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The following tables present a summary of our reportable segments including a reconciliation of segment revenues to total revenues, segment sales margin to total sales margin and a reconciliation of Net income to EBITDA and Adjusted EBITDA:
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(In Millions) |
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Three Months Ended
June 30, 2019
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Six Months Ended
June 30, 2019 |
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Mining and Pelletizing |
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Metallics |
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Total |
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Mining and Pelletizing |
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Metallics |
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Total |
Operating segment revenues from product sales and services |
$ |
747.2 |
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$ |
— |
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$ |
747.2 |
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$ |
904.2 |
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$ |
— |
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$ |
904.2 |
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Elimination of intersegment revenues |
(4.0 |
) |
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— |
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(4.0 |
) |
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(4.0 |
) |
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— |
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(4.0 |
) |
Total revenue |
$ |
743.2 |
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$ |
— |
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$ |
743.2 |
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$ |
900.2 |
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$ |
— |
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$ |
900.2 |
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Operating segment sales margin |
$ |
264.6 |
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$ |
— |
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$ |
264.6 |
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$ |
295.5 |
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$ |
— |
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$ |
295.5 |
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Elimination of intersegment sales margin |
(1.6 |
) |
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— |
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(1.6 |
) |
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(1.6 |
) |
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— |
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(1.6 |
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Total sales margin |
$ |
263.0 |
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$ |
— |
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$ |
263.0 |
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$ |
293.9 |
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$ |
— |
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$ |
293.9 |
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Revenues from product sales and services of $714.3 million and $894.3 million, respectively, and sales margin of $284.5 million and $346.0 million, respectively, related to our Mining and Pelletizing segment accounted for all of our consolidated revenues and sales margin for the three and six months ended June 30, 2018.
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(In Millions) |
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2019 |
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2018 |
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2019 |
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2018 |
Net income |
$ |
160.8 |
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$ |
165.1 |
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$ |
138.7 |
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$ |
80.8 |
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Less: |
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Interest expense, net |
(26.3 |
) |
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(32.3 |
) |
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(51.4 |
) |
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(65.8 |
) |
Income tax benefit (expense) |
(22.0 |
) |
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1.8 |
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(18.3 |
) |
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(13.9 |
) |
Depreciation, depletion and amortization |
(21.0 |
) |
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(25.5 |
) |
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(40.9 |
) |
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(49.4 |
) |
EBITDA |
$ |
230.1 |
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$ |
221.1 |
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$ |
249.3 |
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$ |
209.9 |
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Less: |
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Foreign exchange remeasurement |
$ |
(0.1 |
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$ |
(0.1 |
) |
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$ |
— |
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$ |
(0.5 |
) |
Impact of discontinued operations |
(0.4 |
) |
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(54.7 |
) |
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(0.4 |
) |
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(117.8 |
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Gain (loss) on extinguishment of debt |
(17.9 |
) |
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0.2 |
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(18.2 |
) |
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0.2 |
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Severance costs |
— |
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— |
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(1.7 |
) |
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— |
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Adjusted EBITDA |
$ |
248.5 |
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$ |
275.7 |
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$ |
269.6 |
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$ |
328.0 |
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EBITDA: |
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Mining and Pelletizing |
$ |
274.6 |
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$ |
296.0 |
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$ |
317.4 |
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$ |
368.5 |
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Metallics |
(1.1 |
) |
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(1.2 |
) |
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(1.9 |
) |
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(1.5 |
) |
Corporate and Other (including discontinued operations) |
(43.4 |
) |
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(73.7 |
) |
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(66.2 |
) |
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(157.1 |
) |
Total EBITDA |
$ |
230.1 |
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$ |
221.1 |
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$ |
249.3 |
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$ |
209.9 |
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Adjusted EBITDA: |
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Mining and Pelletizing |
$ |
280.5 |
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$ |
301.3 |
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$ |
328.0 |
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$ |
378.4 |
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Metallics |
(1.1 |
) |
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(1.2 |
) |
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(1.9 |
) |
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(1.5 |
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Corporate |
(30.9 |
) |
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(24.4 |
) |
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(56.5 |
) |
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(48.9 |
) |
Total Adjusted EBITDA |
$ |
248.5 |
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$ |
275.7 |
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$ |
269.6 |
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$ |
328.0 |
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The following table summarizes our depreciation, depletion and amortization expense and capital additions:
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(In Millions) |
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2019 |
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2018 |
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2019 |
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2018 |
Depreciation, depletion and amortization: |
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Mining and Pelletizing |
$ |
19.6 |
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$ |
15.6 |
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$ |
38.1 |
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$ |
31.4 |
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Corporate |
1.4 |
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1.4 |
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2.8 |
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2.8 |
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Total depreciation, depletion and amortization |
$ |
21.0 |
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$ |
17.0 |
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$ |
40.9 |
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$ |
34.2 |
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Capital additions1:
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Mining and Pelletizing |
$ |
35.6 |
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$ |
26.7 |
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$ |
82.4 |
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$ |
45.4 |
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Metallics |
155.1 |
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|
43.0 |
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|
237.5 |
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|
103.0 |
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Corporate |
0.9 |
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|
0.7 |
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|
1.0 |
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|
0.9 |
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Total capital additions |
$ |
191.6 |
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$ |
70.4 |
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$ |
320.9 |
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$ |
149.3 |
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1 Refer to NOTE 17 - CASH FLOW INFORMATION for additional information.
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