Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

United States Steel Corp., balance sheet: goodwill and intangible assets

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Goodwill	920)	920)	4)	—)	—)
Customer relationships	413)	413)	77)	132)	132)
Patents	17)	17)	15)	22)	22)
Energy Contract	54)	54)	54)	—)	—)
Other	—)	—)	9)	14)	14)
Amortizable intangible assets, gross carrying amount	484)	484)	155)	168)	168)
Accumulated amortization	(81)	(40)	(101)	(93)	(85)
Amortizable intangible assets, net amount	403)	444)	54)	75)	83)
Water rights	75)	75)	75)	75)	75)
Indefinite lives intangible assets	75)	75)	75)	75)	75)
Intangible assets	478)	519)	129)	150)	158)
Goodwill and intangible assets	1,398)	1,439)	133)	150)	158)

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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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
Intangible assets	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	United States Steel Corp. intangible assets increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.
Goodwill and intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	United States Steel Corp. goodwill and intangible assets increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

United States Steel Corp., adjustments to financial statements

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Adjustment to Total Assets
Total assets (as reported)	19,458)	17,816)	12,059)	11,608)	10,982)
Less: Goodwill	920)	920)	4)	—)	—)
Total assets (adjusted)	18,538)	16,896)	12,055)	11,608)	10,982)
Adjustment to Total United States Steel Corporation Stockholders’ Equity
Total United States Steel Corporation stockholders’ equity (as reported)	10,218)	9,010)	3,786)	4,092)	4,202)
Less: Goodwill	920)	920)	4)	—)	—)
Total United States Steel Corporation stockholders’ equity (adjusted)	9,298)	8,090)	3,782)	4,092)	4,202)

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).

United States Steel Corp., Financial Data: Reported vs. Adjusted

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United States Steel Corp., adjusted financial ratios

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Total Asset Turnover
Reported total asset turnover	1.08	1.14	0.81	1.11	1.29
Adjusted total asset turnover	1.14	1.20	0.81	1.11	1.29
Financial Leverage
Reported financial leverage	1.90	1.98	3.19	2.84	2.61
Adjusted financial leverage	1.99	2.09	3.19	2.84	2.61
Return on Equity (ROE)
Reported ROE	24.70%	46.33%	-30.77%	-15.40%	26.53%
Adjusted ROE	27.15%	51.59%	-30.80%	-15.40%	26.53%
Return on Assets (ROA)
Reported ROA	12.97%	23.43%	-9.66%	-5.43%	10.15%
Adjusted ROA	13.62%	24.70%	-9.66%	-5.43%	10.15%

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).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	United States Steel Corp. adjusted total asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	United States Steel Corp. adjusted financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	United States Steel Corp. adjusted ROE improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	United States Steel Corp. adjusted ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

United States Steel Corp., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net sales	21,065)	20,275)	9,741)	12,937)	14,178)
Total assets	19,458)	17,816)	12,059)	11,608)	10,982)
Activity Ratio
Total asset turnover¹	1.08	1.14	0.81	1.11	1.29
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net sales	21,065)	20,275)	9,741)	12,937)	14,178)
Adjusted total assets	18,538)	16,896)	12,055)	11,608)	10,982)
Activity Ratio
Adjusted total asset turnover²	1.14	1.20	0.81	1.11	1.29

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).

2022 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 21,065 ÷ 19,458 = 1.08

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 21,065 ÷ 18,538 = 1.14

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	United States Steel Corp. adjusted total asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Total assets	19,458)	17,816)	12,059)	11,608)	10,982)
Total United States Steel Corporation stockholders’ equity	10,218)	9,010)	3,786)	4,092)	4,202)
Solvency Ratio
Financial leverage¹	1.90	1.98	3.19	2.84	2.61
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	18,538)	16,896)	12,055)	11,608)	10,982)
Adjusted total United States Steel Corporation stockholders’ equity	9,298)	8,090)	3,782)	4,092)	4,202)
Solvency Ratio
Adjusted financial leverage²	1.99	2.09	3.19	2.84	2.61

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).

2022 Calculations

¹ Financial leverage = Total assets ÷ Total United States Steel Corporation stockholders’ equity
= 19,458 ÷ 10,218 = 1.90

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total United States Steel Corporation stockholders’ equity
= 18,538 ÷ 9,298 = 1.99

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	United States Steel Corp. adjusted financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to United States Steel Corporation	2,524)	4,174)	(1,165)	(630)	1,115)
Total United States Steel Corporation stockholders’ equity	10,218)	9,010)	3,786)	4,092)	4,202)
Profitability Ratio
ROE¹	24.70%	46.33%	-30.77%	-15.40%	26.53%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to United States Steel Corporation	2,524)	4,174)	(1,165)	(630)	1,115)
Adjusted total United States Steel Corporation stockholders’ equity	9,298)	8,090)	3,782)	4,092)	4,202)
Profitability Ratio
Adjusted ROE²	27.15%	51.59%	-30.80%	-15.40%	26.53%

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).

2022 Calculations

¹ ROE = 100 × Net earnings (loss) attributable to United States Steel Corporation ÷ Total United States Steel Corporation stockholders’ equity
= 100 × 2,524 ÷ 10,218 = 24.70%

² Adjusted ROE = 100 × Net earnings (loss) attributable to United States Steel Corporation ÷ Adjusted total United States Steel Corporation stockholders’ equity
= 100 × 2,524 ÷ 9,298 = 27.15%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	United States Steel Corp. adjusted ROE improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to United States Steel Corporation	2,524)	4,174)	(1,165)	(630)	1,115)
Total assets	19,458)	17,816)	12,059)	11,608)	10,982)
Profitability Ratio
ROA¹	12.97%	23.43%	-9.66%	-5.43%	10.15%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to United States Steel Corporation	2,524)	4,174)	(1,165)	(630)	1,115)
Adjusted total assets	18,538)	16,896)	12,055)	11,608)	10,982)
Profitability Ratio
Adjusted ROA²	13.62%	24.70%	-9.66%	-5.43%	10.15%

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).

2022 Calculations

¹ ROA = 100 × Net earnings (loss) attributable to United States Steel Corporation ÷ Total assets
= 100 × 2,524 ÷ 19,458 = 12.97%

² Adjusted ROA = 100 × Net earnings (loss) attributable to United States Steel Corporation ÷ Adjusted total assets
= 100 × 2,524 ÷ 18,538 = 13.62%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	United States Steel Corp. adjusted ROA improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

United States Steel Corp. (NYSE:X)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

United States Steel Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

United States Steel Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)