Segment Information

12 Months Ended

Dec. 31, 2023

Segment Information

Segment Information

Note 13. Segment Information

The company’s operations are primarily organized and managed by reportable operating segments. In the fourth quarter 2023, the company changed its reportable segments, consistent with how it currently manages the business, which include steel operations (including warehousing operations previously included in “Other”), metals recycling operations, steel fabrication operations, and a newly created aluminum operations. Segment information provided within this Form 10-K has been recast for all prior periods presented consistent with the current reportable segment presentation. The segment operations are more fully described in Note 1. Description of the Business and Summary of Significant Accounting Policies 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, with prior periods recast consistent with our current reportable segments presentation, including disaggregated revenue by segment to external, external non-United States, and other segment customers, are as follows (in thousands):

			Metals		Steel
For the year ended	Steel		Recycling		Fabrication		Aluminum
December 31, 2023	Operations		Operations		Operations		Operations		Other			Eliminations			Consolidated
Net sales - disaggregated revenue
External	$	11,603,139	$	1,401,341	$	2,798,262	$	-	$	1,164,942		$	-		$	16,967,684
External Non-United States		1,037,412		783,316		672		-		6,232			-			1,827,632
Other segments		427,071		2,175,470		7,843		-		727			(2,611,111)			-
		13,067,622		4,360,127		2,806,777		-		1,171,901			(2,611,111)			18,795,316
Operating income (loss)		1,881,600		88,654		1,593,261		(23,773)		(394,577)	(1)		6,016			3,151,181
Income (loss) before income taxes		1,888,611		105,797		1,593,275		(23,600)		(349,626)			4,486	(2)		3,218,943
Depreciation and amortization		331,225		70,705		9,787		15		26,072			-			437,804
Capital expenditures		453,955		190,864		22,044		962,778		28,264			-			1,657,905
As of December 31, 2023
Assets	$	8,650,450	$	1,458,500	$	790,399	$	1,320,224	$	3,248,822	(3)	$	(559,975)	(4)	$	14,908,420

Note 13. Segment Information (Continued)

Footnotes related to the year ended December 31, 2023, segment results (in millions):
(1)	Corporate SG&A	$	(91.0)	(2)	Gross profit increase from intra-company sales	$	4.5
	Companywide equity-based compensation		(58.3)
	Profit sharing		(264.6)
	Other, net		19.3
		$	(394.6)
(3)	Cash and equivalents	$	1,199.7	(4)	Elimination of intra-company receivables	$	(68.0)
	Short-term and other investments		951.9		Elimination of intra-company debt		(476.9)
	Accounts receivable		50.1		Elimination of intra-company profit in inventory		(15.1)
	Inventories		81.2			$	(560.0)
	Property, plant and equipment, net		128.9
	Intra-company debt		476.9
	Investments in unconsolidated affiliates		234.8
	Other		125.3
		$	3,248.8

			Metals		Steel
For the year ended	Steel		Recycling		Fabrication		Aluminum
December 31, 2022	Operations		Operations		Operations		Operations		Other			Eliminations			Consolidated
Net sales - disaggregated revenue
External	$	13,783,666	$	1,545,379	$	4,245,803	$	-	$	1,276,923		$	-		$	20,851,771
External Non-United States		779,683		619,361		183		-		9,776			-			1,409,003
Other segments		537,647		2,230,928		11,221		-		1,281			(2,781,077)			-
		15,100,996		4,395,668		4,257,207		-		1,287,980			(2,781,077)			22,260,774
Operating income (loss)		3,092,689		116,497		2,424,655		(2,355)		(594,045)	(1)		54,381			5,091,822
Income (loss) before income taxes		3,057,446		117,034		2,417,752		(2,341)		(621,813)			52,991	(2)		5,021,069
Depreciation and amortization		295,468		53,934		9,727		44		25,029			-			384,202
Capital expenditures		613,678		68,690		17,519		185,082		23,933			-			908,902
As of December 31, 2022
Assets	$	8,616,142	$	1,320,871	$	1,349,138	$	186,254	$	2,813,020	(3)	$	(125,441)	(4)	$	14,159,984

Note 13. Segment Information (Continued)

Footnotes related to the year ended December 31, 2022, segment results (in millions):
(1)	Corporate SG&A	$	(77.8)	(2)	Gross profit increase from intra-company sales	$	53.0
	Companywide equity-based compensation		(67.3)
	Profit sharing		(444.4)
	Other, net		(4.5)
		$	(594.0)
(3)	Cash and equivalents	$	1,457.7	(4)	Elimination of intra-company receivables	$	(58.0)
	Short-term investments		628.2		Elimination of intra-company debt		(47.9)
	Accounts receivable		33.3		Elimination of intra-company profit in inventory		(19.5)
	Inventories		90.3			$	(125.4)
	Property, plant and equipment, net		189.9
	Intra-company debt		47.9
	Investments in unconsolidated affiliates		226.6
	Other		139.1
		$	2,813.0

			Metals		Steel
For the year ended	Steel		Recycling		Fabrication		Aluminum
December 31, 2021	Operations		Operations		Operations		Operations		Other			Eliminations			Consolidated
Net sales - disaggregated revenue
External	$	12,618,917	$	1,658,843	$	1,761,078	$	-		1,252,095		$	-		$	17,290,933
External Non-United States		580,225		524,629		569		-		12,494			-			1,117,917
Other segments		823,991		2,406,649		3,063		-		2,382			(3,236,085)			-
		14,023,133		4,590,121		1,764,710		-		1,266,971			(3,236,085)			18,408,850
Operating income (loss)		4,358,300		181,986		365,250		-		(549,537)	(1)		(54,894)			4,301,105
Income (loss) before income taxes		4,327,032		181,579		362,473		-		(605,753)			(56,261)	(2)		4,209,070
Depreciation and amortization		263,125		55,620		9,961		-		18,947			-			347,653
Capital expenditures		940,838		46,360		12,939		-		6,102			-			1,006,239

Footnotes related to the year ended December 31, 2021, segment results (in millions):
(1)	Corporate SG&A	$	(78.0)	(2)	Gross profit decrease from intra-company sales	$	(56.3)
	Companywide equity-based compensation		(78.8)
	Profit sharing		(379.3)
	Other, net		(13.4)
		$	(549.5)