| Summary of Results by Segment |
Our results by segment are as follows:
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Year Ended December 31, |
| (In millions) |
2023 |
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2022 |
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2021 |
| Revenues: |
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| Steelmaking |
$ |
21,331Ìý
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$ |
22,383Ìý |
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$ |
19,901Ìý |
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| Other Businesses |
665Ìý
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606Ìý |
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543Ìý |
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| Total revenues |
$ |
21,996Ìý
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$ |
22,989Ìý |
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$ |
20,444Ìý |
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| Adjusted EBITDA: |
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| Steelmaking |
$ |
1,873Ìý
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$ |
3,089Ìý |
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$ |
5,280Ìý |
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| Other Businesses |
43Ìý
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69Ìý |
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9Ìý |
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| Eliminations |
(5) |
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11Ìý |
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(12) |
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| Total Adjusted EBITDA |
$ |
1,911Ìý
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$ |
3,169Ìý |
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$ |
5,277Ìý |
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The following table provides a reconciliation of our consolidated Net income to total Adjusted EBITDA:
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Year Ended December 31, |
| (In millions) |
2023 |
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2022 |
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2021 |
| Net income |
$ |
450Ìý
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$ |
1,376Ìý |
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$ |
3,033Ìý |
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| Less: |
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| Interest expense, net |
(289) |
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(276) |
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(337) |
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| Income tax expense |
(148) |
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(423) |
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(773) |
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| Depreciation, depletion and amortization |
(973) |
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(1,034) |
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(897) |
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1,860Ìý
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3,109Ìý |
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5,040Ìý |
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| Less: |
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EBITDA from noncontrolling interests1
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83Ìý
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74Ìý |
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75Ìý |
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| Acquisition-related expenses and adjustments |
(12) |
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(1) |
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(197) |
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| Goodwill impairment |
(125) |
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—Ìý |
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—Ìý |
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| Non-cash gain on sale of business |
28Ìý
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—Ìý |
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—Ìý |
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| Loss on extinguishment of debt |
—Ìý
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(75) |
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(88) |
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| Asset impairment |
—Ìý
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(29) |
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—Ìý |
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| Other, net |
(25) |
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(29) |
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(27) |
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| Total Adjusted EBITDA |
$ |
1,911Ìý
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$ |
3,169Ìý |
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$ |
5,277Ìý |
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1 EBITDA of noncontrolling interests includes the following:
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| Net income attributable to noncontrolling interests |
$ |
51Ìý
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$ |
41Ìý |
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$ |
45Ìý |
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| Depreciation, depletion and amortization |
32Ìý
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33Ìý |
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30Ìý |
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| EBITDA of noncontrolling interests |
$ |
83Ìý
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$ |
74Ìý |
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$ |
75Ìý |
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The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
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Year Ended December 31, |
| (In millions) |
2023 |
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2022 |
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2021 |
| Depreciation, depletion and amortization: |
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| Steelmaking |
$ |
(938) |
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$ |
(994) |
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$ |
(860) |
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| Other Businesses |
(35) |
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(40) |
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(37) |
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| Total depreciation, depletion and amortization |
$ |
(973) |
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$ |
(1,034) |
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$ |
(897) |
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Capital additions1:
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| Steelmaking |
$ |
778Ìý
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$ |
997Ìý |
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$ |
787Ìý |
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| Other Businesses |
3Ìý
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30Ìý |
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52Ìý |
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| Corporate |
4Ìý
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6Ìý |
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18Ìý |
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| Total capital additions |
$ |
785Ìý
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$ |
1,033Ìý |
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$ |
857Ìý |
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1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
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| Summary of Assets by Segment |
The following summarizes our assets by segment:
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December 31, |
| (In millions) |
2023 |
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2022 |
| Assets: |
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| Steelmaking |
$ |
16,880Ìý
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$ |
18,070Ìý |
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| Other Businesses |
657Ìý
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836Ìý |
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| Intersegment eliminations |
(507) |
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(521) |
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| Total segment assets |
17,030Ìý
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18,385Ìý |
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| Corporate/Eliminations |
507Ìý
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370Ìý |
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| Total assets |
$ |
17,537Ìý
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$ |
18,755Ìý |
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| 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:
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| (In millions) |
2023 |
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2022 |
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2021 |
| Revenues: |
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| United States |
$ |
20,000Ìý
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$ |
20,991Ìý |
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$ |
18,881Ìý |
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| Canada |
1,046Ìý
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963Ìý |
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803Ìý |
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| Other countries |
950Ìý
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1,035Ìý |
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760Ìý |
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| Total revenues |
$ |
21,996Ìý
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$ |
22,989Ìý |
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$ |
20,444Ìý |
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| Property, plant and equipment, net: |
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| United States |
$ |
8,816Ìý
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$ |
8,981Ìý |
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$ |
9,092Ìý |
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| Canada |
78Ìý
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88Ìý |
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93Ìý |
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| Other countries |
1Ìý
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1Ìý |
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1Ìý |
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| Total property, plant and equipment, net |
$ |
8,895Ìý
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$ |
9,070Ìý |
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$ |
9,186Ìý |
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