United States Steel Corp., balance sheet: debt

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Short-term debt and current maturities of long-term debt	63)	28)	192)	14)	65)
Long-term debt, less unamortized discount and debt issuance costs, excluding current maturities	3,914)	3,863)	4,695)	3,627)	2,316)
Total debt (carrying amount)	3,977)	3,891)	4,887)	3,641)	2,381)

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Debt item	Description	The company
Total debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	United States Steel Corp. total debt decreased from 2020 to 2021 but then slightly increased from 2021 to 2022.

	Dec 31, 2022
Selected Financial Data (US$ in millions)
Debt, excludes finance lease obligations	3,815)
Finance lease obligations	276)
Total debt (fair value)	4,091)
Financial Ratio
Debt, fair value to carrying amount ratio	1.03

Weighted-average interest rate on debt: 6.12%

Interest rate	Debt amount¹	Interest rate × Debt amount
6.65%	274)	18)
6.63%	720)	48)
6.88%	475)	33)
5.00%	350)	18)
6.75%	924)	62)
4.75%	752)	36)
5.79%	123)	7)
Total	3,618)	221)
6.12%

¹ US$ in millions

² Weighted-average interest rate = 100 × 221 ÷ 3,618 = 6.12%

United States Steel Corp., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Interest expense	159)	313)	280)	142)	168)
Interest capitalized	59)	29)	26)	20)	7)
Interest incurred	218)	342)	306)	162)	175)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	United States Steel Corp. interest expense increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Interest capitalized	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	United States Steel Corp. interest capitalized increased from 2020 to 2021 and from 2021 to 2022.
Interest incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	United States Steel Corp. interest incurred increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to United States Steel Corporation	2,524)	4,174)	(1,165)	(630)	1,115)
Add: Net income attributable to noncontrolling interest	—)	—)	—)	—)	—)
Add: Income tax expense	735)	170)	(142)	178)	(303)
Add: Interest expense	159)	313)	280)	142)	168)
Earnings before interest and tax (EBIT)	3,418)	4,657)	(1,027)	(310)	980)

Interest incurred	218)	342)	306)	162)	175)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	21.50	14.88	-3.67	-2.18	5.83
Adjusted interest coverage ratio (with capitalized interest)²	15.68	13.62	-3.36	-1.91	5.60

2022 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 3,418 ÷ 159 = 21.50

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest incurred
= 3,418 ÷ 218 = 15.68

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	United States Steel Corp. adjusted interest coverage ratio improved from 2020 to 2021 and from 2021 to 2022.

United States Steel Corp. (NYSE:X)

Analysis of Debt