Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.10.0.1
SEGMENT REPORTING (Tables)
 9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information, By Segment
The following tables present a summary of our reportable segment 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
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
Revenues from product sales and services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
741.8

 
100
%
 
$
596.7

 
100
%
 
$
1,636.1

 
100
%
 
$
1,354.2

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales margin
$
261.6

 
 
 
$
157.8

 
 
 
$
607.6

 
 
 
$
351.5

 
 
Other operating expense
(36.1
)
 
 
 
(29.1
)
 
 
 
(97.6
)
 
 
 
(74.2
)
 
 
Other expense
(25.2
)
 
 
 
(113.6
)
 
 
 
(79.8
)
 
 
 
(256.9
)
 
 
Income from continuing operations before income taxes
$
200.3

 
 
 
$
15.1

 
 
 
$
430.2

 
 
 
$
20.4

 
 
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
Net Income
$
437.8

 
$
52.9

 
$
518.6

 
$
53.2

Less:
 
 
 
 
 
 
 
Interest expense, net
(29.7
)
 
(28.9
)
 
(95.5
)
 
(103.1
)
Income tax benefit (expense)
(0.5
)
 
7.6

 
(14.4
)
 
6.8

Depreciation, depletion and amortization
(19.2
)
 
(21.5
)
 
(68.6
)
 
(66.3
)
EBITDA
$
487.2

 
$
95.7

 
$
697.1

 
$
215.8

Less:
 
 
 
 
 
 
 
Impact of discontinued operations
$
238.2

 
$
34.8

 
$
120.4

 
$
41.3

Foreign exchange remeasurement
(0.2
)
 
(1.3
)
 
(0.7
)
 
14.0

Gain (loss) on extinguishment of debt
—

 
(88.6
)
 
0.2

 
(165.4
)
Impairment of long-lived assets
(1.1
)
 
—

 
(1.1
)
 
—

Adjusted EBITDA
$
250.3

 
$
150.8

 
$
578.3

 
$
325.9

 
 
 
 
 
 
 
 
EBITDA
 
 
 
 
 
 
 
U.S. Iron Ore
$
273.1

 
$
168.9

 
$
641.6

 
$
381.8

Corporate and Other1
214.1

 
(73.2
)
 
55.5

 
(166.0
)
Total EBITDA
$
487.2

 
$
95.7

 
$
697.1

 
$
215.8

 
 
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
279.5

 
$
174.2

 
$
657.9

 
$
399.8

Corporate and Other1
(29.2
)
 
(23.4
)
 
(79.6
)
 
(73.9
)
Total Adjusted EBITDA
$
250.3

 
$
150.8

 
$
578.3

 
$
325.9

 
 
 
 
 
 
 
 
1Corporate and Other includes activity from discontinued operations and immaterial costs related to the HBI project.
The following table summarizes our depreciation, depletion and amortization expense and capital additions:
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
Depreciation, depletion and amortization:
 
 
 
 
 
 
 
U.S. Iron Ore
$
17.8

 
$
16.5

 
$
49.2

 
$
49.6

Corporate and Other
1.4

 
1.7

 
4.2

 
5.4

Total depreciation, depletion and amortization
$
19.2

 
$
18.2

 
$
53.4

 
$
55.0

 
 
 
 
 
 
 
 
Capital additions1:
 
 
 
 
 
 
 
U.S. Iron Ore
$
51.8

 
$
19.2

 
$
97.2

 
$
70.9

Corporate and Other2
40.8

 
7.1

 
144.7

 
7.1

Total capital additions
$
92.6

 
$
26.3

 
$
241.9

 
$
78.0

 
 
 
 
 
 
 
 
1 Includes cash paid for capital additions of $194.6 million, including deposits of $83.3 million, lease additions of $7.6 million, and an increase in non-cash accruals of $42.2 million, partially offset by governmental grants received of $2.5 million for the nine months ended September 30, 2018, compared to cash paid for capital additions of $77.4 million, including deposits of $16.2 million, and an increase in non-cash accruals of $0.6 million for the nine months ended September 30, 2017.
2 Includes capital additions related to our HBI project.
Reconciliation of Assets from Segment to Consolidated [Table Text Block]
A summary of assets by segment is as follows:
 
(In Millions)
 
September 30,
2018
 
December 31,
2017
Assets:
 
 
 
U.S. Iron Ore
$
1,798.8

 
$
1,500.6

Corporate and Other1
1,310.1

 
1,314.0

Assets of Discontinued Operations
16.1

 
138.8

Total assets
$
3,125.0

 
$
2,953.4

 
1Corporate and Other includes assets related to the HBI project.