Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.7.0.1
SEGMENT REPORTING (Tables)
 3 Months Ended
Mar. 31, 2017
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, 2017 and 2016, 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
March 31,
 
2017
 
2016
Revenues from product sales and services:
 
 
 
 
 
 
 
U.S. Iron Ore
$
286.2

 
62
%
 
$
185.5

 
61
%
Asia Pacific Iron Ore
175.4

 
38
%
 
120.0

 
39
%
Total revenues from product sales and services
$
461.6

 
100
%
 
$
305.5

 
100
%
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
U.S. Iron Ore
$
48.4

 
 
 
$
13.2

 
 
Asia Pacific Iron Ore
47.3

 
 
 
17.7

 
 
Sales margin
95.7

 
 
 
30.9

 
 
Other operating expense
(13.8
)
 
 
 
(31.2
)
 
 
Other income (expense)
(114.0
)
 
 
 
122.1

 
 
Income (loss) from continuing operations before income taxes
$
(32.1
)
 
 
 
$
121.8

 
 
 
(In Millions)
 
Three Months Ended
March 31,
 
2017
 
2016
Net Income (Loss)
$
(29.8
)
 
$
116.8

Less:
 
 
 
Interest expense, net
(42.8
)
 
(56.8
)
Income tax benefit (expense)
1.8

 
(7.6
)
Depreciation, depletion and amortization
(23.2
)
 
(35.2
)
EBITDA
$
34.4

 
$
216.4

Less:
 
 
 
Gain (loss) on extinguishment/restructuring of debt
(71.9
)
 
178.8

Foreign exchange remeasurement
13.6

 
(1.2
)
Impact of discontinued operations
0.5

 
2.6

Severance and contractor termination costs
—

 
(0.1
)
Adjusted EBITDA
$
92.2

 
$
36.3

 
 
 
 
EBITDA:
 
 
 
U.S. Iron Ore
$
57.9

 
$
41.4

Asia Pacific Iron Ore
51.4

 
22.3

Other
(74.9
)
 
152.7

Total EBITDA
$
34.4

 
$
216.4

 
 
 
 
Adjusted EBITDA:
 
 
 
U.S. Iron Ore
$
64.1

 
$
46.1

Asia Pacific Iron Ore
53.8

 
23.0

Other
(25.7
)
 
(32.8
)
Total Adjusted EBITDA
$
92.2

 
$
36.3

 
(In Millions)
 
Three Months Ended
March 31,
 
2017
 
2016
Depreciation, depletion and amortization:
 
 
 
U.S. Iron Ore
$
16.4

 
$
26.9

Asia Pacific Iron Ore
4.7

 
6.8

Other
2.1

 
1.5

Total depreciation, depletion and amortization
$
23.2

 
$
35.2

 
 
 
 
Capital additions:
 
 
 
U.S. Iron Ore
$
27.1

 
$
4.5

Asia Pacific Iron Ore
0.2

 
—

Other
—

 
2.3

Total capital additions1
$
27.3

 
$
6.8

 
 
 
 
1 Includes cash paid for capital additions of $27.9 million and $10.4 million and a decrease in non-cash accruals of $0.6 million and $3.6 million for the three months ended March 31, 2017 and 2016, respectively.
Summary of Assets by Segment
A summary of assets by segment is as follows:
 
(In Millions)
 
March 31,
2017
 
December 31,
2016
Assets:
 
 
 
U.S. Iron Ore
$
1,440.6

 
$
1,372.5

Asia Pacific Iron Ore
168.4

 
155.1

Total segment assets
1,609.0

 
1,527.6

Corporate
316.7

 
396.3

Total assets
$
1,925.7

 
$
1,923.9