Name: United States Steel Corp. (NYSE:X) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

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.

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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 balance sheet reflects a period of significant expansion in total assets and equity, alongside a steady increase in total liabilities from 2018 to 2022. Total liabilities and stockholders' equity grew from 10,982 million US dollars to 19,458 million US dollars over the five-year period, indicating a substantial increase in the company's total capital structure.

Liability Structure and Debt Management: Total liabilities exhibited a consistent upward trend, rising from 6,779 million US dollars in 2018 to 9,147 million US dollars in 2022. Long-term debt, excluding current maturities, peaked in 2020 at 4,695 million US dollars before decreasing and stabilizing around 3,914 million US dollars by 2022. Current liabilities also increased over the period, driven largely by a rise in accounts payable and other accrued liabilities, which climbed from 2,535 million US dollars in 2018 to 3,016 million US dollars in 2022.
Equity Growth and Retained Earnings: Stockholders' equity experienced a dramatic increase, particularly after 2020. Total stockholders' equity rose from 3,786 million US dollars in 2020 to 10,311 million US dollars in 2022. This growth was primarily driven by a sharp reversal in retained earnings, which moved from an accumulated deficit of 623 million US dollars in 2020 to a substantial surplus of 6,030 million US dollars by the end of 2022, signaling strong profitability in the latter years of the period.
Capital Allocation and Share Repurchases: A significant increase in treasury stock is observed, with the cost increasing from 78 million US dollars in 2018 to 1,204 million US dollars in 2022. This trend indicates an aggressive strategy of share buybacks, effectively reducing the number of outstanding shares and returning capital to shareholders despite the overall increase in equity.
Long-term Obligations and Tax Liabilities: Noncurrent employee benefit obligations showed a consistent downward trend, decreasing from 980 million US dollars in 2018 to 209 million US dollars in 2022, reducing the company's long-term pension and benefit risk. Conversely, deferred income tax liabilities saw a sharp increase in 2021 and 2022, reaching 456 million US dollars, which may reflect timing differences between accounting and tax treatments of profits.

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