Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.5.0.2
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2016
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information, By Segment
The following tables present a summary of our reportable segments for the three and six months ended June 30, 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
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Revenues from product sales and services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
361.7

 
73
%
 
$
369.7

 
74
%
 
$
547.2

 
68
%
 
$
681.5

 
72
%
Asia Pacific Iron Ore
134.5

 
27
%
 
128.4

 
26
%
 
254.5

 
32
%
 
262.6

 
28
%
Total revenues from product sales and services
$
496.2

 
100
%
 
$
498.1

 
100
%
 
$
801.7

 
100
%
 
$
944.1

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
70.0

 
 
 
$
49.0

 
 
 
$
83.2

 
 
 
$
129.0

 
 
Asia Pacific Iron Ore
21.5

 
 
 
8.3

 
 
 
39.2

 
 
 
9.1

 
 
Sales margin
91.5

 
 
 
57.3

 
 
 
122.4

 
 
 
138.1

 
 
Other operating expense
(16.8
)
 
 
 
(31.6
)
 
 
 
(48.0
)
 
 
 
(40.5
)
 
 
Other income (expense)
(46.9
)
 
 
 
(65.7
)
 
 
 
75.2

 
 
 
204.3

 
 
Income (loss) from continuing operations before income taxes
$
27.8

 
 
 
$
(40.0
)
 
 
 
$
149.6

 
 
 
$
301.9

 
 
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Net Income (Loss)
$
29.5

 
$
65.2

 
$
146.3

 
$
(696.5
)
Less:
 
 
 
 
 
 
 
Interest expense, net
(50.7
)
 
(64.3
)
 
(107.5
)
 
(108.5
)
Income tax benefit (expense)
2.1

 
2.9

 
(5.4
)
 
(172.1
)
Depreciation, depletion and amortization
(26.9
)
 
(30.5
)
 
(62.1
)
 
(63.5
)
EBITDA
$
105.0

 
$
157.1

 
$
321.3

 
$
(352.4
)
Less:
 
 
 
 
 
 
 
Impact of discontinued operations
(0.4
)
 
103.0

 
2.1

 
(821.1
)
Gain on extinguishment/restructuring of debt
3.6

 
—

 
182.4

 
313.7

Severance and contractor termination costs
—

 
(10.0
)
 
(0.1
)
 
(11.6
)
Foreign exchange remeasurement
0.2

 
(0.8
)
 
(0.9
)
 
12.7

Adjusted EBITDA
$
101.6

 
$
64.9

 
$
137.8

 
$
153.9

 
 
 
 
 
 
 
 
EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
94.1

 
$
68.8

 
$
135.5

 
$
170.4

Asia Pacific Iron Ore
26.1

 
9.6

 
48.4

 
27.6

Other
(15.2
)
 
78.7

 
137.4

 
(550.4
)
Total EBITDA
$
105.0

 
$
157.1

 
$
321.3

 
$
(352.4
)
 
 
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
97.2

 
$
77.2

 
$
143.3

 
$
182.3

Asia Pacific Iron Ore
26.5

 
17.4

 
49.5

 
23.1

Other
(22.1
)
 
(29.7
)
 
(55.0
)
 
(51.5
)
Total Adjusted EBITDA
$
101.6

 
$
64.9

 
$
137.8

 
$
153.9

 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Depreciation, depletion and amortization:
 
 
 
 
 
 
 
U.S. Iron Ore
$
19.4

 
$
22.0

 
$
46.3

 
$
43.7

Asia Pacific Iron Ore
6.1

 
6.7

 
12.9

 
13.0

Other
1.4

 
1.8

 
2.9

 
3.6

Total depreciation, depletion and amortization
$
26.9

 
$
30.5

 
$
62.1

 
$
60.3

 
 
 
 
 
 
 
 
Capital additions1:
 
 
 
 
 
 
 
U.S. Iron Ore
$
9.2

 
$
11.3

 
$
13.7

 
$
20.8

Asia Pacific Iron Ore
—

 
1.1

 
—

 
4.5

Other
2.1

 
3.2

 
4.4

 
3.6

Total capital additions
$
11.3

 
$
15.6

 
$
18.1

 
$
28.9

                                         
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)
 
June 30,
2016
 
December 31,
2015
Assets:
 
 
 
U.S. Iron Ore
$
1,510.3

 
$
1,476.4

Asia Pacific Iron Ore
166.4

 
202.5

Total segment assets
1,676.7

 
1,678.9

Corporate
174.3

 
441.7

Assets of Discontinued Operations
—

 
14.9

Total assets
$
1,851.0

 
$
2,135.5