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

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2020

Our results by segment are as follows:


	(In Millions)
	Year Ended December 31,
	2020		2019		2018
Revenues:
Steelmaking1	$	4,965	$	1,990	$	2,332
Other Businesses	389		—		—
Total revenues	$	5,354	$	1,990	$	2,332

Adjusted EBITDA:
Steelmaking	$	433	$	636	$	872
Other Businesses	47		—		—
Corporate and eliminations	(127)		(111)		(106)
Total Adjusted EBITDA	$	353	$	525	$	766

1 Includes Realization of deferred revenue of $35 million for the year ended December 31, 2020.

The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:


	(In Millions)
	Year Ended December 31,
	2020		2019		2018
Net income (loss)	$	(81)	$	293	$	1,128
Less:
Interest expense, net	(238)		(101)		(121)
Income tax benefit (expense)	111		(18)		460
Depreciation, depletion and amortization	(308)		(85)		(89)
	354		497		878
Less:
EBITDA from noncontrolling interests1	56		—		—
Gain (loss) on extinguishment of debt	130		(18)		(7)
Severance costs	(38)		(2)		—
Acquisition-related costs excluding severance costs	(52)		(7)		—
Amortization of inventory step-up	(96)		—		—
Impact of discontinued operations	1		(1)		121
Foreign exchange remeasurement	—		—		(1)
Impairment of other long-lived assets	—		—		(1)
Total Adjusted EBITDA	$	353	$	525	$	766

1 EBITDA of noncontrolling interests includes $41 million for income and $15 million for depreciation, depletion and amortization for the year ended December 31, 2020.

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


	(In Millions)
	Year Ended December 31,
	2020		2019		2018
Depreciation, depletion and amortization:
Steelmaking	$	276	$	80	$	68
Other Businesses	27		—		—
Corporate	5		5		6
Total depreciation, depletion and amortization	$	308	$	85	$	74

Capital additions1:
Steelmaking	$	436	$	687	$	393
Other Businesses	45		—		—
Corporate	2		3		2
Total capital additions	$	483	$	690	$	395

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)
	2020		2019		2018
Revenues:
United States	$	4,580	$	1,505	$	1,847
Canada	602		448		395
Other countries	172		37		90
Total revenues	$	5,354	$	1,990	$	2,332
Property, plant and equipment, net:
United States	$	8,647	$	1,929	$	1,286
Canada	91		—		—
Other countries	5		—		—
Total property, plant and equipment, net	$	8,743	$	1,929	$	1,286