Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.5.0.2
SEGMENT REPORTING (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2016 and 2015, including a reconciliation of segment sales margin to Income (Loss) from Continuing Operations Before Income Taxes and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA:
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2016
 
2015
 
2016
 
2015
Revenues from product sales and services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
428.3

 
77
%
 
$
471.0

 
79
%
 
$
975.5

 
72
%
 
$
1,152.5

 
75
%
Asia Pacific Iron Ore
125.0

 
23
%
 
122.2

 
21
%
 
379.5

 
28
%
 
384.8

 
25
%
Total revenues from product sales and services
$
553.3

 
100
%
 
$
593.2

 
100
%
 
$
1,355.0

 
100
%
 
$
1,537.3

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
66.5

 
 
 
$
48.7

 
 
 
$
149.7

 
 
 
$
177.7

 
 
Asia Pacific Iron Ore
18.9

 
 
 
6.4

 
 
 
58.1

 
 
 
15.5

 
 
Sales margin
85.4

 
 
 
55.1

 
 
 
207.8

 
 
 
193.2

 
 
Other operating expense
(50.7
)
 
 
 
(25.9
)
 
 
 
(98.7
)
 
 
 
(66.4
)
 
 
Other income (expense)
(66.9
)
 
 
 
17.4

 
 
 
8.3

 
 
 
221.7

 
 
Income (loss) from continuing operations before income taxes
$
(32.2
)
 
 
 
$
46.6

 
 
 
$
117.4

 
 
 
$
348.5

 
 
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2016
 
2015
 
2016
 
2015
Net Income (Loss)
$
(27.8
)
 
$
6.0

 
$
118.5

 
$
(690.5
)
Less:
 
 
 
 
 
 
 
Interest expense, net
(48.7
)
 
(62.3
)
 
(156.2
)
 
(170.7
)
Income tax benefit (expense)
7.1

 
4.8

 
1.7

 
(167.3
)
Depreciation, depletion and amortization
(26.8
)
 
(35.6
)
 
(88.9
)
 
(99.1
)
EBITDA
$
40.6

 
$
99.1

 
$
361.9

 
$
(253.4
)
Less:
 
 
 
 
 
 
 
Impairment of other long-lived assets
$
—


$
—


$
—


$
(3.3
)
Impact of discontinued operations
(2.7
)
 
(44.8
)
 
(0.6
)
 
(865.9
)
Gain (loss) on extinguishment/restructuring of debt
(18.3
)
 
79.2

 
164.1

 
392.9

Severance and contractor termination costs
—

 
2.2

 
(0.1
)
 
(9.3
)
Foreign exchange remeasurement
(0.3
)
 
2.4

 
(1.2
)
 
15.2

Adjusted EBITDA
$
61.9

 
$
60.1

 
$
199.7

 
$
217.0

 
 
 
 
 
 
 
 
EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
61.1

 
$
69.2

 
$
196.6

 
$
239.6

Asia Pacific Iron Ore
21.2

 
11.1

 
69.6

 
38.7

Other
(41.7
)
 
18.8

 
95.7

 
(531.7
)
Total EBITDA
$
40.6

 
$
99.1

 
$
361.9

 
$
(253.4
)
 
 
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
65.3

 
$
72.3

 
$
208.6

 
$
254.6

Asia Pacific Iron Ore
23.7

 
9.7

 
73.2

 
32.8

Other
(27.1
)
 
(21.9
)
 
(82.1
)
 
(70.4
)
Total Adjusted EBITDA
$
61.9

 
$
60.1

 
$
199.7

 
$
217.0

 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2016
 
2015
 
2016
 
2015
Depreciation, depletion and amortization:
 
 
 
 
 
 
 
U.S. Iron Ore
$
18.8

 
$
27.9

 
$
65.1

 
$
71.6

Asia Pacific Iron Ore
6.3

 
6.1

 
19.2

 
19.1

Other
1.7

 
1.6

 
4.6

 
5.2

Total depreciation, depletion and amortization
$
26.8

 
$
35.6

 
$
88.9

 
$
95.9

 
 
 
 
 
 
 
 
Capital additions1:
 
 
 
 
 
 
 
U.S. Iron Ore
$
25.8

 
$
15.0

 
$
39.5

 
$
35.8

Asia Pacific Iron Ore
0.2

 
0.3

 
0.2

 
4.8

Other
0.4

 
2.4

 
4.8

 
6.0

Total capital additions
$
26.4

 
$
17.7

 
$
44.5

 
$
46.6

                                         
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)
 
September 30,
2016
 
December 31,
2015
Assets:
 
 
 
U.S. Iron Ore
$
1,429.0

 
$
1,476.4

Asia Pacific Iron Ore
137.7

 
202.5

Total segment assets
1,566.7

 
1,678.9

Corporate
206.2

 
441.7

Assets of Discontinued Operations
—

 
14.9

Total assets
$
1,772.9

 
$
2,135.5