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SEGMENT REPORTING (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Summary of Results by Segment | Our results by segment are as follows:
| Year Ended December 31,
(In millions) | 2023 |  | 2022 |  | 2021
Revenues: |  |  |  |  |
Steelmaking | $ | 21,331 |  |  | $ | 22,383 |  |  | $ | 19,901 |
Other Businesses | 665 |  |  | 606 |  |  | 543 |
Total revenues | $ | 21,996 |  |  | $ | 22,989 |  |  | $ | 20,444 |
Adjusted EBITDA: |  |  |  |  |
Steelmaking | $ | 1,873 |  |  | $ | 3,089 |  |  | $ | 5,280 |
Other Businesses | 43 |  |  | 69 |  |  | 9 |
Eliminations | (5) |  |  | 11 |  |  | (12) |
Total Adjusted EBITDA | $ | 1,911 |  |  | $ | 3,169 |  |  | $ | 5,277 |
The following table provides a reconciliation of our consolidated Net income to total Adjusted EBITDA:
| Year Ended December 31,
(In millions) | 2023 |  | 2022 |  | 2021
Net income | $ | 450 |  |  | $ | 1,376 |  |  | $ | 3,033 |
Less: |  |  |  |  |
Interest expense, net | (289) |  |  | (276) |  |  | (337) |
Income tax expense | (148) |  |  | (423) |  |  | (773) |
Depreciation, depletion and amortization | (973) |  |  | (1,034) |  |  | (897) |
| 1,860 |  |  | 3,109 |  |  | 5,040 |
Less: |  |  |  |  |
EBITDA from noncontrolling interests 1 | 83 |  |  | 74 |  |  | 75 |
Acquisition-related expenses and adjustments | (12) |  |  | (1) |  |  | (197) |
Goodwill impairment | (125) |  |  | — |  |  | — |
Non-cash gain on sale of business | 28 |  |  | — |  |  | — |
Loss on extinguishment of debt | — |  |  | (75) |  |  | (88) |
Asset impairment | — |  |  | (29) |  |  | — |
Other, net | (25) |  |  | (29) |  |  | (27) |
Total Adjusted EBITDA | $ | 1,911 |  |  | $ | 3,169 |  |  | $ | 5,277 |
1 EBITDA of noncontrolling interests includes the following: |  |  |  |  |
Net income attributable to noncontrolling interests | $ | 51 |  |  | $ | 41 |  |  | $ | 45 |
Depreciation, depletion and amortization | 32 |  |  | 33 |  |  | 30 |
EBITDA of noncontrolling interests | $ | 83 |  |  | $ | 74 |  |  | $ | 75 |
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
| Year Ended December 31,
(In millions) | 2023 |  | 2022 |  | 2021
Depreciation, depletion and amortization: |  |  |  |  |
Steelmaking | $ | (938) |  |  | $ | (994) |  |  | $ | (860) |
Other Businesses | (35) |  |  | (40) |  |  | (37) |
Total depreciation, depletion and amortization | $ | (973) |  |  | $ | (1,034) |  |  | $ | (897) |
Capital additions 1: |  |  |  |  |
Steelmaking | $ | 778 |  |  | $ | 997 |  |  | $ | 787 |
Other Businesses | 3 |  |  | 30 |  |  | 52 |
Corporate | 4 |  |  | 6 |  |  | 18 |
Total capital additions | $ | 785 |  |  | $ | 1,033 |  |  | $ | 857 |
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) | 2023 |  | 2022
Assets: |  |  |
Steelmaking | $ | 16,880 |  |  | $ | 18,070 |
Other Businesses | 657 |  |  | 836 |
Intersegment eliminations | (507) |  |  | (521) |
Total segment assets | 17,030 |  |  | 18,385 |
Corporate/Eliminations | 507 |  |  | 370 |
Total assets | $ | 17,537 |  |  | $ | 18,755 |
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) | 2023 |  | 2022 |  | 2021
Revenues: |  |  |  |  |
United States | $ | 20,000 |  |  | $ | 20,991 |  |  | $ | 18,881 |
Canada | 1,046 |  |  | 963 |  |  | 803 |
Other countries | 950 |  |  | 1,035 |  |  | 760 |
Total revenues | $ | 21,996 |  |  | $ | 22,989 |  |  | $ | 20,444 |
Property, plant and equipment, net: |  |  |  |  |
United States | $ | 8,816 |  |  | $ | 8,981 |  |  | $ | 9,092 |
Canada | 78 |  |  | 88 |  |  | 93 |
Other countries | 1 |  |  | 1 |  |  | 1 |
Total property, plant and equipment, net | $ | 8,895 |  |  | $ | 9,070 |  |  | $ | 9,186 |

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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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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