Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

United States Steel Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net sales	19,123)	18,964)	8,765)	11,506)	12,758)
Net sales to related parties	1,942)	1,311)	976)	1,431)	1,420)
Net sales	21,065)	20,275)	9,741)	12,937)	14,178)
Cost of sales	(16,777)	(14,533)	(9,558)	(12,082)	(12,305)
Gross profit	4,288)	5,742)	183)	855)	1,873)
Selling, general and administrative expenses	(422)	(426)	(274)	(289)	(336)
Depreciation, depletion and amortization	(791)	(791)	(643)	(616)	(521)
Earnings (loss) from investees	243)	170)	(117)	79)	61)
Gain on sale of Transtar	—)	506)	—)	—)	—)
Asset impairment charges	(163)	(273)	(263)	—)	—)
Restructuring and other charges	(48)	(128)	(138)	(275)	—)
Gain on equity investee transactions	6)	111)	31)	—)	38)
Net gains on sale of assets	12)	7)	149)	1)	6)
Other gains (losses), net	35)	28)	(3)	15)	3)
Earnings (loss) before interest and income taxes	3,160)	4,946)	(1,075)	(230)	1,124)
Interest expense	(159)	(313)	(280)	(142)	(168)
Interest income	44)	4)	7)	17)	23)
Loss on debt extinguishment	—)	(292)	—)	—)	(98)
Foreign currency net gain (loss)	(11)	(17)	15)	17)	19)
Amended Credit Agreement	(5)	(6)	(3)	(5)	(5)
USSK Credit Facility	(3)	(4)	(2)	(1)	(3)
Other	(4)	(5)	21)	(10)	(3)
Financial costs	(12)	(15)	16)	(16)	(11)
Amortization of discounts and deferred financing costs	(9)	(14)	(15)	(7)	(8)
Other financial benefits (costs)	(32)	(46)	16)	(6)	—)
Net periodic benefit income (costs), other than service cost	246)	45)	25)	(91)	(69)
Net interest and other financial benefits (costs)	99)	(602)	(232)	(222)	(312)
Earnings (loss) before income taxes	3,259)	4,344)	(1,307)	(452)	812)
Income tax (expense) benefit	(735)	(170)	142)	(178)	303)
Net earnings (loss)	2,524)	4,174)	(1,165)	(630)	1,115)
Net earnings attributable to noncontrolling interests	—)	—)	—)	—)	—)
Net earnings (loss) attributable to United States Steel Corporation	2,524)	4,174)	(1,165)	(630)	1,115)

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).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	United States Steel Corp. net sales increased from 2020 to 2021 and from 2021 to 2022.
Earnings (loss) before interest and income taxes	The net result for the period of deducting operating expenses from operating revenues.	United States Steel Corp. earnings (loss) before interest and income taxes increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.
Earnings (loss) before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	United States Steel Corp. earnings (loss) before income taxes increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.
Net earnings (loss) attributable to United States Steel Corporation	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	United States Steel Corp. net earnings (loss) attributable to United States Steel Corporation increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

United States Steel Corp. (NYSE:X)

Income Statement