| Summary of Results by Segment |
Our results by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
| (In millions) |
2022 |
|
2021 |
|
2020 |
| Revenues: |
|
|
|
|
|
| Steelmaking |
$ |
22,383Ìý
|
|
|
$ |
19,901Ìý |
|
|
$ |
4,965Ìý |
|
| Other Businesses |
606Ìý
|
|
|
543Ìý |
|
|
389Ìý |
|
| Total revenues |
$ |
22,989Ìý
|
|
|
$ |
20,444Ìý |
|
|
$ |
5,354Ìý |
|
|
|
|
|
|
|
| Adjusted EBITDA: |
|
|
|
|
|
| Steelmaking |
$ |
3,089Ìý
|
|
|
$ |
5,280Ìý |
|
|
$ |
316Ìý |
|
| Other Businesses |
69Ìý
|
|
|
9Ìý |
|
|
47Ìý |
|
Eliminations1
|
11Ìý
|
|
|
(12) |
|
|
(10) |
|
| Total Adjusted EBITDA |
$ |
3,169Ìý
|
|
|
$ |
5,277Ìý |
|
|
$ |
353Ìý |
|
|
|
|
|
|
|
1 In 2022, we began allocating Corporate Selling, general and administrative expenses to our operating segments. Prior periods have been adjusted to reflect this change. The Eliminations line now only includes sales between segments.
|
The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
| (In millions) |
2022 |
|
2021 |
|
2020 |
| Net income (loss) |
$ |
1,376Ìý
|
|
|
$ |
3,033Ìý |
|
|
$ |
(81) |
|
| Less: |
|
|
|
|
|
| Interest expense, net |
(276) |
|
|
(337) |
|
|
(238) |
|
| Income tax benefit (expense) |
(423) |
|
|
(773) |
|
|
111Ìý |
|
| Depreciation, depletion and amortization |
(1,034) |
|
|
(897) |
|
|
(308) |
|
|
3,109Ìý
|
|
|
5,040Ìý |
|
|
354Ìý |
|
| Less: |
|
|
|
|
|
EBITDA from noncontrolling interests1
|
74Ìý
|
|
|
75Ìý |
|
|
56Ìý |
|
| Gain (loss) on extinguishment of debt |
(75) |
|
|
(88) |
|
|
130Ìý |
|
| Acquisition-related expenses and adjustments |
(1) |
|
|
(197) |
|
|
(148) |
|
| Asset impairment |
(29) |
|
|
—Ìý |
|
|
—Ìý |
|
| Other, net |
(29) |
|
|
(27) |
|
|
(37) |
|
| Total Adjusted EBITDA |
$ |
3,169Ìý
|
|
|
$ |
5,277Ìý |
|
|
$ |
353Ìý |
|
|
|
|
|
|
|
1 EBITDA of noncontrolling interests includes the following:
|
|
|
|
|
|
| Net income attributable to noncontrolling interests |
$ |
41Ìý
|
|
|
$ |
45Ìý |
|
|
$ |
41Ìý |
|
| Depreciation, depletion and amortization |
33Ìý
|
|
|
30Ìý |
|
|
15Ìý |
|
| EBITDA of noncontrolling interests |
$ |
74Ìý
|
|
|
$ |
75Ìý |
|
|
$ |
56Ìý |
|
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
| (In millions) |
2022 |
|
2021 |
|
2020 |
| Depreciation, depletion and amortization: |
|
|
|
|
|
| Steelmaking |
$ |
(994) |
|
|
$ |
(860) |
|
|
$ |
(281) |
|
| Other Businesses |
(40) |
|
|
(37) |
|
|
(27) |
|
| Total depreciation, depletion and amortization |
$ |
(1,034) |
|
|
$ |
(897) |
|
|
$ |
(308) |
|
|
|
|
|
|
|
Capital additions1:
|
|
|
|
|
|
| Steelmaking |
$ |
997Ìý
|
|
|
$ |
787Ìý |
|
|
$ |
436Ìý |
|
| Other Businesses |
30Ìý
|
|
|
52Ìý |
|
|
45Ìý |
|
| Corporate |
6Ìý
|
|
|
18Ìý |
|
|
2Ìý |
|
| Total capital additions |
$ |
1,033Ìý
|
|
|
$ |
857Ìý |
|
|
$ |
483Ìý |
|
|
|
|
|
|
|
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
|
|
| Summary of Assets by Segment |
The following summarizes our assets by segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
| (In millions) |
2022 |
|
2021 |
| Assets: |
|
|
|
| Steelmaking |
$ |
18,070Ìý
|
|
|
$ |
18,326Ìý |
|
| Other Businesses |
315Ìý
|
|
|
306Ìý |
|
| Total segment assets |
18,385Ìý
|
|
|
18,632Ìý |
|
| Corporate/Eliminations |
370Ìý
|
|
|
343Ìý |
|
| Total assets |
$ |
18,755Ìý
|
|
|
$ |
18,975Ìý |
|
|
| Summary of Amounts Relating to Geographic Location |
Included in the consolidated financial statements are the following amounts relating to geographic location based on product destination:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In millions) |
2022 |
|
2021 |
|
2020 |
| Revenues: |
|
|
|
|
|
| United States |
$ |
20,991Ìý
|
|
|
$ |
18,881Ìý |
|
|
$ |
4,580Ìý |
|
| Canada |
963Ìý
|
|
|
803Ìý |
|
|
602Ìý |
|
| Other countries |
1,035Ìý
|
|
|
760Ìý |
|
|
172Ìý |
|
| Total revenues |
$ |
22,989Ìý
|
|
|
$ |
20,444Ìý |
|
|
$ |
5,354Ìý |
|
| Property, plant and equipment, net: |
|
|
|
|
|
| United States |
$ |
8,981Ìý
|
|
|
$ |
9,092Ìý |
|
|
$ |
8,647Ìý |
|
| Canada |
88Ìý
|
|
|
93Ìý |
|
|
91Ìý |
|
| Other countries |
1Ìý
|
|
|
1Ìý |
|
|
5Ìý |
|
| Total property, plant and equipment, net |
$ |
9,070Ìý
|
|
|
$ |
9,186Ìý |
|
|
$ |
8,743Ìý |
|
|