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SEGMENT REPORTING (Tables) | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Schedule Of Segment Reporting Information | Our results by segment are as follows:
| (In Millions)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Revenues: |  |  |  |  |  |  |
Steelmaking | $ | 5,511 |  |  | $ | 5,869 |  |  | $ | 17,481 |  |  | $ | 14,710 |
Other Businesses | 142 |  |  | 135 |  |  | 464 |  |  | 388 |
Total revenues | $ | 5,653 |  |  | $ | 6,004 |  |  | $ | 17,945 |  |  | $ | 15,098 |
Adjusted EBITDA: |  |  |  |  |  |  |
Steelmaking | $ | 436 |  |  | $ | 1,934 |  |  | $ | 2,967 |  |  | $ | 3,796 |
Other Businesses | 9 |  |  | 6 |  |  | 58 |  |  | 25 |
Eliminations 1 | 7 |  |  | (7) |  |  | 8 |  |  | (15) |
Total Adjusted EBITDA | $ | 452 |  |  | $ | 1,933 |  |  | $ | 3,033 |  |  | $ | 3,806 |
1 In 2022, we began allocating Corporate SG&A to our operating segments. Prior periods have been adjusted to reflect this change. The Eliminations line now only includes sales between segments.
The following table provides a reconciliation of our consolidated Net income to total Adjusted EBITDA:
| (In Millions)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net income | $ | 165 |  |  | $ | 1,282 |  |  | $ | 1,580 |  |  | $ | 2,134 |
Less: |  |  |  |  |  |  |
Interest expense, net | (64) |  |  | (81) |  |  | (205) |  |  | (258) |
Income tax expense | (10) |  |  | (334) |  |  | (404) |  |  | (559) |
Depreciation, depletion and amortization | (237) |  |  | (239) |  |  | (788) |  |  | (664) |
| 476 |  |  | 1,936 |  |  | 2,977 |  |  | 3,615 |
Less: |  |  |  |  |  |  |
EBITDA of noncontrolling interests 1 | 22 |  |  | 17 |  |  | 57 |  |  | 60 |
Asset impairment | — |  |  | — |  |  | (29) |  |  | — |
Gain (loss) on extinguishment of debt | 4 |  |  | — |  |  | (76) |  |  | (88) |
Severance costs | (2) |  |  | (3) |  |  | (9) |  |  | (15) |
Acquisition-related costs excluding severance costs | — |  |  | (1) |  |  | (1) |  |  | (3) |
Acquisition-related loss on equity method investment | — |  |  | — |  |  | — |  |  | (18) |
Amortization of inventory step-up | — |  |  | (11) |  |  | — |  |  | (129) |
Impact of discontinued operations | — |  |  | 1 |  |  | 2 |  |  | 2 |
Total Adjusted EBITDA | $ | 452 |  |  | $ | 1,933 |  |  | $ | 3,033 |  |  | $ | 3,806 |
1 EBITDA of noncontrolling interests includes the following:
Net income attributable to noncontrolling interests | $ | 13 |  |  | $ | 8 |  |  | $ | 31 |  |  | $ | 39 |
Depreciation, depletion and amortization | 9 |  |  | 9 |  |  | 26 |  |  | 21 |
EBITDA of noncontrolling interests | $ | 22 |  |  | $ | 17 |  |  | $ | 57 |  |  | $ | 60 |
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
| (In Millions)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Depreciation, depletion and amortization: |  |  |  |  |  |  |
Steelmaking | $ | (227) |  |  | $ | (230) |  |  | $ | (758) |  |  | $ | (637) |
Other Businesses | (10) |  |  | (9) |  |  | (30) |  |  | (27) |
Total depreciation, depletion and amortization | $ | (237) |  |  | $ | (239) |  |  | $ | (788) |  |  | $ | (664) |
Capital additions 1: |  |  |  |  |  |  |
Steelmaking | $ | 240 |  |  | $ | 233 |  |  | $ | 712 |  |  | $ | 512 |
Other Businesses | 6 |  |  | 10 |  |  | 21 |  |  | 42 |
Corporate | 1 |  |  | — |  |  | 3 |  |  | 18 |
Total capital additions | $ | 247 |  |  | $ | 243 |  |  | $ | 736 |  |  | $ | 572 |
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
Reconciliation of Assets from Segment to Consolidated | The following summarizes our assets by segment:
| (In Millions)
| September 30, 2022 |  | December 31, 2021
Assets: |  |  |
Steelmaking | $ | 18,843 |  |  | $ | 18,326 |
Other Businesses | 313 |  |  | 306 |
Total segment assets | 19,156 |  |  | 18,632 |
Corporate/Eliminations | 532 |  |  | 343 |
Total assets | $ | 19,688 |  |  | $ | 18,975 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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