Cleveland-Cliffs Inc. Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2022

Our results by segment are as follows:


	Year Ended December 31,
(In millions)	2022		2021		2020
Revenues:
Steelmaking	$	22,383	$	19,901	$	4,965
Other Businesses	606		543		389
Total revenues	$	22,989	$	20,444	$	5,354

Adjusted EBITDA:
Steelmaking	$	3,089	$	5,280	$	316
Other Businesses	69		9		47
Eliminations1	11		(12)		(10)
Total Adjusted EBITDA	$	3,169	$	5,277	$	353

1 In 2022, we began allocating Corporate Selling, general and administrative expenses 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 (loss) to total Adjusted EBITDA:


	Year Ended December 31,
(In millions)	2022		2021		2020
Net income (loss)	$	1,376	$	3,033	$	(81)
Less:
Interest expense, net	(276)		(337)		(238)
Income tax benefit (expense)	(423)		(773)		111
Depreciation, depletion and amortization	(1,034)		(897)		(308)
	3,109		5,040		354
Less:
EBITDA from noncontrolling interests1	74		75		56
Gain (loss) on extinguishment of debt	(75)		(88)		130
Acquisition-related expenses and adjustments	(1)		(197)		(148)
Asset impairment	(29)		—		—
Other, net	(29)		(27)		(37)
Total Adjusted EBITDA	$	3,169	$	5,277	$	353

1 EBITDA of noncontrolling interests includes the following:
Net income attributable to noncontrolling interests	$	41	$	45	$	41
Depreciation, depletion and amortization	33		30		15
EBITDA of noncontrolling interests	$	74	$	75	$	56

The following table summarizes our depreciation, depletion and amortization and capital additions by segment:


	Year Ended December 31,
(In millions)	2022		2021		2020
Depreciation, depletion and amortization:
Steelmaking	$	(994)	$	(860)	$	(281)
Other Businesses	(40)		(37)		(27)
Total depreciation, depletion and amortization	$	(1,034)	$	(897)	$	(308)

Capital additions1:
Steelmaking	$	997	$	787	$	436
Other Businesses	30		52		45
Corporate	6		18		2
Total capital additions	$	1,033	$	857	$	483

1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.

The following summarizes our assets by segment:

Included in the consolidated financial statements are the following amounts relating to geographic location based on product destination:


(In millions)	2022		2021		2020
Revenues:
United States	$	20,991	$	18,881	$	4,580
Canada	963		803		602
Other countries	1,035		760		172
Total revenues	$	22,989	$	20,444	$	5,354
Property, plant and equipment, net:
United States	$	8,981	$	9,092	$	8,647
Canada	88		93		91
Other countries	1		1		5
Total property, plant and equipment, net	$	9,070	$	9,186	$	8,743