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Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.7.0.1
SEGMENT REPORTING (Tables)
6 Months Ended
Jun. 30, 2017
Segment Reporting [Abstract] Ìý
Schedule Of Segment Reporting Information, By Segment
The following tables present a summary of our reportable segments for the three and six months ended JuneÌý30, 2017 and 2016, 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:
Ìý
(In Millions)
Ìý
Three Months Ended
June 30,
Ìý
Six Months Ended
June 30,
Ìý
2017
Ìý
2016
Ìý
2017
Ìý
2016
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
$
471.3

Ìý
83
%
Ìý
$
361.7

Ìý
73
%
Ìý
$
757.5

Ìý
73
%
Ìý
$
547.2

Ìý
68
%
Asia Pacific Iron Ore
98.0

Ìý
17
%
Ìý
134.5

Ìý
27
%
Ìý
273.4

Ìý
27
%
Ìý
254.5

Ìý
32
%
Total revenues from product sales and services
$
569.3

Ìý
100
%
Ìý
$
496.2

Ìý
100
%
Ìý
$
1,030.9

Ìý
100
%
Ìý
$
801.7

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
$
144.2

Ìý
Ìý
Ìý
$
70.0

Ìý
Ìý
Ìý
$
192.6

Ìý
Ìý
Ìý
$
83.2

Ìý
Ìý
Asia Pacific Iron Ore
0.9

Ìý
Ìý
Ìý
21.5

Ìý
Ìý
Ìý
48.2

Ìý
Ìý
Ìý
39.2

Ìý
Ìý
Sales margin
145.1

Ìý
Ìý
Ìý
91.5

Ìý
Ìý
Ìý
240.8

Ìý
Ìý
Ìý
122.4

Ìý
Ìý
Other operating expense
(30.5
)
Ìý
Ìý
Ìý
(16.8
)
Ìý
Ìý
Ìý
(44.3
)
Ìý
Ìý
Ìý
(48.0
)
Ìý
Ìý
Other income (expense)
(35.5
)
Ìý
Ìý
Ìý
(46.9
)
Ìý
Ìý
Ìý
(149.5
)
Ìý
Ìý
Ìý
75.2

Ìý
Ìý
Income from continuing operations before income taxes
$
79.1

Ìý
Ìý
Ìý
$
27.8

Ìý
Ìý
Ìý
$
47.0

Ìý
Ìý
Ìý
$
149.6

Ìý
Ìý
Ìý
(In Millions)
Ìý
Three Months Ended
June 30,
Ìý
Six Months Ended
June 30,
Ìý
2017
Ìý
2016
Ìý
2017
Ìý
2016
Net Income
$
30.1

Ìý
$
29.5

Ìý
$
0.3

Ìý
$
146.3

Less:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Interest expense, net
(31.4
)
Ìý
(50.7
)
Ìý
(74.2
)
Ìý
(107.5
)
Income tax benefit (expense)
(2.6
)
Ìý
2.1

Ìý
(0.8
)
Ìý
(5.4
)
Depreciation, depletion and amortization
(21.6
)
Ìý
(26.9
)
Ìý
(44.8
)
Ìý
(62.1
)
EBITDA
$
85.7

Ìý
$
105.0

Ìý
$
120.1

Ìý
$
321.3

Less:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Gain (loss) on extinguishment/restructuring of debt
(4.9
)
Ìý
3.6

Ìý
(76.8
)
Ìý
182.4

Foreign exchange remeasurement
—

Ìý
0.2

Ìý
13.6

Ìý
(0.9
)
Impact of discontinued operations
(46.4
)
Ìý
(0.4
)
Ìý
(45.9
)
Ìý
2.1

Severance and contractor termination costs
—

Ìý
—

Ìý
—

Ìý
(0.1
)
Adjusted EBITDA
$
137.0

Ìý
$
101.6

Ìý
$
229.2

Ìý
$
137.8

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
EBITDA:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
U.S. Iron Ore
$
155.0

Ìý
$
94.1

Ìý
$
212.9

Ìý
$
135.5

Asia Pacific Iron Ore
1.2

Ìý
26.1

Ìý
52.6

Ìý
48.4

Other
(70.5
)
Ìý
(15.2
)
Ìý
(145.4
)
Ìý
137.4

Total EBITDA
$
85.7

Ìý
$
105.0

Ìý
$
120.1

Ìý
$
321.3

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Adjusted EBITDA:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
U.S. Iron Ore
$
161.5

Ìý
$
97.2

Ìý
$
225.6

Ìý
$
143.3

Asia Pacific Iron Ore
3.0

Ìý
26.5

Ìý
56.8

Ìý
49.5

Other
(27.5
)
Ìý
(22.1
)
Ìý
(53.2
)
Ìý
(55.0
)
Total Adjusted EBITDA
$
137.0

Ìý
$
101.6

Ìý
$
229.2

Ìý
$
137.8

Ìý
(In Millions)
Ìý
Three Months Ended
June 30,
Ìý
Six Months Ended
June 30,
Ìý
2017
Ìý
2016
Ìý
2017
Ìý
2016
Depreciation, depletion and amortization:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
U.S. Iron Ore
$
16.7

Ìý
$
19.4

Ìý
$
33.1

Ìý
$
46.3

Asia Pacific Iron Ore
3.3

Ìý
6.1

Ìý
8.0

Ìý
12.9

Other
1.6

Ìý
1.4

Ìý
3.7

Ìý
2.9

Total depreciation, depletion and amortization
$
21.6

Ìý
$
26.9

Ìý
$
44.8

Ìý
$
62.1

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Capital additions:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
U.S. Iron Ore
$
24.6

Ìý
$
9.2

Ìý
$
51.7

Ìý
$
13.7

Asia Pacific Iron Ore
0.6

Ìý
—

Ìý
0.8

Ìý
—

Other
—

Ìý
2.1

Ìý
—

Ìý
4.4

Total capital additions1
$
25.2

Ìý
$
11.3

Ìý
$
52.5

Ìý
$
18.1

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
1 Includes cash paid for capital additions of $49.4 million and $20.2 million and an increase in non-cash accruals of $3.1 million and a decrease in non-cash accruals of $2.1 million for the six months ended June 30, 2017 and 2016, respectively.
Summary of Assets by Segment
A summary of assets by segment is as follows:
Ìý
(In Millions)
Ìý
JuneÌý30,
2017
Ìý
DecemberÌý31,
2016
Assets:
Ìý
Ìý
Ìý
U.S. Iron Ore
$
1,525.9

Ìý
$
1,372.5

Asia Pacific Iron Ore
157.7

Ìý
155.1

Total segment assets
1,683.6

Ìý
1,527.6

Corporate
346.5

Ìý
396.3

Total assets
$
2,030.1

Ìý
$
1,923.9