| Schedule Of Segment Reporting Information |
Our results by segment are as follows:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
| (In millions) |
2023 |
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2022 |
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2023 |
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2022 |
| Revenues: |
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| Steelmaking |
$ |
5,443Ìý
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$ |
5,511Ìý |
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$ |
16,377Ìý
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$ |
17,481Ìý |
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| Other Businesses |
162Ìý
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142Ìý |
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507Ìý
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464Ìý |
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| Total revenues |
$ |
5,605Ìý
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$ |
5,653Ìý |
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$ |
16,884Ìý
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$ |
17,945Ìý |
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| Adjusted EBITDA: |
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| Steelmaking |
$ |
603Ìý
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$ |
447Ìý |
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$ |
1,608Ìý
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$ |
2,980Ìý |
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| Other Businesses |
9Ìý
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9Ìý |
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32Ìý
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58Ìý |
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| Eliminations |
2Ìý
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7Ìý |
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(8) |
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8Ìý |
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| Total Adjusted EBITDA |
$ |
614Ìý
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$ |
463Ìý |
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$ |
1,632Ìý
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$ |
3,046Ìý |
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The following table provides a reconciliation of our consolidated Net income to total Adjusted EBITDA:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
| (In millions) |
2023 |
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2022 |
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2023 |
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2022 |
| Net income |
$ |
275Ìý
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$ |
165Ìý |
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$ |
589Ìý
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$ |
1,580Ìý |
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| Less: |
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| Interest expense, net |
(70) |
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(64) |
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(226) |
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(205) |
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| Income tax expense |
(29) |
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(10) |
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(118) |
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(404) |
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| Depreciation, depletion and amortization |
(249) |
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(237) |
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(738) |
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(788) |
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623Ìý
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476Ìý |
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1,671Ìý
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2,977Ìý |
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| Less: |
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EBITDA of noncontrolling interests1
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20Ìý
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22Ìý |
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60Ìý
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57Ìý |
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| Gain (loss) on extinguishment of debt |
—Ìý
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4Ìý |
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—Ìý
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(76) |
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| Asset impairment |
—Ìý
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—Ìý |
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—Ìý
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(29) |
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| Other, net |
(11) |
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(13) |
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(21) |
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(21) |
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| Total Adjusted EBITDA |
$ |
614Ìý
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$ |
463Ìý |
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$ |
1,632Ìý
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$ |
3,046Ìý |
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1 EBITDA of noncontrolling interests includes the following:
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| Net income attributable to noncontrolling interests |
$ |
11Ìý
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$ |
13Ìý |
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$ |
35Ìý
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$ |
31Ìý |
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| Depreciation, depletion and amortization |
9Ìý
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9Ìý |
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25Ìý
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26Ìý |
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| EBITDA of noncontrolling interests |
$ |
20Ìý
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$ |
22Ìý |
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$ |
60Ìý
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$ |
57Ìý |
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The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
| (In millions) |
2023 |
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2022 |
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2023 |
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2022 |
| Depreciation, depletion and amortization: |
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| Steelmaking |
$ |
(241) |
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$ |
(227) |
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$ |
(711) |
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$ |
(758) |
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| Other Businesses |
(8) |
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(10) |
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(27) |
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(30) |
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| Total depreciation, depletion and amortization |
$ |
(249) |
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$ |
(237) |
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$ |
(738) |
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$ |
(788) |
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Capital additions1:
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| Steelmaking |
$ |
217Ìý
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$ |
240Ìý |
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$ |
503Ìý
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$ |
712Ìý |
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| Other Businesses |
—Ìý
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6Ìý |
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3Ìý
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21Ìý |
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| Corporate |
1Ìý
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1Ìý |
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2Ìý
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3Ìý |
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| Total capital additions |
$ |
218Ìý
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$ |
247Ìý |
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$ |
508Ìý
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$ |
736Ìý |
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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) |
September 30,
2023 |
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December 31,
2022 |
| Assets: |
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| Steelmaking |
$ |
17,481Ìý
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$ |
18,070Ìý |
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| Other Businesses |
819Ìý
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836Ìý |
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| Intersegment eliminations |
(531) |
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(521) |
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| Total segment assets |
17,769Ìý
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18,385Ìý |
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| Corporate |
290Ìý
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370Ìý |
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| Total assets |
$ |
18,059Ìý
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$ |
18,755Ìý |
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