| Schedule Of Segment Reporting Information, By Segment |
Our results by segment are as follows:
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(In Millions) |
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2021 |
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2020 |
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2021 |
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2020 |
| Revenues: |
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| Steelmaking |
$ |
4,922
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$ |
1,023 |
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$ |
8,841
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$ |
1,360 |
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| Other Businesses |
123
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70 |
|
253
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|
92 |
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| Total revenues |
$ |
5,045
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$ |
1,093 |
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$ |
9,094
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$ |
1,452 |
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| Adjusted EBITDA: |
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| Steelmaking |
$ |
1,395
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$ |
(54) |
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$ |
1,932
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$ |
(10) |
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| Other Businesses |
8
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2 |
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19
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4 |
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| Corporate and eliminations |
(43) |
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(30) |
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(78) |
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(53) |
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| Total Adjusted EBITDA |
$ |
1,360
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$ |
(82) |
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$ |
1,873
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$ |
(59) |
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The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
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(In Millions) |
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
|
2021 |
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2020 |
|
2021 |
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2020 |
| Net income (loss) |
$ |
795
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$ |
(108) |
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$ |
852
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$ |
(157) |
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| Less: |
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| Interest expense, net |
(85) |
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(69) |
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(177) |
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(100) |
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| Income tax benefit (expense) |
(216) |
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25 |
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(225) |
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|
76 |
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| Depreciation, depletion and amortization |
(208) |
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(77) |
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(425) |
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(112) |
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1,304
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13 |
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1,679
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(21) |
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| Less: |
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EBITDA of noncontrolling interests1
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21
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21 |
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43
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25 |
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| Gain (loss) on extinguishment of debt |
(22) |
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130 |
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(88) |
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133 |
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| Severance costs |
(1) |
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(17) |
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(12) |
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(36) |
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| Acquisition-related costs excluding severance costs |
—
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(2) |
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(2) |
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(25) |
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| Acquisition-related loss on equity method investment |
(18) |
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— |
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(18) |
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— |
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| Amortization of inventory step-up |
(37) |
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(36) |
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(118) |
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(59) |
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| Impact of discontinued operations |
1
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(1) |
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1
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— |
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| Total Adjusted EBITDA |
$ |
1,360
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$ |
(82) |
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$ |
1,873
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$ |
(59) |
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1 EBITDA of noncontrolling interests includes the following:
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| Net income attributable to noncontrolling interests |
$ |
15
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$ |
16 |
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$ |
31
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$ |
19 |
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| Depreciation, depletion and amortization |
6
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5 |
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12
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6 |
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| EBITDA of noncontrolling interests |
$ |
21
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$ |
21 |
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$ |
43
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$ |
25 |
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The following table summarizes our capital additions by segment:
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(In Millions) |
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
|
2021 |
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2020 |
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2021 |
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2020 |
Capital additions1:
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| Steelmaking |
$ |
146
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$ |
66 |
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$ |
279
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$ |
220 |
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| Other Businesses |
21
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7 |
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32
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|
10 |
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| Corporate |
—
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— |
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18
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1 |
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| Total capital additions |
$ |
167
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$ |
73 |
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$ |
329
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$ |
231 |
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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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June 30,
2021 |
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December 31,
2020 |
| Assets: |
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| Steelmaking |
$ |
16,966
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$ |
15,849 |
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| Other Businesses |
324
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239 |
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| Total segment assets |
17,290
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|
16,088 |
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| Corporate |
456
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|
683 |
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| Total assets |
$ |
17,746
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$ |
16,771 |
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