Stock Analysis on Net
Stock Analysis on Net

United States Steel Corp. (NYSE:X)

$22.49

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
Quarterly Data

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United States Steel Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable and other accrued liabilities
Accounts payable to related parties
Accounts payable and other accrued liabilities
Payroll and benefits payable
Accrued taxes
Accrued interest
Current operating lease liabilities
Short-term debt and current maturities of long-term debt
Liabilities held for sale
Current liabilities
Noncurrent operating lease liabilities
Long-term debt, less unamortized discount and debt issuance costs, excluding current maturities
Employee benefits
Deferred income tax liabilities
Deferred credits and other noncurrent liabilities
Noncurrent liabilities
Total liabilities
Common stock issued
Treasury stock, at cost
Additional paid-in capital
Retained earnings (accumulated deficit)
Accumulated other comprehensive income (loss)
Total United States Steel Corporation stockholders’ equity
Noncontrolling interests
Stockholders’ equity
Total liabilities and stockholders’ equity

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).

Current Liabilities Trends
Current liabilities, measured as a percentage of total liabilities and stockholders’ equity, demonstrated a downward trend from early 2018 through mid-2020, declining from approximately 29.5% to a low near 17%. This was followed by a partial rebound toward the end of 2021 and stabilization around the 20% level into mid-2023. Within this category, accounts payable and other accrued liabilities followed a similar pattern, notably declining sharply in 2020 with some recovery thereafter. Payroll and benefits payable showed minor fluctuations but remained relatively stable around 2% to 4% overall.
Noncurrent Liabilities and Debt Composition
Noncurrent liabilities exhibited an increasing share from 2018 through mid-2020, rising from about 36% to above 53%, before decreasing significantly in the subsequent periods to stabilize near 26%-27%. This shift suggests a change in long-term obligations during the period. Long-term debt components increased notably reaching a peak during 2020, with the highest proportion recorded near 44%, followed by a decline to nearly 20% by mid-2023. Short-term debt and current maturities of long-term debt showed volatility but remained a minor portion compared to long-term debt.
Operating Lease Liabilities
Both current and noncurrent operating lease liabilities emerged in 2019 and showed a downward trend afterwards. Current operating lease liabilities started at around 0.5% in early 2019 and decreased steadily to near 0.24% by mid-2023. Similarly, noncurrent operating lease liabilities experienced a decline from roughly 1.7% to below 0.5% over the same period, indicating a reduction in leased obligations or shifts in lease accounting or contractual arrangements.
Employee Benefits and Accrued Items
Employee benefits as a percentage of total obligations dropped markedly from around 7% in early 2018 to below 1% in 2023, indicating either improved funding, reduced liabilities, or changes in accounting treatment. Accrued taxes showed a modest increase from circa 1% to peak near 2.6% during 2022 before stabilizing slightly above 1.3%. Accrued interest remained relatively low and stable throughout, generally fluctuating between 0.2% and 0.6%.
Stockholders’ Equity Evolution
The proportion of total stockholders’ equity exhibited significant variability, declining noticeably during 2020 to a minimum near 28%, followed by a strong recovery to above 53% by mid-2023. Retained earnings contributed substantially to this recovery, increasing from negative or low positive values in 2020 to over 32% by mid-2023. Additional paid-in capital decreased gradually across the entire period. Treasury stock expanded negatively, indicating increased repurchases or reductions in outstanding shares. Accumulated other comprehensive income fluctuated, peaking slightly positive around 2021 before turning marginally negative again by 2023.
Total Liabilities and Equity Structure
The company’s capital structure showed a shifting balance between liabilities and equity over the period. Total liabilities peaked around 70% during 2020 but subsequently decreased steadily to about 47% by mid-2023. Correspondingly, equity increased as a share of total capitalization in the latter years. This transition represents a deleveraging phase or an increase in net worth relative to liabilities following a period of higher leverage during the early 2020 timeframe.
Summary of Key Observations
Overall, the data reflects significant financial recalibration between 2018 and 2023. The company saw a pronounced increase in liabilities, particularly long-term debt, culminating around 2020, coinciding with declines in equity. Post-2020, a trend toward improving equity positions and lowering liabilities is apparent, suggesting enhanced financial health or strategic deleveraging. The reduction in employee benefits liabilities and leases, coupled with increased retained earnings, further underscore these changes. Some accrued liabilities and taxes exhibited growth patterns, warranting continued monitoring for potential impacts on liquidity or expenses.