Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATIONS

v3.19.1
DISCONTINUED OPERATIONS
 3 Months Ended
Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
NOTE 14 - DISCONTINUED OPERATIONS
The information below sets forth selected financial information related to operating results of our businesses classified as discontinued operations, which include our former Asia Pacific Iron Ore, North American Coal and Canadian operations. While the reclassification of revenues and expenses related to discontinued operations from prior periods have no impact upon previously reported net income, the Statements of Unaudited Condensed Consolidated Operations present the revenues and expenses that were reclassified from the specified line items to discontinued operations and the Statements of Unaudited Condensed Consolidated Financial Position present the assets and liabilities that were reclassified from the specified line items to assets and liabilities of discontinued operations. The charts below provide an asset group breakout for each financial statement line impacted by discontinued operations.
 
 
(In Millions)
 
 
Three Months Ended
March 31,
 
 
2019
 
2018
Income (loss) from discontinued operations, net of tax
 
 
 
 
Asia Pacific Iron Ore
 
$
(0.5
)
 
$
(71.3
)
North American Coal
 
0.5

 
0.4

 
 
$
—

 
$
(70.9
)
 
 
(In Millions)
 
 
Three Months Ended
March 31,
 
 
2019
 
2018
Net cash used by operating activities
 
 
 
 
Asia Pacific Iron Ore
 
$
(0.8
)
 
$
(21.2
)
 
 
$
(0.8
)
 
$
(21.2
)
 
 
 
 
 
Net cash provided (used) by investing activities
 
 
 
 
Asia Pacific Iron Ore
 
$
0.1

 
$
(0.1
)
 
 
$
0.1

 
$
(0.1
)

Asia Pacific Iron Ore Operations
Background
In January 2018, we announced that we would accelerate the time frame for the planned closure of our Asia Pacific Iron Ore mining operations in Australia. In April 2018, we committed to a course of action leading to the permanent closure of the Asia Pacific Iron Ore mining operations and, as planned, completed our final shipment in June 2018. Factors considered in this decision included increasingly discounted prices for lower-iron-content ore and the quality of the remaining iron ore reserves.
During 2018, we sold all of the assets of our Asia Pacific Iron Ore business through a series of sales to third parties. As a result of our planned exit, management determined that our Asia Pacific Iron Ore operating segment met the criteria to be classified as held for sale and a discontinued operation under ASC Topic 205, Presentation of Financial Statements. As such, all Asia Pacific Iron Ore operating segment results are classified within discontinued operations.
Loss from Discontinued Operations
 
 
(In Millions)
 
 
Three Months Ended
March 31,
Loss from Discontinued Operations
 
2019
 
2018
Revenues from product sales and services
 
$
—

 
$
59.0

Cost of goods sold and operating expenses
 
—

 
(124.1
)
Sales margin
 
—

 
(65.1
)
Other operating expense
 
(0.4
)
 
(2.5
)
Other expense
 
(0.1
)
 
(1.1
)
Impairment of long-lived assets
 
—

 
(2.6
)
Loss from discontinued operations, net of tax
 
$
(0.5
)
 
$
(71.3
)