Name: United States Steel Corp. (NYSE:X) | Common-Size Assets
Creator: Stock Analysis on Net

Common-Size Balance Sheet: Assets

United States Steel Corp., common-size consolidated balance sheet: assets

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Cash and cash equivalents	18.01%	14.16%	16.46%	6.45%	9.11%
Receivables, less allowance	7.63%	11.05%	7.58%	8.24%	13.07%
Receivables from related parties	0.77%	0.68%	0.66%	1.90%	2.04%
Receivables, less allowance	8.40%	11.73%	8.24%	10.14%	15.11%
Inventories	12.12%	12.40%	11.63%	15.38%	19.05%
Other current assets	1.89%	1.86%	0.42%	0.88%	0.72%
Current assets	40.43%	40.14%	36.75%	32.85%	43.98%
Long-term restricted cash	0.16%	0.43%	1.08%	1.62%	0.34%
Equity method investments	4.16%	3.70%	9.45%	10.96%	4.42%
Receivables due after one year, less allowance	0.11%	0.17%	0.28%	1.65%	0.22%
Other	0.04%	0.02%	0.02%	0.03%	0.04%
Investments and long-term receivables, less allowance	4.32%	3.90%	9.76%	12.63%	4.67%
Operating lease assets	0.75%	1.04%	1.77%	1.98%	0.00%
Property, plant and equipment, net	43.64%	40.72%	45.14%	46.92%	44.30%
Intangibles, net	2.46%	2.91%	1.07%	1.29%	1.44%
Deferred income tax benefits	0.05%	0.18%	0.18%	0.16%	4.05%
Goodwill	4.73%	5.16%	0.03%	0.00%	0.00%
Other noncurrent assets	3.47%	5.52%	4.20%	2.54%	1.22%
Noncurrent assets	59.57%	59.86%	63.25%	67.15%	56.02%
Total assets	100.00%	100.00%	100.00%	100.00%	100.00%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

The asset composition of the organization reflects a strategic shift toward increased liquidity and a modification of noncurrent asset holdings between 2018 and 2022. While the company remains heavily capital-intensive, there is a observable trend of reducing inventory reliance in favor of cash reserves.

Liquidity and Current Asset Trends: Cash and cash equivalents have experienced significant growth, rising from 9.11% of total assets in 2018 to 18.01% by 2022. This increase is most pronounced following 2019, suggesting a deliberate move to strengthen the liquidity position. Conversely, inventories have shown a consistent downward trend, decreasing from 19.05% in 2018 to 12.12% in 2022, indicating improved inventory management or a shift in operational strategy. Total current assets fluctuated during the period, dropping to 32.85% in 2019 before recovering to 40.43% by 2022.
Fixed and Long-term Asset Analysis: Property, plant, and equipment (PP&E) continue to represent the largest portion of the asset base, maintaining a relatively stable range between 40.72% and 46.92%. This confirms the capital-intensive nature of the operations. A notable change is observed in the emergence of goodwill, which was nonexistent in 2018 but rose to 5.16% in 2021 and settled at 4.73% in 2022, signaling acquisition activity during this timeframe.
Investment and Other Noncurrent Assets: Equity method investments exhibited high volatility, peaking at 10.96% in 2019 before declining to 4.16% by 2022. Similarly, deferred income tax benefits saw a sharp decline from 4.05% in 2018 to a negligible 0.05% in 2022. Noncurrent assets as a whole remained substantial, moving from 56.02% in 2018 to 59.57% in 2022, though the internal composition of these assets shifted from tax benefits and investments toward goodwill and other noncurrent assets.
Receivables Dynamics: Total receivables, including those from related parties, have decreased from 15.11% of total assets in 2018 to 8.40% in 2022. This reduction suggests a more efficient collection process or a change in credit terms extended to customers, contributing to the overall increase in the cash position.

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