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Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.23.3
SEGMENT REPORTING (Tables)
9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract] Ìý
Schedule Of Segment Reporting Information
Our results by segment are as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions) 2023 2022 2023 2022
Revenues:
Steelmaking $ 5,443Ìý $ 5,511Ìý $ 16,377Ìý $ 17,481Ìý
Other Businesses 162Ìý 142Ìý 507Ìý 464Ìý
Total revenues $ 5,605Ìý $ 5,653Ìý $ 16,884Ìý $ 17,945Ìý
Adjusted EBITDA:
Steelmaking $ 603Ìý $ 447Ìý $ 1,608Ìý $ 2,980Ìý
Other Businesses 9Ìý 9Ìý 32Ìý 58Ìý
Eliminations 2Ìý 7Ìý (8) 8Ìý
Total Adjusted EBITDA $ 614Ìý $ 463Ìý $ 1,632Ìý $ 3,046Ìý
The following table provides a reconciliation of our consolidated Net income to total Adjusted EBITDA:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions) 2023 2022 2023 2022
Net income $ 275Ìý $ 165Ìý $ 589Ìý $ 1,580Ìý
Less:
Interest expense, net (70) (64) (226) (205)
Income tax expense (29) (10) (118) (404)
Depreciation, depletion and amortization (249) (237) (738) (788)
623Ìý 476Ìý 1,671Ìý 2,977Ìý
Less:
EBITDA of noncontrolling interests1
20Ìý 22Ìý 60Ìý 57Ìý
Gain (loss) on extinguishment of debt —Ìý 4Ìý —Ìý (76)
Asset impairment —Ìý —Ìý —Ìý (29)
Other, net (11) (13) (21) (21)
Total Adjusted EBITDA $ 614Ìý $ 463Ìý $ 1,632Ìý $ 3,046Ìý
1 EBITDA of noncontrolling interests includes the following:
Net income attributable to noncontrolling interests $ 11Ìý $ 13Ìý $ 35Ìý $ 31Ìý
Depreciation, depletion and amortization 9Ìý 9Ìý 25Ìý 26Ìý
EBITDA of noncontrolling interests $ 20Ìý $ 22Ìý $ 60Ìý $ 57Ìý
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions) 2023 2022 2023 2022
Depreciation, depletion and amortization:
Steelmaking $ (241) $ (227) $ (711) $ (758)
Other Businesses (8) (10) (27) (30)
Total depreciation, depletion and amortization $ (249) $ (237) $ (738) $ (788)
Capital additions1:
Steelmaking $ 217Ìý $ 240Ìý $ 503Ìý $ 712Ìý
Other Businesses —Ìý 6Ìý 3Ìý 21Ìý
Corporate 1Ìý 1Ìý 2Ìý 3Ìý
Total capital additions $ 218Ìý $ 247Ìý $ 508Ìý $ 736Ìý
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) September 30,
2023
December 31,
2022
Assets:
Steelmaking $ 17,481Ìý $ 18,070Ìý
Other Businesses 819Ìý 836Ìý
Intersegment eliminations (531) (521)
Total segment assets 17,769Ìý 18,385Ìý
Corporate 290Ìý 370Ìý
Total assets $ 18,059Ìý $ 18,755Ìý