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The following tables present a summary of our reportable segments including a reconciliation of segment revenues to total revenues, segment sales margin to total sales margin and a reconciliation of Net income to EBITDA and Adjusted EBITDA:ÌýÌýÌýÌý
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Ìý |
(In Millions) |
Ìý |
Three Months Ended
June 30, 2019
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Ìý |
Six Months Ended
June 30, 2019 |
Ìý |
Mining and Pelletizing |
Ìý |
Metallics |
Ìý |
Total |
Ìý |
Mining and Pelletizing |
Ìý |
Metallics |
Ìý |
Total |
Operating segment revenues from product sales and services |
$ |
747.2 |
|
Ìý |
$ |
— |
|
Ìý |
$ |
747.2 |
|
Ìý |
$ |
904.2 |
|
Ìý |
$ |
— |
|
Ìý |
$ |
904.2 |
|
Elimination of intersegment revenues |
(4.0 |
) |
Ìý |
— |
|
Ìý |
(4.0 |
) |
Ìý |
(4.0 |
) |
Ìý |
— |
|
Ìý |
(4.0 |
) |
Total revenue |
$ |
743.2 |
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Ìý |
$ |
— |
|
Ìý |
$ |
743.2 |
|
Ìý |
$ |
900.2 |
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Ìý |
$ |
— |
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Ìý |
$ |
900.2 |
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Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Operating segment sales margin |
$ |
264.6 |
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Ìý |
$ |
— |
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Ìý |
$ |
264.6 |
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Ìý |
$ |
295.5 |
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Ìý |
$ |
— |
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Ìý |
$ |
295.5 |
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Elimination of intersegment sales margin |
(1.6 |
) |
Ìý |
— |
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Ìý |
(1.6 |
) |
Ìý |
(1.6 |
) |
Ìý |
— |
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Ìý |
(1.6 |
) |
Total sales margin |
$ |
263.0 |
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Ìý |
$ |
— |
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Ìý |
$ |
263.0 |
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Ìý |
$ |
293.9 |
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Ìý |
$ |
— |
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Ìý |
$ |
293.9 |
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Revenues from product sales and services of $714.3 million and $894.3 million, respectively, and sales margin of $284.5 million and $346.0 million, respectively, related to our Mining and Pelletizing segment accounted for all of our consolidated revenues and sales margin for the three and six months ended JuneÌý30, 2018.
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Ìý |
(In Millions) |
Ìý |
Three Months Ended
June 30, |
Ìý |
Six Months Ended
June 30, |
Ìý |
2019 |
Ìý |
2018 |
Ìý |
2019 |
Ìý |
2018 |
Net income |
$ |
160.8 |
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Ìý |
$ |
165.1 |
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Ìý |
$ |
138.7 |
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Ìý |
$ |
80.8 |
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Less: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Interest expense, net |
(26.3 |
) |
Ìý |
(32.3 |
) |
Ìý |
(51.4 |
) |
Ìý |
(65.8 |
) |
Income tax benefit (expense) |
(22.0 |
) |
Ìý |
1.8 |
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Ìý |
(18.3 |
) |
Ìý |
(13.9 |
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Depreciation, depletion and amortization |
(21.0 |
) |
Ìý |
(25.5 |
) |
Ìý |
(40.9 |
) |
Ìý |
(49.4 |
) |
EBITDA |
$ |
230.1 |
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Ìý |
$ |
221.1 |
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Ìý |
$ |
249.3 |
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Ìý |
$ |
209.9 |
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Less: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Foreign exchange remeasurement |
$ |
(0.1 |
) |
Ìý |
$ |
(0.1 |
) |
Ìý |
$ |
— |
|
Ìý |
$ |
(0.5 |
) |
Impact of discontinued operations |
(0.4 |
) |
Ìý |
(54.7 |
) |
Ìý |
(0.4 |
) |
Ìý |
(117.8 |
) |
Gain (loss) on extinguishment of debt |
(17.9 |
) |
Ìý |
0.2 |
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Ìý |
(18.2 |
) |
Ìý |
0.2 |
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Severance costs |
— |
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Ìý |
— |
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Ìý |
(1.7 |
) |
Ìý |
— |
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Adjusted EBITDA |
$ |
248.5 |
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Ìý |
$ |
275.7 |
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Ìý |
$ |
269.6 |
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Ìý |
$ |
328.0 |
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Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
EBITDA: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Mining and Pelletizing |
$ |
274.6 |
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Ìý |
$ |
296.0 |
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Ìý |
$ |
317.4 |
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Ìý |
$ |
368.5 |
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Metallics |
(1.1 |
) |
Ìý |
(1.2 |
) |
Ìý |
(1.9 |
) |
Ìý |
(1.5 |
) |
Corporate and Other (including discontinued operations) |
(43.4 |
) |
Ìý |
(73.7 |
) |
Ìý |
(66.2 |
) |
Ìý |
(157.1 |
) |
Total EBITDA |
$ |
230.1 |
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Ìý |
$ |
221.1 |
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Ìý |
$ |
249.3 |
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Ìý |
$ |
209.9 |
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Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Adjusted EBITDA: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Mining and Pelletizing |
$ |
280.5 |
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Ìý |
$ |
301.3 |
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Ìý |
$ |
328.0 |
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Ìý |
$ |
378.4 |
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Metallics |
(1.1 |
) |
Ìý |
(1.2 |
) |
Ìý |
(1.9 |
) |
Ìý |
(1.5 |
) |
Corporate |
(30.9 |
) |
Ìý |
(24.4 |
) |
Ìý |
(56.5 |
) |
Ìý |
(48.9 |
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Total Adjusted EBITDA |
$ |
248.5 |
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Ìý |
$ |
275.7 |
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Ìý |
$ |
269.6 |
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Ìý |
$ |
328.0 |
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The following table summarizes our depreciation, depletion and amortization expense and capital additions:
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Ìý |
(In Millions) |
Ìý |
Three Months Ended
June 30, |
Ìý |
Six Months Ended
June 30, |
Ìý |
2019 |
Ìý |
2018 |
Ìý |
2019 |
Ìý |
2018 |
Depreciation, depletion and amortization: |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Mining and Pelletizing |
$ |
19.6 |
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Ìý |
$ |
15.6 |
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Ìý |
$ |
38.1 |
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Ìý |
$ |
31.4 |
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Corporate |
1.4 |
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Ìý |
1.4 |
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Ìý |
2.8 |
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Ìý |
2.8 |
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Total depreciation, depletion and amortization |
$ |
21.0 |
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Ìý |
$ |
17.0 |
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Ìý |
$ |
40.9 |
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Ìý |
$ |
34.2 |
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Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Capital additions1:
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Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Mining and Pelletizing |
$ |
35.6 |
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Ìý |
$ |
26.7 |
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Ìý |
$ |
82.4 |
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Ìý |
$ |
45.4 |
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Metallics |
155.1 |
|
Ìý |
43.0 |
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Ìý |
237.5 |
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Ìý |
103.0 |
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Corporate |
0.9 |
|
Ìý |
0.7 |
|
Ìý |
1.0 |
|
Ìý |
0.9 |
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Total capital additions |
$ |
191.6 |
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Ìý |
$ |
70.4 |
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Ìý |
$ |
320.9 |
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Ìý |
$ |
149.3 |
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Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
Ìý |
1 Refer to NOTE 17 - CASH FLOW INFORMATION for additional information.
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