| Schedule Of Segment Reporting Information, By Segment |
Our results by segment are as follows:
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(In Millions) |
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2021 |
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2020 |
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2021 |
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2020 |
| Revenues: |
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| Steelmaking |
$ |
4,922Ìý
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$ |
1,023Ìý |
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$ |
8,841Ìý
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$ |
1,360Ìý |
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| Other Businesses |
123Ìý
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70 |
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253Ìý
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92Ìý |
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| Total revenues |
$ |
5,045Ìý
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$ |
1,093Ìý |
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$ |
9,094Ìý
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$ |
1,452Ìý |
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| Adjusted EBITDA: |
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| Steelmaking |
$ |
1,395Ìý
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$ |
(54) |
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$ |
1,932Ìý
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$ |
(10) |
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| Other Businesses |
8Ìý
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2Ìý |
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19Ìý
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4Ìý |
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| Corporate and eliminations |
(43) |
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(30) |
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(78) |
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(53) |
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| Total Adjusted EBITDA |
$ |
1,360Ìý
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$ |
(82) |
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$ |
1,873Ìý
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$ |
(59) |
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The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
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(In Millions) |
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2021 |
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2020 |
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2021 |
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2020 |
| Net income (loss) |
$ |
795Ìý
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$ |
(108) |
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$ |
852Ìý
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$ |
(157) |
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| Less: |
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| Interest expense, net |
(85) |
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(69) |
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(177) |
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(100) |
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| Income tax benefit (expense) |
(216) |
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25Ìý |
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(225) |
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76Ìý |
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| Depreciation, depletion and amortization |
(208) |
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(77) |
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(425) |
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(112) |
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1,304Ìý
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13Ìý |
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1,679Ìý
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(21) |
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| Less: |
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EBITDA of noncontrolling interests1
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21Ìý
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21Ìý |
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43Ìý
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25Ìý |
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| Gain (loss) on extinguishment of debt |
(22) |
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130Ìý |
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(88) |
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133Ìý |
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| Severance costs |
(1) |
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(17) |
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(12) |
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(36) |
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| Acquisition-related costs excluding severance costs |
—Ìý
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(2) |
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(2) |
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(25) |
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| Acquisition-related loss on equity method investment |
(18) |
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—Ìý |
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(18) |
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—Ìý |
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| Amortization of inventory step-up |
(37) |
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(36) |
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(118) |
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(59) |
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| Impact of discontinued operations |
1Ìý
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(1) |
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1Ìý
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—Ìý |
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| Total Adjusted EBITDA |
$ |
1,360Ìý
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$ |
(82) |
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$ |
1,873Ìý
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$ |
(59) |
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1 EBITDA of noncontrolling interests includes the following:
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| Net income attributable to noncontrolling interests |
$ |
15Ìý
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$ |
16Ìý |
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$ |
31Ìý
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$ |
19Ìý |
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| Depreciation, depletion and amortization |
6Ìý
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5Ìý |
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12Ìý
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6Ìý |
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| EBITDA of noncontrolling interests |
$ |
21Ìý
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$ |
21Ìý |
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$ |
43Ìý
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$ |
25Ìý |
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The following table summarizes our capital additions by segment:
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(In Millions) |
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2021 |
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2020 |
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2021 |
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2020 |
Capital additions1:
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| Steelmaking |
$ |
146Ìý
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$ |
66Ìý |
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$ |
279Ìý
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$ |
220Ìý |
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| Other Businesses |
21Ìý
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7Ìý |
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32Ìý
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10Ìý |
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| Corporate |
—Ìý
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—Ìý |
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18Ìý
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1Ìý |
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| Total capital additions |
$ |
167Ìý
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$ |
73Ìý |
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$ |
329Ìý
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$ |
231Ìý |
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1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
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| Reconciliation of Assets from Segment to Consolidated |
The following summarizes our assets by segment:
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(In Millions) |
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June 30,
2021 |
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December 31,
2020 |
| Assets: |
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| Steelmaking |
$ |
16,966Ìý
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$ |
15,849Ìý |
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| Other Businesses |
324Ìý
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239Ìý |
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| Total segment assets |
17,290Ìý
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16,088Ìý |
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| Corporate |
456Ìý
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683Ìý |
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| Total assets |
$ |
17,746Ìý
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$ |
16,771Ìý |
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