Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.22.2.2
SEGMENT REPORTING (Tables)
9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information
Our results by segment are as follows:
(In Millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022 2021 2022 2021
Revenues:
Steelmaking $ 5,511  $ 5,869  $ 17,481  $ 14,710 
Other Businesses 142  135  464  388 
Total revenues $ 5,653  $ 6,004  $ 17,945  $ 15,098 
Adjusted EBITDA:
Steelmaking $ 436  $ 1,934  $ 2,967  $ 3,796 
Other Businesses 9  58  25 
Eliminations1
7  (7) 8  (15)
Total Adjusted EBITDA $ 452  $ 1,933  $ 3,033  $ 3,806 
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.
The following table provides a reconciliation of our consolidated Net income to total Adjusted EBITDA:
(In Millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022 2021 2022 2021
Net income $ 165  $ 1,282  $ 1,580  $ 2,134 
Less:
Interest expense, net (64) (81) (205) (258)
Income tax expense (10) (334) (404) (559)
Depreciation, depletion and amortization (237) (239) (788) (664)
476  1,936  2,977  3,615 
Less:
EBITDA of noncontrolling interests1
22  17  57  60 
Asset impairment   —  (29) — 
Gain (loss) on extinguishment of debt 4  —  (76) (88)
Severance costs (2) (3) (9) (15)
Acquisition-related costs excluding severance costs   (1) (1) (3)
Acquisition-related loss on equity method investment   —    (18)
Amortization of inventory step-up   (11)   (129)
Impact of discontinued operations   2 
Total Adjusted EBITDA $ 452  $ 1,933  $ 3,033  $ 3,806 
1 EBITDA of noncontrolling interests includes the following:
Net income attributable to noncontrolling interests $ 13  $ $ 31  $ 39 
Depreciation, depletion and amortization 9  26  21 
EBITDA of noncontrolling interests $ 22  $ 17  $ 57  $ 60 
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
(In Millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022 2021 2022 2021
Depreciation, depletion and amortization:
Steelmaking $ (227) $ (230) $ (758) $ (637)
Other Businesses (10) (9) (30) (27)
Total depreciation, depletion and amortization $ (237) $ (239) $ (788) $ (664)
Capital additions1:
Steelmaking $ 240  $ 233  $ 712  $ 512 
Other Businesses 6  10  21  42 
Corporate 1  —  3  18 
Total capital additions $ 247  $ 243  $ 736  $ 572 
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
Reconciliation of Assets from Segment to Consolidated
The following summarizes our assets by segment:
(In Millions)
September 30,
2022
December 31,
2021
Assets:
Steelmaking $ 18,843  $ 18,326 
Other Businesses 313  306 
Total segment assets 19,156  18,632 
Corporate/Eliminations 532  343 
Total assets $ 19,688  $ 18,975