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REVENUES | 3 Months Ended
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Mar. 31, 2023
Revenue from Contract with Customer [Abstract] |
REVENUES | NOTE 3 - REVENUES We generate our revenue through product sales, in which shipping terms indicate when we have fulfilled our performance obligations and transferred control of products to our customer. Our revenue transactions consist of a single performance obligation to transfer promised goods. Our contracts with customers define the mechanism for determining the sales price, which is generally fixed upon transfer of control, but the contracts generally do not impose a specific quantity on either party. Quantities to be delivered to the customer are determined at a point near the date of delivery through purchase orders or other written instructions we receive from the customer. Spot market sales are made through purchase orders or other written instructions. We consider our performance obligation to be complete and recognize revenue when control transfers in accordance with shipping terms. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring product. We reduce the amount of revenue recognized for estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized. Payment terms are consistent with terms standard to the markets we serve. Sales taxes collected from customers are excluded from revenues. The following table represents our Revenues by market:
| Three Months Ended March 31, |  |
(In millions) | 2023 |  | 2022 |  |  |  |
Steelmaking: |  |  |  |  |  |  |
Automotive | $ | 1,870 |  |  | $ | 1,607 |  |  |  |  |
Infrastructure and manufacturing | 1,297 |  |  | 1,542 |  |  |  |  |
Distributors and converters | 1,258 |  |  | 1,829 |  |  |  |  |
Steel producers | 701 |  |  | 816 |  |  |  |  |
Total Steelmaking | 5,126 |  |  | 5,794 |  |  |  |  |
Other Businesses: |  |  |  |  |  |  |
Automotive | 139 |  |  | 122 |  |  |  |  |
Infrastructure and manufacturing | 10 |  |  | 15 |  |  |  |  |
Distributors and converters | 20 |  |  | 24 |  |  |  |  |
Total Other Businesses | 169 |  |  | 161 |  |  |  |  |
Total revenues | $ | 5,295 |  |  | $ | 5,955 |  |  |  |  |
The following tables represent our Revenues by product line:
|  |  | Three Months Ended March 31,
(In millions) |  |  |  |  | 2023 |  | 2022
Steelmaking: |  |  |  |  |  |  |
Hot-rolled steel |  |  |  |  | $ | 1,121 |  |  | $ | 1,194 |
Cold-rolled steel |  |  |  |  | 639 |  |  | 984 |
Coated steel |  |  |  |  | 1,617 |  |  | 1,775 |
Stainless and electrical steel |  |  |  |  | 574 |  |  | 551 |
Plate |  |  |  |  | 331 |  |  | 421 |
Slab and other steel products |  |  |  |  | 327 |  |  | 334 |
Other |  |  |  |  | 517 |  |  | 535 |
Total Steelmaking |  |  |  |  | 5,126 |  |  | 5,794 |
Other Businesses: |  |  |  |  |  |  |
Other |  |  |  |  | 169 |  |  | 161 |
Total revenues |  |  |  |  | $ | 5,295 |  |  | $ | 5,955 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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