Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.7.0.1
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2017
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, 2017 and 2016, including a reconciliation of segment sales margin to Income from Continuing Operations Before Income Taxes and a reconciliation of Net Income to EBITDA and Adjusted EBITDA:
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
Revenues from product sales and services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
471.3

 
83
%
 
$
361.7

 
73
%
 
$
757.5

 
73
%
 
$
547.2

 
68
%
Asia Pacific Iron Ore
98.0

 
17
%
 
134.5

 
27
%
 
273.4

 
27
%
 
254.5

 
32
%
Total revenues from product sales and services
$
569.3

 
100
%
 
$
496.2

 
100
%
 
$
1,030.9

 
100
%
 
$
801.7

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
144.2

 
 
 
$
70.0

 
 
 
$
192.6

 
 
 
$
83.2

 
 
Asia Pacific Iron Ore
0.9

 
 
 
21.5

 
 
 
48.2

 
 
 
39.2

 
 
Sales margin
145.1

 
 
 
91.5

 
 
 
240.8

 
 
 
122.4

 
 
Other operating expense
(30.5
)
 
 
 
(16.8
)
 
 
 
(44.3
)
 
 
 
(48.0
)
 
 
Other income (expense)
(35.5
)
 
 
 
(46.9
)
 
 
 
(149.5
)
 
 
 
75.2

 
 
Income from continuing operations before income taxes
$
79.1

 
 
 
$
27.8

 
 
 
$
47.0

 
 
 
$
149.6

 
 
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
Net Income
$
30.1

 
$
29.5

 
$
0.3

 
$
146.3

Less:
 
 
 
 
 
 
 
Interest expense, net
(31.4
)
 
(50.7
)
 
(74.2
)
 
(107.5
)
Income tax benefit (expense)
(2.6
)
 
2.1

 
(0.8
)
 
(5.4
)
Depreciation, depletion and amortization
(21.6
)
 
(26.9
)
 
(44.8
)
 
(62.1
)
EBITDA
$
85.7

 
$
105.0

 
$
120.1

 
$
321.3

Less:
 
 
 
 
 
 
 
Gain (loss) on extinguishment/restructuring of debt
(4.9
)
 
3.6

 
(76.8
)
 
182.4

Foreign exchange remeasurement
—

 
0.2

 
13.6

 
(0.9
)
Impact of discontinued operations
(46.4
)
 
(0.4
)
 
(45.9
)
 
2.1

Severance and contractor termination costs
—

 
—

 
—

 
(0.1
)
Adjusted EBITDA
$
137.0

 
$
101.6

 
$
229.2

 
$
137.8

 
 
 
 
 
 
 
 
EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
155.0

 
$
94.1

 
$
212.9

 
$
135.5

Asia Pacific Iron Ore
1.2

 
26.1

 
52.6

 
48.4

Other
(70.5
)
 
(15.2
)
 
(145.4
)
 
137.4

Total EBITDA
$
85.7

 
$
105.0

 
$
120.1

 
$
321.3

 
 
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
161.5

 
$
97.2

 
$
225.6

 
$
143.3

Asia Pacific Iron Ore
3.0

 
26.5

 
56.8

 
49.5

Other
(27.5
)
 
(22.1
)
 
(53.2
)
 
(55.0
)
Total Adjusted EBITDA
$
137.0

 
$
101.6

 
$
229.2

 
$
137.8

 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
Depreciation, depletion and amortization:
 
 
 
 
 
 
 
U.S. Iron Ore
$
16.7

 
$
19.4

 
$
33.1

 
$
46.3

Asia Pacific Iron Ore
3.3

 
6.1

 
8.0

 
12.9

Other
1.6

 
1.4

 
3.7

 
2.9

Total depreciation, depletion and amortization
$
21.6

 
$
26.9

 
$
44.8

 
$
62.1

 
 
 
 
 
 
 
 
Capital additions:
 
 
 
 
 
 
 
U.S. Iron Ore
$
24.6

 
$
9.2

 
$
51.7

 
$
13.7

Asia Pacific Iron Ore
0.6

 
—

 
0.8

 
—

Other
—

 
2.1

 
—

 
4.4

Total capital additions1
$
25.2

 
$
11.3

 
$
52.5

 
$
18.1

 
 
 
 
 
 
 
 
1 Includes cash paid for capital additions of $49.4 million and $20.2 million and an increase in non-cash accruals of $3.1 million and a decrease in non-cash accruals of $2.1 million for the six months ended June 30, 2017 and 2016, respectively.
Summary of Assets by Segment
A summary of assets by segment is as follows:
 
(In Millions)
 
June 30,
2017
 
December 31,
2016
Assets:
 
 
 
U.S. Iron Ore
$
1,525.9

 
$
1,372.5

Asia Pacific Iron Ore
157.7

 
155.1

Total segment assets
1,683.6

 
1,527.6

Corporate
346.5

 
396.3

Total assets
$
2,030.1

 
$
1,923.9