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	(In Millions)
	Three Months Ended March 31,
	2021		2020
OPERATING ACTIVITIES
Net income (loss)	$	57	$	(49)
Adjustments to reconcile net income (loss) to net cash used by operating activities:
Depreciation, depletion and amortization	217		35
Amortization of inventory step-up	81		23
Changes in deferred revenue	(3)		(48)
Deferred income taxes	10		(48)
Loss (gain) on extinguishment of debt	66		(3)
Other	(2)		51
Changes in operating assets and liabilities, net of business combination:
Receivables and other assets	(480)		254
Inventories	(172)		(267)
Pension and OPEB payments and contributions	(175)		(13)
Payables, accrued expenses and other liabilities	22		(99)
Net cash used by operating activities	(379)		(164)
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(136)		(138)
Acquisition of AK Steel, net of cash acquired	—		(869)
Other investing activities	1		—
Net cash used by investing activities	(135)		(1,007)
FINANCING ACTIVITIES
Proceeds from issuance of common shares	322		—
Proceeds from issuance of debt	1,000		716
Debt issuance costs	(16)		(44)
Repayments of debt	(902)		(430)
Borrowings under credit facilities	1,158		800
Repayments under credit facilities	(1,010)		—
Other financing activities	(40)		(37)
Net cash provided by financing activities	512		1,005
Net decrease in cash and cash equivalents	(2)		(166)
Cash and cash equivalents at beginning of period	112		353
Cash and cash equivalents at end of period	$	110	$	187

In addition to the consolidated financial statements presented in accordance with U.S. GAAP, the Company has presented EBITDA and adjusted EBITDA on a consolidated basis. EBITDA and adjusted EBITDA are non-GAAP financial measures that management uses in evaluating operating performance. The presentation of these measures is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with U.S. GAAP. The presentation of these measures may be different from non-GAAP financial measures used by other companies. A reconciliation of these consolidated measures to their most directly comparable GAAP measures is provided in the table below.


		(In Millions)
	Three Months Ended March 31,
		2021		2020
Net income (loss)		$	57	$	(49)
Less:
Interest expense, net		(92)		(31)
Income tax benefit (expense)		(9)		51
Depreciation, depletion and amortization		(217)		(35)
Total EBITDA		$	375	$	(34)
Less:
EBITDA of noncontrolling interests1		$	22	$	4
Gain (loss) on extinguishment of debt		(66)		3
Severance costs		(11)		(19)
Acquisition-related costs excluding severance costs		(2)		(23)
Amortization of inventory step-up		(81)		(23)
Impact of discontinued operations		—		1
Total Adjusted EBITDA		$	513	$	23

1 EBITDA of noncontrolling interests includes $16 million and $3 million for income and $6 million and $1 million for depreciation, depletion and amortization for the three months ended March 31, 2021 and 2020, respectively.

We are unable to reconcile, without unreasonable effort, our expected adjusted EBITDA to its most directly comparable GAAP financial measure, net income, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of items impacting comparability. This includes the finalization of the preliminary allocation of consideration related to the ArcelorMittal USA acquisition to the net tangible and intangible assets acquired and liabilities assumed and associated tax impacts. For the same reasons, we are unable to address the significance of the unavailable information.