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SEGMENT REPORTING (Tables) | 12 Months Ended
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Dec. 31, 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)
| Year Ended December 31, 2019
| Mining and Pelletizing |  | Metallics |  | Total
Operating segment revenues from product sales and services | $ | 2,069.2 |  |  | $ | — |  |  | $ | 2,069.2 |
Elimination of intersegment revenues | (79.3 | ) |  | — |  |  | (79.3 | )
Total revenues from product sales and services | $ | 1,989.9 |  |  | $ | — |  |  | $ | 1,989.9 |
Operating segment sales margin | $ | 600.0 |  |  | $ | — |  |  | $ | 600.0 |
Elimination of intersegment sales margin | (24.3 | ) |  | — |  |  | (24.3 | )
Total sales margin | $ | 575.7 |  |  | $ | — |  |  | $ | 575.7 |
Revenues from product sales and services of $2,332.4 million and $1,866.0 million, respectively, and sales margin of $809.6 million and $467.6 million, respectively, related to our Mining and Pelletizing segment accounted for all of our consolidated revenues and sales margin for years ended December 31, 2018 and December 31, 2017.
| (In Millions)
| 2019 |  | 2018 |  | 2017
Net income | $ | 292.8 |  |  | $ | 1,128.1 |  |  | $ | 363.1 |
Less: |  |  |  |  |
Interest expense, net | (101.6 | ) |  | (121.3 | ) |  | (132.0 | )
Income tax benefit (expense) | (17.6 | ) |  | 460.3 |  |  | 252.4 |
Depreciation, depletion and amortization | (85.1 | ) |  | (89.0 | ) |  | (87.7 | )
Total EBITDA | $ | 497.1 |  |  | $ | 878.1 |  |  | $ | 330.4 |
Less: |  |  |  |  |
Impact of discontinued operations | $ | (1.3 | ) |  | $ | 120.6 |  |  | $ | 22.0 |
Loss on extinguishment of debt | (18.2 | ) |  | (6.8 | ) |  | (165.4 | )
Severance costs | (1.7 | ) |  | — |  |  | — |
Acquisition costs | (6.5 | ) |  | — |  |  | — |
Foreign exchange remeasurement | — |  |  | (0.9 | ) |  | 13.9 |
Impairment of other long-lived assets | — |  |  | (1.1 | ) |  | — |
Total Adjusted EBITDA | $ | 524.8 |  |  | $ | 766.3 |  |  | $ | 459.9 |
EBITDA: |  |  |  |  |
Mining and Pelletizing | $ | 648.1 |  |  | $ | 852.9 |  |  | $ | 534.9 |
Metallics | (8.1 | ) |  | (3.3 | ) |  | (0.4 | )
Corporate and Other (including discontinued operations) | (142.9 | ) |  | 28.5 |  |  | (204.1 | )
Total EBITDA | $ | 497.1 |  |  | $ | 878.1 |  |  | $ | 330.4 |
Adjusted EBITDA: |  |  |  |  |
Mining and Pelletizing | $ | 668.3 |  |  | $ | 875.3 |  |  | $ | 559.4 |
Metallics | (8.1 | ) |  | (3.3 | ) |  | (0.4 | )
Corporate | (135.4 | ) |  | (105.7 | ) |  | (99.1 | )
Total Adjusted EBITDA | $ | 524.8 |  |  | $ | 766.3 |  |  | $ | 459.9 |
The following table summarizes our depreciation, depletion and amortization and capital additions:
| (In Millions)
| 2019 |  | 2018 |  | 2017
Depreciation, depletion and amortization: |  |  |  |  |
Mining and Pelletizing | $ | 79.0 |  |  | $ | 68.2 |  |  | $ | 66.6 |
Metallics | 0.6 |  |  | — |  |  | — |
Corporate | 5.5 |  |  | 5.6 |  |  | 6.8 |
Total depreciation, depletion and amortization | $ | 85.1 |  |  | $ | 73.8 |  |  | $ | 73.4 |
Capital additions 1: |  |  |  |  |
Mining and Pelletizing | $ | 128.1 |  |  | $ | 145.0 |  |  | $ | 136.8 |
Metallics | 558.4 |  |  | 248.1 |  |  | 13.7 |
Corporate and Other | 3.3 |  |  | 1.6 |  |  | 2.7 |
Total capital additions | $ | 689.8 |  |  | $ | 394.7 |  |  | $ | 153.2 |
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
Summary of Assets by Segment | A summary of assets by segment is as follows:
| (In Millions)
| December 31,
| 2019 |  | 2018 |  | 2017
Assets: |  |  |  |  |
Mining and Pelletizing | $ | 1,643.1 |  |  | $ | 1,694.1 |  |  | $ | 1,500.6 |
Metallics | 913.6 |  |  | 265.9 |  |  | 13.4 |
Total reportable segment assets | 2,556.7 |  |  | 1,960.0 |  |  | 1,514.0 |
Corporate and Other | 940.1 |  |  | 1,557.2 |  |  | 1,300.6 |
Assets of discontinued operations | 7.0 |  |  | 12.4 |  |  | 138.8 |
Total assets | $ | 3,503.8 |  |  | $ | 3,529.6 |  |  | $ | 2,953.4 |
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:
| (In Millions)
| 2019 |  | 2018 |  | 2017
Revenues from product sales and services: |  |  |  |  |
United States | $ | 1,505.2 |  |  | $ | 1,847.3 |  |  | $ | 1,504.5 |
Canada | 448.1 |  |  | 395.1 |  |  | 206.2 |
Other countries | 36.6 |  |  | 90.0 |  |  | 155.3 |
Total revenues from product sales and services | $ | 1,989.9 |  |  | $ | 2,332.4 |  |  | $ | 1,866.0 |
Property, plant and equipment, net: |  |  |  |  |
United States | $ | 1,929.0 |  |  | $ | 1,286.0 |  |  | $ | 1,033.8 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e9038-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227 + 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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