SEGMENT REPORTING (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Segment Reporting [Abstract] |
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| Schedule Of Segment Reporting Information, By Segment |
The following tables present a summary of our reportable segments for the years ended December 31, 2016, 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) |
|
2016 |
|
2015 |
|
2014 |
Revenues from product sales and services: |
|
|
|
|
|
|
|
|
|
|
|
U.S. Iron Ore |
$ |
1,554.5 |
|
|
74% |
|
$ |
1,525.4 |
|
|
76% |
|
$ |
2,506.5 |
|
|
74% |
Asia Pacific Iron Ore |
554.5 |
|
|
26% |
|
487.9 |
|
|
24% |
|
866.7 |
|
|
26% |
Total revenues from product sales and services |
$ |
2,109.0 |
|
|
100% |
|
$ |
2,013.3 |
|
|
100% |
|
$ |
3,373.2 |
|
|
100% |
|
|
|
|
|
|
|
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|
|
Sales margin: |
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U.S. Iron Ore |
$ |
275.7 |
|
|
|
|
$ |
227.1 |
|
|
|
|
$ |
710.4 |
|
|
|
Asia Pacific Iron Ore |
113.6 |
|
|
|
|
9.4 |
|
|
|
|
121.7 |
|
|
|
Eliminations with discontinued operations |
— |
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|
|
|
— |
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|
|
|
53.6 |
|
|
|
Sales margin |
389.3 |
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|
|
236.5 |
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|
|
|
885.7 |
|
|
|
Other operating expense |
(148.5 |
) |
|
|
|
(85.2 |
) |
|
|
|
(755.6 |
) |
|
|
Other income (expense) |
(33.8 |
) |
|
|
|
161.8 |
|
|
|
|
(149.8 |
) |
|
|
Income (loss) from continuing operations before income taxes and equity loss from ventures |
$ |
207.0 |
|
|
|
|
$ |
313.1 |
|
|
|
|
$ |
(19.7 |
) |
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(In Millions) |
|
2016 |
|
2015 |
|
2014 |
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|
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Net income (loss) |
$ |
199.3 |
|
|
$ |
(748.4 |
) |
|
$ |
(8,311.6 |
) |
Less: |
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|
|
|
|
Interest expense, net |
(200.5 |
) |
|
(231.4 |
) |
|
(185.2 |
) |
Income tax benefit (expense) |
12.2 |
|
|
(163.3 |
) |
|
1,302.0 |
|
Depreciation, depletion and amortization |
(115.4 |
) |
|
(134.0 |
) |
|
(504.0 |
) |
Total EBITDA |
$ |
503.0 |
|
|
$ |
(219.7 |
) |
|
$ |
(8,924.4 |
) |
Less: |
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|
|
|
|
Gain on extinguishment/restructuring of debt |
$ |
166.3 |
|
|
$ |
392.9 |
|
|
$ |
16.2 |
|
Impact of discontinued operations |
(19.9 |
) |
|
(892.0 |
) |
|
(9,332.5 |
) |
Foreign exchange remeasurement |
(16.8 |
) |
|
16.3 |
|
|
29.0 |
|
Severance and contractor termination costs |
(0.1 |
) |
|
(10.2 |
) |
|
(23.3 |
) |
Supplies inventory write-off |
— |
|
|
(16.3 |
) |
|
— |
|
Impairment of goodwill and other long-lived assets |
— |
|
|
(3.3 |
) |
|
(635.5 |
) |
Proxy contest and change in control in SG&A |
— |
|
|
— |
|
|
(26.6 |
) |
Total Adjusted EBITDA |
$ |
373.5 |
|
|
$ |
292.9 |
|
|
$ |
1,048.3 |
|
|
|
|
|
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EBITDA: |
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U.S. Iron Ore |
$ |
342.4 |
|
|
$ |
317.6 |
|
|
$ |
805.6 |
|
Asia Pacific Iron Ore |
128.3 |
|
|
35.3 |
|
|
(352.9 |
) |
Other (including discontinued operations) |
32.3 |
|
|
(572.6 |
) |
|
(9,377.1 |
) |
Total EBITDA |
$ |
503.0 |
|
|
$ |
(219.7 |
) |
|
$ |
(8,924.4 |
) |
|
|
|
|
|
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Adjusted EBITDA: |
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U.S. Iron Ore |
$ |
359.6 |
|
|
$ |
352.1 |
|
|
$ |
833.5 |
|
Asia Pacific Iron Ore |
132.9 |
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|
32.7 |
|
|
252.9 |
|
Other |
(119.0 |
) |
|
(91.9 |
) |
|
(38.1 |
) |
Total Adjusted EBITDA |
$ |
373.5 |
|
|
$ |
292.9 |
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|
$ |
1,048.3 |
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(In Millions) |
|
2016 |
|
2015 |
|
2014 |
Depreciation, depletion and amortization: |
|
|
|
|
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U.S. Iron Ore |
$ |
84.0 |
|
|
$ |
98.9 |
|
|
$ |
107.4 |
|
Asia Pacific Iron Ore |
25.1 |
|
|
25.3 |
|
|
145.9 |
|
Other |
6.3 |
|
|
6.6 |
|
|
7.7 |
|
Total depreciation, depletion and amortization |
$ |
115.4 |
|
|
$ |
130.8 |
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|
$ |
261.0 |
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Capital additions1:
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U.S. Iron Ore |
$ |
62.2 |
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|
$ |
58.2 |
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|
$ |
48.4 |
|
Asia Pacific Iron Ore |
0.2 |
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|
5.4 |
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|
10.8 |
|
Other |
6.1 |
|
|
8.6 |
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|
6.3 |
|
Total capital additions |
$ |
68.5 |
|
|
$ |
72.2 |
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|
$ |
65.5 |
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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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(In Millions) |
|
December 31,
2016 |
|
December 31, 2015 |
|
December 31, 2014 |
Assets: |
|
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|
|
|
U.S. Iron Ore |
$ |
1,372.5 |
|
|
$ |
1,476.4 |
|
|
$ |
1,464.9 |
|
Asia Pacific Iron Ore |
155.1 |
|
|
202.5 |
|
|
306.2 |
|
Total segment assets |
1,527.6 |
|
|
1,678.9 |
|
|
1,771.1 |
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Corporate |
396.3 |
|
|
441.7 |
|
|
666.2 |
|
Assets of Discontinued Operations |
— |
|
|
14.9 |
|
|
709.9 |
|
Total assets |
$ |
1,923.9 |
|
|
$ |
2,135.5 |
|
|
$ |
3,147.2 |
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| Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas |
Included in the consolidated financial statements are the following amounts relating to geographic location:
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(In Millions) |
|
2016 |
|
2015 |
|
2014 |
Revenue |
|
|
|
|
|
United States |
$ |
1,236.2 |
|
|
$ |
1,206.4 |
|
|
$ |
1,923.2 |
|
China |
452.5 |
|
|
370.8 |
|
|
662.7 |
|
Canada |
267.1 |
|
|
282.4 |
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|
430.5 |
|
Other countries |
153.2 |
|
|
153.7 |
|
|
356.8 |
|
Total revenue |
$ |
2,109.0 |
|
|
$ |
2,013.3 |
|
|
$ |
3,373.2 |
|
Property, Plant and Equipment, Net |
|
|
|
|
|
United States |
$ |
961.0 |
|
|
$ |
1,012.7 |
|
|
$ |
998.1 |
|
Australia |
23.4 |
|
|
46.3 |
|
|
72.4 |
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Total Property, Plant and Equipment, Net |
$ |
984.4 |
|
|
$ |
1,059.0 |
|
|
$ |
1,070.5 |
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|
| Revenue from External Customers by Products and Services |
The following table represents the percentage of our total revenue contributed by each category of products and services in 2016, 2015 and 2014:
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2016 |
|
2015 |
|
2014 |
Revenue category |
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Product |
|
91 |
% |
|
91 |
% |
|
92 |
% |
Freight and venture partners’ cost reimbursements |
|
9 |
% |
|
9 |
% |
|
8 |
% |
Total revenue |
|
100 |
% |
|
100 |
% |
|
100 |
% |
|