PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 5 - 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, 2014 and December 31, 2013:

	(In Millions)
	September 30, 2014			December 31, 2013
Land rights and mineral rights	$	1,947.6		$	7,819.6
Office and information technology	80.7			125.7
Buildings	88.9			255.2
Mining equipment	1,399.5			1,819.3
Processing equipment	361.9			2,148.6
Electric power facilities	57.4			114.3
Port facilities	27.6			99.4
Interest capitalized during construction	18.8			23.8
Land improvements	32.5			69.3
Other	65.5			104.4
Construction in-progress	94.1			991.3
	4,174.5			13,570.9
Accumulated depreciation and depletion	(966.6		)	(2,417.5		)
	$	3,207.9		$	11,153.4

We recorded depreciation and depletion expense of $141.3 million and $422.1 million in the Statements of Unaudited Condensed Consolidated Operations for the three and nine months endedSeptember 30, 2014, respectively. This compares with depreciation and depletion expense of $148.3 million and $423.1 million for the three and nine months endedSeptember 30, 2013, respectively.

At September 30, 2014, there was no accumulated amount of capitalized interest included within construction in-progress. At December 31, 2013, $31.4 million of capitalized interest was included within construction in-progress, of which $17.4 million was capitalized during 2013.

At September 30, 2014, we determined that indicators of impairment with respect to certain of our long-lived assets and asset groups existed at September 30, 2014. Our asset groups generally consist of the assets and liabilities of one or more mines, preparation plants and associated reserves for which the lowest level of identifiable cash flows are largely independent of cash flows of other mines, preparation plants and associated reserves and resources. Refer to NOTE 7 - FAIR VALUE MEASUREMENTS for further discussion of the impairment indicators.

As a result of these assessments, we determined that the cash flows associated with our Eastern Canadian Iron Ore, Asia Pacific Iron Ore, North American Coal and Ferroalloys asset groups were not sufficient to support the recoverability of the carrying value of these productive assets. Accordingly, during the third quarter of 2014, an other long-lived asset impairment charge of $7,674.3 million was recorded as Impairment of goodwill and other long-lived assets in the Statements of Unaudited Condensed Consolidated Operations related to property, plant and equipment. The fair value estimates were calculated primarily using an income approach. Refer to NOTE 7 - FAIR VALUE MEASUREMENTS for further discussion of these impairments and related fair value estimates.