AG真人平台AG真人试玩

Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING

v3.23.2
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract] 听
SEGMENT REPORTING
NOTE 4 - SEGMENT REPORTING
We are vertically integrated from mined raw materials and direct reduced iron and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing. We are organized into four operating segments based on our differentiated products 鈥� AG真人平台AG真人试玩making, Tubular, Tooling and Stamping, and European Operations. We have one reportable segment 鈥� AG真人平台AG真人试玩making. The operating segment results of our Tubular, Tooling and Stamping, and European Operations that do not constitute reportable segments are combined and disclosed in the Other Businesses category. Our AG真人平台AG真人试玩making segment operates as the largest flat-rolled steel producer supported by being the largest iron ore pellet producer as well as a leading prime scrap processor in North America, primarily serving the automotive, distributors and converters, and infrastructure and manufacturing markets. Our Other Businesses primarily include the operating segments that provide customer solutions with carbon and stainless steel tubing products, advanced-engineered solutions, tool design and build, hot- and cold-stamped steel components, and complex assemblies. All intersegment transactions were eliminated in consolidation.
We evaluate performance on an operating segment basis, as well as a consolidated basis, based on Adjusted EBITDA, which is a non-GAAP measure. This measure is used by management, investors, lenders and other external users of our financial statements to assess our operating performance and to compare operating performance to other companies in the steel industry. In addition, management believes Adjusted EBITDA is a useful measure to assess the earnings power of the business without the impact of capital structure and can be used to assess our ability to service debt and fund future capital expenditures in the business.
Our results by segment are as follows:
Three Months Ended
June 30,		 Six Months Ended
June 30,
(In millions) 2023 2022 2023 2022
Revenues:
AG真人平台AG真人试玩making $ 5,808听 $ 6,176听 $ 10,934听 $ 11,970听
Other Businesses 176听 161听 345听 322听
Total revenues $ 5,984听 $ 6,337听 $ 11,279听 $ 12,292听
Adjusted EBITDA:
AG真人平台AG真人试玩making $ 765听 $ 1,109听 $ 1,005听 $ 2,533听
Other Businesses 15听 20听 23听 49听
Eliminations (5) 2听 (10) 1听
Total Adjusted EBITDA $ 775听 $ 1,131听 $ 1,018听 $ 2,583听
The following table provides a reconciliation of our consolidated Net income to total Adjusted EBITDA:
Three Months Ended
June 30,		 Six Months Ended
June 30,
(In millions) 2023 2022 2023 2022
Net income $ 356听 $ 601听 $ 314听 $ 1,415听
Less:
Interest expense, net (79) (64) (156) (141)
Income tax expense (102) (157) (89) (394)
Depreciation, depletion and amortization (247) (250) (489) (551)
784听 1,072听 1,048听 2,501听
Less:
EBITDA of noncontrolling interests1
17听 13听 40听 35听
Loss on extinguishment of debt 鈥�听 (66) 鈥�听 (80)
Asset impairment 鈥�听 鈥斕� 鈥�听 (29)
Other, net (8) (6) (10) (8)
Total Adjusted EBITDA $ 775听 $ 1,131听 $ 1,018听 $ 2,583听
1 EBITDA of noncontrolling interests includes the following:
Net income attributable to noncontrolling interests $ 9听 $ 5听 $ 24听 $ 18听
Depreciation, depletion and amortization 8听 8听 16听 17听
EBITDA of noncontrolling interests $ 17听 $ 13听 $ 40听 $ 35听
The following summarizes our assets by segment:
(In millions) June 30,
2023		 December 31,
2022
Assets:
AG真人平台AG真人试玩making $ 17,819听 $ 18,070听
Other Businesses 293听 315听
Total segment assets 18,112听 18,385听
Corporate/Eliminations 191听 370听
Total assets $ 18,303听 $ 18,755听
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
Three Months Ended
June 30,		 Six Months Ended
June 30,
(In millions) 2023 2022 2023 2022
Depreciation, depletion and amortization:
AG真人平台AG真人试玩making $ (239) $ (240) $ (470) $ (531)
Other Businesses (8) (10) (19) (20)
Total depreciation, depletion and amortization $ (247) $ (250) $ (489) $ (551)
Capital additions1:
AG真人平台AG真人试玩making $ 159听 $ 297听 $ 286听 $ 472听
Other Businesses 2听 9听 3听 15听
Corporate 1听 2听 1听 2听
Total capital additions $ 162听 $ 308听 $ 290听 $ 489听
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.