AG真人平台AG真人试玩

Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING

v3.21.2
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract] 听
SEGMENT REPORTING
NOTE 5 - SEGMENT REPORTING
We are vertically integrated from the mining of iron ore and coal; to production of metallics and coke; through iron making, steelmaking, rolling, finishing; and to downstream tubing, stamping and tooling. 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. Our previous Mining and Pelletizing segment is included within the AG真人平台AG真人试玩making operating segment as iron ore pellets are a primary raw material for our steel products. 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 is the largest flat-rolled steel producer supported by being the largest iron ore pellet producer 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 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:
(In Millions)
Three Months Ended
June 30,		 Six Months Ended
June 30,
2021 2020 2021 2020
Revenues:
AG真人平台AG真人试玩making $ 4,922听 $ 1,023听 $ 8,841听 $ 1,360听
Other Businesses 123听 70 253听 92听
Total revenues $ 5,045听 $ 1,093听 $ 9,094听 $ 1,452听
Adjusted EBITDA:
AG真人平台AG真人试玩making $ 1,395听 $ (54) $ 1,932听 $ (10)
Other Businesses 8听 2听 19听 4听
Corporate and eliminations (43) (30) (78) (53)
Total Adjusted EBITDA $ 1,360听 $ (82) $ 1,873听 $ (59)
The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
(In Millions)
Three Months Ended
June 30,		 Six Months Ended
June 30,
2021 2020 2021 2020
Net income (loss) $ 795听 $ (108) $ 852听 $ (157)
Less:
Interest expense, net (85) (69) (177) (100)
Income tax benefit (expense) (216) 25听 (225) 76听
Depreciation, depletion and amortization (208) (77) (425) (112)
1,304听 13听 1,679听 (21)
Less:
EBITDA of noncontrolling interests1
21听 21听 43听 25听
Gain (loss) on extinguishment of debt (22) 130听 (88) 133听
Severance costs (1) (17) (12) (36)
Acquisition-related costs excluding severance costs 鈥�听 (2) (2) (25)
Acquisition-related loss on equity method investment (18) 鈥斕� (18) 鈥斕�
Amortization of inventory step-up (37) (36) (118) (59)
Impact of discontinued operations 1听 (1) 1听 鈥斕�
Total Adjusted EBITDA $ 1,360听 $ (82) $ 1,873听 $ (59)
1 EBITDA of noncontrolling interests includes the following:
Net income attributable to noncontrolling interests $ 15听 $ 16听 $ 31听 $ 19听
Depreciation, depletion and amortization 6听 5听 12听 6听
EBITDA of noncontrolling interests $ 21听 $ 21听 $ 43听 $ 25听
The following summarizes our assets by segment:
(In Millions)
June 30,
2021		 December 31,
2020
Assets:
AG真人平台AG真人试玩making $ 16,966听 $ 15,849听
Other Businesses 324听 239听
Total segment assets 17,290听 16,088听
Corporate 456听 683听
Total assets $ 17,746听 $ 16,771听
The following table summarizes our capital additions by segment:
(In Millions)
Three Months Ended
June 30,		 Six Months Ended
June 30,
2021 2020 2021 2020
Capital additions1:
AG真人平台AG真人试玩making $ 146听 $ 66听 $ 279听 $ 220听
Other Businesses 21听 7听 32听 10听
Corporate 鈥�听 鈥斕� 18听 1听
Total capital additions $ 167听 $ 73听 $ 329听 $ 231听
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.