XML 47 R32.htm IDEA: XBRL DOCUMENT
v3.10.0.1

SEGMENT REPORTING SEGMENT REPORTING (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2018
Segment Reporting [Abstract] |
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 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | A summary of assets by segment is as follows:
| (In Millions)
| June 30, 2018 |  | December 31, 2017
Assets: |  |  |
U.S. Iron Ore | $ | 1,822.8 |  |  | $ | 1,500.6 |
Corporate and Other 1 | 1,183.4 |  |  | 1,314.0 |
Assets of Discontinued Operations | 45.3 |  |  | 138.8 |
Total assets | $ | 3,051.5 |  |  | $ | 2,953.4 |
1 Corporate and Other includes assets related to the HBI project.

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -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 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
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

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