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