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Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.8.0.1
SEGMENT REPORTING (Tables)
 3 Months Ended
Mar. 31, 2018
Segment Reporting [Abstract] Ìý
Schedule Of Segment Reporting Information, By Segment
The following tables present a summary of our reportable segments including a reconciliation of segment sales margin to Loss from Continuing Operations Before Income Taxes and a reconciliation of Net Loss to EBITDA and Adjusted EBITDA:
Ìý
(In Millions)
Ìý
Three Months Ended
March 31,
Ìý
2018
Ìý
2017
Revenues from product sales and services:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
U.S. Iron Ore
$
180.0

Ìý
75
%
Ìý
$
286.2

Ìý
62
%
Asia Pacific Iron Ore
59.0

Ìý
25
%
Ìý
175.4

Ìý
38
%
Total revenues from product sales and services
$
239.0

Ìý
100
%
Ìý
$
461.6

Ìý
100
%
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Sales margin:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
U.S. Iron Ore
$
61.5

Ìý
Ìý
Ìý
$
49.0

Ìý
Ìý
Asia Pacific Iron Ore
(65.1
)
Ìý
Ìý
Ìý
47.3

Ìý
Ìý
Sales margin
(3.6
)
Ìý
Ìý
Ìý
96.3

Ìý
Ìý
Other operating expense
(36.4
)
Ìý
Ìý
Ìý
(16.2
)
Ìý
Ìý
Other expense
(29.1
)
Ìý
Ìý
Ìý
(112.2
)
Ìý
Ìý
Loss from continuing operations before income taxes
$
(69.1
)
Ìý
Ìý
Ìý
$
(32.1
)
Ìý
Ìý
Ìý
(In Millions)
Ìý
Three Months Ended
March 31,
Ìý
2018
Ìý
2017
Net Loss
$
(84.3
)
Ìý
$
(29.8
)
Less:
Ìý
Ìý
Ìý
Interest expense, net
(33.5
)
Ìý
(42.8
)
Income tax benefit (expense)
(15.7
)
Ìý
1.8

Depreciation, depletion and amortization
(23.9
)
Ìý
(23.2
)
EBITDA
$
(11.2
)
Ìý
$
34.4

Less:
Ìý
Ìý
Ìý
Inventory impairments
$
(18.9
)
Ìý
$
—

Impairment of long-lived assets
(2.6
)
Ìý
—

Severance and retention costs
(1.5
)
Ìý
—

Impact of discontinued operations
0.5

Ìý
0.5

Foreign exchange remeasurement
(0.3
)
Ìý
13.6

Loss on extinguishment of debt
—

Ìý
(71.9
)
Adjusted EBITDA
$
11.6

Ìý
$
92.2

Ìý
Ìý
Ìý
Ìý
EBITDA
Ìý
Ìý
Ìý
U.S. Iron Ore
$
72.5

Ìý
$
57.9

Asia Pacific Iron Ore
(63.7
)
Ìý
51.4

Other
(20.0
)
Ìý
(74.9
)
Total EBITDA
$
(11.2
)
Ìý
$
34.4

Ìý
Ìý
Ìý
Ìý
Adjusted EBITDA:
Ìý
Ìý
Ìý
U.S. Iron Ore
$
77.1

Ìý
$
64.1

Asia Pacific Iron Ore
(39.6
)
Ìý
53.8

Other
(25.9
)
Ìý
(25.7
)
Total Adjusted EBITDA
$
11.6

Ìý
$
92.2

Ìý
(In Millions)
Ìý
Three Months Ended
March 31,
Ìý
2018
Ìý
2017
Depreciation, depletion and amortization:
Ìý
Ìý
Ìý
U.S. Iron Ore
$
15.8

Ìý
$
16.4

Asia Pacific Iron Ore
6.7

Ìý
4.7

Other
1.4

Ìý
2.1

Total depreciation, depletion and amortization
$
23.9

Ìý
$
23.2

Ìý
Ìý
Ìý
Ìý
Capital additions1:
Ìý
Ìý
Ìý
U.S. Iron Ore
$
18.7

Ìý
$
27.1

Asia Pacific Iron Ore
—

Ìý
0.2

Other2
60.2

Ìý
—

Total capital additions
$
78.9

Ìý
$
27.3

Ìý
Ìý
Ìý
Ìý
1ÌýIncludes cash paid for capital additions of $71.4 million, including deposits of $59.0 million, and an increase in non-cash accruals of $7.5 million for the three months ended March 31, 2018 compared to cash paid for capital additions of $27.9 million, including deposits of $2.0 million, and a decrease in non-cash accruals of $0.6 million for the three months ended March 31, 2017.
2ÌýIncludes capital additions related to our HBI project.
Summary of Assets by Segment
A summary of assets by segment is as follows:
Ìý
(In Millions)
Ìý
MarchÌý31,
2018
Ìý
DecemberÌý31,
2017
Assets:
Ìý
Ìý
Ìý
U.S. Iron Ore
$
1,646.8

Ìý
$
1,500.6

Asia Pacific Iron Ore
78.4

Ìý
138.8

Total segment assets
1,725.2

Ìý
1,639.4

Corporate and Other
1,137.7

Ìý
1,314.0

Total assets
$
2,862.9

Ìý
$
2,953.4