AG真人平台AG真人试玩

Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING

v3.24.1.u1
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2024
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 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:
Three Months Ended
March 31,
(In millions) 2024 2023
Revenues:
AG真人平台AG真人试玩making $ 5,027听 $ 5,126听
Other Businesses 172听 169听
Total revenues $ 5,199听 $ 5,295听
Adjusted EBITDA:
AG真人平台AG真人试玩making $ 395听 $ 240听
Other Businesses 17听 8听
Eliminations 2听 (5)
Total Adjusted EBITDA $ 414听 $ 243听
The following table provides a reconciliation of our consolidated Net loss to total Adjusted EBITDA:
Three Months Ended
March 31,
(In millions) 2024 2023
Net loss $ (53) $ (42)
Less:
Interest expense, net (64) (77)
Income tax benefit 8听 13听
Depreciation, depletion and amortization (230) (242)
233听 264听
Less:
EBITDA of noncontrolling interests1
21听 23听
Weirton indefinite idle2
(177) 鈥斕�
Loss on extinguishment of debt (21) 鈥斕�
Other, net (4) (2)
Total Adjusted EBITDA $ 414听 $ 243听
1 EBITDA of noncontrolling interests includes the following:
Net income attributable to noncontrolling interests $ 14听 $ 15听
Depreciation, depletion and amortization 7听 8听
EBITDA of noncontrolling interests $ 21听 $ 23听
2 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for further information.
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
Three Months Ended
March 31,
(In millions) 2024 2023
Depreciation, depletion and amortization:
AG真人平台AG真人试玩making $ (222) $ (231)
Other Businesses (8) (11)
Total depreciation, depletion and amortization $ (230) $ (242)
Capital additions1:
AG真人平台AG真人试玩making $ 156听 $ 127听
Other Businesses 1听 1听
Total capital additions $ 157听 $ 128听
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
The following summarizes our assets by segment:
(In millions) March 31,
2024		 December 31,
2023
Assets:
AG真人平台AG真人试玩making $ 16,738听 $ 16,880听
Other Businesses 658听 657听
Intersegment eliminations (505) (507)
Total segment assets 16,891听 17,030听
Corporate 345听 507听
Total assets $ 17,236听 $ 17,537听