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Segment Information | 12 Months Ended
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Dec. 31, 2022
Segment Information |
Segment Information | Note 13. Segment Information The company’s operations are primarily organized and managed by reportable operating segments, which are steel operations, metals recycling operations, and steel fabrication operations. The segment operations are more fully described in Note 1. Description of the Business and Summary of Significant Accounting Policies to the consolidated financial statements. Operating segment performance and resource allocations are primarily based on operating results before income taxes. The accounting policies of the reportable segments are consistent with those described in Note 1 to the consolidated financial statements. Intra-segment sales and any related profits are eliminated in consolidation. Amounts included in the category “Other” are from subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of joint ventures and the idled Minnesota ironmaking operations. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments and certain profit sharing expenses. The company’s segment results, including disaggregated revenue by segment to external, external non-United States, and other segment customers, are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Metals | ​ | Steel | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the year ended | ​ | Steel | ​ | Recycling | ​ | Fabrication | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 | ​ | Operations | ​ | Operations | ​ | Operations | ​ | Other | ​ | Eliminations | ​ | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales - disaggregated revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
External | ​ | $ | 13,801,448 | ​ | $ | 1,545,347 | ​ | $ | 4,245,803 | ​ | $ | 1,259,173 | ​ | $ | - | ​ | $ | 20,851,771
External Non-United States | ​ | ​ | 760,929 | ​ | ​ | 619,361 | ​ | ​ | 183 | ​ | ​ | 28,530 | ​ | ​ | - | ​ | ​ | 1,409,003
Other segments | ​ | ​ | 538,540 | ​ | ​ | 2,230,928 | ​ | ​ | 11,221 | ​ | ​ | 1,281 | ​ | ​ | (2,781,970) | ​ | ​ | -
​ | ​ | ​ | 15,100,917 | ​ | ​ | 4,395,636 | ​ | ​ | 4,257,207 | ​ | ​ | 1,288,984 | ​ | ​ | (2,781,970) | ​ | ​ | 22,260,774
Operating income (loss) | ​ | ​ | 3,095,348 | ​ | ​ | 117,266 | ​ | ​ | 2,424,655 | ​ | ​ | (599,828) | (1) | ​ | 54,381 | ​ | ​ | 5,091,822
Income (loss) before income taxes | ​ | ​ | 3,057,560 | ​ | ​ | 117,803 | ​ | ​ | 2,417,752 | ​ | ​ | (625,037) | ​ | ​ | 52,991 | (2) | ​ | 5,021,069
Depreciation and amortization | ​ | ​ | 295,386 | ​ | ​ | 53,893 | ​ | ​ | 9,727 | ​ | ​ | 25,196 | ​ | ​ | - | ​ | ​ | 384,202
Capital expenditures | ​ | ​ | 611,154 | ​ | ​ | 68,074 | ​ | ​ | 17,519 | ​ | ​ | 212,155 | ​ | ​ | - | ​ | ​ | 908,902
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | $ | 8,607,290 | ​ | $ | 1,320,368 | ​ | $ | 1,349,138 | ​ | $ | 3,007,942 | (3) | $ | (124,754) | (4) | $ | 14,159,984
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Note 13. Segment Information (Continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Footnotes related to the year ended December 31, 2022, segment results (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Corporate SG&A | $ | (77.8) | ​ | (2) | Gross profit increase from intra-company sales | $ | 53.0
​ | Companywide equity-based compensation | ​ | (67.3) | ​ | ​ | ​ | ​ | ​
​ | Profit sharing | ​ | (444.4) | ​ | ​ | ​ | ​ | ​
​ | Other, net | ​ | (10.3) | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | (599.8) | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(3) | Cash and equivalents | $ | 1,463.2 | ​ | (4) | Elimination of intra-company receivables | $ | (58.2)
​ | Short-term investments | ​ | 628.2 | ​ | ​ | Elimination of intra-company debt | ​ | (46.9)
​ | Accounts receivable | ​ | 33.3 | ​ | ​ | Elimination of intra-company profit in inventory | ​ | (19.7)
​ | Inventories | ​ | 90.4 | ​ | ​ | ​ | $ | (124.8)
​ | Property, plant and equipment, net | ​ | 375.6 | ​ | ​ | ​ | ​ | ​
​ | Intra-company debt | ​ | 46.9 | ​ | ​ | ​ | ​ | ​
​ | Investments in unconsolidated affiliates | ​ | 226.6 | ​ | ​ | ​ | ​ | ​
​ | Other | ​ | 143.7 | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 3,007.9 | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Metals | ​ | Steel | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the year ended | ​ | Steel | ​ | Recycling | ​ | Fabrication | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2021 | ​ | Operations | ​ | Operations | ​ | Operations | ​ | Other | ​ | Eliminations | ​ | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales - disaggregated revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
External | ​ | $ | 12,618,917 | ​ | $ | 1,658,843 | ​ | $ | 1,761,078 | ​ | $ | 1,252,095 | ​ | $ | - | ​ | $ | 17,290,933
External Non-United States | ​ | ​ | 580,225 | ​ | ​ | 524,629 | ​ | ​ | 569 | ​ | ​ | 12,494 | ​ | ​ | - | ​ | ​ | 1,117,917
Other segments | ​ | ​ | 823,991 | ​ | ​ | 2,406,649 | ​ | ​ | 3,063 | ​ | ​ | 2,382 | ​ | ​ | (3,236,085) | ​ | ​ | -
​ | ​ | ​ | 14,023,133 | ​ | ​ | 4,590,121 | ​ | ​ | 1,764,710 | ​ | ​ | 1,266,971 | ​ | ​ | (3,236,085) | ​ | ​ | 18,408,850
Operating income (loss) | ​ | ​ | 4,360,488 | ​ | ​ | 181,986 | ​ | ​ | 365,250 | ​ | ​ | (551,725) | (1) | ​ | (54,894) | ​ | ​ | 4,301,105
Income (loss) before income taxes | ​ | ​ | 4,327,300 | ​ | ​ | 181,579 | ​ | ​ | 362,473 | ​ | ​ | (606,021) | ​ | ​ | (56,261) | (2) | ​ | 4,209,070
Depreciation and amortization | ​ | ​ | 263,125 | ​ | ​ | 55,620 | ​ | ​ | 9,961 | ​ | ​ | 18,947 | ​ | ​ | - | ​ | ​ | 347,653
Capital expenditures | ​ | ​ | 937,011 | ​ | ​ | 46,360 | ​ | ​ | 12,939 | ​ | ​ | 9,929 | ​ | ​ | - | ​ | ​ | 1,006,239
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | $ | 8,686,216 | ​ | $ | 1,266,920 | ​ | $ | 1,195,396 | ​ | $ | 1,523,830 | (3) | $ | (141,128) | (4) | $ | 12,531,234
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Footnotes related to the year ended December 31, 2021, segment results (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Corporate SG&A | $ | (78.0) | ​ | (2) | Gross profit decrease from intra-company sales | $ | (56.3)
​ | Companywide equity-based compensation | ​ | (78.8) | ​ | ​ | ​ | ​ | ​
​ | Profit sharing | ​ | (379.3) | ​ | ​ | ​ | ​ | ​
​ | Other, net | ​ | (15.6) | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | (551.7) | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(3) | Cash and equivalents | $ | 1,088.8 | ​ | (4) | Elimination of intra-company receivables | $ | (48.9)
​ | Accounts receivable | ​ | 27.5 | ​ | ​ | Elimination of intra-company debt | ​ | (19.6)
​ | Inventories | ​ | 94.2 | ​ | ​ | Elimination of intra-company profit in inventory | ​ | (72.6)
​ | Property, plant and equipment, net | ​ | 128.9 | ​ | ​ | ​ | $ | (141.1)
​ | Intra-company debt | ​ | 19.6 | ​ | ​ | ​ | ​ | ​
​ | Other | ​ | 164.8 | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 1,523.8 | ​ | ​ | ​ | ​ | ​
Note 13. Segment Information (Continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Metals | ​ | Steel | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the year ended | ​ | Steel | ​ | Recycling | ​ | Fabrication | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020 | ​ | Operations | ​ | Operations | ​ | Operations | ​ | Other | ​ | Eliminations | ​ | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales - disaggregated revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
External | ​ | $ | 6,873,209 | ​ | $ | 820,262 | ​ | $ | 895,227 | ​ | $ | 500,496 | ​ | $ | - | ​ | $ | 9,089,194
External Non-United States | ​ | ​ | 263,895 | ​ | ​ | 247,662 | ​ | ​ | 474 | ​ | ​ | 257 | ​ | ​ | - | ​ | ​ | 512,288
Other segments | ​ | ​ | 318,533 | ​ | ​ | 1,335,216 | ​ | ​ | 10,663 | ​ | ​ | 434 | ​ | ​ | (1,664,846) | ​ | ​ | -
​ | ​ | ​ | 7,455,637 | ​ | ​ | 2,403,140 | ​ | ​ | 906,364 | ​ | ​ | 501,187 | ​ | ​ | (1,664,846) | ​ | ​ | 9,601,482
Operating income (loss) | ​ | ​ | 889,480 | ​ | ​ | 32,991 | ​ | ​ | 120,575 | ​ | ​ | (188,525) | (1) | ​ | (7,379) | ​ | ​ | 847,142
Income (loss) before income taxes | ​ | ​ | 833,035 | ​ | ​ | 27,753 | ​ | ​ | 116,625 | ​ | ​ | (263,470) | ​ | ​ | (8,465) | (2) | ​ | 705,478
Depreciation and amortization | ​ | ​ | 251,590 | ​ | ​ | 50,099 | ​ | ​ | 10,819 | ​ | ​ | 13,281 | ​ | ​ | - | ​ | ​ | 325,789
Capital expenditures | ​ | ​ | 1,132,298 | ​ | ​ | 32,875 | ​ | ​ | 15,234 | ​ | ​ | 17,648 | ​ | ​ | - | ​ | ​ | 1,198,055
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Footnotes related to the year ended December 31, 2020, segment results (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Corporate SG&A | $ | (57.9) | ​ | (2) | Gross profit decrease from intra-company sales | $ | (8.5)
​ | Companywide equity-based compensation | ​ | (48.5) | ​ | ​ | ​ | ​ | ​
​ | Profit sharing | ​ | (58.3) | ​ | ​ | ​ | ​ | ​
​ | Asset impairment charges | ​ | (19.4) | ​ | ​ | ​ | ​ | ​
​ | Other, net | ​ | (4.4) | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | (188.5) | ​ | ​ | ​ | ​ | ​
​

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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