| Schedule Of Segment Reporting Information |
Our results by segment are as follows:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
| (In millions) |
2023 |
|
2022 |
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2023 |
|
2022 |
| Revenues: |
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| Steelmaking |
$ |
5,443
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|
$ |
5,511 |
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$ |
16,377
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$ |
17,481 |
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| Other Businesses |
162
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|
142 |
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|
507
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|
464 |
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| Total revenues |
$ |
5,605
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$ |
5,653 |
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$ |
16,884
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$ |
17,945 |
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| Adjusted EBITDA: |
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| Steelmaking |
$ |
603
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$ |
447 |
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$ |
1,608
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$ |
2,980 |
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| Other Businesses |
9
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|
9 |
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32
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|
58 |
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| Eliminations |
2
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|
7 |
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(8) |
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8 |
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| Total Adjusted EBITDA |
$ |
614
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$ |
463 |
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$ |
1,632
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$ |
3,046 |
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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
September 30, |
|
Nine Months Ended
September 30, |
| (In millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
| Net income |
$ |
275
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$ |
165 |
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$ |
589
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$ |
1,580 |
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| Less: |
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| Interest expense, net |
(70) |
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(64) |
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(226) |
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(205) |
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| Income tax expense |
(29) |
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(10) |
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(118) |
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(404) |
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| Depreciation, depletion and amortization |
(249) |
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(237) |
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(738) |
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(788) |
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623
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|
476 |
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1,671
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|
2,977 |
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| Less: |
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EBITDA of noncontrolling interests1
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20
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|
22 |
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|
60
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|
57 |
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| Gain (loss) on extinguishment of debt |
—
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4 |
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—
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(76) |
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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 |
(11) |
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(13) |
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(21) |
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(21) |
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| Total Adjusted EBITDA |
$ |
614
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$ |
463 |
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$ |
1,632
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$ |
3,046 |
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1 EBITDA of noncontrolling interests includes the following:
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| Net income attributable to noncontrolling interests |
$ |
11
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$ |
13 |
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$ |
35
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$ |
31 |
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| Depreciation, depletion and amortization |
9
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|
9 |
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|
25
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|
26 |
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| EBITDA of noncontrolling interests |
$ |
20
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$ |
22 |
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$ |
60
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$ |
57 |
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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
September 30, |
|
Nine Months Ended
September 30, |
| (In millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
| Depreciation, depletion and amortization: |
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| Steelmaking |
$ |
(241) |
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$ |
(227) |
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$ |
(711) |
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$ |
(758) |
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| Other Businesses |
(8) |
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(10) |
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(27) |
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(30) |
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| Total depreciation, depletion and amortization |
$ |
(249) |
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$ |
(237) |
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$ |
(738) |
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$ |
(788) |
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Capital additions1:
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| Steelmaking |
$ |
217
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$ |
240 |
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$ |
503
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$ |
712 |
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| Other Businesses |
—
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|
6 |
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|
3
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|
21 |
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| Corporate |
1
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1 |
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2
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|
3 |
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| Total capital additions |
$ |
218
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$ |
247 |
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$ |
508
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$ |
736 |
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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) |
September 30,
2023 |
|
December 31,
2022 |
| Assets: |
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| Steelmaking |
$ |
17,481
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$ |
18,070 |
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| Other Businesses |
819
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|
836 |
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| Intersegment eliminations |
(531) |
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(521) |
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| Total segment assets |
17,769
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18,385 |
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| Corporate |
290
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|
370 |
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| Total assets |
$ |
18,059
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$ |
18,755 |
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