| Schedule Of Segment Reporting Information, By Segment |
The following tables present a summary of our reportable segments for the three and nine months ended September 30, 2015 and 2014, including a reconciliation of segment sales margin to Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA:
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(In Millions) |
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Revenues from product sales and services: |
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U.S. Iron Ore |
$ |
471.0 |
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|
79 |
% |
|
$ |
767.4 |
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|
78 |
% |
|
$ |
1,152.5 |
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|
75 |
% |
|
$ |
1,643.3 |
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|
70 |
% |
Asia Pacific Iron Ore |
122.2 |
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|
21 |
% |
|
212.3 |
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|
22 |
% |
|
384.8 |
|
|
25 |
% |
|
699.6 |
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|
30 |
% |
Total revenues from product sales and services |
$ |
593.2 |
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|
100 |
% |
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$ |
979.7 |
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|
100 |
% |
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$ |
1,537.3 |
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|
100 |
% |
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$ |
2,342.9 |
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100 |
% |
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Sales margin: |
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U.S. Iron Ore |
$ |
48.7 |
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$ |
219.5 |
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$ |
177.7 |
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$ |
461.7 |
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Asia Pacific Iron Ore |
6.4 |
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9.1 |
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15.5 |
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|
111.4 |
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Eliminations with discontinued operations |
— |
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27.6 |
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— |
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56.6 |
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Sales margin |
55.1 |
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256.2 |
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193.2 |
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629.7 |
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Other operating expense |
(25.9 |
) |
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(399.0 |
) |
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(66.4 |
) |
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(494.0 |
) |
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Other income (expense) |
17.4 |
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(38.1 |
) |
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221.7 |
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(118.2 |
) |
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Income (loss) from continuing operations before income taxes and equity loss from ventures |
$ |
46.6 |
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$ |
(180.9 |
) |
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$ |
348.5 |
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$ |
17.5 |
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(In Millions) |
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Net Income (Loss) |
$ |
6.0 |
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$ |
(6,887.2 |
) |
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$ |
(690.5 |
) |
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$ |
(6,943.4 |
) |
Less: |
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Interest expense, net |
(62.3 |
) |
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(47.4 |
) |
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(170.7 |
) |
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(134.9 |
) |
Income tax benefit (expense) |
4.8 |
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921.4 |
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(167.3 |
) |
|
1,012.3 |
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Depreciation, depletion and amortization |
(35.6 |
) |
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(144.0 |
) |
|
(99.1 |
) |
|
(430.4 |
) |
EBITDA |
$ |
99.1 |
|
|
$ |
(7,617.2 |
) |
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$ |
(253.4 |
) |
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$ |
(7,390.4 |
) |
Less: |
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Impairment of goodwill and other long-lived assets |
$ |
— |
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$ |
(377.0 |
) |
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$ |
(3.3 |
) |
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$ |
(378.6 |
) |
Impact of discontinued operations |
(44.8 |
) |
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(7,543.0 |
) |
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(865.9 |
) |
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(7,737.1 |
) |
Gain on extinguishment of debt |
79.2 |
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— |
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392.9 |
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— |
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Severance and contractor termination costs |
2.2 |
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(2.6 |
) |
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(9.3 |
) |
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(19.3 |
) |
Foreign exchange remeasurement |
2.4 |
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25.8 |
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15.2 |
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8.4 |
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Adjusted EBITDA |
$ |
60.1 |
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$ |
279.6 |
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$ |
217.0 |
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$ |
736.2 |
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EBITDA: |
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U.S. Iron Ore |
$ |
69.2 |
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$ |
241.9 |
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$ |
239.6 |
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$ |
538.2 |
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Asia Pacific Iron Ore |
11.1 |
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(302.2 |
) |
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38.7 |
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(150.8 |
) |
Other |
18.8 |
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(7,556.9 |
) |
|
(531.7 |
) |
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(7,777.8 |
) |
Total EBITDA |
$ |
99.1 |
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$ |
(7,617.2 |
) |
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$ |
(253.4 |
) |
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$ |
(7,390.4 |
) |
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Adjusted EBITDA: |
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U.S. Iron Ore |
$ |
72.3 |
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$ |
249.5 |
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$ |
254.6 |
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$ |
559.1 |
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Asia Pacific Iron Ore |
9.7 |
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|
49.7 |
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32.8 |
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|
225.5 |
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Other |
(21.9 |
) |
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(19.6 |
) |
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(70.4 |
) |
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(48.4 |
) |
Total Adjusted EBITDA |
$ |
60.1 |
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$ |
279.6 |
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$ |
217.0 |
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$ |
736.2 |
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(In Millions) |
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Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
Depreciation, depletion and amortization: |
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U.S. Iron Ore |
$ |
27.9 |
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$ |
25.9 |
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$ |
71.6 |
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$ |
81.2 |
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Asia Pacific Iron Ore |
6.1 |
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|
42.2 |
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19.1 |
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|
123.6 |
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Other |
1.6 |
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2.0 |
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5.2 |
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5.9 |
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Total depreciation, depletion and amortization |
$ |
35.6 |
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$ |
70.1 |
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$ |
95.9 |
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$ |
210.7 |
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Capital additions1:
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U.S. Iron Ore |
$ |
15.0 |
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$ |
8.5 |
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$ |
35.8 |
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$ |
37.4 |
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Asia Pacific Iron Ore |
0.3 |
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|
3.1 |
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|
4.8 |
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|
8.3 |
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Other |
2.4 |
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|
0.5 |
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|
6.0 |
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|
3.3 |
|
Total capital additions |
$ |
17.7 |
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$ |
12.1 |
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$ |
46.6 |
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$ |
49.0 |
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1 Includes capital lease additions and non-cash accruals. Refer to NOTE 17 - CASH FLOW INFORMATION.
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| Summary of Assets by Segment |
A summary of assets by segment is as follows:
|
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|
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|
(In Millions) |
|
September 30,
2015 |
|
December 31,
2014 |
Assets: |
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|
U.S. Iron Ore |
$ |
1,498.3 |
|
|
$ |
1,464.9 |
|
Asia Pacific Iron Ore |
210.5 |
|
|
274.6 |
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Other |
26.3 |
|
|
147.0 |
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Total segment assets |
1,735.1 |
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|
1,886.5 |
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Corporate |
395.0 |
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|
546.8 |
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Assets of Discontinued Operations |
141.4 |
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|
730.7 |
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Total assets |
$ |
2,271.5 |
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$ |
3,164.0 |
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