| Schedule Of Segment Reporting Information |
Our results by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
| Revenues: |
|
|
|
|
|
|
|
| Steelmaking |
$ |
6,176
|
|
|
$ |
4,922 |
|
|
$ |
11,970
|
|
|
$ |
8,841 |
|
| Other Businesses |
161
|
|
|
123 |
|
|
322
|
|
|
253 |
|
| Total revenues |
$ |
6,337
|
|
|
$ |
5,045 |
|
|
$ |
12,292
|
|
|
$ |
9,094 |
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA: |
|
|
|
|
|
|
|
| Steelmaking |
$ |
1,108
|
|
|
$ |
1,360 |
|
|
$ |
2,531
|
|
|
$ |
1,862 |
|
| Other Businesses |
20
|
|
|
8 |
|
|
49
|
|
|
19 |
|
Eliminations1
|
2
|
|
|
(8) |
|
|
1
|
|
|
(8) |
|
| Total Adjusted EBITDA |
$ |
1,130
|
|
|
$ |
1,360 |
|
|
$ |
2,581
|
|
|
$ |
1,873 |
|
|
|
|
|
|
|
|
|
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
June 30, |
|
Six Months Ended
June 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
| Net income |
$ |
601
|
|
|
$ |
795 |
|
|
$ |
1,415
|
|
|
$ |
852 |
|
| Less: |
|
|
|
|
|
|
|
| Interest expense, net |
(64) |
|
|
(85) |
|
|
(141) |
|
|
(177) |
|
| Income tax expense |
(157) |
|
|
(216) |
|
|
(394) |
|
|
(225) |
|
| Depreciation, depletion and amortization |
(250) |
|
|
(208) |
|
|
(551) |
|
|
(425) |
|
|
1,072
|
|
|
1,304 |
|
|
2,501
|
|
|
1,679 |
|
| Less: |
|
|
|
|
|
|
|
EBITDA of noncontrolling interests1
|
13
|
|
|
21 |
|
|
35
|
|
|
43 |
|
| Asset impairment |
—
|
|
|
— |
|
|
(29) |
|
|
— |
|
| Loss on extinguishment of debt |
(66) |
|
|
(22) |
|
|
(80) |
|
|
(88) |
|
| Severance costs |
(6) |
|
|
(1) |
|
|
(7) |
|
|
(12) |
|
| Acquisition-related costs excluding severance costs |
—
|
|
|
— |
|
|
(1) |
|
|
(2) |
|
| Acquisition-related loss on equity method investment |
—
|
|
|
(18) |
|
|
—
|
|
|
(18) |
|
| Amortization of inventory step-up |
—
|
|
|
(37) |
|
|
—
|
|
|
(118) |
|
| Impact of discontinued operations |
1
|
|
|
1 |
|
|
2
|
|
|
1 |
|
| Total Adjusted EBITDA |
$ |
1,130
|
|
|
$ |
1,360 |
|
|
$ |
2,581
|
|
|
$ |
1,873 |
|
|
|
|
|
|
|
|
|
1 EBITDA of noncontrolling interests includes the following:
|
| Net income attributable to noncontrolling interests |
$ |
5
|
|
|
$ |
15 |
|
|
$ |
18
|
|
|
$ |
31 |
|
| Depreciation, depletion and amortization |
8
|
|
|
6 |
|
|
17
|
|
|
12 |
|
| EBITDA of noncontrolling interests |
$ |
13
|
|
|
$ |
21 |
|
|
$ |
35
|
|
|
$ |
43 |
|
The following table summarizes our capital additions by segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Capital additions1:
|
|
|
|
|
|
|
|
| Steelmaking |
$ |
297
|
|
|
$ |
146 |
|
|
$ |
472
|
|
|
$ |
279 |
|
| Other Businesses |
9
|
|
|
21 |
|
|
15
|
|
|
32 |
|
| Corporate |
2
|
|
|
— |
|
|
2
|
|
|
18 |
|
| Total capital additions |
$ |
308
|
|
|
$ |
167 |
|
|
$ |
489
|
|
|
$ |
329 |
|
|
|
|
|
|
|
|
|
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) |
|
June 30,
2022 |
|
December 31,
2021 |
| Assets: |
|
|
|
| Steelmaking |
$ |
19,259
|
|
|
$ |
18,326 |
|
| Other Businesses |
322
|
|
|
306 |
|
| Total segment assets |
19,581
|
|
|
18,632 |
|
| Corporate/Eliminations |
458
|
|
|
343 |
|
| Total assets |
$ |
20,039
|
|
|
$ |
18,975 |
|
|