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FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Value And Fair Value Of Financial Instruments Disclosure) (Details) (USD $)
Mar. 31, 2015
Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Face Amount $ 3,621,500,000us-gaap_DebtInstrumentFaceAmount $ 3,980,000,000us-gaap_DebtInstrumentFaceAmount
Long-term debt:    
Long-term Debt 2,880,900,000us-gaap_LongTermDebt 2,843,300,000us-gaap_LongTermDebt
Total long-term debt, carrying value 2,880,900,000us-gaap_LongTermDebtNoncurrent 2,843,300,000us-gaap_LongTermDebtNoncurrent
$700 Million 4.875% 2021 Senior Note [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Face Amount 700,000,000us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= clf_SevenHundredMillionFourPointEightSevenFiveTwoThousandTwentyoneSeniorNoteMember
700,000,000us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= clf_SevenHundredMillionFourPointEightSevenFiveTwoThousandTwentyoneSeniorNoteMember
Long-term debt:    
Long-term Debt 422,900,000us-gaap_LongTermDebt
/ us-gaap_DebtInstrumentAxis
= clf_SevenHundredMillionFourPointEightSevenFiveTwoThousandTwentyoneSeniorNoteMember
[1] 689,500,000us-gaap_LongTermDebt
/ us-gaap_DebtInstrumentAxis
= clf_SevenHundredMillionFourPointEightSevenFiveTwoThousandTwentyoneSeniorNoteMember
[1]
Senior Notes - $1.3 Billion [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Face Amount 1,300,000,000.0us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= clf_SeniorNotesOnePointThreeBillionMember
1,300,000,000.0us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= clf_SeniorNotesOnePointThreeBillionMember
$400 Million 5.90% 2020 Senior Notes [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Face Amount 400,000,000us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= clf_FourHundredMillionFivePointNineZeroTwoThousandAndTwentySeniorNoteMember
400,000,000us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= clf_FourHundredMillionFivePointNineZeroTwoThousandAndTwentySeniorNoteMember
Long-term debt:    
Long-term Debt 325,700,000us-gaap_LongTermDebt
/ us-gaap_DebtInstrumentAxis
= clf_FourHundredMillionFivePointNineZeroTwoThousandAndTwentySeniorNoteMember
[2] 393,700,000us-gaap_LongTermDebt
/ us-gaap_DebtInstrumentAxis
= clf_FourHundredMillionFivePointNineZeroTwoThousandAndTwentySeniorNoteMember
[2]
$500 Million 3.95% 2018 Senior Notes [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt Instrument, Face Amount 500,000,000.0us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= clf_FiveHundredMillionThreePointNineFiveTwoThousandEighteenSeniorNoteMember
500,000,000us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= clf_FiveHundredMillionThreePointNineFiveTwoThousandEighteenSeniorNoteMember
Long-term debt:    
Long-term Debt 433,800,000us-gaap_LongTermDebt
/ us-gaap_DebtInstrumentAxis
= clf_FiveHundredMillionThreePointNineFiveTwoThousandEighteenSeniorNoteMember
[3] 477,400,000us-gaap_LongTermDebt
/ us-gaap_DebtInstrumentAxis
= clf_FiveHundredMillionThreePointNineFiveTwoThousandEighteenSeniorNoteMember
[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 540,000,000us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= clf_FivehundredfortymillionEightpointtwofiveTwentytwentyFirstLienNotesMember
0us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= clf_FivehundredfortymillionEightpointtwofiveTwentytwentyFirstLienNotesMember
Long-term debt:    
Long-term Debt 503,500,000us-gaap_LongTermDebt
/ us-gaap_DebtInstrumentAxis
= clf_FivehundredfortymillionEightpointtwofiveTwentytwentyFirstLienNotesMember
[3]  
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 544,200,000us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= clf_FivehundredFortyfourMillionSevenPointSevenFiveTwentyTwentySecondLienNotesMember
0us-gaap_DebtInstrumentFaceAmount
/ us-gaap_DebtInstrumentAxis
= clf_FivehundredFortyfourMillionSevenPointSevenFiveTwentyTwentySecondLienNotesMember
Long-term debt:    
Debt Instrument, Fair Value Disclosure 397,200,000us-gaap_DebtInstrumentFairValue
/ us-gaap_DebtInstrumentAxis
= clf_FivehundredFortyfourMillionSevenPointSevenFiveTwentyTwentySecondLienNotesMember
 
Long-term Debt 397,200,000us-gaap_LongTermDebt
/ us-gaap_DebtInstrumentAxis
= clf_FivehundredFortyfourMillionSevenPointSevenFiveTwentyTwentySecondLienNotesMember
[3]  
Revolving Credit Facility [Member]    
Long-term debt:    
Revolving loan, carrying value 0us-gaap_LineOfCredit
/ us-gaap_DebtInstrumentAxis
= us-gaap_RevolvingCreditFacilityMember
[4] 0us-gaap_LineOfCredit
/ us-gaap_DebtInstrumentAxis
= us-gaap_RevolvingCreditFacilityMember
[5]
Interest Rate Swap [Member]    
Long-term debt:    
Fair Value Adjustment to Interest Rate Hedge 2,700,000clf_FairValueAdjustmenttoInterestRateHedge
/ us-gaap_DebtInstrumentAxis
= us-gaap_InterestRateSwapMember
2,800,000clf_FairValueAdjustmenttoInterestRateHedge
/ us-gaap_DebtInstrumentAxis
= us-gaap_InterestRateSwapMember
Fair Value, Inputs, Level 2 [Member]    
Long-term debt:    
Total long-term debt, fair value 2,081,700,000us-gaap_LongTermDebtFairValue
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
1,614,200,000us-gaap_LongTermDebtFairValue
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
Fair Value, Inputs, Level 2 [Member] | $700 Million 4.875% 2021 Senior Note [Member]    
Long-term debt:    
Debt Instrument, Fair Value Disclosure 220,000,000us-gaap_DebtInstrumentFairValue
/ us-gaap_DebtInstrumentAxis
= clf_SevenHundredMillionFourPointEightSevenFiveTwoThousandTwentyoneSeniorNoteMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
367,300,000us-gaap_DebtInstrumentFairValue
/ us-gaap_DebtInstrumentAxis
= clf_SevenHundredMillionFourPointEightSevenFiveTwoThousandTwentyoneSeniorNoteMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
Fair Value, Inputs, Level 2 [Member] | Senior Notes - $1.3 Billion [Member]    
Long-term debt:    
Debt Instrument, Fair Value Disclosure 425,800,000us-gaap_DebtInstrumentFairValue
/ us-gaap_DebtInstrumentAxis
= clf_SeniorNotesOnePointThreeBillionMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
704,000,000us-gaap_DebtInstrumentFairValue
/ us-gaap_DebtInstrumentAxis
= clf_SeniorNotesOnePointThreeBillionMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
Fair Value, Inputs, Level 2 [Member] | $400 Million 5.90% 2020 Senior Notes [Member]    
Long-term debt:    
Debt Instrument, Fair Value Disclosure 190,500,000us-gaap_DebtInstrumentFairValue
/ us-gaap_DebtInstrumentAxis
= clf_FourHundredMillionFivePointNineZeroTwoThousandAndTwentySeniorNoteMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
228,100,000us-gaap_DebtInstrumentFairValue
/ us-gaap_DebtInstrumentAxis
= clf_FourHundredMillionFivePointNineZeroTwoThousandAndTwentySeniorNoteMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
Fair Value, Inputs, Level 2 [Member] | $500 Million 3.95% 2018 Senior Notes [Member]    
Long-term debt:    
Debt Instrument, Fair Value Disclosure 337,900,000us-gaap_DebtInstrumentFairValue
/ us-gaap_DebtInstrumentAxis
= clf_FiveHundredMillionThreePointNineFiveTwoThousandEighteenSeniorNoteMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
312,000,000us-gaap_DebtInstrumentFairValue
/ us-gaap_DebtInstrumentAxis
= clf_FiveHundredMillionThreePointNineFiveTwoThousandEighteenSeniorNoteMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
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 507,600,000us-gaap_DebtInstrumentFairValue
/ us-gaap_DebtInstrumentAxis
= clf_FivehundredfortymillionEightpointtwofiveTwentytwentyFirstLienNotesMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
0us-gaap_DebtInstrumentFairValue
/ us-gaap_DebtInstrumentAxis
= clf_FivehundredfortymillionEightpointtwofiveTwentytwentyFirstLienNotesMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
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 397,200,000us-gaap_DebtInstrumentFairValue
/ us-gaap_DebtInstrumentAxis
= clf_FivehundredFortyfourMillionSevenPointSevenFiveTwentyTwentySecondLienNotesMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
0us-gaap_DebtInstrumentFairValue
/ us-gaap_DebtInstrumentAxis
= clf_FivehundredFortyfourMillionSevenPointSevenFiveTwentyTwentySecondLienNotesMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility [Member]    
Long-term debt:    
Revolving loan, fair value 0us-gaap_LinesOfCreditFairValueDisclosure
/ us-gaap_DebtInstrumentAxis
= us-gaap_RevolvingCreditFacilityMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
0us-gaap_LinesOfCreditFairValueDisclosure
/ us-gaap_DebtInstrumentAxis
= us-gaap_RevolvingCreditFacilityMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]    
Long-term debt:    
Fair Value Adjustment to Interest Rate Hedge 2,700,000clf_FairValueAdjustmenttoInterestRateHedge
/ us-gaap_DebtInstrumentAxis
= us-gaap_InterestRateSwapMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
2,800,000clf_FairValueAdjustmenttoInterestRateHedge
/ us-gaap_DebtInstrumentAxis
= us-gaap_InterestRateSwapMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Long-term debt:    
Total long-term debt, carrying value 2,880,900,000us-gaap_LongTermDebtNoncurrent
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
2,843,300,000us-gaap_LongTermDebtNoncurrent
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
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 422,900,000us-gaap_SeniorLongTermNotes
/ us-gaap_DebtInstrumentAxis
= clf_SevenHundredMillionFourPointEightSevenFiveTwoThousandTwentyoneSeniorNoteMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
689,500,000us-gaap_SeniorLongTermNotes
/ us-gaap_DebtInstrumentAxis
= clf_SevenHundredMillionFourPointEightSevenFiveTwoThousandTwentyoneSeniorNoteMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
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 795,100,000us-gaap_SeniorLongTermNotes
/ us-gaap_DebtInstrumentAxis
= clf_SeniorNotesOnePointThreeBillionMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
1,279,900,000us-gaap_SeniorLongTermNotes
/ us-gaap_DebtInstrumentAxis
= clf_SeniorNotesOnePointThreeBillionMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
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 325,700,000us-gaap_SeniorLongTermNotes
/ us-gaap_DebtInstrumentAxis
= clf_FourHundredMillionFivePointNineZeroTwoThousandAndTwentySeniorNoteMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
393,700,000us-gaap_SeniorLongTermNotes
/ us-gaap_DebtInstrumentAxis
= clf_FourHundredMillionFivePointNineZeroTwoThousandAndTwentySeniorNoteMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
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 433,800,000us-gaap_SeniorLongTermNotes
/ us-gaap_DebtInstrumentAxis
= clf_FiveHundredMillionThreePointNineFiveTwoThousandEighteenSeniorNoteMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
477,400,000us-gaap_SeniorLongTermNotes
/ us-gaap_DebtInstrumentAxis
= clf_FiveHundredMillionThreePointNineFiveTwoThousandEighteenSeniorNoteMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
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 503,500,000us-gaap_SeniorLongTermNotes
/ us-gaap_DebtInstrumentAxis
= clf_FivehundredfortymillionEightpointtwofiveTwentytwentyFirstLienNotesMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
0us-gaap_SeniorLongTermNotes
/ us-gaap_DebtInstrumentAxis
= clf_FivehundredfortymillionEightpointtwofiveTwentytwentyFirstLienNotesMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
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 397,200,000us-gaap_SeniorLongTermNotes
/ us-gaap_DebtInstrumentAxis
= clf_FivehundredFortyfourMillionSevenPointSevenFiveTwentyTwentySecondLienNotesMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
0us-gaap_SeniorLongTermNotes
/ us-gaap_DebtInstrumentAxis
= clf_FivehundredFortyfourMillionSevenPointSevenFiveTwentyTwentySecondLienNotesMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
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 0us-gaap_SeniorLongTermNotes
/ us-gaap_DebtInstrumentAxis
= us-gaap_RevolvingCreditFacilityMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
0us-gaap_SeniorLongTermNotes
/ us-gaap_DebtInstrumentAxis
= us-gaap_RevolvingCreditFacilityMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]    
Long-term debt:    
Fair Value Adjustment to Interest Rate Hedge $ 2,700,000clf_FairValueAdjustmenttoInterestRateHedge
/ us-gaap_DebtInstrumentAxis
= us-gaap_InterestRateSwapMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
$ 2,800,000clf_FairValueAdjustmenttoInterestRateHedge
/ us-gaap_DebtInstrumentAxis
= us-gaap_InterestRateSwapMember
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_FairValueByMeasurementBasisAxis
= us-gaap_CarryingReportedAmountFairValueDisclosureMember
[1] During the first quarter of 2015, we purchased $58.3 million of outstanding 4.875 percent senior notes that were trading at a discount of 52.0 percent which resulted in a gain on extinguishment of $20.0 million. In addition, 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 March 31, 2015, the $700.0 million 4.875 percent senior notes were recorded at a par value of $423.2 million less unamortized discounts of $0.3 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 first quarter of 2015, we purchased $1.3 million of outstanding 5.90 percent senior notes that were trading at a discount of 58.0 percent, which resulted in a gain on extinguishment of $0.3 million. In addition, 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 March 31, 2015, the $400.0 million 5.90 percent senior notes were recorded at a par value of $326.8 million less unamortized discounts of $1.1 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 first quarter of 2015, we purchased $44.0 million of outstanding 3.95 percent senior notes that were trading at a discount of 77.5 percent, which resulted in a gain on the extinguishment of debt of $7.1 million. As of March 31, 2015, the $500.0 million 3.95 percent senior notes were recorded at a par value of $436.0 million less unamortized discounts of $2.2 million, based on an imputed interest rate of 6.32 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.
[4] As of March 31, 2015, no loans were drawn under the ABL Facility and we had total availability of $441.1 million as a result of borrowing base limitations. As of March 31, 2015, the principal amount of letter of credit obligations totaled $136.2 million and foreign exchange hedge obligations totaled $5.5 million, thereby further reducing available borrowing capacity on our ABL Facility to $299.4 million.
[5] As of December 31, 2014, we had no revolving loans drawn under the revolving credit agreement of which had $1.125 billion availability. As of December 31, 2014, the principal amount of letter of credit obligations totaled $149.5 million, thereby further reducing available borrowing capacity on the revolving credit agreement to $975.5 million.