Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.2.0.727
SEGMENT REPORTING (Tables)
6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information, By Segment
The following tables present a summary of our reportable segments for the three and six months ended June 30, 2015 and 2014, including a reconciliation of segment sales margin to Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures and a reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA:
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2015
 
2014
 
2015
 
2014
Revenues from product sales and services:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
369.7

 
74
%
 
$
514.6

 
69
%
 
$
681.5

 
72
%
 
$
875.9

 
64
%
Asia Pacific Iron Ore
128.4

 
26
%
 
233.1

 
31
%
 
262.6

 
28
%
 
487.3

 
36
%
Total revenues from product sales and services
$
498.1

 
100
%
 
$
747.7

 
100
%
 
$
944.1

 
100
%
 
$
1,363.2

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Iron Ore
$
49.0

 
 
 
$
147.2

 
 
 
$
129.0

 
 
 
$
242.2

 
 
Asia Pacific Iron Ore
8.3

 
 
 
36.0

 
 
 
9.1

 
 
 
102.3

 
 
Eliminations with discontinued operations

 
 
 
0.3

 
 
 

 
 
 
29.0

 
 
Sales margin
57.3

 
 
 
183.5

 
 
 
138.1

 
 
 
373.5

 
 
Other operating expense
(31.6
)
 
 
 
(44.2
)
 
 
 
(40.5
)
 
 
 
(95.0
)
 
 
Other income (expense)
(65.7
)
 
 
 
(40.5
)
 
 
 
204.3

 
 
 
(80.1
)
 
 
Income (loss) from continuing operations before income taxes and equity loss from ventures
$
(40.0
)
 
 
 
$
98.8

 
 
 
$
301.9

 
 
 
$
198.4

 
 
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2015
 
2014
 
2015
 
2014
Net Income (Loss)
$
65.2

 
$
14.5

 
$
(696.5
)
 
$
(56.2
)
Less:
 
 
 
 
 
 
 
Interest expense, net
(64.3
)
 
(44.8
)
 
(108.5
)
 
(87.5
)
Income tax benefit (expense)
2.9

 
69.1

 
(172.1
)
 
90.9

Depreciation, depletion and amortization
(30.5
)
 
(145.3
)
 
(63.5
)
 
(286.4
)
EBITDA
$
157.1

 
$
135.5

 
$
(352.4
)
 
$
226.8

Less:
 
 
 
 
 
 
 
Impact of discontinued operations
$
103.0

 
$
(76.0
)
 
$
(821.1
)
 
$
(194.1
)
Gain on extinguishment of debt

 

 
313.7

 

Severance and contractor termination costs
(10.0
)
 
(6.2
)
 
(11.6
)
 
(16.6
)
Foreign exchange remeasurement
(0.8
)
 
(6.0
)
 
12.7

 
(17.5
)
Adjusted EBITDA
$
64.9

 
$
223.7

 
$
153.9

 
$
455.0

 
 
 
 
 
 
 
 
EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
68.8

 
$
172.7

 
$
170.4

 
$
296.3

Asia Pacific Iron Ore
9.6

 
66.1

 
27.6

 
151.4

Other
78.7

 
(103.3
)
 
(550.4
)
 
(220.9
)
Total EBITDA
$
157.1

 
$
135.5

 
$
(352.4
)
 
$
226.8

 
 
 
 
 
 
 
 
Adjusted EBITDA:
 
 
 
 
 
 
 
U.S. Iron Ore
$
77.2

 
$
178.7

 
$
182.3

 
$
309.6

Asia Pacific Iron Ore
17.4

 
76.7

 
23.1

 
175.8

Other
(29.7
)
 
(31.7
)
 
(51.5
)
 
(30.4
)
Total Adjusted EBITDA
$
64.9

 
$
223.7

 
$
153.9

 
$
455.0

 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2015
 
2014
 
2015
 
2014
Depreciation, depletion and amortization:
 
 
 
 
 
 
 
U.S. Iron Ore
$
22.0

 
$
26.6

 
$
43.7

 
$
55.3

Asia Pacific Iron Ore
6.7

 
42.3

 
13.0

 
81.4

Other
1.8

 
2.0

 
3.6

 
3.9

Total depreciation, depletion and amortization
$
30.5

 
$
70.9

 
$
60.3

 
$
140.6

 
 
 
 
 
 
 
 
Capital additions1:
 
 
 
 
 
 
 
U.S. Iron Ore
$
11.3

 
$
14.0

 
$
20.8

 
$
28.9

Asia Pacific Iron Ore
1.1

 
2.0

 
4.5

 
5.2

Other
3.2

 
1.9

 
3.6

 
2.8

Total capital additions
$
15.6

 
$
17.9

 
$
28.9

 
$
36.9

                                         
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:
 
(In Millions)
 
June 30,
2015
 
December 31,
2014
Assets:
 
 
 
U.S. Iron Ore
$
1,629.7

 
$
1,464.9

Asia Pacific Iron Ore
238.3

 
274.6

Other
31.3

 
147.0

Total segment assets
1,899.3

 
1,886.5

Corporate
559.6

 
546.8

Assets of Discontinued Operations
150.5

 
730.7

Total assets
$
2,609.4

 
$
3,164.0