The Company operates the following reportable segments: Ferrous Minerals, Base Metals and Coal (presented as discontinued operations). The segments are aligned with products and reflect the structure used by Management to evaluate the Company’s performance. The responsible bodies for making operational decisions, allocating resources and evaluating performance are the Executive Boards and Board of Directors. Accordingly, the performance of the operating segments is assessed based on a measure of adjusted EBITDA, among other measures.

The Company allocates to “Others” the revenues and cost of other products, services, research and development, investments in joint ventures and associates of other business and unallocated corporate expenses. Costs related to the Brumadinho event are allocated to "Others" as well.

Ferrous minerals – Comprise of the production and extraction of iron ore, iron ore pellets, manganese, other ferrous products, and its logistic related services.

Base metals - Include the production and extraction of nickel and its by-products (gold, silver, cobalt, precious metals and others), and copper, as well as its by-products (gold and silver).

Coal (discontinued operation) – Comprise of the production and extraction of metallurgical and thermal coal and its logistic related services. The set of assets related to this segment is classified as “Non-current assets and liabilities related to assets held for sale” (note 16).

The definition of Adjusted EBITDA for the Company is the operating income or loss plus dividends received and interest from associates and joint ventures, and excluding the amounts charged as (i) depreciation, depletion and amortization and (ii) impairment and disposal of non-current assets.

(i) Includes the negative EBITDA of VNC in the amount of US$65, since upon the decision to sell this operation, the bodies responsible for making decisions on the Company's operating performance no longer analyze this operation as part of the Base Metals operating segment (notes 15 and 19).


	Year ended December 31, 2020
			Sales,			Dividends
		Cost of goods	administrative			received and
		sold and	and other		Pre operating	interest from
	Net operating	services	operating	Research and	and operational	associates and	Adjusted
	revenue	rendered	expenses	evaluation	stoppage	joint ventures	EBITDA
Ferrous minerals
Iron ore	27,285	(8,171)	(187)	(127)	(534)	23	18,289
Iron ore pellets	4,242	(1,661)	11	(5)	(77)	116	2,626
Ferroalloys and manganese	225	(179)	—	(2)	(29)	—	15
Other ferrous products and services	326	(254)	3	(2)	—	2	75
	32,078	(10,265)	(173)	(136)	(640)	141	21,005

Base metals
Nickel and other products	4,652	(2,734)	(21)	(42)	(29)	—	1,826
Copper	2,175	(794)	(7)	(68)	(1)	—	1,305
	6,827	(3,528)	(28)	(110)	(30)	—	3,131
Brumadinho event and de-characterization of dams	—	—	(5,257)	—	—	—	(5,257)
COVID-19	—	—	(109)	—	—	—	(109)
Others (i)	640	(810)	(932)	(169)	(12)	32	(1,251)
Total of continuing operations	39,545	(14,603)	(6,499)	(415)	(682)	173	17,519

Discontinued operations - Coal	473	(1,456)	(15)	(28)	—	95	(931)

Total	40,018	(16,059)	(6,514)	(443)	(682)	268	16,588

(i) Includes the reclassification of the negative EBITDA of VNC in the amount of US$150, since upon the decision to sell this operation, the bodies responsible for making decisions on the Company's operating performance no longer analyze this operation as part of the Base Metals operating segment (notes 15 and 19).


	Year ended December 31, 2019
			Sales,			Dividends
		Cost of goods	administrative			received and
		sold and	and other		Pre operating	interest from
	Net operating	services	operating	Research and	and operational	associates and	Adjusted
	revenue	rendered	expenses	evaluation	stoppage	joint ventures	EBITDA
Ferrous minerals
Iron ore	23,343	(8,778)	(323)	(123)	(750)	29	13,398
Iron ore pellets	5,948	(2,666)	(20)	(16)	(72)	258	3,432
Ferroalloys and manganese	282	(220)	(8)	(2)	(1)	—	51
Other ferrous products and services	432	(324)	—	(1)	—	9	116
	30,005	(11,988)	(351)	(142)	(823)	296	16,997

Base metals
Nickel and other products	3,954	(2,334)	(74)	(38)	(28)	—	1,480
Copper	1,904	(905)	(5)	(43)	(20)	—	931
	5,858	(3,239)	(79)	(81)	(48)	—	2,411
Brumadinho event and de-characterization of dams	—	—	(7,402)	—	—	—	(7,402)
Others (i)	686	(923)	(507)	(190)	(11)	57	(888)
Total of continuing operations	36,549	(16,150)	(8,339)	(413)	(882)	353	11,118

Discontinued operations - Coal	1,021	(1,638)	1	(30)	—	113	(533)

Total	37,570	(17,788)	(8,338)	(443)	(882)	466	10,585

(i) Includes the reclassification of the negative EBITDA of VNC in the amount of US$237, since upon the decision to sell this operation, the bodies responsible for making decisions on the Company's operating performance no longer analyze this operation as part of the Base Metals operating segment (notes 15 and 19).

Adjusted EBITDA is reconciled to net income (loss) as follows:

Continuing operations


	Year ended December 31,
	2021	2020	2019
Net income from continuing operations attributable to Vale's stockholders	24,736	6,258	324
Net income (loss) attributable to noncontrolling interests	108	(3)	115
Net income from	24,844	6,255	439
Depreciation, depletion and amortization	3,034	3,215	3,489
Income taxes	4,697	735	(595)
Financial results	(3,119)	4,813	3,393
Equity results and other results in associates and joint ventures	1,271	1,020	656
Dividends received and interest from associates and joint ventures	190	173	353
Impairment and disposal of non-current assets	426	1,308	3,383
Adjusted EBITDA from continuing operations	31,343	17,519	11,118

Discontinued operations (Coal)


	Year ended December 31,
	2021	2020	2019
Loss from discontinued operations attributable to Vale's stockholders	(2,291)	(1,377)	(2,007)
Loss attributable to noncontrolling interests	(85)	(347)	(612)
Loss	(2,376)	(1,724)	(2,619)
Depreciation, depletion and amortization	69	19	237
Income taxes	(821)	(297)	—
Financial results	(447)	(2)	20
Equity results in associates and joint ventures	26	43	25
Dividends received and interest from associates and joint ventures (i)	78	95	113
Impairment of non-current assets	3,282	935	1,691
Adjusted EBITDA from discontinued operations	(189)	(931)	(533)

(i)	Includes the remuneration of the financial instrument of the Coal segment.

b) Assets by segment


	December 31, 2021			December 31, 2020
		Investments in	Property, plant		Investments in	Property, plant
	Product	associates and	and equipment	Product	associates and	and equipment
	inventory	joint ventures	and intangibles	inventory	joint ventures	and intangibles (i)
Ferrous minerals	2,186	1,113	28,988	2,017	1,154	29,436
Base metals	1,384	17	20,127	1,231	18	19,549
Coal (note 16)	—	—	—	25	—	—
Others	21	621	1,827	—	859	1,459
Total	3,591	1,751	50,942	3,273	2,031	50,444

Year ended December 31,

2021

2020

2019

Capital expenditures (i)

Depreciation,

Sustaining

Project

depletion and

Sustaining

Project

depletion and

Sustaining

Project

depletion and

capital

execution

amortization

capital

execution

amortization

capital

execution

amortization

Ferrous minerals

2,496

531

1,771

2,134

258

1,768

1,685

385

2,063

Base metals

1,518

344

1,213

1,415

239

1,351

1,089

151

1,191

Others (ii)

124

156

146

235

Total

4,034

999

3,034

3,705

522

3,215

2,920

544

3,489

(i) Amounts disbursed during the periods presented above.

(ii) Includes the reclassification of VNC under the captions “Sustaining capital” and “depreciation, depletion and amortization”, in the amount of US$151 and US$46, respectively, for the year ended December 31, 2020 and in the amount of US$136 and US$160, respectively, for the year ended December 31, 2019.

c) Assets by geographic area


	December 31, 2021				December 31, 2020
	Investments in		Property,		Investments in		Property,
	associates and		plant and		associates and		plant and
	joint ventures	Intangible	equipment	Total	joint ventures	Intangible	equipment	Total
Brazil	1,730	7,050	23,793	32,573	1,760	7,341	23,364	32,465
Canada	—	1,958	12,441	14,399	—	1,951	11,798	13,749
Americas, except Brazil and Canada	—	—	3	3	234	—	5	239
Europe	—	—	739	739	—	—	894	894
Indonesia	—	1	2,723	2,724	—	2	2,729	2,731
Asia, except Indonesia and China	21	—	874	895	20	—	951	971
China	—	2	21	23	17	2	19	38
Oman	—	—	1,337	1,337	—	—	1,388	1,388
Total	1,751	9,011	41,931	52,693	2,031	9,296	41,148	52,475

d) Net operating revenue by geographic area


	Year ended December 31, 2021
	Ferrous
	minerals	Base metals	Others	Total
Americas, except United States and Brazil	877	402	4	1,283
United States of America	392	1,151	—	1,543
Germany	618	1,416	—	2,034
Europe, except Germany	2,373	2,323	—	4,696
Middle East, Africa, and Oceania	2,140	15	—	2,155
Japan	3,977	546	—	4,523
China	27,510	1,093	—	28,603
Asia, except Japan and China	3,536	965	—	4,501
Brazil	4,879	55	230	5,164
Net operating revenue	46,302	7,966	234	54,502


	Year ended December 31, 2020
	Ferrous
	minerals	Base metals	Others	Total
Americas, except United States and Brazil	334	83	343	760
United States of America	244	797	—	1,041
Germany	357	1,169	—	1,526
Europe, except Germany	1,214	2,356	—	3,570
Middle East, Africa, and Oceania	1,418	17	—	1,435
Japan	1,793	400	—	2,193
China	22,202	922	—	23,124
Asia, except Japan and China	2,068	931	—	2,999
Brazil	2,448	152	297	2,897
Net operating revenue	32,078	6,827	640	39,545


	Year ended December 31, 2019
	Ferrous
	minerals	Base metals	Others	Total
Americas, except United States and Brazil	523	532	303	1,358
United States of America	404	931	—	1,335
Germany	1,161	522	—	1,683
Europe, except Germany	1,514	1,715	—	3,229
Middle East, Africa, and Oceania	2,083	20	—	2,103
Japan	2,057	426	—	2,483
China	17,572	670	—	18,242
Asia, except Japan and China	2,032	816	—	2,848
Brazil	2,659	226	383	3,268
Net operating revenue	30,005	5,858	686	36,549

Accounting policy

Revenue from sales - Revenue is recognized when the control of a good or service is transferred to a customer. Since Vale’s sales are under different shipping terms, revenue could be recognized when the product is available at the loading port, loaded on the ship, at the port of discharge or at the customer’s warehouse.

A relevant proportion of Vale’s sales are under Cost and Freight (“CFR”) and Cost, Insurance and Freight (“CIF”) Incoterms, in which the Company is responsible for providing shipping services after the date that Vale transfers control of the goods to the customers. Shipping services for CFR and CIF contracts are considered as a separate performance obligation in which a proportion of the transaction price is allocated and recognized over time as the shipping services are provided.

In general, the contract payment terms consider the upfront payments or the use of letters of credit. The payment terms do not have a significant financing component. In some cases, the sale price is determined on a provisional basis at the date of sale and adjustments to the sale price subsequently occur based on movements in the quoted market or contractual prices up to the date of final pricing.

Revenue is recognized based on the estimated fair value of the total consideration receivable, and the provisionally priced sale mechanism embedded within these sale arrangements has the character of a derivative. Accordingly, the fair value of the final sale price adjustment is re-estimated continuously and changes in fair value are recognized as operational revenue in the income statement.