SEGMENT REPORTING (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule Of Segment Reporting Information, By Segment |
The following tables present a summary of our reportable segments for the years ended December 31, 2015, 2014 and 2013, 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:
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|
|
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|
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|
|
|
|
|
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(In Millions) |
|
2015 |
|
2014 |
|
2013 |
Revenues from product sales and services: |
|
|
|
|
|
|
|
|
|
|
|
U.S. Iron Ore |
$ |
1,525.4 |
|
|
76% |
|
$ |
2,506.5 |
|
|
74% |
|
$ |
2,667.9 |
|
|
69% |
Asia Pacific Iron Ore |
487.9 |
|
|
24% |
|
866.7 |
|
|
26% |
|
1,224.3 |
|
|
31% |
Other (including inter-segment revenue eliminations) |
— |
|
|
—% |
|
— |
|
|
—% |
|
(1.4 |
) |
|
—% |
Total revenues from product sales and services |
$ |
2,013.3 |
|
|
100% |
|
$ |
3,373.2 |
|
|
100% |
|
$ |
3,890.8 |
|
|
100% |
|
|
|
|
|
|
|
|
|
|
|
|
Sales margin: |
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|
|
|
|
|
|
|
|
|
U.S. Iron Ore |
$ |
227.1 |
|
|
|
|
$ |
710.4 |
|
|
|
|
$ |
901.9 |
|
|
|
Asia Pacific Iron Ore |
9.4 |
|
|
|
|
121.7 |
|
|
|
|
367.1 |
|
|
|
Eliminations with discontinued operations |
— |
|
|
|
|
53.6 |
|
|
|
|
217.3 |
|
|
|
Other (including inter-segment sales margin eliminations) |
— |
|
|
|
|
— |
|
|
|
|
(1.9 |
) |
|
|
Sales margin |
236.5 |
|
|
|
|
885.7 |
|
|
|
|
1,484.4 |
|
|
|
Other operating income (expense) |
(85.2 |
) |
|
|
|
(755.6 |
) |
|
|
|
(104.1 |
) |
|
|
Other income (expense) |
161.8 |
|
|
|
|
(149.8 |
) |
|
|
|
(189.4 |
) |
|
|
Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures |
$ |
313.1 |
|
|
|
|
$ |
(19.7 |
) |
|
|
|
$ |
1,190.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
2015 |
|
2014 |
|
2013 |
|
|
|
|
|
|
Net Income (Loss) |
$ |
(748.4 |
) |
|
$ |
(8,311.6 |
) |
|
$ |
361.8 |
|
Less: |
|
|
|
|
|
Interest expense, net |
(231.4 |
) |
|
(185.2 |
) |
|
(179.1 |
) |
Income tax benefit (expense) |
(163.3 |
) |
|
1,302.0 |
|
|
(55.1 |
) |
Depreciation, depletion and amortization |
(134.0 |
) |
|
(504.0 |
) |
|
(593.3 |
) |
EBITDA |
$ |
(219.7 |
) |
|
$ |
(8,924.4 |
) |
|
$ |
1,189.3 |
|
Less: |
|
|
|
|
|
Impairment of goodwill and other long-lived assets |
$ |
(3.3 |
) |
|
$ |
(635.5 |
) |
|
$ |
(14.3 |
) |
Impact of discontinued operations |
(892.0 |
) |
|
(9,332.5 |
) |
|
(398.4 |
) |
Gain on extinguishment of debt |
392.9 |
|
|
16.2 |
|
|
— |
|
Severance and contractor termination costs |
(10.2 |
) |
|
(23.3 |
) |
|
(16.6 |
) |
Foreign exchange remeasurement |
16.3 |
|
|
29.0 |
|
|
53.2 |
|
Proxy contest and change in control in SG&A |
— |
|
|
(26.6 |
) |
|
— |
|
Supplies inventory write-off |
(16.3 |
) |
|
— |
|
|
— |
|
Total Adjusted EBITDA |
$ |
292.9 |
|
|
$ |
1,048.3 |
|
|
$ |
1,565.4 |
|
|
|
|
|
|
|
EBITDA: |
|
|
|
|
|
U.S. Iron Ore |
$ |
317.6 |
|
|
$ |
805.6 |
|
|
$ |
1,000.1 |
|
Asia Pacific Iron Ore |
35.3 |
|
|
(352.9 |
) |
|
543.0 |
|
Other (including discontinued operations) |
(572.6 |
) |
|
(9,377.1 |
) |
|
(353.8 |
) |
Total EBITDA |
$ |
(219.7 |
) |
|
$ |
(8,924.4 |
) |
|
$ |
1,189.3 |
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
U.S. Iron Ore |
$ |
352.1 |
|
|
$ |
833.5 |
|
|
$ |
1,031.8 |
|
Asia Pacific Iron Ore |
32.7 |
|
|
252.9 |
|
|
513.1 |
|
Other |
(91.9 |
) |
|
(38.1 |
) |
|
20.5 |
|
Total Adjusted EBITDA |
$ |
292.9 |
|
|
$ |
1,048.3 |
|
|
$ |
1,565.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
2015 |
|
2014 |
|
2013 |
Depreciation, depletion and amortization: |
|
|
|
|
|
U.S. Iron Ore |
$ |
98.9 |
|
|
$ |
107.4 |
|
|
$ |
120.3 |
|
Asia Pacific Iron Ore |
25.3 |
|
|
145.9 |
|
|
153.7 |
|
Other |
6.6 |
|
|
7.7 |
|
|
10.8 |
|
Total depreciation, depletion and amortization |
$ |
130.8 |
|
|
$ |
261.0 |
|
|
$ |
284.8 |
|
|
|
|
|
|
|
Capital additions (1):
|
|
|
|
|
|
U.S. Iron Ore |
$ |
58.2 |
|
|
$ |
48.4 |
|
|
$ |
53.3 |
|
Asia Pacific Iron Ore |
5.4 |
|
|
10.8 |
|
|
13.0 |
|
Other |
8.6 |
|
|
6.3 |
|
|
4.5 |
|
Total capital additions |
$ |
72.2 |
|
|
$ |
65.5 |
|
|
$ |
70.8 |
|
(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,
2015 |
|
December 31, 2014 |
|
December 31, 2013 |
Assets: |
|
|
|
|
|
U.S. Iron Ore |
$ |
1,476.4 |
|
|
$ |
1,464.9 |
|
|
$ |
1,537.9 |
|
Asia Pacific Iron Ore |
202.5 |
|
|
306.2 |
|
|
1,176.8 |
|
Total segment assets |
1,678.9 |
|
|
1,771.1 |
|
|
2,714.7 |
|
Corporate |
441.7 |
|
|
666.2 |
|
|
204.2 |
|
Assets of Discontinued Operations |
14.9 |
|
|
709.9 |
|
|
10,184.0 |
|
Total assets |
$ |
2,135.5 |
|
|
$ |
3,147.2 |
|
|
$ |
13,102.9 |
|
|
| 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) |
|
2015 |
|
2014 |
|
2013 |
Revenue |
|
|
|
|
|
United States |
$ |
1,206.4 |
|
|
$ |
1,923.2 |
|
|
$ |
1,543.9 |
|
China |
370.8 |
|
|
662.7 |
|
|
1,165.3 |
|
Canada |
282.4 |
|
|
430.5 |
|
|
758.5 |
|
Other countries |
153.7 |
|
|
356.8 |
|
|
423.1 |
|
Total revenue |
$ |
2,013.3 |
|
|
$ |
3,373.2 |
|
|
$ |
3,890.8 |
|
Property, Plant and Equipment, Net |
|
|
|
|
|
United States |
$ |
1,012.7 |
|
|
$ |
998.1 |
|
|
$ |
1,120.6 |
|
Australia |
46.3 |
|
|
72.4 |
|
|
750.2 |
|
Total Property, Plant and Equipment, Net |
$ |
1,059.0 |
|
|
$ |
1,070.5 |
|
|
$ |
1,870.8 |
|
|
| 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 2015, 2014, and 2013:
|
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|
|
|
2015 |
|
2014 |
|
2013 |
Revenue Category |
|
|
|
|
|
|
Iron ore |
|
91 |
% |
|
92 |
% |
|
93 |
% |
Freight and venture partners’ cost reimbursements |
|
9 |
% |
|
8 |
% |
|
7 |
% |
Total revenue |
|
100 |
% |
|
100 |
% |
|
100 |
% |
|