Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING (Tables)

v3.8.0.1
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2017
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information, By Segment
The following tables present a summary of our reportable segments for the years ended December 31, 2017, 2016 and 2015, including a reconciliation of segment sales margin to Income from continuing operations before income taxes and equity loss from ventures and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA:
 
(In Millions)
 
2017
 
2016
 
2015
Revenues from product sales and services:
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
1,866.0

 
80%
 
$
1,554.5

 
74%
 
$
1,525.4

 
76%
Asia Pacific Iron Ore
464.2

 
20%
 
554.5

 
26%
 
487.9

 
24%
Total revenues from product sales and services
$
2,330.2

 
100%
 
$
2,109.0

 
100%
 
$
2,013.3

 
100%
 
 
 
 
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
465.4

 
 
 
$
275.7

 
 
 
$
227.1

 
 
Asia Pacific Iron Ore
36.3

 
 
 
113.6

 
 
 
9.4

 
 
Sales margin
501.7

 
 
 
389.3

 
 
 
236.5

 
 
Other operating expense
(78.1
)
 
 
 
(148.5
)
 
 
 
(85.2
)
 
 
Other income (expense)
(294.2
)
 
 
 
(33.8
)
 
 
 
161.8

 
 
Income from continuing operations before income taxes and equity loss from ventures
$
129.4

 
 
 
$
207.0

 
 
 
$
313.1

 
 
 
(In Millions)
 
2017
 
2016
 
2015
Net income (loss)
$
363.1

 
$
199.3

 
$
(748.4
)
Less:
 
 
 
 
 
Interest expense, net
(132.0
)

(200.5
)

(231.4
)
Income tax benefit (expense)
252.4


12.2


(163.3
)
Depreciation, depletion and amortization
(87.7
)

(115.4
)

(134.0
)
Total EBITDA
$
330.4

 
$
503.0

 
$
(219.7
)
Less:
 
 
 
 
 
Gain (loss) on extinguishment/restructuring of debt
$
(165.4
)
 
$
166.3

 
$
392.9

Impact of discontinued operations
(18.7
)
 
(19.9
)
 
(892.0
)
Foreign exchange remeasurement
11.4

 
(16.8
)
 
16.3

Severance and contractor termination costs
—

 
(0.1
)
 
(10.2
)
Supplies inventory adjustment
(1.8
)
 
—

 
(16.3
)
Impairment of other long-lived assets
—


—


(3.3
)
Total Adjusted EBITDA
$
504.9

 
$
373.5

 
$
292.9

 
 
 
 
 
 
EBITDA:
 
 
 
 
 
U.S. Iron Ore
$
534.9


$
342.4


$
317.6

Asia Pacific Iron Ore
40.7


128.3


35.3

Other (including discontinued operations)
(245.2
)

32.3


(572.6
)
Total EBITDA
$
330.4

 
$
503.0

 
$
(219.7
)
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
U.S. Iron Ore
$
559.4

 
$
359.6

 
$
352.1

Asia Pacific Iron Ore
50.4

 
132.9

 
32.7

Other
(104.9
)
 
(119.0
)
 
(91.9
)
Total Adjusted EBITDA
$
504.9

 
$
373.5

 
$
292.9

 
(In Millions)
 
2017
 
2016
 
2015
Depreciation, depletion and amortization:
 
 
 
 
 
U.S. Iron Ore
$
66.6

 
$
84.0

 
$
98.9

Asia Pacific Iron Ore
14.3

 
25.1

 
25.3

Other
6.8

 
6.3

 
6.6

Total depreciation, depletion and amortization
$
87.7

 
$
115.4

 
$
130.8

 
 
 
 
 
 
Capital additions1:
 
 
 
 
 
U.S. Iron Ore
$
136.8

 
$
62.2

 
$
58.2

Asia Pacific Iron Ore
2.8

 
0.2

 
5.4

Other2
16.4

 
6.1

 
8.6

Total capital additions
$
156.0

 
$
68.5

 
$
72.2

 
 
 
 
 
 
1 Includes capital lease additions and non-cash accruals. Refer to NOTE 17 - CASH FLOW INFORMATION.
2 Includes spend related to our HBI project.
Summary of Assets by Segment
A summary of assets by segment is as follows:
 
(In Millions)
 
December 31,
2017
 
December 31, 2016
 
December 31, 2015
Assets:
 
 
 
 
 
U.S. Iron Ore
$
1,500.6

 
$
1,372.5

 
$
1,476.4

Asia Pacific Iron Ore
138.8

 
155.1

 
202.5

Total segment assets
1,639.4

 
1,527.6

 
1,678.9

Corporate
1,314.0

 
396.3

 
441.7

Assets of discontinued operations
—

 
—

 
14.9

Total assets
$
2,953.4

 
$
1,923.9

 
$
2,135.5

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:
 
(In Millions)
 
2017
 
2016
 
2015
Revenues from product sales and services
 
 
 
 
 
United States
$
1,504.5

 
$
1,236.2

 
$
1,206.4

China
364.7

 
452.5

 
370.8

Canada
206.2

 
267.1

 
282.4

Other countries
254.8

 
153.2

 
153.7

Total revenues from product sales and services
$
2,330.2

 
$
2,109.0

 
$
2,013.3

Property, Plant and Equipment, Net
 
 
 
 
 
United States
$
1,033.8

 
$
961.0

 
$
1,012.7

Australia
17.2

 
23.4

 
46.3

Total Property, Plant and Equipment, Net
$
1,051.0

 
$
984.4

 
$
1,059.0

Revenue from External Customers by Products and Services
The following table represents the percentage of our total Revenues from product sales and services contributed by each category of products and services in 2017, 2016 and 2015:
 
 
2017
 
2016
 
2015
Revenue category
 
 
 
 
 
 
Product
 
90
%
 
91
%
 
91
%
Freight and venture partners’ cost reimbursements
 
10
%
 
9
%
 
9
%
Total revenues from product sales and services
 
100
%
 
100
%
 
100
%