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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).

The asset composition of the balance sheet reflects significant shifts in liquidity and capital allocation between March 2018 and June 2023. The overall structure shows a transition from a higher concentration of current assets toward a more diversified noncurrent asset base, punctuated by a sharp liquidity increase during the 2020 period and a structural change in the asset profile starting in 2021.

Liquidity and Working Capital
Cash and cash equivalents exhibited substantial volatility, starting at 13.68% in early 2018, declining to a low of 4.36% by September 2019, and peaking at 18.33% in June 2020. This peak suggests a strategic move to bolster liquidity during the global economic instability of 2020. Subsequent quarters show a stabilization of cash holdings between 14% and 18%.
Inventories experienced a notable contraction, moving from a range of 18% to 19% in 2018 and early 2019 down to approximately 11% to 13% between 2020 and 2021. By June 2023, inventories stabilized at 12.51%, indicating a leaner approach to inventory management compared to the 2018 baseline.
Total current assets showed a general downward trend from an initial 48.17% in March 2018 to a low of 28.93% in March 2021, before recovering to 38.58% by June 2023.
Fixed Asset Management
Property, plant and equipment, net, remained a primary component of the asset base, generally fluctuating between 37% and 51%. A period of relative decline occurred between March 2021 (51.49%) and June 2022 (37.48%), followed by a steady increase back to 46.46% by June 2023. This pattern suggests a cycle of depreciation followed by renewed capital investment.
Accumulated depreciation and depletion as a percentage of total assets decreased significantly from over 109% in 2018 to 64.15% in June 2023, which corresponds with the changes in the gross value of fixed assets and the net book value trends.
Intangibles and Long-term Assets
A structural shift is observed in the first quarter of 2021 with the introduction of goodwill, which rose from 0.03% in March 2021 to 6.19% in June 2021, eventually settling around 4.53% by June 2023. This indicates an acquisition or a significant business combination during that period.
Investments and long-term receivables saw a spike to 12.63% in December 2019 before reverting to a lower range of 3.5% to 4.3% from 2021 through 2023, suggesting a temporary reallocation of funds or a specific long-term financial arrangement that was subsequently resolved.
Overall Asset Distribution
The balance between current and noncurrent assets shifted over the analyzed period. Noncurrent assets grew from 51.83% in March 2018 to a peak of 71.07% in March 2021. By June 2023, the distribution settled at 61.42% for noncurrent assets and 38.58% for current assets, reflecting a more permanent increase in the proportion of long-term investments and fixed assets relative to the 2018 starting position.

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