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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2020

The following represents the assets and liabilities measured at fair value:


	(In Millions)
	September 30, 2020
	Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:

Other current assets:
Commodity contracts	$	—	$	15.8	$	—	$	15.8
Customer supply agreement	—		—		34.5		34.5
Provisional pricing arrangement	—		—		26.9		26.9
Other non-current assets:
Commodity contracts	—		1.8		—		1.8
Total	$	—	$	17.6	$	61.4	$	79.0
Liabilities:
Other current liabilities:
Commodity contracts	$	—	$	(8.7)	$	—	$	(8.7)
Provisional pricing arrangement	—		—		(0.3)		(0.3)
Foreign exchange contracts	—		(0.6)		—		(0.6)
Other non-current liabilities:

Foreign exchange contracts	—		(0.1)		—		(0.1)
Total	$	—	$	(9.4)	$	(0.3)	$	(9.7)


	(In Millions)
	December 31, 2019
	Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Cash equivalents - Commercial paper	$	—	$	187.6	$	—	$	187.6
Other current assets:
Customer supply agreement	—		—		44.5		44.5
Provisional pricing arrangement	—		—		1.3		1.3
Total	$	—	$	187.6	$	45.8	$	233.4
Liabilities:
Other current liabilities:
Commodity contracts	$	—	$	(3.2)	$	—	$	(3.2)
Provisional pricing arrangement	—		—		(1.1)		(1.1)
Total	$	—	$	(3.2)	$	(1.1)	$	(4.3)

Fair Value, Recurring and Nonrecurring, Valuation Techniques

The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy:

Qualitative/Quantitative Information About Level 3 Fair Value Measurements

Fair Value at September 30, 2020
(In Millions)

Balance Sheet
Location

Valuation Technique

Unobservable Input

Range or Point Estimate (Weighted Average)

Customer supply agreement

34.5

Other current assets

Market Approach

Management's estimate of hot-rolled coil steel price per net ton

$542 - $634

$(548)

Provisional pricing arrangements

26.9

Other current assets

Market Approach

Management's
estimate of Platts 62% Price per dry metric ton

$104 - $123

($105)

Atlantic Basin Pellet Premium

$30

Provisional pricing arrangements

(0.3)

Other current liabilities

Market Approach

Management's
estimate of Platts 62% Price per dry metric ton

$104

PPI Estimates

110

Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation

The following tables represent a reconciliation of the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	(In Millions)
	Level 3 Assets
	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Beginning balance	$	35.3	$	118.1	$	45.8	$	91.4
Total gains (losses) included in earnings	29.5		(6.5)		43.3		83.1
Settlements	(3.4)		(38.8)		(27.7)		(101.7)
Ending balance	$	61.4	$	72.8	$	61.4	$	72.8
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) on assets still held at the reporting date	$	27.8	$	(6.5)	$	40.4	$	81.8

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


	(In Millions)
	Level 3 Liabilities
	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Beginning balance	$	—	$	—	$	(1.1)	$	—
Total losses included in earnings	(0.3)		(34.4)		(0.9)		(39.7)
Settlements	—		4.2		1.7		9.5
Ending balance	$	(0.3)	$	(30.2)	$	(0.3)	$	(30.2)
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date	$	(0.3)	$	(30.2)	$	(0.3)	$	(30.2)

Schedule Of Carrying Value And Fair Value Of Financial Instruments

A summary of the carrying value and fair value of other financial instruments were as follows:


		(In Millions)
		September 30, 2020						December 31, 2019
	Classification	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt:
Senior Notes	Level 1	$	3,815.5	$	3,975.2	$	2,113.8	$	2,237.0
IRBs due 2024 to 2028	Level 1	94.3		90.2		—		—
ABL Facility - outstanding balance	Level 2	400.0		400.0		—		—
Total long-term debt		$	4,309.8	$	4,465.4	$	2,113.8	$	2,237.0