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SEGMENT REPORTING (Tables) | 9 Months Ended
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Sep. 30, 2019
Segment Reporting [Abstract] |
Schedule Of Segment Reporting Information, By Segment | 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:
| (In Millions)
| Three Months Ended September 30, 2019 |  | 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 |  |  | $ | — |  |  | $ | 590.6 |  |  | $ | 1,494.8 |  |  | $ | — |  |  | $ | 1,494.8 |
Elimination of intersegment revenues | (35.0 | ) |  | — |  |  | (35.0 | ) |  | (39.0 | ) |  | — |  |  | (39.0 | )
Total revenues from product sales and services | $ | 555.6 |  |  | $ | — |  |  | $ | 555.6 |  |  | $ | 1,455.8 |  |  | $ | — |  |  | $ | 1,455.8 |
Operating segment sales margin | $ | 165.8 |  |  | $ | — |  |  | $ | 165.8 |  |  | $ | 461.3 |  |  | $ | — |  |  | $ | 461.3 |
Elimination of intersegment sales margin | (10.9 | ) |  | — |  |  | (10.9 | ) |  | (12.5 | ) |  | — |  |  | (12.5 | )
Total sales margin | $ | 154.9 |  |  | $ | — |  |  | $ | 154.9 |  |  | $ | 448.8 |  |  | $ | — |  |  | $ | 448.8 |
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.
| (In Millions)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Net income | $ | 90.9 |  |  | $ | 437.8 |  |  | $ | 229.6 |  |  | $ | 518.6 |
Less: |  |  |  |  |  |  |
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 |  |  | $ | 487.2 |  |  | $ | 392.6 |  |  | $ | 697.1 |
Less: |  |  |  |  |  |  |
Impact of discontinued operations | $ | (0.8 | ) |  | $ | 238.2 |  |  | $ | (1.2 | ) |  | $ | 120.4 |
Gain (loss) on extinguishment of debt | — |  |  | — |  |  | (18.2 | ) |  | 0.2 |
Severance costs | — |  |  | — |  |  | (1.7 | ) |  | — |
Foreign exchange remeasurement | — |  |  | (0.2 | ) |  | — |  |  | (0.7 | )
Impairment of long-lived assets | — |  |  | (1.1 | ) |  | — |  |  | (1.1 | )
Adjusted EBITDA | $ | 144.1 |  |  | $ | 250.3 |  |  | $ | 413.7 |  |  | $ | 578.3 |
EBITDA: |  |  |  |  |  |  |
Mining and Pelletizing | $ | 177.5 |  |  | $ | 273.1 |  |  | $ | 494.9 |  |  | $ | 641.6 |
Metallics | (2.1 | ) |  | (1.0 | ) |  | (4.0 | ) |  | (2.5 | )
Corporate and Other (including discontinued operations) | (32.1 | ) |  | 215.1 |  |  | (98.3 | ) |  | 58.0 |
Total EBITDA | $ | 143.3 |  |  | $ | 487.2 |  |  | $ | 392.6 |  |  | $ | 697.1 |
Adjusted EBITDA: |  |  |  |  |  |  |
Mining and Pelletizing | $ | 182.7 |  |  | $ | 279.5 |  |  | $ | 510.7 |  |  | $ | 657.9 |
Metallics | (2.1 | ) |  | (1.0 | ) |  | (4.0 | ) |  | (2.5 | )
Corporate | (36.5 | ) |  | (28.2 | ) |  | (93.0 | ) |  | (77.1 | )
Total Adjusted EBITDA | $ | 144.1 |  |  | $ | 250.3 |  |  | $ | 413.7 |  |  | $ | 578.3 |
The following table summarizes our depreciation, depletion and amortization and capital additions:
| (In Millions)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Depreciation, depletion and amortization: |  |  |  |  |  |  |
Mining and Pelletizing | $ | 20.8 |  |  | $ | 17.8 |  |  | $ | 58.9 |  |  | $ | 49.2 |
Corporate | 1.4 |  |  | 1.4 |  |  | 4.2 |  |  | 4.2 |
Total depreciation, depletion and amortization | $ | 22.2 |  |  | $ | 19.2 |  |  | $ | 63.1 |  |  | $ | 53.4 |
Capital additions 1: |  |  |  |  |  |  |
Mining and Pelletizing | $ | 22.1 |  |  | $ | 51.8 |  |  | $ | 104.5 |  |  | $ | 97.2 |
Metallics | 160.5 |  |  | 40.6 |  |  | 398.0 |  |  | 143.6 |
Corporate | 2.1 |  |  | 0.2 |  |  | 3.1 |  |  | 1.1 |
Total capital additions | $ | 184.7 |  |  | $ | 92.6 |  |  | $ | 505.6 |  |  | $ | 241.9 |
1 Refer to NOTE 16 - CASH FLOW INFORMATION for additional information.
Reconciliation of Assets from Segment to Consolidated | A summary of assets by segment is as follows:
| (In Millions)
| September 30, 2019 |  | December 31, 2018
Assets: |  |  |
Mining and Pelletizing | $ | 1,793.9 |  |  | $ | 1,694.1 |
Metallics | 708.5 |  |  | 265.9 |
Total segment assets | 2,502.4 |  |  | 1,960.0 |
Corporate and Other (including discontinued operations) | 988.8 |  |  | 1,569.6 |
Total assets | $ | 3,491.2 |  |  | $ | 3,529.6 |

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8924-108599 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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