Stock Analysis on Net
Stock Analysis on Net

United States Steel Corp. (NYSE:X)

This company has been moved to the archive! The financial data has not been updated since July 28, 2023.

Common-Size Balance Sheet: Assets 
Quarterly Data

United States Steel Corp., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Cash and cash equivalents 15.17 14.52 18.01 16.86 15.28 14.91 14.16 11.79 8.26 5.13 16.46 14.46 18.33 10.92 6.45 4.36 5.77 6.06 9.11 12.72 12.24 13.68
Receivables, less allowance 8.36 8.44 7.63 9.31 12.23 11.79 11.05 13.13 11.83 10.33 7.58 8.49 7.00 8.77 8.24 10.84 12.58 13.35 13.07 13.84 14.22 13.44
Receivables from related parties 0.82 0.81 0.77 0.88 0.88 0.77 0.68 0.74 0.67 0.69 0.66 0.88 0.48 0.70 1.90 1.99 1.93 2.15 2.04 1.99 2.25 2.18
Receivables, less allowance 9.18% 9.25% 8.40% 10.20% 13.10% 12.56% 11.73% 13.86% 12.50% 11.02% 8.24% 9.37% 7.48% 9.48% 10.14% 12.82% 14.51% 15.50% 15.11% 15.83% 16.46% 15.62%
Inventories 12.51 13.00 12.12 13.82 15.18 13.85 12.40 12.03 11.90 11.91 11.63 11.92 13.02 16.78 15.38 18.97 19.18 19.13 19.05 18.45 18.37 18.19
Assets held for sale 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other current assets 1.73 1.85 1.89 1.47 1.93 2.27 1.86 1.53 1.44 0.87 0.42 0.43 0.41 0.72 0.88 0.87 0.81 0.82 0.72 0.96 0.77 0.68
Current assets 38.58% 38.63% 40.43% 42.35% 45.50% 43.59% 40.14% 39.23% 35.05% 28.93% 36.75% 36.18% 39.23% 37.89% 32.85% 37.02% 40.27% 41.52% 43.98% 47.95% 47.84% 48.17%
Long-term restricted cash 0.16 0.16 0.16 0.62 0.32 0.30 0.43 0.53 0.59 0.83 1.08 0.76 1.02 1.16 1.62 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating lease assets 0.64 0.69 0.75 0.77 0.82 0.91 1.04 1.14 1.19 1.43 1.77 1.92 1.88 1.99 1.98 2.19 2.10 2.10 0.00 0.00 0.00 0.00
Property, plant and equipment 110.62 111.60 109.07 102.40 99.91 103.85 110.44 114.69 122.84 135.54 146.81 148.98 137.59 138.53 147.11 153.20 146.88 145.36 145.77 148.53 152.89 152.58
Accumulated depreciation and depletion -64.15 -66.18 -65.42 -62.43 -62.43 -65.28 -69.72 -72.12 -76.98 -84.06 -101.67 -102.69 -94.49 -94.81 -100.19 -104.56 -100.53 -100.62 -101.47 -104.60 -109.14 -109.13
Property, plant and equipment, net 46.46% 45.42% 43.64% 39.97% 37.48% 38.58% 40.72% 42.58% 45.85% 51.49% 45.14% 46.29% 43.10% 43.72% 46.92% 48.64% 46.35% 44.74% 44.30% 43.93% 43.76% 43.46%
Investments and long-term receivables, less allowance 4.10 4.25 4.32 4.17 3.92 3.78 3.90 3.62 3.56 3.71 9.76 10.96 10.96 11.49 12.63 5.28 4.87 4.80 4.67 4.81 4.95 4.90
Intangibles, net 2.25 2.39 2.46 2.45 2.50 2.65 2.91 3.04 3.31 3.67 1.07 1.12 1.05 1.08 1.29 1.39 1.36 1.40 1.44 1.51 1.61 1.65
Deferred income tax benefits 0.00 0.04 0.05 0.00 0.01 0.12 0.18 0.27 0.27 0.10 0.18 0.18 0.15 0.04 0.16 4.21 3.83 3.83 4.05 0.53 0.56 0.56
Goodwill 4.53 4.71 4.73 4.61 4.63 4.79 5.16 5.24 5.65 6.19 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other noncurrent assets 3.29 3.72 3.47 5.07 4.81 5.29 5.52 4.36 4.51 3.66 4.20 2.60 2.60 2.62 2.54 1.26 1.21 1.62 1.56 1.27 1.28 1.27
Noncurrent assets 61.42% 61.37% 59.57% 57.65% 54.50% 56.41% 59.86% 60.77% 64.95% 71.07% 63.25% 63.82% 60.77% 62.11% 67.15% 62.98% 59.73% 58.48% 56.02% 52.05% 52.16% 51.83%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Cash and cash equivalents
Cash and cash equivalents as a percentage of total assets exhibited considerable fluctuations over the observed quarters. Starting at a high level above 13% in early 2018, it dipped to a low near 4% by late 2019, before rebounding to peak above 18% during mid-2020. Subsequently, the ratio stabilized between 14% and 18%, indicating a recovery and maintenance of liquidity on the balance sheet.
Receivables, less allowance
This category demonstrated a general declining trend from approximately 15.6% of total assets in early 2018 to a lower level near 9% by mid-2023. The reduction was particularly marked from 2018 through 2020, with some oscillations thereafter, suggesting tighter management of receivables or changes in sales and credit policies.
Receivables from related parties
Receivables from related parties remained relatively low and stable, consistently below 1% of total assets in the later periods, after starting higher in 2018 at about 2%. This decrease indicates a reduction in intercompany balances or related party transactions relative to total assets.
Inventories
Inventories as a share of total assets were fairly stable from 2018 to early 2019, around 18%-19%, but then declined through 2020 to roughly 11%-12%. From 2021 onwards, the percentage fluctuated between 12% and 15%, showing ongoing adjustment in inventory levels relative to the asset base.
Other current assets
Other current assets showed a gradual increase over the period, rising from below 1% in 2018 to around 1.7%-1.9% in recent years, reflecting either growth in miscellaneous current assets or changes in asset classification.
Current assets
The proportion of current assets relative to total assets declined significantly from about 48% in early 2018 to around 29% by early 2021. Thereafter, current assets increased again, reaching above 40% in 2021-2022, before again easing to just under 39% in 2023. This pattern indicates shifts in the asset structure, possibly due to changes in working capital management or asset reallocation.
Long-term restricted cash
Long-term restricted cash was recorded starting in late 2019 at low single digits (1.6% of total assets), then gradually reduced to near 0.16% by mid-2023, suggesting ongoing utilization or reclassification of this restricted cash over time.
Operating lease assets
Operating lease assets showed a gradual decline from around 2.1% of total assets in late 2018 to under 0.7% by mid-2023, reflecting decreasing lease obligations or a strategic shift away from leased assets.
Property, plant and equipment (PPE) and related accumulated depreciation
The gross property, plant, and equipment remained large but showed a downward trend from initial values above 150% (this appears as a percentage of total assets due to likely asset base measurement) down to levels near 110%-112% in 2023. Corresponding accumulated depreciation also declined in magnitude, improving net PPE from about 43% of total assets at the start to over 46% by mid-2023 after troughs in preceding years. This suggests ongoing capital investments combined with depreciation affecting net carrying values, with net PPE showing recovery in relative terms in recent periods.
Investments and long-term receivables, less allowance
This item rose sharply from below 5% in 2018 to a peak exceeding 12.5% in late 2019, before declining back near 3.5%-4.2% in 2023. The spike in 2019 could reflect one-time or temporary holdings, with subsequent reduction indicating divestments or reclassification back to other asset classes.
Intangibles, net
Intangible assets maintained a low but steady percentage near or below 1.5% through 2020, then increased to about 3.5% in early 2021 and subsequently declined gradually to approximately 2.2% by mid-2023, suggesting acquisition and then amortization or impairment events affecting intangible assets.
Deferred income tax benefits
Deferred income tax benefits experienced variability, increasing notably around 2018-2019 and then falling to near zero in later years. This volatility may reflect changes in deferred tax assets due to tax planning, valuation allowances, or adjustments in tax positions.
Goodwill
Goodwill was recorded from late 2020, quickly rising to over 6% of total assets, then declining slightly to stabilize around 4.5% in recent periods. This indicates acquisition activity followed by possible impairments or adjustments.
Other noncurrent assets
Other noncurrent assets increased from about 1.3% of total assets in 2018 to over 5% by 2021, followed by a reduction to around 3.3%-3.7% in 2023. This pattern suggests additions and subsequent partial dispositions or reclassifications of such assets.
Noncurrent assets
There is a clear rising trend in noncurrent assets from about 52% in early 2018 to over 71% by early 2021, then a decrease to roughly 61% in 2023. This reflects a shifting asset mix towards longer-term holdings, with partial reversion in recent years.
Total assets
Total assets are consistently accounted as 100%, serving as the reference point for all other relative percentages.