Name: United States Steel Corp. (NYSE:X) | Statement of Comprehensive Income
Creator: Stock Analysis on Net

Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

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United States Steel Corp., consolidated statement of comprehensive income

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net earnings (loss)	2,524)	4,174)	(1,165)	(630)	1,115)
Changes in foreign currency translation adjustments	(91)	(78)	68)	(22)	(60)
Changes in pension and other employee benefit accounts	(297)	433)	385)	573)	(107)
Changes in derivative financial instruments	(28)	23)	(22)	(3)	(14)
Other comprehensive income (loss), net of tax	(416)	378)	431)	548)	(181)
Comprehensive income (loss) including noncontrolling interest	2,108)	4,552)	(734)	(82)	934)
Comprehensive (income) loss attributable to noncontrolling interest	—)	—)	—)	—)	—)
Comprehensive income (loss) attributable to United States Steel Corporation	2,108)	4,552)	(734)	(82)	934)

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 performance of the organization between 2018 and 2022 was characterized by significant volatility in both net earnings and comprehensive income. A period of substantial losses occurred between 2019 and 2020, followed by a sharp recovery in 2021 and a subsequent moderate decline in 2022.

Net Earnings Performance: A cyclical pattern is observed in net earnings, moving from a profit of 1,115 million USD in 2018 to successive losses of 630 million USD in 2019 and 1,165 million USD in 2020. This downward trend reversed sharply in 2021, with net earnings reaching a peak of 4,174 million USD. By 2022, earnings remained positive but declined to 2,524 million USD.
Other Comprehensive Income (OCI) Dynamics: OCI components displayed inconsistent trends, often offsetting or amplifying net earnings. Changes in pension and other employee benefit accounts served as a significant positive driver from 2019 to 2021, providing gains that peaked at 573 million USD in 2019. However, this trend reversed in 2022 with a loss of 297 million USD. Foreign currency translation adjustments remained predominantly negative throughout the period, with the exception of a 68 million USD gain in 2020. Derivative financial instruments had a marginal impact relative to other items, remaining largely negative except for 2021.
Comprehensive Income Trends: Total comprehensive income attributable to the corporation mirrors the volatility of net earnings but is moderated by OCI. Comprehensive income dropped from 934 million USD in 2018 to a low of -734 million USD in 2020. A substantial peak was reached in 2021 at 4,552 million USD, driven by the combined effect of record net earnings and positive pension adjustments. The figure adjusted to 2,108 million USD in 2022, reflecting both the decrease in net earnings and the shift to negative OCI.

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