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
 9 Months Ended
Sep. 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
September 30,		 Nine Months Ended
September 30,
2021 2020 2021 2020
Revenues:
AG真人平台AG真人试玩making $ 5,869听 $ 1,506听 $ 14,710听 $ 2,866听
Other Businesses 135听 140听 388听 232听
Total revenues $ 6,004听 $ 1,646听 $ 15,098听 $ 3,098听
Adjusted EBITDA:
AG真人平台AG真人试玩making $ 1,969听 $ 127听 $ 3,901听 $ 117听
Other Businesses 6听 18听 25听 22听
Corporate and eliminations (42) (19) (120) (72)
Total Adjusted EBITDA $ 1,933听 $ 126听 $ 3,806听 $ 67听
The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
(In Millions)
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2021 2020 2021 2020
Net income (loss) $ 1,282听 $ 2听 $ 2,134听 $ (155)
Less:
Interest expense, net (81) (68) (258) (168)
Income tax benefit (expense) (334) 22听 (559) 98听
Depreciation, depletion and amortization (239) (72) (664) (184)
1,936听 120听 3,615听 99听
Less:
EBITDA of noncontrolling interests1
17听 16听 60听 41听
Gain (loss) on extinguishment of debt 鈥�听 鈥斕� (88) 133听
Severance costs (3) (2) (15) (38)
Acquisition-related costs excluding severance costs (1) (5) (3) (30)
Acquisition-related loss on equity method investment 鈥�听 鈥斕� (18) 鈥斕�
Amortization of inventory step-up (11) (15) (129) (74)
Impact of discontinued operations 1听 鈥斕� 2听 鈥斕�
Total Adjusted EBITDA $ 1,933听 $ 126听 $ 3,806听 $ 67听
1 EBITDA of noncontrolling interests includes the following:
Net income attributable to noncontrolling interests $ 8听 $ 12听 $ 39听 $ 31听
Depreciation, depletion and amortization 9听 4听 21听 10听
EBITDA of noncontrolling interests $ 17听 $ 16听 $ 60听 $ 41听
The following summarizes our assets by segment:
(In Millions)
September 30,
2021		 December 31,
2020
Assets:
AG真人平台AG真人试玩making $ 17,439听 $ 15,849听
Other Businesses 351听 239听
Total segment assets 17,790听 16,088听
Corporate 276听 683听
Total assets $ 18,066听 $ 16,771听
The following table summarizes our capital additions by segment:
(In Millions)
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2021 2020 2021 2020
Capital additions1:
AG真人平台AG真人试玩making $ 233听 $ 93听 $ 512听 $ 313听
Other Businesses 10听 9听 42听 19听
Corporate 鈥�听 鈥斕� 18听 1听
Total capital additions $ 243听 $ 102听 $ 572听 $ 333听
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.