Note 10. Segment Information

The company’s operations are primarily organized and managed by reportable operating segments, which are steel operations, metals recycling operations, and steel fabrication operations. The segment operations are more fully described in Note 1 to the consolidated financial statements. Operating segment performance and resource allocations are primarily based on operating results before income taxes. The accounting policies of the reportable segments are consistent with those described in Note 1 to the consolidated financial statements. Intra‑segment sales and any related profits are eliminated in consolidation. Amounts included in the category “Other” are from subsidiary operations that are below the quantitative thresholds required for reportable segments and primarily consist of smaller joint ventures, and our idle Minnesota ironmaking operations. In addition, “Other” also includes certain unallocated corporate accounts, such as the company’s senior secured credit facility, senior notes, certain other investments and certain profit sharing expenses.

Note 10. Segment Information (Continued)

The company’s segment results, including disaggregated revenue by segment to external, external non-United States, and other segment customers, are as follows (in thousands):



			Metals		Steel
For the three months ended	Steel		Recycling		Fabrication
March 31, 2019	Operations		Operations		Operations		Other			Eliminations			Consolidated

Net sales - disaggregated revenue
External	$	2,044,491	$	285,725	$	228,429	$	113,248		$	-		$	2,671,893
External Non-U.S.		80,079		65,412		51		-			-			145,542
Other segments		75,595		385,908		189		248			(461,940)			-
		2,200,165		737,045		228,669		113,496			(461,940)			2,817,435
Operating income (loss)		309,078		16,962		20,623		(56,920)	(1)		2,099			291,842
Income (loss) before income taxes		293,019		15,505		19,351		(62,696)			1,884			267,063
Depreciation and amortization		62,512		11,439		2,967		3,256			-			80,174
Capital expenditures		43,676		6,642		1,993		2,125			-			54,436

As of March 31, 2019
Assets	$	5,378,536	$	982,844	$	407,576	$	1,170,832	(2)	$	(82,555)	(3)	$	7,857,233


Footnotes related to the three months ended March 31, 2019, segment results (in millions):

(1)	Corporate SG&A	$	(22.6)	(3)	Elimination of intra-company receivables	$	(59.5)
	Company-wide equity-based compensation		(9.0)		Elimination of intra-company debt		(10.8)
	Profit sharing		(23.0)		Other		(12.3)
	Other, net		(2.3)			$	(82.6)
		$	(56.9)

(2)	Cash and equivalents	$	756.9
	Short-term investments		153.7
	Accounts receivable		12.2
	Inventories		36.1
	Property, plant and equipment, net		152.6
	Intra-company debt		10.8
	Other		48.5
		$	1,170.8

Note 10. Segment Information (Continued)



			Metals		Steel
For the three months ended	Steel		Recycling		Fabrication
March 31, 2018	Operations		Operations		Operations		Other			Eliminations		Consolidated

Net sales - disaggregated revenue
External	$	1,832,303	$	329,872	$	201,437	$	92,471		$	-	$	2,456,083
External Non-U.S.		89,486		58,250		56		-			-		147,792
Other segments		59,985		364,644		210		147			(424,986)		-
		1,981,774		752,766		201,703		92,618			(424,986)		2,603,875
Operating income (loss)		334,562		24,715		19,791		(55,406)	(1)		(265)		323,397
Income (loss) before income taxes		315,805		23,005		18,457		(61,033)			(270)		295,964
Depreciation and amortization		59,141		11,558		2,898		2,538			-		76,135
Capital expenditures		38,402		6,946		2,077		3,181			-		50,606


Footnotes related to the three months ended March 31, 2018, segment results (in millions):

(1)	Corporate SG&A	$	(15.7)
	Company-wide equity-based compensation		(8.5)
	Profit sharing		(25.6)
	Other, net		(5.6)
		$	(55.4)