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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Information |
Segment Information | Note 13. Segment Information The company’s operations are primarily organized and managed by reportable operating segments. In the fourth quarter 2023, the company changed its reportable segments, consistent with how it currently manages the business, which include steel operations (including warehousing operations previously included in “Other”), metals recycling operations, steel fabrication operations, and a newly created aluminum operations. Segment information provided within this Form 10-K has been recast for all prior periods presented consistent with the current reportable segment presentation. 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, with prior periods recast consistent with our current reportable segments presentation, 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 | ​ | Aluminum | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2023 | ​ | Operations | ​ | Operations | ​ | Operations | ​ | Operations | ​ | Other | ​ | Eliminations | ​ | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales - disaggregated revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
External | ​ | $ | 11,603,139 | ​ | $ | 1,401,341 | ​ | $ | 2,798,262 | ​ | $ | - | ​ | $ | 1,164,942 | ​ | $ | - | ​ | $ | 16,967,684
External Non-United States | ​ | ​ | 1,037,412 | ​ | ​ | 783,316 | ​ | ​ | 672 | ​ | ​ | - | ​ | ​ | 6,232 | ​ | ​ | - | ​ | ​ | 1,827,632
Other segments | ​ | ​ | 427,071 | ​ | ​ | 2,175,470 | ​ | ​ | 7,843 | ​ | ​ | - | ​ | ​ | 727 | ​ | ​ | (2,611,111) | ​ | ​ | -
​ | ​ | ​ | 13,067,622 | ​ | ​ | 4,360,127 | ​ | ​ | 2,806,777 | ​ | ​ | - | ​ | ​ | 1,171,901 | ​ | ​ | (2,611,111) | ​ | ​ | 18,795,316
Operating income (loss) | ​ | ​ | 1,881,600 | ​ | ​ | 88,654 | ​ | ​ | 1,593,261 | ​ | ​ | (23,773) | ​ | ​ | (394,577) | (1) | ​ | 6,016 | ​ | ​ | 3,151,181
Income (loss) before income taxes | ​ | ​ | 1,888,611 | ​ | ​ | 105,797 | ​ | ​ | 1,593,275 | ​ | ​ | (23,600) | ​ | ​ | (349,626) | ​ | ​ | 4,486 | (2) | ​ | 3,218,943
Depreciation and amortization | ​ | ​ | 331,225 | ​ | ​ | 70,705 | ​ | ​ | 9,787 | ​ | ​ | 15 | ​ | ​ | 26,072 | ​ | ​ | - | ​ | ​ | 437,804
Capital expenditures | ​ | ​ | 453,955 | ​ | ​ | 190,864 | ​ | ​ | 22,044 | ​ | ​ | 962,778 | ​ | ​ | 28,264 | ​ | ​ | - | ​ | ​ | 1,657,905
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | $ | 8,650,450 | ​ | $ | 1,458,500 | ​ | $ | 790,399 | ​ | $ | 1,320,224 | ​ | $ | 3,248,822 | (3) | $ | (559,975) | (4) | $ | 14,908,420
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Note 13. Segment Information (Continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Footnotes related to the year ended December 31, 2023, segment results (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Corporate SG&A | $ | (91.0) | ​ | (2) | Gross profit increase from intra-company sales | $ | 4.5
​ | Companywide equity-based compensation | ​ | (58.3) | ​ | ​ | ​ | ​ | ​
​ | Profit sharing | ​ | (264.6) | ​ | ​ | ​ | ​ | ​
​ | Other, net | ​ | 19.3 | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | (394.6) | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(3) | Cash and equivalents | $ | 1,199.7 | ​ | (4) | Elimination of intra-company receivables | $ | (68.0)
​ | Short-term and other investments | ​ | 951.9 | ​ | ​ | Elimination of intra-company debt | ​ | (476.9)
​ | Accounts receivable | ​ | 50.1 | ​ | ​ | Elimination of intra-company profit in inventory | ​ | (15.1)
​ | Inventories | ​ | 81.2 | ​ | ​ | ​ | $ | (560.0)
​ | Property, plant and equipment, net | ​ | 128.9 | ​ | ​ | ​ | ​ | ​
​ | Intra-company debt | ​ | 476.9 | ​ | ​ | ​ | ​ | ​
​ | Investments in unconsolidated affiliates | ​ | 234.8 | ​ | ​ | ​ | ​ | ​
​ | Other | ​ | 125.3 | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 3,248.8 | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Metals | ​ | Steel | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the year ended | ​ | Steel | ​ | Recycling | ​ | Fabrication | ​ | Aluminum | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 | ​ | Operations | ​ | Operations | ​ | Operations | ​ | Operations | ​ | Other | ​ | Eliminations | ​ | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales - disaggregated revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
External | ​ | $ | 13,783,666 | ​ | $ | 1,545,379 | ​ | $ | 4,245,803 | ​ | $ | - | ​ | $ | 1,276,923 | ​ | $ | - | ​ | $ | 20,851,771
External Non-United States | ​ | ​ | 779,683 | ​ | ​ | 619,361 | ​ | ​ | 183 | ​ | ​ | - | ​ | ​ | 9,776 | ​ | ​ | - | ​ | ​ | 1,409,003
Other segments | ​ | ​ | 537,647 | ​ | ​ | 2,230,928 | ​ | ​ | 11,221 | ​ | ​ | - | ​ | ​ | 1,281 | ​ | ​ | (2,781,077) | ​ | ​ | -
​ | ​ | ​ | 15,100,996 | ​ | ​ | 4,395,668 | ​ | ​ | 4,257,207 | ​ | ​ | - | ​ | ​ | 1,287,980 | ​ | ​ | (2,781,077) | ​ | ​ | 22,260,774
Operating income (loss) | ​ | ​ | 3,092,689 | ​ | ​ | 116,497 | ​ | ​ | 2,424,655 | ​ | ​ | (2,355) | ​ | ​ | (594,045) | (1) | ​ | 54,381 | ​ | ​ | 5,091,822
Income (loss) before income taxes | ​ | ​ | 3,057,446 | ​ | ​ | 117,034 | ​ | ​ | 2,417,752 | ​ | ​ | (2,341) | ​ | ​ | (621,813) | ​ | ​ | 52,991 | (2) | ​ | 5,021,069
Depreciation and amortization | ​ | ​ | 295,468 | ​ | ​ | 53,934 | ​ | ​ | 9,727 | ​ | ​ | 44 | ​ | ​ | 25,029 | ​ | ​ | - | ​ | ​ | 384,202
Capital expenditures | ​ | ​ | 613,678 | ​ | ​ | 68,690 | ​ | ​ | 17,519 | ​ | ​ | 185,082 | ​ | ​ | 23,933 | ​ | ​ | - | ​ | ​ | 908,902
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | $ | 8,616,142 | ​ | $ | 1,320,871 | ​ | $ | 1,349,138 | ​ | $ | 186,254 | ​ | $ | 2,813,020 | (3) | $ | (125,441) | (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 | ​ | (4.5) | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | (594.0) | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(3) | Cash and equivalents | $ | 1,457.7 | ​ | (4) | Elimination of intra-company receivables | $ | (58.0)
​ | Short-term investments | ​ | 628.2 | ​ | ​ | Elimination of intra-company debt | ​ | (47.9)
​ | Accounts receivable | ​ | 33.3 | ​ | ​ | Elimination of intra-company profit in inventory | ​ | (19.5)
​ | Inventories | ​ | 90.3 | ​ | ​ | ​ | $ | (125.4)
​ | Property, plant and equipment, net | ​ | 189.9 | ​ | ​ | ​ | ​ | ​
​ | Intra-company debt | ​ | 47.9 | ​ | ​ | ​ | ​ | ​
​ | Investments in unconsolidated affiliates | ​ | 226.6 | ​ | ​ | ​ | ​ | ​
​ | Other | ​ | 139.1 | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 2,813.0 | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Metals | ​ | Steel | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the year ended | ​ | Steel | ​ | Recycling | ​ | Fabrication | ​ | Aluminum | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2021 | ​ | Operations | ​ | 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) | ​ | ​ | 4,358,300 | ​ | ​ | 181,986 | ​ | ​ | 365,250 | ​ | ​ | - | ​ | ​ | (549,537) | (1) | ​ | (54,894) | ​ | ​ | 4,301,105
Income (loss) before income taxes | ​ | ​ | 4,327,032 | ​ | ​ | 181,579 | ​ | ​ | 362,473 | ​ | ​ | - | ​ | ​ | (605,753) | ​ | ​ | (56,261) | (2) | ​ | 4,209,070
Depreciation and amortization | ​ | ​ | 263,125 | ​ | ​ | 55,620 | ​ | ​ | 9,961 | ​ | ​ | - | ​ | ​ | 18,947 | ​ | ​ | - | ​ | ​ | 347,653
Capital expenditures | ​ | ​ | 940,838 | ​ | ​ | 46,360 | ​ | ​ | 12,939 | ​ | ​ | - | ​ | ​ | 6,102 | ​ | ​ | - | ​ | ​ | 1,006,239
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | (13.4) | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | (549.5) | ​ | ​ | ​ | ​ | ​
​

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