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Annual report pursuant to Section 13 and 15(d)

REVENUES

v3.22.4
REVENUES
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract] Ìý
Revenues
NOTE 4 - REVENUES
We generate our revenue through product sales, in which shipping terms indicate when we have fulfilled our performance obligations and transferred control of products to our customer. Our revenue transactions consist of a single performance obligation to transfer promised goods. Our contracts with customers define the mechanism for determining the sales price, which is generally fixed upon transfer of control, but the contracts generally do not impose a specific quantity on either party. Quantities to be delivered to the customer are determined at a point near the date of delivery through purchase orders or other written instructions we receive from the customer. Spot market sales are made through purchase orders or other written instructions. We consider our performance obligation to be complete and recognize revenue when control transfers in accordance with shipping terms.
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring product. We reduce the amount of revenue recognized for estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized. Payment terms are consistent with terms standard to the markets we serve. Sales taxes collected from customers are excluded from revenues.
The following table represents our Revenues by market:
Year Ended December 31,
(In millions) 2022 2021 2020
Steelmaking:
Direct automotive $ 6,661Ìý $ 4,726Ìý $ 2,062Ìý
Infrastructure and manufacturing 5,869Ìý 5,380Ìý 784Ìý
Distributors and converters 6,388Ìý 7,671Ìý 696Ìý
Steel producers
 3,465Ìý 2,124Ìý 1,423Ìý
Total Steelmaking 22,383Ìý 19,901Ìý 4,965Ìý
Other Businesses:
Direct automotive 478Ìý 426Ìý 329Ìý
Infrastructure and manufacturing 52Ìý 47Ìý 34Ìý
Distributors and converters 76Ìý 70Ìý 26Ìý
Total Other Businesses 606Ìý 543Ìý 389Ìý
Total revenues $ 22,989Ìý $ 20,444Ìý $ 5,354Ìý
The following table represents our Revenues by product line:
Year Ended December 31,
(In millions) 2022 2021 2020
Steelmaking:
Hot-rolled steel $ 4,529Ìý $ 5,615Ìý $ 386Ìý
Cold-rolled steel 3,193Ìý 3,186Ìý 490Ìý
Coated steel 6,905Ìý 5,864Ìý 1,747Ìý
Stainless and electrical steel 2,284Ìý 1,622Ìý 868Ìý
Plate 1,651Ìý 1,316Ìý 46Ìý
Slab and other steel products 1,492Ìý 1,247Ìý 46Ìý
Other 2,329Ìý 1,051Ìý 1,382Ìý
Total steelmaking 22,383Ìý 19,901Ìý 4,965Ìý
Other Businesses:
Other 606Ìý 543Ìý 389Ìý
Total revenues $ 22,989Ìý $ 20,444Ìý $ 5,354Ìý