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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: Liabilities and Stockholders’ Equity

United States Steel Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Accounts payable and other accrued liabilities 14.77 15.77 14.75 16.97 22.35
Accounts payable to related parties 0.73 0.56 0.87 0.72 0.74
Accounts payable and other accrued liabilities 15.50% 16.32% 15.62% 17.69% 23.08%
Payroll and benefits payable 2.53 2.39 2.55 2.89 4.01
Accrued taxes 1.39 2.05 1.28 1.00 1.07
Accrued interest 0.34 0.38 0.49 0.39 0.36
Current operating lease liabilities 0.25 0.33 0.49 0.52 0.00
Short-term debt and current maturities of long-term debt 0.32 0.16 1.59 0.12 0.59
Current liabilities 20.35% 21.62% 22.03% 22.61% 29.11%
Noncurrent operating lease liabilities 0.54 0.76 1.35 1.52 0.00
Long-term debt, less unamortized discount and debt issuance costs, excluding current maturities 20.12 21.68 38.93 31.25 21.09
Employee benefits 1.07 1.32 2.67 4.58 8.92
Deferred income tax liabilities 2.34 0.68 0.09 0.03 0.13
Deferred credits and other noncurrent liabilities 2.59 2.83 2.76 4.74 2.48
Noncurrent liabilities 26.66% 27.28% 45.81% 42.13% 32.62%
Total liabilities 47.01% 48.91% 67.83% 64.74% 61.73%
Common stock issued, par value $1 per share 1.45 1.57 1.90 1.54 1.61
Treasury stock, at cost -6.19 -1.87 -1.45 -1.49 -0.71
Additional paid-in capital 26.69 29.18 36.50 34.63 35.67
Retained earnings (accumulated deficit) 30.99 19.84 -5.17 4.69 11.04
Accumulated other comprehensive income (loss) -0.44 1.86 -0.39 -4.12 -9.34
Total United States Steel Corporation stockholders’ equity 52.51% 50.57% 31.40% 35.25% 38.26%
Noncontrolling interests 0.48 0.52 0.77 0.01 0.01
Stockholders’ equity 52.99% 51.09% 32.17% 35.26% 38.27%
Total liabilities and stockholders’ equity 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 capital structure of the organization underwent a significant transformation between 2018 and 2022, characterized by an initial increase in leverage followed by a substantial deleveraging process and a strengthened equity position. Total liabilities peaked in 2020 at 67.83% of total liabilities and stockholders’ equity before declining sharply to 47.01% by the end of 2022.

Debt and Long-Term Obligations
A notable volatility is observed in long-term debt, which rose from 21.09% in 2018 to a peak of 38.93% in 2020. This trend reversed abruptly in 2021, returning to 21.68% and further decreasing to 20.12% in 2022, indicating a concerted effort to reduce long-term borrowing. Additionally, noncurrent employee benefit obligations showed a consistent and steep decline, falling from 8.92% in 2018 to 1.07% in 2022, contributing to the overall reduction in noncurrent liabilities.
Current Liabilities and Liquidity Trends
Current liabilities exhibited a steady downward trend, decreasing from 29.11% in 2018 to 20.35% in 2022. This reduction was primarily driven by a decline in accounts payable and other accrued liabilities, which dropped from 23.08% to 15.50% over the same period. Short-term debt remained relatively low and stable, with a minor spike in 2020 before returning to negligible levels.
Stockholders' Equity and Retained Earnings
The equity position demonstrated a marked recovery and expansion. Total stockholders’ equity decreased from 38.27% in 2018 to a low of 32.17% in 2020, before surging to 52.99% by 2022. This shift is most evident in retained earnings, which swung from 11.04% in 2018 to a deficit of -5.17% in 2020, only to rebound strongly to 30.99% in 2022. This suggests a period of significant losses or distributions followed by a phase of high profitability.
Capital Allocation and Treasury Stock
An increase in the proportion of treasury stock is observed, moving from -0.71% in 2018 to -6.19% in 2022. This indicates a growing commitment to share repurchases over the five-year period, which offsets a portion of the increase in total equity.

Overall, the financial trajectory indicates a shift from a high-leverage state in 2020 toward a more conservative and equity-funded balance sheet by 2022, underpinned by a significant accumulation of retained earnings and a reduction in both long-term debt and pension-related obligations.

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