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Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.10.0.1
SEGMENT REPORTING (Tables)
9 Months Ended
Sep. 30, 2018
Segment Reporting [Abstract] Ìý
Schedule Of Segment Reporting Information, By Segment
The following tables present a summary of our reportable segment 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
September 30,
Ìý
Nine Months Ended
September 30,
Ìý
2018
Ìý
2017
Ìý
2018
Ìý
2017
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
$
741.8

Ìý
100
%
Ìý
$
596.7

Ìý
100
%
Ìý
$
1,636.1

Ìý
100
%
Ìý
$
1,354.2

Ìý
100
%
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Sales margin
$
261.6

Ìý
Ìý
Ìý
$
157.8

Ìý
Ìý
Ìý
$
607.6

Ìý
Ìý
Ìý
$
351.5

Ìý
Ìý
Other operating expense
(36.1
)
Ìý
Ìý
Ìý
(29.1
)
Ìý
Ìý
Ìý
(97.6
)
Ìý
Ìý
Ìý
(74.2
)
Ìý
Ìý
Other expense
(25.2
)
Ìý
Ìý
Ìý
(113.6
)
Ìý
Ìý
Ìý
(79.8
)
Ìý
Ìý
Ìý
(256.9
)
Ìý
Ìý
Income from continuing operations before income taxes
$
200.3

Ìý
Ìý
Ìý
$
15.1

Ìý
Ìý
Ìý
$
430.2

Ìý
Ìý
Ìý
$
20.4

Ìý
Ìý
Ìý
(In Millions)
Ìý
Three Months Ended
September 30,
Ìý
Nine Months Ended
September 30,
Ìý
2018
Ìý
2017
Ìý
2018
Ìý
2017
Net Income
$
437.8

Ìý
$
52.9

Ìý
$
518.6

Ìý
$
53.2

Less:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Interest expense, net
(29.7
)
Ìý
(28.9
)
Ìý
(95.5
)
Ìý
(103.1
)
Income tax benefit (expense)
(0.5
)
Ìý
7.6

Ìý
(14.4
)
Ìý
6.8

Depreciation, depletion and amortization
(19.2
)
Ìý
(21.5
)
Ìý
(68.6
)
Ìý
(66.3
)
EBITDA
$
487.2

Ìý
$
95.7

Ìý
$
697.1

Ìý
$
215.8

Less:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Impact of discontinued operations
$
238.2

Ìý
$
34.8

Ìý
$
120.4

Ìý
$
41.3

Foreign exchange remeasurement
(0.2
)
Ìý
(1.3
)
Ìý
(0.7
)
Ìý
14.0

Gain (loss) on extinguishment of debt
—

Ìý
(88.6
)
Ìý
0.2

Ìý
(165.4
)
Impairment of long-lived assets
(1.1
)
Ìý
—

Ìý
(1.1
)
Ìý
—

Adjusted EBITDA
$
250.3

Ìý
$
150.8

Ìý
$
578.3

Ìý
$
325.9

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
EBITDA
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
U.S. Iron Ore
$
273.1

Ìý
$
168.9

Ìý
$
641.6

Ìý
$
381.8

Corporate and Other1
214.1

Ìý
(73.2
)
Ìý
55.5

Ìý
(166.0
)
Total EBITDA
$
487.2

Ìý
$
95.7

Ìý
$
697.1

Ìý
$
215.8

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Adjusted EBITDA:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
U.S. Iron Ore
$
279.5

Ìý
$
174.2

Ìý
$
657.9

Ìý
$
399.8

Corporate and Other1
(29.2
)
Ìý
(23.4
)
Ìý
(79.6
)
Ìý
(73.9
)
Total Adjusted EBITDA
$
250.3

Ìý
$
150.8

Ìý
$
578.3

Ìý
$
325.9

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
1Corporate and Other includes activity from discontinued operations and immaterial costs related to the HBI project.
The following table summarizes our depreciation, depletion and amortization expense and capital additions:
Ìý
(In Millions)
Ìý
Three Months Ended
September 30,
Ìý
Nine Months Ended
September 30,
Ìý
2018
Ìý
2017
Ìý
2018
Ìý
2017
Depreciation, depletion and amortization:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
U.S. Iron Ore
$
17.8

Ìý
$
16.5

Ìý
$
49.2

Ìý
$
49.6

Corporate and Other
1.4

Ìý
1.7

Ìý
4.2

Ìý
5.4

Total depreciation, depletion and amortization
$
19.2

Ìý
$
18.2

Ìý
$
53.4

Ìý
$
55.0

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Capital additions1:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
U.S. Iron Ore
$
51.8

Ìý
$
19.2

Ìý
$
97.2

Ìý
$
70.9

Corporate and Other2
40.8

Ìý
7.1

Ìý
144.7

Ìý
7.1

Total capital additions
$
92.6

Ìý
$
26.3

Ìý
$
241.9

Ìý
$
78.0

Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
1ÌýIncludes cash paid for capital additions of $194.6 million, including deposits of $83.3 million, lease additions of $7.6 million, and an increase in non-cash accruals of $42.2 million, partially offset by governmental grants received of $2.5 million for the nine months ended September 30, 2018, compared to cash paid for capital additions of $77.4 million, including deposits of $16.2 million, and an increase in non-cash accruals of $0.6 million for the nine months ended September 30, 2017.
2ÌýIncludes capital additions related to our HBI project.
Reconciliation of Assets from Segment to Consolidated [Table Text Block]
A summary of assets by segment is as follows:
Ìý
(In Millions)
Ìý
SeptemberÌý30,
2018
Ìý
DecemberÌý31,
2017
Assets:
Ìý
Ìý
Ìý
U.S. Iron Ore
$
1,798.8

Ìý
$
1,500.6

Corporate and Other1
1,310.1

Ìý
1,314.0

Assets of Discontinued Operations
16.1

Ìý
138.8

Total assets
$
3,125.0

Ìý
$
2,953.4

Ìý
1Corporate and Other includes assets related to the HBI project.