| 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
September 30, |
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Nine Months Ended
September 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 |
$ |
5,511Ìý
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$ |
5,869Ìý |
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$ |
17,481Ìý
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$ |
14,710Ìý |
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| Other Businesses |
142Ìý
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135Ìý |
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464Ìý
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388Ìý |
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| Total revenues |
$ |
5,653Ìý
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$ |
6,004Ìý |
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$ |
17,945Ìý
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$ |
15,098Ìý |
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| Adjusted EBITDA: |
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| Steelmaking |
$ |
436Ìý
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$ |
1,934Ìý |
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$ |
2,967Ìý
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$ |
3,796Ìý |
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| Other Businesses |
9Ìý
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6Ìý |
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58Ìý
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25Ìý |
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Eliminations1
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7Ìý
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(7) |
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8Ìý
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(15) |
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| Total Adjusted EBITDA |
$ |
452Ìý
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$ |
1,933Ìý |
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$ |
3,033Ìý
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$ |
3,806Ìý |
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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
September 30, |
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Nine Months Ended
September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Net income |
$ |
165Ìý
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$ |
1,282Ìý |
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$ |
1,580Ìý
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$ |
2,134Ìý |
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| Less: |
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| Interest expense, net |
(64) |
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(81) |
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(205) |
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(258) |
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| Income tax expense |
(10) |
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(334) |
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(404) |
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(559) |
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| Depreciation, depletion and amortization |
(237) |
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(239) |
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(788) |
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(664) |
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476Ìý
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1,936Ìý |
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2,977Ìý
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3,615Ìý |
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| Less: |
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EBITDA of noncontrolling interests1
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22Ìý
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17Ìý |
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57Ìý
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60Ìý |
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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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| Gain (loss) on extinguishment of debt |
4Ìý
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—Ìý |
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(76) |
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(88) |
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| Severance costs |
(2) |
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(3) |
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(9) |
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(15) |
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| Acquisition-related costs excluding severance costs |
—Ìý
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(1) |
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(1) |
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(3) |
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| Acquisition-related loss on equity method investment |
—Ìý
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—Ìý |
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—Ìý
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(18) |
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| Amortization of inventory step-up |
—Ìý
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(11) |
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—Ìý
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(129) |
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| Impact of discontinued operations |
—Ìý
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1Ìý |
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2Ìý
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2Ìý |
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| Total Adjusted EBITDA |
$ |
452Ìý
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$ |
1,933Ìý |
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$ |
3,033Ìý
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$ |
3,806Ìý |
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1 EBITDA of noncontrolling interests includes the following:
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| Net income attributable to noncontrolling interests |
$ |
13Ìý
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$ |
8Ìý |
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$ |
31Ìý
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$ |
39Ìý |
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| Depreciation, depletion and amortization |
9Ìý
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9Ìý |
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26Ìý
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21Ìý |
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| EBITDA of noncontrolling interests |
$ |
22Ìý
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$ |
17Ìý |
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$ |
57Ìý
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$ |
60Ìý |
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The following table summarizes our depreciation, depletion and amortization and 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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2022 |
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2021 |
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2022 |
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2021 |
| Depreciation, depletion and amortization: |
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| Steelmaking |
$ |
(227) |
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$ |
(230) |
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$ |
(758) |
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$ |
(637) |
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| Other Businesses |
(10) |
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(9) |
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(30) |
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(27) |
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| Total depreciation, depletion and amortization |
$ |
(237) |
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$ |
(239) |
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$ |
(788) |
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$ |
(664) |
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Capital additions1:
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| Steelmaking |
$ |
240Ìý
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$ |
233Ìý |
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$ |
712Ìý
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$ |
512Ìý |
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| Other Businesses |
6Ìý
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10Ìý |
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21Ìý
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42Ìý |
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| Corporate |
1Ìý
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—Ìý |
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3Ìý
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18Ìý |
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| Total capital additions |
$ |
247Ìý
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$ |
243Ìý |
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$ |
736Ìý
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$ |
572Ìý |
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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,
2022 |
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December 31,
2021 |
| Assets: |
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| Steelmaking |
$ |
18,843Ìý
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$ |
18,326Ìý |
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| Other Businesses |
313Ìý
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306Ìý |
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| Total segment assets |
19,156Ìý
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18,632Ìý |
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| Corporate/Eliminations |
532Ìý
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343Ìý |
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| Total assets |
$ |
19,688Ìý
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$ |
18,975Ìý |
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