Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

United States Steel Corp., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Federal	101)	(7)	(10)	(18)	(40)
State and local	54)	50)	(3)	—)	2)
Foreign	79)	179)	1)	(6)	64)
Current	234)	222)	(12)	(24)	26)
Federal	451)	8)	(95)	196)	(283)
State and local	43)	(71)	(24)	23)	(58)
Foreign	7)	11)	(11)	(17)	12)
Deferred	501)	(52)	(130)	202)	(329)
Income tax provision (benefit)	735)	170)	(142)	178)	(303)

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
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	United States Steel Corp. current increased from 2020 to 2021 and from 2021 to 2022.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	United States Steel Corp. deferred increased from 2020 to 2021 and from 2021 to 2022.
Income tax provision (benefit)	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	United States Steel Corp. income tax provision (benefit) increased from 2020 to 2021 and from 2021 to 2022.

United States Steel Corp., effective income tax rate (EITR) reconciliation

		Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
	Federal statutory tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
	Effective income tax rate	22.55%	3.91%	10.86%	-39.38%	-37.32%

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
Effective income tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	United States Steel Corp. effective income tax rate decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

United States Steel Corp., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Federal tax loss carryforwards	2)	20)	443)	176)	220)
Federal capital loss carryforwards	69)	66)	—)	27)	33)
State tax credit carryforwards	10)	11)	16)	18)	16)
State tax loss carryforwards	77)	150)	182)	130)	137)
State capital loss carryforwards	28)	16)	—)	—)	—)
Minimum tax credit carryforwards	—)	—)	—)	19)	38)
General business credit carryforwards	—)	94)	103)	85)	85)
Foreign tax loss and credit carryforwards	67)	244)	171)	170)	173)
Employee benefits	—)	—)	71)	173)	337)
Contingencies and accrued liabilities	64)	78)	52)	71)	62)
Operating lease liabilities	37)	47)	51)	—)	—)
Capitalized research and development	35)	15)	27)	18)	—)
Receivables, payables and debt	13)	33)	—)	—)	—)
Investments in subsidiaries and equity investees	—)	—)	—)	49)	59)
Inventory	14)	—)	21)	32)	—)
Other temporary differences	53)	34)	46)	17)	26)
Deferred tax assets, before valuation allowance	469)	808)	1,183)	985)	1,186)
Valuation allowance	(119)	(162)	(796)	(563)	(214)
Deferred tax assets	350)	646)	387)	422)	972)
Property, plant and equipment	(589)	(379)	(244)	(368)	(468)
Operating right-of-use assets	(35)	(45)	(49)	—)	—)
Investments in subsidiaries and equity investees	(141)	(121)	(23)	—)	—)
Inventory	—)	(112)	—)	—)	(22)
Employee benefits	(31)	(70)	—)	—)	—)
Receivables, payables and debt	—)	(6)	(22)	(17)	(33)
Indefinite-lived intangible assets	—)	—)	(19)	(19)	(18)
Other temporary differences	—)	(3)	(19)	(3)	—)
Deferred tax liabilities	(796)	(736)	(376)	(407)	(541)
Net deferred tax asset (liability)	(446)	(90)	11)	15)	431)

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
Deferred tax assets, before valuation allowance	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	United States Steel Corp. deferred tax assets, before valuation allowance decreased from 2020 to 2021 and from 2021 to 2022.
Deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	United States Steel Corp. deferred tax assets increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Net deferred tax asset (liability)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	United States Steel Corp. net deferred tax asset (liability) decreased from 2020 to 2021 and from 2021 to 2022.

United States Steel Corp., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
	Deferred income tax benefits	10)	32)	22)	19)	445)
	Deferred income tax liabilities	456)	122)	11)	4)	14)

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
Deferred income tax benefits	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	United States Steel Corp. deferred income tax benefits increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Deferred income tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	United States Steel Corp. deferred income tax liabilities increased from 2020 to 2021 and 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: Noncurrent deferred tax assets, net	10)	32)	22)	19)	445)
Total assets (adjusted)	19,448)	17,784)	12,037)	11,589)	10,537)
Adjustment to Total Liabilities
Total liabilities (as reported)	9,147)	8,713)	8,180)	7,515)	6,779)
Less: Noncurrent deferred tax liabilities, net	456)	122)	11)	4)	14)
Total liabilities (adjusted)	8,691)	8,591)	8,169)	7,511)	6,765)
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: Net deferred tax assets (liabilities)	(446)	(90)	11)	15)	431)
Total United States Steel Corporation stockholders’ equity (adjusted)	10,664)	9,100)	3,775)	4,077)	3,771)
Adjustment to Net Earnings (loss) Attributable To United States Steel Corporation
Net earnings (loss) attributable to United States Steel Corporation (as reported)	2,524)	4,174)	(1,165)	(630)	1,115)
Add: Deferred income tax expense (benefit)	501)	(52)	(130)	202)	(329)
Net earnings (loss) attributable to United States Steel Corporation (adjusted)	3,025)	4,122)	(1,295)	(428)	786)

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
Net Profit Margin
Reported net profit margin	11.98%	20.59%	-11.96%	-4.87%	7.86%
Adjusted net profit margin	14.36%	20.33%	-13.29%	-3.31%	5.54%
Total Asset Turnover
Reported total asset turnover	1.08	1.14	0.81	1.11	1.29
Adjusted total asset turnover	1.08	1.14	0.81	1.12	1.35
Financial Leverage
Reported financial leverage	1.90	1.98	3.19	2.84	2.61
Adjusted financial leverage	1.82	1.95	3.19	2.84	2.79
Return on Equity (ROE)
Reported ROE	24.70%	46.33%	-30.77%	-15.40%	26.53%
Adjusted ROE	28.37%	45.30%	-34.30%	-10.50%	20.84%
Return on Assets (ROA)
Reported ROA	12.97%	23.43%	-9.66%	-5.43%	10.15%
Adjusted ROA	15.55%	23.18%	-10.76%	-3.69%	7.46%

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 net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	United States Steel Corp. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
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 adjusted 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 adjusted 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 earnings (loss) attributable to United States Steel Corporation	2,524)	4,174)	(1,165)	(630)	1,115)
Net sales	21,065)	20,275)	9,741)	12,937)	14,178)
Profitability Ratio
Net profit margin¹	11.98%	20.59%	-11.96%	-4.87%	7.86%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to United States Steel Corporation	3,025)	4,122)	(1,295)	(428)	786)
Net sales	21,065)	20,275)	9,741)	12,937)	14,178)
Profitability Ratio
Adjusted net profit margin²	14.36%	20.33%	-13.29%	-3.31%	5.54%

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 Net profit margin = 100 × Net earnings (loss) attributable to United States Steel Corporation ÷ Net sales
= 100 × 2,524 ÷ 21,065 = 11.98%

² Adjusted net profit margin = 100 × Adjusted net earnings (loss) attributable to United States Steel Corporation ÷ Net sales
= 100 × 3,025 ÷ 21,065 = 14.36%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	United States Steel Corp. adjusted net profit margin 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)
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 Deferred Taxes
Selected Financial Data (US$ in millions)
Net sales	21,065)	20,275)	9,741)	12,937)	14,178)
Adjusted total assets	19,448)	17,784)	12,037)	11,589)	10,537)
Activity Ratio
Adjusted total asset turnover²	1.08	1.14	0.81	1.12	1.35

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 ÷ 19,448 = 1.08

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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 Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	19,448)	17,784)	12,037)	11,589)	10,537)
Adjusted total United States Steel Corporation stockholders’ equity	10,664)	9,100)	3,775)	4,077)	3,771)
Solvency Ratio
Adjusted financial leverage²	1.82	1.95	3.19	2.84	2.79

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
= 19,448 ÷ 10,664 = 1.82

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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 Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to United States Steel Corporation	3,025)	4,122)	(1,295)	(428)	786)
Adjusted total United States Steel Corporation stockholders’ equity	10,664)	9,100)	3,775)	4,077)	3,771)
Profitability Ratio
Adjusted ROE²	28.37%	45.30%	-34.30%	-10.50%	20.84%

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 × Adjusted net earnings (loss) attributable to United States Steel Corporation ÷ Adjusted total United States Steel Corporation stockholders’ equity
= 100 × 3,025 ÷ 10,664 = 28.37%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted 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 Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss) attributable to United States Steel Corporation	3,025)	4,122)	(1,295)	(428)	786)
Adjusted total assets	19,448)	17,784)	12,037)	11,589)	10,537)
Profitability Ratio
Adjusted ROA²	15.55%	23.18%	-10.76%	-3.69%	7.46%

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 × Adjusted net earnings (loss) attributable to United States Steel Corporation ÷ Adjusted total assets
= 100 × 3,025 ÷ 19,448 = 15.55%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted 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 Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

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

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

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

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)