SCHN 2017 Annual Report

SCHNITZER STEEL INDUSTRIES, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 91 / Schnitzer Steel Industries, Inc. Form 10-K 2017 The table below illustrates the Company’s results from continuing operations by reportable segment for the years endedAugust 31 (in thousands): 2017 2016 2015 Auto and Metals Recycling: Revenues $ 1,363,618 $ 1,060,592 $ 1,513,315 Less: Intersegment revenues (15,647) (12,081) (33,029) AMR external customer revenues 1,347,971 1,048,511 1,480,286 Cascade Steel and Scrap: Revenues 339,620 304,032 435,113 Total revenues $ 1,687,591 $ 1,352,543 $ 1,915,399 Depreciation and amortization: Auto and Metals Recycling $ 34,853 $ 39,033 $ 50,126 Cascade Steel and Scrap 12,525 13,052 14,164 Segment depreciation and amortization 47,378 52,085 64,290 Corporate 2,462 2,545 2,825 Total depreciation and amortization $ 49,840 $ 54,630 $ 67,115 Capital expenditures: Auto and Metals Recycling $ 34,575 $ 26,623 $ 21,845 Cascade Steel and Scrap 10,224 7,044 7,816 Segment capital expenditures 44,799 33,667 29,661 Corporate 141 904 2,636 Total capital expenditures $ 44,940 $ 34,571 $ 32,297 Reconciliation of the Company’s segment operating income (loss) to income (loss) from continuing operations before income taxes: Auto and Metals Recycling (1) $ 91,405 $ 23,168 $ (166,119) Cascade Steel and Scrap (2) 5,275 4,696 20,535 Segment operating income (loss) 96,680 27,864 (145,584) Restructuring charges and other exit-related activities 109 (6,781) (13,008) Corporate and eliminations (40,776) (28,925) (36,937) Operating income (loss) 56,013 (7,842) (195,529) Interest expense (8,081) (8,889) (9,191) Other income, net 758 1,226 4,256 Income (loss) from continuing operations before income taxes $ 48,690 $ (15,505) $ (200,464) _____________________________ (1) AMR operating income (loss) includes $2 million, less than $1 million and $1 million in income from joint ventures accounted for by the equity method in fiscal 2017, 2016 and 2015, respectively. AMR operating income (loss) includes a goodwill impairment charge of $9 million in fiscal 2016, and other asset impairment charges (recoveries), net of less than $(1) million, $16 million and $44 million in fiscal 2017, 2016 and 2015, respectively. (2) CSS operating income includes $1 million, less than $1 million and $1 million in income from joint ventures accounted for by the equity method in fiscal 2017, 2016 and 2015, respectively. CSS operating income includes asset impairment charges (recoveries), net of $(1) million and $4 million in fiscal 2017 and 2016, respectively.