|
The following tables present a summary of our reportable segments including a reconciliation of segment revenues to total Revenues from product sales and services, segment sales margin to total Sales margin and a reconciliation of Net income to EBITDA and Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Year Ended
December 31, 2019 |
|
Mining and Pelletizing |
|
Metallics |
|
Total |
Operating segment revenues from product sales and services |
$ |
2,069.2 |
|
|
$ |
— |
|
|
$ |
2,069.2 |
|
Elimination of intersegment revenues |
(79.3 |
) |
|
— |
|
|
(79.3 |
) |
Total revenues from product sales and services |
$ |
1,989.9 |
|
|
$ |
— |
|
|
$ |
1,989.9 |
|
|
|
|
|
|
|
Operating segment sales margin |
$ |
600.0 |
|
|
$ |
— |
|
|
$ |
600.0 |
|
Elimination of intersegment sales margin |
(24.3 |
) |
|
— |
|
|
(24.3 |
) |
Total sales margin |
$ |
575.7 |
|
|
$ |
— |
|
|
$ |
575.7 |
|
Revenues from product sales and services of $2,332.4 million and $1,866.0 million, respectively, and sales margin of $809.6 million and $467.6 million, respectively, related to our Mining and Pelletizing segment accounted for all of our consolidated revenues and sales margin for years ended December 31, 2018 and December 31, 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
2019 |
|
2018 |
|
2017 |
Net income |
$ |
292.8 |
|
|
$ |
1,128.1 |
|
|
$ |
363.1 |
|
Less: |
|
|
|
|
|
Interest expense, net |
(101.6 |
) |
|
(121.3 |
) |
|
(132.0 |
) |
Income tax benefit (expense) |
(17.6 |
) |
|
460.3 |
|
|
252.4 |
|
Depreciation, depletion and amortization |
(85.1 |
) |
|
(89.0 |
) |
|
(87.7 |
) |
Total EBITDA |
$ |
497.1 |
|
|
$ |
878.1 |
|
|
$ |
330.4 |
|
Less: |
|
|
|
|
|
Impact of discontinued operations |
$ |
(1.3 |
) |
|
$ |
120.6 |
|
|
$ |
22.0 |
|
Loss on extinguishment of debt |
(18.2 |
) |
|
(6.8 |
) |
|
(165.4 |
) |
Severance costs |
(1.7 |
) |
|
— |
|
|
— |
|
Acquisition costs |
(6.5 |
) |
|
— |
|
|
— |
|
Foreign exchange remeasurement |
— |
|
|
(0.9 |
) |
|
13.9 |
|
Impairment of other long-lived assets |
— |
|
|
(1.1 |
) |
|
— |
|
Total Adjusted EBITDA |
$ |
524.8 |
|
|
$ |
766.3 |
|
|
$ |
459.9 |
|
|
|
|
|
|
|
EBITDA: |
|
|
|
|
|
Mining and Pelletizing |
$ |
648.1 |
|
|
$ |
852.9 |
|
|
$ |
534.9 |
|
Metallics |
(8.1 |
) |
|
(3.3 |
) |
|
(0.4 |
) |
Corporate and Other (including discontinued operations) |
(142.9 |
) |
|
28.5 |
|
|
(204.1 |
) |
Total EBITDA |
$ |
497.1 |
|
|
$ |
878.1 |
|
|
$ |
330.4 |
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
Mining and Pelletizing |
$ |
668.3 |
|
|
$ |
875.3 |
|
|
$ |
559.4 |
|
Metallics |
(8.1 |
) |
|
(3.3 |
) |
|
(0.4 |
) |
Corporate |
(135.4 |
) |
|
(105.7 |
) |
|
(99.1 |
) |
Total Adjusted EBITDA |
$ |
524.8 |
|
|
$ |
766.3 |
|
|
$ |
459.9 |
|
The following table summarizes our depreciation, depletion and amortization and capital additions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
2019 |
|
2018 |
|
2017 |
Depreciation, depletion and amortization: |
|
|
|
|
|
Mining and Pelletizing |
$ |
79.0 |
|
|
$ |
68.2 |
|
|
$ |
66.6 |
|
Metallics |
0.6 |
|
|
— |
|
|
— |
|
Corporate |
5.5 |
|
|
5.6 |
|
|
6.8 |
|
Total depreciation, depletion and amortization |
$ |
85.1 |
|
|
$ |
73.8 |
|
|
$ |
73.4 |
|
|
|
|
|
|
|
Capital additions1:
|
|
|
|
|
|
Mining and Pelletizing |
$ |
128.1 |
|
|
$ |
145.0 |
|
|
$ |
136.8 |
|
Metallics |
558.4 |
|
|
248.1 |
|
|
13.7 |
|
Corporate and Other |
3.3 |
|
|
1.6 |
|
|
2.7 |
|
Total capital additions |
$ |
689.8 |
|
|
$ |
394.7 |
|
|
$ |
153.2 |
|
|
|
|
|
|
|
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
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|