Segment Information |
Note 8. 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 joint ventures and the idled Minnesota ironmaking operations. Also included in “Other” are certain unallocated corporate accounts, such as the company’s senior unsecured credit facility, senior notes, certain other investments and certain profit sharing expenses. 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): Note 8. Segment Information (Continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Metals | | Steel | | | | | | | | | | For the three-month period ended | | Steel | | Recycling | | Fabrication | | | | | | | | | | March 31, 2023 | | Operations | | Operations | | Operations | | Other | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | | | | | Net sales - disaggregated revenue | | | | | | | | | | | | | | | | | | | External | | $ | 2,847,186 | | $ | 382,803 | | $ | 868,702 | | $ | 352,329 | | $ | - | | $ | 4,451,020 | External Non-U.S. | | | 213,635 | | | 200,665 | | | 66 | | | 27,820 | | | - | | | 442,186 | Other segments | | | 124,810 | | | 578,459 | | | 36 | | | - | | | (703,305) | | | - | | | | 3,185,631 | | | 1,161,927 | | | 868,804 | | | 380,149 | | | (703,305) | | | 4,893,206 | Operating income (loss) | | | 341,760 | | | 39,688 | | | 551,272 | | | (98,940) | (1) | | 1,580 | | | 835,360 | Income (loss) before income taxes | | | 342,500 | | | 45,549 | | | 551,412 | | | (92,896) | | | 1,224 | | | 847,789 | Depreciation and amortization | | | 83,476 | | | 14,365 | | | 2,331 | | | 7,522 | | | - | | | 107,694 | Capital expenditures | | | 120,539 | | | 19,697 | | | 4,496 | | | 81,587 | | | - | | | 226,319 | | | | | | | | | | | | | | | | | | | | As of March 31, 2023 | | | | | | | | | | | | | | | | | | | Assets | | $ | 8,615,026 | | $ | 1,416,914 | | $ | 1,180,335 | | $ | 3,157,475 | (2) | $ | (149,990) | (3) | $ | 14,219,760 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Footnotes related to the three-month period ended March 31, 2023, segment results (in millions): | | | | | | | | | | | | | | | | | | | | Companywide equity-based compensation | | | | | | | | | Company profit sharing component | | | | | | | | | | | | | | | | | | | | | | | Property, plant and equipment, net | | | | | | | | | | | | | | | | | | Investments in unconsolidated affiliates | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Elimination of intra-company receivables | | | | | | | | | Elimination of intra-company debt | | | | | | | | | | | | | | | | | | | | | | | | | |
Note 8. Segment Information (Continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Metals | | Steel | | | | | | | | | | For the three-month period ended | | Steel | | Recycling | | Fabrication | | | | | | | | | | March 31, 2022 | | Operations | | Operations | | Operations | | Other | | Eliminations | | Consolidated | | | | | | | | | | | | | | | | | | | | Net sales - disaggregated revenue | | | | | | | | | | | | | | | | | | | External | | $ | 3,573,202 | | $ | 448,043 | | $ | 929,842 | | $ | 297,121 | | $ | - | | $ | 5,248,208 | External Non-U.S. | | | 189,294 | | | 131,582 | | | 139 | | | 679 | | | - | | | 321,694 | Other segments | | | 169,157 | | | 563,592 | | | 119 | | | 658 | | | (733,526) | | | - | | | | 3,931,653 | | | 1,143,217 | | | 930,100 | | | 298,458 | | | (733,526) | | | 5,569,902 | Operating income (loss) | | | 1,163,010 | | | 44,960 | | | 466,875 | | | (174,535) | (1) | | (5,443) | | | 1,494,867 | Income (loss) before income taxes | | | 1,152,216 | | | 45,730 | | | 465,199 | | | (199,629) | | | (5,786) | | | 1,457,730 | Depreciation and amortization | | | 66,682 | | | 13,254 | | | 2,430 | | | 5,180 | | | - | | | 87,546 | Capital expenditures | | | 136,190 | | | 11,557 | | | 3,690 | | | 7,893 | | | - | | | 159,330 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Footnotes related to the three-month period ended March 31, 2022, segment results (in millions): | | | | | | | | | | (1) | Corporate SG&A | $ | (19.6) | | | | | | | Companywide equity-based compensation | | (15.9) | | | | | | | Company profit sharing component | | (125.6) | | | | | | | Other, net | | (13.4) | | | | | | | | $ | (174.5) | | | | | |
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