Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.4.0.3
SEGMENT REPORTING (Tables)
 3 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information, By Segment
The following tables present a summary of our reportable segments for the three months ended March 31, 2016 and 2015, including a reconciliation of segment sales margin to Income from Continuing Operations Before Income Taxes and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA:
 
(In Millions)
 
Three Months Ended
March 31,
 
2016
 
2015
Revenues from product sales and services:
 
 
 
 
 
 
 
U.S. Iron Ore
$
185.5

 
61
%
 
$
311.8

 
70
%
Asia Pacific Iron Ore
120.0

 
39
%
 
134.2

 
30
%
Total revenues from product sales and services
$
305.5

 
100
%
 
$
446.0

 
100
%
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
U.S. Iron Ore
$
13.2

 
 
 
$
80.0

 
 
Asia Pacific Iron Ore
17.7

 
 
 
0.8

 
 
Sales margin
30.9

 
 
 
80.8

 
 
Other operating expense
(31.2
)
 
 
 
(8.9
)
 
 
Other income
122.1

 
 
 
270.0

 
 
Income from continuing operations before income taxes
$
121.8

 
 
 
$
341.9

 
 
 
(In Millions)
 
Three Months Ended
March 31,
 
2016
 
2015
Net Income (Loss)
$
116.8

 
$
(761.7
)
Less:
 
 
 
Interest expense, net
(56.8
)
 
(44.2
)
Income tax expense
(7.6
)
 
(175.0
)
Depreciation, depletion and amortization
(35.2
)
 
(33.0
)
EBITDA
$
216.4

 
$
(509.5
)
Less:
 
 
 
Impact of discontinued operations
2.6

 
(929.6
)
Gain on extinguishment/restructuring of debt
178.8

 
313.7

Severance and contractor termination costs
(0.1
)
 
(1.5
)
Foreign exchange remeasurement
(1.2
)
 
13.5

Adjusted EBITDA
$
36.3

 
$
94.4

 
 
 
 
EBITDA:
 
 
 
U.S. Iron Ore
$
41.4

 
$
101.6

Asia Pacific Iron Ore
22.3

 
18.0

Other
152.7

 
(629.1
)
Total EBITDA
$
216.4

 
$
(509.5
)
 
 
 
 
Adjusted EBITDA:
 
 
 
U.S. Iron Ore
$
46.1

 
$
105.1

Asia Pacific Iron Ore
23.0

 
5.7

Other
(32.8
)
 
(16.4
)
Total Adjusted EBITDA
$
36.3

 
$
94.4

 
(In Millions)
 
Three Months Ended
March 31,
 
2016
 
2015
Depreciation, depletion and amortization:
 
 
 
U.S. Iron Ore
$
26.9

 
$
21.7

Asia Pacific Iron Ore
6.8

 
6.3

Other
1.5

 
1.8

Total depreciation, depletion and amortization
$
35.2

 
$
29.8

 
 
 
 
Capital additions1:
 
 
 
U.S. Iron Ore
$
4.5

 
$
9.5

Asia Pacific Iron Ore
—

 
3.4

Other
2.3

 
0.4

Total capital additions
$
6.8

 
$
13.3

                                         
1    Includes capital lease additions and non-cash accruals. Refer to NOTE 17 - CASH FLOW INFORMATION.
Summary of Assets by Segment
A summary of assets by segment is as follows:
 
(In Millions)
 
March 31,
2016
 
December 31,
2015
Assets:
 
 
 
U.S. Iron Ore
$
1,475.1

 
$
1,476.4

Asia Pacific Iron Ore
180.6

 
202.5

Total segment assets
1,655.7

 
1,678.9

Corporate
230.1

 
441.7

Assets of Discontinued Operations
0.5

 
14.9

Total assets
$
1,886.3

 
$
2,135.5