| 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
September 30, |
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Nine Months Ended
September 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 |
$ |
5,869Ìý
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$ |
1,506Ìý |
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$ |
14,710Ìý
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$ |
2,866Ìý |
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| Other Businesses |
135Ìý
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140Ìý |
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388Ìý
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232Ìý |
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| Total revenues |
$ |
6,004Ìý
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$ |
1,646Ìý |
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$ |
15,098Ìý
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$ |
3,098Ìý |
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| Adjusted EBITDA: |
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| Steelmaking |
$ |
1,969Ìý
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$ |
127Ìý |
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$ |
3,901Ìý
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$ |
117Ìý |
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| Other Businesses |
6Ìý
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18Ìý |
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25Ìý
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22Ìý |
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| Corporate and eliminations |
(42) |
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(19) |
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(120) |
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(72) |
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| Total Adjusted EBITDA |
$ |
1,933Ìý
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$ |
126Ìý |
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$ |
3,806Ìý
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$ |
67Ìý |
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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
September 30, |
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Nine Months Ended
September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
| Net income (loss) |
$ |
1,282Ìý
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$ |
2Ìý |
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$ |
2,134Ìý
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$ |
(155) |
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| Less: |
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| Interest expense, net |
(81) |
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(68) |
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(258) |
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(168) |
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| Income tax benefit (expense) |
(334) |
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22Ìý |
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(559) |
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98Ìý |
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| Depreciation, depletion and amortization |
(239) |
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(72) |
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(664) |
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(184) |
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1,936Ìý
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120Ìý |
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3,615Ìý
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99Ìý |
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| Less: |
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EBITDA of noncontrolling interests1
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17Ìý
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16Ìý |
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60Ìý
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41Ìý |
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| Gain (loss) on extinguishment of debt |
—Ìý
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—Ìý |
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(88) |
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133Ìý |
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| Severance costs |
(3) |
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(2) |
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(15) |
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(38) |
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| Acquisition-related costs excluding severance costs |
(1) |
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(5) |
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(3) |
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(30) |
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| Acquisition-related loss on equity method investment |
—Ìý
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—Ìý |
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(18) |
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—Ìý |
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| Amortization of inventory step-up |
(11) |
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(15) |
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(129) |
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(74) |
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| Impact of discontinued operations |
1Ìý
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—Ìý |
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2Ìý
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—Ìý |
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| Total Adjusted EBITDA |
$ |
1,933Ìý
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$ |
126Ìý |
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$ |
3,806Ìý
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$ |
67Ìý |
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1 EBITDA of noncontrolling interests includes the following:
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| Net income attributable to noncontrolling interests |
$ |
8Ìý
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$ |
12Ìý |
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$ |
39Ìý
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$ |
31Ìý |
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| Depreciation, depletion and amortization |
9Ìý
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4Ìý |
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21Ìý
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10Ìý |
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| EBITDA of noncontrolling interests |
$ |
17Ìý
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$ |
16Ìý |
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$ |
60Ìý
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$ |
41Ìý |
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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
September 30, |
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Nine Months Ended
September 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 |
$ |
233Ìý
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$ |
93Ìý |
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$ |
512Ìý
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$ |
313Ìý |
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| Other Businesses |
10Ìý
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9Ìý |
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42Ìý
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19Ìý |
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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 |
$ |
243Ìý
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$ |
102Ìý |
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$ |
572Ìý
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$ |
333Ìý |
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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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September 30,
2021 |
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December 31,
2020 |
| Assets: |
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| Steelmaking |
$ |
17,439Ìý
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$ |
15,849Ìý |
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| Other Businesses |
351Ìý
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239Ìý |
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| Total segment assets |
17,790Ìý
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16,088Ìý |
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| Corporate |
276Ìý
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683Ìý |
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| Total assets |
$ |
18,066Ìý
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$ |
16,771Ìý |
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