| Schedule Of Segment Reporting Information |
Our results by segment are as follows:
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
| (In millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
| Revenues: |
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| Steelmaking |
$ |
5,808
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|
$ |
6,176 |
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|
$ |
10,934
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|
$ |
11,970 |
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| Other Businesses |
176
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|
161 |
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|
345
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|
322 |
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| Total revenues |
$ |
5,984
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$ |
6,337 |
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$ |
11,279
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$ |
12,292 |
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| Adjusted EBITDA: |
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| Steelmaking |
$ |
765
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$ |
1,109 |
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$ |
1,005
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$ |
2,533 |
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| Other Businesses |
15
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20 |
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23
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|
49 |
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| Eliminations |
(5) |
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2 |
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(10) |
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1 |
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| Total Adjusted EBITDA |
$ |
775
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$ |
1,131 |
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$ |
1,018
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$ |
2,583 |
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The following table provides a reconciliation of our consolidated Net income to total Adjusted EBITDA:
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Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| (In millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
| Net income |
$ |
356
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$ |
601 |
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$ |
314
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$ |
1,415 |
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| Less: |
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| Interest expense, net |
(79) |
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(64) |
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(156) |
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(141) |
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| Income tax expense |
(102) |
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(157) |
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(89) |
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(394) |
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| Depreciation, depletion and amortization |
(247) |
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(250) |
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(489) |
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(551) |
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|
784
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|
1,072 |
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|
1,048
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|
2,501 |
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| Less: |
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EBITDA of noncontrolling interests1
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17
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13 |
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|
40
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|
35 |
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| Loss on extinguishment of debt |
—
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(66) |
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—
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(80) |
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| Asset impairment |
—
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— |
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—
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(29) |
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| Other, net |
(8) |
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(6) |
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(10) |
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(8) |
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| Total Adjusted EBITDA |
$ |
775
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$ |
1,131 |
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$ |
1,018
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$ |
2,583 |
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1 EBITDA of noncontrolling interests includes the following:
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| Net income attributable to noncontrolling interests |
$ |
9
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$ |
5 |
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$ |
24
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$ |
18 |
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| Depreciation, depletion and amortization |
8
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|
8 |
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|
16
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17 |
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| EBITDA of noncontrolling interests |
$ |
17
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$ |
13 |
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$ |
40
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$ |
35 |
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The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
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Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| (In millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
| Depreciation, depletion and amortization: |
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| Steelmaking |
$ |
(239) |
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$ |
(240) |
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$ |
(470) |
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$ |
(531) |
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| Other Businesses |
(8) |
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(10) |
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(19) |
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(20) |
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| Total depreciation, depletion and amortization |
$ |
(247) |
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$ |
(250) |
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$ |
(489) |
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$ |
(551) |
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Capital additions1:
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| Steelmaking |
$ |
159
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$ |
297 |
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$ |
286
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$ |
472 |
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| Other Businesses |
2
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|
9 |
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3
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|
15 |
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| Corporate |
1
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2 |
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1
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2 |
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| Total capital additions |
$ |
162
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$ |
308 |
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$ |
290
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$ |
489 |
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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) |
June 30,
2023 |
|
December 31,
2022 |
| Assets: |
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| Steelmaking |
$ |
17,819
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$ |
18,070 |
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| Other Businesses |
293
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|
315 |
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| Total segment assets |
18,112
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|
18,385 |
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| Corporate/Eliminations |
191
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|
370 |
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| Total assets |
$ |
18,303
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$ |
18,755 |
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