XML 50 R35.htm IDEA: XBRL DOCUMENT
v3.10.0.1

PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2018
Property, Plant and Equipment [Abstract] |
Value Of Each Of The Major Classes Of Consolidated Depreciable Assets | The following table indicates the value of each of the major classes of our consolidated depreciable assets:
| (In Millions)
| June 30, 2018 |  | December 31, 2017
Land rights and mineral rights | $ | 549.6 |  |  | $ | 549.6 |
Office and information technology | 65.1 |  |  | 65.8 |
Buildings | 84.0 |  |  | 85.2 |
Mining equipment | 531.2 |  |  | 533.9 |
Processing equipment | 616.0 |  |  | 610.9 |
Electric power facilities | 56.9 |  |  | 56.9 |
Land improvements | 24.2 |  |  | 23.7 |
Asset retirement obligation | 16.9 |  |  | 16.9 |
Other | 25.2 |  |  | 25.2 |
Construction in-progress | 102.2 |  |  | 32.6 |
| 2,071.3 |  |  | 2,000.7 |
Allowance for depreciation and depletion | (990.0 | ) |  | (966.9 | )
| $ | 1,081.3 |  |  | $ | 1,033.8 |
Schedule Of Segment Reporting Information, By Segment | The following tables present a summary of our reportable segment including a reconciliation of segment sales margin to Income from Continuing Operations Before Income Taxes and a reconciliation of Net Income to EBITDA and Adjusted EBITDA:
| (In Millions)
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Revenues from product sales and services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Iron Ore | $ | 714.3 |  |  | 100 | % |  | $ | 471.3 |  |  | 100 | % |  | $ | 894.3 |  |  | 100 | % |  | $ | 757.5 |  |  | 100 | %
Sales margin | $ | 284.5 |  |  |  |  | $ | 144.7 |  |  |  |  | $ | 346.0 |  |  |  |  | $ | 193.7 |  |  |
Other operating expense | (30.3 | ) |  |  |  | (29.5 | ) |  |  |  | (61.5 | ) |  |  |  | (45.1 | ) |  |
Other expense | (26.6 | ) |  |  |  | (32.5 | ) |  |  |  | (54.6 | ) |  |  |  | (143.3 | ) |  |
Income from continuing operations before income taxes | $ | 227.6 |  |  |  |  | $ | 82.7 |  |  |  |  | $ | 229.9 |  |  |  |  | $ | 5.3 |  |  |
| (In Millions)
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Net Income | $ | 165.1 |  |  | $ | 30.1 |  |  | $ | 80.8 |  |  | $ | 0.3 |
Less: |  |  |  |  |  |  |
Interest expense, net | (32.3 | ) |  | (31.4 | ) |  | (65.8 | ) |  | (74.2 | )
Income tax benefit (expense) | 1.8 |  |  | (2.6 | ) |  | (13.9 | ) |  | (0.8 | )
Depreciation, depletion and amortization | (25.5 | ) |  | (21.6 | ) |  | (49.4 | ) |  | (44.8 | )
EBITDA | $ | 221.1 |  |  | $ | 85.7 |  |  | $ | 209.9 |  |  | $ | 120.1 |
Less: |  |  |  |  |  |  |
Impact of discontinued operations | $ | (54.7 | ) |  | $ | (45.4 | ) |  | $ | (117.8 | ) |  | $ | 6.5 |
Foreign exchange remeasurement | (0.1 | ) |  | 0.5 |  |  | (0.5 | ) |  | 15.3 |
Gain (loss) on extinguishment of debt | 0.2 |  |  | (4.9 | ) |  | 0.2 |  |  | (76.8 | )
Adjusted EBITDA | $ | 275.7 |  |  | $ | 135.5 |  |  | $ | 328.0 |  |  | $ | 175.1 |
EBITDA |  |  |  |  |  |  |
U.S. Iron Ore | $ | 296.0 |  |  | $ | 155.0 |  |  | $ | 368.5 |  |  | $ | 212.9 |
Corporate and Other 1 | (74.9 | ) |  | (69.3 | ) |  | (158.6 | ) |  | (92.8 | )
Total EBITDA | $ | 221.1 |  |  | $ | 85.7 |  |  | $ | 209.9 |  |  | $ | 120.1 |
Adjusted EBITDA: |  |  |  |  |  |  |
U.S. Iron Ore | $ | 301.3 |  |  | $ | 161.5 |  |  | $ | 378.4 |  |  | $ | 225.6 |
Corporate and Other 1 | (25.6 | ) |  | (26.0 | ) |  | (50.4 | ) |  | (50.5 | )
Total Adjusted EBITDA | $ | 275.7 |  |  | $ | 135.5 |  |  | $ | 328.0 |  |  | $ | 175.1 |
1 Corporate and Other includes immaterial costs related to the HBI project.
The following table summarizes our depreciation, depletion and amortization expense and capital additions:
| (In Millions)
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Depreciation, depletion and amortization: |  |  |  |  |  |  |
U.S. Iron Ore | $ | 15.6 |  |  | $ | 16.7 |  |  | $ | 31.4 |  |  | $ | 33.1 |
Corporate and Other | 1.4 |  |  | 1.6 |  |  | 2.8 |  |  | 3.7 |
Total depreciation, depletion and amortization | $ | 17.0 |  |  | $ | 18.3 |  |  | $ | 34.2 |  |  | $ | 36.8 |
Capital additions 1: |  |  |  |  |  |  |
U.S. Iron Ore | $ | 26.7 |  |  | $ | 24.6 |  |  | $ | 45.4 |  |  | $ | 51.7 |
Corporate and Other 2 | 43.7 |  |  | — |  |  | 103.9 |  |  | — |
Total capital additions | $ | 70.4 |  |  | $ | 24.6 |  |  | $ | 149.3 |  |  | $ | 51.7 |
1 Includes cash paid for capital additions of $114.4 million, including deposits of $72.3 million, and an increase in non-cash accruals of $34.9 million for the six months ended June 30, 2018 compared to cash paid for capital additions of $48.5 million, including deposits of $5.1 million, and an increase in non-cash accruals of $3.2 million for the six months ended June 30, 2017.
2 Includes capital additions related to our HBI project.
| (In Millions)
| June 30, 2018 |  | December 31, 2017
Land rights and mineral rights | $ | 549.6 |  |  | $ | 549.6 |
Office and information technology | 65.1 |  |  | 65.8 |
Buildings | 84.0 |  |  | 85.2 |
Mining equipment | 531.2 |  |  | 533.9 |
Processing equipment | 616.0 |  |  | 610.9 |
Electric power facilities | 56.9 |  |  | 56.9 |
Land improvements | 24.2 |  |  | 23.7 |
Asset retirement obligation | 16.9 |  |  | 16.9 |
Other | 25.2 |  |  | 25.2 |
Construction in-progress | 102.2 |  |  | 32.6 |
| 2,071.3 |  |  | 2,000.7 |
Allowance for depreciation and depletion | (990.0 | ) |  | (966.9 | )
| $ | 1,081.3 |  |  | $ | 1,033.8 |

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8736-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration