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SEGMENT REPORTING (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule Of Segment Reporting Information | Our results by segment are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |
Steelmaking | $ | 4,419 |  |  | $ | 5,443 |  |  | $ | 14,361 |  |  | $ | 16,377 |
Other Businesses | 150 |  |  | 162 |  |  | 499 |  |  | 507 |
Total revenues | $ | 4,569 |  |  | $ | 5,605 |  |  | $ | 14,860 |  |  | $ | 16,884 |
Adjusted EBITDA: |  |  |  |  |  |  |
Steelmaking | $ | 113 |  |  | $ | 603 |  |  | $ | 814 |  |  | $ | 1,608 |
Other Businesses | 8 |  |  | 9 |  |  | 43 |  |  | 32 |
Eliminations | 3 |  |  | 2 |  |  | 4 |  |  | (8) |
Total Adjusted EBITDA | $ | 124 |  |  | $ | 614 |  |  | $ | 861 |  |  | $ | 1,632 |
The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Net income (loss) | $ | (230) |  |  | $ | 275 |  |  | $ | (274) |  |  | $ | 589 |
Less: |  |  |  |  |  |  |
Interest expense, net | (102) |  |  | (70) |  |  | (235) |  |  | (226) |
Income tax benefit (expense) | 76 |  |  | (29) |  |  | 99 |  |  | (118) |
Depreciation, depletion and amortization | (235) |  |  | (249) |  |  | (693) |  |  | (738) |
Total EBITDA | 31 |  |  | 623 |  |  | 555 |  |  | 1,671 |
Less: |  |  |  |  |  |  |
EBITDA of noncontrolling interests 1 | 20 |  |  | 20 |  |  | 56 |  |  | 60 |
Weirton indefinite idle 2 | (2) |  |  | — |  |  | (219) |  |  | — |
Loss on extinguishment of debt | — |  |  | — |  |  | (27) |  |  | — |
Acquisition-related costs | (14) |  |  | (3) |  |  | (14) |  |  | (5) |
Changes in fair value of foreign currency contracts, net | (7) |  |  | — |  |  | (7) |  |  | — |
Arbitration decision | (71) |  |  | — |  |  | (71) |  |  | — |
Other, net | (19) |  |  | (8) |  |  | (24) |  |  | (16) |
Total Adjusted EBITDA | $ | 124 |  |  | $ | 614 |  |  | $ | 861 |  |  | $ | 1,632 |
1 EBITDA of noncontrolling interests includes the following:
Net income attributable to noncontrolling interests | $ | 12 |  |  | $ | 11 |  |  | $ | 33 |  |  | $ | 35 |
Depreciation, depletion and amortization | 8 |  |  | 9 |  |  | 23 |  |  | 25 |
EBITDA of noncontrolling interests | $ | 20 |  |  | $ | 20 |  |  | $ | 56 |  |  | $ | 60 |
2 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for further information.
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Depreciation, depletion and amortization: |  |  |  |  |  |  |
Steelmaking | $ | (228) |  |  | $ | (241) |  |  | $ | (669) |  |  | $ | (711) |
Other Businesses | (7) |  |  | (8) |  |  | (24) |  |  | (27) |
Total depreciation, depletion and amortization | $ | (235) |  |  | $ | (249) |  |  | $ | (693) |  |  | $ | (738) |
Capital additions 1: |  |  |  |  |  |  |
Steelmaking | $ | 211 |  |  | $ | 217 |  |  | $ | 554 |  |  | $ | 503 |
Other Businesses | — |  |  | — |  |  | 3 |  |  | 3 |
Corporate | — |  |  | 1 |  |  | — |  |  | 2 |
Total capital additions | $ | 211 |  |  | $ | 218 |  |  | $ | 557 |  |  | $ | 508 |
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, 2024 |  | December 31, 2023
Assets: |  |  |
Steelmaking | $ | 16,235 |  |  | $ | 16,880 |
Other Businesses | 637 |  |  | 657 |
Intersegment eliminations | (489) |  |  | (507) |
Total segment assets | 16,383 |  |  | 17,030 |
Corporate | 413 |  |  | 507 |
Total assets | $ | 16,796 |  |  | $ | 17,537 |

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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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