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Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Information

Schedule of operating segment results

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


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


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)