| Schedule Of Segment Reporting Information, By Segment |
The following tables present a summary of our reportable segments for the three and nine months ended SeptemberÌý30, 2015 and 2014, including a reconciliation of segment sales margin to Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA:
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Ìý |
(In Millions) |
Ìý |
Three Months Ended
September 30, |
Ìý |
Nine Months Ended
September 30, |
Ìý |
2015 |
Ìý |
2014 |
Ìý |
2015 |
Ìý |
2014 |
Revenues from product sales and services: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
U.S. Iron Ore |
$ |
471.0 |
|
Ìý |
79 |
% |
Ìý |
$ |
767.4 |
|
Ìý |
78 |
% |
Ìý |
$ |
1,152.5 |
|
Ìý |
75 |
% |
Ìý |
$ |
1,643.3 |
|
Ìý |
70 |
% |
Asia Pacific Iron Ore |
122.2 |
|
Ìý |
21 |
% |
Ìý |
212.3 |
|
Ìý |
22 |
% |
Ìý |
384.8 |
|
Ìý |
25 |
% |
Ìý |
699.6 |
|
Ìý |
30 |
% |
Total revenues from product sales and services |
$ |
593.2 |
|
Ìý |
100 |
% |
Ìý |
$ |
979.7 |
|
Ìý |
100 |
% |
Ìý |
$ |
1,537.3 |
|
Ìý |
100 |
% |
Ìý |
$ |
2,342.9 |
|
Ìý |
100 |
% |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Sales margin: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
U.S. Iron Ore |
$ |
48.7 |
|
Ìý |
Ìý |
Ìý |
$ |
219.5 |
|
Ìý |
Ìý |
Ìý |
$ |
177.7 |
|
Ìý |
Ìý |
Ìý |
$ |
461.7 |
|
Ìý |
Ìý |
Asia Pacific Iron Ore |
6.4 |
|
Ìý |
Ìý |
Ìý |
9.1 |
|
Ìý |
Ìý |
Ìý |
15.5 |
|
Ìý |
Ìý |
Ìý |
111.4 |
|
Ìý |
Ìý |
Eliminations with discontinued operations |
— |
|
Ìý |
Ìý |
Ìý |
27.6 |
|
Ìý |
Ìý |
Ìý |
— |
|
Ìý |
Ìý |
Ìý |
56.6 |
|
Ìý |
Ìý |
Sales margin |
55.1 |
|
Ìý |
Ìý |
Ìý |
256.2 |
|
Ìý |
Ìý |
Ìý |
193.2 |
|
Ìý |
Ìý |
Ìý |
629.7 |
|
Ìý |
Ìý |
Other operating expense |
(25.9 |
) |
Ìý |
Ìý |
Ìý |
(399.0 |
) |
Ìý |
Ìý |
Ìý |
(66.4 |
) |
Ìý |
Ìý |
Ìý |
(494.0 |
) |
Ìý |
Ìý |
Other income (expense) |
17.4 |
|
Ìý |
Ìý |
Ìý |
(38.1 |
) |
Ìý |
Ìý |
Ìý |
221.7 |
|
Ìý |
Ìý |
Ìý |
(118.2 |
) |
Ìý |
Ìý |
Income (loss) from continuing operations before income taxes and equity loss from ventures |
$ |
46.6 |
|
Ìý |
Ìý |
Ìý |
$ |
(180.9 |
) |
Ìý |
Ìý |
Ìý |
$ |
348.5 |
|
Ìý |
Ìý |
Ìý |
$ |
17.5 |
|
Ìý |
Ìý |
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Ìý |
(In Millions) |
Ìý |
Three Months Ended
September 30, |
Ìý |
Nine Months Ended
September 30, |
Ìý |
2015 |
Ìý |
2014 |
Ìý |
2015 |
Ìý |
2014 |
Net Income (Loss) |
$ |
6.0 |
|
Ìý |
$ |
(6,887.2 |
) |
Ìý |
$ |
(690.5 |
) |
Ìý |
$ |
(6,943.4 |
) |
Less: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Interest expense, net |
(62.3 |
) |
Ìý |
(47.4 |
) |
Ìý |
(170.7 |
) |
Ìý |
(134.9 |
) |
Income tax benefit (expense) |
4.8 |
|
Ìý |
921.4 |
|
Ìý |
(167.3 |
) |
Ìý |
1,012.3 |
|
Depreciation, depletion and amortization |
(35.6 |
) |
Ìý |
(144.0 |
) |
Ìý |
(99.1 |
) |
Ìý |
(430.4 |
) |
EBITDA |
$ |
99.1 |
|
Ìý |
$ |
(7,617.2 |
) |
Ìý |
$ |
(253.4 |
) |
Ìý |
$ |
(7,390.4 |
) |
Less: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Impairment of goodwill and other long-lived assets |
$ |
— |
|
|
$ |
(377.0 |
) |
|
$ |
(3.3 |
) |
|
$ |
(378.6 |
) |
Impact of discontinued operations |
(44.8 |
) |
Ìý |
(7,543.0 |
) |
Ìý |
(865.9 |
) |
Ìý |
(7,737.1 |
) |
Gain on extinguishment of debt |
79.2 |
|
Ìý |
— |
|
Ìý |
392.9 |
|
Ìý |
— |
|
Severance and contractor termination costs |
2.2 |
|
Ìý |
(2.6 |
) |
Ìý |
(9.3 |
) |
Ìý |
(19.3 |
) |
Foreign exchange remeasurement |
2.4 |
|
Ìý |
25.8 |
|
Ìý |
15.2 |
|
Ìý |
8.4 |
|
Adjusted EBITDA |
$ |
60.1 |
|
Ìý |
$ |
279.6 |
|
Ìý |
$ |
217.0 |
|
Ìý |
$ |
736.2 |
|
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
EBITDA: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
U.S. Iron Ore |
$ |
69.2 |
|
Ìý |
$ |
241.9 |
|
Ìý |
$ |
239.6 |
|
Ìý |
$ |
538.2 |
|
Asia Pacific Iron Ore |
11.1 |
|
Ìý |
(302.2 |
) |
Ìý |
38.7 |
|
Ìý |
(150.8 |
) |
Other |
18.8 |
|
Ìý |
(7,556.9 |
) |
Ìý |
(531.7 |
) |
Ìý |
(7,777.8 |
) |
Total EBITDA |
$ |
99.1 |
|
Ìý |
$ |
(7,617.2 |
) |
Ìý |
$ |
(253.4 |
) |
Ìý |
$ |
(7,390.4 |
) |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Adjusted EBITDA: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
U.S. Iron Ore |
$ |
72.3 |
|
Ìý |
$ |
249.5 |
|
Ìý |
$ |
254.6 |
|
Ìý |
$ |
559.1 |
|
Asia Pacific Iron Ore |
9.7 |
|
Ìý |
49.7 |
|
Ìý |
32.8 |
|
Ìý |
225.5 |
|
Other |
(21.9 |
) |
Ìý |
(19.6 |
) |
Ìý |
(70.4 |
) |
Ìý |
(48.4 |
) |
Total Adjusted EBITDA |
$ |
60.1 |
|
Ìý |
$ |
279.6 |
|
Ìý |
$ |
217.0 |
|
Ìý |
$ |
736.2 |
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|
Ìý |
(In Millions) |
Ìý |
Three Months Ended
September 30, |
Ìý |
Nine Months Ended
September 30, |
Ìý |
2015 |
Ìý |
2014 |
Ìý |
2015 |
Ìý |
2014 |
Depreciation, depletion and amortization: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
U.S. Iron Ore |
$ |
27.9 |
|
Ìý |
$ |
25.9 |
|
Ìý |
$ |
71.6 |
|
Ìý |
$ |
81.2 |
|
Asia Pacific Iron Ore |
6.1 |
|
Ìý |
42.2 |
|
Ìý |
19.1 |
|
Ìý |
123.6 |
|
Other |
1.6 |
|
Ìý |
2.0 |
|
Ìý |
5.2 |
|
Ìý |
5.9 |
|
Total depreciation, depletion and amortization |
$ |
35.6 |
|
Ìý |
$ |
70.1 |
|
Ìý |
$ |
95.9 |
|
Ìý |
$ |
210.7 |
|
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Capital additions1:
|
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
U.S. Iron Ore |
$ |
15.0 |
|
Ìý |
$ |
8.5 |
|
Ìý |
$ |
35.8 |
|
Ìý |
$ |
37.4 |
|
Asia Pacific Iron Ore |
0.3 |
|
Ìý |
3.1 |
|
Ìý |
4.8 |
|
Ìý |
8.3 |
|
Other |
2.4 |
|
Ìý |
0.5 |
|
Ìý |
6.0 |
|
Ìý |
3.3 |
|
Total capital additions |
$ |
17.7 |
|
Ìý |
$ |
12.1 |
|
Ìý |
$ |
46.6 |
|
Ìý |
$ |
49.0 |
|
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
1ÌýÌýÌýÌýIncludes capital lease additions and non-cash accruals. Refer to NOTE 17 - CASH FLOW INFORMATION.
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| Summary of Assets by Segment |
A summary of assets by segment is as follows:
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|
Ìý |
(In Millions) |
Ìý |
SeptemberÌý30,
2015 |
Ìý |
DecemberÌý31,
2014 |
Assets: |
Ìý |
Ìý |
Ìý |
U.S. Iron Ore |
$ |
1,498.3 |
|
Ìý |
$ |
1,464.9 |
|
Asia Pacific Iron Ore |
210.5 |
|
Ìý |
274.6 |
|
Other |
26.3 |
|
Ìý |
147.0 |
|
Total segment assets |
1,735.1 |
|
Ìý |
1,886.5 |
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Corporate |
395.0 |
|
Ìý |
546.8 |
|
Assets of Discontinued Operations |
141.4 |
|
Ìý |
730.7 |
|
Total assets |
$ |
2,271.5 |
|
Ìý |
$ |
3,164.0 |
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