Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.8.0.1
SEGMENT REPORTING (Tables)
 9 Months Ended
Sep. 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 nine months ended September 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 (Loss) to EBITDA and Adjusted EBITDA:
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Revenues from product sales and services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
596.7

 
85
%
 
$
428.3

 
77
%
 
$
1,354.2

 
78
%
 
$
975.5

 
72
%
Asia Pacific Iron Ore
101.7

 
15
%
 
125.0

 
23
%
 
375.1

 
22
%
 
379.5

 
28
%
Total revenues from product sales and services
$
698.4

 
100
%
 
$
553.3

 
100
%
 
$
1,729.3

 
100
%
 
$
1,355.0

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
157.2

 
 
 
$
66.5

 
 
 
$
349.8

 
 
 
$
149.7

 
 
Asia Pacific Iron Ore
3.0

 
 
 
18.9

 
 
 
51.2

 
 
 
58.1

 
 
Sales margin
160.2

 
 
 
85.4

 
 
 
401.0

 
 
 
207.8

 
 
Other operating expense
(30.5
)
 
 
 
(50.7
)
 
 
 
(74.8
)
 
 
 
(98.7
)
 
 
Other income (expense)
(116.7
)
 
 
 
(66.9
)
 
 
 
(266.2
)
 
 
 
8.3

 
 
Income (loss) from continuing operations before income taxes
$
13.0

 
 
 
$
(32.2
)
 
 
 
$
60.0

 
 
 
$
117.4

 
 
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Net Income (Loss)
$
52.9

 
$
(27.8
)
 
$
53.2

 
$
118.5

Less:
 
 
 
 
 
 
 
Interest expense, net
(28.9
)
 
(48.7
)
 
(103.1
)
 
(156.2
)
Income tax benefit
7.6

 
7.1

 
6.8

 
1.7

Depreciation, depletion and amortization
(21.5
)
 
(26.8
)
 
(66.3
)
 
(88.9
)
EBITDA
$
95.7

 
$
40.6

 
$
215.8

 
$
361.9

Less:
 
 
 
 
 
 
 
Gain (loss) on extinguishment/restructuring of debt
$
(88.6
)
 
$
(18.3
)
 
$
(165.4
)
 
$
164.1

Foreign exchange remeasurement
(2.4
)
 
(0.3
)
 
11.2

 
(1.2
)
Impact of discontinued operations
32.3

 
(2.7
)
 
(13.6
)
 
(0.6
)
Severance and contractor termination costs
—

 
—

 
—

 
(0.1
)
Adjusted EBITDA
$
154.4

 
$
61.9

 
$
383.6

 
$
199.7

 
 
 
 
 
 
 
 
EBITDA
 
 
 
 
 
 
 
U.S. Iron Ore
$
168.9

 
$
61.1

 
$
381.8

 
$
196.6

Asia Pacific Iron Ore
2.3

 
21.2

 
54.9

 
69.6

Other
(75.5
)
 
(41.7
)
 
(220.9
)
 
95.7

Total EBITDA
$
95.7

 
$
40.6

 
$
215.8

 
$
361.9

 
 
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
174.2

 
$
65.3

 
$
399.8

 
$
208.6

Asia Pacific Iron Ore
4.9

 
23.7

 
61.7

 
73.2

Other
(24.7
)
 
(27.1
)
 
(77.9
)
 
(82.1
)
Total Adjusted EBITDA
$
154.4

 
$
61.9

 
$
383.6

 
$
199.7

 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Depreciation, depletion and amortization:
 
 
 
 
 
 
 
U.S. Iron Ore
$
16.5

 
$
18.8

 
$
49.6

 
$
65.1

Asia Pacific Iron Ore
3.3

 
6.3

 
11.3

 
19.2

Other
1.7

 
1.7

 
5.4

 
4.6

Total depreciation, depletion and amortization
$
21.5

 
$
26.8

 
$
66.3

 
$
88.9

 
 
 
 
 
 
 
 
Capital additions:
 
 
 
 
 
 
 
U.S. Iron Ore
$
19.2

 
$
25.8

 
$
70.9

 
$
39.5

Asia Pacific Iron Ore
0.8

 
0.2

 
1.6

 
0.2

Other
7.1

 
0.4

 
7.1

 
4.8

Total capital additions1
$
27.1

 
$
26.4

 
$
79.6

 
$
44.5

 
 
 
 
 
 
 
 
1 Includes cash paid for capital additions of $78.9 million and $45.8 million and an increase in non-cash accruals of $0.7 million and a decrease in non-cash accruals of $1.3 million for the nine months ended September 30, 2017 and 2016, respectively.
Summary of Assets by Segment
A summary of assets by segment is as follows:
 
(In Millions)
 
September 30,
2017
 
December 31,
2016
Assets:
 
 
 
U.S. Iron Ore
$
1,467.2

 
$
1,372.5

Asia Pacific Iron Ore
139.4

 
155.1

Total segment assets
1,606.6

 
1,527.6

Corporate
316.7

 
396.3

Total assets
$
1,923.3

 
$
1,923.9