amounts recorded as a component of Accumulated other comprehensive loss are reclassified into earnings in the same period the forecasted transactions affect earnings. No amounts remain in Accumulated other comprehensive loss related to the designated Australian hedge contracts as the last designated and outstanding Australian foreign exchange rate contract matured in September 2015.
The following summarizes the effect of our derivatives designated as cash flow hedging instruments, net of tax in Accumulated other comprehensive loss in the Statements of Unaudited Condensed Consolidated Operations for the three and nine months ended September 30, 2015 and 2014:
 
(In Millions)
Derivatives in Cash Flow Hedging Relationships
Amount of Gain (Loss)
Recognized in OCI on Derivatives
 
Location of Gain (Loss)
Reclassified
from Accumulated OCI into Earnings
 
Amount of Gain (Loss)
Reclassified
from Accumulated
OCI into Earnings
(Effective Portion)
 
(Effective Portion)
 
(Effective Portion)
 
Three Months Ended
September 30,
 
 
 
Three Months Ended
September 30,
 
2015
 
2014
 
 
 
2015
 
2014
Australian Dollar Foreign
Exchange Contracts
   (hedge designation)
$
0.1

 
$
(12.6
)
 
Product revenues
 
$
(0.1
)
 
$
1.6

Australian Dollar Foreign
Exchange Contracts
(prior to de-designation)
—

 
—

 
Product revenues
 
(4.3
)
 
—

Canadian Dollar Foreign Exchange Contracts
   (hedge designation)
—

 
(7.4
)
 
Cost of goods sold and operating expenses
 
—

 
(1.0
)
Total
$
0.1

 
$
(20.0
)
 
 
 
$
(4.4
)
 
$
0.6

 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
September 30,
 
 
 
Nine Months Ended
September 30,
 
2015
 
2014
 
 
 
2015
 
2014
Australian Dollar Foreign
Exchange Contracts
(hedge designation)
$
(2.0
)
 
$
(3.4
)
 
Product revenues
 
$
(7.4
)
 
$
(11.2
)
Australian Dollar Foreign
Exchange Contracts
 (prior to de-designation)
(4.5
)
 
—

 
Product revenues
 
(11.1
)
 
—

Canadian Dollar Foreign Exchange Contracts
    (hedge designation)
—

 
(9.2
)
 
Cost of goods sold and operating expenses
 
—

 
(7.1
)
Canadian Dollar Foreign Exchange Contracts
(prior to de-designation)
—

 
—

 
Cost of goods sold and operating expenses
 
—

 
(0.5
)
 
$
(6.5
)
 
$
(12.6
)
 
 
 
$
(18.5
)
 
$
(18.8
)

Derivatives Not Designated as Hedging Instruments
Foreign Exchange Contracts
During the first quarter of 2015, in connection with our refinancing initiatives, we discontinued hedge accounting and early-settled certain of our Australian foreign currency exchange contracts associated with Asia Pacific Iron Ore operations. Subsequent to de-designation, no further foreign currency exchange rate contracts were entered into for the Asia Pacific Iron Ore operations. The amounts that were previously recorded as a component of Accumulated other comprehensive loss prior to de-designation and remaining in Accumulated other comprehensive loss as of de-designation will be reclassified to earnings and a corresponding realized loss will be recognized when the forecasted cash flow occurs. The hedges were de-designated and early-settled at the end of the first quarter of 2015. For the three and nine months ended September 30, 2015, we reclassified losses of $2.1 million and $11.8 million from Accumulated other comprehensive loss and recorded the amounts as Product revenues in the Statements of Unaudited Condensed Consolidated Operations upon the occurrence of the forecasted cash flows associated with each de-designated and early-settled contract. For the nine months ended September 30, 2015, prior to the de-designation of the Asia Pacific Iron Ore hedges at the end of the first quarter of 2015, we reclassified losses of $6.3 million from Accumulated other comprehensive loss related to contracts that matured during the year, and recorded the amounts as Product revenues in the Statements of Unaudited Condensed Consolidated Operations. As of September 30, 2015, losses of $0.4 million (net of tax) remain in Accumulated other comprehensive loss related to the effective cash flow hedge contracts prior to de-designation and early-settlement. We estimate the remaining losses of $0.4 million (net of tax) will be reclassified to Product revenues during the remainder of 2015 upon the occurrence of the related forecasted cash flows.
During the fourth quarter of 2014, we discontinued hedge accounting for Canadian foreign currency exchange contracts for all outstanding contracts associated with Bloom Lake operations as projected future cash flows were no longer considered probable or reasonably possible, but we continued to hold these instruments as economic hedges to manage currency risk. Our parent company held the Canadian foreign currency exchange contracts and the contracts were unaffected by Bloom Lake General Partner Limited and certain of its affiliates filing under the CCAA on January 27, 2015. Subsequent to de-designation, no further foreign currency exchange contracts were entered into for the Bloom Lake operations. As of September 30, 2015 no de-designated foreign exchange rate contracts remained outstanding. All outstanding Canadian de-designated foreign exchange rate contracts settled by the end of September 2015. As of December 31, 2014, the de-designated outstanding foreign exchange rate contracts had notional amounts of $183.0 million in the form of forward contracts.
The amounts that were previously recorded as a component of Accumulated other comprehensive loss prior to de-designation and remaining in Accumulated other comprehensive loss as of December 31, 2014 were reclassified to earnings upon the de-designation of the hedges as the hedges would not be effective prospectively due to the projected future cash flows associated with the hedges no longer being considered probable or reasonably possible. We reclassified losses of $7.3 million from Accumulated other comprehensive loss related to contracts that had not matured during the year, and recorded the amounts as Cost of goods sold and operating expenses in the Statements of Unaudited Condensed Consolidated Operations. A corresponding realized gain or loss is recognized in each period until settlement of the related economic hedge during 2015. For the three and nine months ended September 30, 2015, the change in fair value of these de-designated foreign currency exchange contracts resulted in net losses of $1.1 million and net losses of $3.6 million, respectively.
We previously discontinued hedge accounting for Canadian foreign currency exchange contracts for all outstanding contracts associated with the Wabush operation and the Ferroalloys operating segment as projected future cash flows were no longer considered probable, but we continued to hold these instruments as economic hedges to manage currency risk. Subsequent to de-designation, no further foreign currency exchange contracts were entered into for the Wabush operation or the Ferroalloys operating segment. As of September 30, 2015 and December 31, 2014, there were no outstanding de-designated foreign currency exchange rate contracts as all remaining de-designated foreign exchange contracts matured during the second quarter of 2014.
Prior to the maturation of the contracts and as a result of discontinued hedge accounting, the instruments were prospectively adjusted to fair value each reporting period through Cost of goods sold and operating expenses in the Statements of Unaudited Condensed Consolidated Operations. For the nine months ended September 30, 2014, the change in fair value of our de-designated foreign currency exchange contracts resulted in net losses of $3.3 million. For the three months ended September 30, 2014, there were no changes in fair value of our de-designated foreign exchange contracts as all the remaining contracts had matured during the second quarter of 2014. The amounts that were previously recorded as a component of Accumulated other comprehensive loss prior to de-designation were reclassified to earnings and a corresponding realized gain or loss was recognized when the forecasted cash flow occurred. For the nine months ended September 30, 2014, we reclassified losses of $0.5 million from Accumulated other comprehensive loss related to contracts that matured during the period, and recorded the amounts as Cost of goods sold and operating expenses in the Statements of Unaudited Condensed Consolidated Operations. For the three months ended September 30, 2014, there were no amounts reclassified from Accumulated other comprehensive loss related to contracts that matured during the period as all the remaining contracts had matured during the second quarter of 2014 and as of the period ended June 30, 2014, no gains or losses remained in Accumulated other comprehensive loss related to the effective cash flow hedge contracts prior to de-designation.
Fair Value Hedges
Interest Rate Hedges
Our fixed-to-variable interest rate swap derivative instruments, with a notional amount of $250.0 million, were de-designated and settled during August 2014. Prior to settlement, the derivatives were designated and qualified as fair value hedges. The objective of the hedges was to offset changes in the fair value of our debt instruments associated with fluctuations in the benchmark LIBOR interest rate as part of our risk management strategy.
Prior to de-designation and settlement, when the interest rate swap derivative instruments were designated and qualified as fair-value hedges, the gain or loss on the hedge instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk were recognized in net income. We included the gain or loss on the derivative instrument and the offsetting loss or gain on the hedged item in Other non-operating income (expense). The net gains recognized in Other non-operating income (expense) for the three and nine months ended September 30, 2014 was $0.1 million and $0.3 million, respectively.
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 the Platts 62 percent Fe fines spot price and/or international pellet prices and changes in specified Producer Price Indices, including those for industrial commodities, energy and steel. 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 $11.6 million and $22.1 million as Product revenues in the Statements of Unaudited Condensed Consolidated Operations for the three and nine months ended September 30, 2015, respectively, related to the supplemental payments. This compares with Product revenues of $62.6 million and $124.6 million for the comparable periods in 2014. Derivative assets, representing the fair value of the pricing factors, were $9.8 million and $63.2 million in the September 30, 2015 and December 31, 2014 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 September 30, 2015, we recorded $0.6 million as Other current assets related to our estimate of the final revenue rate with our Asia Pacific Iron Ore customers. At December 31, 2014, we recorded no Other current assets related to our estimate of the final revenue rate with any of our customers. At September 30, 2015 and December 31, 2014, we recorded $0.8 million and $9.5 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 net $7.6 million increase and a net $0.2 million decrease in Product revenues in the Statements of Unaudited Condensed Consolidated Operations for the three and nine months ended September 30, 2015 related to these arrangements. This compares with a net $2.3 million increase and a net $17.9 million decrease in Product revenues for the comparable periods in 2014.
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 nine months ended September 30, 2015 and 2014:
(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
September 30,
 
Nine Months Ended
September 30,
 
 
2015
 
2014
 
2015
 
2014
Foreign Exchange Contracts
Other non-operating income (expense) (1)
$
(1.1
)
 
$
—

 
$
(3.6
)
 
$
(3.3
)
Foreign Exchange Contracts
Product revenues
(2.1
)
 
—

 
(11.8
)
 
—

Commodity Contracts
Cost of goods sold and operating expenses
—

 
—

 
(3.4
)
 
—

Customer Supply Agreement
Product revenues
11.6

 
62.6

 
22.1

 
124.6

Provisional Pricing Arrangements
Product revenues
7.6

 
2.3

 
(0.2
)
 
(17.9
)
 
 
$
16.0

 
$
64.9

 
$
3.1

 
$
103.4


                                                                     
(1)  
At September 30, 2014, the location of the Gain (Loss) Recognized in Income on Derivative for Foreign Exchange Contracts was Cost of goods sold and operating expenses.
Refer to NOTE 6 - FAIR VALUE MEASUREMENTS for additional information.
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
NOTE 14 - DISCONTINUED OPERATIONS
The information below sets forth selected financial information related to operating results of our businesses classified as discontinued operations. While the reclassification of revenues and expenses related to discontinued operations from prior periods have no impact upon previously reported net income, the Statements of Unaudited Condensed Consolidated Operations present the revenues and expenses that were reclassified from the specified line items to discontinued operations and the Statements of Unaudited Condensed Consolidated Financial Position present the assets and liabilities that were reclassified from the specified line items to assets and liabilities of discontinued 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
Loss from Discontinued Operations, net of tax
QTD
September 30, 2015
$
(29.8
)
 
$
(14.1
)
$
—

$
(14.1
)
 
$
(43.9
)
Loss from Discontinued Operations, net of tax
QTD
September 30, 2014
$
(579.7
)
 
$
(5,782.5
)
$
(250.8
)
$
(6,033.3
)
 
$
(6,613.0
)
Loss from Discontinued Operations, net of tax
YTD
September 30, 2015
$
(137.0
)
 
$
(731.9
)
$
(0.1
)
$
(732.0
)
 
$
(869.0
)
Loss from Discontinued Operations, net of tax
YTD
September 30, 2014
$
(643.6
)
 
$
(5,930.4
)
$
(255.8
)
$
(6,186.2
)
 
$
(6,829.8
)
 
 
 
 
 
 
 
 
 
Statements of Unaudited Condensed Consolidated Financial Position
Short-term assets of discontinued operations
As of
September 30, 2015
$
141.4

 
$
—

$
—

$
—

 
$
141.4

Long-term assets of discontinued operations
As of
September 30, 2015
$
—

 
$
—

$
—

$
—

 
$
—

Short-term liabilities of discontinued operations
As of
September 30, 2015
$
182.2

 
$
—

$
—

$
—

 
$
182.2

Long-term liabilities of discontinued operations
As of
September 30, 2015
$
—

 
$
—

$
—

$
—

 
$
—

Short-term assets of discontinued operations
As of
December 31, 2014
$
143.8

 
$
183.5

$
3.3

$
186.8

 
$
330.6

Long-term assets of discontinued operations
As of
December 31, 2014
$
130.4

 
$
256.0

$
13.7

$
269.7

 
$
400.1

Short-term liabilities of discontinued operations
As of
December 31, 2014
$
81.3

 
$
316.3

$
3.0

$
319.3

 
$
400.6

Long-term liabilities of discontinued operations
As of
December 31, 2014
$
125.9

 
$
304.6

$
5.6

$
310.2

 
$
436.1

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

 
$
—

$
—

$
—

 
$
3.2

Purchase of property, plant and equipment
YTD
September 30, 2015
$
13.1

 
$
—

$
—

$
—

 
$
13.1

Impairment of goodwill and other long-lived assets
YTD
September 30, 2015
$
73.4

 
$
—

$
—

$
—

 
$
73.4

Depreciation, depletion and amortization:
YTD
September 30, 2014
$
92.1

 
$
126.4

$
0.3

$
126.7

 
$
218.8

Purchase of property, plant and equipment
YTD
September 30, 2014
$
25.8

 
$
160.9

$
—

$
160.9

 
$
186.7

Impairment of goodwill and other long-lived assets
YTD
September 30, 2014
$
—

 
$
6,307.3

$
259.5

$
6,566.8

 
$
6,566.8


North American Coal Operations
Background
As we continue to refine our strategy to one that focuses on strengthening our U.S. Iron Ore operations, management determined as of March 31, 2015 that our North American Coal operating segment met the criteria to be classified as held for sale under ASC 205 - Presentation of Financial Statements and continues to meet the criteria as of September 30, 2015. As such, all current and historical North American Coal operating segment results are included in our financial statement and classified within discontinued operations. Consistent with our strategy to extract maximum value from our current assets, we plan to sell the North American Coal assets within the next twelve months. In the first quarter of 2015, as part of the held for sale classification assigned to North American Coal, an impairment of $73.4 million was recorded. The impairment charge was to reduce the assets to their estimated fair value which was determined based on potential sales scenarios. No further impairment was recorded in the second or third quarters of 2015.
Loss on Discontinued Operations
Our planned sale of the Oak Grove and Pinnacle mine assets represents a strategic shift in our business. For this reason, our previously reported North American Coal operating segment results for all periods, prior to the March 31, 2015 held for sale determination, are classified as discontinued operations. This includes our CLCC assets, which were sold during the fourth quarter of 2014.
 
 
(In Millions)
 
 
Three Months Ended September 30,
 
Nine Months Ended
September 30,
Loss from Discontinued Operations
 
2015
 
2014
 
2015
 
2014
Revenues from product sales and services
 
$
78.8

 
$
170.5

 
$
338.1

 
$
515.8

Cost of goods sold and operating expenses
 
(102.9
)
 
(194.7
)
 
(377.2
)
 
(641.2
)
Sales margin
 
(24.1
)
 
(24.2
)
 
(39.1
)
 
(125.4
)
Other operating expense
 
(7.4
)
 
(5.6
)
 
(25.7
)
 
(15.2
)
Other expense
 
(0.4
)
 
(0.9
)
 
(1.4
)
 
(1.8
)
Loss from discontinued operations before income taxes
 
(31.9
)
 
(30.7
)
 
(66.2
)
 
(142.4
)
Impairment of long-lived assets
 
—

 
(827.8
)
 
(73.4
)
 
(827.8
)
Income tax benefit
 
2.1

 
278.8

 
2.6

 
326.6

Loss from discontinued operations, net of tax
 
$
(29.8
)
 
$
(579.7
)
 
$
(137.0
)
 
$
(643.6
)

Items Measured at Fair Value on a Non-Recurring Basis
The following table presents information about the impairment charge on non-financial assets that was measured on a fair value basis at March 31, 2015 for the North American Coal operations. There were no financial and non-financial assets and liabilities that were measured on a non-recurring fair value basis at September 30, 2015 for the North American Coal operations. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value.
 
 
(In Millions)
 
 
March 31, 2015
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 Losses
Assets:
 
 
 
 
 
 
 
 
 
 
Other long-lived assets - Property, plant and equipment and Mineral rights: North American Coal operating unit
 
$
—

 
$
—

 
$
20.4

 
$
20.4

 
$
73.4

 
 
$
—

 
$
—

 
$
20.4

 
$
20.4

 
$
73.4


In the first quarter of 2015, as part of the held for sale classification assigned to North American Coal, an impairment charge of $73.4 million was recorded. The impairment charge was to reduce the assets to their estimated fair value which was determined based on potential sales scenarios. We determined the fair value and recoverability of our North American Coal operating segment by comparing the estimated fair value of the underlying assets and liabilities to the estimated sales price of the operating segment held for sale. No further impairment was recorded in the second or third quarter of 2015.
Recorded Assets and Liabilities
 
 
(In Millions)
Assets and Liabilities of Discontinued Operations
 
September 30,
2015
 
December 31,
2014
Accounts receivable, net
 
$
35.8

 
$
44.8

Inventories
 
21.4

 
50.3

Supplies and other inventories
 
28.0

 
28.2

Other current assets
 
24.1

 
20.5

Property, plant and equipment, net
 
31.3

 
94.7

Other non-current assets
 
0.8

 
35.7

Total assets of discontinued operations
 
$
141.4

 
$
274.2

 
 
 
 
 
Accounts payable
 
$
18.6

 
$
22.4

Accrued liabilities
 
16.6

 
27.9

Other current liabilities
 
19.7

 
31.0

Pension and postemployment benefit liabilities1
 
59.5

 
55.8

Environmental and mine closure obligations
 
35.4

 
33.9

Other liabilities
 
32.4

 
36.2

Total liabilities of discontinued operations
 
$
182.2

 
$
207.2

1 This does not include a liability of approximately $330 million, which is the most recent estimate of Pinnacle and Oak Grove’s combined share of the underfunded liability under the UMWA 1974 Pension Plan.

Income Taxes
We have recognized a tax benefit of $2.1 million and $2.6 million for the three and nine months ended September 30, 2015, respectively, in Loss from Discontinued Operations, net of tax, related to a loss on our North American Coal investments. For the three and nine months ended September 30, 2014, we recognized a tax benefit of $278.8 million and $326.6 million, respectively, in Loss from Discontinued Operations, net of tax. This benefit is primarily the result of the impairment of long-lived assets in the third quarter of 2014.
Canadian Operations
Background
On November 30, 2013, we suspended indefinitely our Chromite Project in Northern Ontario. The Chromite Project remained suspended throughout 2014 and until final sale in 2015. Our Wabush Scully iron ore mine in Newfoundland and Labrador was idled by the end of the first quarter of 2014 and subsequently began to commence permanent closure in the fourth quarter of 2014. During 2014, we also limited exploration spending on the Labrador Trough South property in Québec. In November 2014, we announced that we were pursuing exit options for our Eastern Canadian Iron Ore operations. In December 2014, iron ore production at the Bloom Lake mine was suspended and the Bloom Lake mine was placed in "care-and-maintenance" mode. Together, the suspension of exploration efforts, shutdown of the Wabush Scully mine and the cessation of operations at our Bloom Lake mine represent a complete curtailment of our Canadian operations.
On January 27, 2015, we announced that the Bloom Lake Group commenced restructuring proceedings (the "Bloom Filing") under the CCAA with the Québec Superior Court (Commercial Division) in Montreal (the “Court”). At that time, the Bloom Lake Group was no longer generating revenues and was not able to meet its obligations as they came due. The Bloom Filing addressed the Bloom Lake Group's immediate liquidity issues and permits the Bloom Lake Group to preserve and protect its assets for the benefit of all stakeholders while restructuring and sale options are explored. As part of the CCAA process, the Court approved the appointment of a Monitor and certain other financial advisors.
Additionally, on May 20, 2015, we announced that the Wabush Group commenced restructuring proceedings (the "Wabush Filing") in the Court under the CCAA. As a result of this action, the CCAA protections granted to the Bloom Lake Group were extended to include the Wabush Group to facilitate the reorganization of each of their businesses and operations. The Wabush Group was no longer generating revenues and was not able to meet its obligations as they came due. The inclusion of the Wabush Group in the existing Bloom Filing will facilitate a more comprehensive restructuring and sale process of both the Bloom Lake Group and the Wabush Group which collectively include mine, port and rail assets and will lead to a more effective and streamlined exit from Eastern Canada. The Wabush Filing will also mitigate various legacy related long-term liabilities associated with the Wabush Group. As part of the Wabush Filing, the Court approved the appointment of a Monitor and certain other financial advisors. The Monitor of the Wabush Group is also the Monitor of the Bloom Lake Group.
As a result of the Bloom Filing on January 27, 2015, we no longer have a controlling interest in the Bloom Lake Group. For that reason, we deconsolidated the Bloom Lake Group and certain other wholly-owned subsidiaries effective January 27, 2015, which resulted in a pretax impairment loss on deconsolidation and other charges, totaling $818.7 million that was recorded in the first quarter of 2015. The pretax loss on deconsolidation includes the derecognition of the carrying amounts of the Bloom Lake Group and certain other wholly-owned subsidiaries assets, liabilities and accumulated other comprehensive loss and the recording of our remaining interests at fair value.
As a result of the Wabush Filing, we deconsolidated certain Wabush Group wholly-owned subsidiaries effective May 20, 2015. The certain wholly-owned subsidiaries that were deconsolidated effective May 20, 2015 are Wabush Group entities that were not deconsolidated as part of the deconsolidation effective January 27, 2015 as discussed previously in this section. This deconsolidation, effective May 20, 2015, resulted in a pretax gain on deconsolidation and other charges, totaling $134.7 million. The pretax gain on deconsolidation includes the derecognition of the carrying amounts of these certain deconsolidated Wabush Group wholly-owned subsidiaries' assets, liabilities and accumulated other comprehensive loss and the adjustment of our remaining interests in the Canadian Entities to fair value.
Subsequent to each of the deconsolidations discussed above, we utilized the cost method to account for our investment in the Bloom Lake Group, Wabush Group and certain other wholly-owned subsidiaries (collectively, the "Canadian Entities"), which has been reflected as zero in our Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2015 based on the estimated fair value of the Canadian Entities' net assets. Loans to and accounts receivable from the Canadian Entities are recorded at an estimated fair value of $84.5 million classified as Other current assets in the Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2015.
Loss on Discontinued Operations
Our Canadian exit represents 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
September 30,
 
Nine Months Ended
September 30,
Loss from Discontinued Operations
 
2015
 
2014
 
2015
 
2014
Revenues from product sales and services
 
$
—

 
$
148.0

 
$
11.3

 
$
480.3

Cost of goods sold and operating expenses
 
—

 
(224.7
)
 
(11.1
)
 
(645.2
)
Eliminations with continuing operations
 
—

 
(27.6
)
 
—

 
(56.6
)
Sales margin
 
—

 
(104.3
)
 
0.2

 
(221.5
)
Other operating expense
 
—

 
(87.4
)
 
(33.8
)
 
(200.4
)
Other expense
 
—

 
(1.5
)
 
(1.0
)
 
(4.5
)
Loss from discontinued operations before income taxes
 
—

 
(193.2
)
 
(34.6
)
 
(426.4
)
Loss from deconsolidation
 
(13.4
)
 
—

 
(697.4
)
 
—

Impairment of long-lived assets
 
—

 
(6,566.8
)
 
—

 
(6,566.8
)
Income tax benefit (expense)
 
(0.7
)
 
726.7

 
—

 
807.0

Loss from discontinued operations, net of tax
 
$
(14.1
)
 
$
(6,033.3
)
 
$
(732.0
)
 
$
(6,186.2
)

Canadian Entities loss from deconsolidation totaled $13.4 million and $697.4 million for the three and nine months ended September 30, 2015, respectively, and included the following:
 
 
(In Millions)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2015
 
2015
Investment impairment on deconsolidation1
 
$
(13.9
)
 
$
(494.3
)
Contingent liabilities
 
0.5

 
(203.1
)
Total loss from deconsolidation
 
$
(13.4
)
 
$
(697.4
)
 
 
 
 
 
1 Includes the adjustment to fair value of our remaining interest in the Canadian Entities.

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 $203.1 million, for the nine months ended September 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 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 $84.5 million classified as Other current assets in the Statements of Unaudited Condensed Consolidated Financial Position at September 30, 2015.
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 September 30, 2015, we have liabilities of $105.5 million and $37.4 million, respectively, in our consolidated results, classified as Other current liabilities 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 September 30, 2015 for the Canadian Operations. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value.
 
 
(In Millions)
 
 
September 30, 2015
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 Losses
Assets:
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivables from the Canadian Entities
 
$
—

 
$
—

 
$
84.5

 
$
84.5

 
$
494.3

Liabilities:
 
 
 
 
 
 
 
 
 
 
Contingent liabilities
 
$
—

 
$
—

 
$
142.4

 
$
142.4

 
$
203.1


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.
Recorded Assets and Liabilities
 
 
(In Millions)
Assets and Liabilities of Discontinued Operations
 
December 31,
2014
Cash and cash equivalents
 
$
19.7

Accounts receivable, net
 
37.9

Inventories
 
16.3

Supplies and other inventories
 
48.5

Income tax receivable
 
20.1

Other current assets
 
44.3

Property, plant and equipment, net
 
249.8

Other non-current assets
 
19.9

Total Assets
 
$
456.5

 
 
 
Accounts payable
 
$
83.6

Accrued expenses
 
200.0

Other current liabilities
 
35.7

Pension and postemployment benefit liabilities
 
79.8

Environmental and mine closure obligations
 
56.5

Other liabilities
 
173.9

Total Liabilities
 
$
629.5


DIP Financing
In connection with the Wabush Filing on May 20, 2015, the Court approved an agreement to provide a debtor-in-possession credit facility (the "DIP financing") to the Wabush Group, which provides for borrowings under the facility up to $10.0 million. As of September 30, 2015, there was $4.9 million drawn and outstanding under the DIP financing funded by Wabush Iron Co. Limited’s parent company, Cliffs Mining Company. The DIP financing is secured by a court-ordered charge over the assets of the Wabush Group.
Income Taxes
We recognized a tax expense of $0.7 million for three months ended September 30, 2015 in Loss from discontinued operations, net of tax. We recognized no tax benefit or expense for the nine months ended September 30, 2015 in Loss from discontinued operations, net of tax. For the three and nine months ended September 30, 2014, we recognized a tax benefit of $726.7 million and $807.0 million, respectively, in Loss from Discontinued Operations, net of tax. This benefit was the result of the impairment of long-lived assets in the third quarter of 2014 offset by the placement of a valuation allowance against the Canadian operations net deferred tax assets. Canadian deferred tax assets relating to both historical and current year net operating losses were included in our equity investment in the Canadian Subsidiaries that has been reduced to zero.
CAPITAL STOCK
CAPITAL STOCK
NOTE 15 - CAPITAL STOCK
Dividends
On February 11, 2014, May 13, 2014, September 8, 2014 and November 19, 2014, our Board of Directors declared the quarterly cash dividend of $17.50 per Preferred Share, which is equivalent to approximately $0.44 per depositary share. The cash dividend was paid on May 1, 2014, August 1, 2014, November 3, 2014, and February 2, 2015 to our Preferred Shareholders of record as of the close of business on April 15, 2014, July 15, 2014, October 15, 2014 and January 15, 2015, respectively. On March 27, 2015 and July 1, 2015 our Board of Directors declared the quarterly cash dividend of $17.50 per Preferred Share, which is equivalent to approximately $0.44 per depositary share. The cash dividend was paid on May 1, 2015 and August 3, 2015 to our shareholders of record as of the close of business on April 15, 2015 and July 15, 2015, respectively. Additionally, on September 10, 2015, our Board of Directors declared the quarterly cash dividend of $17.50 per Preferred Share, which is equivalent to approximately $0.44 per depositary share. This cash dividend of $12.8 million will be paid on November 2, 2015, to our Preferred Shareholders of record as of the close of business on October 15, 2015.
On January 26, 2015, we announced that our Board of Directors had decided to eliminate the quarterly dividend of $0.15 per share on our common shares. The decision was applicable to the first quarter of 2015 and all subsequent quarters. The elimination of the common share dividend provides us with additional free cash flow of approximately $92 million annually, which we intend to use for further debt reduction.
During 2014, a cash dividend of $0.15 per share was paid on March 3, 2014, June 3, 2014, September 2, 2014 and December 1, 2014 to our common shareholders of record as of close of business on February 21, 2014, May 23, 2014, August 15, 2014 and November 15, 2014, respectively.
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 Bloom Lake, Tilden and Empire of which Cliffs owns 82.8 percent, 85 percent and 79 percent, respectively, for the nine months ended September 30, 2015 and September 30, 2014:
 
(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
 
 
 
 
 
Net loss
(689.0
)
 
(1.5
)
 
(690.5
)
Other comprehensive income (loss)
220.7

 
(9.3
)
 
211.4

Total comprehensive loss
(468.3
)
 
(10.8
)
 
(479.1
)
Effect of deconsolidation
—

 
528.2

 
528.2

Stock and other incentive plans
6.0

 
—

 
6.0

Preferred share dividends
(38.4
)
 
—

 
(38.4
)
Distributions of partnership equity
—

 
(40.7
)
 
(40.7
)
Undistributed losses to noncontrolling interest
—

 
(1.2
)
 
(1.2
)
September 30, 2015
$
(1,932.0
)
 
$
172.5

 
$
(1,759.5
)
 
(In Millions)
 
Cliffs
Shareholders’
Equity (Deficit)
 
Noncontrolling
Interest (Deficit)
 
Total Equity (Deficit)
December 31, 2013
$
6,069.5

 
$
814.8

 
$
6,884.3

Comprehensive income
 
 
 
 
 
Net loss
(5,939.0
)
 
(1,004.4
)
 
(6,943.4
)
Other comprehensive income
11.5

 
1.6

 
13.1

Total comprehensive loss
(5,927.5
)
 
(1,002.8
)
 
(6,930.3
)
Stock and other incentive plans
(3.4
)
 
—

 
(3.4
)
Common and preferred share dividends
(107.9
)
 
—

 
(107.9
)
Undistributed losses to noncontrolling interest
—

 
(20.0
)
 
(20.0
)
September 30, 2014
$
30.7

 
$
(208.0
)
 
$
(177.3
)
The following table reflects the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for September 30, 2015 and September 30, 2014:
 
(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 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
)
Other comprehensive income (loss) before reclassifications
(0.7
)
 
0.1

 
(11.4
)
 
4.8

 
(7.2
)
Net loss reclassified from accumulated other comprehensive income (loss)
6.6

 
—

 
—

 
4.4

 
11.0

Balance September 30, 2015
$
(245.9
)
 
$
—

 
$
222.2

 
$
(1.4
)
 
$
(25.1
)
 
(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, 2013
$
(204.9
)
 
$
6.2

 
$
106.7

 
$
(20.9
)
 
$
(112.9
)
Other comprehensive income (loss) before reclassifications
(0.4
)
 
3.8

 
40.5

 
(2.3
)
 
41.6

Net loss reclassified from accumulated other comprehensive income (loss)
3.3

 
0.1

 
—

 
12.8

 
16.2

Balance March 31, 2014
$
(202.0
)
 
$
10.1

 
$
147.2

 
$
(10.4
)
 
$
(55.1
)
Other comprehensive income (loss) before reclassifications
(1.4
)
 
(2.4
)
 
19.7

 
9.7

 
25.6

Net loss (gain) reclassified from accumulated other comprehensive income (loss)
4.0

 
(1.3
)
 
—

 
6.6

 
9.3

Balance June 30, 2014
$
(199.4
)
 
$
6.4

 
$
166.9

 
$
5.9

 
$
(20.2
)
Other comprehensive income (loss) before reclassifications
3.5

 
1.3

 
(65.9
)
 
(20.0
)
 
(81.1
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
7.6

 
(7.1
)
 
—

 
(0.6
)
 
(0.1
)
Balance September 30, 2014
$
(188.3
)
 
$
0.6

 
$
101.0

 
$
(14.7
)
 
$
(101.4
)

The following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ equity for the three and nine months ended September 30, 2015:
 
 
(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
September 30,
 
Nine Months Ended
September 30,
 
 
2015
 
2014
 
2015
 
2014
 
Amortization of pension and postretirement benefit liability:
 
 
 
 
 
 
 
 
 
 
Prior service costs (1)
 
$
1.1

 
$
1.3

 
$
0.5

 
$
0.7

 
 
Net actuarial loss (1)
 
5.6

 
4.3

 
19.5

 
13.9

 
 
Settlements/curtailments (1)
 
(0.1
)
 
1.7

 
0.2

 
2.9

 
 
Effect of deconsolidation (2)
 
—

 
—

 
15.1

 
—

 
Loss from Discontinued Operations, net of tax
 
 
6.6

 
7.3

 
35.3

 
17.5

 
Total before taxes
 
 
—

 
1.6

 
—

 
(1.3
)
 
Income tax benefit (expense)
 
 
$
6.6

 
$
8.9

 
$
35.3

 
$
16.2

 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on marketable securities:
 
 
 
 
 
 
 
 
 
 
Sale of marketable securities
 
$
—

 
$
(9.7
)
 
$
—

 
$
(11.4
)
 
Other non-operating income (expense)
Impairment
 
—

 
(0.3
)
 
(3.2
)
 
(0.3
)
 
Other non-operating income (expense)
 
 
—

 
(10.0
)
 
(3.2
)
 
(11.7
)
 
Total before taxes
 
 
—

 
2.9

 
0.3

 
3.4

 
Income tax benefit (expense)
 
 
$
—

 
$
(7.1
)
 
$
(2.9
)
 
$
(8.3
)
 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on foreign currency translation:
 
 
 
 
 
 
 
 
 
 
Effect of deconsolidation (3)
 
$
—

 
$
—

 
$
182.7

 
$
—

 
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
 
$
6.3

 
$
(1.6
)
 
$
26.4

 
$
16.7

 
Product revenues
Canadian dollar foreign exchange contracts
 
—

 
1.5

 
—

 
11.4

 
Cost of goods sold and operating expenses
 
 
6.3

 
(0.1
)
 
26.4

 
28.1

 
Total before taxes
 
 
(1.9
)
 
(0.5
)
 
(7.9
)
 
(9.3
)
 
Income tax benefit (expense)
 
 
$
4.4

 
$
(0.6
)
 
$
18.5

 
$
18.8

 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Total Reclassifications for the Period
 
$
11.0

 
$
1.2

 
$
233.6

 
$
26.7

 
 
                                         
(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 postretirement benefit liabilities that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information.
(3) 
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 nine months ended September 30, 2015 and 2014 is as follows:
 
(In Millions)
 
Nine Months Ended
September 30,
 
2015
 
2014
Capital additions (1)
$
69.0

 
$
186.0

Cash paid for capital expenditures
57.9

 
233.2

Difference
$
11.1

 
$
(47.2
)
Non-cash accruals
$
10.4

 
$
(57.1
)
Capital leases
0.7

 
9.9

Total
$
11.1

 
$
(47.2
)

                                   
(1) 
Includes capital additions of $46.6 million and $22.4 million related to continuing operations and discontinued operations, respectively, for the nine months ended September 30, 2015. Includes capital additions of $49.0 million and $137.0 million related to continuing operations and discontinued operations, respectively, for the nine months ended September 30, 2014.
Non-Cash Financing Activities - Declared Dividends
On September 10, 2015, our Board of Directors declared the quarterly cash dividend on our Preferred Shares of $17.50 per share, which is equivalent to approximately $0.44 per depositary share, each representing 1/40th of a share of Series A preferred stock. The cash dividend of $12.8 million will be paid on November 2, 2015 to our preferred shareholders of record as of the close of business on October 15, 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 September 30, 2015:
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 among ArcelorMittal and the Company, which amended certain terms of the Restated Empire Iron Mining 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 nine months ended September 30, 2015, we recorded distributions of $9.0 million and $40.7 million, respectively, to ArcelorMittal under this agreement of which $31.7 million was paid as of September 30, 2015.
Product revenues from related parties were as follows:
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Product revenues from related parties
$
208.0

 
$
285.2

 
$
468.0

 
$
625.4

Total product revenues
542.5

 
901.9

 
1,399.9

 
2,161.7

Related party product revenue as a percent of total product revenue
38.3
%
 
31.6
%
 
33.4
%
 
28.9
%

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 $12.2 million and $127.6 million at September 30, 2015 and December 31, 2014, respectively. Amounts due to related parties recorded in Accounts payable and Other current liabilities, including provisional pricing arrangements, were $10.9 million at September 30, 2015 and amounts including provisional pricing arrangements and liabilities to related parties were $11.8 million at December 31, 2014.
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
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Income (Loss) from Continuing Operations
$
49.9

 
$
(274.2
)
 
$
178.5

 
$
(113.6
)
Loss (Income) from Continuing Operations Attributable to Noncontrolling Interest
4.6

 
(2.5
)
 
(6.2
)
 
(22.4
)
Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders
$
54.5

 
$
(276.7
)
 
$
172.3

 
$
(136.0
)
Loss from Discontinued Operations, net of tax
(43.9
)
 
(5,602.9
)
 
(861.3
)
 
(5,803.0
)
Net Income (Loss) Attributable to Cliffs Shareholders
$
10.6

 
$
(5,879.6
)
 
$
(689.0
)
 
$
(5,939.0
)
Preferred Stock Dividends
(25.6
)
 
(12.8
)
 
(38.4
)
 
(38.4
)
Net Loss Attributable to Cliffs Common Shareholders
$
(15.0
)
 
$
(5,892.4
)
 
$
(727.4
)
 
$
(5,977.4
)
Weighted Average Number of Shares:
 
 
 
 
 
 
 
Basic
153.2

 
153.1

 
153.2

 
153.1

Depositary Shares
—

 
—

 
—

 
—

Employee Stock Plans
—

 
—

 
—

 
—

Diluted
153.2

 
153.1

 
153.2

 
153.1

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic:
 
 
 
 
 
 
 
Continuing operations
$
0.19

 
$
(1.89
)
 
$
0.87

 
$
(1.14
)
Discontinued operations
(0.29
)
 
(36.60
)
 
(5.62
)
 
(37.91
)
 
$
(0.10
)
 
$
(38.49
)
 
$
(4.75
)
 
$
(39.05
)
Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted:
 
 
 
 
 
 
 
Continuing operations
$
0.19

 
$
(1.89
)
 
$
0.87

 
$
(1.14
)
Discontinued operations
(0.29
)
 
(36.60
)
 
(5.62
)
 
(37.91
)
 
$
(0.10
)
 
$
(38.49
)
 
$
(4.75
)
 
$
(39.05
)

The three and nine months ended 2015 and 2014 has been calculated to properly reflect the breakout of noncontrolling interest between continuing and discontinued operations during the respective periods. The diluted earnings per share calculation excludes 25.2 million depositary shares that were anti-dilutive for the three and nine months ended September 30, 2015 and 2014. Additionally, the diluted earnings per share calculation excludes 0.1 million shares and 0.2 million shares for the three and nine months ended September 30, 2015, and 0.5 million shares and 0.9 million shares for the three and nine months ended September 30, 2014, related to equity plan awards that would have been anti-dilutive.
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 believe that any pending litigation will not result in a material liability in relation to our consolidated financial statements.
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 
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 September 30, 2015:
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
Pinnacle
 
West Virginia
 
100.0%
 
Coal
 
Active - Held for Sale
Oak Grove
 
Alabama
 
100.0%
 
Coal
 
Active - Held for Sale
Wabush1
 
Newfoundland and Labrador/ Quebec, Canada
 
100.0%
 
Iron Ore
 
Permanent closure
Bloom Lake1
 
Quebec, Canada
 
82.8%
 
Iron Ore
 
Care-and-maintenance
1 As of January 27, 2015 and May 20, 2015, we deconsolidated substantially all of our Canadian operations following the CCAA filing. See NOTE 14 - DISCONTINUED OPERATIONS for further information.

Intercompany transactions and balances are eliminated upon consolidation.
Equity Method Investments 
Equity Method Investments
Investments in unconsolidated ventures that we have the ability to exercise significant influence over, but not control, are accounted for under the equity method. The following table presents the detail of our investments in unconsolidated ventures and where those investments are classified in the Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2015 and December 31, 2014.
 
 
 
 
 
 
 
 
(In Millions)
Investment
 
Classification
 
Accounting
Method
 
Interest
Percentage
 
September 30,
2015
 
December 31,
2014
Hibbing
 
Other non-current assets
 
Equity Method
 
23%
 
$
2.1

 
$
3.1

Other
 
Other non-current assets
 
Equity Method
 
Various
 
1.1

 
1.0

 
 
 
 
 
 
 
 
$
3.2

 
$
4.1

Foreign Currency Transactions and Translations Policy [Policy Text Block] 
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 nine months ended September 30, 2015, net gains of $2.4 million and $15.2 million, respectively, related to the impact of transaction gains and losses resulting from remeasurement. Of these amounts, for the three months ended September 30, 2015, gains of $0.1 million and $1.3 million, respectively, and for the nine months ended September 30, 2015, gains of $11.1 million and $2.0 million, respectively, resulted from remeasurement of short-term intercompany loans and cash and cash equivalents. For the three and nine months ended September 30, 2014, net gains of $25.8 million and $8.4 million, respectively, related to the impact of transaction gains and losses resulting from remeasurement. Of these transaction gains and losses, for the three months ended September 30, 2014, gains of $17.7 million and $9.6 million, respectively, and for the nine months ended September 30, 2014, gains of $4.7 million and $4.5 million, respectively, resulted from remeasurement of short-term intercompany loans and cash and cash equivalents.
Derivatives, Policy [Policy Text Block] 
Derivative Financial Instruments and Hedging Activities
According to our global hedge policy, the policy allows for hedging not more than 75 percent, but not less than 40 percent for up to 12 months and not less than 10 percent for up to 15 months, of forecasted net currency exposures that are probable to occur. Full hedge compliance under the policy has been waived through December 31, 2015. The waiver was a result of the evaluation of the potential risk of being over hedged and the uncertainty of the 2015 currency exposures. During 2015, we have not entered into any new foreign currency exchange contracts to hedge our foreign currency exposure and we do not expect to enter into any during the remainder of 2015. In the future, we may enter into additional hedging instruments as needed in order to further hedge our exposure to changes in foreign currency exchange rates.
New Accounting Pronouncements, Policy [Policy Text Block] 
Recent Accounting Pronouncements
Issued and Not Effective
In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory, which specifies that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The new standard does not apply to inventory that is measured using LIFO; therefore, it is not applicable to our U.S. Iron Ore inventory values, but does apply to our Asia Pacific Iron Ore inventories which are valued using the average cost method. The update is effective for financial statement periods beginning after December 15, 2016, including interim periods within those fiscal years. The amendments in ASU 2015-11 should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We do not expect the adoption of this pronouncement to have an impact on our financial statements and related disclosures.    
In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This ASU requires retrospective adoption and will be effective for us beginning in our first quarter of 2016. Early adoption is permitted. We do not expect this adoption to have an impact on our Statements of Unaudited Condensed Consolidated Operations or Statements of Unaudited Condensed Consolidated Cash Flows.  The impact of the adoption of the guidance will result in reclassification of the unamortized debt issuance costs on the Statements of Unaudited Condensed Consolidated Financial Position, which were $40.1 million and $25.6 million at September 30, 2015 and December 31, 2014, respectively.
In May 2014, the FASB issued ASU 2014-09, Revenues from Contracts with Customers. The new revenue guidance broadly replaces the revenue guidance provided throughout the Codification.  The core principle of the revenue guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  To achieve that core principle, an entity should apply the following steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation.  The new revenue guidance also requires the capitalization of certain contract acquisition costs.  Reporting entities must prepare new disclosures providing qualitative and quantitative information on the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.  New disclosures also include qualitative and quantitative information on significant judgments, changes in judgments, and contract acquisition assets. At issuance, ASU 2014-09 was effective starting in 2017 for calendar-year public entities, and interim periods within that year. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date, which defers the adoption of ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are still evaluating the impact of the updated guidance on the Statements of Unaudited Condensed Consolidated Financial Position, Statements of Unaudited Condensed Consolidated Operations or Statements of Unaudited Condensed Consolidated Cash Flows.
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 September 30, 2015:
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
Pinnacle
 
West Virginia
 
100.0%
 
Coal
 
Active - Held for Sale
Oak Grove
 
Alabama
 
100.0%
 
Coal
 
Active - Held for Sale
Wabush1
 
Newfoundland and Labrador/ Quebec, Canada
 
100.0%
 
Iron Ore
 
Permanent closure
Bloom Lake1
 
Quebec, Canada
 
82.8%
 
Iron Ore
 
Care-and-maintenance
1 As of January 27, 2015 and May 20, 2015, we deconsolidated substantially all of our Canadian operations following the CCAA filing. See NOTE 14 - DISCONTINUED OPERATIONS for further information.
Schedule of Equity Method Investments 
The following table presents the detail of our investments in unconsolidated ventures and where those investments are classified in the Statements of Unaudited Condensed Consolidated Financial Position as of September 30, 2015 and December 31, 2014.
 
 
 
 
 
 
 
 
(In Millions)
Investment
 
Classification
 
Accounting
Method
 
Interest
Percentage
 
September 30,
2015
 
December 31,
2014
Hibbing
 
Other non-current assets
 
Equity Method
 
23%
 
$
2.1

 
$
3.1

Other
 
Other non-current assets
 
Equity Method
 
Various
 
1.1

 
1.0

 
 
 
 
 
 
 
 
$
3.2

 
$
4.1

SEGMENT REPORTING (Tables)
Schedule Of Segment Reporting Information, By Segment 
The following tables present a summary of our reportable segments for the three and nine months ended September 30, 2015 and 2014, including a reconciliation of segment sales margin to Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA:
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Revenues from product sales and services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
471.0

 
79
%
 
$
767.4

 
78
%
 
$
1,152.5

 
75
%
 
$
1,643.3

 
70
%
Asia Pacific Iron Ore
122.2

 
21
%
 
212.3

 
22
%
 
384.8

 
25
%
 
699.6

 
30
%
Total revenues from product sales and services
$
593.2

 
100
%
 
$
979.7

 
100
%
 
$
1,537.3

 
100
%
 
$
2,342.9

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
48.7

 
 
 
$
219.5

 
 
 
$
177.7

 
 
 
$
461.7

 
 
Asia Pacific Iron Ore
6.4

 
 
 
9.1

 
 
 
15.5

 
 
 
111.4

 
 
Eliminations with discontinued operations
—

 
 
 
27.6

 
 
 
—

 
 
 
56.6

 
 
Sales margin
55.1

 
 
 
256.2

 
 
 
193.2

 
 
 
629.7

 
 
Other operating expense
(25.9
)
 
 
 
(399.0
)
 
 
 
(66.4
)
 
 
 
(494.0
)
 
 
Other income (expense)
17.4

 
 
 
(38.1
)
 
 
 
221.7

 
 
 
(118.2
)
 
 
Income (loss) from continuing operations before income taxes and equity loss from ventures
$
46.6

 
 
 
$
(180.9
)
 
 
 
$
348.5

 
 
 
$
17.5

 
 
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Net Income (Loss)
$
6.0

 
$
(6,887.2
)
 
$
(690.5
)
 
$
(6,943.4
)
Less:
 
 
 
 
 
 
 
Interest expense, net
(62.3
)
 
(47.4
)
 
(170.7
)
 
(134.9
)
Income tax benefit (expense)
4.8

 
921.4

 
(167.3
)
 
1,012.3

Depreciation, depletion and amortization
(35.6
)
 
(144.0
)
 
(99.1
)
 
(430.4
)
EBITDA
$
99.1

 
$
(7,617.2
)
 
$
(253.4
)
 
$
(7,390.4
)
Less:
 
 
 
 
 
 
 
Impairment of goodwill and other long-lived assets
$
—


$
(377.0
)

$
(3.3
)

$
(378.6
)
Impact of discontinued operations
(44.8
)
 
(7,543.0
)
 
(865.9
)
 
(7,737.1
)
Gain on extinguishment of debt
79.2

 
—

 
392.9

 
—

Severance and contractor termination costs
2.2

 
(2.6
)
 
(9.3
)
 
(19.3
)
Foreign exchange remeasurement
2.4

 
25.8

 
15.2

 
8.4

Adjusted EBITDA
$
60.1

 
$
279.6

 
$
217.0

 
$
736.2

 
 
 
 
 
 
 
 
EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
69.2

 
$
241.9

 
$
239.6

 
$
538.2

Asia Pacific Iron Ore
11.1

 
(302.2
)
 
38.7

 
(150.8
)
Other
18.8

 
(7,556.9
)
 
(531.7
)
 
(7,777.8
)
Total EBITDA
$
99.1

 
$
(7,617.2
)
 
$
(253.4
)
 
$
(7,390.4
)
 
 
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
72.3

 
$
249.5

 
$
254.6

 
$
559.1

Asia Pacific Iron Ore
9.7

 
49.7

 
32.8

 
225.5

Other
(21.9
)
 
(19.6
)
 
(70.4
)
 
(48.4
)
Total Adjusted EBITDA
$
60.1

 
$
279.6

 
$
217.0

 
$
736.2

 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Depreciation, depletion and amortization:
 
 
 
 
 
 
 
U.S. Iron Ore
$
27.9

 
$
25.9

 
$
71.6

 
$
81.2

Asia Pacific Iron Ore
6.1

 
42.2

 
19.1

 
123.6

Other
1.6

 
2.0

 
5.2

 
5.9

Total depreciation, depletion and amortization
$
35.6

 
$
70.1

 
$
95.9

 
$
210.7

 
 
 
 
 
 
 
 
Capital additions1:
 
 
 
 
 
 
 
U.S. Iron Ore
$
15.0

 
$
8.5

 
$
35.8

 
$
37.4

Asia Pacific Iron Ore
0.3

 
3.1

 
4.8

 
8.3

Other
2.4

 
0.5

 
6.0

 
3.3

Total capital additions
$
17.7

 
$
12.1

 
$
46.6

 
$
49.0

                                         
1    Includes capital lease additions and non-cash accruals. Refer to NOTE 17 - CASH FLOW INFORMATION.
Summary of Assets by Segment 
A summary of assets by segment is as follows:
 
(In Millions)
 
September 30,
2015
 
December 31,
2014
Assets:
 
 
 
U.S. Iron Ore
$
1,498.3

 
$
1,464.9

Asia Pacific Iron Ore
210.5

 
274.6

Other
26.3

 
147.0

Total segment assets
1,735.1

 
1,886.5

Corporate
395.0

 
546.8

Assets of Discontinued Operations
141.4

 
730.7

Total assets
$
2,271.5

 
$
3,164.0

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 September 30, 2015 and December 31, 2014:
 
(In Millions)
 
September 30, 2015
 
December 31, 2014
Segment
Finished Goods
 
Work-in Process
 
Total Inventory
 
Finished Goods
 
Work-in
Process
 
Total
Inventory
U.S. Iron Ore
$
260.3

 
$
23.3

 
$
283.6

 
$
132.1

 
$
13.5

 
$
145.6

Asia Pacific Iron Ore
18.5

 
49.6

 
68.1

 
26.4

 
88.1

 
114.5

Total
$
278.8

 
$
72.9

 
$
351.7

 
$
158.5

 
$
101.6

 
$
260.1

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 September 30, 2015 and December 31, 2014:
 
(In Millions)
 
September 30,
2015
 
December 31,
2014
Land rights and mineral rights
$
500.6

 
$
500.5

Office and information technology
68.5

 
73.7

Buildings
60.1

 
59.8

Mining equipment
583.8

 
585.1

Processing equipment
514.4

 
510.2

Electric power facilities
46.4

 
46.8

Land improvements
24.8

 
24.7

Other
99.8

 
55.0

Construction in-progress
34.5

 
14.4

 
1,932.9

 
1,870.2

Allowance for depreciation and depletion
(880.3
)
 
(799.7
)
 
$
1,052.6

 
$
1,070.5

DEBT AND CREDIT FACILITIES (Tables)
Schedule Of Long-Term Debt 
The following represents a summary of our long-term debt as of September 30, 2015 and December 31, 2014:
($ in Millions)
 
September 30, 2015
 
Debt Instrument
 
Type
 
Annual Effective Interest Rate
 
Final Maturity
 
Total Face Amount
 
Total Debt
 
$700 Million 4.875% 2021 Senior Notes
 
Fixed
 
4.89%
 
2021
 
$
412.5

 
$
412.3

(1)
$1.3 Billion Senior Notes:
 
 
 
 
 
 
 
 
 
 
 
$500 Million 4.80% 2020 Senior Notes
 
Fixed
 
4.83%
 
2020
 
306.7

 
306.3

(2)
$800 Million 6.25% 2040 Senior Notes
 
Fixed
 
6.34%
 
2040
 
492.8

 
487.0

(3)
$400 Million 5.90% 2020 Senior Notes
 
Fixed
 
5.98%
 
2020
 
290.8

 
289.9

(4)
$500 Million 3.95% 2018 Senior Notes
 
Fixed
 
6.36%
 
2018
 
311.2

 
309.9

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

 
506.4

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

 
407.4

(7)
$550 Million ABL Facility:
 
 
 
 
 
 
 
 
 
 
 
ABL Facility
 
Variable
 
N/A
 
2020
 
550.0

 
—

(8)
Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
2.4

 
Long-term debt
 
 
 
 
 
 
 
$
3,448.2

 
$
2,721.6

 
($ in Millions)
 
December 31, 2014
 
Debt Instrument
 
Type
 
Annual Effective Interest Rate
 
Final Maturity
 
Total Face Amount
 
Total Debt
 
$700 Million 4.875% 2021 Senior Notes
 
Fixed
 
4.88%
 
2021
 
$
690.0

 
$
689.5

(1)
$1.3 Billion Senior Notes:
 
 
 
 
 
 
 
 
 
 
 
$500 Million 4.80% 2020 Senior Notes
 
Fixed
 
4.83%
 
2020
 
490.0

 
489.4

(2)
$800 Million 6.25% 2040 Senior Notes
 
Fixed
 
6.34%
 
2040
 
800.0

 
790.5

(3)
$400 Million 5.90% 2020 Senior Notes
 
Fixed
 
5.98%
 
2020
 
395.0

 
393.7

(4)
$500 Million 3.95% 2018 Senior Notes
 
Fixed
 
5.17%
 
2018
 
480.0

 
477.4

(5)
$1.125 Billion Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Agreement
 
Variable
 
2.94%
 
2017
 
1,125.0

 
—

(9)
Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
2.8

 
Long-term debt
 
 
 
 
 
 
 
$
3,980.0

 
$
2,843.3

 

(1)
During the third quarter of 2015, we purchased $10.7 million of outstanding 4.875 percent senior notes that were trading at 50.0 percent of par which resulted in a gain on extinguishment of $5.3 million. In addition, during the first quarter of 2015, we purchased $58.3 million of outstanding 4.875 percent senior notes that were trading at 52.0 percent of par, which resulted in a gain on extinguishment of $20.0 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $208.5 million of the 4.875 percent senior notes for $170.3 million of the 7.75 percent second lien notes at a discount of $46.0 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $83.1 million, net of amounts expensed for unamortized original issue discount and deferred origination fees.
As of September 30, 2015, the $700.0 million 4.875 percent senior notes were recorded at a par value of $412.5 million less unamortized discounts of $0.2 million, based on an imputed interest rate of 4.89 percent. As of December 31, 2014, the $700.0 million 4.875 percent senior notes were recorded at a par value of $690.0 million less unamortized discounts of $0.5 million based on an imputed interest rate of 4.88 percent.
(2)
During the third quarter of 2015, we purchased $1.8 million of outstanding 4.80 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $0.9 million. In addition, during the first quarter of 2015, we purchased $43.8 million of outstanding 4.80 percent senior notes that were trading at 54.3 percent of par, which resulted in a gain on extinguishment of $15.6 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $137.8 million of the 4.80 percent senior notes for $112.9 million of the 7.75 percent second lien notes at a discount of $30.5 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $54.6 million, net of amounts expensed for unamortized original issue discount and deferred origination fees.
As of September 30, 2015, the $500.0 million 4.80 percent senior notes were recorded at a par value of $306.7 million less unamortized discounts of $0.4 million, based on an imputed interest rate of 4.83 percent. As of December 31, 2014, the $500.0 million 4.80 percent senior notes were recorded at a par value of $490.0 million less unamortized discounts of $0.6 million based on an imputed interest rate of 4.83 percent.
(3)
During the first quarter of 2015, we purchased $45.9 million of outstanding 6.25 percent senior notes that were trading at 52.5 percent of par, which resulted in a gain on extinguishment of $15.0 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $261.3 million of the 6.25 percent senior notes for $203.5 million of the 7.75 percent second lien notes at a discount of $55.0 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $107.3 million, net of amounts expensed for unamortized original issue discount and deferred origination fees.
As of September 30, 2015, the $800 million 6.25 percent senior notes were recorded at a par value of $492.8 million less unamortized discounts of $5.8 million, based on an imputed interest rate of 6.34 percent. As of December 31, 2014, the $800 million 6.25 percent senior notes were recorded at a par value of $800.0 million less unamortized discounts of $9.5 million based on an imputed interest rate of 6.34 percent.
(4)
During the third quarter of 2015, we purchased $36.0 million of outstanding 5.90 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $18.0 million. In addition, during the first quarter of 2015, we purchased $1.3 million of outstanding 5.90 percent senior notes that were trading at 58.0 percent of par, which resulted in a gain on extinguishment of $0.3 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $67.0 million of the 5.90 percent senior notes for $57.5 million of the 7.75 percent second lien notes at a discount of $15.5 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $24.5 million, net of amounts expensed for unamortized original issue discount and deferred origination fees.
As of September 30, 2015, the $400.0 million 5.90 percent senior notes were recorded at a par value of $290.8 million less unamortized discounts of $0.9 million, based on an imputed interest rate of 5.98 percent. As of December 31, 2014, the $400.0 million 5.90 percent senior notes were recorded at a par value of $395.0 million less unamortized discounts of $1.3 million based on an imputed interest rate of 5.98 percent.
(5)
During the third quarter, on August 28, 2015, we purchased for cash as part of a tender offer, $124.8 million of the 3.95 percent senior notes for $68.6 million, resulting in a gain on extinguishment of $54.9 million, net of amounts expensed for reacquisition costs, unamortized original issue discount and deferred origination fees. In addition, during the first quarter of 2015, we purchased $44.0 million of outstanding 3.95 percent senior notes that were trading at 77.5 percent of par, which resulted in a gain on the extinguishment of debt of $7.1 million.
As of September 30, 2015, the $500.0 million 3.95 percent senior notes were recorded at a par value of $311.2 million less unamortized discounts of $1.3 million, based on an imputed interest rate of 6.36 percent. As of December 31, 2014, the $500.0 million 3.95 percent senior notes were recorded at a par value of $480.0 million less unamortized discounts of $2.6 million based on an imputed interest rate of 5.17 percent.
(6)
As of September 30, 2015, the $540.0 million 8.25 percent first lien notes were recorded at a par value of $540.0 million less unamortized discounts of $33.6 million, based on an imputed interest rate of 9.97 percent.
(7)
As of September 30, 2015, the $544.2 million 7.75 percent second lien notes were recorded at a par value of $544.2 million less unamortized discounts of $136.8 million, based on an imputed interest rate of 15.55 percent. See NOTE 6 - FAIR VALUE MEASUREMENTS for further discussion of unamortized discount as a result of the exchange offers.
(8)
As of September 30, 2015, no loans were drawn under the ABL Facility and we had total availability of $442.9 million as a result of borrowing base limitations. As of September 30, 2015, the principal amount of letter of credit obligations totaled $187.3 million, thereby further reducing available borrowing capacity on our ABL Facility to $255.6 million.
(9)
As of December 31, 2014, we had no revolving loans drawn under the revolving credit agreement which had $1.125 billion availability. As of December 31, 2014, the principal amount of letter of credit obligations totaled $149.5 million, thereby reducing available borrowing capacity on the revolving credit agreement to $975.5 million.
Schedule of Maturities of Long-term Debt [Table Text Block] 
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 September 30, 2015:
 
(In Millions)
 
Maturities of Debt
2015 (October 1 - December 31)
$
—

2016
—

2017
—

2018
311.2

2019
—

2020
1,681.7

2021 and thereafter
905.3

Total maturities of debt
$
2,898.2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
Fair Value Of Assets And Liabilities 
The following represents the assets and liabilities of the Company measured at fair value at September 30, 2015 and December 31, 2014:
 
(In Millions)
 
September 30, 2015
Description
Quoted Prices in Active
Markets for Identical Assets/Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
80.0

 
$
—

 
$
—

 
$
80.0

Derivative assets
—

 
—

 
10.4

 
10.4

Total
$
80.0

 
$
—

 
$
10.4

 
$
90.4

Liabilities:

 

 

 

Derivative liabilities
$
—

 
$
—

 
$
0.8

 
$
0.8

Total
$
—

 
$
—

 
$
0.8

 
$
0.8

 
(In Millions)
 
December 31, 2014
Description
Quoted Prices in Active
Markets for Identical
Assets/Liabilities (Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Derivative assets
$
—

 
$
—

 
$
63.2

 
$
63.2

Available-for-sale marketable securities
4.3

 
—

 
—

 
4.3

Total
$
4.3

 
$
—

 
$
63.2

 
$
67.5

Liabilities:

 

 

 

Derivative liabilities
$
—

 
$
—

 
$
9.5

 
$
9.5

Foreign exchange contracts
—

 
31.5

 
—

 
31.5

Total
$
—

 
$
31.5

 
$
9.5

 
$
41.0

Fair Value, Recurring and Nonrecurring, Valuation Techniques 
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 September 30, 2015
 
Balance Sheet Location
 
Valuation Technique
 
Unobservable Input
 
Range or Point Estimate per ton
(Weighted Average)
 
Provisional Pricing Arrangements
 
$
0.6

 
Other current assets
 
Market Approach
 
Management's
Estimate of 62% Fe
 
$56
 
$
0.8

 
Other current liabilities
 
 
 
Customer Supply Agreement
 
$
9.8

 
Other current assets
 
Market Approach
 
Hot-Rolled Steel Estimate
 
$470 - $515 ($489)
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation 
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 nine months ended September 30, 2015 and 2014.
 
(In Millions)
 
Derivative Assets (Level 3)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Beginning balance
$
7.7

 
$
33.0

 
$
63.2

 
$
57.7

Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
15.0

 
62.6

 
28.1

 
124.6

Settlements
(12.3
)
 
(41.1
)
 
(80.9
)
 
(127.8
)
Transfers into Level 3
—

 
—

 
—

 
—

Transfers out of Level 3
—

 
—

 
—

 
—

Ending balance - September 30
$
10.4

 
$
54.5

 
$
10.4

 
$
54.5

Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
12.2

 
$
62.6

 
$
22.7

 
$
124.6

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation 
 
(In Millions)
 
Derivative Liabilities (Level 3)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Beginning balance
$
(8.0
)
 
$
(20.2
)
 
$
(9.5
)
 
$
(1.0
)
Total gains (losses)
 
 
 
 
 
 
 
Included in earnings
(13.7
)
 
2.3

 
(45.4
)
 
(17.9
)
Settlements
20.9

 
—

 
54.1

 
1.0

Transfers into Level 3
—

 
—

 
—

 
—

Transfers out of Level 3
—

 
—

 
—

 
—

Ending balance - September 30
$
(0.8
)
 
$
(17.9
)
 
$
(0.8
)
 
$
(17.9
)
Total gains (losses) for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
(0.5
)
 
$
2.3

 
$
(0.8
)
 
$
(17.9
)
Schedule Of Carrying Value And Fair Value Of Financial Instruments 
A summary of the carrying amount and fair value of other financial instruments at September 30, 2015 and December 31, 2014 were as follows:
 
 
 
(In Millions)
 
 
 
September 30, 2015
 
December 31, 2014
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Senior Notes—$700 million
Level 1
 
$
412.3

 
$
115.4

 
$
689.5

 
$
367.3

Senior Notes—$1.3 billion
Level 1
 
793.3

 
242.4

 
1,279.9

 
704.0

Senior Notes—$400 million
Level 1
 
289.9

 
99.6

 
393.7

 
228.1

Senior Notes—$500 million
Level 1
 
309.9

 
162.6

 
477.4

 
312.0

Senior First Lien Notes —$540 million
Level 1
 
506.4

 
477.9

 
—

 
—

Senior Second Lien Notes —$544.2 million
Level 1
 
407.4

 
217.7

 
—

 
—

ABL Facility
Level 2
 
—

 
—

 
—

 
—

Fair value adjustment to interest rate hedge
Level 2
 
2.4

 
2.4

 
2.8

 
2.8

Total long-term debt
 
 
$
2,721.6

 
$
1,318.0

 
$
2,843.3

 
$
1,614.2

Fair Value Measurements, Nonrecurring 
 
 
(In Millions)
 
 
March 31, 2015
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
Liabilities:
 
 
 
 
 
 
 
 
 
 
$544.2 Million 7.75% 2020 Second Lien Notes
 
$
—

 
$
397.2

 
$
—

 
$
397.2

 
$
269.5

 
 
$
—

 
$
397.2

 
$
—

 
$
397.2

 
$
269.5

The $544.2 million 7.75 percent Second Lien Notes issued in the exchange offers were recorded as an extinguishment of debt as the change in debt terms was considered substantial. As such, the newly issued Second Lien Senior Notes were recorded at fair value at the issuance date. In order to determine the fair value of the Second Lien Senior Notes on the date of the exchange, we utilized the median bid ask spread obtained from various investment banks for the exchange date. The bid ask spread is indicative of the fair value of the notes on the exchange date. The 27.0 percent discount equated to a discount of $147.0 million on the issue value of $544.2 million, or an estimated fair value of $397.2 million.
 
 
(In Millions)
 
 
December 31, 2014
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 Losses
Assets:
 
 
 
 
 
 
 
 
 
 
Goodwill impairment -
Asia Pacific Iron Ore reporting unit
 
$
—

 
$
—

 
$
—

 
$
—

 
$
73.5

Other long-lived assets -
Property, plant and equipment
    and Mineral rights:
 
 
 
 
 
 
 
 
 
 
Asia Pacific Iron Ore reporting unit
 
—

 
—

 
72.4

 
72.4

 
526.5

Other reporting units
 
—

 
—

 
—

 
—

 
11.3

Other long-lived assets -
Intangibles and other long-term assets:
 
 
 
 
 
 
 
 
 
 
Asia Pacific Iron Ore reporting unit
 
—

 
—

 
7.0

 
7.0

 
24.2

Investment in ventures
impairment - Global Exploration
 
—

 
—

 
—

 
—

 
9.2

 
 
$
—

 
$
—

 
$
79.4

 
$
79.4

 
$
644.7

PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables)
Schedule of Net Benefit Costs [Table Text Block]
The following are the components of defined benefit pension and OPEB expense for the three and nine months ended September 30, 2015 and 2014:
Defined Benefit Pension Expense
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Service cost
$
3.1

 
$
4.7

 
$
15.7

 
$
18.2

Interest cost
9.0

 
9.6

 
27.9

 
29.8

Expected return on plan assets
(14.5
)
 
(14.1
)
 
(44.4
)
 
(43.1
)
Amortization:
 
 
 
 
 
 
 
Prior service costs
0.5

 
0.7

 
1.7

 
1.9

Net actuarial loss
4.5

 
3.3

 
15.3

 
10.4

    Curtailments/settlements
(0.1
)
 
$
1.7

 
0.2

 
2.9

Net periodic benefit cost to continuing operations
$
2.5

 
$
5.9

 
$
16.4

 
$
20.1


Other Postretirement Benefits Expense
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Service cost
$
(1.6
)
 
$
(1.9
)
 
$
1.4

 
$
1.4

Interest cost
2.1

 
2.2

 
8.6

 
9.0

Expected return on plan assets
(4.5
)
 
(4.2
)
 
(13.7
)
 
(12.8
)
Amortization:
 
 
 
 
 
 
 
Prior service costs
0.6

 
0.6

 
(1.2
)
 
(1.2
)
Net actuarial loss
1.1

 
1.0

 
4.2

 
3.5

Net periodic benefit cost to continuing operations
$
(2.3
)
 
$
(2.3
)
 
$
(0.7
)
 
$
(0.1
)
STOCK COMPENSATION PLANS (Tables)
Schedule Of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions 
The following assumptions were utilized to estimate the fair value for the first quarter of 2015 performance share grants:
Grant Date
 
Grant Date Market Price
 
Average Expected Term (Years)
 
Expected Volatility
 
Risk-Free Interest Rate
 
Dividend Yield
 
Fair Value
 
Fair Value (Percent of Grant Date Market Price)
January 12, 2015
 
$
7.70

 
2.97
 
58.3%
 
0.91%
 
—%
 
$
11.56

 
150.13%
February 9, 2015
 
$
6.57

 
2.89
 
58.3%
 
0.87%
 
—%
 
$
9.86

 
150.13%
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] 
The following assumptions were utilized to estimate the fair value for the first quarter of 2015 stock option grants:
    
Grant Date
 
Grant Date Market Price
 
Average Expected Term (Years)
 
Expected Volatility
 
Risk-Free Interest Rate
 
Dividend Yield
 
Fair Value
January 12, 2015
 
$
7.70

 
6.47
 
75.3%
 
1.60%
 
—%
 
$
5.23

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 September 30, 2015 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2015 (October 1 - December 31)
$
5.9

 
$
2.6

2016
23.2

 
7.6

2017
21.3

 
7.0

2018
17.2

 
6.4

2019
9.5

 
4.8

2020 and thereafter
17.5

 
9.9

Total minimum lease payments
$
94.6

 
$
38.3

Amounts representing interest
19.5

 
 
Present value of net minimum lease payments
$
75.1

(1) 
 
                                         
(1) 
The total is comprised of $16.9 million and $58.2 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at September 30, 2015.
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Tables)
Summary Of Mine Closure Obligations 
The following is a summary of the obligations as of September 30, 2015 and December 31, 2014:
 
(In Millions)
 
September 30,
2015
 
December 31,
2014
Environmental
$
4.3

 
$
5.5

Mine closure
 
 
 
LTVSMC
23.9

 
22.9

Operating mines:
 
 
 
U.S. Iron Ore
171.5

 
120.9

Asia Pacific Iron Ore
15.6

 
21.5

Total mine closure
211.0

 
165.3

Total environmental and mine closure obligations
215.3

 
170.8

Less current portion
3.4

 
5.2

Long term environmental and mine closure obligations
$
211.9

 
$
165.6

Asset Retirement Obligation Disclosure 
The following represents a rollforward of our asset retirement obligation liability related to our active mining locations for the nine months ended September 30, 2015 and for the year ended December 31, 2014:
 
(In Millions)
 
September 30,
2015
 
December 31,
2014 (1)
Asset retirement obligation at beginning of period
$
142.4

 
$
177.6

Accretion expense
4.5

 
5.7

Exchange rate changes
(1.7
)
 
(2.4
)
Revision in estimated cash flows
41.9

 
(38.5
)
Asset retirement obligation at end of period
$
187.1

 
$
142.4


(1) Represents a 12-month rollforward of our asset retirement obligation at December 31, 2014.
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables)
Schedule Of Goodwill 
The following table summarizes changes in the carrying amount of goodwill allocated by operating segment for the nine months ended September 30, 2015 and the year ended December 31, 2014:
 
(In Millions)
 
September 30, 2015
 
December 31, 2014 (1)
 
U.S. Iron Ore
 
Asia Pacific
Iron Ore
 
Total
 
U.S. Iron Ore
 
Asia Pacific Iron Ore
 
Total
Beginning Balance
$
2.0

 
$
—

 
$
2.0

 
$
2.0

 
$
72.5

 
$
74.5

Impairment
—

 
—

 
—

 
—

 
(73.5
)
 
(73.5
)
Impact of foreign currency translation
—

 
—

 
—

 
—

 
1.0

 
1.0

Ending Balance
$
2.0

 
$
—

 
$
2.0

 
$
2.0

 
$
—

 
$
2.0

Accumulated goodwill impairment loss
$
—

 
$
(73.5
)
 
$
(73.5
)
 
$
—

 
$
(73.5
)
 
$
(73.5
)
(1) Represents a 12-month rollforward of our goodwill at December 31, 2014.
Schedule Of Finite-Lived Intangible Assets By Major Class 
The following table is a summary of intangible assets and liabilities as of September 30, 2015 and December 31, 2014:
 
 
 
(In Millions)
 
 
 
September 30, 2015
 
December 31, 2014
 
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
 
$
78.2

 
$
(19.3
)
 
$
58.9

 
$
79.2

 
$
(16.5
)
 
$
62.7

Total intangible assets
 
 
$
78.2

 
$
(19.3
)
 
$
58.9

 
$
79.2

 
$
(16.5
)
 
$
62.7

Below-market sales contracts
Other current liabilities
 
$
(23.0
)
 
$
—

 
$
(23.0
)
 
$
(23.0
)
 
$
—

 
$
(23.0
)
Below-market sales contracts
Other liabilities
 
(205.9
)
 
198.1

 
(7.8
)
 
(205.9
)
 
182.8

 
(23.1
)
Total below-market sales contracts
 
 
$
(228.9
)
 
$
198.1

 
$
(30.8
)
 
$
(228.9
)
 
$
182.8

 
$
(46.1
)
Estimated Amortization Expense Relating To Intangible Assets 
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,

2015 (remaining three months)
$
0.9

2016
3.7

2017
4.2

2018
4.1

2019
3.0

2020
2.5

Total
$
18.4

Schedule Of Earnings To Be Recognized On Below-Market Sales Contract 
The following amounts are estimated to be recognized in Product revenues for the remainder of this year and the succeeding fiscal year:
 
(In Millions)
 
Year Ending December 31,
2015 (remaining three months)
$
7.7

2016
23.1

Total
$
30.8

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 
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 September 30, 2015 and December 31, 2014:
 
(In Millions)
 
Derivative Assets
 
Derivative Liabilities
 
September 30, 2015
 
December 31, 2014
 
September 30, 2015
 
December 31, 2014
Derivative Instrument
Balance Sheet Location
 
Fair
Value
 
Balance
Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
Derivatives designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign Exchange Contracts
 
 
$
—

 
 
 
$
—

 
 
 
$
—

 
Other current liabilities
 
$
21.6

Total derivatives designated as hedging instruments under ASC 815
 
 
$
—

 
 
 
$
—

 
 
 
$
—

 
 
 
$
21.6

Derivatives not designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign Exchange Contracts
 
 
$
—

 
 
 
$
—

 
 
 
$
—

 
Other current liabilities
 
$
9.9

Customer Supply Agreement
Other current assets
 
9.8

 
Other current assets
 
63.2

 
 
 
—

 
 
 
—

Provisional Pricing Arrangements
Other current assets
 
0.6

 
 
 
—

 
Other current liabilities
 
0.8

 
Other current liabilities
 
9.5

Total derivatives not designated as hedging instruments under ASC 815
 
 
$
10.4

 
 
 
$
63.2

 
 
 
$
0.8

 
 
 
$
19.4

Total derivatives
 
 
$
10.4

 
 
 
$
63.2

 
 
 
$
0.8

 
 
 
$
41.0

Schedule Of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Income 
The following summarizes the effect of our derivatives designated as cash flow hedging instruments, net of tax in Accumulated other comprehensive loss in the Statements of Unaudited Condensed Consolidated Operations for the three and nine months ended September 30, 2015 and 2014:
 
(In Millions)
Derivatives in Cash Flow Hedging Relationships
Amount of Gain (Loss)
Recognized in OCI on Derivatives
 
Location of Gain (Loss)
Reclassified
from Accumulated OCI into Earnings
 
Amount of Gain (Loss)
Reclassified
from Accumulated
OCI into Earnings
(Effective Portion)
 
(Effective Portion)
 
(Effective Portion)
 
Three Months Ended
September 30,
 
 
 
Three Months Ended
September 30,
 
2015
 
2014
 
 
 
2015
 
2014
Australian Dollar Foreign
Exchange Contracts
   (hedge designation)
$
0.1

 
$
(12.6
)
 
Product revenues
 
$
(0.1
)
 
$
1.6

Australian Dollar Foreign
Exchange Contracts
(prior to de-designation)
—

 
—

 
Product revenues
 
(4.3
)
 
—

Canadian Dollar Foreign Exchange Contracts
   (hedge designation)
—

 
(7.4
)
 
Cost of goods sold and operating expenses
 
—

 
(1.0
)
Total
$
0.1

 
$
(20.0
)
 
 
 
$
(4.4
)
 
$
0.6

 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
September 30,
 
 
 
Nine Months Ended
September 30,
 
2015
 
2014
 
 
 
2015
 
2014
Australian Dollar Foreign
Exchange Contracts
(hedge designation)
$
(2.0
)
 
$
(3.4
)
 
Product revenues
 
$
(7.4
)
 
$
(11.2
)
Australian Dollar Foreign
Exchange Contracts
 (prior to de-designation)
(4.5
)
 
—

 
Product revenues
 
(11.1
)
 
—

Canadian Dollar Foreign Exchange Contracts
    (hedge designation)
—

 
(9.2
)
 
Cost of goods sold and operating expenses
 
—

 
(7.1
)
Canadian Dollar Foreign Exchange Contracts
(prior to de-designation)
—

 
—

 
Cost of goods sold and operating expenses
 
—

 
(0.5
)
 
$
(6.5
)
 
$
(12.6
)
 
 
 
$
(18.5
)
 
$
(18.8
)
Schedule Of Derivatives Not Designated As Hedging Instruments Statements Of Financial Performance Location Table 
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 nine months ended September 30, 2015 and 2014:
(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
September 30,
 
Nine Months Ended
September 30,
 
 
2015
 
2014
 
2015
 
2014
Foreign Exchange Contracts
Other non-operating income (expense) (1)
$
(1.1
)
 
$
—

 
$
(3.6
)
 
$
(3.3
)
Foreign Exchange Contracts
Product revenues
(2.1
)
 
—

 
(11.8
)
 
—

Commodity Contracts
Cost of goods sold and operating expenses
—

 
—

 
(3.4
)
 
—

Customer Supply Agreement
Product revenues
11.6

 
62.6

 
22.1

 
124.6

Provisional Pricing Arrangements
Product revenues
7.6

 
2.3

 
(0.2
)
 
(17.9
)
 
 
$
16.0

 
$
64.9

 
$
3.1

 
$
103.4


                                                                     
(1)  
At September 30, 2014, the location of the Gain (Loss) Recognized in Income on Derivative for Foreign Exchange Contracts was Cost of goods sold and operating expenses.
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (Tables)
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] 
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
Loss from Discontinued Operations, net of tax
QTD
September 30, 2015
$
(29.8
)
 
$
(14.1
)
$
—

$
(14.1
)
 
$
(43.9
)
Loss from Discontinued Operations, net of tax
QTD
September 30, 2014
$
(579.7
)
 
$
(5,782.5
)
$
(250.8
)
$
(6,033.3
)
 
$
(6,613.0
)
Loss from Discontinued Operations, net of tax
YTD
September 30, 2015
$
(137.0
)
 
$
(731.9
)
$
(0.1
)
$
(732.0
)
 
$
(869.0
)
Loss from Discontinued Operations, net of tax
YTD
September 30, 2014
$
(643.6
)
 
$
(5,930.4
)
$
(255.8
)
$
(6,186.2
)
 
$
(6,829.8
)
 
 
 
 
 
 
 
 
 
Statements of Unaudited Condensed Consolidated Financial Position
Short-term assets of discontinued operations
As of
September 30, 2015
$
141.4

 
$
—

$
—

$
—

 
$
141.4

Long-term assets of discontinued operations
As of
September 30, 2015
$
—

 
$
—

$
—

$
—

 
$
—

Short-term liabilities of discontinued operations
As of
September 30, 2015
$
182.2

 
$
—

$
—

$
—

 
$
182.2

Long-term liabilities of discontinued operations
As of
September 30, 2015
$
—

 
$
—

$
—

$
—

 
$
—

Short-term assets of discontinued operations
As of
December 31, 2014
$
143.8

 
$
183.5

$
3.3

$
186.8

 
$
330.6

Long-term assets of discontinued operations
As of
December 31, 2014
$
130.4

 
$
256.0

$
13.7

$
269.7

 
$
400.1

Short-term liabilities of discontinued operations
As of
December 31, 2014
$
81.3

 
$
316.3

$
3.0

$
319.3

 
$
400.6

Long-term liabilities of discontinued operations
As of
December 31, 2014
$
125.9

 
$
304.6

$
5.6

$
310.2

 
$
436.1

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

 
$
—

$
—

$
—

 
$
3.2

Purchase of property, plant and equipment
YTD
September 30, 2015
$
13.1

 
$
—

$
—

$
—

 
$
13.1

Impairment of goodwill and other long-lived assets
YTD
September 30, 2015
$
73.4

 
$
—

$
—

$
—

 
$
73.4

Depreciation, depletion and amortization:
YTD
September 30, 2014
$
92.1

 
$
126.4

$
0.3

$
126.7

 
$
218.8

Purchase of property, plant and equipment
YTD
September 30, 2014
$
25.8

 
$
160.9

$
—

$
160.9

 
$
186.7

Impairment of goodwill and other long-lived assets
YTD
September 30, 2014
$
—

 
$
6,307.3

$
259.5

$
6,566.8

 
$
6,566.8

Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Table Text Block] 
Recorded Assets and Liabilities
 
 
(In Millions)
Assets and Liabilities of Discontinued Operations
 
September 30,
2015
 
December 31,
2014
Accounts receivable, net
 
$
35.8

 
$
44.8

Inventories
 
21.4

 
50.3

Supplies and other inventories
 
28.0

 
28.2

Other current assets
 
24.1

 
20.5

Property, plant and equipment, net
 
31.3

 
94.7

Other non-current assets
 
0.8

 
35.7

Total assets of discontinued operations
 
$
141.4

 
$
274.2

 
 
 
 
 
Accounts payable
 
$
18.6

 
$
22.4

Accrued liabilities
 
16.6

 
27.9

Other current liabilities
 
19.7

 
31.0

Pension and postemployment benefit liabilities1
 
59.5

 
55.8

Environmental and mine closure obligations
 
35.4

 
33.9

Other liabilities
 
32.4

 
36.2

Total liabilities of discontinued operations
 
$
182.2

 
$
207.2

1 This does not include a liability of approximately $330 million, which is the most recent estimate of Pinnacle and Oak Grove’s combined share of the underfunded liability under the UMWA 1974 Pension Plan.
Schedule of Disposal Groups, including Discontinued Operations, Income Statement [Table Text Block] 
Loss on Discontinued Operations
Our planned sale of the Oak Grove and Pinnacle mine assets represents a strategic shift in our business. For this reason, our previously reported North American Coal operating segment results for all periods, prior to the March 31, 2015 held for sale determination, are classified as discontinued operations. This includes our CLCC assets, which were sold during the fourth quarter of 2014.
 
 
(In Millions)
 
 
Three Months Ended September 30,
 
Nine Months Ended
September 30,
Loss from Discontinued Operations
 
2015
 
2014
 
2015
 
2014
Revenues from product sales and services
 
$
78.8

 
$
170.5

 
$
338.1

 
$
515.8

Cost of goods sold and operating expenses
 
(102.9
)
 
(194.7
)
 
(377.2
)
 
(641.2
)
Sales margin
 
(24.1
)
 
(24.2
)
 
(39.1
)
 
(125.4
)
Other operating expense
 
(7.4
)
 
(5.6
)
 
(25.7
)
 
(15.2
)
Other expense
 
(0.4
)
 
(0.9
)
 
(1.4
)
 
(1.8
)
Loss from discontinued operations before income taxes
 
(31.9
)
 
(30.7
)
 
(66.2
)
 
(142.4
)
Impairment of long-lived assets
 
—

 
(827.8
)
 
(73.4
)
 
(827.8
)
Income tax benefit
 
2.1

 
278.8

 
2.6

 
326.6

Loss from discontinued operations, net of tax
 
$
(29.8
)
 
$
(579.7
)
 
$
(137.0
)
 
$
(643.6
)
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Table Text Block] 
Items Measured at Fair Value on a Non-Recurring Basis
The following table presents information about the impairment charge on non-financial assets that was measured on a fair value basis at March 31, 2015 for the North American Coal operations. There were no financial and non-financial assets and liabilities that were measured on a non-recurring fair value basis at September 30, 2015 for the North American Coal operations. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value.
 
 
(In Millions)
 
 
March 31, 2015
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 Losses
Assets:
 
 
 
 
 
 
 
 
 
 
Other long-lived assets - Property, plant and equipment and Mineral rights: North American Coal operating unit
 
$
—

 
$
—

 
$
20.4

 
$
20.4

 
$
73.4

 
 
$
—

 
$
—

 
$
20.4

 
$
20.4

 
$
73.4

Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Table Text Block] 
Recorded Assets and Liabilities
 
 
(In Millions)
Assets and Liabilities of Discontinued Operations
 
December 31,
2014
Cash and cash equivalents
 
$
19.7

Accounts receivable, net
 
37.9

Inventories
 
16.3

Supplies and other inventories
 
48.5

Income tax receivable
 
20.1

Other current assets
 
44.3

Property, plant and equipment, net
 
249.8

Other non-current assets
 
19.9

Total Assets
 
$
456.5

 
 
 
Accounts payable
 
$
83.6

Accrued expenses
 
200.0

Other current liabilities
 
35.7

Pension and postemployment benefit liabilities
 
79.8

Environmental and mine closure obligations
 
56.5

Other liabilities
 
173.9

Total Liabilities
 
$
629.5

Schedule of Disposal Groups, including Discontinued Operations, Income Statement [Table Text Block] 
Loss on Discontinued Operations
Our Canadian exit represents 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
September 30,
 
Nine Months Ended
September 30,
Loss from Discontinued Operations
 
2015
 
2014
 
2015
 
2014
Revenues from product sales and services
 
$
—

 
$
148.0

 
$
11.3

 
$
480.3

Cost of goods sold and operating expenses
 
—

 
(224.7
)
 
(11.1
)
 
(645.2
)
Eliminations with continuing operations
 
—

 
(27.6
)
 
—

 
(56.6
)
Sales margin
 
—

 
(104.3
)
 
0.2

 
(221.5
)
Other operating expense
 
—

 
(87.4
)
 
(33.8
)
 
(200.4
)
Other expense
 
—

 
(1.5
)
 
(1.0
)
 
(4.5
)
Loss from discontinued operations before income taxes
 
—

 
(193.2
)
 
(34.6
)
 
(426.4
)
Loss from deconsolidation
 
(13.4
)
 
—

 
(697.4
)
 
—

Impairment of long-lived assets
 
—

 
(6,566.8
)
 
—

 
(6,566.8
)
Income tax benefit (expense)
 
(0.7
)
 
726.7

 
—

 
807.0

Loss from discontinued operations, net of tax
 
$
(14.1
)
 
$
(6,033.3
)
 
$
(732.0
)
 
$
(6,186.2
)
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Table Text Block] 
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 September 30, 2015 for the Canadian Operations. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value.
 
 
(In Millions)
 
 
September 30, 2015
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 Losses
Assets:
 
 
 
 
 
 
 
 
 
 
Loans to and accounts receivables from the Canadian Entities
 
$
—

 
$
—

 
$
84.5

 
$
84.5

 
$
494.3

Liabilities:
 
 
 
 
 
 
 
 
 
 
Contingent liabilities
 
$
—

 
$
—

 
$
142.4

 
$
142.4

 
$
203.1

PreTax Exit Costs [Table Text Block] 
Canadian Entities loss from deconsolidation totaled $13.4 million and $697.4 million for the three and nine months ended September 30, 2015, respectively, and included the following:
 
 
(In Millions)
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2015
 
2015
Investment impairment on deconsolidation1
 
$
(13.9
)
 
$
(494.3
)
Contingent liabilities
 
0.5

 
(203.1
)
Total loss from deconsolidation
 
$
(13.4
)
 
$
(697.4
)
 
 
 
 
 
1 Includes the adjustment to fair value of our remaining interest in the Canadian Entities.
SHAREHOLDERS' EQUITY Shareholders' Equity (Tables)
Schedule of Stockholders Equity [Table Text Block] 
The following table reflects the changes in shareholders' equity (deficit) attributable to both Cliffs and the noncontrolling interests primarily related to Bloom Lake, Tilden and Empire of which Cliffs owns 82.8 percent, 85 percent and 79 percent, respectively, for the nine months ended September 30, 2015 and September 30, 2014:
 
(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
 
 
 
 
 
Net loss
(689.0
)
 
(1.5
)
 
(690.5
)
Other comprehensive income (loss)
220.7

 
(9.3
)
 
211.4

Total comprehensive loss
(468.3
)
 
(10.8
)
 
(479.1
)
Effect of deconsolidation
—

 
528.2

 
528.2

Stock and other incentive plans
6.0

 
—

 
6.0

Preferred share dividends
(38.4
)
 
—

 
(38.4
)
Distributions of partnership equity
—

 
(40.7
)
 
(40.7
)
Undistributed losses to noncontrolling interest
—

 
(1.2
)
 
(1.2
)
September 30, 2015
$
(1,932.0
)
 
$
172.5

 
$
(1,759.5
)
 
(In Millions)
 
Cliffs
Shareholders’
Equity (Deficit)
 
Noncontrolling
Interest (Deficit)
 
Total Equity (Deficit)
December 31, 2013
$
6,069.5

 
$
814.8

 
$
6,884.3

Comprehensive income
 
 
 
 
 
Net loss
(5,939.0
)
 
(1,004.4
)
 
(6,943.4
)
Other comprehensive income
11.5

 
1.6

 
13.1

Total comprehensive loss
(5,927.5
)
 
(1,002.8
)
 
(6,930.3
)
Stock and other incentive plans
(3.4
)
 
—

 
(3.4
)
Common and preferred share dividends
(107.9
)
 
—

 
(107.9
)
Undistributed losses to noncontrolling interest
—

 
(20.0
)
 
(20.0
)
September 30, 2014
$
30.7

 
$
(208.0
)
 
$
(177.3
)
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] 
The following table reflects the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for September 30, 2015 and September 30, 2014:
 
(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 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
)
Other comprehensive income (loss) before reclassifications
(0.7
)
 
0.1

 
(11.4
)
 
4.8

 
(7.2
)
Net loss reclassified from accumulated other comprehensive income (loss)
6.6

 
—

 
—

 
4.4

 
11.0

Balance September 30, 2015
$
(245.9
)
 
$
—

 
$
222.2

 
$
(1.4
)
 
$
(25.1
)
 
(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, 2013
$
(204.9
)
 
$
6.2

 
$
106.7

 
$
(20.9
)
 
$
(112.9
)
Other comprehensive income (loss) before reclassifications
(0.4
)
 
3.8

 
40.5

 
(2.3
)
 
41.6

Net loss reclassified from accumulated other comprehensive income (loss)
3.3

 
0.1

 
—

 
12.8

 
16.2

Balance March 31, 2014
$
(202.0
)
 
$
10.1

 
$
147.2

 
$
(10.4
)
 
$
(55.1
)
Other comprehensive income (loss) before reclassifications
(1.4
)
 
(2.4
)
 
19.7

 
9.7

 
25.6

Net loss (gain) reclassified from accumulated other comprehensive income (loss)
4.0

 
(1.3
)
 
—

 
6.6

 
9.3

Balance June 30, 2014
$
(199.4
)
 
$
6.4

 
$
166.9

 
$
5.9

 
$
(20.2
)
Other comprehensive income (loss) before reclassifications
3.5

 
1.3

 
(65.9
)
 
(20.0
)
 
(81.1
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
7.6

 
(7.1
)
 
—

 
(0.6
)
 
(0.1
)
Balance September 30, 2014
$
(188.3
)
 
$
0.6

 
$
101.0

 
$
(14.7
)
 
$
(101.4
)
Details of Accumulated Other Comprehensive Income (Loss) Components [Table Text Block] 
The following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ equity for the three and nine months ended September 30, 2015:
 
 
(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
September 30,
 
Nine Months Ended
September 30,
 
 
2015
 
2014
 
2015
 
2014
 
Amortization of pension and postretirement benefit liability:
 
 
 
 
 
 
 
 
 
 
Prior service costs (1)
 
$
1.1

 
$
1.3

 
$
0.5

 
$
0.7

 
 
Net actuarial loss (1)
 
5.6

 
4.3

 
19.5

 
13.9

 
 
Settlements/curtailments (1)
 
(0.1
)
 
1.7

 
0.2

 
2.9

 
 
Effect of deconsolidation (2)
 
—

 
—

 
15.1

 
—

 
Loss from Discontinued Operations, net of tax
 
 
6.6

 
7.3

 
35.3

 
17.5

 
Total before taxes
 
 
—

 
1.6

 
—

 
(1.3
)
 
Income tax benefit (expense)
 
 
$
6.6

 
$
8.9

 
$
35.3

 
$
16.2

 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on marketable securities:
 
 
 
 
 
 
 
 
 
 
Sale of marketable securities
 
$
—

 
$
(9.7
)
 
$
—

 
$
(11.4
)
 
Other non-operating income (expense)
Impairment
 
—

 
(0.3
)
 
(3.2
)
 
(0.3
)
 
Other non-operating income (expense)
 
 
—

 
(10.0
)
 
(3.2
)
 
(11.7
)
 
Total before taxes
 
 
—

 
2.9

 
0.3

 
3.4

 
Income tax benefit (expense)
 
 
$
—

 
$
(7.1
)
 
$
(2.9
)
 
$
(8.3
)
 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss) on foreign currency translation:
 
 
 
 
 
 
 
 
 
 
Effect of deconsolidation (3)
 
$
—

 
$
—

 
$
182.7

 
$
—

 
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
 
$
6.3

 
$
(1.6
)
 
$
26.4

 
$
16.7

 
Product revenues
Canadian dollar foreign exchange contracts
 
—

 
1.5

 
—

 
11.4

 
Cost of goods sold and operating expenses
 
 
6.3

 
(0.1
)
 
26.4

 
28.1

 
Total before taxes
 
 
(1.9
)
 
(0.5
)
 
(7.9
)
 
(9.3
)
 
Income tax benefit (expense)
 
 
$
4.4

 
$
(0.6
)
 
$
18.5

 
$
18.8

 
Net of taxes
 
 
 
 
 
 
 
 
 
 
 
Total Reclassifications for the Period
 
$
11.0

 
$
1.2

 
$
233.6

 
$
26.7

 
 
                                         
(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 postretirement benefit liabilities that were deconsolidated. See NOTE 14 - DISCONTINUED OPERATIONS for further information.
(3) 
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 nine months ended September 30, 2015 and 2014 is as follows:
 
(In Millions)
 
Nine Months Ended
September 30,
 
2015
 
2014
Capital additions (1)
$
69.0

 
$
186.0

Cash paid for capital expenditures
57.9

 
233.2

Difference
$
11.1

 
$
(47.2
)
Non-cash accruals
$
10.4

 
$
(57.1
)
Capital leases
0.7

 
9.9

Total
$
11.1

 
$
(47.2
)

                                   
(1) 
Includes capital additions of $46.6 million and $22.4 million related to continuing operations and discontinued operations, respectively, for the nine months ended September 30, 2015. Includes capital additions of $49.0 million and $137.0 million related to continuing operations and discontinued operations, respectively, for the nine months ended September 30, 2014.
RELATED PARTIES (Tables)
Summary Of Other Ownership Interests 
The following is a summary of the mine ownership of these iron ore mines at September 30, 2015:
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
%
 
Summary Of Related Party Transactions Table Disclosure 
Product revenues from related parties were as follows:
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Product revenues from related parties
$
208.0

 
$
285.2

 
$
468.0

 
$
625.4

Total product revenues
542.5

 
901.9

 
1,399.9

 
2,161.7

Related party product revenue as a percent of total product revenue
38.3
%
 
31.6
%
 
33.4
%
 
28.9
%
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
September 30,
 
Nine Months Ended
September 30,
 
2015
 
2014
 
2015
 
2014
Income (Loss) from Continuing Operations
$
49.9

 
$
(274.2
)
 
$
178.5

 
$
(113.6
)
Loss (Income) from Continuing Operations Attributable to Noncontrolling Interest
4.6

 
(2.5
)
 
(6.2
)
 
(22.4
)
Net Income (Loss) from Continuing Operations Attributable to Cliffs Shareholders
$
54.5

 
$
(276.7
)
 
$
172.3

 
$
(136.0
)
Loss from Discontinued Operations, net of tax
(43.9
)
 
(5,602.9
)
 
(861.3
)
 
(5,803.0
)
Net Income (Loss) Attributable to Cliffs Shareholders
$
10.6

 
$
(5,879.6
)
 
$
(689.0
)
 
$
(5,939.0
)
Preferred Stock Dividends
(25.6
)
 
(12.8
)
 
(38.4
)
 
(38.4
)
Net Loss Attributable to Cliffs Common Shareholders
$
(15.0
)
 
$
(5,892.4
)
 
$
(727.4
)
 
$
(5,977.4
)
Weighted Average Number of Shares:
 
 
 
 
 
 
 
Basic
153.2

 
153.1

 
153.2

 
153.1

Depositary Shares
—

 
—

 
—

 
—

Employee Stock Plans
—

 
—

 
—

 
—

Diluted
153.2

 
153.1

 
153.2

 
153.1

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic:
 
 
 
 
 
 
 
Continuing operations
$
0.19

 
$
(1.89
)
 
$
0.87

 
$
(1.14
)
Discontinued operations
(0.29
)
 
(36.60
)
 
(5.62
)
 
(37.91
)
 
$
(0.10
)
 
$
(38.49
)
 
$
(4.75
)
 
$
(39.05
)
Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted:
 
 
 
 
 
 
 
Continuing operations
$
0.19

 
$
(1.89
)
 
$
0.87

 
$
(1.14
)
Discontinued operations
(0.29
)
 
(36.60
)
 
(5.62
)
 
(37.91
)
 
$
(0.10
)
 
$
(38.49
)
 
$
(4.75
)
 
$
(39.05
)
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Sep. 30, 2015
Transaction Gains and Losses Resulting from Remeasurement [Member]
Sep. 30, 2014
Transaction Gains and Losses Resulting from Remeasurement [Member]
Sep. 30, 2015
Transaction Gains and Losses Resulting from Remeasurement [Member]
Sep. 30, 2014
Transaction Gains and Losses Resulting from Remeasurement [Member]
Sep. 30, 2015
Short-term intercompany loan [Member]
Sep. 30, 2014
Short-term intercompany loan [Member]
Sep. 30, 2015
Short-term intercompany loan [Member]
Sep. 30, 2014
Short-term intercompany loan [Member]
Sep. 30, 2015
Cash and Cash Equivalents [Member]
Sep. 30, 2014
Cash and Cash Equivalents [Member]
Sep. 30, 2015
Cash and Cash Equivalents [Member]
Sep. 30, 2014
Cash and Cash Equivalents [Member]
Related Party Transaction [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unamortized Debt Issuance Expense
$ 40.1 
$ 25.6 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Policy, Percentage of Amount Permitted to be Hedged
75.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign Currency Transaction Gain (Loss), before Tax
 
 
$ 2.4 
$ 25.8 
$ 15.2 
$ 8.4 
$ 0.1 
$ 17.7 
$ 11.1 
$ 4.7 
$ 1.3 
$ 9.6 
$ 2.0 
$ 4.5 
Current Fiscal Year End Date
--12-31 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Policy, Minimum Percentage of Amount Permitted to be Hedged for Derivatives with Periods of up to Twelve Months
40.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Policy, Minimum Percentage of Amount Permitted to be Hedged for Derivatives with Periods of up to Fifteen Months
10.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Subsidiaries) (Details)
9 Months Ended
Sep. 30, 2015
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 
Wabush [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Newfoundland and Labrador/ Quebec, Canada 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
Bloom Lake [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Quebec, Canada 
Noncontrolling Interest, Ownership Percentage by Parent
82.80% 
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 
Pinnacle [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
West Virginia 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
Segment Reporting Information, Description of Products and Services
Coal 
Oak Grove [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Alabama 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
Segment Reporting Information, Description of Products and Services
Coal 
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Investments In Unconsolidated Ventures) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
 
 
Investment
$ 3.2 
$ 4.1 
Other Noncurrent Liabilities [Member] |
Hibbing [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Investment
 
3.1 
Other Noncurrent Assets [Member] |
Hibbing [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Ownership interest, equity method investment
23.00% 
 
Investment
2.1 
 
Other Noncurrent Assets [Member] |
Other Equity Investees [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Investment
$ 1.1 
$ 1.0 
SEGMENT REPORTING (Narrative) (Details)
9 Months Ended
Sep. 30, 2015
Facility
U.S. Iron Ore [Member]
 
Segment Reporting Information [Line Items]
 
Number of mines (in number of facilities)
5 
Asia Pacific Iron Ore [Member]
 
Segment Reporting Information [Line Items]
 
Number of mines (in number of facilities)
1 
SEGMENT REPORTING (Schedule Of Segment Reporting Information, By Segment) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Segment Reporting Information [Line Items]
 
 
 
 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
$ 6.0 
$ (6,887.2)
$ (690.5)
$ (6,943.4)
Revenues from producet sales and services, percent
100.00% 
100.00% 
100.00% 
100.00% 
Revenues from product sales and services
593.2 
979.7 
1,537.3 
2,342.9 
Sales Margin
55.1 
256.2 
193.2 
629.7 
Other operating expense
(25.9)
(399.0)
(66.4)
(494.0)
Other expense
17.4 
(38.1)
221.7 
(118.2)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY LOSS FROM VENTURES
46.6 
(180.9)
348.5 
17.5 
Depreciation, depletion and amortization
35.6 
70.1 
99.1 
430.4 
Depreciation, Depletion and Amortization excluding Depreciation, Amortization and Depletion expense for Discontinued Operations
 
 
95.9 
210.7 
EBITDA
99.1 
(7,617.2)
(253.4)
(7,390.4)
Impairment of goodwill and other long-lived assets
0 
(377.0)
(3.3)
(378.6)
Capital Additions
17.7 1
12.1 1
46.6 1 2
49.0 1 2
Interest Income (Expense), net, including Discontinued Operations
(62.3)
(47.4)
(170.7)
(134.9)
Income Tax Expense (Benefit), including Discontinued Operations
4.8 
921.4 
(167.3)
1,012.3 
Gain on extinguishment of debt
79.2 
0 
392.9 
0 
Adjusted EBITDA
60.1 
279.6 
217.0 
736.2 
U.S. Iron Ore [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues from producet sales and services, percent
79.00% 
78.00% 
75.00% 
70.00% 
Revenues from product sales and services
471.0 
767.4 
1,152.5 
1,643.3 
Sales Margin
48.7 
219.5 
177.7 
461.7 
Depreciation, depletion and amortization
27.9 
25.9 
71.6 
81.2 
EBITDA
69.2 
241.9 
239.6 
538.2 
Capital Additions
15.0 1
8.5 1
35.8 1
37.4 1
Adjusted EBITDA
72.3 
249.5 
254.6 
559.1 
Asia Pacific Iron Ore [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Revenues from producet sales and services, percent
21.00% 
22.00% 
25.00% 
30.00% 
Revenues from product sales and services
122.2 
212.3 
384.8 
699.6 
Sales Margin
6.4 
9.1 
15.5 
111.4 
Depreciation, depletion and amortization
6.1 
42.2 
19.1 
123.6 
EBITDA
11.1 
(302.2)
38.7 
(150.8)
Capital Additions
0.3 1
3.1 1
4.8 1
8.3 1
Adjusted EBITDA
9.7 
49.7 
32.8 
225.5 
Discontinued Operations [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Eliminations with Discontinued Operations
0 
27.6 
0 
56.6 
All Other Segments [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Depreciation, depletion and amortization
1.6 
2.0 
5.2 
5.9 
Capital Additions
2.4 1
0.5 1
6.0 1
3.3 1
Other Segment [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
EBITDA
18.8 
(7,556.9)
(531.7)
(7,777.8)
Adjusted EBITDA
(21.9)
(19.6)
(70.4)
(48.4)
EBITDA Calculation [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Depreciation, depletion and amortization
(35.6)
(144.0)
(99.1)
(430.4)
Adjusted EBITDA Calculation [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Impact of Discontinued Operations
(44.8)
(7,543.0)
(865.9)
(7,737.1)
Foreign Exchange Remeasurement
2.4 
25.8 
15.2 
8.4 
Severance Costs in SG&A
$ 2.2 
$ (2.6)
$ (9.3)
$ (19.3)
SEGMENT REPORTING Segment Reporting (Summary of Assets by Segment) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Segment Reporting Information [Line Items]
 
 
Assets
$ 2,271.5 
$ 3,164.0 
U.S. Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
1,498.3 
1,464.9 
Asia Pacific Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
210.5 
274.6 
All Other Segments [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
26.3 
147.0 
Total Segment Assets [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
1,735.1 
1,886.5 
Corporate [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
395.0 
546.8 
Discontinued Operations [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Disposal Group, Including Discontinued Operation, Assets
$ 141.4 
$ 730.7 
INVENTORIES (Narrative) (Details) (Asia Pacific Iron Ore [Member], USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Asia Pacific Iron Ore [Member]
 
 
Inventory [Line Items]
 
 
Other Inventory, Noncurrent
$ 12.0 
$ 0 
INVENTORIES (Schedule Of Inventories) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Inventory, Net [Abstract]
 
 
Finished Goods
$ 278.8 
$ 158.5 
Work-in Process
72.9 
101.6 
Total Inventory
351.7 
260.1 
U.S. Iron Ore [Member]
 
 
Inventory, Net [Abstract]
 
 
Finished Goods
260.3 
132.1 
Work-in Process
23.3 
13.5 
Total Inventory
283.6 
145.6 
Asia Pacific Iron Ore [Member]
 
 
Inventory [Line Items]
 
 
Other Inventory, Noncurrent
12.0 
0 
Inventory, Net [Abstract]
 
 
Finished Goods
18.5 
26.4 
Work-in Process
49.6 
88.1 
Total Inventory
$ 68.1 
$ 114.5 
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Property, Plant and Equipment [Line Items]
 
 
 
 
Depreciation And Depletion
$ 34.6 
$ 67.7 
$ 92.8 
$ 203.8 
PROPERTY, PLANT AND EQUIPMENT (Value Of Each Of The Major Classes Of Consolidated Depreciable Assets) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
$ 1,932.9 
$ 1,870.2 
Accumulated Depreciation and Depletion, Property, Plant and Equipment
(880.3)
(799.7)
Property, plant and equipment, net
1,052.6 
1,070.5 
Land Rights And Mineral Rights [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
500.6 
500.5 
Office And Information Technology [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
68.5 
73.7 
Buildings [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
60.1 
59.8 
Mining Equipment [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
583.8 
585.1 
Processing Equipment [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
514.4 
510.2 
Electric Power Facilities [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
46.4 
46.8 
Land Improvements [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
24.8 
24.7 
Other [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
99.8 
55.0 
Construction in Progress [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
$ 34.5 
$ 14.4 
DEBT AND CREDIT FACILITIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 9 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Sep. 30, 2015
$400 Million 5.90% 2020 Senior Notes [Member]
Mar. 31, 2015
$400 Million 5.90% 2020 Senior Notes [Member]
Dec. 31, 2014
$400 Million 5.90% 2020 Senior Notes [Member]
Sep. 30, 2015
Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member]
Sep. 30, 2015
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
Sep. 30, 2015
Revolving Credit Facility [Member]
Dec. 31, 2014
Revolving Credit Facility [Member]
Sep. 30, 2015
Revolving Credit Facility [Member]
Minimum [Member]
Sep. 30, 2015
Revolving Credit Facility [Member]
Maximum [Member]
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Repurchased Face Amount
 
 
$ 36.0 
$ 1.3 
 
 
 
 
 
 
 
Stated interest rate
 
 
5.90% 
 
5.90% 
8.25% 
7.75% 
 
 
 
 
Repurchase Price of $540M 8.25% Notes if Triggering Event Occurs
 
 
 
 
 
1.01 
 
 
 
 
 
Initial Redemption Price
 
 
 
 
 
1.0825 
1.03875 
 
 
 
 
Redemption Price beginning March 31, 2019
 
 
 
 
 
 
1 
 
 
 
 
Redemption Price from time to time and Prior to March 31, 2017
 
 
 
 
 
 
1 
 
 
 
 
Amount in aggregate that can be redeemed on or prior to March 31, 2017
 
 
 
 
 
 
0.35 
 
 
 
 
Redemption Price after 2018
 
 
 
 
 
1 
 
 
 
 
 
Redemption Price from time to time and Prior to March 31, 2018
 
 
 
 
 
1 
 
 
 
 
 
Amount in aggregate that can be redeemed on or prior to March 31, 2018
 
 
 
 
 
0.35 
 
 
 
 
 
Redemption Price of 35 percent or less of Outstanding
 
 
 
 
 
1.0825 
1.0775 
 
 
 
 
Amount to Remain Outstanding Prior to March 31, 2018
 
 
 
 
 
0.65 
0.65 
 
 
 
 
In the Event of Default Amount that will Accelerate
 
 
 
 
 
0.25 
 
 
 
 
 
Revolving credit facility, borrowing capacity
 
 
 
 
 
 
 
442.9 
 
 
 
Credit facility, amount outstanding
 
 
 
 
 
 
 
0 1
0 2
 
 
Debt Instrument, Par Value
 
 
290.8 
 
395.0 
540.0 
544.2 
550.0 
1,125.0 
 
 
U.S. Tranche
 
 
 
 
 
 
 
450.0 
 
 
 
Sublimit for Issuers of Letters of Credit for U.S. Tranche
 
 
 
 
 
 
 
250.0 
 
 
 
Sublimit for U.S. Swingline Loans
 
 
 
 
 
 
 
100.0 
 
 
 
Australian Tranche
 
 
 
 
 
 
 
100.0 
 
 
 
Sublimit for Issuance of Letters of Credit for Australian Tranche
 
 
 
 
 
 
 
50.0 
 
 
 
Sublimit for Australian Swingline Loans
 
 
 
 
 
 
 
20.0 
 
 
 
Credit facility remaining capacity
 
 
 
 
 
 
 
255.6 
975.5 
 
 
Base Rate
 
 
 
 
 
 
 
 
 
0.005 
0.01 
LIBOR Rate Based on a One-month interest period plus 1 percent
 
 
 
 
 
 
 
0.01 
 
 
 
Fixed Charge Coverage Ratio
 
 
 
 
 
 
 
1.0 
 
 
 
Letters of credit outstanding
$ 187.3 
$ 149.5 
 
 
 
 
 
$ 187.3 
$ 149.5 
 
 
DEBT AND CREDIT FACILITIES (Schedule Of Long-Term Debt) (Details) (USD $)
3 Months Ended 9 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended 12 Months Ended 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Sep. 30, 2015
$700 Million 4.875% 2021 Senior Note [Member]
Dec. 31, 2013
$700 Million 4.875% 2021 Senior Note [Member]
Mar. 31, 2015
$700 Million 4.875% 2021 Senior Note [Member]
Dec. 31, 2014
$700 Million 4.875% 2021 Senior Note [Member]
Sep. 30, 2015
$500 million 4.80% 2020 Senior Notes [Member]
Dec. 31, 2013
$500 million 4.80% 2020 Senior Notes [Member]
Mar. 31, 2015
$500 million 4.80% 2020 Senior Notes [Member]
Dec. 31, 2014
$500 million 4.80% 2020 Senior Notes [Member]
Sep. 30, 2015
$800 Million 6.25% 2040 Senior Notes [Member]
Dec. 31, 2013
$800 Million 6.25% 2040 Senior Notes [Member]
Mar. 31, 2015
$800 Million 6.25% 2040 Senior Notes [Member]
Dec. 31, 2014
$800 Million 6.25% 2040 Senior Notes [Member]
Sep. 30, 2015
$400 Million 5.90% 2020 Senior Notes [Member]
Dec. 31, 2013
$400 Million 5.90% 2020 Senior Notes [Member]
Mar. 31, 2015
$400 Million 5.90% 2020 Senior Notes [Member]
Dec. 31, 2014
$400 Million 5.90% 2020 Senior Notes [Member]
Sep. 30, 2015
$500 Million 3.95% 2018 Senior Notes [Member]
Dec. 31, 2013
$500 Million 3.95% 2018 Senior Notes [Member]
Mar. 31, 2015
$500 Million 3.95% 2018 Senior Notes [Member]
Dec. 31, 2014
$500 Million 3.95% 2018 Senior Notes [Member]
Sep. 30, 2015
Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member]
Dec. 31, 2014
Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member]
Sep. 30, 2015
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
Mar. 31, 2015
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
Dec. 31, 2014
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
Sep. 30, 2015
Revolving Credit Facility [Member]
Dec. 31, 2013
Revolving Credit Facility [Member]
Dec. 31, 2014
Revolving Credit Facility [Member]
Sep. 30, 2015
Interest Rate Swap [Member]
Dec. 31, 2014
Interest Rate Swap [Member]
Sep. 30, 2015
Debt Repurchase [Member]
$700 Million 4.875% 2021 Senior Note [Member]
Mar. 31, 2015
Debt Repurchase [Member]
$700 Million 4.875% 2021 Senior Note [Member]
Sep. 30, 2015
Debt Repurchase [Member]
$500 million 4.80% 2020 Senior Notes [Member]
Mar. 31, 2015
Debt Repurchase [Member]
$500 million 4.80% 2020 Senior Notes [Member]
Mar. 31, 2015
Debt Repurchase [Member]
$800 Million 6.25% 2040 Senior Notes [Member]
Sep. 30, 2015
Debt Repurchase [Member]
$400 Million 5.90% 2020 Senior Notes [Member]
Mar. 31, 2015
Debt Repurchase [Member]
$400 Million 5.90% 2020 Senior Notes [Member]
Mar. 31, 2015
Debt Repurchase [Member]
$500 Million 3.95% 2018 Senior Notes [Member]
Mar. 31, 2015
Exchange of Debt [Member]
$700 Million 4.875% 2021 Senior Note [Member]
Mar. 31, 2015
Exchange of Debt [Member]
$500 million 4.80% 2020 Senior Notes [Member]
Mar. 31, 2015
Exchange of Debt [Member]
$800 Million 6.25% 2040 Senior Notes [Member]
Mar. 31, 2015
Exchange of Debt [Member]
$400 Million 5.90% 2020 Senior Notes [Member]
Sep. 30, 2015
Exchange of Debt [Member]
$500 Million 3.95% 2018 Senior Notes [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Repurchased Face Amount
 
 
 
 
 
$ 10,700,000 
 
$ 58,300,000 
 
$ 1,800,000 
 
$ 43,800,000 
 
 
 
$ 45,900,000 
 
$ 36,000,000 
 
$ 1,300,000 
 
 
 
$ 44,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stated interest rate
 
 
 
 
 
4.875% 
 
 
4.875% 
4.80% 
 
 
4.80% 
6.25% 
 
 
 
5.90% 
 
 
5.90% 
3.95% 
 
 
3.95% 
8.25% 
 
7.75% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash Used to Repurchase Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
68,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount Received in Debt Exchange of $400M 5.90% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount Received in Debt Exchange of $400M 5.90% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
57,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount Received in Debt Exchange of $800M 6.25% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
203,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount Received in Debt Exchange of $800M 6.25% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
55,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount Received in Debt Exchange of $500M 4.80% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Face Amount Received in Debt Exchange of $500M 4.80% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
112,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount Received in Debt Exchange of $700M 4.875% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
46,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, Face Amount Received in Debt Exchange of $700M 4.875% Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
170,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Repurchase Discount
 
 
 
 
 
50.00% 
 
52.00% 
 
50.00% 
 
54.30% 
 
 
 
52.50% 
 
50.00% 
 
58.00% 
 
 
 
77.50% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain on extinguishment of debt
79,200,000 
0 
392,900,000 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5,300,000 
20,000,000 
900,000 
15,600,000 
15,000,000 
18,000,000 
300,000 
7,100,000 
83,100,000 
54,600,000 
107,300,000 
24,500,000 
54,900,000 
Debt Instrument, Face Amount Exchanged
 
 
 
 
 
 
 
208,500,000 
 
 
 
137,800,000 
 
 
 
261,300,000 
 
 
 
67,000,000 
 
124,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Type
 
 
 
 
 
Fixed 
Fixed 
 
 
Fixed 
Fixed 
 
 
Fixed 
Fixed 
 
 
Fixed 
Fixed 
 
 
Fixed 
Fixed 
 
 
Fixed 
 
Fixed 
 
 
Variable 
Variable 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Final Maturity
 
 
 
 
 
2021 
2021 
 
 
2020 
2020 
 
 
2040 
2040 
 
 
2020 
2020 
 
 
2018 
2018 
 
 
2020 
 
2020 
 
 
2020 
2017 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Face Amount
3,448,200,000 
 
3,448,200,000 
 
3,980,000,000 
700,000,000 
 
 
700,000,000 
500,000,000 
 
 
500,000,000 
800,000,000 
 
 
800,000,000 
400,000,000 
 
 
400,000,000 
500,000,000.0 
 
 
500,000,000 
540,000,000 
0 
544,200,000 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Par Value
 
 
 
 
 
412,500,000 
 
 
690,000,000 
306,700,000 
 
 
490,000,000 
492,800,000 
 
 
800,000,000 
290,800,000 
 
 
395,000,000 
311,200,000 
 
 
480,000,000 
540,000,000 
 
544,200,000 
 
 
550,000,000 
 
1,125,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit facility, amount outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 1
 
0 2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving credit facility, borrowing capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
442,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Letters of credit outstanding
187,300,000 
 
187,300,000 
 
149,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
187,300,000 
 
149,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt
2,721,600,000 
 
2,721,600,000 
 
2,843,300,000 
412,300,000 3
 
 
689,500,000 3
306,300,000 4
 
 
489,400,000 4
487,000,000 5
 
 
790,500,000 5
289,900,000 6
 
 
393,700,000 6
309,900,000 7
 
 
477,400,000 7
506,400,000 
 
407,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,400,000 
2,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt noncurrent portion
2,721,600,000 
 
2,721,600,000 
 
2,843,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Unamortized Discount
 
 
 
 
 
200,000 
 
 
500,000 
400,000 
 
 
600,000 
5,800,000 
 
 
9,500,000 
900,000 
 
 
1,300,000 
1,300,000 
 
 
2,600,000 
33,600,000.0 
 
136,800,000 
147,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Imputed interest rate
 
 
 
 
 
4.89% 
 
 
4.88% 
4.83% 
 
 
4.83% 
6.34% 
 
 
6.34% 
5.98% 
 
 
5.98% 
6.36% 
 
 
5.17% 
9.97% 
 
15.55% 
 
 
 
 
2.94% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit facility remaining capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 255,600,000 
 
$ 975,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
[3] During the third quarter of 2015, we purchased $10.7 million of outstanding 4.875 percent senior notes that were trading at 50.0 percent of par which resulted in a gain on extinguishment of $5.3 million. In addition, during the first quarter of 2015, we purchased $58.3 million of outstanding 4.875 percent senior notes that were trading at 52.0 percent of par, which resulted in a gain on extinguishment of $20.0 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $208.5 million of the 4.875 percent senior notes for $170.3 million of the 7.75 percent second lien notes at a discount of $46.0 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $83.1 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. As of September 30, 2015, the $700.0 million 4.875 percent senior notes were recorded at a par value of $412.5 million less unamortized discounts of $0.2 million, based on an imputed interest rate of 4.89 percent. As of December 31, 2014, the $700.0 million 4.875 percent senior notes were recorded at a par value of $690.0 million less unamortized discounts of $0.5 million based on an imputed interest rate of 4.88 percent.
[4] During the third quarter of 2015, we purchased $1.8 million of outstanding 4.80 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $0.9 million. In addition, during the first quarter of 2015, we purchased $43.8 million of outstanding 4.80 percent senior notes that were trading at 54.3 percent of par, which resulted in a gain on extinguishment of $15.6 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $137.8 million of the 4.80 percent senior notes for $112.9 million of the 7.75 percent second lien notes at a discount of $30.5 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $54.6 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. As of September 30, 2015, the $500.0 million 4.80 percent senior notes were recorded at a par value of $306.7 million less unamortized discounts of $0.4 million, based on an imputed interest rate of 4.83 percent. As of December 31, 2014, the $500.0 million 4.80 percent senior notes were recorded at a par value of $490.0 million less unamortized discounts of $0.6 million based on an imputed interest rate of 4.83 percent.
[5] During the first quarter of 2015, we purchased $45.9 million of outstanding 6.25 percent senior notes that were trading at 52.5 percent of par, which resulted in a gain on extinguishment of $15.0 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $261.3 million of the 6.25 percent senior notes for $203.5 million of the 7.75 percent second lien notes at a discount of $55.0 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $107.3 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. As of September 30, 2015, the $800 million 6.25 percent senior notes were recorded at a par value of $492.8 million less unamortized discounts of $5.8 million, based on an imputed interest rate of 6.34 percent. As of December 31, 2014, the $800 million 6.25 percent senior notes were recorded at a par value of $800.0 million less unamortized discounts of $9.5 million based on an imputed interest rate of 6.34 percent.
[6] During the third quarter of 2015, we purchased $36.0 million of outstanding 5.90 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $18.0 million. In addition, during the first quarter of 2015, we purchased $1.3 million of outstanding 5.90 percent senior notes that were trading at 58.0 percent of par, which resulted in a gain on extinguishment of $0.3 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $67.0 million of the 5.90 percent senior notes for $57.5 million of the 7.75 percent second lien notes at a discount of $15.5 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $24.5 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. As of September 30, 2015, the $400.0 million 5.90 percent senior notes were recorded at a par value of $290.8 million less unamortized discounts of $0.9 million, based on an imputed interest rate of 5.98 percent. As of December 31, 2014, the $400.0 million 5.90 percent senior notes were recorded at a par value of $395.0 million less unamortized discounts of $1.3 million based on an imputed interest rate of 5.98 percent.
[7] During the third quarter, on August 28, 2015, we purchased for cash as part of a tender offer, $124.8 million of the 3.95 percent senior notes for $68.6 million, resulting in a gain on extinguishment of $54.9 million, net of amounts expensed for reacquisition costs, unamortized original issue discount and deferred origination fees. In addition, during the first quarter of 2015, we purchased $44.0 million of outstanding 3.95 percent senior notes that were trading at 77.5 percent of par, which resulted in a gain on the extinguishment of debt of $7.1 million.As of September 30, 2015, the $500.0 million 3.95 percent senior notes were recorded at a par value of $311.2 million less unamortized discounts of $1.3 million, based on an imputed interest rate of 6.36 percent. As of December 31, 2014, the $500.0 million 3.95 percent senior notes were recorded at a par value of $480.0 million less unamortized discounts of $2.6 million based on an imputed interest rate of 5.17 percent.
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES (Schedule of Debt Maturities) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Debt Disclosure [Abstract]
 
Debt Maturities Remainder 2015
$ 0 
Debt Maturities 2016
0 
Debt Maturities 2017
0 
Debt Maturities 2018
311.2 
Debt Maturities 2019
0 
Debt Maturities 2020
1,681.7 
Debt Maturities 2021 and After
905.3 
Long-term Debt, Maturities, Total
$ 2,898.2 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details) (USD $)
9 Months Ended 12 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Dec. 31, 2014
Global Exploration Investment in Venture [Member]
Dec. 31, 2014
Asia Pacific Iron Ore [Member]
Sep. 30, 2015
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
Mar. 31, 2015
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
Dec. 31, 2014
Fair Value, Inputs, Level 2 [Member]
Global Exploration Investment in Venture [Member]
Sep. 30, 2015
Fair Value, Inputs, Level 2 [Member]
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
Mar. 31, 2015
Fair Value, Inputs, Level 2 [Member]
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
Dec. 31, 2014
Fair Value, Inputs, Level 2 [Member]
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
Fair Value, Assets And Liabilities Components [Line Items]
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Par Value
 
 
 
 
$ 544,200,000 
 
 
 
 
 
Debt Instrument, Fair Value Disclosure
 
 
 
 
 
397,200,000 
 
217,700,000 
397,200,000 
0 
Management Estimate of 62% Fe
62.00% 
 
 
 
 
 
 
 
 
 
Equity Method Investments, Fair Value Disclosure
 
 
0 
 
 
 
0 
 
 
 
Equity Method Investment, Other than Temporary Impairment
 
 
9,200,000 
 
 
 
 
 
 
 
Goodwill, Impairment Loss
0 
73,500,000 
 
73,500,000 
 
 
 
 
 
 
Stated interest rate
 
 
 
 
7.75% 
 
 
 
 
 
Debt discount
 
 
 
 
 
0.27 
 
 
 
 
Debt Instrument, Unamortized Discount
 
 
 
 
136,800,000 
147,000,000 
 
 
 
 
Other Asset Impairment Charges
 
$ 562,000,000 
 
 
 
 
 
 
 
 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value Of Assets And Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Assets:
 
 
Cash equivalents
$ 80.0 
 
Derivative assets
10.4 
63.2 
Marketable Securities
 
4.3 
Total
90.4 
67.5 
Liabilities:
 
 
Derivative liabilities
0.8 
9.5 
Foreign exchange contracts
 
31.5 
Total
0.8 
41.0 
Fair Value, Inputs, Level 1 [Member]
 
 
Assets:
 
 
Cash equivalents
80.0 
 
Marketable Securities
 
4.3 
Total
80.0 
4.3 
Fair Value, Inputs, Level 2 [Member]
 
 
Liabilities:
 
 
Foreign exchange contracts
 
31.5 
Total
 
31.5 
Fair Value, Inputs, Level 3 [Member]
 
 
Assets:
 
 
Derivative assets
10.4 
63.2 
Total
10.4 
63.2 
Liabilities:
 
 
Derivative liabilities
0.8 
9.5 
Total
$ 0.8 
$ 9.5 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule Of Quantitative Inputs And Assumptions For Level 3 Assets And Liabilities) (Details) (USD $)
9 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative asset, fair value
$ 10,400,000 
$ 63,200,000 
Derivative liability, fair value
800,000 
41,000,000 
Management Estimate of 62% Fe
62.00% 
 
Not Designated as Hedging Instrument [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative asset, fair value
10,400,000 
63,200,000 
Derivative liability, fair value
800,000 
19,400,000 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Managements Estimate Of 62% Fee [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Management Estimate of 62% Fe
62.00% 
 
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]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fair value measurement with unobservable inputs derivative asset range
56 
 
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]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fair value measurement with unobservable inputs derivative asset range
489 
 
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]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fair value measurement with unobservable inputs derivative asset range
470 
 
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]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fair value measurement with unobservable inputs derivative asset range
515 
 
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]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative asset, fair value
600,000 
 
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]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative asset, fair value
9,800,000 
 
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 liability, fair value
$ 800,000 
 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, Assets and Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
 
 
 
 
Beginning balance - January 1
$ 7.7 
$ 33.0 
$ 63.2 
$ 57.7 
Total gains
 
 
 
 
Included in earnings
15.0 
62.6 
28.1 
124.6 
Settlements
(12.3)
(41.1)
(80.9)
(127.8)
Transfers into Level 3
0 
0 
0 
0 
Transfers out of Level 3
0 
0 
0 
0 
Ending balance - September 30
10.4 
54.5 
10.4 
54.5 
Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
12.2 
62.6 
22.7 
124.6 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
 
 
 
 
Beginning balance - January 1
(8.0)
(20.2)
(9.5)
(1.0)
Total gains
 
 
 
 
Included in earnings
(13.7)
2.3 
(45.4)
(17.9)
Settlements
20.9 
0 
54.1 
1.0 
Transfers into Level 3
0 
0 
0 
0 
Transfers out of Level 3
0 
0 
0 
0 
Ending balance - September 30
(0.8)
(17.9)
(0.8)
(17.9)
Total gains (losses) for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$ (0.5)
$ 2.3 
$ (0.8)
$ (17.9)
FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Value And Fair Value Of Financial Instruments Disclosure) (Details) (USD $)
Sep. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
 
Debt Instrument, Face Amount
$ 3,448,200,000 
 
$ 3,980,000,000 
Long-term debt:
 
 
 
Long-term Debt
2,721,600,000 
 
2,843,300,000 
Total long-term debt, carrying value
2,721,600,000 
 
2,843,300,000 
$700 Million 4.875% 2021 Senior Note [Member]
 
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
 
Debt Instrument, Face Amount
700,000,000 
 
700,000,000 
Long-term debt:
 
 
 
Long-term Debt
412,300,000 1
 
689,500,000 1
Senior Notes - $1.3 Billion [Member]
 
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
 
Debt Instrument, Face Amount
1,300,000,000.0 
 
1,300,000,000.0 
$400 Million 5.90% 2020 Senior Notes [Member]
 
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
 
Debt Instrument, Face Amount
400,000,000 
 
400,000,000 
Long-term debt:
 
 
 
Long-term Debt
289,900,000 2
 
393,700,000 2
$500 Million 3.95% 2018 Senior Notes [Member]
 
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
 
Debt Instrument, Face Amount
500,000,000.0 
 
500,000,000 
Long-term debt:
 
 
 
Long-term Debt
309,900,000 3
 
477,400,000 3
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, Face Amount
540,000,000 
 
0 
Long-term debt:
 
 
 
Long-term Debt
506,400,000 
 
 
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, Face Amount
544,200,000 
 
0 
Long-term debt:
 
 
 
Debt Instrument, Fair Value Disclosure
 
397,200,000 
 
Long-term Debt
407,400,000 
 
 
Revolving Credit Facility [Member]
 
 
 
Long-term debt:
 
 
 
Revolving loan, carrying value
0 4
 
0 5
Interest Rate Swap [Member]
 
 
 
Long-term debt:
 
 
 
Fair Value Adjustment to Interest Rate Hedge
2,400,000 
 
2,800,000 
Fair Value, Inputs, Level 2 [Member]
 
 
 
Long-term debt:
 
 
 
Total long-term debt, fair value
1,318,000,000 
 
1,614,200,000 
Fair Value, Inputs, Level 2 [Member] |
$700 Million 4.875% 2021 Senior Note [Member]
 
 
 
Long-term debt:
 
 
 
Debt Instrument, Fair Value Disclosure
115,400,000 
 
367,300,000 
Fair Value, Inputs, Level 2 [Member] |
Senior Notes - $1.3 Billion [Member]
 
 
 
Long-term debt:
 
 
 
Debt Instrument, Fair Value Disclosure
242,400,000 
 
704,000,000 
Fair Value, Inputs, Level 2 [Member] |
$400 Million 5.90% 2020 Senior Notes [Member]
 
 
 
Long-term debt:
 
 
 
Debt Instrument, Fair Value Disclosure
99,600,000 
 
228,100,000 
Fair Value, Inputs, Level 2 [Member] |
$500 Million 3.95% 2018 Senior Notes [Member]
 
 
 
Long-term debt:
 
 
 
Debt Instrument, Fair Value Disclosure
162,600,000 
 
312,000,000 
Fair Value, Inputs, Level 2 [Member] |
Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member]
 
 
 
Long-term debt:
 
 
 
Debt Instrument, Fair Value Disclosure
477,900,000 
 
0 
Fair Value, Inputs, Level 2 [Member] |
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
 
 
 
Long-term debt:
 
 
 
Debt Instrument, Fair Value Disclosure
217,700,000 
397,200,000 
0 
Fair Value, Inputs, Level 2 [Member] |
Revolving Credit Facility [Member]
 
 
 
Long-term debt:
 
 
 
Revolving loan, fair value
0 
 
0 
Fair Value, Inputs, Level 2 [Member] |
Interest Rate Swap [Member]
 
 
 
Long-term debt:
 
 
 
Fair Value Adjustment to Interest Rate Hedge
2,400,000 
 
2,800,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Long-term debt:
 
 
 
Total long-term debt, carrying value
2,721,600,000 
 
2,843,300,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
$700 Million 4.875% 2021 Senior Note [Member]
 
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
 
Senior Notes, Noncurrent
412,300,000 
 
689,500,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Senior Notes - $1.3 Billion [Member]
 
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
 
Senior Notes, Noncurrent
793,300,000 
 
1,279,900,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
$400 Million 5.90% 2020 Senior Notes [Member]
 
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
 
Senior Notes, Noncurrent
289,900,000 
 
393,700,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
$500 Million 3.95% 2018 Senior Notes [Member]
 
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
 
Senior Notes, Noncurrent
309,900,000 
 
477,400,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [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]
 
 
 
Senior Notes, Noncurrent
506,400,000 
 
0 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [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]
 
 
 
Senior Notes, Noncurrent
407,400,000 
 
0 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Revolving Credit Facility [Member]
 
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
 
Senior Notes, Noncurrent
0 
 
0 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Interest Rate Swap [Member]
 
 
 
Long-term debt:
 
 
 
Fair Value Adjustment to Interest Rate Hedge
$ 2,400,000 
 
$ 2,800,000 
[1] During the third quarter of 2015, we purchased $10.7 million of outstanding 4.875 percent senior notes that were trading at 50.0 percent of par which resulted in a gain on extinguishment of $5.3 million. In addition, during the first quarter of 2015, we purchased $58.3 million of outstanding 4.875 percent senior notes that were trading at 52.0 percent of par, which resulted in a gain on extinguishment of $20.0 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $208.5 million of the 4.875 percent senior notes for $170.3 million of the 7.75 percent second lien notes at a discount of $46.0 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $83.1 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. As of September 30, 2015, the $700.0 million 4.875 percent senior notes were recorded at a par value of $412.5 million less unamortized discounts of $0.2 million, based on an imputed interest rate of 4.89 percent. As of December 31, 2014, the $700.0 million 4.875 percent senior notes were recorded at a par value of $690.0 million less unamortized discounts of $0.5 million based on an imputed interest rate of 4.88 percent.
[2] During the third quarter of 2015, we purchased $36.0 million of outstanding 5.90 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $18.0 million. In addition, during the first quarter of 2015, we purchased $1.3 million of outstanding 5.90 percent senior notes that were trading at 58.0 percent of par, which resulted in a gain on extinguishment of $0.3 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $67.0 million of the 5.90 percent senior notes for $57.5 million of the 7.75 percent second lien notes at a discount of $15.5 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $24.5 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. As of September 30, 2015, the $400.0 million 5.90 percent senior notes were recorded at a par value of $290.8 million less unamortized discounts of $0.9 million, based on an imputed interest rate of 5.98 percent. As of December 31, 2014, the $400.0 million 5.90 percent senior notes were recorded at a par value of $395.0 million less unamortized discounts of $1.3 million based on an imputed interest rate of 5.98 percent.
[3] During the third quarter, on August 28, 2015, we purchased for cash as part of a tender offer, $124.8 million of the 3.95 percent senior notes for $68.6 million, resulting in a gain on extinguishment of $54.9 million, net of amounts expensed for reacquisition costs, unamortized original issue discount and deferred origination fees. In addition, during the first quarter of 2015, we purchased $44.0 million of outstanding 3.95 percent senior notes that were trading at 77.5 percent of par, which resulted in a gain on the extinguishment of debt of $7.1 million.As of September 30, 2015, the $500.0 million 3.95 percent senior notes were recorded at a par value of $311.2 million less unamortized discounts of $1.3 million, based on an imputed interest rate of 6.36 percent. As of December 31, 2014, the $500.0 million 3.95 percent senior notes were recorded at a par value of $480.0 million less unamortized discounts of $2.6 million based on an imputed interest rate of 5.17 percent.
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value Measurements, Nonrecurring) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2015
Sep. 30, 2015
Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Goodwill, Impairment Loss
 
$ 0 
$ 73.5 
Assets, Fair Value Disclosure, Nonrecurring
397.2 
 
79.4 
Impairment of goodwill and other long-lived assets
269.5 
 
644.7 
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Assets, Fair Value Disclosure, Nonrecurring
0 
 
0 
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Assets, Fair Value Disclosure, Nonrecurring
397.2 
 
0 
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Assets, Fair Value Disclosure, Nonrecurring
0 
 
79.4 
Global Exploration Investment in Venture [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Equity Method Investments, Fair Value Disclosure
 
 
0 
Equity Method Investment, Other than Temporary Impairment
 
 
9.2 
Global Exploration Investment in Venture [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Equity Method Investments, Fair Value Disclosure
 
 
0 
Global Exploration Investment in Venture [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Equity Method Investments, Fair Value Disclosure
 
 
0 
Global Exploration Investment in Venture [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Equity Method Investments, Fair Value Disclosure
 
 
0 
Asia Pacific Iron Ore [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Goodwill, Fair Value Disclosure
 
 
0 
Goodwill, Impairment Loss
 
 
73.5 
Asia Pacific Iron Ore [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Goodwill, Fair Value Disclosure
 
 
0 
Asia Pacific Iron Ore [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Goodwill, Fair Value Disclosure
 
 
0 
Asia Pacific Iron Ore [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Goodwill, Fair Value Disclosure
 
 
0 
Other Reporting Units [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
 
0 
Tangible Asset Impairment Charges
 
 
11.3 
Other Reporting Units [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
 
0 
Other Reporting Units [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
 
0 
Other Reporting Units [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
 
0 
Asia Pacific [Member] |
Asia Pacific Iron Ore [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
 
0 
Finite-lived Intangible Assets, Fair Value Disclosure
 
 
0 
Asia Pacific Iron Ore [Member] |
Asia Pacific Iron Ore [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
 
72.4 
Tangible Asset Impairment Charges
 
 
526.5 
Other Asset Impairment Charges
 
 
24.2 
Finite-lived Intangible Assets, Fair Value Disclosure
 
 
7.0 
Asia Pacific Iron Ore [Member] |
Asia Pacific Iron Ore [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
 
0 
Finite-lived Intangible Assets, Fair Value Disclosure
 
 
0 
Asia Pacific Iron Ore [Member] |
Asia Pacific Iron Ore [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
 
72.4 
Finite-lived Intangible Assets, Fair Value Disclosure
 
 
7.0 
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Debt Instrument, Fair Value Disclosure
397.2 
 
 
Gain on new debt issued
269.5 
 
 
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Debt Instrument, Fair Value Disclosure
0 
 
 
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Debt Instrument, Fair Value Disclosure
397.2 
217.7 
0 
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Debt Instrument, Fair Value Disclosure
$ 0 
 
 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Pension Plans, Defined Benefit [Member]
 
 
 
 
Definted Benefit Plan Disclosure [Line Items]
 
 
 
 
Pension Contributions
$ 23.9 
$ 31.8 
$ 34.1 
$ 41.2 
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
 
 
Definted Benefit Plan Disclosure [Line Items]
 
 
 
 
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 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Pension Plan [Member]
 
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
Defined Benefit Plan, Service Cost
$ 3.1 
$ 4.7 
$ 15.7 
$ 18.2 
Defined Benefit Plan, Interest Cost
9.0 
9.6 
27.9 
29.8 
Defined Benefit Plan, Expected Return on Plan Assets
(14.5)
(14.1)
(44.4)
(43.1)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)
0.5 
0.7 
1.7 
1.9 
Defined Benefit Plan, Amortization of Gains (Losses)
4.5 
3.3 
15.3 
10.4 
Defined Benefit Plan, Curtailments
(0.1)
1.7 
0.2 
2.9 
Defined Benefit Plan, Net Periodic Benefit Cost
2.5 
5.9 
16.4 
20.1 
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
Defined Benefit Plan, Service Cost
(1.6)
(1.9)
1.4 
1.4 
Defined Benefit Plan, Interest Cost
2.1 
2.2 
8.6 
9.0 
Defined Benefit Plan, Expected Return on Plan Assets
(4.5)
(4.2)
(13.7)
(12.8)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)
0.6 
0.6 
(1.2)
(1.2)
Defined Benefit Plan, Amortization of Gains (Losses)
1.1 
1.0 
4.2 
3.5 
Defined Benefit Plan, Net Periodic Benefit Cost
$ (2.3)
$ (2.3)
$ (0.7)
$ (0.1)
STOCK COMPENSATION PLANS (Narrative) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Option Indexed to Issuer's Equity, Strike Price
$ 7.70 
2015 Equity Plan [Member] |
Maximum [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized
12.9 
2012 Equity Plan [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Performance/vesting period
3 years 
2015 to 2017 Performance Period [Member] |
2012 Equity Plan [Member] |
Minimum [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Payout rate, as a percentage of the original grant
0.00% 
2015 to 2017 Performance Period [Member] |
2012 Equity Plan [Member] |
Maximum [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Payout rate, as a percentage of the original grant
200.00% 
Performance Shares [Member] |
2012 Amended Equity Plan [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Number of performance shares granted
0.9 
Employee Stock Option [Member] |
2012 Amended Equity Plan [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Number of performance shares granted
0.4 
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
1.5 
Restricted Stock Units (RSUs) [Member] |
2012 Amended Equity Plan [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Number of restricted shares granted
0.9 
STOCK COMPENSATION PLANS (Assumptions Utilized To Estimate Fair Value For Performance Share Grants) (Details) (Performance Shares [Member], USD $)
9 Months Ended
Sep. 30, 2015
January 12, 2015 [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Grant Date Market Price
$ 7.70 
Average Expected Term (Years)
2 years 11 months 20 days 
Expected Volatility
58.30% 
Risk-Free Interest Rate
0.91% 
Dividend Yield
0.00% 
Fair Value
$ 11.56 
Fair Value (Percent of Grant Date Market Price)
150.13% 
February 9, 2015 [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Grant Date Market Price
$ 6.57 
Average Expected Term (Years)
2 years 10 months 20 days 
Expected Volatility
58.30% 
Risk-Free Interest Rate
0.87% 
Dividend Yield
0.00% 
Fair Value
$ 9.86 
Fair Value (Percent of Grant Date Market Price)
150.13% 
STOCK COMPENSATION PLANS Stock Option Activity (Details) (Employee Stock Option [Member], January 12, 2015 [Member], USD $)
9 Months Ended
Sep. 30, 2015
Employee Stock Option [Member] |
January 12, 2015 [Member]
 
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
 
Share Based Compensation Arrangement By Share Based Payment Award Grant Date Price
$ 7.70 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term
6 years 5 months 20 days 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate
75.30% 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate
1.60% 
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate
0.00% 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 5.23 
INCOME TAXES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Income Tax Examination [Line Items]
 
 
Effective Income Tax Rate Reconciliation, Percent
2.10% 
 
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent
35.00% 
 
Discrete Tax Items
$ 162.6 
$ 35.0 
LEASE OBLIGATIONS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Leases [Abstract]
 
 
 
 
Operating lease expense
$ 3.2 
$ 4.4 
$ 9.5 
$ 13.9 
LEASE OBLIGATIONS (Future Minimum Lease Payments) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Capital Leases
 
2015 (July 1 - December 31)
$ 5.9 
2016
23.2 
2017
21.3 
2018
17.2 
2019
9.5 
2020 and thereafter
17.5 
Total minimum lease payments
94.6 
Amounts representing interest
19.5 
Present value of net minimum lease payments
75.1 1
Operating Leases
 
2015 (July 1 - December 31)
2.6 
2016
7.6 
2017
7.0 
2018
6.4 
2019
4.8 
2020 and thereafter
9.9 
Total minimum lease payments
38.3 
Other Current Liabilities [Member]
 
Capital Leases
 
Present value of net minimum lease payments
16.9 
Other Liabilities [Member]
 
Capital Leases
 
Present value of net minimum lease payments
$ 58.2 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Environmental Remediation Obligations [Abstract]
 
 
Total environmental and mine closure obligations
$ 215.3 
$ 170.8 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Summary Of Mine Closure Obligations) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Loss Contingencies [Line Items]
 
 
Environmental
$ 4.3 
$ 5.5 
Mine Reclamation and Closing Liability, current and noncurrent
211.0 
165.3 
Total environmental and mine closure obligations
215.3 
170.8 
Less current portion
3.4 
5.2 
Long term environmental and mine closure obligations
211.9 
165.6 
U.S. Iron Ore [Member] |
Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
171.5 
120.9 
Asia Pacific Iron Ore [Member] |
Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
15.6 
21.5 
LTV Steel Mining Company [Member] |
Previously Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
$ 23.9 
$ 22.9 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Asset Retirement Obligation Disclosure) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 12 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Asset Retirement Obligation [Roll Forward]
 
 
Asset retirement obligation at beginning of period
$ 142.4 
$ 177.6 
Accretion expense
4.5 
5.7 
Exchange rate changes
(1.7)
(2.4)
Revision in estimated cash flows
41.9 
(38.5)
Asset retirement obligation at end of period
$ 187.1 
$ 142.4 
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Goodwill [Line Items]
 
 
 
 
Below Market Sales Contract, Remaining Life
 
 
1 year 
 
Product
$ 542.5 
$ 901.9 
$ 1,399.9 
$ 2,161.7 
Cost of Sales [Member]
 
 
 
 
Goodwill [Line Items]
 
 
 
 
Amortization expense relating to intangible assets
0.9 
2.3 
3.1 
6.9 
Product Revenues [Member] |
Sales Revenue, Goods, Net [Member]
 
 
 
 
Goodwill [Line Items]
 
 
 
 
Product
$ 7.7 
$ 7.7 
$ 15.4 
$ 15.4 
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Schedule Of Goodwill) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 12 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Goodwill [Roll Forward]
 
 
Beginning Balance
$ 2.0 
$ 74.5 
Impairment
0 
(73.5)
Impact of foreign currency translation
0 
1.0 
Ending Balance
2.0 
2.0 
Accumulated goodwill impairment loss
(73.5)
(73.5)
U.S. Iron Ore [Member]
 
 
Goodwill [Roll Forward]
 
 
Beginning Balance
2.0 
2.0 
Impairment
0 
0 
Impact of foreign currency translation
0 
0 
Ending Balance
2.0 
2.0 
Accumulated goodwill impairment loss
0 
0 
Asia Pacific Iron Ore [Member]
 
 
Goodwill [Roll Forward]
 
 
Beginning Balance
0 
72.5 
Impairment
0 
(73.5)
Impact of foreign currency translation
0 
1.0 
Ending Balance
0 
0 
Accumulated goodwill impairment loss
$ (73.5)
$ (73.5)
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Schedule Of Finite-Lived Intangible Assets By Major Class) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
$ 78.2 
$ 79.2 
Definite lived intangible assets - Accumulated Amortization
(19.3)
(16.5)
Definite lived intangible assets - Net Carrying Amount
58.9 
62.7 
Permits [Member] |
Other Assets [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
78.2 
79.2 
Definite lived intangible assets - Accumulated Amortization
(19.3)
(16.5)
Definite lived intangible assets - Net Carrying Amount
58.9 
62.7 
Below Market Sales Contracts [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
(228.9)
(228.9)
Definite lived intangible assets - Accumulated Amortization
198.1 
182.8 
Definite lived intangible assets - Net Carrying Amount
(30.8)
(46.1)
Below Market Sales Contracts [Member] |
Other Current Liabilities [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
(23.0)
(23.0)
Definite lived intangible assets - Net Carrying Amount
(23.0)
(23.0)
Below Market Sales Contracts [Member] |
Other Liabilities [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
(205.9)
(205.9)
Definite lived intangible assets - Accumulated Amortization
198.1 
182.8 
Definite lived intangible assets - Net Carrying Amount
$ (7.8)
$ (23.1)
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Estimated Amortization Expense Relating To Intangible Assets) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Estimated amortization expense, intangible assets [Abstract]
 
2015 (remaining six months)
$ 0.9 
2016
3.7 
2017
4.2 
2018
4.1 
2019
3.0 
2020
2.5 
Total
$ 18.4 
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Schedule Of Earnings To Be Recognized On Below Market Sales Contract) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Estimated recognition of product revenues, below-market sales contracts [Abstract]
 
2015 (remaining six months)
$ 7.7 
2016
23.1 
Total
$ 30.8 
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Canadian Dollar Foreign Exchange Contracts Hedge Prior to De Designation [Member]
Sep. 30, 2014
Canadian Dollar Foreign Exchange Contracts Hedge Prior to De Designation [Member]
Sep. 30, 2014
Interest Rate Swap [Member]
Other Nonoperating Income (Expense) [Member]
Sep. 30, 2014
Interest Rate Swap [Member]
Other Nonoperating Income (Expense) [Member]
Jun. 30, 2014
Interest Rate Swap [Member]
Designated as Hedging Instrument [Member]
Sep. 30, 2015
Australian Dollar Foreign Exchange Contract Hedge Designation [Member]
Product Revenues [Member]
Mar. 31, 2015
Australian Dollar Foreign Exchange Contract Hedge Designation [Member]
Product Revenues [Member]
Sep. 30, 2014
Australian Dollar Foreign Exchange Contract Hedge Designation [Member]
Product Revenues [Member]
Sep. 30, 2015
Australian Dollar Foreign Exchange Contract Hedge Designation [Member]
Product Revenues [Member]
Sep. 30, 2014
Australian Dollar Foreign Exchange Contract Hedge Designation [Member]
Product Revenues [Member]
Sep. 30, 2015
Australian Dollar Foreign Exchange Contract Hedge Designation [Member]
Designated as Hedging Instrument [Member]
Dec. 31, 2014
Australian Dollar Foreign Exchange Contract Hedge Designation [Member]
Designated as Hedging Instrument [Member]
Sep. 30, 2015
Australian Dollar Foreign Exchange Contract Hedge Designation [Member]
Designated as Hedging Instrument [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Sep. 30, 2015
Australian Dollar Foreign Exchange Contract Prior To De Designation [Member]
Not Designated as Hedging Instrument [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Sep. 30, 2015
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member]
Cost of Sales [Member]
Sep. 30, 2014
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member]
Cost of Sales [Member]
Sep. 30, 2015
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member]
Cost of Sales [Member]
Sep. 30, 2014
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member]
Cost of Sales [Member]
Sep. 30, 2015
Canadian Dollar Foreign Exchange Contracts Hedge De Designated [Member] [Member]
Not Designated as Hedging Instrument [Member]
Dec. 31, 2014
Canadian Dollar Foreign Exchange Contracts Hedge De Designated [Member] [Member]
Not Designated as Hedging Instrument [Member]
Sep. 30, 2015
Foreign Exchange Contract [Member]
Other Nonoperating Income (Expense) [Member]
Sep. 30, 2014
Foreign Exchange Contract [Member]
Other Nonoperating Income (Expense) [Member]
Sep. 30, 2015
Foreign Exchange Contract [Member]
Other Nonoperating Income (Expense) [Member]
Sep. 30, 2014
Foreign Exchange Contract [Member]
Other Nonoperating Income (Expense) [Member]
Sep. 30, 2015
Foreign Exchange Contract [Member]
Product Revenues [Member]
Sep. 30, 2014
Foreign Exchange Contract [Member]
Product Revenues [Member]
Sep. 30, 2015
Foreign Exchange Contract [Member]
Product Revenues [Member]
Sep. 30, 2014
Foreign Exchange Contract [Member]
Product Revenues [Member]
Sep. 30, 2015
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Product Revenues [Member]
Sep. 30, 2014
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Product Revenues [Member]
Sep. 30, 2015
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Product Revenues [Member]
Sep. 30, 2014
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Product Revenues [Member]
Sep. 30, 2015
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Derivative Financial Instruments, Assets [Member]
Dec. 31, 2014
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Derivative Financial Instruments, Assets [Member]
Sep. 30, 2015
Provisional Pricing Arrangements [Member]
Product Revenues [Member]
Sep. 30, 2014
Provisional Pricing Arrangements [Member]
Product Revenues [Member]
Sep. 30, 2015
Provisional Pricing Arrangements [Member]
Product Revenues [Member]
Sep. 30, 2014
Provisional Pricing Arrangements [Member]
Product Revenues [Member]
Sep. 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]
Sep. 30, 2014
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Product Revenues [Member]
Sep. 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]
Sep. 30, 2014
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U S Iron Ore And Asia Pacific Iron Ore [Member]
Product Revenues [Member]
Sep. 30, 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]
Dec. 31, 2014
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]
Sep. 30, 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]
Dec. 31, 2014
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]
Sep. 30, 2014
Corporate [Member]
Canadian Dollar Foreign Exchange Contracts Hedge Prior to De Designation [Member]
Sep. 30, 2014
Corporate [Member]
Canadian Dollar Foreign Exchange Contracts Hedge Prior to De Designation [Member]
Sep. 30, 2015
Corporate [Member]
Canadian Dollar Foreign Exchange Contracts Hedge De Designated [Member] [Member]
Not Designated as Hedging Instrument [Member]
Dec. 31, 2014
Corporate [Member]
Canadian Dollar Foreign Exchange Contracts Hedge De Designated [Member] [Member]
Not Designated as Hedging Instrument [Member]
Sep. 30, 2014
Corporate [Member]
Foreign Exchange Contract [Member]
Cost of Sales [Member]
Sep. 30, 2014
Corporate [Member]
Foreign Exchange Contract [Member]
Cost of Sales [Member]
Dec. 31, 2014
Corporate [Member]
Foreign Exchange Contract [Member]
Cost of Sales [Member]
Derivative [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Notional Amount
 
 
 
 
 
 
 
 
$ 250.0 
 
 
 
 
 
$ 0 
$ 220.0 
 
 
 
 
 
 
$ 0 
$ 0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0 
$ 183.0 
 
 
 
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net
 
 
 
 
 
 
0.1 
0.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
16.0 
64.9 
3.1 
103.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1.1)1
0 1
(3.6)1
(3.3)1
(2.1)
0 
(11.8)
0 
 
 
 
 
 
 
7.6 
2.3 
(0.2)
(17.9)
 
 
 
 
 
 
 
 
 
 
 
 
0 
(3.3)
(7.3)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
(4.4)
0.6 
(18.5)
(18.8)
0 
(0.5)
 
 
 
(0.1)
(6.3)
1.6 
(7.4)
(11.2)
 
 
 
 
0 
(1.0)
0 
(7.1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
(0.5)
 
 
 
 
 
Amount that will be reclassified to product revenues in the next 12 months upon settlement of the related contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
(0.4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of gain/(loss) recognized in income on derivative
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11.6 
62.6 
22.1 
124.6 
 
 
 
 
 
 
7.6 
2.3 
(0.2)
(17.9)
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9.8 
63.2 
 
 
 
 
 
 
 
 
0.6 
0 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0.8 
$ 9.5 
 
 
 
 
 
 
 
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
$ 10.4 
$ 63.2 
Derivative liability, fair value
0.8 
41.0 
Designated as Hedging Instrument [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
0 
0 
Derivative liability, fair value
0 
21.6 
Not Designated as Hedging Instrument [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
10.4 
63.2 
Derivative liability, fair value
0.8 
19.4 
Fair Value, Inputs, Level 2 [Member] |
Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member] |
Derivative Financial Instruments, Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
0 
0 
Fair Value, Inputs, Level 2 [Member] |
Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member] |
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability, fair value
0 
21.6 
Fair Value, Inputs, Level 2 [Member] |
Not Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member] |
Derivative Financial Instruments, Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
0 
0 
Fair Value, Inputs, Level 2 [Member] |
Not Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member] |
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability, fair value
0 
9.9 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Customer Supply Agreement [Member] |
Derivative Financial Instruments, Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
 
63.2 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Customer Supply Agreement [Member] |
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability, fair value
0 
0 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Provisional Pricing Arrangements [Member] |
Derivative Financial Instruments, Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
0.6 
0 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Provisional Pricing Arrangements [Member] |
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability, fair value
$ 0.8 
$ 9.5 
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Statements Of Financial Performance Location Table) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Mar. 31, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Derivative [Line Items]
 
 
 
 
 
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
$ 0.1 
 
$ (20.0)
$ (6.5)
$ (12.6)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
(4.4)
 
0.6 
(18.5)
(18.8)
Australian Dollar Foreign Exchange Contract Hedge Designation [Member]
 
 
 
 
 
Derivative [Line Items]
 
 
 
 
 
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
0.1 
 
(12.6)
(2.0)
(3.4)
Australian Dollar Foreign Exchange Contract Hedge Designation [Member] |
Product Revenues [Member]
 
 
 
 
 
Derivative [Line Items]
 
 
 
 
 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
(0.1)
(6.3)
1.6 
(7.4)
(11.2)
Australian Dollar Foreign Exchange Contracts Hedge Prior to De Designation [Member]
 
 
 
 
 
Derivative [Line Items]
 
 
 
 
 
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
0 
 
0 
(4.5)
0 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
(4.3)
 
0 
(11.1)
0 
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member]
 
 
 
 
 
Derivative [Line Items]
 
 
 
 
 
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
0 
 
(7.4)
0 
(9.2)
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member] |
Cost of Sales [Member]
 
 
 
 
 
Derivative [Line Items]
 
 
 
 
 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
0 
 
(1.0)
0 
(7.1)
Canadian Dollar Foreign Exchange Contracts Hedge Prior to De Designation [Member]
 
 
 
 
 
Derivative [Line Items]
 
 
 
 
 
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
 
 
 
0 
0 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
 
 
 
$ 0 
$ (0.5)
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule Of Derivatives Not Designated As Hedging Instruments) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
$ 16.0 
$ 64.9 
$ 3.1 
$ 103.4 
Foreign Exchange Contract [Member] |
Product Revenues [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
(2.1)
0 
(11.8)
0 
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
(1.1)1
0 1
(3.6)1
(3.3)1
Commodity Contract [Member] |
Cost of Sales [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
 
 
(3.4)
0 
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 
0 
 
 
Customer Supply Agreements [Member] |
Product Revenues [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
11.6 
62.6 
22.1 
124.6 
Provisional Pricing Arrangements [Member] |
Product Revenues [Member]
 
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
$ 7.6 
$ 2.3 
$ (0.2)
$ (17.9)
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS (Narrative) (Details) (USD $)
9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2015
Sep. 30, 2015
Canadian Entities [Member]
Sep. 30, 2014
Canadian Entities [Member]
Sep. 30, 2015
Canadian Entities [Member]
Sep. 30, 2014
Canadian Entities [Member]
Sep. 30, 2015
Wabush [Member]
Sep. 30, 2015
North American Coal [Member]
Mar. 31, 2015
North American Coal [Member]
Sep. 30, 2014
North American Coal [Member]
Sep. 30, 2015
North American Coal [Member]
Sep. 30, 2014
North American Coal [Member]
Sep. 30, 2015
Bloom Lake Group [Member]
Dec. 31, 2014
Asia Pacific Iron Ore [Member]
Sep. 30, 2015
Other Current Liabilities [Member]
Bloom Lake Group [Member]
Sep. 30, 2015
Other Liabilities [Member]
Bloom Lake Group [Member]
Sep. 30, 2015
Fair Value, Inputs, Level 3 [Member]
Other Current Assets [Member]
Canadian Entities [Member]
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
 
 
 
 
 
4,900,000 
 
 
 
 
 
 
 
 
 
 
Pension and Other Postretirement Defined Benefit Plans, Liabilities
 
 
 
 
 
 
330,000,000 
 
 
330,000,000 
 
 
 
 
 
 
Discontinued Operation, Tax Effect of Discontinued Operation
 
(700,000)
726,700,000 
0 
807,000,000 
 
2,100,000 
 
278,800,000 
2,600,000 
326,600,000 
 
 
 
 
 
Tangible Asset Impairment Charges
 
 
 
 
 
 
 
73,400,000 
 
 
 
 
526,500,000 
 
 
 
Deconsolidation, Gain (Loss), Amount
(528,200,000)
(13,400,000)
0 
(697,400,000)
0 
(13,400,000)
 
 
 
 
 
818,700,000 
 
 
 
 
Cost Method Investments
 
0 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
Loans, Associated Interest and Accounts Receivable recognized in Consolidated Financials at Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
84,500,000 
Contingent Liabilities recognized in Consolidated Financials
 
 
 
 
 
 
 
 
 
 
 
 
 
105,500,000 
37,400,000 
 
Contingent Liabilities of Deconsolidated Entities
 
$ 500,000 
 
 
 
 
 
 
 
 
 
$ (203,100,000)
 
 
 
 
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 9 Months Ended
Sep. 30, 2015
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX
$ (43.9)
$ (869.0)
$ (6,829.8)
 
Short-term assets of discontinued operations
141.4 
141.4 
 
330.6 
Long-term assets of discontinued operations
0 
0 
 
400.1 
Short-term liabilities of discontinued operations
182.2 
182.2 
 
400.6 
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS
0 
0 
 
436.1 
Depreciation, depletion and amortization
35.6 
99.1 
430.4 
 
Payments to Acquire Property, Plant, and Equipment
 
57.9 
233.2 
 
Asset Impairment Charges, Cash Flows
 
76.6 
7,773.1 
 
North American Coal [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX
(29.8)
(137.0)
(643.6)
 
Short-term assets of discontinued operations
141.4 
141.4 
 
143.8 
Long-term assets of discontinued operations
0 
0 
 
130.4 
Short-term liabilities of discontinued operations
182.2 
182.2 
 
81.3 
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS
0 
0 
 
125.9 
Depreciation, depletion and amortization
 
3.2 
92.1 
 
Payments to Acquire Property, Plant, and Equipment
 
13.1 
25.8 
 
Asset Impairment Charges, Cash Flows
 
73.4 
0 
 
Eastern Canadian Iron Ore [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX
(14.1)
(731.9)
(5,930.4)
 
Short-term assets of discontinued operations
0 
0 
 
183.5 
Long-term assets of discontinued operations
0 
0 
 
256.0 
Short-term liabilities of discontinued operations
0 
0 
 
316.3 
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS
0 
0 
 
304.6 
Depreciation, depletion and amortization
 
0 
126.4 
 
Payments to Acquire Property, Plant, and Equipment
 
0 
160.9 
 
Asset Impairment Charges, Cash Flows
 
0 
6,307.3 
 
Other Canadian Operations [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX
0 
(0.1)
(255.8)
 
Short-term assets of discontinued operations
0 
0 
 
3.3 
Long-term assets of discontinued operations
0 
0 
 
13.7 
Short-term liabilities of discontinued operations
0 
0 
 
3.0 
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS
0 
0 
 
5.6 
Depreciation, depletion and amortization
 
0 
0.3 
 
Payments to Acquire Property, Plant, and Equipment
 
0 
0 
 
Asset Impairment Charges, Cash Flows
 
0 
259.5 
 
Canadian Entities [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX
(14.1)
(732.0)
(6,186.2)
 
Short-term assets of discontinued operations
0 
0 
 
186.8 
Long-term assets of discontinued operations
0 
0 
 
269.7 
Short-term liabilities of discontinued operations
0 
0 
 
319.3 
LONG-TERM LIABILITIES OF DISCONTINUED OPERATIONS
0 
0 
 
310.2 
Depreciation, depletion and amortization
 
0 
126.7 
 
Payments to Acquire Property, Plant, and Equipment
 
0 
160.9 
 
Asset Impairment Charges, Cash Flows
 
0 
6,566.8 
 
Discontinued Operations [Member]
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Depreciation, depletion and amortization
 
3.2 
218.8 
 
Payments to Acquire Property, Plant, and Equipment
 
13.1 
186.7 
 
Asset Impairment Charges, Cash Flows
 
$ 73.4 
$ 6,566.8 
 
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Income Statement - North American Coal (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items]
 
 
 
 
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX
$ (43.9)
$ (6,613.0)
$ (869.0)
$ (6,829.8)
North American Coal [Member]
 
 
 
 
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items]
 
 
 
 
Disposal Group, Including Discontinued Operation, Revenue
78.8 
170.5 
338.1 
515.8 
Disposal Group, Including Discontinued Operation, Costs of Goods Sold
(102.9)
(194.7)
(377.2)
(641.2)
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)
(24.1)
(24.2)
(39.1)
(125.4)
Disposal Group, Including Discontinued Operation, Operating Expense
(7.4)
(5.6)
(25.7)
(15.2)
Disposal Group, Including Discontinued Operation, Other Expense
(0.4)
(0.9)
(1.4)
(1.8)
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax
(31.9)
(30.7)
(66.2)
(142.4)
Impairment of Long-Lived Assets to be Disposed of
0 
(827.8)
(73.4)
(827.8)
Discontinued Operation, Tax Effect of Discontinued Operation
2.1 
278.8 
2.6 
326.6 
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX
$ (29.8)
$ (579.7)
$ (137.0)
$ (643.6)
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
Sep. 30, 2015
Dec. 31, 2014
North American Coal [Member]
 
 
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items]
 
 
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net
$ 35.8 
$ 44.8 
Disposal Group, Including Discontinued Operation, Inventory
21.4 
50.3 
Disposal group, including Discontinued Operations, Prepaid Supplies
28.0 
28.2 
Disposal Group, Including Discontinued Operation, Other Assets, Current
24.1 
20.5 
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment
31.3 
94.7 
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent
0.8 
35.7 
Disposal Group, Including Discontinued Operation, Assets
141.4 
274.2 
Disposal Group, Including Discontinued Operation, Accounts Payable
18.6 
22.4 
Disposal Group, Including Discontinued Operation, Accrued Liabilities
16.6 
27.9 
Disposal Group, Including Discontinued Operation, Other Liabilities, Current
19.7 
31.0 
Disposal group, Including Discontinued Operation, Pension and Other Postretirement Obligations
59.5 
55.8 
Disposal Group Including Discontinued Operations Environmental Loss Contingency And Mine Reclamation And Closing Liability CurrentAnd Noncurrent
35.4 
33.9 
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent
32.4 
36.2 
Disposal Group, Including Discontinued Operation, Liabilities
$ 182.2 
$ 207.2 
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Income Statement - Canadian Entities (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Deconsolidation, Gain (Loss), Amount
 
 
$ (528.2)
 
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX
(43.9)
(6,613.0)
(869.0)
(6,829.8)
Canadian Entities [Member]
 
 
 
 
Disposal Group, Including Discontinued Operation, Revenue
0 
148.0 
11.3 
480.3 
Disposal Group, Including Discontinued Operation, Costs of Goods Sold
0 
(224.7)
(11.1)
(645.2)
Eliminations with Continuing Operations
0 
(27.6)
0 
(56.6)
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)
0 
(104.3)
0.2 
(221.5)
Disposal Group, Including Discontinued Operation, Operating Expense
0 
(87.4)
(33.8)
(200.4)
Disposal Group, Including Discontinued Operation, Other Expense
0 
(1.5)
(1.0)
(4.5)
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax
0 
(193.2)
(34.6)
(426.4)
Deconsolidation, Gain (Loss), Amount
(13.4)
0 
(697.4)
0 
Disposal Group, including discontinued operations, Impairment of long-lived assets
0 
(6,566.8)
0 
(6,566.8)
Discontinued Operation, Tax Effect of Discontinued Operation
(0.7)
726.7 
0 
807.0 
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX
$ (14.1)
$ (6,033.3)
$ (732.0)
$ (6,186.2)
DISCONTINUED OPERATIONS PreTax Exit Costs (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
PreTax Exit Costs [Line Items]
 
 
 
 
Deconsolidation, Gain (Loss), Amount
 
 
$ (528.2)
 
Canadian Entities [Member]
 
 
 
 
PreTax Exit Costs [Line Items]
 
 
 
 
Investment Impairment of Deconsolidation
(13.9)
 
(494.3)
 
Contingent Liabilities of Deconsolidated Entities
0.5 
 
 
 
Deconsolidation, Gain (Loss), Amount
$ (13.4)
$ 0 
$ (697.4)
$ 0 
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 9 Months Ended
Sep. 30, 2015
Sep. 30, 2015
Canadian Entities [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
$ 84.5 
$ 84.5 
Losses on Loans to and Accounts Receivables from the Bloom Lake Group
 
494.3 
Contingent Liabilities of Deconsolidated Entities
0.5 
 
Bloom Lake Group [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Contingent Liabilities and Joint and Several Liabilities, Fair Value Disclosure
142.4 
142.4 
Contingent Liabilities of Deconsolidated Entities
 
(203.1)
Losses on Contingent Liabilities
 
203.1 
Fair Value, Inputs, Level 1 [Member] |
Canadian Entities [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
0 
0 
Fair Value, Inputs, Level 1 [Member] |
Bloom Lake Group [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Contingent Liabilities and Joint and Several Liabilities, Fair Value Disclosure
0 
0 
Fair Value, Inputs, Level 2 [Member] |
Canadian Entities [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
0 
0 
Fair Value, Inputs, Level 2 [Member] |
Bloom Lake Group [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Contingent Liabilities and Joint and Several Liabilities, Fair Value Disclosure
0 
0 
Fair Value, Inputs, Level 3 [Member] |
Bloom Lake Group [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Contingent Liabilities and Joint and Several Liabilities, Fair Value Disclosure
$ 142.4 
$ 142.4 
DISCONTINUED OPERATIONS Schedule of Disposal Groups, including Discontinued Operations, Assets and Liabilities - Canadian Entities (Details) (Canadian Entities [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Canadian Entities [Member]
 
Schedule of Disposal Groups, Including Discontinued Operations, Assets and Liabilities [Line Items]
 
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents
$ 19.7 
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net
37.9 
Disposal Group, Including Discontinued Operation, Inventory
16.3 
Disposal group, including Discontinued Operations, Prepaid Supplies
48.5 
Disposal group, including Discontinued Operations, Income taxes receivable
20.1 
Disposal Group, Including Discontinued Operation, Other Assets, Current
44.3 
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment
249.8 
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent
19.9 
Disposal Group, Including Discontinued Operation, Assets
456.5 
Disposal Group, Including Discontinued Operation, Accounts Payable
83.6 
Disposal Group, Including Discontinued Operation, Accrued Liabilities
200.0 
Disposal Group, Including Discontinued Operation, Other Liabilities, Current
35.7 
Disposal group, Including Discontinued Operation, Pension and Other Postretirement Obligations
79.8 
Disposal Group Including Discontinued Operations Environmental Loss Contingency And Mine Reclamation And Closing Liability CurrentAnd Noncurrent
56.5 
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent
173.9 
Disposal Group, Including Discontinued Operation, Liabilities
$ 629.5 
DISCONTINUED OPERATIONS Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis - North American Coal (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2015
Dec. 31, 2014
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure, Nonrecurring
$ 397.2 
$ 79.4 
Impairment Charges
269.5 
644.7 
North American Coal [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Property, Plant, and Equipment, Fair Value Disclosure
20.4 
 
Tangible Asset Impairment Charges
73.4 
 
Assets, Fair Value Disclosure, Nonrecurring
20.4 
 
Impairment Charges
73.4 
 
Fair Value, Inputs, Level 1 [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure, Nonrecurring
0 
0 
Fair Value, Inputs, Level 1 [Member] |
North American Coal [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Property, Plant, and Equipment, Fair Value Disclosure
0 
 
Assets, Fair Value Disclosure, Nonrecurring
0 
 
Fair Value, Inputs, Level 2 [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure, Nonrecurring
397.2 
0 
Fair Value, Inputs, Level 2 [Member] |
North American Coal [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Property, Plant, and Equipment, Fair Value Disclosure
0 
 
Assets, Fair Value Disclosure, Nonrecurring
0 
 
Fair Value, Inputs, Level 3 [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Assets, Fair Value Disclosure, Nonrecurring
0 
79.4 
Fair Value, Inputs, Level 3 [Member] |
North American Coal [Member]
 
 
Discontinued Operations, Items Measured at Fair Value on a Non-Recurring Basis [Line Items]
 
 
Property, Plant, and Equipment, Fair Value Disclosure
20.4 
 
Assets, Fair Value Disclosure, Nonrecurring
$ 20.4 
 
CAPITAL STOCK (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Preferred Class A [Member]
Sep. 30, 2014
Preferred Class A [Member]
Sep. 30, 2015
Preferred Class A [Member]
Sep. 30, 2014
Preferred Class A [Member]
Aug. 3, 2015
Preferred Class A [Member]
May 1, 2015
Preferred Class A [Member]
Feb. 2, 2015
Preferred Class A [Member]
Nov. 3, 2014
Preferred Class A [Member]
Aug. 1, 2014
Preferred Class A [Member]
May 1, 2014
Preferred Class A [Member]
Dec. 1, 2014
Common Stock [Member]
Sep. 2, 2014
Common Stock [Member]
Jun. 3, 2014
Common Stock [Member]
Mar. 3, 2014
Common Stock [Member]
Aug. 3, 2015
Depositary Share [Member]
May 1, 2015
Depositary Share [Member]
Feb. 2, 2015
Depositary Share [Member]
Nov. 3, 2014
Depositary Share [Member]
Aug. 1, 2014
Depositary Share [Member]
May 1, 2014
Depositary Share [Member]
Dec. 31, 2015
Dividend Declared [Member]
Preferred Class A [Member]
Nov. 2, 2015
Dividend Declared [Member]
Preferred Class A [Member]
Nov. 2, 2015
Dividend Declared [Member]
Depositary Share [Member]
Class of Stock [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends payable, per share
 
 
 
 
 
 
 
 
$ 17.50 
$ 17.50 
$ 17.50 
$ 17.50 
$ 17.50 
$ 17.50 
$ 0.15 
$ 0.150 
$ 0.150 
$ 0.150 
$ 0.44 
$ 0.440 
$ 0.44 
$ 0.440 
$ 0.440 
$ 0.440 
 
$ 17.50 
$ 0.44 
Dividends, Preferred Stock
$ 25.6 
$ 12.8 
$ 38.4 
$ 38.4 
$ 25.6 
$ 12.8 
$ 38.4 
$ 38.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 12.8 
 
 
Elimination of Dividend
$ 0.15 
 
$ 0.15 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Free Cash Flow Due to Quarterly Dividend Elimination
$ 92 
 
$ 92 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SHAREHOLDERS' EQUITY Schedule of Shareholders' Equity (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Dec. 31, 2014
Dec. 31, 2013
Stockholders' Equity Attributable to Parent
$ (1,932.0)
 
$ (1,932.0)
 
$ (1,431.3)
 
Stockholders' Equity Attributable to Noncontrolling Interest
172.5 
 
172.5 
 
(303.0)
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
(1,759.5)
(177.3)
(1,759.5)
(177.3)
(1,734.3)
6,884.3 
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
10.6 
(5,879.6)
(689.0)
(5,939.0)
 
 
INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST
(4.6)
(1,007.6)
(1.5)
(1,004.4)
 
 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
6.0 
(6,887.2)
(690.5)
(6,943.4)
 
 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
14.4 
(5,960.8)
(468.3)
(5,927.5)
 
 
Other Comprehensive Income (Loss), Net of Tax
4.5 
(80.7)
211.4 
13.1 
 
 
OTHER COMPREHENSIVE LOSS (INCOME) ATTRIBUTABLE TO THE NONCONTROLLING INTEREST
(0.7)
(0.5)
9.3 
(1.6)
 
 
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest
 
 
(479.1)
(6,930.3)
 
 
Deconsolidation, Gain (Loss), Amount
 
 
(528.2)
 
 
 
Stock and Other Incentive Plans
 
 
6.0 
(3.4)
 
 
Preferred share dividends
 
 
(38.4)
(107.9)
 
 
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders
 
 
(40.7)
 
 
 
Undistributed Gains To Noncontrolling Interest
 
 
(1.2)
(20.0)
 
 
Cliffs Shareholders Equity [Member]
 
 
 
 
 
 
Stockholders' Equity Attributable to Parent
(1,932.0)
30.7 
(1,932.0)
30.7 
(1,431.3)
6,069.5 
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
 
 
(689.0)
(5,939.0)
 
 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
 
 
220.7 
11.5 
 
 
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
 
 
(468.3)
(5,927.5)
 
 
Deconsolidation, Gain (Loss), Amount
 
 
0 
 
 
 
Stock and Other Incentive Plans
 
 
6.0 
(3.4)
 
 
Preferred share dividends
 
 
(38.4)
(107.9)
 
 
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders
 
 
0 
 
 
 
Undistributed Gains To Noncontrolling Interest
 
 
0 
0 
 
 
Noncontrolling Interest [Member]
 
 
 
 
 
 
Stockholders' Equity Attributable to Noncontrolling Interest
172.5 
(208.0)
172.5 
(208.0)
(303.0)
814.8 
INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST
 
 
(1.5)
(1,004.4)
 
 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest
 
 
(9.3)
1.6 
 
 
OTHER COMPREHENSIVE LOSS (INCOME) ATTRIBUTABLE TO THE NONCONTROLLING INTEREST
 
 
(10.8)
(1,002.8)
 
 
Deconsolidation, Gain (Loss), Amount
 
 
(528.2)
 
 
 
Stock and Other Incentive Plans
 
 
0 
0 
 
 
Preferred share dividends
 
 
0 
0 
 
 
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders
 
 
(40.7)
 
 
 
Undistributed Gains To Noncontrolling Interest
 
 
$ (1.2)
$ (20.0)
 
 
SHAREHOLDERS' EQUITY Accumulate Other Comprehensive Income (Loss) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Member]
Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Member]
Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Member]
Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Member]
Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Member]
Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Member]
Sep. 30, 2015
Accumulated Defined Benefit Plans Adjustment [Member]
Jun. 30, 2015
Accumulated Defined Benefit Plans Adjustment [Member]
Mar. 31, 2015
Accumulated Defined Benefit Plans Adjustment [Member]
Sep. 30, 2014
Accumulated Defined Benefit Plans Adjustment [Member]
Jun. 30, 2014
Accumulated Defined Benefit Plans Adjustment [Member]
Mar. 31, 2014
Accumulated Defined Benefit Plans Adjustment [Member]
Sep. 30, 2015
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Jun. 30, 2015
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Mar. 31, 2015
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Sep. 30, 2014
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Jun. 30, 2014
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Mar. 31, 2014
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Sep. 30, 2015
Accumulated Translation Adjustment [Member]
Jun. 30, 2015
Accumulated Translation Adjustment [Member]
Mar. 31, 2015
Accumulated Translation Adjustment [Member]
Sep. 30, 2014
Accumulated Translation Adjustment [Member]
Jun. 30, 2014
Accumulated Translation Adjustment [Member]
Mar. 31, 2014
Accumulated Translation Adjustment [Member]
Sep. 30, 2015
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Jun. 30, 2015
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Mar. 31, 2015
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Sep. 30, 2014
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Jun. 30, 2014
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Mar. 31, 2014
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Sep. 30, 2015
Accumulated Defined Benefit Plans Adjustment [Member]
Jun. 30, 2015
Accumulated Defined Benefit Plans Adjustment [Member]
Mar. 31, 2015
Accumulated Defined Benefit Plans Adjustment [Member]
Sep. 30, 2014
Accumulated Defined Benefit Plans Adjustment [Member]
Jun. 30, 2014
Accumulated Defined Benefit Plans Adjustment [Member]
Mar. 31, 2014
Accumulated Defined Benefit Plans Adjustment [Member]
Sep. 30, 2015
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Jun. 30, 2015
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Mar. 31, 2015
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Sep. 30, 2014
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Jun. 30, 2014
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Mar. 31, 2014
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Sep. 30, 2015
Accumulated Translation Adjustment [Member]
Jun. 30, 2015
Accumulated Translation Adjustment [Member]
Mar. 31, 2015
Accumulated Translation Adjustment [Member]
Sep. 30, 2014
Accumulated Translation Adjustment [Member]
Jun. 30, 2014
Accumulated Translation Adjustment [Member]
Mar. 31, 2014
Accumulated Translation Adjustment [Member]
Sep. 30, 2015
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Jun. 30, 2015
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Mar. 31, 2015
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Sep. 30, 2014
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Jun. 30, 2014
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Mar. 31, 2014
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax
$ (245.9)
$ (251.8)
$ (251.5)
$ (291.1)
$ (188.3)
$ (199.4)
$ (202.0)
$ (204.9)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated other comprehensive loss
(25.1)
(28.9)
(38.2)
(245.8)
(101.4)
(20.2)
(55.1)
(112.9)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax
0 
(0.1)
(0.2)
(1.0)
0.6 
6.4 
10.1 
6.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax
222.2 
233.6 
232.4 
64.4 
101.0 
166.9 
147.2 
106.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax
(1.4)
(10.6)
(18.9)
(18.1)
(14.7)
5.9 
(10.4)
(20.9)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), before Reclassifications, before Tax
 
 
 
 
 
 
 
 
(7.2)
4.0 
(9.7)
(81.1)
25.6 
41.6 
(0.7)
1.3 
9.3 
3.5 
(1.4)
(0.4)
0.1 
1.0 
2.8 
1.3 
(2.4)
3.8 
(11.4)
1.2 
(14.7)
(65.9)
19.7 
40.5 
4.8 
0.5 
(7.1)
(20.0)
9.7 
(2.3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
$ 11.0 
$ 5.3 
$ 217.3 
$ (0.1)
$ 9.3 
$ 16.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 6.6 
$ (1.6)
$ 30.3 
$ 7.6 
$ 4.0 
$ 3.3 
$ 0 
$ (0.9)
$ (2.0)
$ (7.1)
$ (1.3)
$ 0.1 
$ 0 
$ 0 
$ 182.7 
$ 0 
$ 0 
$ 0 
$ 4.4 
$ 7.8 
$ 6.3 
$ (0.6)
$ 6.6 
$ 12.8 
SHAREHOLDERS' EQUITY Details of Accumulated Other Comprehensive Income (Loss) Components (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
 
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion, Net
$ (4.4)
$ 0.6 
$ (18.5)
$ (18.8)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax
11.0 
1.2 
233.6 
26.7 
Accumulated Defined Benefit Plans Adjustment [Member]
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
 
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)
1.1 1
1.3 1
0.5 1
0.7 1
Defined Benefit Plan, Amortization of Gains (Losses)
5.6 1
4.3 1
19.5 1
13.9 1
Defined Benefit Plan, Curtailments
(0.1)1
1.7 1
0.2 1
2.9 1
Defined Benefit Plan, Effect of Deconsolidation
0 2
0 2
15.1 2
0 2
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax
6.6 
7.3 
35.3 
17.5 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax
0 
1.6 
0 
(1.3)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
6.6 
8.9 
35.3 
16.2 
Realized Gain (Loss) on Marketable Securities [Member]
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
 
Marketable Securities, Realized Gain (Loss)
0 
(9.7)
0 
(11.4)
Accumulated Other-than-Temporary Impairment [Member]
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
 
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities
0 
(0.3)
(3.2)
(0.3)
Realized Gain (Loss) on Marketable Securities and Other than Temporary Impairment [Member]
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
 
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities and Impairment on Securities Arising During Period, before tax
0 
(10.0)
(3.2)
(11.7)
Other Comprehensive Income (Loss), Realized Holding Gain (Loss) on Securities and Impairment on Securities Arising During Period, Tax
0 
2.9 
0.3 
3.4 
Other Comprehensive Income (Loss), Realized Holding Gain (Loss) on Securities and Impairment on Securities Arising During Period, net of tax
0 
(7.1)
(2.9)
(8.3)
Foreign Currency Translation Adjustment [Member]
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax
0 3
0 3
182.7 3
0 3
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax
0 
0 
0 
0 
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax
0 
0 
182.7 
0 
Realized Gain Loss On Derivatives [Member]
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
 
(Gain) Loss on Derivative Instruments, Net, Pretax
6.3 
(0.1)
26.4 
28.1 
Tax on Derivative Instruments Gain/Loss Reclassified from Accumulated OCI in to Earnings
(1.9)
(0.5)
(7.9)
(9.3)
Amount of (gain)/loss recognized in income on derivative
4.4 
(0.6)
18.5 
18.8 
Australian Hedge Contracts [Member] |
Realized Gain Loss On Derivatives [Member]
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
 
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion, Net
6.3 
(1.6)
26.4 
16.7 
Canadian Hedge Contracts [Member] |
Realized Gain Loss On Derivatives [Member]
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
 
 
 
 
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion, Net
$ 0 
$ 1.5 
$ 0 
$ 11.4 
SHAREHOLDERS' EQUITY Narrative (Details)
Sep. 30, 2015
Empire [Member]
 
Noncontrolling Interest, Ownership Percentage by Parent
79.00% 
Tilden [Member]
 
Noncontrolling Interest, Ownership Percentage by Parent
85.00% 
Bloom Lake [Member]
 
Noncontrolling Interest, Ownership Percentage by Parent
82.80% 
CASH FLOW INFORMATION (Narrative) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Preferred Class A [Member]
Sep. 30, 2014
Preferred Class A [Member]
Sep. 30, 2015
Preferred Class A [Member]
Sep. 30, 2014
Preferred Class A [Member]
Aug. 3, 2015
Preferred Class A [Member]
May 1, 2015
Preferred Class A [Member]
Feb. 2, 2015
Preferred Class A [Member]
Nov. 3, 2014
Preferred Class A [Member]
Aug. 1, 2014
Preferred Class A [Member]
May 1, 2014
Preferred Class A [Member]
Aug. 3, 2015
Depositary Share [Member]
May 1, 2015
Depositary Share [Member]
Feb. 2, 2015
Depositary Share [Member]
Nov. 3, 2014
Depositary Share [Member]
Aug. 1, 2014
Depositary Share [Member]
May 1, 2014
Depositary Share [Member]
Dec. 31, 2015
Dividend Declared [Member]
Preferred Class A [Member]
Nov. 2, 2015
Dividend Declared [Member]
Preferred Class A [Member]
Nov. 2, 2015
Dividend Declared [Member]
Depositary Share [Member]
Dividends Payable [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property, Plant and Equipment, Additions
$ 17.7 1
$ 12.1 1
$ 46.6 1 2
$ 49.0 1 2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditure, Discontinued Operations
 
 
22.4 
137.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depositary Share Interest in a Share of 7% Series A Mandatory Convertible Preferred Stock, Class A
 
 
$ 0.025 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends payable, per share
 
 
 
 
 
 
 
 
$ 17.50 
$ 17.50 
$ 17.50 
$ 17.50 
$ 17.50 
$ 17.50 
$ 0.44 
$ 0.440 
$ 0.44 
$ 0.440 
$ 0.440 
$ 0.440 
 
$ 17.50 
$ 0.44 
Preferred stock cash dividend
$ 25.6 
$ 12.8 
$ 38.4 
$ 38.4 
$ 25.6 
$ 12.8 
$ 38.4 
$ 38.4 
 
 
 
 
 
 
 
 
 
 
 
 
$ 12.8 
 
 
RELATED PARTIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2015
Dec. 31, 2014
Sep. 30, 2015
U.S. Iron Ore [Member]
Facility
Sep. 30, 2015
Joint Venture Partners [Member]
U.S. Iron Ore [Member]
Facility
Sep. 30, 2015
Empire [Member]
Arcelor Mittal [Member]
Sep. 30, 2015
Empire [Member]
Arcelor Mittal [Member]
Segment Reporting Information [Line Items]
 
 
 
 
 
 
Recorded Distributions of Partners' Equity Amounts
 
 
 
 
$ 9.0 
$ 40.7 
Due from Related Parties, Current
12.2 
127.6 
 
 
 
 
Number of mines (in number of facilities)
 
 
5 
3 
 
 
Due to Related Parties, Current
10.9 
11.8 
 
 
 
 
Paid Distributions of Partners' Equity Amounts
 
 
 
 
$ 31.7 
$ 31.7 
RELATED PARTIES (Summary Of Other Ownership Interests) (Details)
Sep. 30, 2015
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% 
Bloom Lake [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Parent
82.80% 
Other Noncurrent Assets [Member] |
Hibbing [Member]
 
Related Party Transaction [Line Items]
 
Ownership interest, equity method investment
23.00% 
EARNINGS PER SHARE EARNINGS PER SHARE (Narrative) (Details)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
 
 
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
25.2 
25.2 
25.2 
25.2 
Antidilutive Incremental Common Shares Excluded and Attributable to Share-based Payment Arrangements
0.1 
0.5 
0.2 
0.9 
EARNINGS PER SHARE (Earnings Per Share Computation) (Details) (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
INCOME (LOSS) FROM CONTINUING OPERATIONS
$ 49.9 
$ (274.2)
$ 178.5 
$ (113.6)
Loss (Income) from Continuing Operations Attributable to Noncontrolling Interest
4.6 
(2.5)
(6.2)
(22.4)
Income (Loss) from Continuing Operations Attributable to Parent
54.5 
(276.7)
172.3 
(136.0)
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX
(43.9)
(5,602.9)
(861.3)
(5,803.0)
Net Income (Loss) Attributable to Cliffs Shareholders
10.6 
(5,879.6)
(689.0)
(5,939.0)
PREFERRED STOCK DIVIDENDS
(25.6)
(12.8)
(38.4)
(38.4)
NET LOSS ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
(15.0)
(5,892.4)
(727.4)
(5,977.4)
Earnings (Loss) Per Common Share Attributable to Cliffs Common Shareholders - Basic
 
 
 
 
Continuing operations
$ 0.19 
$ (1.89)
$ 0.87 
$ (1.14)
Discontinued operations
$ (0.29)
$ (36.60)
$ (5.62)
$ (37.91)
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic:
$ (0.10)
$ (38.49)
$ (4.75)
$ (39.05)
Earnings (Loss) Per Common Share Attributable to Cliffs Shareholders - Diluted
 
 
 
 
Continuing operations
$ 0.19 
$ (1.89)
$ 0.87 
$ (1.14)
Discontinued operations
$ (0.29)
$ (36.60)
$ (5.62)
$ (37.91)
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted:
$ (0.10)
$ (38.49)
$ (4.75)
$ (39.05)
Weighted Average Number of Shares:
 
 
 
 
Basic
153,237 
153,108 
153,213 
153,085 
Depositary Shares
0 
0 
0 
0 
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements
0 
0 
0 
0 
Diluted
153,237 
153,108 
153,213 
153,085 
Preferred Class A [Member]
 
 
 
 
PREFERRED STOCK DIVIDENDS
$ (25.6)
$ (12.8)
$ (38.4)
$ (38.4)
SUBSEQUENT EVENTS Subsequent Events (Narrative) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Preferred Class A [Member]
Sep. 30, 2014
Preferred Class A [Member]
Sep. 30, 2015
Preferred Class A [Member]
Sep. 30, 2014
Preferred Class A [Member]
Aug. 3, 2015
Preferred Class A [Member]
May 1, 2015
Preferred Class A [Member]
Feb. 2, 2015
Preferred Class A [Member]
Nov. 3, 2014
Preferred Class A [Member]
Aug. 1, 2014
Preferred Class A [Member]
May 1, 2014
Preferred Class A [Member]
Dec. 31, 2015
Preferred Class A [Member]
Dividend Declared [Member]
Nov. 2, 2015
Preferred Class A [Member]
Dividend Declared [Member]
Aug. 3, 2015
Depositary Share [Member]
May 1, 2015
Depositary Share [Member]
Feb. 2, 2015
Depositary Share [Member]
Nov. 3, 2014
Depositary Share [Member]
Aug. 1, 2014
Depositary Share [Member]
May 1, 2014
Depositary Share [Member]
Nov. 2, 2015
Depositary Share [Member]
Dividend Declared [Member]
Subsequent Event [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends payable, per share
 
 
 
 
 
 
 
 
$ 17.50 
$ 17.50 
$ 17.50 
$ 17.50 
$ 17.50 
$ 17.50 
 
$ 17.50 
$ 0.44 
$ 0.440 
$ 0.44 
$ 0.440 
$ 0.440 
$ 0.440 
$ 0.44 
Dividends, Preferred Stock
$ 25.6 
$ 12.8 
$ 38.4 
$ 38.4 
$ 25.6 
$ 12.8 
$ 38.4 
$ 38.4 
 
 
 
 
 
 
$ 12.8