Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING (Tables)

v3.10.0.1
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 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 Income from continuing operations before income taxes and a reconciliation of Net income to EBITDA and Adjusted EBITDA:
 
 
 
2018
 
2017
2016
Revenues from product sales and services:
 
 
 
 
 
Mining and Pelletizing
$
2,332.4

 
$
1,866.0

 
$
1,554.5

 
 
 
 
 
 
Sales margin:
 
 
 
 
 
Mining and Pelletizing
$
809.6

 
$
467.6

 
$
280.1

Other operating expense
(136.4
)
 
(77.4
)
 
(149.4
)
Other expense
(108.5
)
 
(282.0
)
 
(20.3
)
Income from continuing operations before income taxes
$
564.7

 
$
108.2

 
$
110.4

 
(In Millions)
 
2018
 
2017
 
2016
Net income
$
1,128.1

 
$
363.1

 
$
199.3

Less:
 
 
 
 
 
Interest expense, net
(121.3
)

(132.0
)

(200.5
)
Income tax benefit
460.3


252.4


12.2

Depreciation, depletion and amortization
(89.0
)

(87.7
)

(115.4
)
Total EBITDA
$
878.1

 
$
330.4

 
$
503.0

Less:
 
 
 
 
 
Gain (loss) on extinguishment/restructuring of debt
$
(6.8
)
 
$
(165.4
)
 
$
166.3

Impact of discontinued operations
120.6

 
22.0

 
108.4

Foreign exchange remeasurement
(0.9
)
 
13.9

 
(17.8
)
Impairment of long-lived assets
(1.1
)

—


—

Total Adjusted EBITDA
$
766.3

 
$
459.9

 
$
246.1

 
 
 
 
 
 
EBITDA:
 
 
 
 
 
Mining and Pelletizing
$
852.9


$
534.9


$
342.4

Metallics
(3.3
)
 
(0.4
)
 
—

Corporate and Other1
28.5


(204.1
)

160.6

Total EBITDA
$
878.1

 
$
330.4

 
$
503.0

 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
Mining and Pelletizing
$
875.3

 
$
559.4

 
$
359.6

Metallics
(3.3
)
 
(0.4
)
 
—

Corporate
(105.7
)
 
(99.1
)
 
(113.5
)
Total Adjusted EBITDA
$
766.3

 
$
459.9

 
$
246.1

 
 
 
 
 
 
1 Corporate and Other includes activity from discontinued operations.
 
(In Millions)
 
2018
 
2017
 
2016
Depreciation, depletion and amortization:
 
 
 
 
 
Mining and Pelletizing
$
68.2

 
$
66.6

 
$
84.0

Corporate
5.6

 
6.8

 
6.3

Total depreciation, depletion and amortization
$
73.8

 
$
73.4

 
$
90.3

 
 
 
 
 
 
Capital additions1:
 
 
 
 
 
Mining and Pelletizing
$
145.0

 
$
136.8

 
$
62.2

Metallics
248.1

 
13.7

 
—

Corporate and Other
1.6

 
2.7

 
6.1

Total capital additions
$
394.7

 
$
153.2

 
$
68.3

 
 
 
 
 
 
1 Includes capital lease additions and non-cash accruals. Refer to NOTE 16 - CASH FLOW INFORMATION.
Summary of Assets by Segment
A summary of assets by segment is as follows:
 
(In Millions)
 
December 31,
2018
 
December 31, 2017
 
December 31, 2016
Assets:
 
 
 
 
 
Mining and Pelletizing
$
1,694.1

 
$
1,500.6

 
$
1,372.5

Metallics
265.9

 
13.4

 
—

Total segment assets
1,960.0

 
1,514.0

 
1,372.5

Corporate
1,557.2

 
1,300.6

 
396.3

Assets of discontinued operations
12.4

 
138.8

 
155.1

Total assets
$
3,529.6

 
$
2,953.4

 
$
1,923.9

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)
 
2018
 
2017
 
2016
Revenues from product sales and services:
 
 
 
 
 
United States
$
1,847.3

 
$
1,504.5

 
$
1,236.2

Canada
395.1

 
206.2

 
267.1

Other countries
90.0

 
155.3

 
51.2

Total revenues from product sales and services
$
2,332.4

 
$
1,866.0

 
$
1,554.5

Property, plant and equipment, net:
 
 
 
 
 
United States
$
1,286.0

 
$
1,033.8

 
$
961.0

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:
 
 
2018
 
2017
 
2016
Revenue category:
 
 
 
 
 
 
Product
 
93
%
 
88
%
 
89
%
Freight and venture partners’ cost reimbursements
 
7
%
 
12
%
 
11
%
Total revenues from product sales and services
 
100
%
 
100
%
 
100
%