Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Accounts payable and other accrued liabilities	2,873)	2,809)	1,779)	1,970)	2,454)
Accounts payable to related parties	143)	99)	105)	84)	81)
Accounts payable and other accrued liabilities	3,016)	2,908)	1,884)	2,054)	2,535)
Payroll and benefits payable	493)	425)	308)	336)	440)
Accrued taxes	271)	365)	154)	116)	118)
Accrued interest	67)	68)	59)	45)	39)
Current operating lease liabilities	49)	58)	59)	60)	—)
Short-term debt and current maturities of long-term debt	63)	28)	192)	14)	65)
Current liabilities	3,959)	3,852)	2,656)	2,625)	3,197)
Noncurrent operating lease liabilities	105)	136)	163)	177)	—)
Long-term debt, less unamortized discount and debt issuance costs, excluding current maturities	3,914)	3,863)	4,695)	3,627)	2,316)
Employee benefits	209)	235)	322)	532)	980)
Deferred income tax liabilities	456)	122)	11)	4)	14)
Deferred credits and other noncurrent liabilities	504)	505)	333)	550)	272)
Noncurrent liabilities	5,188)	4,861)	5,524)	4,890)	3,582)
Total liabilities	9,147)	8,713)	8,180)	7,515)	6,779)
Common stock issued, par value $1 per share	283)	280)	229)	179)	177)
Treasury stock, at cost	(1,204)	(334)	(175)	(173)	(78)
Additional paid-in capital	5,194)	5,199)	4,402)	4,020)	3,917)
Retained earnings (accumulated deficit)	6,030)	3,534)	(623)	544)	1,212)
Accumulated other comprehensive income (loss)	(85)	331)	(47)	(478)	(1,026)
Total United States Steel Corporation stockholders’ equity	10,218)	9,010)	3,786)	4,092)	4,202)
Noncontrolling interests	93)	93)	93)	1)	1)
Stockholders’ equity	10,311)	9,103)	3,879)	4,093)	4,203)
Total liabilities and stockholders’ equity	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).

The financial data reveals several noteworthy trends related to liabilities and equity over the five-year period.

Current Liabilities: Current liabilities demonstrate a fluctuating pattern with an initial decline from US$3,197 million in 2018 to US$2,625 million in 2019, followed by a slight increase to US$2,656 million in 2020. A significant rise occurs thereafter, reaching US$3,852 million in 2021 and US$3,959 million in 2022. This increase primarily stems from growth in accounts payable and other accrued liabilities, which rose from US$2,535 million in 2018 to US$3,016 million in 2022, and payroll and benefits payable, which grew from US$440 million to US$493 million over the same period.
Noncurrent Liabilities: Noncurrent liabilities increased from US$3,582 million in 2018 to US$5,524 million in 2020, followed by a decrease to US$4,861 million in 2021 before rising again to US$5,188 million in 2022. The long-term debt component fluctuated, peaking at US$4,695 million in 2020 before declining and stabilizing around US$3,914 million in 2022. Deferred income tax liabilities surged notably from US$14 million in 2018 to US$456 million in 2022, indicating rising deferred tax obligations.
Total Liabilities: There is a consistent upward trend in total liabilities, increasing from US$6,779 million in 2018 to US$9,147 million in 2022. This overall increase aligns with the rise in both current and noncurrent liability components.
Stockholders’ Equity: Stockholders’ equity experienced volatility, decreasing from US$4,203 million in 2018 to US$3,879 million in 2020, followed by a substantial recovery and growth to US$10,311 million in 2022. This rebound is principally driven by significant improvement in retained earnings, which moved from a deficit of US$623 million in 2020 to a surplus of US$6,030 million by 2022. Additional paid-in capital also increased steadily, enhancing the equity base.
Treasury Stock: There is a marked increase in treasury stock from a negative balance of US$78 million in 2018 to US$1,204 million in 2022. The negative value indicates a repurchase of the company’s own shares, with a greater amount reacquired in the latter years.
Comprehensive Income: Accumulated other comprehensive income (loss) showed improvement from a significant loss position of US$1,026 million in 2018 to a near-neutral position in 2020 and a positive US$331 million in 2021 before declining again to a loss of US$85 million in 2022.
Overall Financial Position: The combined growth in liabilities and equity results in a total increase in the company’s capital structure from US$10,982 million in 2018 to US$19,458 million in 2022. The trends suggest increased leveraging alongside a strengthened equity position, supported by improved retained earnings and capital inflows. Attention should be given to the volatility in deferred income tax liabilities and treasury stock purchases, as these have impacted the financial structure substantially.

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United States Steel Corp. (NYSE:X)

Balance Sheet: Liabilities and Stockholders’ Equity