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	)	$	—