|
SEGMENT REPORTING (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Segment Reporting [Abstract] |
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| Schedule Of Segment Reporting Information, By Segment |
The following tables present a summary of our reportable segments for the years ended December 31, 2014, 2013 and 2012, including a reconciliation of segment sales margin to Income (Loss) from Continuing Operations Before Income Taxes and Equity Income (Loss) from Ventures and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA:
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(In Millions) |
|
2014 |
|
2013 |
|
2012 |
Revenues from product sales and services: |
|
|
|
|
|
|
|
|
|
|
|
U.S. Iron Ore |
$ |
2,506.5 |
|
|
54% |
|
$ |
2,667.9 |
|
|
47% |
|
$ |
2,723.3 |
|
|
46% |
Asia Pacific Iron Ore |
866.7 |
|
|
19% |
|
1,224.3 |
|
|
22% |
|
1,259.3 |
|
|
22% |
North American Coal |
687.1 |
|
|
15% |
|
821.9 |
|
|
14% |
|
881.1 |
|
|
15% |
Eastern Canadian Iron Ore |
563.4 |
|
|
12% |
|
978.7 |
|
|
17% |
|
1,008.9 |
|
|
17% |
Other (including inter-segment revenue eliminations) |
— |
|
|
—% |
|
(1.4 |
) |
|
—% |
|
0.1 |
|
|
—% |
Total revenues from product sales and services |
$ |
4,623.7 |
|
|
100% |
|
$ |
5,691.4 |
|
|
100% |
|
$ |
5,872.7 |
|
|
100% |
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|
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Sales margin: |
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U.S. Iron Ore |
$ |
710.4 |
|
|
|
|
$ |
901.9 |
|
|
|
|
$ |
976.2 |
|
|
|
Asia Pacific Iron Ore |
121.7 |
|
|
|
|
367.1 |
|
|
|
|
311.0 |
|
|
|
North American Coal |
(135.8 |
) |
|
|
|
(14.5 |
) |
|
|
|
(1.8 |
) |
|
|
Eastern Canadian Iron Ore |
(244.9 |
) |
|
|
|
(103.3 |
) |
|
|
|
(121.4 |
) |
|
|
Other (including inter-segment sales margin eliminations) |
— |
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|
|
|
(1.9 |
) |
|
|
|
8.1 |
|
|
|
Sales margin |
451.4 |
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|
|
1,149.3 |
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|
|
1,172.1 |
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|
|
Other operating income (expense) |
(9,896.7 |
) |
|
|
|
(478.3 |
) |
|
|
|
(1,480.9 |
) |
|
|
Other income (expense) |
(158.4 |
) |
|
|
|
(181.7 |
) |
|
|
|
(193.0 |
) |
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Income (loss) from continuing operations before income taxes and equity income (loss) from ventures |
$ |
(9,603.7 |
) |
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|
|
$ |
489.3 |
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|
|
$ |
(501.8 |
) |
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(In Millions) |
|
2014 |
|
2013 |
|
2012 |
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Net Income (Loss) |
$ |
(8,311.6 |
) |
|
$ |
361.8 |
|
|
$ |
(1,126.6 |
) |
Less: |
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|
Interest expense, net |
(185.2 |
) |
|
(179.1 |
) |
|
(195.6 |
) |
Income tax benefit (expense) |
1,302.0 |
|
|
(55.1 |
) |
|
(255.9 |
) |
Depreciation, depletion and amortization |
(504.0 |
) |
|
(593.3 |
) |
|
(525.8 |
) |
EBITDA |
$ |
(8,924.4 |
) |
|
$ |
1,189.3 |
|
|
$ |
(149.3 |
) |
Less: |
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|
|
|
|
Impairment of goodwill and other long-lived assets |
$ |
(9,029.9 |
) |
|
$ |
(250.8 |
) |
|
$ |
(1,049.9 |
) |
Impairment of equity method investment |
— |
|
|
— |
|
|
(365.4 |
) |
Loss on sale of Cliffs Logan County Coal |
(419.6 |
) |
|
— |
|
|
— |
|
Wabush mine impact |
(158.7 |
) |
|
(72.7 |
) |
|
(30.1 |
) |
Bloom Lake mine impact |
(137.9 |
) |
|
46.5 |
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|
6.4 |
|
Foreign exchange remeasurement |
30.7 |
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|
64.0 |
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|
(3.2 |
) |
Proxy contest and change in control costs in SG&A |
(26.6 |
) |
|
— |
|
|
— |
|
Litigation judgment |
(96.3 |
) |
|
(9.6 |
) |
|
— |
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Severance in SG&A |
(15.8 |
) |
|
(16.4 |
) |
|
— |
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Total Adjusted EBITDA |
$ |
929.7 |
|
|
$ |
1,428.3 |
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$ |
1,292.9 |
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EBITDA: |
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U.S. Iron Ore |
$ |
805.6 |
|
|
$ |
1,000.1 |
|
|
$ |
1,045.3 |
|
Asia Pacific Iron Ore |
(369.8 |
) |
|
500.4 |
|
|
387.3 |
|
North American Coal |
(1,326.8 |
) |
|
129.5 |
|
|
74.0 |
|
Eastern Canadian Iron Ore |
(7,673.9 |
) |
|
(192.8 |
) |
|
(1,103.3 |
) |
Other |
(359.5 |
) |
|
(247.9 |
) |
|
(552.6 |
) |
Total EBITDA |
$ |
(8,924.4 |
) |
|
$ |
1,189.3 |
|
|
$ |
(149.3 |
) |
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Adjusted EBITDA: |
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U.S. Iron Ore |
$ |
831.2 |
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$ |
1,030.8 |
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$ |
1,085.6 |
|
Asia Pacific Iron Ore |
264.6 |
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|
525.7 |
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|
402.1 |
|
North American Coal |
(28.5 |
) |
|
154.0 |
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|
106.7 |
|
Eastern Canadian Iron Ore |
— |
|
|
— |
|
|
— |
|
Other |
(137.6 |
) |
|
(282.2 |
) |
|
(301.5 |
) |
Total Adjusted EBITDA |
$ |
929.7 |
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|
$ |
1,428.3 |
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$ |
1,292.9 |
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(In Millions) |
|
2014 |
|
2013 |
|
2012 |
Depreciation, depletion and amortization: |
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U.S. Iron Ore |
$ |
107.4 |
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|
$ |
120.3 |
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|
$ |
100.9 |
|
Asia Pacific Iron Ore |
145.9 |
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|
153.7 |
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|
151.9 |
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North American Coal |
106.9 |
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|
128.9 |
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|
98.2 |
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Eastern Canadian Iron Ore |
135.6 |
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|
178.5 |
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|
160.2 |
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Other |
8.2 |
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|
11.9 |
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|
14.6 |
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Total depreciation, depletion and amortization |
$ |
504.0 |
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|
$ |
593.3 |
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|
$ |
525.8 |
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Capital additions1:
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U.S. Iron Ore |
$ |
48.4 |
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|
$ |
53.3 |
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|
$ |
168.8 |
|
Asia Pacific Iron Ore |
10.8 |
|
|
13.0 |
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|
87.7 |
|
North American Coal |
28.8 |
|
|
55.0 |
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|
144.1 |
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Eastern Canadian Iron Ore |
141.2 |
|
|
625.5 |
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|
865.2 |
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Other |
6.3 |
|
|
5.5 |
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|
69.5 |
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Total capital additions |
$ |
235.5 |
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|
$ |
752.3 |
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|
$ |
1,335.3 |
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1 Includes capital lease additions and non-cash accruals. Refer to NOTE 17 - CASH FLOW INFORMATION.
|
| Summary of Assets by Segment |
A summary of assets by segment is as follows:
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(In Millions) |
|
December 31,
2014 |
|
December 31, 2013 |
|
December 31, 2012 |
Assets: |
|
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|
|
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U.S. Iron Ore |
$ |
1,598.3 |
|
|
$ |
1,671.6 |
|
|
$ |
1,735.1 |
|
Asia Pacific Iron Ore |
274.6 |
|
|
1,078.4 |
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|
1,506.3 |
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North American Coal |
274.2 |
|
|
1,841.8 |
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|
1,877.8 |
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Eastern Canadian Iron Ore |
305.8 |
|
|
7,915.5 |
|
|
7,605.1 |
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Other |
164.3 |
|
|
455.6 |
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|
570.9 |
|
Total segment assets |
2,617.2 |
|
|
12,962.9 |
|
|
13,295.2 |
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Corporate |
546.8 |
|
|
159.0 |
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|
279.7 |
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Total assets |
$ |
3,164.0 |
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|
$ |
13,121.9 |
|
|
$ |
13,574.9 |
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| Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas |
Included in the consolidated financial statements are the following amounts relating to geographic location:
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(In Millions) |
|
2014 |
|
2013 |
|
2012 |
Revenue |
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|
United States |
$ |
2,139.4 |
|
|
$ |
1,857.6 |
|
|
$ |
2,108.5 |
|
China |
1,049.0 |
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|
1,909.4 |
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|
2,008.2 |
|
Canada |
439.1 |
|
|
871.2 |
|
|
728.1 |
|
Other countries |
996.2 |
|
|
1,053.2 |
|
|
1,027.9 |
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Total revenue |
$ |
4,623.7 |
|
|
$ |
5,691.4 |
|
|
$ |
5,872.7 |
|
Property, Plant and Equipment, Net |
|
|
|
|
|
United States |
$ |
1,093.7 |
|
|
$ |
2,721.6 |
|
|
$ |
2,795.3 |
|
Australia |
72.4 |
|
|
751.0 |
|
|
1,042.4 |
|
Canada |
248.8 |
|
|
7,680.8 |
|
|
7,369.6 |
|
Total Property, Plant and Equipment, Net |
$ |
1,414.9 |
|
|
$ |
11,153.4 |
|
|
$ |
11,207.3 |
|
|
| Revenue from External Customers by Products and Services |
The following table represents the percentage of our total revenue contributed by each category of products and services in 2014, 2013, and 2012:
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|
2014 |
|
2013 |
|
2012 |
Revenue Category |
|
|
|
|
|
|
Iron ore |
|
78 |
% |
|
80 |
% |
|
81 |
% |
Coal |
|
12 |
% |
|
13 |
% |
|
13 |
% |
Freight and venture partners’ cost reimbursements |
|
10 |
% |
|
7 |
% |
|
6 |
% |
Total revenue |
|
100 |
% |
|
100 |
% |
|
100 |
% |
|