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SEGMENT REPORTING (Tables) | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
Schedule Of Segment Reporting Information, By Segment | Our results by segment are as follows:
| (In Millions, Except Sales Tons)
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Sales volume (in thousands): |  |  |  |  |  |  |
Steel and Manufacturing (net tons) | 619 |  |  | — |  |  | 818 |  |  | — |
Mining and Pelletizing sales (long tons) | 4,759 |  |  | 6,227 |  |  | 6,893 |  |  | 7,777 |
Less: Intercompany sales (long tons) | (1,041 | ) |  | (38 | ) |  | (1,824 | ) |  | (38 | )
Mining and Pelletizing consolidated sales (long tons) | 3,718 |  |  | 6,189 |  |  | 5,069 |  |  | 7,739 |
Revenues: |  |  |  |  |  |  |
Steel and Manufacturing net sales to external customers | $ | 715.1 |  |  | $ | — |  |  | $ | 932.6 |  |  | $ | — |
Mining and Pelletizing net sales 1 | 489.0 |  |  | 747.2 |  |  | 718.4 |  |  | 904.2 |
Less: Intercompany sales | (111.4 | ) |  | (4.0 | ) |  | (199.2 | ) |  | (4.0 | )
Mining and Pelletizing net sales to external customers | 377.6 |  |  | 743.2 |  |  | 519.2 |  |  | 900.2 |
Total revenues | $ | 1,092.7 |  |  | $ | 743.2 |  |  | $ | 1,451.8 |  |  | $ | 900.2 |
Adjusted EBITDA: |  |  |  |  |  |  |
Steel and Manufacturing | $ | (104.0 | ) |  | $ | (1.1 | ) |  | $ | (115.1 | ) |  | $ | (1.9 | )
Mining and Pelletizing | 82.4 |  |  | 280.5 |  |  | 164.2 |  |  | 328.0 |
Corporate and eliminations | (60.4 | ) |  | (31.0 | ) |  | (108.4 | ) |  | (56.5 | )
Total Adjusted EBITDA | $ | (82.0 | ) |  | $ | 248.4 |  |  | $ | (59.3 | ) |  | $ | 269.6 |
1 Includes Realization of deferred revenue of $34.6 million for the six months ended June 30, 2020. The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
| (In Millions)
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Net income (loss) | $ | (108.1 | ) |  | $ | 160.8 |  |  | $ | (156.7 | ) |  | $ | 138.7 |
Less: |  |  |  |  |  |  |  |  |
Interest expense, net | (68.6 | ) |  | (26.3 | ) |  | (99.7 | ) |  | (51.4 | )
Income tax benefit (expense) | 24.7 |  |  | (22.0 | ) |  | 76.1 |  |  | (18.3 | )
Depreciation, depletion and amortization | (77.1 | ) |  | (21.0 | ) |  | (111.5 | ) |  | (40.9 | )
Total EBITDA | $ | 12.9 |  |  | $ | 230.1 |  |  | $ | (21.6 | ) |  | $ | 249.3 |
Less: |  |  |  |  |  |  |
EBITDA of noncontrolling interests 1 | $ | 20.5 |  |  | $ | — |  |  | $ | 25.1 |  |  | $ | — |
Gain (loss) on extinguishment of debt | 129.4 |  |  | (17.9 | ) |  | 132.6 |  |  | (18.2 | )
Severance costs | (16.6 | ) |  | — |  |  | (35.9 | ) |  | (1.7 | )
Acquisition-related costs excluding severance costs | (1.8 | ) |  | — |  |  | (25.0 | ) |  | — |
Amortization of inventory step-up | (36.2 | ) |  | — |  |  | (59.4 | ) |  | — |
Impact of discontinued operations | (0.4 | ) |  | (0.4 | ) |  | 0.3 |  |  | (0.4 | )
Total Adjusted EBITDA | $ | (82.0 | ) |  | $ | 248.4 |  |  | $ | (59.3 | ) |  | $ | 269.6 |
1 EBITDA of noncontrolling interests includes $15.8 million and $19.3 million for income and $4.7 million and $5.8 million of depreciation, depletion and amortization for the three and six months ended June 30, 2020, respectively. The following table summarizes our capital additions by segment:
| (In Millions)
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Capital additions 1: |  |  |  |  |  |  |
Steel and Manufacturing | $ | 55.6 |  |  | $ | 155.1 |  |  | $ | 178.8 |  |  | $ | 237.5 |
Mining and Pelletizing | 17.4 |  |  | 35.6 |  |  | 51.6 |  |  | 82.4 |
Corporate and Other | — |  |  | 0.9 |  |  | 0.3 |  |  | 1.0 |
Total capital additions | $ | 73.0 |  |  | $ | 191.6 |  |  | $ | 230.7 |  |  | $ | 320.9 |
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
Reconciliation of Assets from Segment to Consolidated | The following summarizes our assets by segment:
| (In Millions)
| June 30, 2020 |  | December 31, 2019
Assets: |  |  |
Steel and Manufacturing | $ | 6,201.6 |  |  | $ | 913.6 |
Mining and Pelletizing | 1,685.1 |  |  | 1,643.1 |
Total segment assets | 7,886.7 |  |  | 2,556.7 |
Corporate and Other (including discontinued operations) | 604.0 |  |  | 947.1 |
Total assets | $ | 8,490.7 |  |  | $ | 3,503.8 |

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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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