AG真人平台AG真人试玩

Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING

v3.24.0.1
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract] 听
Segment Reporting
NOTE 5 - 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 - AG真人平台AG真人试玩making, Tubular, Tooling and Stamping, and European Operations. We have one reportable segment - 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, infrastructure and manufacturing, and distributors and converters 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 allocate Corporate Selling, general and administrative expenses to our operating segments.
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:
Year Ended December 31,
(In millions) 2023 2022 2021
Revenues:
AG真人平台AG真人试玩making $ 21,331听 $ 22,383听 $ 19,901听
Other Businesses 665听 606听 543听
Total revenues $ 21,996听 $ 22,989听 $ 20,444听
Adjusted EBITDA:
AG真人平台AG真人试玩making $ 1,873听 $ 3,089听 $ 5,280听
Other Businesses 43听 69听 9听
Eliminations (5) 11听 (12)
Total Adjusted EBITDA $ 1,911听 $ 3,169听 $ 5,277听
The following table provides a reconciliation of our consolidated Net income to total Adjusted EBITDA:
Year Ended December 31,
(In millions) 2023 2022 2021
Net income $ 450听 $ 1,376听 $ 3,033听
Less:
Interest expense, net (289) (276) (337)
Income tax expense (148) (423) (773)
Depreciation, depletion and amortization (973) (1,034) (897)
1,860听 3,109听 5,040听
Less:
EBITDA from noncontrolling interests1
83听 74听 75听
Acquisition-related expenses and adjustments (12) (1) (197)
Goodwill impairment (125) 鈥斕� 鈥斕�
Non-cash gain on sale of business 28听 鈥斕� 鈥斕�
Loss on extinguishment of debt 鈥�听 (75) (88)
Asset impairment 鈥�听 (29) 鈥斕�
Other, net (25) (29) (27)
Total Adjusted EBITDA $ 1,911听 $ 3,169听 $ 5,277听
1 EBITDA of noncontrolling interests includes the following:
Net income attributable to noncontrolling interests $ 51听 $ 41听 $ 45听
Depreciation, depletion and amortization 32听 33听 30听
EBITDA of noncontrolling interests $ 83听 $ 74听 $ 75听
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
Year Ended December 31,
(In millions) 2023 2022 2021
Depreciation, depletion and amortization:
AG真人平台AG真人试玩making $ (938) $ (994) $ (860)
Other Businesses (35) (40) (37)
Total depreciation, depletion and amortization $ (973) $ (1,034) $ (897)
Capital additions1:
AG真人平台AG真人试玩making $ 778听 $ 997听 $ 787听
Other Businesses 3听 30听 52听
Corporate 4听 6听 18听
Total capital additions $ 785听 $ 1,033听 $ 857听
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
The following summarizes our assets by segment:
December 31,
(In millions) 2023 2022
Assets:
AG真人平台AG真人试玩making $ 16,880听 $ 18,070听
Other Businesses 657听 836听
Intersegment eliminations (507) (521)
Total segment assets 17,030听 18,385听
Corporate/Eliminations 507听 370听
Total assets $ 17,537听 $ 18,755听
Included in the consolidated financial statements are the following amounts relating to geographic location based on product destination:
(In millions) 2023 2022 2021
Revenues:
United States $ 20,000听 $ 20,991听 $ 18,881听
Canada 1,046听 963听 803听
Other countries 950听 1,035听 760听
Total revenues $ 21,996听 $ 22,989听 $ 20,444听
Property, plant and equipment, net:
United States $ 8,816听 $ 8,981听 $ 9,092听
Canada 78听 88听 93听
Other countries 1听 1听 1听
Total property, plant and equipment, net $ 8,895听 $ 9,070听 $ 9,186听