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SEGMENT REPORTING (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Summary of Results by Segment | Our results by segment are as follows:
| Year Ended December 31,
(In millions) | 2022 |  | 2021 |  | 2020
Revenues: |  |  |  |  |
Steelmaking | $ | 22,383 |  |  | $ | 19,901 |  |  | $ | 4,965 |
Other Businesses | 606 |  |  | 543 |  |  | 389 |
Total revenues | $ | 22,989 |  |  | $ | 20,444 |  |  | $ | 5,354 |
Adjusted EBITDA: |  |  |  |  |
Steelmaking | $ | 3,089 |  |  | $ | 5,280 |  |  | $ | 316 |
Other Businesses | 69 |  |  | 9 |  |  | 47 |
Eliminations 1 | 11 |  |  | (12) |  |  | (10) |
Total Adjusted EBITDA | $ | 3,169 |  |  | $ | 5,277 |  |  | $ | 353 |
1 In 2022, we began allocating Corporate Selling, general and administrative expenses 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 (loss) to total Adjusted EBITDA:
| Year Ended December 31,
(In millions) | 2022 |  | 2021 |  | 2020
Net income (loss) | $ | 1,376 |  |  | $ | 3,033 |  |  | $ | (81) |
Less: |  |  |  |  |
Interest expense, net | (276) |  |  | (337) |  |  | (238) |
Income tax benefit (expense) | (423) |  |  | (773) |  |  | 111 |
Depreciation, depletion and amortization | (1,034) |  |  | (897) |  |  | (308) |
| 3,109 |  |  | 5,040 |  |  | 354 |
Less: |  |  |  |  |
EBITDA from noncontrolling interests 1 | 74 |  |  | 75 |  |  | 56 |
Gain (loss) on extinguishment of debt | (75) |  |  | (88) |  |  | 130 |
Acquisition-related expenses and adjustments | (1) |  |  | (197) |  |  | (148) |
Asset impairment | (29) |  |  | — |  |  | — |
Other, net | (29) |  |  | (27) |  |  | (37) |
Total Adjusted EBITDA | $ | 3,169 |  |  | $ | 5,277 |  |  | $ | 353 |
1 EBITDA of noncontrolling interests includes the following: |  |  |  |  |
Net income attributable to noncontrolling interests | $ | 41 |  |  | $ | 45 |  |  | $ | 41 |
Depreciation, depletion and amortization | 33 |  |  | 30 |  |  | 15 |
EBITDA of noncontrolling interests | $ | 74 |  |  | $ | 75 |  |  | $ | 56 |
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
| Year Ended December 31,
(In millions) | 2022 |  | 2021 |  | 2020
Depreciation, depletion and amortization: |  |  |  |  |
Steelmaking | $ | (994) |  |  | $ | (860) |  |  | $ | (281) |
Other Businesses | (40) |  |  | (37) |  |  | (27) |
Total depreciation, depletion and amortization | $ | (1,034) |  |  | $ | (897) |  |  | $ | (308) |
Capital additions 1: |  |  |  |  |
Steelmaking | $ | 997 |  |  | $ | 787 |  |  | $ | 436 |
Other Businesses | 30 |  |  | 52 |  |  | 45 |
Corporate | 6 |  |  | 18 |  |  | 2 |
Total capital additions | $ | 1,033 |  |  | $ | 857 |  |  | $ | 483 |
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
Summary of Assets by Segment | The following summarizes our assets by segment:
| December 31,
(In millions) | 2022 |  | 2021
Assets: |  |  |
Steelmaking | $ | 18,070 |  |  | $ | 18,326 |
Other Businesses | 315 |  |  | 306 |
Total segment assets | 18,385 |  |  | 18,632 |
Corporate/Eliminations | 370 |  |  | 343 |
Total assets | $ | 18,755 |  |  | $ | 18,975 |
Summary of Amounts Relating to Geographic Location | Included in the consolidated financial statements are the following amounts relating to geographic location based on product destination:
(In millions) | 2022 |  | 2021 |  | 2020
Revenues: |  |  |  |  |
United States | $ | 20,991 |  |  | $ | 18,881 |  |  | $ | 4,580 |
Canada | 963 |  |  | 803 |  |  | 602 |
Other countries | 1,035 |  |  | 760 |  |  | 172 |
Total revenues | $ | 22,989 |  |  | $ | 20,444 |  |  | $ | 5,354 |
Property, plant and equipment, net: |  |  |  |  |
United States | $ | 8,981 |  |  | $ | 9,092 |  |  | $ | 8,647 |
Canada | 88 |  |  | 93 |  |  | 91 |
Other countries | 1 |  |  | 1 |  |  | 5 |
Total property, plant and equipment, net | $ | 9,070 |  |  | $ | 9,186 |  |  | $ | 8,743 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 + Details
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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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