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Segment Information | 3 Months Ended
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Mar. 31, 2024
Segment Information |
Segment Information | Note 7. 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. The segment operations are more fully described in Note 1 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 certain 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 three-month period ended | ​ | Steel | ​ | Recycling | ​ | Fabrication | ​ | Aluminum | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2024 | ​ | Operations | ​ | Operations | ​ | Operations | ​ | Operations | ​ | Other | ​ | Eliminations | ​ | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales - disaggregated revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
External | ​ | $ | 3,133,610 | ​ | $ | 390,923 | ​ | $ | 446,096 | ​ | $ | - | ​ | $ | 307,859 | ​ | $ | - | ​ | $ | 4,278,488
External Non-U.S. | ​ | ​ | 232,627 | ​ | ​ | 178,550 | ​ | ​ | 1,083 | ​ | ​ | - | ​ | ​ | 3,255 | ​ | ​ | - | ​ | ​ | 415,515
Other segments | ​ | ​ | 148,291 | ​ | ​ | 524,568 | ​ | ​ | 4,584 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (677,443) | ​ | ​ | -
​ | ​ | ​ | 3,514,528 | ​ | ​ | 1,094,041 | ​ | ​ | 451,763 | ​ | ​ | - | ​ | ​ | 311,114 | ​ | ​ | (677,443) | ​ | ​ | 4,694,003
Operating income (loss) | ​ | ​ | 670,931 | ​ | ​ | 18,728 | ​ | ​ | 178,340 | ​ | ​ | (13,531) | ​ | ​ | (97,872) | (1) | ​ | (5,621) | ​ | ​ | 750,975
Income (loss) before income taxes | ​ | ​ | 674,812 | ​ | ​ | 21,509 | ​ | ​ | 178,367 | ​ | ​ | (13,811) | ​ | ​ | (89,073) | ​ | ​ | (6,023) | ​ | ​ | 765,781
Depreciation and amortization | ​ | ​ | 87,507 | ​ | ​ | 18,470 | ​ | ​ | 2,682 | ​ | ​ | 20 | ​ | ​ | 6,573 | ​ | ​ | - | ​ | ​ | 115,252
Capital expenditures | ​ | ​ | 95,833 | ​ | ​ | 31,864 | ​ | ​ | 5,436 | ​ | ​ | 237,328 | ​ | ​ | 3,849 | ​ | ​ | - | ​ | ​ | 374,310
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of March 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | $ | 8,890,778 | ​ | $ | 1,507,536 | ​ | $ | 768,832 | ​ | $ | 1,606,906 | ​ | $ | 3,121,797 | (2) | $ | (869,099) | (3) | $ | 15,026,750
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Footnotes related to the three-month period ended March 31, 2024, segment results (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Corporate selling, general, & administrative expenses | $ | (25.3) | ​ | (2) | Cash and equivalents | $ | 911.1
​ | Companywide equity-based compensation | ​ | (14.5) | ​ | ​ | Short-term and other investments | ​ | 886.4
​ | Company profit sharing component | ​ | (63.0) | ​ | ​ | Accounts receivable | ​ | 31.6
​ | Other, net | ​ | 4.9 | ​ | ​ | Inventories | ​ | 59.3
​ | ​ | $ | (97.9) | ​ | ​ | Property, plant and equipment, net | ​ | 136.2
​ | ​ | ​ | ​ | ​ | ​ | Intra-company debt | ​ | 789.7
​ | ​ | ​ | ​ | ​ | ​ | Investments in unconsolidated affiliates | ​ | 214.4
​ | ​ | ​ | ​ | ​ | ​ | Other | ​ | 93.1
​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 3,121.8
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(3) | Elimination of intra-company receivables | $ | (58.3) | ​ | ​ | ​ | ​ | ​
​ | Elimination of intra-company debt | ​ | (789.7) | ​ | ​ | ​ | ​ | ​
​ | Other | ​ | (21.1) | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | (869.1) | ​ | ​ | ​ | ​ | ​
​ ​ Note 7. Segment Information (Continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Metals | ​ | Steel | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the three-month period ended | ​ | Steel | ​ | Recycling | ​ | Fabrication | ​ | Aluminum | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
March 31, 2023 | ​ | Operations | ​ | Operations | ​ | Operations | ​ | Operations | ​ | Other | ​ | Eliminations | ​ | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales - disaggregated revenue | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
External | ​ | $ | 2,847,248 | ​ | $ | 382,803 | ​ | $ | 868,702 | ​ | $ | - | ​ | $ | 352,267 | ​ | $ | - | ​ | $ | 4,451,020
External Non-U.S. | ​ | ​ | 241,242 | ​ | ​ | 200,665 | ​ | ​ | 66 | ​ | ​ | - | ​ | ​ | 213 | ​ | ​ | - | ​ | ​ | 442,186
Other segments | ​ | ​ | 83,209 | ​ | ​ | 578,459 | ​ | ​ | 36 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | (661,704) | ​ | ​ | -
​ | ​ | ​ | 3,171,699 | ​ | ​ | 1,161,927 | ​ | ​ | 868,804 | ​ | ​ | - | ​ | ​ | 352,480 | ​ | ​ | (661,704) | ​ | ​ | 4,893,206
Operating income (loss) | ​ | ​ | 341,908 | ​ | ​ | 39,688 | ​ | ​ | 551,272 | ​ | ​ | (2,422) | ​ | ​ | (96,666) | (1) | ​ | 1,580 | ​ | ​ | 835,360
Income (loss) before income taxes | ​ | ​ | 343,089 | ​ | ​ | 45,549 | ​ | ​ | 551,412 | ​ | ​ | (2,406) | ​ | ​ | (91,079) | ​ | ​ | 1,224 | ​ | ​ | 847,789
Depreciation and amortization | ​ | ​ | 84,532 | ​ | ​ | 14,365 | ​ | ​ | 2,331 | ​ | ​ | - | ​ | ​ | 6,466 | ​ | ​ | - | ​ | ​ | 107,694
Capital expenditures | ​ | ​ | 120,628 | ​ | ​ | 19,697 | ​ | ​ | 4,496 | ​ | ​ | 74,820 | ​ | ​ | 6,678 | ​ | ​ | - | ​ | ​ | 226,319
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Footnotes related to the three-month period ended March 31, 2023, segment results (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Corporate selling, general, & administrative expenses | $ | (23.6) | ​ | ​ | ​ | ​ | ​
​ | Companywide equity-based compensation | ​ | (13.6) | ​ | ​ | ​ | ​ | ​
​ | Company profit sharing component | ​ | (68.9) | ​ | ​ | ​ | ​ | ​
​ | Other, net | ​ | 9.4 | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | (96.7) | ​ | ​ | ​ | ​ | ​
​

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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