Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.8.0.1
SEGMENT REPORTING (Tables)
 3 Months Ended
Mar. 31, 2018
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information, By Segment
The following tables present a summary of our reportable segments including a reconciliation of segment sales margin to Loss from Continuing Operations Before Income Taxes and a reconciliation of Net Loss to EBITDA and Adjusted EBITDA:
 
(In Millions)
 
Three Months Ended
March 31,
 
2018
 
2017
Revenues from product sales and services:
 
 
 
 
 
 
 
U.S. Iron Ore
$
180.0

 
75
%
 
$
286.2

 
62
%
Asia Pacific Iron Ore
59.0

 
25
%
 
175.4

 
38
%
Total revenues from product sales and services
$
239.0

 
100
%
 
$
461.6

 
100
%
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
U.S. Iron Ore
$
61.5

 
 
 
$
49.0

 
 
Asia Pacific Iron Ore
(65.1
)
 
 
 
47.3

 
 
Sales margin
(3.6
)
 
 
 
96.3

 
 
Other operating expense
(36.4
)
 
 
 
(16.2
)
 
 
Other expense
(29.1
)
 
 
 
(112.2
)
 
 
Loss from continuing operations before income taxes
$
(69.1
)
 
 
 
$
(32.1
)
 
 
 
(In Millions)
 
Three Months Ended
March 31,
 
2018
 
2017
Net Loss
$
(84.3
)
 
$
(29.8
)
Less:
 
 
 
Interest expense, net
(33.5
)
 
(42.8
)
Income tax benefit (expense)
(15.7
)
 
1.8

Depreciation, depletion and amortization
(23.9
)
 
(23.2
)
EBITDA
$
(11.2
)
 
$
34.4

Less:
 
 
 
Inventory impairments
$
(18.9
)
 
$
—

Impairment of long-lived assets
(2.6
)
 
—

Severance and retention costs
(1.5
)
 
—

Impact of discontinued operations
0.5

 
0.5

Foreign exchange remeasurement
(0.3
)
 
13.6

Loss on extinguishment of debt
—

 
(71.9
)
Adjusted EBITDA
$
11.6

 
$
92.2

 
 
 
 
EBITDA
 
 
 
U.S. Iron Ore
$
72.5

 
$
57.9

Asia Pacific Iron Ore
(63.7
)
 
51.4

Other
(20.0
)
 
(74.9
)
Total EBITDA
$
(11.2
)
 
$
34.4

 
 
 
 
Adjusted EBITDA:
 
 
 
U.S. Iron Ore
$
77.1

 
$
64.1

Asia Pacific Iron Ore
(39.6
)
 
53.8

Other
(25.9
)
 
(25.7
)
Total Adjusted EBITDA
$
11.6

 
$
92.2

 
(In Millions)
 
Three Months Ended
March 31,
 
2018
 
2017
Depreciation, depletion and amortization:
 
 
 
U.S. Iron Ore
$
15.8

 
$
16.4

Asia Pacific Iron Ore
6.7

 
4.7

Other
1.4

 
2.1

Total depreciation, depletion and amortization
$
23.9

 
$
23.2

 
 
 
 
Capital additions1:
 
 
 
U.S. Iron Ore
$
18.7

 
$
27.1

Asia Pacific Iron Ore
—

 
0.2

Other2
60.2

 
—

Total capital additions
$
78.9

 
$
27.3

 
 
 
 
1 Includes cash paid for capital additions of $71.4 million, including deposits of $59.0 million, and an increase in non-cash accruals of $7.5 million for the three months ended March 31, 2018 compared to cash paid for capital additions of $27.9 million, including deposits of $2.0 million, and a decrease in non-cash accruals of $0.6 million for the three months ended March 31, 2017.
2 Includes capital additions related to our HBI project.
Summary of Assets by Segment
A summary of assets by segment is as follows:
 
(In Millions)
 
March 31,
2018
 
December 31,
2017
Assets:
 
 
 
U.S. Iron Ore
$
1,646.8

 
$
1,500.6

Asia Pacific Iron Ore
78.4

 
138.8

Total segment assets
1,725.2

 
1,639.4

Corporate and Other
1,137.7

 
1,314.0

Total assets
$
2,862.9

 
$
2,953.4