AG真人平台AG真人试玩

Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING

v3.22.1
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2022
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 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:
(In Millions)
Three Months Ended
March 31,
2022 2021
Revenues:
AG真人平台AG真人试玩making $ 5,794听 $ 3,919听
Other Businesses 161听 130听
Total revenues $ 5,955听 $ 4,049听
Adjusted EBITDA:
AG真人平台AG真人试玩making $ 1,423听 $ 502听
Other Businesses 29听 11听
Eliminations1
(1) 鈥斕�
Total Adjusted EBITDA $ 1,451听 $ 513听
1 In 2022, we began allocating Corporate SG&A to our operating segments. Prior periods have been adjusted to reflect this change. The Eliminations line now only includes sales between segments.
The following table provides a reconciliation of our consolidated Net income to total Adjusted EBITDA:
(In Millions)
Three Months Ended
March 31,
2022 2021
Net income $ 814听 $ 57听
Less:
Interest expense, net (77) (92)
Income tax expense (237) (9)
Depreciation, depletion and amortization (301) (217)
1,429听 375听
Less:
EBITDA of noncontrolling interests1
22听 22听
Asset impairment (29) 鈥斕�
Loss on extinguishment of debt (14) (66)
Severance costs (1) (11)
Acquisition-related costs excluding severance costs (1) (2)
Amortization of inventory step-up 鈥�听 (81)
Impact of discontinued operations 1听 鈥斕�
Total Adjusted EBITDA $ 1,451听 $ 513听
1 EBITDA of noncontrolling interests includes the following:
Net income attributable to noncontrolling interests $ 13听 $ 16听
Depreciation, depletion and amortization 9听 6听
EBITDA of noncontrolling interests $ 22听 $ 22听
The following summarizes our assets by segment:
(In Millions)
March 31,
2022		 December 31,
2021
Assets:
AG真人平台AG真人试玩making $ 19,042听 $ 18,326听
Other Businesses 335听 306听
Total segment assets 19,377听 18,632听
Corporate/Eliminations 391听 343听
Total assets $ 19,768听 $ 18,975听
The following table summarizes our capital additions by segment:
(In Millions)
Three Months Ended
March 31,
2022 2021
Capital additions1:
AG真人平台AG真人试玩making $ 175听 $ 133听
Other Businesses 6听 11听
Corporate 鈥�听 18听
Total capital additions $ 181听 $ 162听
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.