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NEW ACCOUNTING STANDARDS (Tables)
3 Months Ended
Mar. 31, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of Topic 606 were as follows:
 
 
($ in Millions)
 
 
Balance at December 31, 2017
 
Adjustments due to Topic 606
 
Balance at January 1, 2018
ASSETS
 
 
 
 
 
 
CURRENT ASSETS
 
 
 


 


Cash and cash equivalents
 
$
1,007.7

 
$

 
$
1,007.7

Accounts receivable, net
 
140.6

 
76.6

 
217.2

Inventories
 
183.4

 
(51.4
)
 
132.0

Supplies and other inventories
 
93.9

 

 
93.9

Derivative assets
 
39.4

 
11.6

 
51.0

Loans to and accounts receivable from the Canadian Entities
 
51.6

 

 
51.6

Other current assets
 
28.0

 

 
28.0

TOTAL CURRENT ASSETS
 
1,544.6

 
36.8

 
1,581.4

PROPERTY, PLANT AND EQUIPMENT, NET
 
1,051.0

 

 
1,051.0

OTHER ASSETS
 
 
 
 
 
 
Deposits for property, plant and equipment
 
17.8

 

 
17.8

Income tax receivable
 
235.3

 

 
235.3

Other non-current assets
 
104.7

 

 
104.7

TOTAL OTHER ASSETS
 
357.8

 

 
357.8

TOTAL ASSETS
 
$
2,953.4

 
$
36.8

 
$
2,990.2

 
 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
Accounts payable
 
$
127.7

 
$
1.4

 
$
129.1

Accrued expenses
 
107.1

 

 
107.1

Accrued interest
 
31.4

 

 
31.4

Contingent claims
 
55.6

 

 
55.6

Partnership distribution payable
 
44.2

 

 
44.2

Other current liabilities
 
86.2

 
1.4

 
87.6

TOTAL CURRENT LIABILITIES
 
452.2

 
2.8

 
455.0

PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES
 
257.7

 

 
257.7

ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
 
196.5

 

 
196.5

LONG-TERM DEBT
 
2,304.2

 

 
2,304.2

OTHER LIABILITIES
 
186.9

 

 
186.9

TOTAL LIABILITIES
 
3,397.5

 
2.8

 
3,400.3

EQUITY
 
 
 
 
 
 
CLIFFS SHAREHOLDERS' DEFICIT
 
(444.3
)
 
34.0

 
(410.3
)
NONCONTROLLING INTEREST
 
0.2

 

 
0.2

TOTAL DEFICIT
 
(444.1
)
 
34.0

 
(410.1
)
TOTAL LIABILITIES AND DEFICIT
 
$
2,953.4

 
$
36.8

 
$
2,990.2

The impact of adoption on our Statements of Unaudited Condensed Consolidated Operations and Statements of Unaudited Condensed Consolidated Financial Position is as follows:
 
 
($ in Millions)
 
 
Three Months Ended March 31, 2018
 
 
As Reported
 
Balances without Adoption of Topic 606
 
Effect of Change
REVENUES FROM PRODUCT SALES AND SERVICES
 
 
 
 
 
 
Product
 
$
220.7

 
$
279.1

 
$
(58.4
)
Freight and venture partners' cost reimbursements
 
18.3

 
22.4

 
(4.1
)
 
 
239.0

 
301.5

 
(62.5
)
COST OF GOODS SOLD AND OPERATING EXPENSES
 
(242.6
)
 
(286.2
)
 
43.6

SALES MARGIN
 
(3.6
)
 
15.3

 
(18.9
)
OTHER OPERATING EXPENSE
 
 
 
 
 
 
Selling, general and administrative expenses
 
(27.7
)
 
(27.7
)
 

Miscellaneous – net
 
(8.7
)
 
(8.7
)
 

 
 
(36.4
)
 
(36.4
)
 

OPERATING LOSS
 
(40.0
)
 
(21.1
)
 
(18.9
)
OTHER INCOME (EXPENSE)
 
 
 
 
 
 
Interest expense, net
 
(33.5
)
 
(33.5
)
 

Other non-operating income
 
4.4

 
4.4

 

 
 
(29.1
)
 
(29.1
)
 

LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
(69.1
)
 
(50.2
)
 
(18.9
)
INCOME TAX EXPENSE
 
(15.7
)
 
(15.7
)
 

LOSS FROM CONTINUING OPERATIONS
 
(84.8
)
 
(65.9
)
 
(18.9
)
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX
 
0.5

 
0.5

 

NET LOSS
 
(84.3
)
 
(65.4
)
 
(18.9
)
LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST
 

 

 

NET LOSS ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
 
$
(84.3
)
 
$
(65.4
)
 
$
(18.9
)
LOSS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS – BASIC
 
 
 
 
 
 
Continuing operations
 
$
(0.29
)
 
$
(0.23
)
 
$
(0.06
)
Discontinued operations
 

 

 

 
 
$
(0.29
)
 
$
(0.23
)
 
$
(0.06
)
LOSS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS – DILUTED
 
 
 
 
 
 
Continuing operations
 
$
(0.29
)
 
$
(0.23
)
 
$
(0.06
)
Discontinued operations
 

 

 

 
 
$
(0.29
)
 
$
(0.23
)
 
$
(0.06
)
AVERAGE NUMBER OF SHARES (IN THOUSANDS)
 
 
 
 
 
 
Basic
 
297,266

 
297,266

 
 
Diluted
 
297,266

 
297,266

 
 
 
 
($ in Millions)
 
 
March 31, 2018
 
 
As Reported
 
Balances without Adoption of Topic 606
 
Effect of Change
ASSETS
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 


Cash and cash equivalents
 
$
786.6

 
$
786.6

 
$

Accounts receivable, net
 
47.2

 
24.9

 
22.3

Inventories
 
324.4

 
332.0

 
(7.6
)
Supplies and other inventories
 
81.7

 
81.7

 

Derivative assets
 
93.6

 
91.3

 
2.3

Loans to and accounts receivable from the Canadian Entities
 
50.4

 
50.4

 

Other current assets
 
28.5

 
28.5

 

TOTAL CURRENT ASSETS
 
1,412.4

 
1,395.4

 
17.0

PROPERTY, PLANT AND EQUIPMENT, NET
 
1,047.3

 
1,047.3

 

OTHER ASSETS
 
 
 
 
 
 
Deposits for property, plant and equipment
 
74.1

 
74.1

 

Income tax receivable
 
219.9

 
219.9

 

Other non-current assets
 
109.2

 
109.2

 

TOTAL OTHER ASSETS
 
403.2

 
403.2

 

TOTAL ASSETS
 
2,862.9

 
2,845.9

 
17.0

 
 
 
 
 
 
 
LIABILITIES
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
Accounts payable
 
$
99.5

 
$
99.2

 
$
0.3

Accrued expenses
 
94.4

 
94.4

 

Accrued interest
 
28.2

 
28.2

 

Contingent claims
 
54.3

 
54.3

 

Partnership distribution payable
 
44.2

 
44.2

 

Other current liabilities
 
104.3

 
104.0

 
0.3

TOTAL CURRENT LIABILITIES
 
424.9

 
424.3

 
0.6

PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES
 
251.4

 
251.4

 

ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
 
181.2

 
181.2

 

LONG-TERM DEBT
 
2,308.2

 
2,308.2

 

OTHER LIABILITIES
 
182.0

 
182.0

 

TOTAL LIABILITIES
 
3,347.7

 
3,347.1

 
0.6

EQUITY
 
 
 
 
 
 
CLIFFS SHAREHOLDERS' DEFICIT
 
(485.0
)
 
(501.4
)
 
16.4

NONCONTROLLING INTEREST
 
0.2

 
0.2

 

TOTAL DEFICIT
 
(484.8
)
 
(501.2
)
 
16.4

TOTAL LIABILITIES AND DEFICIT
 
$
2,862.9

 
$
2,845.9

 
$
17.0

The effect of the retrospective presentation change related to the net periodic cost of our defined benefit pension and other postretirement employee benefits plans on our Statements of Unaudited Condensed Consolidated Operations was as follows:
 
 
($ in Millions)
 
 
Three Months Ended March 31, 2017
 
 
As Revised
 
Previously Reported
 
Effect of Change
Cost of goods sold and operating expenses
 
$
(365.3
)
 
$
(365.9
)
 
$
0.6

Selling, general and administrative expenses
 
$
(27.7
)
 
$
(25.7
)
 
$
(2.0
)
Miscellaneous – net
 
$
11.5

 
$
11.9

 
$
(0.4
)
Operating income
 
$
80.1

 
$
81.9

 
$
(1.8
)
Other non-operating income
 
$
2.5

 
$
0.7

 
$
1.8

Net Loss
 
$
(29.8
)
 
$
(29.8
)
 
$