Name: United States Steel Corp. (NYSE:X) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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United States Steel Corp., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Cash and cash equivalents	3,504)	2,522)	1,985)	749)	1,000)
Receivables, less allowance	1,485)	1,968)	914)	956)	1,435)
Receivables from related parties	150)	121)	80)	221)	224)
Receivables, less allowance	1,635)	2,089)	994)	1,177)	1,659)
Inventories	2,359)	2,210)	1,402)	1,785)	2,092)
Other current assets	368)	331)	51)	102)	79)
Current assets	7,866)	7,152)	4,432)	3,813)	4,830)
Long-term restricted cash	31)	76)	130)	188)	37)
Equity method investments	810)	660)	1,140)	1,272)	485)
Receivables due after one year, less allowance	22)	31)	34)	191)	24)
Other	8)	3)	3)	3)	4)
Investments and long-term receivables, less allowance	840)	694)	1,177)	1,466)	513)
Operating lease assets	146)	185)	214)	230)	—)
Property, plant and equipment, net	8,492)	7,254)	5,444)	5,447)	4,865)
Intangibles, net	478)	519)	129)	150)	158)
Deferred income tax benefits	10)	32)	22)	19)	445)
Goodwill	920)	920)	4)	—)	—)
Other noncurrent assets	675)	984)	507)	295)	134)
Noncurrent assets	11,592)	10,664)	7,627)	7,795)	6,152)
Total assets	19,458)	17,816)	12,059)	11,608)	10,982)

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).

Total assets experienced substantial growth over the five-year period, increasing from 10,982 million US dollars in 2018 to 19,458 million US dollars by the end of 2022. This trajectory was characterized by a moderate increase between 2018 and 2020, followed by a significant acceleration in asset accumulation during 2021 and 2022.

Liquidity and Current Asset Trends: Current assets expanded from 4,830 million US dollars in 2018 to 7,866 million US dollars in 2022. A primary driver of this growth was the significant increase in cash and cash equivalents, which rose from 1,000 million US dollars in 2018 to 3,504 million US dollars in 2022, reflecting a strengthened liquidity position. Inventories showed a general upward trend, ending the period at 2,359 million US dollars, despite a temporary dip in 2020. Receivables fluctuated throughout the period, peaking in 2021 at 2,089 million US dollars before normalizing to 1,635 million US dollars in 2022.
Fixed Asset Expansion and Capital Investment: Noncurrent assets nearly doubled, growing from 6,152 million US dollars in 2018 to 11,592 million US dollars in 2022. This was largely driven by a marked increase in net property, plant, and equipment, which climbed from 4,865 million US dollars to 8,492 million US dollars. The most aggressive expansion in fixed assets occurred between 2020 and 2022, suggesting a period of heavy capital expenditure and infrastructure investment.
Strategic Asset Shifts and Intangibles: A notable shift in the balance sheet occurred in 2021 with the introduction of 920 million US dollars in goodwill and a sharp increase in net intangibles to 519 million US dollars, compared to 129 million US dollars in 2020. This pattern indicates a significant acquisition or business combination during that fiscal year. Conversely, deferred income tax benefits saw a precipitous decline from 445 million US dollars in 2018 to 10 million US dollars in 2022.
Investment and Other Asset Movements: Investments and long-term receivables exhibited volatility, peaking in 2019 at 1,466 million US dollars before declining to 840 million US dollars in 2022. Within this category, equity method investments peaked in 2019 at 1,272 million US dollars and subsequently contracted to 810 million US dollars by 2022. Other noncurrent assets showed a steady increase from 2018 through 2021, before decreasing slightly in 2022.

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