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The following tables present a summary of our reportable segments including a reconciliation of segment revenues to total Revenues from product sales and services, segment sales margin to total Sales margin and a reconciliation of Net income to EBITDA and Adjusted EBITDA:
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(In Millions) |
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Three Months Ended
September 30, 2019
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|
Nine Months Ended
September 30, 2019 |
|
Mining and Pelletizing |
|
Metallics |
|
Total |
|
Mining and Pelletizing |
|
Metallics |
|
Total |
Operating segment revenues from product sales and services |
$ |
590.6 |
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|
$ |
— |
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|
$ |
590.6 |
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|
$ |
1,494.8 |
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|
$ |
— |
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|
$ |
1,494.8 |
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Elimination of intersegment revenues |
(35.0 |
) |
|
— |
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|
(35.0 |
) |
|
(39.0 |
) |
|
— |
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|
(39.0 |
) |
Total revenues from product sales and services |
$ |
555.6 |
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|
$ |
— |
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|
$ |
555.6 |
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|
$ |
1,455.8 |
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|
$ |
— |
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$ |
1,455.8 |
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Operating segment sales margin |
$ |
165.8 |
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|
$ |
— |
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|
$ |
165.8 |
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|
$ |
461.3 |
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|
$ |
— |
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|
$ |
461.3 |
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Elimination of intersegment sales margin |
(10.9 |
) |
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— |
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|
(10.9 |
) |
|
(12.5 |
) |
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— |
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|
(12.5 |
) |
Total sales margin |
$ |
154.9 |
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|
$ |
— |
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|
$ |
154.9 |
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|
$ |
448.8 |
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|
$ |
— |
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|
$ |
448.8 |
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Revenues from product sales and services of $741.8 million and $1,636.1 million, respectively, and sales margin of $261.6 million and $607.6 million, respectively, related to our Mining and Pelletizing segment accounted for all of our consolidated revenues and sales margin for the three and nine months ended September 30, 2018.
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(In Millions) |
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net income |
$ |
90.9 |
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|
$ |
437.8 |
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$ |
229.6 |
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$ |
518.6 |
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Less: |
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Interest expense, net |
(25.4 |
) |
|
(29.7 |
) |
|
(76.8 |
) |
|
(95.5 |
) |
Income tax expense |
(4.8 |
) |
|
(0.5 |
) |
|
(23.1 |
) |
|
(14.4 |
) |
Depreciation, depletion and amortization |
(22.2 |
) |
|
(19.2 |
) |
|
(63.1 |
) |
|
(68.6 |
) |
EBITDA |
$ |
143.3 |
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|
$ |
487.2 |
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$ |
392.6 |
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$ |
697.1 |
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Less: |
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Impact of discontinued operations |
$ |
(0.8 |
) |
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$ |
238.2 |
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$ |
(1.2 |
) |
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$ |
120.4 |
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Gain (loss) on extinguishment of debt |
— |
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|
— |
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|
(18.2 |
) |
|
0.2 |
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Severance costs |
— |
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|
— |
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|
(1.7 |
) |
|
— |
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Foreign exchange remeasurement |
— |
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|
(0.2 |
) |
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— |
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|
(0.7 |
) |
Impairment of long-lived assets |
— |
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|
(1.1 |
) |
|
— |
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|
(1.1 |
) |
Adjusted EBITDA |
$ |
144.1 |
|
|
$ |
250.3 |
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$ |
413.7 |
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$ |
578.3 |
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EBITDA: |
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Mining and Pelletizing |
$ |
177.5 |
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$ |
273.1 |
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|
$ |
494.9 |
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|
$ |
641.6 |
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Metallics |
(2.1 |
) |
|
(1.0 |
) |
|
(4.0 |
) |
|
(2.5 |
) |
Corporate and Other (including discontinued operations) |
(32.1 |
) |
|
215.1 |
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|
(98.3 |
) |
|
58.0 |
|
Total EBITDA |
$ |
143.3 |
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$ |
487.2 |
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$ |
392.6 |
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$ |
697.1 |
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Adjusted EBITDA: |
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Mining and Pelletizing |
$ |
182.7 |
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$ |
279.5 |
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|
$ |
510.7 |
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$ |
657.9 |
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Metallics |
(2.1 |
) |
|
(1.0 |
) |
|
(4.0 |
) |
|
(2.5 |
) |
Corporate |
(36.5 |
) |
|
(28.2 |
) |
|
(93.0 |
) |
|
(77.1 |
) |
Total Adjusted EBITDA |
$ |
144.1 |
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|
$ |
250.3 |
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|
$ |
413.7 |
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$ |
578.3 |
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The following table summarizes our depreciation, depletion and amortization and capital additions:
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(In Millions) |
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
|
2019 |
|
2018 |
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2019 |
|
2018 |
Depreciation, depletion and amortization: |
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Mining and Pelletizing |
$ |
20.8 |
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$ |
17.8 |
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$ |
58.9 |
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$ |
49.2 |
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Corporate |
1.4 |
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|
1.4 |
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|
4.2 |
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|
4.2 |
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Total depreciation, depletion and amortization |
$ |
22.2 |
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|
$ |
19.2 |
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|
$ |
63.1 |
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$ |
53.4 |
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Capital additions1:
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Mining and Pelletizing |
$ |
22.1 |
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|
$ |
51.8 |
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|
$ |
104.5 |
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$ |
97.2 |
|
Metallics |
160.5 |
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|
40.6 |
|
|
398.0 |
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|
143.6 |
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Corporate |
2.1 |
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|
0.2 |
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|
3.1 |
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|
1.1 |
|
Total capital additions |
$ |
184.7 |
|
|
$ |
92.6 |
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|
$ |
505.6 |
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$ |
241.9 |
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1 Refer to NOTE 16 - CASH FLOW INFORMATION for additional information.
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