| Schedule Of Segment Reporting Information |
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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2022 |
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2021 |
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2022 |
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2021 |
| Revenues: |
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| Steelmaking |
$ |
6,176Ìý
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$ |
4,922Ìý |
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$ |
11,970Ìý
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$ |
8,841Ìý |
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| Other Businesses |
161Ìý
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123Ìý |
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322Ìý
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253Ìý |
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| Total revenues |
$ |
6,337Ìý
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$ |
5,045Ìý |
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$ |
12,292Ìý
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$ |
9,094Ìý |
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| Adjusted EBITDA: |
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| Steelmaking |
$ |
1,108Ìý
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$ |
1,360Ìý |
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$ |
2,531Ìý
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$ |
1,862Ìý |
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| Other Businesses |
20Ìý
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8Ìý |
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49Ìý
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19Ìý |
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Eliminations1
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2Ìý
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(8) |
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1Ìý
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(8) |
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| Total Adjusted EBITDA |
$ |
1,130Ìý
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$ |
1,360Ìý |
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$ |
2,581Ìý
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$ |
1,873Ìý |
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1 In 2022, we began allocating Corporate SG&A to our operating segments. Prior periods have been adjusted to reflect this change. The Eliminations line now only includes sales between segments.
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The following table provides a reconciliation of our consolidated Net income 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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2022 |
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2021 |
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2022 |
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2021 |
| Net income |
$ |
601Ìý
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$ |
795Ìý |
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$ |
1,415Ìý
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$ |
852Ìý |
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| Less: |
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| Interest expense, net |
(64) |
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(85) |
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(141) |
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(177) |
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| Income tax expense |
(157) |
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(216) |
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(394) |
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(225) |
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| Depreciation, depletion and amortization |
(250) |
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(208) |
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(551) |
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(425) |
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1,072Ìý
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1,304Ìý |
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2,501Ìý
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1,679Ìý |
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| Less: |
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EBITDA of noncontrolling interests1
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13Ìý
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21Ìý |
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35Ìý
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43Ìý |
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| Asset impairment |
—Ìý
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—Ìý |
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(29) |
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—Ìý |
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| Loss on extinguishment of debt |
(66) |
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(22) |
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(80) |
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(88) |
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| Severance costs |
(6) |
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(1) |
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(7) |
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(12) |
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| Acquisition-related costs excluding severance costs |
—Ìý
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—Ìý |
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(1) |
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(2) |
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| Acquisition-related loss on equity method investment |
—Ìý
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(18) |
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—Ìý
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(18) |
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| Amortization of inventory step-up |
—Ìý
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(37) |
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—Ìý
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(118) |
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| Impact of discontinued operations |
1Ìý
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1Ìý |
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2Ìý
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1Ìý |
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| Total Adjusted EBITDA |
$ |
1,130Ìý
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$ |
1,360Ìý |
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$ |
2,581Ìý
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$ |
1,873Ìý |
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1 EBITDA of noncontrolling interests includes the following:
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| Net income attributable to noncontrolling interests |
$ |
5Ìý
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$ |
15Ìý |
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$ |
18Ìý
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$ |
31Ìý |
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| Depreciation, depletion and amortization |
8Ìý
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6Ìý |
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17Ìý
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12Ìý |
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| EBITDA of noncontrolling interests |
$ |
13Ìý
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$ |
21Ìý |
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$ |
35Ìý
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$ |
43Ìý |
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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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2022 |
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2021 |
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2022 |
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2021 |
Capital additions1:
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| Steelmaking |
$ |
297Ìý
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$ |
146Ìý |
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$ |
472Ìý
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$ |
279Ìý |
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| Other Businesses |
9Ìý
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21Ìý |
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15Ìý
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32Ìý |
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| Corporate |
2Ìý
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—Ìý |
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2Ìý
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18Ìý |
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| Total capital additions |
$ |
308Ìý
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$ |
167Ìý |
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$ |
489Ìý
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$ |
329Ìý |
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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,
2022 |
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December 31,
2021 |
| Assets: |
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| Steelmaking |
$ |
19,259Ìý
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$ |
18,326Ìý |
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| Other Businesses |
322Ìý
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306Ìý |
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| Total segment assets |
19,581Ìý
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18,632Ìý |
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| Corporate/Eliminations |
458Ìý
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343Ìý |
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| Total assets |
$ |
20,039Ìý
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$ |
18,975Ìý |
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